My buddy works for the IRS, told me how he had to investigate a small business for underpayment of wages
"I need a list of your employees and how much you pay them"
SMB owner:
"Well I've got Tom, he's worked for me for 2 years and I pay him $1,000/week plus benefits...
The day Taylor Swift announces she’s pregnant will be the day that our population decline ends
Baby’s will be in vogue again. Millennials everywhere will catch the fever.
They just need their leader to show them the way
Who tricked everyone into thinking that travel is the most fun thing you can do in life?
When I'm taking a trip, maybe 25% of it is actually fun
The rest of it is logistics, packing, checkins/outs, spending stupid money, running out of clothes, crowds, lines, airports, etc
My sister has been killing it at her job first two years out of undergrad
Exceeding expectations, doing 5x what she signed up for.
She makes $42,000/yr..
During annual perf review, she requests pay raise
Immediately denied - wouldn't even give her a chance to make her points
I'm going to reveal my real identity
Because I'm actually a really cool and normal guy with a hot wife and beautiful kids
And I was a child star from a well known sitcom
And if anyone says I'm uglier than when I was a kid, I swear to God...
My partner is a Preferred Commercial RE Receiver for 3 major banks in Florida
Over the last week, all 3 have called him to make sure "he's ready"
One bank stated $250m of distress
Second bank stated $400m of distress
Third bank stated $500m of distress
Can the old dudes out there please stop telling me how interest rates "used to be 15%"...
You also had 20% cap rates and the average price of a home was $10,000
It has never been about interest rates. It's about affordability!
Been talking to an owner for 2 years about his 80 unit property
I haven't received financials or an asking price from him during that time
Called him this morning and he decided to wants to sell his 425 unit portfolio
That's the power of relationships, trust, and consistency
Cringiest shit happened with interviewing a potential new hire today
Turns out some people really would prefer to make less money and work on “institutional” assets rather than make twice as much and have to tell their friends they broker RV parks
Not gonna make it
Sometimes it is worth it! When I'm feeling adventurous and want to escape somewhere for a change of pace
But most of the time it's too much hassle in comparison to the great life, routine, activities, food, and family/friends that I get to enjoy at my home base in Florida
Me: What's the cap rate?
Broker: IDK
Me: What's the NOI and asking price?
Broker: $80k and..uh... $3.6m
Me: Ok.. hold on... (80/3600)...that's a 2.2% cap..
Broker: Let me know if you have any other questions :)
Will millennials or Gen X want to retire to a manufactured home community?
Probably not
But they will be poor…
So we will call them tiny home communities and offer free wifi or boba tea or something
See you in 25 years, kids
I never ask if an owner "wants to sell" or "wants to list". Asking "would you be open to taking an offer" is always a better way to start a conversation
Make it easy and casual for the owner
If we end up having true price discounts in real estate, it will be because no one can get a mortgage or a loan
Which means most of you that don't have a large stack of cash or dry powder won't be able to buy the real estate dip
Jumping on the train of transparency, and because I am launching a capital raise soon, I will be ditching my anonymous account to reveal my true identity
After a recent midlife crisis (nothing to do with my portfolio performance or legal issues) I decided to reinvent myself as
Reonomy charging $15,000 annual fee on their standard membership
And you can only download 3,000 records per month...
Unreal.
Real estate data provider industry is ripe for disruption
I don't understand how anyone in the real estate industry could be anti-immigration
Ever notice who builds your homes, apartments, fixes your appliances or utilities, maintains landscaping, renovations, etc?
Immigrants
And we need more of them. Desperately.
Brokers spend their lives trying to find deals, put them together, get them closed and everything in between. That is literally all they do.
And dumbass buyers will still try to make the broker out to be an adversary
Buyers should be kissing brokers feet
@colearendt_
They are in 3 countries, tech "start up" out of the UK. Boss mentioned the US employees already get paid better than UK employees. Not my sister's fault
@mhp_guy
Thanks for sharing Chris. A good business partner is so rare that I now prefer to go solo and hire employees instead. I'd rather be lonely than blindsided or be taken advantage of.
Sellers be like, "Well the banks are quoting me 7.5% interest if I refinance this property, fuck that! I'd rather just sell this thing at a 4% cap rate!"
Do you see your problem here sir..?
I respect people who don't pretend that what they are doing for a living isn't bc of money and lifestyle
You aren't in real estate to end the affordable housing crises
You aren't a doctor bc you want to get the world healthy
You're not a lawyer to free the innocent
Own it.
Brokers, please stop calling due diligence folders "War Rooms"
Call it what it really is...
Water bills, trash bills, grainy photocopies of 3 year old leases, and a bunch of fancy made up numbers
I get messages all the time about people having a client with 1031 exchange money, dry powder, actively buying, etc... looking for deals
Yeah yeah yeah
But who has the client that's still buying 3.5 caps??
That's the dumbass I'm looking for
National Association of Realtors loses a $1.8b verdict 6 days ago
4 days ago I get an email from NAR announcing a new CEO
3 days ago I get an email from my local Realtor association announcing their office is temporarily closed
Nature is healing.
After this post I started to have flashbacks to life before anonymity
I've decided to hold off on the unveiling for now, but I appreciate the interest!
...btw, someone did guess correctly..
I'm going to reveal my real identity
Because I'm actually a really cool and normal guy with a hot wife and beautiful kids
And I was a child star from a well known sitcom
And if anyone says I'm uglier than when I was a kid, I swear to God...
A seller is turning down our offer in favor of another
Ours is $500k higher
30 days less DD
$100k HARD money day 1 of DD
No financing contingency
Because he, “can’t go back on his word” to the other buyer-who had a month head start but still no signed PSA
Stupidity or Honor?
10yr Treasury has been PUMPING the last 2 weeks...
Feel free to send this to your RE seller who doesn't understand how the market is pricing their property
If all else stays the same, when rates go up 400%, property prices should drop 40% (in a perfect market)
My first 12 months on twitter, I followed a strict daily routine in order to grow engagement and followers. Most are not strong or disciplined enough to do the same
If you want to be an influential twitter person, follow the schedule below for guaranteed success and happiness:
Anyone have interest in joining a small RE investing group with individuals who are building their investing/capital raising/brokerage career?
No membership fees, no public visibility. Just a group getting together weekly to discuss challenges & solutions. Growth focused
If you apply for a 100% commission brokerage job, don’t start off the interview asking what you can do to make a salary
Salespeople that want a salary aren’t going to make it
You’ve been filtered out
Next
Want to get people to like you, trust you, and want to work with you or sell to you?
DON'T
Act smart
Act fancy
Dress rich
Mention your daddy
Wear brand names
Show off your toys
Talk about money
Nobody is impressed
Have people underestimate you and feel comfortable around you
I have struggled with being overly nice and agreeable with clients, coworkers and employees in the past in an effort to be liked and make sure everyone is happy
Big mistake - lost opportunities, time, effort
Speaking my mind and being tougher lead to more respect and better
This commercial RE market feels a lot like March-April 2020
A lot of "watching" going on, not a lot of buying
Buyer's not replying to deal emails
But don't let that damper your seller outreach - your future self will thank you in 6-12 months for the work you do today
Why can’t you sort someone’s tweets?
Sort by:
Most viewed
Most controversial
Most engagements per view
Etc
I want to people to go to someone’s account and see their greatest hits
Sometimes I think some people are just going to be successful no matter what.
No matter the company they work for, school they went to, or family connections they have. They will figure it out
And some people will get in their own way and struggle, no matter what
The real power players in the world are NOT on social media.
No matter how hard the social media people try to make it seem like they are just here to "give back", in reality their business would flounder without your hungry eyeballs
You're better off spending 10 minutes here
@KirkHerbstreit
Then why not put in Georgia and Ohio State too? I think they are BETTER than Washington and Texas. If records and wins and loses don't matter we're just living in fantasy land Kirk.
Live a good life. If there are gods and they are just, then they will not care how devout you have been, but will welcome you based on the virtues you have lived by. If there are gods, but unjust, then you should not want to worship them. If there are no gods, then you will be
Voting in US elections is not a basic human right…
It’s a basic right of US CITIZENS
How could that ever be controversial?
It’s a question of basic logic
Do we allow Chinese and Russian citizens to vote in US elections? No of course not.
If anyone is looking for really high quality leather sneakers that won’t break the bank, Thursday Boots are really nice
Unrelated, the Trailer Park Guy brand is currently accepting sponsorships
If you are joining a real estate brokerage, don’t tell the broker how badly you want to be an investor and that you see yourself owning hundreds of units in the future so you can live off of passive income…
Do I have to explain why?
About to accept an offer to sell this account for $12,500
If anyone wants to beat, I’m open to taking more bids
Ideal buyer is probably someone who is into constant dm’s from attractive, single ladies
It is such an honor when property owners who have been owning a property for 25+ years as their main nest egg decide to trust me on the sale. Not much comes close to that feeling
Remember, you're building for the long term. The quick buck today turns into missing out on 10 bucks down the line
Be deliberate, be patient, and have 5-10 year goals that you're chasing daily.
TheAnalystPro seems to be one of the best and cheapest brokerage SaaS options at an average of $70/mo..
On top of $325/mo Costar
$225/mo Crexi
$120/mo Mojo Dialer
$500-2500/mo marketing budget
Whitepages
Docusign
Dropbox
Can there ever be a service that does it all, for less?
Florida Ban's Rent Control and Provides Affordable Housing Help to Low Income Workers
Having a budget surplus is incredible
Florida RE price appreciation will continue
Corporate folks love to waste their own time, but are so worried about “wasting other people’s time”
They call someone to schedule a meeting next week to discuss something that they can literally discuss that very moment.
So they send long emails that could be a 2 minute phone
People who do the following things, will find success in real estate:
1. Build a network (aka, your team)
2. Talk on the phone a lot (deals and relationships are built by the SPOKEN word)
3. Don't think too hard (Lower the IQ the better)
So many residential realtors don't understand that you don't need a special license to sell commercial real estate
It's a hilarious misconception that keeps the Debbies, Kyles, and Karens, from playing in our sandbox
The other thing they don't know...
We f*%king hate cobroke
Looking for MHP/RV and Multifamily deals to purchase in Sunbelt states!
Any Real Estate deals from Texas, to Florida, to North Carolina, that you might have to sell, please dm me!
Ideally, minimum $2m purchase price or +/- 50 units
The local realtor association calls looking for an annual membership fee
Say I can’t access MLS without it
I don’t use MLS
I ask what’s the benefit for commercial brokers?
She says “we were asking ourselves the same thing last week in a meeting”
Saved $650
My partner in the broker biz has been a power broker for 30 years, and tells me, "you're better off going on vacation for the next 6 months than waste your time and money trying to reach commercial sellers right now"
I disagreed - I think just need to work smarter
Who's right?
Unfortunately, some people know my real identity, so I can't put some PE firms on blast like I wish I could
But if you're in the MH/RV Park industry as an owner or broker and want to know who to steer clear of
There's a firm based out of Miami FL that has been super active the
If any one here is over leveraged on some property and needs a quick sale, I'm looking for investments to acquire!
Send me a DM!
I can offer 30-40% less than what you bought it for
Finally closed my latest brokerage deal today, had to really work for this one
$22.75mm in vol closed this year
$31.05mm in vol in trailing 12 months
~$45mm in vol in the pipeline
No team. No fancy tools
Next 6 months will be fun to see how much of the pipeline closes