John Blatchford @JohnJBlatchford Twitter profile

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John Blatchford

1 year

509 E. 12th, Cincinnati, complete. 10 apartments, ~$500,000 state/federal historic tax credits, Opportunity Zone. Built c. 1860 Abandoned c. 2013 Bad fire c. 2016 We start 2020

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John Blatchford

@JohnJBlatchford

6 months

@realEstateTrent There's a documentary about this called Mad Men.

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John Blatchford

@JohnJBlatchford

6 months

If paying rent is throwing money away, what is paying interest on a home loan every month? A good investment?

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John Blatchford

@JohnJBlatchford

8 months

@ChrisJBakke "OK, ok, sh*t, this is salvageable. Greg, what different ads did you run?!" "Different ads?"

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John Blatchford

@JohnJBlatchford

1 year

Hudson Yards 2013. Hudson Yards 2023. Amazing things happen when builders build.

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John Blatchford

@JohnJBlatchford

10 months

The value-add play of the next 10 yrs will be undoing the gray and white hellscape of the past 10 yrs.

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John Blatchford

@JohnJBlatchford

8 months

This is how we built office buildings in Buffalo in the 1800s:

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John Blatchford

@JohnJBlatchford

8 months

This is one of the best renovations I've seen in the Cincinnati area. 10 super narrow townhomes in a city block. Use of old storefronts as big windows in kitchen. Garage parking, balconies, lots of natual light. Very compact layout. Each townhouse now worth ~$500k+.

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John Blatchford

@JohnJBlatchford

1 year

This Hogwarts lookin' building is going to be torn down in Cincinnati🙃:

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John Blatchford

@JohnJBlatchford

8 months

Crazy that rent payments are not in your credit score. Pay $2,000 in rent every month for 3 years? Who cares. Pay $200 on your JC Penney credit card late one time? You're dead.

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John Blatchford

@JohnJBlatchford

1 year

Thousands of buildings like this get demolished 'cuz "they can't be saved." Well, we saved this one 😀.

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John Blatchford

@JohnJBlatchford

4 months

Please don't spend $300,000 to build an apartment unit and crap out on finishes using wire rack closets.

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John Blatchford

@JohnJBlatchford

1 year

Hierarchy of contractors: 1: Mexican or South/Central American (THE BEST) 2: Dude with technical degree + good crew (smarts + brawn) 3: Good old boys from Kentucky that can't do math but sling lumber (good, but volatile) 4 (worst): Dude in polo shirt and F350.

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John Blatchford

@JohnJBlatchford

2 years

In construction disputes: Your lawyer bills at $500/hour and can't actually solve your problem. Your plumber bills at $80/hour and can easily solve your problem. Better to work out issues with your plumber, and not your lawyer.

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John Blatchford

@JohnJBlatchford

3 years

What people think matters in business: "grit, culture, hustle, vision." What actually matters in business: "good accounting, diligence with a CRM, not running out of cash, regular updates, doing the same sh*t for 10+ years, hiring people smarter than you, avoiding catastrophes."

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John Blatchford

@JohnJBlatchford

11 months

Crazy that rent payments are not in your credit score. Pay $2,000 in rent every month for 3 years? Who cares. Pay $200 on your JC Penney credit card late one time? You're dead.

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John Blatchford

@JohnJBlatchford

6 months

In 1900 we used hand-carved limestone to make buildings beautiful. In 2024 we use 6 shades of plastic.

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John Blatchford

@JohnJBlatchford

3 years

Before during after.

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John Blatchford

@JohnJBlatchford

8 months

For less than a studio apartment in Manhattan you could pay the mortgage on this house in Cincinnati.

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John Blatchford

@JohnJBlatchford

5 months

@KCmolzer Honestly fat people tennis with booze sounds very, very durable.

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John Blatchford

@JohnJBlatchford

1 year

This 2-bed condo in Cincy is affordable for a family making <$100,000. It's close to a grocery, parks, pro sports, symphony. But people who want this life are afraid to move from the high-cost cities where it's impossible. It's not a housing crisis, it's a migration crisis.

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John Blatchford

@JohnJBlatchford

3 years

The "housing crisis" as told by an 8-unit reno permit timeline: 03/21 - submitted 04/21 - city comments 06/21 - resub 07/21 - city comments 08/21 - resub 09/21 - city comments 11/21 - resub 12/21 - city comments 01/22 - resub 02/22 - city comments Still not permitted.

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John Blatchford

@JohnJBlatchford

3 years

You may see a turd. I see a beauty waiting. 1923 Elm is gonna be dope.

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John Blatchford

@JohnJBlatchford

1 year

7 yrs ago a buddy was building a construction company. Didn't raise money, didn't do "private equity." Just renovated buildings, charged fees, invested profit into real estate. At the time, I thought this was super unambitious. "Bro, look at the big developers. They get big

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John Blatchford

@JohnJBlatchford

11 months

@ChrisJBakke I walked in, looked the men in the eyes, and said: "yes, I have an MBA. I know many of you did not graduate high school. That doesn't matter at the new Gust. We're here to make money, we're a family." That quarter the employees stole more than they sold.

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John Blatchford

@JohnJBlatchford

2 years

You have to be wealthy to develop real estate. To finance a small $2M project (10 apartments) you need: $800,000 cash $200,000+ personal liquid net worth $1.2M+ assets Substantial income If we want more housing we need more non-rich developers.

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John Blatchford

@JohnJBlatchford

3 years

Before during after.

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John Blatchford

@JohnJBlatchford

4 years

1733 Elm 100% leased! 10 apartments, complete renovation using historic tax credits, Opportunity Zone, tax abatement.

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John Blatchford

@JohnJBlatchford

7 months

Unpopular opinion: Realtors now competing on fees will be great for the industry. 1% of realtors are very good at their job. 99% don't do much for their buyers, and have relied on collusion to collect their fees. If pricing is now competitive, you'll have your worst realtors

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John Blatchford

@JohnJBlatchford

4 months

@CohenSite I was joking, but this is awesome:

John Blatchford

@JohnJBlatchford

10 months

The value-add play of the next 10 yrs will be undoing the gray and white hellscape of the past 10 yrs.

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John Blatchford

@JohnJBlatchford

3 years

Why I want $100M+ personally liquid: -Allow my parents to ball out in their final years. -Build beautiful things and not really care about the financials, especially in my hometown. -Invest in others including small business, non-profits, people doing cool things. -Ego.

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John Blatchford

@JohnJBlatchford

2 years

In 2014 I quit my job making $67k/year to start Kunst. 2021 was the first year after that I made more than that. Not proud of that (the opposite), but just to say: keep trucking.

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John Blatchford

@JohnJBlatchford

9 months

This is how we built shopping malls in Cleveland in the 1800s:

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John Blatchford

@JohnJBlatchford

7 months

@bobbyfijan Fake shutters would like to have a word with you:

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John Blatchford

@JohnJBlatchford

8 months

My buddy works for LEGO in Denmark. He told me something that's kind of obvious, but I never thought much about. Every LEGO piece ever made has to fit perfectly with every other piece ever made. Over a trillion pieces produced over 70 years seamlessly work together. With a

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John Blatchford

@JohnJBlatchford

9 months

@lindahubbardart Easy to hate on the bad brick, but might have preserved the beauty beneath it. Now to bring it back!

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John Blatchford

@JohnJBlatchford

2 years

Make America Beautiful Again. In Milwaukee, Rochester, Scranton, Boston - we built beautiful things, 100+ yrs ago. No internet, power tools, or CAD - at great expense, we labored for the joy of the people. We can build like this today and I'm dedicated to it.

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John Blatchford

@JohnJBlatchford

2 years

Before 1980, architecture design was done by hand. Remarkable given the scale, complexity, and beauty of old buildings. Going back to 1900, you'd think these drawings are works of art, not construction documents to build from. An awesome example of human potential.

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John Blatchford

@JohnJBlatchford

2 years

Real estate decks suck at explaining simply what happens after an investors invests. "So I put in $1M today, then what?" "You get a 12% IRR, unlevered yield is 6%, NOI should be $50,000, exit price should be $10M...." Means almost nothing to many investors. Keep it simple.

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John Blatchford

@JohnJBlatchford

2 years

1667 Hamer could have been torn down. Instead, we brought it back to life in 2015. Now it's 3 beautiful homes for generations to come. Save old buildings!

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John Blatchford

@JohnJBlatchford

1 year

Compass raised $1.5B to disrupt residential real estate. 10 years in, their website is the same as Zillow's was in 2013.

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John Blatchford

@JohnJBlatchford

8 months

@VCBrags Shameful it took him 6 years to get to the top.

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John Blatchford

@JohnJBlatchford

3 years

What people think matters in business: "grit, culture, hustle, vision." What actually matters in business: "good accounting, diligence with a CRM, not running out of cash, regular updates, doing the same sh*t for 10+ years, hiring people smarter than you, avoiding catastrophes."

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John Blatchford

@JohnJBlatchford

2 years

I spent the last 10 yrs bringing crusty old buildings back to life. Often very painful. But a worthwhile way to spend your days.

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John Blatchford

@JohnJBlatchford

3 years

Want to disrupt construction? How about window companies. Top 7 in U.S. each do $1B+ sales/yr. Good luck ordering or paying online. 1998 operations causing brain damage for buyers. Make it easier and make billions.

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John Blatchford

@JohnJBlatchford

2 years

You may see a turd. I see a beauty waiting. 1923 Elm is gonna be dope.

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John Blatchford

@JohnJBlatchford

2 years

In 2014 I quit my job making $67k/year to start Kunst. 2021 was the first year after that I made more than that. Not proud of that (the opposite), but just to say: keep trucking.

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John Blatchford

@JohnJBlatchford

3 years

I don't understand how people think this is the future of work:

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John Blatchford

@JohnJBlatchford

2 years

As a 25 yr old idiot I turned poo into gold. Didn't know what I was doing the whole way. Whatever you're scheming on, you can do it.

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John Blatchford

@JohnJBlatchford

3 years

This business is easy. It only took me 7 years to figure this out.

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John Blatchford

@JohnJBlatchford

2 years

Contractors bid work based on how busy they are. If they don't need you, they bid high, and don't care if you go w/ somebody else. The ones we like have no website, branding, marketing. They suck at getting work. But crush the jobs they get. Low cost + good work = the best.

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John Blatchford

@JohnJBlatchford

2 years

@Cobylefko

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John Blatchford

@JohnJBlatchford

3 years

Universal rule: the crappier the website, the more assets under management.

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John Blatchford

@JohnJBlatchford

7 months

Designed and built by hand in the 1800s. No CAD, cranes, email, power tools. Drawn with pencils. Built off of scaffolding. Respect to old buildings.

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John Blatchford

@JohnJBlatchford

11 months

These buildings were empty and falling apart for 20+ yrs. We renovated them into homes filled with dinner parties, cozy naps, and humans that make Cincinnati a more vibrant place.

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John Blatchford

@JohnJBlatchford

2 years

Built-in storage adds value to apartments. At 509 E. 12th we snuck it in everywhere possible. Linens outside bathrooms, entry bench for coats/shoes, pantry in kitchens. Tenants are happier when they have thoughftul places to store their stuff.

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John Blatchford

@JohnJBlatchford

2 years

Real estate decks suck at explaining simply what happens after an investors invests. "So I put in $1M today, then what?" "You get a 12% IRR, unlevered yield is 6%, NOI should be $50,000, exit price should be $10M...." Means almost nothing to many investors. Keep it simple.

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John Blatchford

@JohnJBlatchford

2 years

We insulate all walls to the max. Including 100% of interior walls. Constuction guys: "that's a waste of time/money!" Me: "you want your wife to hear you poo?"

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John Blatchford

@JohnJBlatchford

1 year

The next 2 yrs will be dark times in real estate. Bankruptcy, foreclosure, lawsuits. This will bring opportunities to buy cheap property, take advantage of the carnage. But right now friends of yours are in pain, or soon to be. Reach out and see if you can help them.

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John Blatchford

@JohnJBlatchford

3 years

Just received a great tenant application, with one teeny problem. $70k/year income. Employed at health department. No crime. All good. The issue? Lived at one of our buildings 4 months ago, didn't pay rent, fought eviction and left the apartment a wreck. Whoops 😂.

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John Blatchford

@JohnJBlatchford

3 years

In 2014 when somebody invested $5k with us I thought, "wow, I didn't know people had $5k free to invest in real estate." Same in '16 w/ $50k. And '19 w/ $500k. Get started on your path, whatever that is right now, and watch the possibilities grow over time.

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John Blatchford

@JohnJBlatchford

1 year

Hate to break it to you... but you will be happier in an apartment with: natural light warm design nearby nature on a cozy street instead of one that has: bowling alley, pool, spa, dog room, cinema, etc.

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John Blatchford

@JohnJBlatchford

3 years

Our business model: We buy and renovate vacant historic buildings. Our first project was abandoned for 50+ years when we bought it. Turning the lights on after so much neglect warms my soul.

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John Blatchford

@JohnJBlatchford

2 years

We will come to view going to the office like going to the gym. Do you need to go 8 hours a day 5 days a week? Nah. But if you think most humans can do great things and get jacked from their dining room table, you're wrong.

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John Blatchford

@JohnJBlatchford

1 year

Got Certificate of Occupancy (ppl can legally live) at 509 E. 12th Street yesterday. Was a long and winding road, with plenty of issues. But she turned out lovely in the end. (before and after):

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John Blatchford

@JohnJBlatchford

2 years

Before during after.

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John Blatchford

@JohnJBlatchford

2 years

I respond to all DMs and emails (eventually). I will take a 30 minute zoom call with anybody anytime. I will meet up with anybody in NYC or Cincinnati (or elsewhere). There is only upside, and am grateful for everybody who takes time to meet me.

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John Blatchford

@JohnJBlatchford

3 years

My startup bio: Serial entrepreneur (renovated 5 properties). Previous 6-figure exit (sold a building). Seed investor (in vacant buildings that look like trash). Working on my next thing (more trash buildings). DMs open.

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John Blatchford

@JohnJBlatchford

3 years

Electric and plumbing going up at 1725 Elm. 12 apartments, retail space, tax credits, Opportunity Zone.

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John Blatchford

@JohnJBlatchford

2 years

Tryin' to build: - great jobs - great homes - great returns - great buildings - great cities

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John Blatchford

@JohnJBlatchford

1 year

Developer in 1896: we'll have beauty in every corner of the country! Developer in 2023: this white box is your dream home

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John Blatchford

@JohnJBlatchford

6 months

This is how we built apartment buildings in 1906. The Verona in Walnut Hills, Cincinnati. Built by Thomas J. Emery's Sons, who pioneered apartments along transit lines in hilltop neighborhoods of Cincy. Converted to condos a couple of years ago.

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John Blatchford

@JohnJBlatchford

3 years

Your regular reminder that "increased costs" do not "get passed on" to renters. No renter I've met will pay more because PVC prices have gone up 30%. If I *could* charge more rent, I would already. The only thing that causes rent prices to change is supply/demand.

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John Blatchford

@JohnJBlatchford

2 years

Before during after.

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John Blatchford

@JohnJBlatchford

3 years

"Doing real estate" is actually 5+ different businesses. Raising/deploying capital, development, construction, property management, asset management. It's very hard to be good at one of them and ~impossible to be good at all of them.

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John Blatchford

@JohnJBlatchford

3 years

Billions of dollars in VC capital will be splashed at "making construction faster and cheaper." When simply speeding up, reducing and removing regulation is the easiest place to start.

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John Blatchford

@JohnJBlatchford

3 years

Part of our long-term thesis is to develop buildings in liberal cities and conservative states. Cincy, St. Louis, New Orleans, Louisville, Austin. Liberal cities should create a much better city environment. Conservative states should create a much better business climate.

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John Blatchford

@JohnJBlatchford

3 years

Billions of dollars in VC capital will be splashed at "making construction faster and cheaper." When simply speeding up, reducing and removing regulation is the easiest place to start.

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John Blatchford

@JohnJBlatchford

6 months

@rynonl You put below your costs stay fixed when you buy a home, because interest rates never changes, property taxes are locked in, your roof will last forever, and there are no costs associated with owning a home.

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John Blatchford

@JohnJBlatchford

2 years

No better feeling than walking onto a construction site, music bumping, tools buzzing, seeing the construction workers, buildings, homes and neighborhoods you are building up.

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John Blatchford

@JohnJBlatchford

3 years

We will look back on both "driving one hour to a depressing office" and "rolling out of bed and working at the dinner table" as incredibly dumb. In-between there are massive real estate opportunities which we've only just started to uncover.

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John Blatchford

@JohnJBlatchford

1 year

We got lucky with our first building. 1667 Hamer. Built 150 years ago. Vacant for 30+ years. No roof, masonry f'd, collapsing. We were learning how to renovate a broken building as we did it. On a street with murders all the time. Stayed late nights, sanding floors,

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John Blatchford

@JohnJBlatchford

2 years

Good construction needs daily reports. You could pay $50k/year for Procore. Or you could use Notion for ~free.

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John Blatchford

@JohnJBlatchford

2 years

We got ~350 units under contract this week in Downtown Cincinnati in Kunst Fund II. Now the work begins!

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John Blatchford

@JohnJBlatchford

1 year

@katzdevelops City Council voted today to let it be torn down. Doesn't seem imminent, but probably nothing blocking it now.

Save Hoffman School

SAVE THE HOFFMAN SCHOOL BUILDING FROM DEMOLITON

savehoffmanschool.com

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John Blatchford

@JohnJBlatchford

1 year

Before 1980, architecture design was done by hand. Remarkable given the scale, complexity, and beauty of old buildings. Going back to 1900, you'd think these drawings are works of art, not construction documents to build from. An awesome example of human potential.

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John Blatchford

@JohnJBlatchford

3 years

Before during after.

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John Blatchford

@JohnJBlatchford

2 years

Don't mean to swirl the toilet too much, but bathrooms should hide inside sound from people outside them. Otherwise it's awkward AF. So: -bath fans w/ high sones -real doors, not dumb barn doors -located away from where ppl hang (living, bed, kitchen) -insulation in all walls

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John Blatchford

@JohnJBlatchford

2 years

How to start in real estate development? Here are 3 things I'd do if I was 25:

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John Blatchford

@JohnJBlatchford

3 years

If you're a good entrepreneur you probably suck at accounting. The quicker you get help the better your company will be. Especially in real estate.

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John Blatchford

@JohnJBlatchford

1 year

We need more builders, less nerds. Nerds: pref/promote/waterfall/options/notes/shares/warrants/blah blah. None of that is value-creating. Dig your nose out of Excel and go build some stuff.

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John Blatchford

@JohnJBlatchford

3 years

@ChrisJBakke @anothercohen If you spend $20k on your pitch deck you're probably not going to make it.

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John Blatchford

@JohnJBlatchford

2 years

I always wanted to be an architect. A mentor told me: "Don't be an architect. Hire architects." As a developer you don't *need* to have deep knowledge or degrees in any one field. Work with the nerds that do.

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John Blatchford

@JohnJBlatchford

3 years

Before during after.

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John Blatchford

@JohnJBlatchford

1 year

@realEstateTrent He skipped to the end where real estate is a passive investment.

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John Blatchford

@JohnJBlatchford

2 years

If you're not embarrassed by the quality of your work years ago you are not making any progress.

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John Blatchford

@JohnJBlatchford

3 years

What people think matters in an apartment: granite counters, stainless appliances, dog-washing station. What actually matters in an apartment: sound/weather insulation, natural light, built-in storage, counter space, durability, warm lighting, charm, room for couch/table.

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John Blatchford

@JohnJBlatchford

1 year

@Cobylefko And it's an easy formula: 1) as much green as possible 2) permeable/non-continuous ground surface 3) human scale 4) unfriendly to cars (and friendly to everything else) 5) good architectural design 6) warm fixtures (light posts, potters, curbs) bliss!

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John Blatchford

@JohnJBlatchford

3 years

I feel great responsibility to - not mess up buildings that were built by hand 150 years ago - to return massive capital to investors that worked their whole life to obtain what they've trusted in me

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