Carter Golgart @carter_golgart Twitter profile

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Carter Golgart

@carter_golgart

6 months

At Starbucks this morning: “Order for Carter” Went to grab it but noticed it wasn’t my order Older guy comes up and snags his drink, his name is also Carter We joke for a bit and eventually talk about work He helps developers secure financing We’re grabbing lunch next week

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Carter Golgart

@carter_golgart

7 months

Any tips on building a website? Should I do it myself on Squarespace or hire someone? It will mostly serve as a landing page to book a call / learn more about service

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Carter Golgart

@carter_golgart

9 months

I read through the latest Prologis investor presentation today. Here were a few things that stuck out:

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Carter Golgart

@carter_golgart

8 months

Development friends: How much is it costing to building multifamily right now (PSF)?

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Carter Golgart

@carter_golgart

10 months

Man what happened at REconvene? Sentiment has plummeted so quickly

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Carter Golgart

@carter_golgart

5 months

Recent career advice: (1) don't be afraid to go risk-on early: take the job, move to the new city, transfer departments, go somewhere small, etc. (2) don't rush into doing your own deal. If you do, it cannot just be to learn. It will be a huge strain on your time Thoughts?

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Carter Golgart

@carter_golgart

10 months

Any ground up developers with entitled land looking for funding to go vertical?

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Carter Golgart

@carter_golgart

8 months

Thankful! No one got hurt and we still made our flight. Drive safe everyone!!

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Carter Golgart

@carter_golgart

8 months

One of the reasons I decided to transition to real estate from finance: The government provides $500k loans for you to purchase property The government doesn't provide $500k loans for you to purchase shares of the S&P 500

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Carter Golgart

@carter_golgart

5 months

Why don’t more people post their actual underwriting? Would it upset brokers? Invite more competition? I feel like I would have nothing to lose given where I am in my career, but don’t want to be short sighted I assume there are plenty of reasons why not everyone is doing it

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Carter Golgart

@carter_golgart

6 months

How do you establish underwriting metrics for your personal investments? Really struggling with criteria for my first deal I think it’s hard because I have 100% control and am not bound by an investor’s needs or predefined risk tolerance

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Carter Golgart

@carter_golgart

5 months

“What do you like most about OC?” John Wayne airport

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Carter Golgart

@carter_golgart

5 months

Do you know anyone looking to get more underwriting reps? I have some work I need help with and would love to talk to them Thanks in advance!

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Carter Golgart

@carter_golgart

1 year

Working through buying my first property. I’ve come up w/ 2 options: 1) buy SFH, owner-occupy (more access to financing), rent other rooms, develop ADU to hit positive cashflow (it’s hard in OC) 2) find a great deal, team up with someone more experienced, raise $, execute

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Carter Golgart

@carter_golgart

6 months

Something I keep asking myself: If I had the perfect deal fall into my lap, could I actually close on it? If not: why? Working backwards from there

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Carter Golgart

@carter_golgart

7 months

Any stories on ROFO/ROFR rights creating or destroying value? The concepts and how to use them are still fuzzy to me I'm sure @ClarenceWongCRE has a thread on these

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Carter Golgart

@carter_golgart

6 months

Anyone have hidden gem websites for finding accurate market rents?

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Carter Golgart

@carter_golgart

7 months

Embarrassed that I only put this together in the last couple months: If you want to make more money. You have to spend more time. Doing the things. That make money.

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Carter Golgart

@carter_golgart

5 months

I have had zero control over my calendar the past few days What does everyone do to manage calls & meetings? Apps / best practices / whatever helps

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Carter Golgart

@carter_golgart

5 months

Reaching out to 10 people a day about the financial modeling work we’re doing It causes me physical pain sending the texts, but it’s generated 3 big meetings so far New respect for brokers

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Carter Golgart

@carter_golgart

6 months

Meeting whoever changed the default Excel font to Aptos Narrow

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Carter Golgart

@carter_golgart

6 months

Talked to a former Blackstone employee They said underwriting portfolio was much less interesting than individual properties

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Carter Golgart

@carter_golgart

11 months

Would you buy if you could stabilize 200 bps above market cap rate, but still below where debt is at today?

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Carter Golgart

@carter_golgart

11 months

I will wake up and underwrite a deal tomorrow I will wake up and underwrite a deal tomorrow Say it with me

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Carter Golgart

@carter_golgart

10 months

Is anyone branching off to start their own shop now?

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Carter Golgart

@carter_golgart

8 months

Seen on twitter: “If you want to make $500k find a way to make your company $1m” Is the opposite also true? If you want to make $1m as a company, find opportunities for your employees to make $500k Said differently, create incentives / opportunities for employees to thrive

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Carter Golgart

@carter_golgart

9 months

Please let me know if you found this thread interesting. I enjoyed it and plan on doing more. Thanks!

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Carter Golgart

@carter_golgart

5 months

Client call today I was nervous for Feedback was lukewarm after delivering a big project Hop on the phone: “Yeah can you email it again, haven’t had a chance to look” *Sends over* “Oh this is awesome… let’s talk Monday, I have what I need” Totally psyched myself out

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Carter Golgart

@carter_golgart

9 months

I've been helping GPs / founders with financial modeling to build an underwriting track record. This email from one of them made my day:

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Carter Golgart

@carter_golgart

8 months

Has anyone had a good experience working with virtual assistants?

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Carter Golgart

@carter_golgart

11 months

Asking family for money… as uncomfortable as you’d expect

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Carter Golgart

@carter_golgart

6 months

Biggest source of job creation over the next decade: "The health care and social assistance sector is projected to not only grow most rapidly of any sector, but it is also projected to create about 45 percent of all the projected job gains from 2022 to 2032" - BLS

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Carter Golgart

@carter_golgart

8 months

Anyone else listening to the Jeff Bezos/Lex Fridman podcast?

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Carter Golgart

@carter_golgart

6 months

Long Beach, CA flip: Does anyone know someone who flips homes in Long Beach? Have an early look that seems interesting but I know very little about flips Would like to put this in the hands of someone who knows what they are doing

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Carter Golgart

@carter_golgart

8 months

Interesting piece of market feedback: Most requests I get are for development models Many of the requests are from people who have little to no real estate experience... Seems like a scary time to be dipping your toe in development

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Carter Golgart

@carter_golgart

8 months

Term that was new to me in real estate: total cost basis It's the purchase price + all the addt'l capital you put into the property (capex/TI/LC) I use it most for forward NOI yield: Next 12m NOI / total cost basis Great picture of the cash flow on an existing investment

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Carter Golgart

@carter_golgart

6 months

One of the most helpful takeaways from a CRE course I'm taking: Cap rate is a valuation output, not an input

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Carter Golgart

@carter_golgart

5 months

What I think clients want: a flexible Excel model with pretty outputs What clients actually want: me to shut up and listen

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Carter Golgart

@carter_golgart

11 months

What percent of all office supply will end up being demolished?

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Carter Golgart

@carter_golgart

7 months

I've found that development draws in people with different backgrounds than typical real estate investment People with backgrounds in construction, land, etc. Way different than my finance background It makes for mutually beneficial relationships

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Carter Golgart

@carter_golgart

6 months

Committed to doing a fixed price contract for a fund model Got smoked Took 3x longer than I estimated. At least I have a nice fund model now? Hopefully he likes it

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Carter Golgart

@carter_golgart

9 months

What are the best public REITs to stay up to date on?

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Carter Golgart

@carter_golgart

10 months

Just launched my upwork. Wish me luck

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Carter Golgart

@carter_golgart

10 months

How can I give my money to someone buying office in SF

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Carter Golgart

@carter_golgart

9 months

Looking for some help... What's a better path to start: (1) Purchase home in SoCal, owner occupy, add 2 roommates, paydown loan, and build equity in home (2) Purchase investment property in tertiary market, build cash flow, hire PM What are the pros / cons to consider?

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Carter Golgart

@carter_golgart

11 months

Having a well thought out financial model is nice. Missing out on an opportunity because you take too long is less nice

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Carter Golgart

@carter_golgart

11 months

What does weekly volume look like for top-tier acquisition professionals? How many deals underwritten? How many calls made?

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Carter Golgart

@carter_golgart

5 months

Dreaded doing my taxes so I pushed it off for 3 weeks Blocked off 3 hours yesterday to get it done Maybe took me 45 minutes Working on doing vs. thinking about doing

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Carter Golgart

@carter_golgart

8 months

It seems like the most important part of real estate is knowing your market / product better than anyone else

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Carter Golgart

@carter_golgart

8 months

Where Blackstone’s President Jon Gray sees opportunity in 2024: - Logistics - Student Housing - Data Centers & Digital Infrastructure Link below:

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Carter Golgart

@carter_golgart

6 months

Looking at a multifamily deal with 2 mobile home pads on the property Owner lives in one of the units, his rate just adjusted up so he needs to sell, and he is willing to seller finance In place cap rate >10% What questions do I need to be asking?

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Carter Golgart

@carter_golgart

5 months

What’s more valuable early in your career: a) network b) knowledge c) money Made an A & B oriented decision today. Hoping it pays off!

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Carter Golgart

@carter_golgart

9 months

First post on my short career to date is live. Let me know your thoughts!

My path from investment banking, to a start-up, and now real estate

From Benihana to… Like many business majors, I had no clue what job I wanted after graduation. Here’s what I did know I wanted (at least in the early part of my career): (1) a well-payi…

realestateodyssey.com

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Carter Golgart

@carter_golgart

6 months

What % discount do you need to develop a property vs. purchase “the same one”? Seems like 200 bps over what you could buy for is standard So if you said market is a 6%, you’d build to an 8%, requiring a 33% discount? (Trying to do this in my head excuse any errors)

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Carter Golgart

@carter_golgart

7 months

The question: “Is this a good deal?” Is challenging to answer without knowing your investors’ goals

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Carter Golgart

@carter_golgart

1 year

Really enjoy reading Clear Capital’s quarterly report. Jotted down these points: - Foreclosure activity has picked up in recent months. May still be early in the cycle - Fed is tracking job report closely. Job market is beating the odds. Fed May push to weaken

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Carter Golgart

@carter_golgart

8 months

What metrics do you look at when deciding on a disposition?

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Carter Golgart

@carter_golgart

11 months

Interesting take from today: Now is the best time for syndicators or non-institutional buyers to lean in. If they can get their equity in place now, before the big guys start buying again, they can land great deals

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Carter Golgart

@carter_golgart

1 year

Gross potential rent allows you to see the rent the building is capable of generating with in place leases + market rates for your vacant space Gross rent multiplier is a simple way at to get to a value for the building (GPR * GRM = value) If the GRM is a 10, dig in

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Carter Golgart

@carter_golgart

1 year

Starting to write a blog post about breaking into CRE. Please reach out if you have any war stories or tricks that worked well for you!!

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Carter Golgart

@carter_golgart

1 year

@GCiams I heard of someone taking a wholesale fee on the difference. If you’re buying at $575k and it’s worth $650k, charging the fee on $75k at low-to-mid single digit %. The partnership then presents the $650k to the lender as the basis for additional financing if needed

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Carter Golgart

@carter_golgart

1 year

I’ve spent way more time on (1). Probably b/c I’m closer to doing it by myself so it feels more achievable. Going to start working on (2). If anyone has done something similar, I’d love to chat about what worked and what didn’t

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Carter Golgart

@carter_golgart

1 year

Fun connecting with @davescheurer and @RyanGTuttle today. Always great meeting other retwit people in the area. Who else is out in SoCal? Trying to get a group together

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Carter Golgart

@carter_golgart

1 year

Which product type adds the most incremental value to all surrounding property? Which product type needs to come in first to start a series of development?

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Carter Golgart

@carter_golgart

1 year

Is it a good or bad sign when one of your questions for the broker is “why didn’t you price this higher”

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Carter Golgart

@carter_golgart

7 months

West coast multifamily investors: Which secondary markets are you most excited about?

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Carter Golgart

@carter_golgart

7 months

What was your first real estate investment?

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Carter Golgart

@carter_golgart

11 months

“Much bad advice is given free”

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Carter Golgart

@carter_golgart

5 months

Anyone have personal favorite websites that are geared towards conversion?

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Carter Golgart

@carter_golgart

7 months

Commercial debt brokers who focus on construction / development: I'm working with a number of groups who will need financing for their projects (many product types) If it's helpful, I'd be happy to make introductions Just shoot me a DM

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Carter Golgart

@carter_golgart

9 months

Did the most successful people you know start their own company when they were young, after they had meaningful career experience, or did they work their way up in a traditional job?

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Carter Golgart

@carter_golgart

1 year

Embarrassingly messy Saturday morning to-do list

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Carter Golgart

@carter_golgart

11 months

Why can’t all buildings be STNL 🙃

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Carter Golgart

@carter_golgart

1 year

@creromans Digital toilet paper 😂

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Carter Golgart

@carter_golgart

11 months

Big office deal in TX getting done at a great basis because there’s not institutional money to take it down. Instead, an UHNW family office is stepping in and buying mostly cash plus assuming the debt. Pays to be liquid

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Carter Golgart

@carter_golgart

9 months

a) The first question I had was "but where?", which they kindly answer on this slide. At least future development seems to be primarily planned in Europe, specifically the UK.

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Carter Golgart

@carter_golgart

8 months

What has improved your negotiating the most? I read Never Split the Difference and it was a great starting point. Still have lots to work on. Any advice helps!

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Carter Golgart

@carter_golgart

8 months

Best tips on delegating?

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Carter Golgart

@carter_golgart

8 months

Office folks: What are tenants looking for in today’s environment?

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Carter Golgart

@carter_golgart

5 months

You can earn with your time or you can invest it to earn more later Earn: doing what you gets you paid e.g., advising clients, cold calling properties, creating deck/model Invest: industry research, skill dev, product dev, recruiting What's the right balance between the two?

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Carter Golgart

@carter_golgart

8 months

Stabilize above your WACC

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Carter Golgart

@carter_golgart

7 months

Tax pros! Can anyone help me with when it makes sense to convert an LLC into an S corp?

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Carter Golgart

@carter_golgart

8 months

Do you prefer to invest for cash flow or equity appreciation?

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Carter Golgart

@carter_golgart

11 months

“Leading investment advisors make no claim to being brilliant; they do pride themselves on being careful, conservative, and competent”

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Carter Golgart

@carter_golgart

9 months

Helping a group raise money for their start-up. It's early stage and the balance between runway and dilution is tricky, especially in this environment

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Carter Golgart

@carter_golgart

8 months

Looking for some help: Does anyone know a broker who handles hotel / motel sales in Southern California between $8m - $10m? Know a group looking to break into the area. Any and all intro's are helpful - thanks!

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Carter Golgart

@carter_golgart

8 months

Had a call w/ someone looking for help on their financial model today. A few things I could have done better: - Asked more ?’s about why the first person who helped wasn’t a good fit - Explained exactly how I would model - Asked more ?’s as we reviewed what they built

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Carter Golgart

@carter_golgart

6 months

Want to estimate the cost of your development? Here’s one of the most helpful reports I’ve found:

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Carter Golgart

@carter_golgart

9 months

In 1994, Realty Income traded at $8.35 / share, paying a $0.90 dividend (~11%) Today, at $52.47 / share, the company pays a $3.07 dividend (~6%) If you invested 29 years ago, 2023's $3.07 dividend would be ~37% of your $8.35 / share basis & your equity would be up 528%

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Carter Golgart

@carter_golgart

10 months

Buying a SFH and turning it into a multi unit rental - good or bad way to get started investing in real estate personally?

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Carter Golgart

@carter_golgart

1 year

When in doubt, actually model it out

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Carter Golgart

@carter_golgart

6 months

@JTMartingCRE I hear @WillHuebnerRE will be

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Carter Golgart

@carter_golgart

8 months

Easy way to improve underwriting: call a leasing team 1st client withdrew their LOI after discovering the property would generate less cash flow than anticipated Client expected rent to be +$20 PSF Nearby leasing team confirmed it wouldn't reach $18

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Carter Golgart

@carter_golgart

1 year

From what I’ve learned so far: Buy all cash, stabilize above debt, refinance, hold, repeat

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Carter Golgart

@carter_golgart

8 months

@davescheurer It’s on the top of @moseskagan list Happy you liked it too! (I still haven’t finished)

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Carter Golgart

@carter_golgart

11 months

Lots of tough calls have to be made in a down market related to capital vs. return (IRR) Save capital and you have funds to pay down debt and negotiate refinancings You can also end up lowering your IRR significantly as occupancy decreases b/c of leaving units as is

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Carter Golgart

@carter_golgart

9 months

I'm helping a CRE founder develop a financial model for brokers so they can focus on their clients. The industry leader (competitor) has a similar tool, but they took shortcuts to build it. The competitor’s laziness is now this founder’s opportunity.

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Carter Golgart

@carter_golgart

9 months

Did some contract work recently. A few thoughts on structuring contractor comp: If you know exactly what you want, need it done quickly, and it just needs to be good enough: set a price for the job You incentive the person to work fast so they can boost their $/hour

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Carter Golgart

@carter_golgart

8 months

Pro of working for several companies early in your career: All else equal, more people will know whether you're good at your job If you're good, those people can be very helpful in the future as potential partners, referrals, and clients

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Carter Golgart

@carter_golgart

8 months

Questions I'm trying to answer to grow the consulting work: How do I become everyone's first pick? Why would you work with someone else? Unfortunately, the list of responses is long right now, but it's a fun exercise

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