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Ben Gallant Profile
Ben Gallant

@benrgallant

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Value-add and opportunistic industrial properties and land development.

Pasadena, CA
Joined March 2009
Don't wanna be here? Send us removal request.
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@benrgallant
Ben Gallant
2 years
A quick intro for all my new followers thanks to @DallasAptGP Work for a private firm with $3B AUM, buying the hairiest industrial deals we can find. Think @RaphaelKahan type of deals but with a better banking system. At night, looking for Class B/flex industrial.
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Ben Gallant
7 months
One of my favorite maps.
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Ben Gallant
3 years
Pro husband tip: when your wife goes on a trip with her friends, send a champagne bottle ahead to her hotel room and a sweet note. Source: the text saying look what her friends husband sent followed by the text saying Iโ€™m sleeping outside tonight.
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@benrgallant
Ben Gallant
1 year
As a real estate developer, a simple way to never have to worry about a bank run is to just never have cash.
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Ben Gallant
4 years
Very excited for the Billions episode when a bunch of redditors try to short squeeze Bobby Axelrod.
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Ben Gallant
2 years
Talked to someone with a home in one of the LA hills, and their insurance premiums have gone from $7k to $24k to $96k in the last three years.
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@benrgallant
Ben Gallant
3 years
New favorite RE niche: truck parking facilities. The group below spent $12.5m and demo'd an obsolete warehouse. Levered it with $10m of debt. New drainage/lighting/asphalt and new maintenance building (est. $1-2m?). Signed a NNN lease. Refi'd out $19m
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Ben Gallant
2 years
@Levijameshere Hope history looks back on what a colossal policy failure that was and how much it significantly contributed to the inflation problem weโ€™re dealing with now.
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@benrgallant
Ben Gallant
2 years
I just came across a Class B industrial fund that bought $350mm targeting ~$3-5mm deals. Fully deployed in a year. 115 deals total. That's one deal closing every 2.25 business days, or 2 deals a week. ๐Ÿคฏ
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@benrgallant
Ben Gallant
10 months
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@benrgallant
Ben Gallant
2 years
I want to be so wealthy I use summer as a verb.
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@benrgallant
Ben Gallant
2 years
@Levijameshere Think we all know who is moving in
@Molson_Hart
molson ๐Ÿง โš™๏ธ
2 years
Good chance that Twitter HQ moves to Austin right? Tesla, SpaceX, and Elon are all here. I can't think of a better place for a service that is all about the free and open exchange of ideas.
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Ben Gallant
4 years
Wow between Chamath and I, weโ€™ve invested $370m of our own money in a handful of new positions that are now worth over $2b. Great year for us both! ๐Ÿฅณ
@chamath
Chamath Palihapitiya
4 years
In 2020, I invested $370M of my money in a handful of new positions. As of 12/31 these new investments were worth $2.03B for an IRR of 393% and a MOIC of 5.2X Follow along, in 2021, if you want to play...
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Ben Gallant
10 months
A wise, bearded man ( @moseskagan ) generously gave me some advice last year on going out on my own from my W2. He said I better be prepared to crawl through glass the first couple years before turning a profit/seeing liquidity. I ended up finding a side hustle that should bring
@moseskagan
Moses Kagan
10 months
If youโ€™re doing something entrepreneurial & itโ€™s not working: Zero shame in getting a W2. Stop worrying what other people will think; do whatโ€™s best for yourself & your family.
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Ben Gallant
3 years
Man down, man down, @Keith_Wasserman murdered someone in the comments.
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Ben Gallant
9 months
So, grew up Jewish, married a Catholic and our oldest started Catholic school this year. He came home and put his shoe outside the backdoor, saying St Nicholas will come and fill it with candy and toys. His friend got both last night. Yโ€™allโ€ฆwtf. This isnโ€™t a thing right?
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Ben Gallant
1 year
There are two kinds of CEOs.
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Ben Gallant
2 years
My three year old just pulled my head down and said โ€œhey I can see your no hair spot.โ€ If anyone wants a Thomas train set, some trash truck toys, and a whole bunch of legos, theyโ€™ll be out on the street next to the tent heโ€™s sleeping in tonight.
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Ben Gallant
2 years
A very Fun strategy is to buy a single tenant warehouse near expiration, spend minimal amount to subdivide, then lease your smaller units at higher rents PSF. Buy wholesale, sell retail.
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Ben Gallant
1 year
@girdley @heyalexfriedman Girdley, I mean this with all due respect, but have you taken a demographic poll of your follows and followers latelyโ€ฆ?
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Ben Gallant
2 years
@LodgeCastIron @realest49919420 Damn kudos to whoever programmed the Twitter algorithm at Lodge Cast Iron for the quick reply
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Ben Gallant
3 years
You can really overthink the presents you buy for a toddler.
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@benrgallant
Ben Gallant
2 years
@financeguy725 My parents let me be the bank when we played monopoly as a kid Hereโ€™s why itโ€™s a bad idea to bailout the banks going through this round of financial crises.
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Ben Gallant
8 months
Be grateful for your kids health everyday. We took our eldest to the emergency room with what turned out to be appendicitis. His appendix is inflamed to the point just under the threshold of being acute, so no surgery needed. Weโ€™ll have to monitor but dodged a bullet.
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@benrgallant
Ben Gallant
4 years
I turned 31 the other day. Having a b-day at the end of the year always gives cause to reflect. I am grateful for my biggest wins: an amazing wife, the goofiest 21-month old and his brother on the way May '21. But this year has caused a paradigm shift in where to go from here. /1
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Ben Gallant
6 months
Very excited to announce I started my first day interning at I โค๏ธJamba Inc. yesterday. The vibe here is electric. Thank you @mhprvpmvp for the opportunity. This is the future of working. (This was from my interview a few weeks ago. We completed the cabinet yesterday!)
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Ben Gallant
3 months
@landlawyerbrian Iโ€™ve wasted enough time on these smaller subdivision projects to learn the same lessons. Either need density or no infrastructure improvements. Thanks for sharing
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@benrgallant
Ben Gallant
2 years
I spent four years in mall asset management from 2015-2019 watching retailer after retailer struggle with declining traffic and changing consumer demands. Itโ€™s why Iโ€™m so long industrial real estate.
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Ben Gallant
2 months
@ccmembersonly The large tracts owner I speak with who want the same as what a fully developed tract got three years ago a mile up the road without any path to utilities are fun.
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@benrgallant
Ben Gallant
9 months
Brokers, we have that sweetest thing you love to hear: ๐Ÿ‘€California 1031 Money ๐Ÿ‘€ Shooting my shot, who has a 10% cap industrial building they want to sell?
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Ben Gallant
2 years
@moseskagan What website do you use to find off-market deals? My Loopnet doesnโ€™t have that filter option.
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@benrgallant
Ben Gallant
2 years
@sweatystartup Dads drinking before noon again ๐ŸŒถ๏ธ
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@benrgallant
Ben Gallant
3 years
@fortworthchris @sweatystartup This is Chrisโ€™ way of diverting attention away from Class B industrial.
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@benrgallant
Ben Gallant
3 years
The thing I like most about Nick is that heโ€™s been preaching this ethos for the past five years. Go back to his blogs, search his name on Reddit. Consistently beating the drum over and over, showing up everyday to do the work.
@sweatystartup
Nick Huber
3 years
A thread on how to turn $100 into a lot more: People are spending a lot of money on their homes right now. Its time to go get some of that money and help out some of these people. Sound silly? Good. It really is this simple sometimes. Lets go ๐Ÿ‘‡
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Ben Gallant
2 years
I fill up at the gas station once a week that sold the winning Powerball. I filled up yesterday and didnโ€™t buy a ticket. Lesson learned: always play the lotto.
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@benrgallant
Ben Gallant
2 years
Recap on todayโ€™s amazing ReTwit day: -scammer got called out by @moseskagan and mass blocking ensues - @iononrecourse bullied someone to stay out of our playground because theyโ€™re too smart - @fortworthchris upgraded his office to private room at Nick & Samโ€™s Whatโ€™d I miss?
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@benrgallant
Ben Gallant
1 year
Donโ€™t really care that my tweet was copied (Iโ€™m sure I read it here before at some point by someone else) but interesting to see how many more views you get as a blue checker.
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Ben Gallant
3 years
Quick synthesis of the two great threads from @girdley and @businessbarista the last couple days: 1) Define your core values 2) Set an audacious 10 year goal 3) Create a 3 year vivid vision 4) 1 Year SMART goals 5) Set quarterly sprints 6) Weekly check-ins 7) Daily habits
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@benrgallant
Ben Gallant
3 years
Played golf with a guy, 31 yo, whoโ€™s selling his skincare product business to one of the big consumer corps. The kicker: that corp provided seed money and tapped a VC firm to fund it. He stepped into โ€œfounderโ€ of a startup with backup of an S&P 50 and taking home 20% of $$$.
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@benrgallant
Ben Gallant
3 years
The majority of ReTwit content skews towards doing your own deals and being a good operator. But thereโ€™s few who can execute that gracefully early in their career. Iโ€™m convinced new grads should work for big shops, get as many quality reps as possible and get paid to learn.
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@benrgallant
Ben Gallant
3 years
Update: we are officially closed, and on our five year anniversary! Unfortunately my wife said the house doesnโ€™t count as a gift for the next thirty years but I disagree. Looking forward to remodeling and welcoming our second kid here shortly.
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@benrgallant
Ben Gallant
3 years
Iโ€™ve always been Long LA and now putting my money where my mouth is. Just opened escrow on our first house after searching for 9 months. It was an excruciating process that broke our hearts multiple times, but we finally found a house thatโ€™s perfect for us.
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Ben Gallant
3 months
Today was my last day at I โค๏ธJamba Inc. While Iโ€™m sad to go, Iโ€™ve learned a ton. Like which spray matches my skin tone the best during different seasons. Will forever be grateful for the opportunity. I do want to mention I didnโ€™t leave by choice and that Baker mentioned
@benrgallant
Ben Gallant
6 months
Very excited to announce I started my first day interning at I โค๏ธJamba Inc. yesterday. The vibe here is electric. Thank you @mhprvpmvp for the opportunity. This is the future of working. (This was from my interview a few weeks ago. We completed the cabinet yesterday!)
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@benrgallant
Ben Gallant
8 months
I'm looking for a hard money lender who can help close on a 50k SF industrial building in the Dallas-area and can fund ~$5 million. Cash flowing property but its a quick close (Feb 18th) and looking for someone who can help us get there.
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@benrgallant
Ben Gallant
2 years
Hear me out: we allocate more funds to mental health initiatives AND pass some common sense gun laws. Too far out there?
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@benrgallant
Ben Gallant
13 days
@s2ref @LPWhisperer His biggest mistake was going after a couple Texans in you and @fortworthchris . If thereโ€™s one thing you donโ€™t fuck around with, itโ€™s a Texans sense of justice.
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@benrgallant
Ben Gallant
1 year
In March 2020 my family and I got on a plane to Cabo and when we landed, the NBA was cancelled and Tom Hanks got the virus. This March, we got on a plane and when we landed, a bank got seized by the Fed. The lesson? Spring break is overrated.
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@benrgallant
Ben Gallant
3 years
Iโ€™ve always been Long LA and now putting my money where my mouth is. Just opened escrow on our first house after searching for 9 months. It was an excruciating process that broke our hearts multiple times, but we finally found a house thatโ€™s perfect for us.
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@benrgallant
Ben Gallant
2 years
Went to an event tonight that was very un- @REconveneLA and everyone talked about how theyโ€™re pumping the breaks on deals then reassessing come Q1. Fine, Iโ€™ll do all the hard work and throw out all the lowball offers to help bring sellers pricing down, you ungrateful bastards.
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@benrgallant
Ben Gallant
10 months
Every town needs a Caruso.
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@benrgallant
Ben Gallant
2 years
My biggest contrarian real estate take: Costar is a useful tool and worth the money.
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Ben Gallant
3 years
Green Street is forecasting a crazy 32% rent growth next year in industrial for the Top 50 markets. Good time to announce your boy is leaving the bank at the end of the year and taking an acquisitions role with local midsize firm seeking Class B sites across the nation.
@ChasingWaterfa8
Chasing Waterfalls
3 years
2021-2022 cumulative rent growth forecasts. Inland Empire and LA up 50%+
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Ben Gallant
14 days
Between this and Powell about to cut rates, we taking ReTwit 2025 to the mooooooooooon.
@fortworthchris
Chris Powers
14 days
Fort Capital will always do whatever it takes to protect our reputation, our investors, and the investments we make together.ย  You can see an example of how seriously we take these responsibilities by reading this article. (link in comments) Thank you to the hundreds of people
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Ben Gallant
3 years
Logistic tenants can pay an increase of 8% in rents for every 1% saved in transportation costs.
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@benrgallant
Ben Gallant
25 days
@PaulSkallas The 1996 Atlanta Olympics cauldron was lit by Muhammed Ali (age 54 at the time), conducted by John Williams (age 64 at the time), and headlined with Gladys Knight (age 52).
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@benrgallant
Ben Gallant
2 years
@shawngorham Firm I work at would not be as big if founder didnโ€™t have one. He got it ~10 years ago or so when portfolio was around $100mm. Properties were secondary/tertiary. Enabled him to fly in/out of regional airports easily and saving time. Heโ€™s 73 and still wheels up ~300 days/yr.
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@benrgallant
Ben Gallant
1 year
@bhargreaves A lot of that is being funded by all the fedeal legislature thats passed the last couple of years. A good use of our balance sheet, imo.
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@benrgallant
Ben Gallant
2 years
@mhprvpmvp If you say real estate is an inflation hedge three times in a tweet, @Cribdilla shows up and drags you to the underworld.
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@benrgallant
Ben Gallant
1 year
You may all go to hell, and I will go to a wedding in Texas.
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@benrgallant
Ben Gallant
2 years
If yโ€™all donโ€™t know what @elonmusk โ€™s ceiling price for Twitter is ($69.420) then you havenโ€™t been paying attention.
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@benrgallant
Ben Gallant
3 years
When Rising first bought this in 2013, I worked on raising their structured loan. We probably allocated a $14mm value to the building. They sold it last year for $16mm. One year, some conversion costs, and an Amazon lease later, the site is worth $128mm.
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@benrgallant
Ben Gallant
2 years
@MRossG199 Iโ€™ve told a lot of kids coming out of college interested in real estate that they should take a capital markets role with an HFF/CBRE/Eastdil because youโ€™ll learn who all the big equity players are and youโ€™ll see how the whole stack gets put together. Itโ€™s where I learned.
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@benrgallant
Ben Gallant
14 days
@s2ref Finish him Scott.
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@benrgallant
Ben Gallant
6 months
@subdivisionguy No flat?? Some of the best marinated steaks we have come from the flats.
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@benrgallant
Ben Gallant
7 months
Shout out to Fred Armisens new show Cascadia.
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@benrgallant
Ben Gallant
8 months
@SpiritofPines Donโ€™t forget splitting 20 acres of hunting land with your four frat bros
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@benrgallant
Ben Gallant
2 years
What are the best supply constrained asset classes in real estate?
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@benrgallant
Ben Gallant
1 year
Cap rates are temporary, basis is forever.
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@benrgallant
Ben Gallant
3 years
Who do I know that can finance a water park development? Please do not all DM me at once.
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@benrgallant
Ben Gallant
10 months
@mhprvpmvp Canโ€™t these heavy hitters just show their balance sheet they carry around with them to take out credit with the restaurants?
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@benrgallant
Ben Gallant
3 years
When I worked at HFF (r.i.p.), weโ€™d always ask for interest to be calcโ€™d as 30/360. As a borrower, youโ€™ll probably get this approved 98% of the time.
@hunterjones23
Hunter Jones
3 years
Congrats! You just purchased your first commercial property and got your first mortgage payment in the mail. You look at the interest owed and it's slightly higher than what you calculated in your excel model. Did the bank screw you? Well, not exactly... Here's what happened:
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@benrgallant
Ben Gallant
7 months
Ignore the shitty lighting. Embrace the moist.
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@benrgallant
Ben Gallant
2 years
Mentor of mine couldnโ€™t get a bank loan on his 1st purchase in โ€˜79. Bought from a slumlord who charged 1/3 of market rents. Walked into 20 banks on the same day to sign up for credit cards which he used to advance the purchase. Refiโ€™d out 6 months later. Still owns it today.
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@benrgallant
Ben Gallant
11 months
Our founder bought these old, army manufacturing facilities from the government in PA. As they left, we leased them at market and stabilized to a nice return. Govt came back a year later and realized they fucked up. They now pay us our purchase price in rent - every year.
@TheRealEstateG6
The Real Estate God
11 months
Thereโ€™s a very specific type of person that hides his self-doubt and cynicism behind the thin mask of โ€œbeing realisticโ€. Itโ€™s hard for me to hide my disdain for these types of creatures. They overpopulate Twitter like the perpetual pack of wildebeest on the Serengeti. Swarming
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@benrgallant
Ben Gallant
2 years
Morning routine done: -1 hr weightlifting -1 hr Peloton -1 hr meditation -1 hr cold shower -1 hr journaling -1 hr cold calling -1 hr hair care to look like @moseskagan -1 hr rush hour traffic Ready for Day 2 or @REconveneLA
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@benrgallant
Ben Gallant
3 years
Itโ€™s shocking how many people in this thread started with zero real estate investing experience. Iโ€™ve been working in corporate CRE (mortgage broker, asset management, lending, now acquisitions) for 10 years and have yet to invest in a deal on my own. Ignorance is bliss?
@moseskagan
Moses Kagan
3 years
Want to try an experiment: If you have done at least one real estate deal of your own, with your own $ or investorsโ€™, reply below with a short description of your experience in real estate prior to making the jump.
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@benrgallant
Ben Gallant
2 months
@twallyweb Youโ€™re missing like ten people on your photo for a deal of this size.
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@benrgallant
Ben Gallant
2 years
Just caught our 3 year old reading Brown Bear Brown Bear to our 20 month old. Doesnโ€™t get any better than that. (Are we free now?)
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@benrgallant
Ben Gallant
2 years
At my current firm, we are under contract to purchase 1.4m SF of vacant industrial warehouses. We are paying half of what the land value alone is worth, all because weโ€™re dealing with a very unsophisticated and incompetent seller. Did I mention the seller is the US Government?
@MattLasky
Matt Lasky (demure)
2 years
all these were brutal transactions b/c our counter parties were highly unsophisticated, which means wild expectations and horrible documentation... comes with the arb turf.
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@benrgallant
Ben Gallant
3 years
@iononrecourse Gonna start a petition to make Uncle Ericโ€™s Fireside Stories the keynote at @REconveneLA @moseskagan
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@benrgallant
Ben Gallant
10 months
@constantraise With all due respect, go eat shit.
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@benrgallant
Ben Gallant
1 year
@RobertMSterling @jasoncoxnc Weโ€™re actually trying to build one and the answer is $100m+
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@benrgallant
Ben Gallant
15 days
@RobertMSterling The jump to recipe doesnโ€™t work because the blogs all have ten pop ups you have to X out. Put the ingredients up top. Donโ€™t make me scroll then have to scroll again after all your bad pictures and videos load
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@benrgallant
Ben Gallant
7 months
@moseskagan They sell houses too! One opened up in a weird little spot up here near the San Gabrielโ€™s in Altadena. Made it cool for NELA folk to move up here. Cue gentrification.
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@benrgallant
Ben Gallant
2 years
Hope everyone @REconveneLA enjoyed the nice fall LA weather. Gonna join the chorus in praising @moseskagan and @SimranKagan . Met so many awesome folk and there were still more I didnโ€™t get a chance. Like a good value add investor, leaving meat on the bone for the next one!
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@benrgallant
Ben Gallant
4 years
@sweatystartup We toured a Zillow house they bought in their iBuyer strategy the other day. It was so convenient. Unlocked with our phone, no need to set up an appointment. They kept slashing asking price too so we had a good idea of price discovery. Only thing missing was a checkout cart.
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@benrgallant
Ben Gallant
6 months
@StudentRentPro Barbies at the Gate
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@benrgallant
Ben Gallant
2 years
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@benrgallant
Ben Gallant
7 months
@ZeroBasis Miles and miles of RV parking
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@benrgallant
Ben Gallant
4 years
These lists are not comprehensive, and I add to them constantly. Here is the RETwit list I have put together. The #1 thing I learned here is to invest in RE early and never sell. So many of the "overnight successes" you see here got started a while ago/3
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@benrgallant
Ben Gallant
1 year
If youโ€™re worried about your kids being out past six because they NEED their nighttime routine, the neuroticism gets passed down to them. Today we took a 4 and 2 year old to the beach an hour away, had dinner there and home at 9. Showered and bed by 930. You can do it.
@FintechKristen
Kristen Anderson
1 year
So the thing about having kids that I feel like no one says because it seems obvious, but before you have them it really isnโ€™t: You have to be home by 6pm pretty much every night. Like not most nights. Every night. Imagine a 6pm curfew for the next 10 years. Thatโ€™s little kids.
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@benrgallant
Ben Gallant
2 years
@shawngorham Thatโ€™s how we bought our house April โ€˜21 when the market was cooking. Found a seller who just wanted to be out in three weeks. That happened to line up with our due date for #2 so we bought immediately at his ask which was about a 15% discount at the time.
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@benrgallant
Ben Gallant
6 months
Third day skiing ever. I think I get it now.
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@benrgallant
Ben Gallant
4 years
I have struggled to find good mentors in real life, but after stumbling into RE-Twit and MicroPE-Twit/SMB-Twit, I feel like I have curated a group of people who can guide me into my next chapter. I'll post the Twitter lists I use in the next couple tweets. /2
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@benrgallant
Ben Gallant
2 years
@EllliotttB Huge risk if Tanner in SAE doesnโ€™t ask the sorority president out to formal causing their popularity and rush class size to go down.
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@benrgallant
Ben Gallant
2 years
Everytime I visit Dallas and see the amazing amount of new restaurants with fun outdoor patios, I want to go grab @iononrecourse and force him to work his patio magic in LA. The lack of outdoor dining options for the city compared to others is irresponsible.
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@benrgallant
Ben Gallant
3 months
@ZachPinnell Cops will typically tell you they are not a cop.
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@benrgallant
Ben Gallant
3 years
Closed deals so far, 2020: -50 unit MF construction Echo Park, CA -222 unit adaptive reuse of athletic club tower in Kansas City. -415 unit independent living in Port St Lucid -28 unit condo construction, Cow Hollow SanFran -133 units MF construction in San Gabriel, CA.
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