Mr. B @investingcre Twitter profile

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Mr. B

@investingcre

1 month

Attorney charges $800/hr and can’t return calls/emails on the same day. No one from their team can either. Ridiculous

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Mr. B

@investingcre

1 month

Borrower called me to ask if his rate decreased this week. It’s an active loan with a fixed note rate.

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Mr. B

@investingcre

4 months

My son is about to turn 2. Throwing epic tantrums. It was just me and him for breakfast today. He wanted ice cream. He eventually wore me down so we had ice cream for breakfast. Wife not happy with me.

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Mr. B

@investingcre

4 months

The following thread explains how we structure construction loans and the potential returns they can generate from the lender’s perspective. Keep in mind that we are a private lender, not a bank. If a borrower can get a bank loan and deal with the headaches, they should. It is

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Mr. B

@investingcre

8 months

I grabbed coffee with a former colleague over the weekend. He works for a multifamily GP. They have (had?) a $100M fund with a family office. However, the fund can veto any deal. If they do, the GP can syndicate the deal. The fund was smart and declined to participate in most of

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Mr. B

@investingcre

4 months

Mr. B Investigates: KeyCity Capital I read a lot of foreclosure filings. It’s part of the job when hunting for NPLs. A case filed on June 20, 2024, in Lee County, FL, caught my eye. The defendant is KX Wealth Fund I LLC, which is controlled by KeyCity Capital out of Southlake,

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Mr. B

@investingcre

7 months

@TheWolfofREI IMO the buyers agent deserves a higher split of the commission. They do the vast majority of the work.

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Mr. B

@investingcre

2 months

Sir, you had no liquidity. We had to finance your closing costs and pay delinquent property taxes.

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Mr. B

@investingcre

1 month

You'll make a lot more money finding deals than building financial models.

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Mr. B

@investingcre

5 months

I’m going to show you my initial process when given a loan origination or NPL opportunity. The majority of Florida counties have databases that are easy to navigate. Assuming I am only given the address, here are the initial five steps: 1. Identify the Owner 2. Identify the

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Mr. B

@investingcre

3 months

I recently looked at a mid-construction luxury single-family home NPL. Ultimately, the lender was unwilling to give the discount necessary to make a deal work. I’m going to take you through the analysis. Let’s dive in.

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Mr. B

@investingcre

28 days

Me: I max out at 65% LTC Broker: Great. I think we have a deal. Let me talk to borrower. 5 minutes later.... Broker: Borrower said he's ready to move forward with you at 85% LTC.

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Mr. B

@investingcre

20 days

Had to say goodbye to my sweet boy today. Absolutely heart broken. He was my best friend. Stepping away for a bit. Rest easy. I’ll always love you.

Mr. B

@investingcre

26 days

My dog is having problems with his kidneys and it’s just the worst feeling.

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Mr. B

@investingcre

4 months

@shawngorham We’re doing a facade renovation on a retail plaza. At our last monthly walk through, the GC and architect had their entire team there. From president to junior staff. Can’t remember if that’s ever happened. Getting your PM there a couple years ago was a scheduling battle.

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Mr. B

@investingcre

3 months

"I own the property free and clear" Sir, there is a $3M mortgage recorded 2 months ago. "Oh, yeah. I forgot about that"

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Mr. B

@investingcre

6 months

About a year ago, I took a call from a young broker. Probably 22 years old. I liked his hustle. We sold the property he was calling about a few years prior. I gave him another property he could try to sell (non exclusive). Today was the fourth time he asked about the property we

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Mr. B

@investingcre

7 months

@realEstateTrent I was in McDonalds last week and there was no one taking orders. Everything ordered off a screen. All others will follow.

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Mr. B

@investingcre

5 months

Saw some familiar names attending ICSC. Familiar because we bought NPLs backed by their properties or purchased the properties via a fire sale a few days before the foreclosure auction. Between a booth, podcast or sponsorship, you would never know what a disaster some of their

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Mr. B

@investingcre

5 months

Baby girl finally arrived! Mom and baby are doing great. Looking forward to a new journey but dreading no sleep!

Mr. B

@investingcre

6 months

Baby girl arriving in a couple weeks. What should I expect? Currently have an almost 2 year old boy.

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Mr. B

@investingcre

6 months

@HighyieldHarry He didn’t go to Penn. He would of let us know

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Mr. B

@investingcre

10 months

Hi All, A friend told me Twitter/X has a large CRE community, so I decided to give it a shot. Let’s see what happens. I am head of CRE investments for an ultra-high net worth individual (UHNWI). Currently, we have ~$150M invested across various strategies. We’re looking to

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Mr. B

@investingcre

6 months

I turn 36 in a few days. I don’t have 36 lessons from 36 years to share with you all, but I do have an important message: Be grateful for your and your family’s health. We often take it for granted. Exactly a year ago, my wife noticed a lump on her neck. We had no idea what it

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Mr. B

@investingcre

5 months

An 8% pref with a 50% promote is a bad deal for LPs. If someone wants to give me capital on those terms, I’ll gladly take it.

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Mr. B

@investingcre

4 months

Confirming the below story as this was our deal! I meant Hugo on here a few months ago. Told him about a property we were interested in selling. No luck getting our number in the past. He absolutely hit it out of the park with this marketing idea. Brought a great buyer to the

Hugo | Miami Retail Guy

@MiamiCREGuy

4 months

'I've been trying to find the right analogy for what I truly learned on this $6.2M that closed yesterday, so bear with me 🥸 When marketing a property, it's not about finding the (investors) foot that fits the (property) shoe That gets you market price. But rather, the key is

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Mr. B

@investingcre

5 months

Here is the worst person I’ve dealt with to date: guy goes under contract to buy a 15K SF building. He has 30 days of due diligence. During DD, he signs a tenant for the entire space and collects first, last and security deposit. He proceeds to use those funds as the second PSA

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Mr. B

@investingcre

2 months

@moseskagan Maybe a covid effect. Parents didn’t want to put their kids in day care a few years ago. Brought nannies to the house

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Mr. B

@investingcre

2 months

Let’s analyze an NPL that likely needs a sizeable discount to become interesting. The collateral is a 12-unit MF in Indialantic, FL. My typical deal size is $2M —$20M. My general rule of thumb is to avoid deals on the low end of my range that will likely become operationally

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Mr. B

@investingcre

7 months

I’m often pitched LP equity opportunities. Since we do not have an investment mandate, we allocate capital to where the best opportunities are. Today, it is very hard to compete with senior debt bridge loans. I am working on an in-depth X article for next week, but let’s look at

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Mr. B

@investingcre

4 months

The following thread explains how to analyze a partial release request. This is based on a real scenario. Note that this was not negotiated in the loan documents. The borrower requested the partial release due to personal liquidity constraints after the loan closed. Let’s dive

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Mr. B

@investingcre

6 months

@realEstateTrent Can confirm this is accurate and my account has less than 2K followers. Can't imagine the messages SMG gets. Keep putting out content. People will notice!

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Mr. B

@investingcre

7 months

As a lender, you need to have strong loan docs. Most borrowers comply and are easy to deal with. Unfortunately, you also deal with assholes which is why you need strong loan docs. There must be financial consequences for not complying. For example, we originated a loan to a

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Mr. B

@investingcre

6 months

Nice story. Bought some NPLs from DLP. They are still learning how to underwrite.

Brian Beers

@brianbeers

6 months

This guy will be a billionaire one day and I bet you've never heard of him Here's the story Don Wenner from DLP Capital:

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Mr. B

@investingcre

4 months

Broker told me today the appraisal was wrong because it’s impossible for the value to be less than the County assessed value

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Mr. B

@investingcre

9 months

@aryal1994 I was part of the team that owned this property at one point. Our basis was < $40K per door. This was probably 8 or 9 years ago at this point.

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Mr. B

@investingcre

6 months

Received a ton of loan requests in this area of FL the last 12 months. Funded a number of deals as well.

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Mr. B

@investingcre

10 months

NPL Return Strategy NPL= nonperforming loan There are 3 general ways to get paid back when buying an NPL. 1. Forbearance / Loan Restructure 2. Borrower Payoff 3. Foreclose/Deed in Lieu - Take Title - Sell Property The prevailing market interest rate and the maximum default

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Mr. B

@investingcre

1 month

I'll take the other side of this trade

Florida of Tomorrow

@floridaoftmw

1 month

Billionaire Stephen Ross believes that Palm Beach County, particularly West Palm Beach, is poised to become the next Silicon Valley.

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Mr. B

@investingcre

4 months

A foreclosure complaint was filed against Beachcomber Bungalows on June 7, 2024. The collateral is in Englewood, Florida. I will explain how I quickly screen NPL opportunities:

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Mr. B

@investingcre

2 months

I don’t know Scott or anything about S2s current investments. However, I was a partner in two deals we sold to them around 2017. I can confidently say two things: 1. S2 ran a professional operation. From PSA negotiation to due diligence to closing. All top notch. Good people to

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Mr. B

@investingcre

2 months

Construction liens are typically an early indicator of distress. They are almost certainly a default under the loan documents. The Faro Blanco Resort & Yacht Club in Marathon, Florida had two contractors file liens. One of them filed a foreclosure complaint for nonpayment this

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Mr. B

@investingcre

1 month

Some of the best connections I made on here only have a few followers and/or barely post or comment.

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Mr. B

@investingcre

5 months

Private lender called me on Friday about an NPL. Told me the borrower was renovating the property, fell behind schedule but was making progress. Loan matured and they wanted out. I drove it over the weekend. No roof. No windows. Interior didn’t appear to even be framed yet. Of

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Mr. B

@investingcre

4 months

Another bridge lender called me about an NPL opportunity yesterday. They were looking to sell the note. I knew the deal within 10 seconds of the conversation. A brief history: · Borrower approached us 4 years ago looking for financing. I didn’t like the deal and told the

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Mr. B

@investingcre

6 months

Baby girl arriving in a couple weeks. What should I expect? Currently have an almost 2 year old boy.

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Mr. B

@investingcre

3 months

In the past month or so, I’ve received several investment offerings from debt funds. All are experienced groups with successful track records (AUMs <$100M). The funds originate bridge loans with max terms of 24 months and max LTVs of 60%. Here are the general terms from each

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Mr. B

@investingcre

2 months

It’s funny what politics does to people. Harms your ability to think critically and rationally.

Mark Cuban

@mcuban

2 months

Let’s consider the market impact of a 25k down payment credit. The easiest way to do that, IMO, is to look at the amount saved per month when the credit is used. $176 per month. With this number, we know that if the home owner raised the price by > 25k, buyers lose the

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Mr. B

@investingcre

5 months

Catching up on my foreclosure notices. Perhaps this will be of interest to someone. SouthState Bank filed a foreclosure complaint against Infinite Properties LLC. The collateral is located at 6901, 7001, 7015 and 7027 SW 24thAve, Gainesville, Florida. CoStar shows the collateral

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Mr. B

@investingcre

4 months

A new venture is launching soon thanks to this platform. Exited to share details in the near future!

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Mr. B

@investingcre

4 months

Why would you offer a lender a full payoff (principal plus note interest) for an NPL? Two main reasons: 1. Control the process 2. Better yield Let’s dive in:

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Mr. B

@investingcre

5 months

Passed on a $5M loan a few weeks ago. Collateral value not there. Borrower had no other collateral available. Broker calls me today and says deal is better now. New request: $5.5M loan. No other changes. I call this broker The Forwarder. Adds no value. Excellent at forwarding

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Mr. B

@investingcre

3 months

ITS A MIRACLE: Property insurance premium decreased 7% on a ~75 unit MF in Miami. Includes wind and no other policy changes.

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Mr. B

@investingcre

9 months

@aryal1994 Found the current owner: "we generate passive income streams for physicians"

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Mr. B

@investingcre

8 days

Pending a loan payoff today. Closing attorney tells me our check is in the mail. I thought he was joking. He’s afraid of wire scams and really wanted to issue a check. (Wire instructions were confirmed multiple times)

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Mr. B

@investingcre

4 months

Maybe I'm wrong about this group but where there's smoke, there's fire. Be careful out there

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Mr. B

@investingcre

7 months

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Mr. B

@investingcre

3 months

In the past week, 3 GCs called to check in. I haven't talked to 2 of them in years. Things must be slow!

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Mr. B

@investingcre

4 months

My work day always starts with scanning my foreclosure monitor. It is a quick way to find potential NPL deals. Today was an active day. A lender I know well (debt fund), filed multiple complaints in several counties. Common theme: 2021 to early 2022 originations, multiple

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Mr. B

@investingcre

7 months

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Mr. B

@investingcre

7 months

My latest X Article is an introduction to bridge loans. It is an overview of the players involved, mechanics of the loan and potential returns. This is the easy part of the process. The hard part is continuously finding good deals!

Mr. B

@investingcre

7 months

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Mr. B

@investingcre

4 months

Just published my first S u b s t a c k article in a number of weeks. Trying to get back on track post baby. This week I cover loan documents. Whether you are a borrower or lender, it is critical to know the basics. There is a Dropbox link in the post where you can access actual

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Mr. B

@investingcre

6 months

I get DMs asking for career advice. Usually from young guys. Not that I think I'm qualified but I do take the time to put together a thoughtful response. Then crickets. No response back. Strange. Going to stop responding.

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Mr. B

@investingcre

7 months

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Mr. B

@investingcre

5 months

Regardless of who this actually is, I don’t like him or his account. Not my style or what I’m here for.

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Mr. B

@investingcre

3 months

Reading through a few foreclosure complaints against the same Guarantor. Small MF properties located at 8570, 8590 and 8710 West Mayo Drive, Crystal River, FL. Court ordered all rents be turned over to lender. Notice is sent to Property Manager and all tenants. Below is what the

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Mr. B

@investingcre

4 months

Received a loan request to refi an office building last year. ~50K SF. The rent roll had a cryotherapy user occupying 25% of the building. Seemed strange given the location, size and timing of lease execution. It was relatively close to me so I agreed to tour it with the owner.

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Mr. B

@investingcre

2 months

Wife: going out with a friend for the afternoon. Kids: hanging out with their grandparents for the afternoon. Me: watching college football on the couch until forced to move.

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Mr. B

@investingcre

1 month

A borrower called me a vulture today and said I enjoy picking at carcasses. That was a new one.

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Mr. B

@investingcre

4 months

Run background checks on your borrower. Character matters. Doesn't matter how great the collateral is.

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Mr. B

@investingcre

5 months

Talked to a potential capital partner for larger deals that come across my desk ($20M - $50M). They are interested in loan originations and NPLs. Targeting high teen returns- unlevered. Seems tough for loan originations but they claim to achieve it.

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Mr. B

@investingcre

3 months

"thx" bothers me. I don't know why. Thanks or thank you takes minimal more effort

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Mr. B

@investingcre

13 days

We have a loan ready to close. The borrower can't wrap his head around the per diem interest calculations. Having second thoughts about this one!

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Mr. B

@investingcre

3 months

Just posted a new s u b s t a c k article. Link in profile. I cover the basics of foreclosures with a focus on judicial states, specifically Florida. CRE debt investors don't have to be foreclosure experts but you should know the basics. One piece of advice: if you are forced

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Mr. B

@investingcre

1 month

I talked to a borrower who gave a bridge lender ~$50K in deposits over the course of 2 months. The lender failed to close and kept the deposit money.

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Mr. B

@investingcre

2 months

A few tips for getting lenders to continuously send you NPL opportunities: 1. Provide quick feedback. More detailed, the better. 2. Don't make lowball offers on deals with plenty of equity. 3. Close quickly and in all cash. If you want to lever your position, do so afterwards.

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Mr. B

@investingcre

4 months

@bethanyjbabcock I’m probably better off just lying next time

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Mr. B

@investingcre

4 months

First, it is important to understand how we charge interest. It is commonly referred to as Dutch Interest. This means we charge interest on the full loan amount, including any holdbacks. Second, most of our borrowers prefer debt instead of an equity partner. They only consider

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Mr. B

@investingcre

2 months

Reading loan docs is fun!

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Mr. B

@investingcre

2 months

“We don’t sell notes at a discount” When a lender leads with this statement it is either true or the deal being sent to you is a dumpster fire and they know it.

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Mr. B

@investingcre

6 months

@mu2myoc The current owner tried to get financing to fill it . Every debt broker had the deal at some point. No takers. I guess the new plan is to sell it, offer financing, see if it can be done, foreclose. Repeat process.

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Mr. B

@investingcre

3 months

Listed a retail property about a month ago. Stabilized deal. Multiple offers- not close to ask and all in the same range. ~7.5 cap with seller financing requests.

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Mr. B

@investingcre

5 months

Synthetic Payment in Kind sounds like a fancy way of saying Interest Reserve. It is common in the bridge lending world and utilized when little to no cash flow is available to service the debt. It is a simple concept. Here is an example:

BB

@doggedtenacity

5 months

Synthetic PIK. Nice. 👍🏻

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Mr. B

@investingcre

5 months

If you are a senior living operator/investor, this opportunity may interest you. Intracoastal Bank filed a foreclosure complaint against Southern Oaks Senior Living Care LLC a few weeks ago. The collateral is The Rose Garden of Fort Myers located at 2117 Earl Road, Fort Myers,

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Mr. B

@investingcre

6 months

New article just posted. This is an introduction to MF value add investing. Let me know what you think!

Mr. B

@investingcre

6 months

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Mr. B

@investingcre

5 months

Lots of competition in the private lending space when the loan amount is under ~$3M. I'm seeing lenders do deals in the ~11% range.

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Mr. B

@investingcre

3 months

2 loan closings this week. Motel purchase and a luxury resi refi. ~$8M total

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Mr. B

@investingcre

1 month

Two deals set to close this week. NPL and bridge loan.

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Mr. B

@investingcre

4 months

Bridge Lending Tip: Most of the deal flow comes via brokers. Deals could have multiple brokers involved. To avoid wasting time, require a direct conversation with the borrower early in the process. It filters out what is real and what isn't. If they can't get the borrower on

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Mr. B

@investingcre

4 months

Maybe the Florida Portfolio is a one-off. Let’s check some of their other claims, starting with: The Hive, a 386-unit MF in Dallas, TX. Purchased in December 2022 for $48M. They claim it is now worth $69M! A few comments: 1. CoStar has the purchase date of 2022. 2. Texas is a

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Mr. B

@investingcre

4 months

I jumped on the KeyCity Capital website and looked at their portfolio: At the bottom, I notice KW Wealth Fund I Florida Portfolio. They state the Purchase Price has $9M and the Current Value* as $15M. Red flags start going off when current values are

Portfolio

View KeyCity Capital's portfolio of investment properties. Explore the multi-family holdings and single-family holdings. Learn more.

www.keycitycapital.com

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Mr. B

@investingcre

7 months

While I mainly focus on debt investing, I do enjoy equity investing as well. I will start to post equity case studies. This article is a primer for future posts. It covers the basics of TI and LC for those unfamiliar. It also looks at how to evaluate a tenant expansion.

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Mr. B

@investingcre

7 months

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Mr. B

@investingcre

6 months

Complete embarrassment to the CRE industry. Scum bag marketing.

Grant Cardone

@GrantCardone

6 months

🚨WARNING: Stock Market is due for 50% correction taking S&P below 2674. Tens of millions of households will have their retirement & savings destroyed by being invested in stock market at these levels? The yield curve has been inverted for +500 days. This has only happened 3

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Mr. B

@investingcre

1 month

Remember burning a CD? My sister found my first one. Here were the first 3 songs: Big Tymers- Still Fly Luda- Roll Out Nelly- Air Force Ones Middle school so 2001/2002 time period

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Mr. B

@investingcre

3 months

Never fun when an appraisal comes in light

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Mr. B

@investingcre

2 months

For active and potential deals, I like to do site visits on Sunday morning. I bring my son and we eat around town between stops.

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Mr. B

@investingcre

4 months

@realEstateTrent Probably blacklisted by both lenders after that move

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Mr. B

@investingcre

26 days

I had a lengthy conversation today with the head of special assets (workouts) at a mid sized bank. A borrower paid off on an NPL I was trying to acquire. However, I was pitched an assisted living NPL. Apparently the first of many coming down the line. I typically pass on assisted

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Mr. B

@investingcre

2 months

Pipeline at full capacity is nice. Closing all the deals is much better.

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Mr. B

@investingcre

6 months

The housing doomers have been wrong for over a decade. Yet everyday they post a random data point and tell you the crash is just around the corner. I respect the persistence despite constantly being wrong.

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Mr. B

@investingcre

2 months

Thinking about starting a newsletter. Market updates, case studies, interesting deals, etc.

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