Highland Park Village, in Dallas, TX, is one of the best shopping villages in the entire country.
It also has a great story of how it was acquired by current ownership.
It involves Mexican food, oil heiresses, insane luck, and the most legendary value-add play you'll ever see.
An absolute killer side hustle I just learned about
Nobody tell
@mhp_guy
about this or else he'll build it, franchise it, and sell it for a billion dollars.
I spoke with someone who lives in Austin and takes a small motor boat on the weekends and drives it from boat to boat
Just talked to a guy who is sitting on a $7-8 million dollar warehouse.
He bought it in 1980 for $200,000
He uses it to store all of the heads of all the animals he's killed and all of his guns.
I asked:
"Would you look at an offer in the high 7 figures?"
His response?
If a broker asks
"What type of deals are you looking to acquire"
And your response is
"Anything that makes sense"
You'll be put at the bottom of that broker's list
"Hi Joe, I am calling about your property at 123 Main St. Have you considered selling that property for the right offer?"
"No, I don't want to sell that property"
What's your best response?
In 1935 the Caruth Family owned ~30,000 acres in the red.
Almost all of the land is sold and turned into North Park Mall, Inwood Village, SMU, and many other historic Dallas developments.
Much of the land was bought between 1860-1935 for $5-$500/acre.
The estimated
Cold called an older woman probably in her 60s about a good lookin’ industrial property.
No interest in selling.
Asked her if she needed help with upcoming leases, property management, or if she wanted general market information.
She needed help with something else…
“Can
Dallas's most expensive office space must be in a downtown or uptown high-rise, right?
Wrong.
It's in an old abandoned psychiatric and medical hospital
Here's the story behind a defunct and vacant hospital that a well-known developer turned into an iconic and legendary Dallas
"I would like to sell this building"
"Okay, can you please provide me with rent roll and P&L so we can get you a competitive offer?"
"No, get me the offer then I'll provide you that info"
How would you respond to make sure you get that info before wiring an offer?
@BarryRoland19
My favorite is when it’s been listed for 450 days
“Is this still available”
“Yes but you’ll need to act quickly as we got 2 offers at full list today”
Today, I had God deny me on a cold call
Me: Would you consider selling your shopping center at 123 main st?
Owner: No. I am leaving my entire shopping center portfolio to my church
Me: How many centers do you own?
O: 13
Me: What are they going to do with all of those?
O: I
If a broker asks:
"What type of deals are you looking to acquire?"
And your response is:
"Anything that makes sense"
You will be put at the bottom of that broker's list
The Adelson Family is making MAJOR moves in Dallas-Fort Worth
On top of buying a majority stake in the Dallas Mavericks at a $3.5B valuation, they are buying up large tracts in high-profile areas.
@mcuban
sold the Mavs practice facility and surrounding tracts to the Adelson
HOLY F**KING SH*T
THE BIGGEST DEAL IN COMPANY HISTORY JUST GOT REZONED. OFFICE TO RESI CONVERSION DEAL.
WE HAVE BEEN WORKING ON THIS SINCE NOV 2021
SICK DEAL STORY TO COME SHORTLY AND ITS A BANGER
THE DEAL CAME TOGETHER AS MEANS OF REVENGE👀👀👀👀
BROKER HOT TIP OF THE DAY 🔥🔥🔥
Add value through knowledge of zoning
You can uncover things like:
- Industrial pocket the city wants for Multi? (music to
@fortworthchris
's ears)
- A city making development easier to fuel growth?
- A brand new highway coming through
Commercial Real Estate deals do not always look the same.
We had a deal that went:
Cold Call
Under-contract
Closed
We had a deal that went:
Cold Call
Rejection
Follow up
Follow up
Follow up
Follow up
Follow up
Blocked
Call from a different number
Follow up
In-Person Meeting
This guy is never seeing a deal from us again
I talked to the owner, got property info, spent 10 mins typing up an email on a site in an area this person told me to call
And THIS was the response
Our friends
@TripleNetInvest
and
@mhp_guy
have talked a lot about extreme wealth creation through buying land on the path of growth.
There may be no better example than the Brinkmann Ranch in Frisco, TX.
637 of the 5500 acres of the ranch were just sold for $1.2 BILLION!
🚨🚨🚨 INTRO POST ALERT 🚨🚨🚨
Since we crossed over the 300 follower mark, we wanted to give you a look behind the Twitter/X account
Mason and I have been best friends since we were 6 years old.
DFW born and raised.
We had always talked about starting a business together.
Core Dallas is in the midst of an unprecedented development boom.
Uptown, Turtle, Creek, and Victory Park are looking at $2 Billion and counting in development over the next 5 years.
Here are 20 of the most interesting projects:
1. Goldman Sachs North End, 2323 North Field
A major investor from Miami told us on a call today:
"DFW is one of the biggest and best markets in the country, but it's the smallest world.
Everybody knows everybody.
Do good work and you'll rise to the top. Be a scum bag and you'll be exiled after word spreads"
The biggest value add that Twittter/X has created for us so far is the ability to meet people across the country. Even at 150 followers, we are having conversations with different people in different places doing different types of deals.
Whether you have 1 follower or are
Stan Kroenke is a living reminder that insider trading is legal in commercial real estate.
Today, as the owner of the LA Rams, Denver Nuggets and 60 million SF of real estate, he is worth 16.2 Billion dollars.
Here's how he used inside information to make millions:
In 1974,
Seeing a lot of anon accounts trying to reveal things about different big name accounts here...
Guess what, I don't need to hide behind an anonymous account to drop some absolute bombs about some of the biggest CRE accounts here:
Where should we start? Who wants it first?
You buy a vacant drive-thru for $1.5m.
You have 3 tenants approach you:
1. National credit - $135k/yr NN (Roof and structure)
2. Solid Franchisee with 10 locations - $150k/yr NNN
3. 1 location operator - $165k/yr NNN
Assuming TI/LC are similar, which one you going with?
My Grandparents have been Chiefs fans since 1963 when the team moved to their hometown of Kansas City.
They were Chiefs fans in 1969 when they won their first championship
They remained Chiefs fans during a 50-year championship drought
Now at 91 and 88, they are witnessing a
Owner-operated retail building:
"Yes, I would sell"
"Okay, great. What price are you looking for?"
"I don't know. We just want to see offers before we make a decision"
What's your best response to get a price range?
I typed in “flex industrial metal buildings that are 20 ft in height with 15ft roll up doors in front” to midjourney and this is what it created. Looks like some
@ChrisRamsey60
product
As a broker
Whether the deal is $1m, $10m, or $100m
Whether its retail, industrial, multi, or office
Whether it's on market or off market
Whether the buyer is Blackstone or Joe Shmo
Your number 1 goal is to get the deal closed.
Seems simple but don't lose sight of that
"Hi Mary, I am calling regarding 123 Main st. Would you consider selling that property?
"Maybe. I got it in my divorce but my ex-husband said I should never sell it"
What's your best response to get Mary to sell?
I am here to once again remind everyone that Texas is a non-disclosure state.
Brokers need to be in the habit of NOT disclosing the purchase price. Cap Rate is not as bad, but still can be used against the new property owner.
There are a few major ramifications to consider:
The selling agent just did a press release and eblast disclosing the sale price of one of our clients’ recently acquired assets.
Texas is a non disclosure state. Possible implications include doubling the NNN for the center comprised of mostly local tenants.
The selling
🚨🚨 THE MASTER OFF-MARKET POST ALERT 🚨🚨
Let's talk off-market deals.
What are they?
Who do I show them to?
How do you pitch them?
Below is a high-level breakdown of...
THE OFF-MARKET DEAL
-------------
First off, what is an off-market deal?
An off-market deal is a
If you want to find great Off-Market deals...
I mean TRULY great Off-Market deals
Off-Market deals that give you the reputation for digging up the best of the best
You will only need 2 things:
Persistence and Patience
Persistence to follow up for 1,3, or 10 years
Patience
Adding value to commercial real estate isn't a perfect science.
It takes a lot of skill, knowledge, experience, and luck
All the above were required to turn a $33 million acquisition in Beverly Hills into over $400 million in profit.
Strap in, this is a great one:
The
There are countless ways to blow up a deal... I call this one GREED:
Asking Price: $2m
Our offer: $2m (exchange buyer with limited time)
Seller counter: $2.025m (An extra $25k!)
Buyer immediately walked and that property has been listed at $1.5m for the past 180 days
@cashfIo
@mhp_guy
At the bottom, with a light, you can scan an area pretty quick. Guy definitely was pretty confident in his ability.
Also 30-50 items in a weekend? Doesn’t seem that crazy?
6 property DFW portfolio purchased for $210m in 2017
Worth about $100m today, maybe less.
Got them an offer at $91m from a top tier developer to redevelop the sites
Ownership just told me a broker out of New York told them they can get $190m so they are going to list it
😂
2.5 years ago we were just two friends trying to start a company.
2 years ago today we put our first ever deal under contract.
The video below is from the moment we officially got it into the title company.
That was an important achievement for us and validated our leap into
CRE Brokerage is a wild ride.
1 moment you're wondering if you'll ever get another deal
The next moment you are wondering if you'll ever have free time again
Let's talk about how important it is to get City Planning correct the first time.
This 1,000 acre pocket of Farmers Branch is one of the most sought after class-b industrial pockets in DFW.
Now the city wants to see this pocket changed.
To what you ask?
- Hotel
- Retail
-
You buy a piece of land for $1m
Would you rather:
A. Rezone it to industrial and sell it for $500k profit after 4 months
B. Rezone it to industrial, develop it, and sell it for $1m profit after 18 months
We are working a retail deal owned by a dentist here in DFW.
He just asked if we would take a reduced commission and "free cleanings for life" for our services...
🚨JUST CLOSED 🚨 Denton, TX 🚨
An Off-Market, Value-Add Special
17,500 SF Warehouse and adjacent 3.5 acres for future development in a great industrial pocket.
Going to do a case study/deal story on this one soon.
Be on the lookout 👀
Reach out for more info or if you want
🚨🚨WOW we just hit 2K followers 🚨🚨
Last year we started posting to put our brand out there and make some connections along the way.
The results, even at 2K followers have been incredible:
New Ideas
Exciting Deals
Unique Perspective
Valuable Relationships
As my good
Cold called an older woman probably in her 60s about a well-located industrial property
No interest in selling.
Asked her if she needed help with upcoming leases, property management, or if she wanted general market information.
She needed help with something else...
"What
These are the things that can happen when you make a cold call:
Buy a deal
Sell a deal
Get rejected
Get a referral
Set a meeting
Hear war stories
Get a sales comp
Get a lease comp
Provide a sales comp
Provide a lease comp
Hear about problem tenants
Create a relationship with a
This isn't doom and gloom.
This is a reality check.
The days of putting sellers on a pedestal are over.
If you want to sell, I mean ACTUALLY want to sell, then let's talk.
Offers you can't refuse don't exist anymore.
Time to wake up and make some deals.
We've lost on 8 deals this year that we're either under contract or in contract negotiations
Nothing else to say just letting y'all know this sh*t is a grind
Stay positive, keep cooking, and the deals will come
A lot of really smart, experienced people on X have wildly different ideas of how 2024 will look.
Why?
Everyone is looking through a different lens from a different vantage point.
If we look at US CRE, there's a lot of uncertainty.
If we look at Texas CRE, there's a ton of
I spent the weekend at my fiance's family farm in East Texas.
@TripleNetInvest
was right that farmland in America is one of the most underrated (and enjoyable) assets in the world.
Here are some observations from a city boy:
- Being out on some rural land will always make
We work on 2 different types of deals:
1. Keep the lights on - These are quicker, easier deals to work on. The commission check is smaller but necessary.
2. Home Runs - These take a long time to find and close, but the commission check is beefy
How do you categorize deals?
"Are you happy with your choice to get into commercial real estate?"
I was asked this today by one of our longest standing clients.
The answer is absolutely, unequivocally
F*CK YES
There are 2 major reason why I'm the happiest I've ever been and am glad with my choice:
1.
Dallas is the home to several of the most iconic real estate developers in American history.
However, one stands above all the rest:
Trammell Crow.
Here's the story of how 1 relationship launched the greatest development career we've ever seen:
Fred "Trammell" Crow was born
Last week, losing a deal seemed like the worst thing in the world.
Over the past few days:
- I had a major family emergency that rocked my family
- Unspeakable atrocities and terrorism happened to our people in Israel
- Mason has family trapped in Israel fearing for their
As a broker in this day and age you gotta ask yourself:
Is the brain damage even worth the commission check...?
Then again, it's the life we chose as brokers
"Our appraisal came back at $3.3 million, so we won't take a dollar less than $4 million and buyer has to pay closing costs"
Pretty crazy we are still hearing this kind of thing.
My response was:
"Why did you pay for the appraisal if you were just going to ignore it?"
Relationships should always be your
#1
priority.
Today we got a call from one of our most important relationships. He was leaving the company he was at for a different opportunity.
This guy is an absolute rockstar and was the main driver for his previous company's success.
I don't think we see this enough on X.
I think it's important to be honest with myself and this beautiful community we are all a part of.
I really don't feel like working today.
There is so much going on in the world and for me personally.
My heart just isn't in it today.
I spoke to a retired doctor who wanted $1.8m for a couple of single-tenant auto shops.
We offered at $1.6m.
She has a broker she trusts that is going to help her with the counter.
The guy calls and says he is sending over a fair counter.
We open the counter and it's at
A Poem to the Difficult Seller:
You have mismanaged this asset from day one
Any relevant documents or records, you have none
The lease you provided is not counter-signed
Your last environmental report you cannot find
When I asked about the roof you said "It's brand new"
But
@MiamiCREGuy
A fantastic thought for my next touch point.
His tax bill would be massive but exchanging into a smaller property would definitely lessen that burden.
I really have no idea how he would transport all these heads
🚨An introduction to the Off-Market Value-Add guys 🚨
My name is Logan Meyers and my business partner is Mason Reiter.
We are childhood friends and both grew up in Dallas, TX.
Our company is Frasier Cole Real Estate.
We are a real estate brokerage company focusing on
GP: We have this deal under contract. We need a $20m equity check
Me: My client is involved in the nearby retail we can provide that equity.
GP: Actually I dont have it u/c, its under an LOI, the exclusivity is up, and I havent talked to owners in weeks.
@chernobelskiy
Yesterday we got the first response back from a guy we have been calling for 3.5 years
He as a very impressive portfolio of CRE in DFW
Regardless of if we do a deal with him this year or not, we now have broken the communication barrier and we can start to build a relationship
After enough cold calls, you can tell quickly whether or not somebody is serious
Let's play a game of serious or not from a cold call I just had:
Me: Hi Bob, do you want to sell your property on Main?
Bob: Sure, I'd sell it
Me: Great, can you tell me what your income is?
Today we did something we have never done in company history:
We walked away from a property owner who wanted to sell but was truly impossible to deal with and wasting our time.
Feels great. Feels 10,000 lbs lighter.
Going to start doing it way more often.
Over and over again I have the same conversation with prospective buyers looking to break into the DFW market.
Let's make one thing VERY clear:
DFW is one of the top real estate markets in the country.
In order to find and buy an asset in any good area
You need:
- Luck
-
When we say it's off-market we mean:
☑️ It's not currently being marketed
☑️We just called the owner and they are interested in selling
☑️They provided us with enough information for you to underwrite it.
If it doesn't check the boxes above, we don't show it.
Commercial Real Estate deals do not always look the same.
We had a deal that went:
Cold Call
Under-contract
Closed
We also had a deal that went:
Cold Call Rejection
Follow up
Follow up
Follow up
Text an ambiguous message to get their attention
Follow up
Follow
Core Dallas is one of the most competitive real estate pockets in the country
Uptown
Oaklawn
East Dallas
Deep Ellum
Bishop Arts
Lower Greenville
Knox-Henderson
What do you have to do to break in to these neighborhoods?
You have to know the right people and the right people
DFW Airport has 1,576 developed acres with:
- Hotels
- Logistics
- Restaurants
- Office Buildings
- Research Facilities
- Industrial Warehouses
All leased to some of the best tenants in the market.
Do other airports around the country do this?
"Jerry World" is home to the Dallas Cowboys and one of the most famous stadiums in the world.
Surprisingly, the stadium is located in Arlington and not Dallas.
The story includes backroom dealings, voter ballot manipulation, and a legendary power play that changed the fate of 2
AllianceTexas is one of the most insane masterplanned developments in the country.
It started in 1989 with the Perot Field Fort Worth Alliance Airport and has since grown to over 27,000 acres of land and has over 58 million square feet of
- Retail
- Office
- Medical
-