Joel Mazur @jdmiser Twitter profile | Pikagi

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Joel Mazur

@jdmiser

2,261

Followers

155

Following

525

Media

8,603

Statuses

Founder & CEO of Sado Capital. Interests: Phish, Real Estate, GoldSilver, SternShow, University of Michigan and being a Dad.

Birmingham, MI

https://t.co/rMAtQvIiIt

Joined June 2009

Don't wanna be here? Send us removal request.

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@jdmiser

Joel Mazur

23 days

Good call with a sophomore at Michigan today seeking advice about a potential career in real estate. He asked me about regrets, tips to get ahead and what I would do different if I were in college today. Told him I would drum up the courage to introduce myself to more girls.

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@jdmiser

Joel Mazur

11 months

@redwood_ryan_a Tell me you don't have kids without telling me.

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@jdmiser

Joel Mazur

5 years

This could be my favorite video of all time. #phish

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@jdmiser

Joel Mazur

2 years

For anyone out there worried that you're "running out of time." I'm turning 43 in February and believe my best earning years are ahead of me. By a mile.

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@jdmiser

Joel Mazur

2 years

Super proud of the work we’ve done at Big Lake Estates, a 124-site mobile home park located in the Minneapolis MSA that my investors and I acquired in December 2020. /

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@jdmiser

Joel Mazur

1 year

Love this. 600-site, resident owned community, on the water in Boynton Beach. Developer just offered them all $833k per (tiny) lot. REJECTED.

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Small mobile home community in Florida refuse $500 MILLION to sell up

A developer has offered $502 million to purchase the Briny Breezes trailer park town, a tiny beachside community of 600 in Palm Beach County, South Florida.

www.dailymail.co.uk

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@jdmiser

Joel Mazur

2 years

Look what I stumbled upon today.

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@jdmiser

Joel Mazur

3 months

Had a call with a wealth manager today to gauge their interest in allocating capital to real estate. He said w yields of 11-13% in credit, there's very little appetite for core+ funds generating current cash flow of only 4-6%. Made me realize this short term trading mentality

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@jdmiser

Joel Mazur

1 year

"Cash on cash. Income earned on cash invested. Not dependent on appreciation, just cash." - Sam Zell

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@jdmiser

Joel Mazur

2 years

Update on my MF underwriting model now that it's built and I've had a chance to toggle a bunch of scenarios (for anyone that actually cares).

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@jdmiser

Joel Mazur

2 years

Found a private REIT with worse marks than Blackstone. Pitching to non-accredited investors. Minimum investment is $1k. I'm obsessed with learning everything I can about this guy.

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@jdmiser

Joel Mazur

2 years

Way to go, @shiloebear . You sounded like an old pro up there. We're all rooting for you!

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@jdmiser

Joel Mazur

2 years

One of the biggest crimes of this past decade was getting a whole generation of real estate newbies to believe that capital intensive value-add is/was a good strategy.

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@jdmiser

Joel Mazur

2 years

Nothing says Saturday night like working on your multifamily value-add financial model.

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@jdmiser

Joel Mazur

10 months

Was gonna tweet how I'm thankful that ReTwit brought me to @ibuyrvparks so we could close on 2 campgrounds together this year but right now I'm most grateful that my wife had an IDF shirt at her parents house so I could replace my white polo after spilling red wine on it. 🇮🇱

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@jdmiser

Joel Mazur

1 year

Dropping my girls off at their Jewish day school just now. Hugged them extra tight knowing full well the threats we face. We will persevere. We aren't going anywhere. 🇮🇱

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@jdmiser

Joel Mazur

3 months

@akm515 Tell him us Michiganders will forgive him for the mistake and welcome him back with open arms.

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@jdmiser

Joel Mazur

2 years

Once you start buying real estate and managing OPM and producing great returns for them, it's hard to take your family's financial advisor seriously. 1% AUM to invest in esoteric mutual funds that charge another 1% on top of that only to match the S&P is kinda hard to stomach.

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@jdmiser

Joel Mazur

2 years

Have to be honest. When I first walked out onto that patio at @REconveneLA on Night 1 to what I thought was a gigantic sea of people, I immediately said to myself "Well this was a gigantic mistake." Oh how I couldn't have been more wrong.

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@jdmiser

Joel Mazur

2 years

This is my temple and where my children also attended pre-school. We've entered a sad, dark period for this country. I hope others are brave enough to speak out and reject hate in all its forms.

@StopAntisemites

StopAntisemitism

@StopAntisemites

2 years

HORRIFYING - while Jewish parents were dropping their kids off at Temple Beth El daycare in Bloomfield Hills, MI earlier this morning, a man in the white van outrageously screams “F*ck the Jews” and “F*ck Israel” while driving by.

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@jdmiser

Joel Mazur

11 months

@MarkRuffalo And if you're a Jew, just be afraid I guess.

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@jdmiser

Joel Mazur

2 years

@abakermont Most real estate investors are naively confident. That "I'm fucked" moment comes way too late for them.

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@jdmiser

Joel Mazur

11 months

Just me and a thousand Jewish friends from Detroit taking over a wing at the airport as we prepare to head to DC for a historic day. 🇮🇱

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@jdmiser

Joel Mazur

1 year

I really enjoy playing golf, but as a small business owner with 2 elementary school kids at home, I just can't comprehend how others seem to find all this time to play as often as they do.

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@jdmiser

Joel Mazur

2 years

Given where rates are and the extent to which rents have been pushed, I don't see how even quality MF properties sell for less than a 7 cap in today's environment. Anything lower than that and you're just speculating on future NOI growth. Brokers and sellers better wake up.

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@jdmiser

Joel Mazur

2 years

@abakermont Love Parlay but would recommend folks just fork out the cash for Reonomy. Will cut the time in half. And outsource the search to your VA in the Philippines. Don't @ me. Not interested in that debate. Happy to help folks out if they'd like help as well. DMs open.

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@jdmiser

Joel Mazur

2 years

If you're an emerging GP struggling to find more investors, start with a better alignment of interests. When I first started out syndicating I was arrogant enough to think that my LPs should just consider themselves lucky for being presented with one of my off-market deals. /

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@jdmiser

Joel Mazur

3 years

Amazing that @NBCNews can run a poll and not have the leading cause of inflation (i.e. The Fed) as one of its answers. Just goes to show you how far we still have to go towards educating the general public and MSM about monetary policy. @menlobear @chucktodd @MeetThePress

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@jdmiser

Joel Mazur

8 months

44 today. My wife gave me an incredible Big Dumb Cup for it. Starting a real estate investment company is hard & super stressful. Need some good Phish lyrics to be reminded to calm the fuck down.

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@jdmiser

Joel Mazur

2 years

Spoke with a 75 year old today that desperately wants to sell his park so he can finally retire and move to FL. Dude is so freaking stubborn he refuses to come down to meet me even halfway to reality. "Well, I'm probably just gonna die with it here then."

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@jdmiser

Joel Mazur

2 years

Hard to think of a better way to spend a Friday night than making a good bourbon cocktail, dimming the lights and playing video games with your 8 year old daughter. Good shabbos y'all.

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@jdmiser

Joel Mazur

2 years

I really wish someone had warned me before starting my real estate company that, come mid-January every year, I would have to turn into a part-time forensic accountant.

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@jdmiser

Joel Mazur

4 months

When @rhunterh talks about the GP biz being a leveraged call option on other people's money, I'm not even sure he had this one in mind. Assuming this is net of any syndication fees paid at closing, within 2 years Nick will likely have all his capital out based on the asset mgmt

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@jdmiser

Joel Mazur

2 years

@shawngorham Yep. This is what @CaseyMericle and I were talking about yesterday. Tired, have enough equity and just want out. Not trying to squeeze every last $ out.

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@jdmiser

Joel Mazur

2 years

Exit cap rate "sensitivity" analysis on a new offering. And I thought we were done with this shit.

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@jdmiser

Joel Mazur

2 years

I cold called an owner about a year ago after getting word that he was "getting tired and looking to sell at some point." Turns out the guy was 81 and had owned & operated this awesome mobile home park for the last 40 years.

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@jdmiser

Joel Mazur

2 years

Once you get on the principal side, you quickly realize that the entire game is just to front run the "smart money" private equity funds. I started out all bright-eyed and bushy-tailed only to realize too late that I would have been far better off just selling the shovels.

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@jdmiser

Joel Mazur

2 years

@ibuyrvparks and I are scheduled to close on a campground in the Catskills on Tuesday. The story behind how this partnership came together is an ode to the power of ReTwit. /

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@jdmiser

Joel Mazur

3 months

@synthphunk Sorry. Maybe I'm alone but I couldn't imagine chasing Phish around the country if they didn't continue to introduce new quality material.

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@jdmiser

Joel Mazur

1 year

Trying to pull off my first 1031. What do I need to know?

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@jdmiser

Joel Mazur

2 years

If you say your goal is to be a great real estate investor but it's actually just to build a huge portfolio of AUM in order to collect fees, you're better off brokering deals. The path is easier and you don't have to put your reputation on the line investing other people's money.

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@jdmiser

Joel Mazur

2 years

ReTwit Detroit. Have a feeling this group is gonna grow leaps and bounds in the next few years. Shout out to @Nick_Keesee for hosting the meetup.

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@jdmiser

Joel Mazur

8 days

The United States would be so much better off if both the employer and employee didn't have to pay so freaking much in payroll taxes.

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@jdmiser

Joel Mazur

2 years

Awesome time with the family in Keystone this past week! Despite 2 kids with croup and me almost burning the Airbnb down cause I closed the fireplace's damper instead of opening it.

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@jdmiser

Joel Mazur

6 months

@mu2myoc Same. - 36k - Lots of praise - Grind remotely - Trailer park expierence a must Don't all DM me at once.

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@jdmiser

Joel Mazur

2 years

When I was in my 30s I suffered from the "Yeah but he started on 2nd base" syndrome. In reality, these feelings were just a manifestation of my jealousy and insecurities. Once I learned to stop giving a shit bout others and actually start rooting for them, I felt free.

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@jdmiser

Joel Mazur

2 years

One of the best things about being a great real estate investor, vs a charlatan syndicator, is that you don't have to spend your time selling courses on the side to create multiple sources of income.

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@jdmiser

Joel Mazur

2 years

@realEstateTrent Yep. They also want to be surrounded by other smart and driven professionals. Creates a stimulating environment. I often feel lonely working as a solo entrepreneur in my private office. Can lead to some down days. WeWork is still a great concept. Just grew too fast and big.

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@jdmiser

Joel Mazur

8 months

@RaminGREP Omfg. “It’s going to degrade the value of my building,” Pachtman said. “I don't know if that's environmental enough. I don’t know that you're going to be able to measure, like, air pollution is any worse. But the quality of life is certainly going to decline.”

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@jdmiser

Joel Mazur

1 month

@ochocinco Get ready for your mind to be BLOWN.

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@jdmiser

Joel Mazur

2 years

Introverts like me absolutely despise small talk. Please don't take it personally, but a small piece of me is dying inside when I have to interact with you.

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@jdmiser

Joel Mazur

5 years

Just listened to Beneath a Sea of Stars from CT. Thing of beauty. Reminds me of where Thunderhead could've gone back in the day. #phish

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@jdmiser

Joel Mazur

6 months

I just celebrated a significant milestone in my life. It wasn’t turning 44, scoring coveted tix to Phish in Vegas, or teaching my kid how to ride a bike, though I did all of the above recently. It was closing on the sale of my first full-cycle deal, a mobile home park in OR. 🧵

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@jdmiser

Joel Mazur

2 years

@moseskagan And if you're in your 40s and haven't started playing those games yet, there's still plenty of time!

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@jdmiser

Joel Mazur

1 year

Update on the "spending time with my family on vacation" chronicles. Here's my wife capturing an active live shot from Isle of Palms, SC.

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@jdmiser

Joel Mazur

2 years

Here I am spending time with my family on our relaxing vacation

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@jdmiser

Joel Mazur

2 years

The problem with trying to source deals from old timers is the fact that a lot of times they have no idea who the hell you are despite having had an hour long conversation with them just a few weeks back.

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@jdmiser

Joel Mazur

2 years

While you're all enjoying the playoffs today, I'll be stuck at my desk trying to figure out why my investor distributions don't reconcile between my property management software, my investment management software and my bank account. Off by 4 cents.

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@jdmiser

Joel Mazur

2 years

Here I am spending time with my family on our relaxing vacation

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@jdmiser

Joel Mazur

2 years

Does anyone have a cure for that dread you get when you first sit down to review your call list and it feels like just a bunch of curmudgeons who are never going to sell? Same feeling to get up in the AM to work out. Terrible at first but once you get going it gets a lot easier.

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@jdmiser

Joel Mazur

2 years

If you truly have access to off-market deals, don't just introduce the seller to your buyer for a commission. Learn how to wholesale deals or create strategic partnerships with GPs like me. Not only should buyers be paying you a fee, they should also be granting you equity.

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@jdmiser

Joel Mazur

1 year

Please don't let a GP get away with telling you that because the capital you invested with them was paid back via a refinance that your returns are now infinite.

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@jdmiser

Joel Mazur

7 months

My father in law is building a 19-story highrise in Ann Arbor, a stone's throw away from the Diag. The project started in 2013 w a vision and met many challenges along the way, but he persevered. My wife and her brother played chef tonight at a dinner party to celebrate him,

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@jdmiser

Joel Mazur

1 year

The sooner you can teach your LPs that a boring tax advantaged 12 over ten years is better than a valued add fix and flip 15 over five, the better off everyone's life will be in the long run.

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@jdmiser

Joel Mazur

2 years

Tip for wannabe GPs: figure out a way to outsource the deal modeling and OM drafting asap. While you may think this is an "important" activity, your time should focus on deal origination and capital raising.

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@jdmiser

Joel Mazur

1 year

"The property was acquired by an out-of-state buyer who thought they could clip a steady return with little effort. Revenues have dropped significantly due to lack of management and understanding of the operational aspects of a transient RV Park." Any guesses as to which state?

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@jdmiser

Joel Mazur

3 months

A friend sent me a deck yesterday from a well-known storage syndicator that purchased a portfolio of facilities for $44M a few months ago. Thought it might be helpful if I shared the feedback I provided him. ⬇️

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@jdmiser

Joel Mazur

2 years

@SahilBloom In high school, I walked in one morning and saw my crush. My heart dropped and I did the only thing that made sense at the time: For some reason it involved lifting my slurpee high towards her face and jaunting past her. She's not my wife.

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@jdmiser

Joel Mazur

2 years

If you're an LP evaluating a deal where the GP pitches an Average Annual Return instead of the IRR in their OM, make sure you run, not walk, for the exit.

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@jdmiser

Joel Mazur

2 years

Seller's response to an LOI I submitted earlier today at $7.4mm. His value would imply he's been receiving offers north of $21mm. Party's still very much on bros!

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@jdmiser

Joel Mazur

2 years

@seandsweeney Yeah it was wild. Basically lined up straw men so he could commit bank fraud. Was essentially able to get 100% financing and loaned the downpayments to his buyers. So many of these podcast, Facebook syndicators are downright fraudsters.

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@jdmiser

Joel Mazur

2 years

Looking thru some old models just now. One was for a project in Norcross that I was looking to finance back in 2012. Total capitalization was $28mm ($43k per door). Property traded for $69mm ($108k per door) in 2019. I believe there will be similar life altering deals soon.

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@jdmiser

Joel Mazur

2 years

@abakermont If anyone out there wants to help me with cold calls, learn the biz, make $ and get equity in deals, hit me up with a DM. I'm about to make it rain here in D-town.

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@jdmiser

Joel Mazur

3 years

I closed on the acquisition of Mountain View Mobile Home Park in Northwood, NH recently. The town of Northwood is part of the Boston MSA, a market that's devoid of much-needed affordable housing. 🧵

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@jdmiser

Joel Mazur

9 months

@for_yield Don't question someone else's waterfall structure. "It's a bad look."

@sweatystartup

Nick Huber

1 year

@jdmiser You’re a very big fan of throwing folks under the bus. You do it often. It’s a bad look.

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@jdmiser

Joel Mazur

1 year

Happy mother's day to the glue who holds it all together. I simply can't imagine how we would function as a family without all that you do. ❤️ #grateful

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@jdmiser

Joel Mazur

2 years

Despite the allure of big returns, most LPs don't actually want their GP to swing for the fences. They want a plain vanilla deal run by a non-chazer that pays a good tax-advantaged dividend w a bit of upside. The problem is, those were super hard to come by the last 8 years.

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@jdmiser

Joel Mazur

2 years

Yeah, First Republic is cool, but have you ever signed a Chase doc using an e-signature instead of a wet one that it pisses the back office people off so much they elect to block you out of your accounts for 2 days.

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@jdmiser

Joel Mazur

1 year

I'm not a fan of throwing other GPs under the microscope or bus, but it's responses like this that frustrate the hell out of me. The syndicator sycophants seemingly get drunk on podcast buzzwords like "alignment of interest" and "breakeven on fees." They fail to comprehend that

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@jdmiser

Joel Mazur

6 months

A kid named Ryan Green from Edward Jones is going house-to-house on my block. He just cold knocked my front door to introduce himself. There's a lot of keyboard warriors on this app. But if you really want to make things happen, you gotta be willing to put yourself out there.

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@jdmiser

Joel Mazur

2 years

Does anyone have suggestions for how someone with severe ADHD can sit down with their architect for a 4 hour kickoff meeting to discuss new home plans? My wife is hoping I just don't embarrass her.

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@jdmiser

Joel Mazur

2 years

I realize people generally hate pessimists and prefer optimists over them, but I tend to appreciate realists the most. Now is the time to be defensive as an investor. To the point I believe you should consider altering your risk profile. If that makes me a pessimist, so be it.

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@jdmiser

Joel Mazur

2 years

For all you fee-angry haters out there, I hope this one really pisses you off: I charge an affiliate broker fee, in addition to an acquisition fee, for sourcing off-market deals.

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@jdmiser

Joel Mazur

8 months

Where are my Grant Cardone LPs at? What's your cash on cash return these days? Fess up. If you show your cards, I'll show mine.

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@jdmiser

Joel Mazur

1 year

The Mazurs take a page out of The Griswold's book and schedule a trip to Niagara Falls on the cloudiest day of the year.

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@jdmiser

Joel Mazur

13 days

I used to focus solely on going direct in order to source off-market deals. Thought being: listing brokers work for the seller to maximize value and will extract any future upside. Big mistake. There's lots of awesome brokers who just want to get paid ASAP even if that just

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@jdmiser

Joel Mazur

2 years

@RohunJauhar @mhprvpmvp @JWurzak @kendalhach @marioEbrown @abbasjessa @bj3nk5 @alexandracmoore @MultifamMason @clover_cap @steppedupbasis @FingerootB @JoeStampone1 @aussieflya @JeremyLOsborne @shiloebear @StevenStoller1 @ns_waxman @Dan_Godbout and others I probably missed...

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@jdmiser

Joel Mazur

9 months

Does anyone else experience this dreadful feeling that you're "running out of time"? As an entrepreneur, the stress level of trying to build your biz in your 40s while your family grows older. Sometimes it feels like I can't catch my breath. Wishing that time could slow down.

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@jdmiser

Joel Mazur

2 years

Wow. Maybe it's just me, but I still listen to voicemails. If you're a cold caller, It's like a free shot on goal. What's the worst case scenario, the person deletes it? It's worth taking the extra few seconds imho.

@zgbethie

Beth McLennan

2 years

@jdmiser I don’t leave vm. If they don’t answer I text them. Nobody I know listens to their vm.

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@jdmiser

Joel Mazur

2 years

One of the top rejections I would get cold calling Mom & Pops during the past cycle: "If I sold, I wouldn't know what to do do with the money." With rates above 4% they suddenly have a few more options!

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@jdmiser

Joel Mazur

2 months

Defaming someone's character is a cardinal sin. Had someone at a very well respected debt shop who services my life company loans ask about LP Whisperer. Putting aside that he's Jake w ulterior motives or even that some of his arguments may be interesting and have some

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@jdmiser

Joel Mazur

2 years

If you're going to pursue mom & pops, there is nothing that matches a well crafted, personalized letter. It crushes all other outreach methods. Just be sure to then call afterwards to follow up.

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@jdmiser

Joel Mazur

1 year

If you're a good real estate broker, I think it's hard to find a better career in the field. I wouldn't try and fix what isn't broken. Just keep cashing those commission checks. The temptation of replicating that same success on the principal side is often a mirage.

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@jdmiser

Joel Mazur

1 year

Just sitting here enjoying myself, drinking some bourbon and watching the finals all while redlining my $710 per hour attorney's spelling mistakes.

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@jdmiser

Joel Mazur

2 years

A park closed yesterday at an in-place 4.1 cap. I had put in an offer at 85% of where it traded at. Property is only 81% economically occupied and has rents that are ~31% below market. Would have made for a GREAT bolt-on to an existing asset I own nearby, so I'm kinda bummed. /

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@jdmiser

Joel Mazur

2 years

Firmly in the camp that being able to not give a shit what others think about you is a superpower. Allows you to block out all the noise and just focus on executing your own objectives.

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@jdmiser

Joel Mazur

2 years

Difficult to find harder working people than overseas freelancers on Upwork. You think Americans grind? These folks' hustle put us to shame.

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@jdmiser

Joel Mazur

1 year

@JazzIsPhish I don't even think this is debatable.

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@jdmiser

Joel Mazur

2 years

@thetapthehook Thank god you're anonymous now so no one can identify you.

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@jdmiser

Joel Mazur

2 years

I realize rent growth has been insane in markets like Phoenix but I don't know how this chart wouldn't make you at least a little bit nervous if you bought a MF value add deal w/in last few years at a sky high price predicated on aggressive proforma projections

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@jdmiser

Joel Mazur

20 days

Had a meeting with a big allocator recently. He said all of his problem children are the ground up developments he invested in.

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@jdmiser

Joel Mazur

2 years

I just told my wife that I'm about to work my ass off come Jan 1. Might as well log off to Twitter now. Head needs to be downnnnn.

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