Steve Garthwaite @stevegarthwaite Twitter profile

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Steve Garthwaite

1 year

Deal Story Saturday Installment 3 🧵 Friday February 21, 2020 My entire pipeline of deals under contract and LOI is vanishing. Covid fears and a falling stock market are taking hold. An email comes in for a portfolio of short term Pizza Huts.

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Steve Garthwaite

@stevegarthwaite

24 days

Cold calling the owner of the light industrial building that the shooter laid on to see if he’s a seller.

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Steve Garthwaite

@stevegarthwaite

11 months

Hot take. Buy a new car as soon as you’re able. When you get in a car accident like the one I saw yesterday, the hardo on social media telling you to roll with a 20 yr old rust box for $5,000 isn’t going to come help your family.

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Steve Garthwaite

@stevegarthwaite

1 year

People say hard work pays off. It doesn’t. Risk pays off. You think you’re working harder than the landscaper who’s working two jobs? I hate even hearing this phrase anymore. It’s so shallow.

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Steve Garthwaite

@stevegarthwaite

1 year

Hear me out Onlyfans, but I just show costar images of Class C apartment buildings bought at absolute peak pricing in 2021. Then we tag the sponsor We call it… Onlypain

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Steve Garthwaite

@stevegarthwaite

3 months

3rd divorce finalized Cabana booked ICSC VEGAS

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Steve Garthwaite

@stevegarthwaite

1 year

People wonder why I hate coming into the office. $30 to park $20 salad Traffic

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Steve Garthwaite

@stevegarthwaite

1 year

I did a huge deal yesterday. Biggest of my life.

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Steve Garthwaite

@stevegarthwaite

1 year

It would be cool if there was a historic map version of google maps. When I see someone bought a property in the 90s that’s worth a fortune now. I’d like to be able to go back in time to see what the area looked like then to see what they saw. This would be a legit product.

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Steve Garthwaite

@stevegarthwaite

5 months

Recently divorced developers at the ICSC Wynn pool party

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Steve Garthwaite

@stevegarthwaite

1 year

I’m looking at houses today. I’m a CRE broker representing myself who’s father in law is a master carpenter of 35 years. Is there a worse buyer to deal with?

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Steve Garthwaite

@stevegarthwaite

1 year

Unpopular opinion. Generational wealth is fucking dumb. I love business and the meritocracy of it. I’ve seen so many families ruined by money when someone dies. Most people cannot handle the potential energy. From the time they’re born they know nothing they’ll do will

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Steve Garthwaite

@stevegarthwaite

1 year

I really don’t feel like refollowing everyone again on threads. I think I’m going down with this ship.

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Steve Garthwaite

@stevegarthwaite

7 months

The most insane out of office I’ve ever received.

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Steve Garthwaite

@stevegarthwaite

10 months

A client of mine bought a $25 million business for $500,000 down. Seller carried the mortgage for 10 years at 4.00% Why the f@€£ am I in real estate at all

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Steve Garthwaite

@stevegarthwaite

1 year

In November I closed on the sale of a Trader Joe’s anchored center for $10,000,000 at a 4.85 cap Some would be shocked at disgusted at the cap rate but let’s look at it another way. Development, trying to recreate this in todays market. Land Acquisition $2,500,000 Site work

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Steve Garthwaite

@stevegarthwaite

11 months

Unpopular opinion. Watching Pro sports is not it. Some of you are so absorbed in it when your life isn’t where you want it to be. You’re literally watching other people live their dream.

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Steve Garthwaite

@stevegarthwaite

7 months

Had a dinner with two clients and their wives last night. One who is older brings up a deal he did 20 years ago. Saw a farm for sale in Virginia. FSBO Optioned the land, paying $1,000 a month. Rezoned it to resi from AG. CLOSED FOR $1.7million in the morning SOLD FOR

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Steve Garthwaite

@stevegarthwaite

1 year

@NoCapFights Can we use AI to find this women today?

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Steve Garthwaite

@stevegarthwaite

3 months

@TeamHerrold Yacht broker

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Steve Garthwaite

@stevegarthwaite

1 year

@IsabellaMDeLuca Wait let me add mine.

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Steve Garthwaite

@stevegarthwaite

1 year

Eliminate the 1031 exchange. Adjust long term cap gains into tranches with the longest hold term (10 years or greater) having an effective 5% fed tax. Tidal wave of liquidity yes?

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Steve Garthwaite

@stevegarthwaite

3 months

You’re literally a few deals away from being done forever. If you can buy a vacant building at a 10 cap YOC, let’s say $900,000, you’re looking at $90,000 in cash unlevered. 3 of those deals and you could retire. $270,000 in annual cash. You’d need $5m in t bills to get

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Steve Garthwaite

@stevegarthwaite

1 year

@realEstateTrent The US Govt

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Steve Garthwaite

@stevegarthwaite

9 months

Jumped on a quick call with @huntercoldcalls today. He convinced me to move to England which I’m doing immediately. Why you ask? England is 5 hours ahead of the East Coast. Ill be starting my day at 4am and my opponents will be fast asleep while I dial. They’ll never catch

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Steve Garthwaite

@stevegarthwaite

1 year

Just spoke to a gentlemen who owns flex parks that he leases to contractors. He’s probably 70% under market. He said I have no debt so I lease them as cheaply as I can so I can help these younger business owners get started. Not everything is about money.

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Steve Garthwaite

@stevegarthwaite

1 year

If I invite enough clients to my wedding, can I call it work and write the whole thing off?

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Steve Garthwaite

@stevegarthwaite

1 year

Costar Power Brokers waiting for the fee on their lease they executed 18 months ago.

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Steve Garthwaite

@stevegarthwaite

2 years

Had a great conversation with an amazing real estate principle on Friday. He sits on the board of the solid waste authority. The state of PA hasn’t issued a new landfill permit in 20 years. Most counties have zero reserves for their infrastructure they need to update in the near.

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Steve Garthwaite

@stevegarthwaite

1 year

Whoever is still over on Linkdin, hit the lights on your way out.

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Steve Garthwaite

@stevegarthwaite

4 months

@TripleNetInvest I can tell you from our experience representing a HIGHLY successful casual dining chain in the northeast. The concept of casual dining is not the problem. It is 100% the operators and the high debt they take on. The counter argument to the ones you posted would be chains like

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Steve Garthwaite

@stevegarthwaite

1 year

I remember telling so many clients in 2021-2022 that if you ever wanted to sell in the next five years, now is the time. I guess they thought I was joking.

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Steve Garthwaite

@stevegarthwaite

1 year

I can’t believe I have to say this. If you buy t bills today, and rates blow out. The value of your bills will decrease in the marketplace. Doesn’t mean you don’t get your payments. Doesn’t mean the treasury defaults. Okay now do real estate.

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Steve Garthwaite

@stevegarthwaite

1 year

It makes me sad when I talk to young college students who seemed very interested in a CRE career totally 180 and take a salaried job in marketing or general business. Like what happened that made you give up without trying? $60,000 guaranteed really moved the needle?

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Steve Garthwaite

@stevegarthwaite

1 year

@marisollefleur Funny thing is old people are invisible independent of gender. So everyone gets a taste eventually. Cultivate the family around you while you can. Pretending you still look hot when your old is like being the guy who won’t stop talking about his high school sports stats.

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Steve Garthwaite

@stevegarthwaite

1 year

@ChrisJBakke Don’t forget the boomer who tells you everyday how ungrateful you are.

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Steve Garthwaite

@stevegarthwaite

3 months

@realEstateTrent I’m more shocked that this guy even accumulated $10m acting like this.

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Steve Garthwaite

@stevegarthwaite

1 year

This quote lives rent free in my head and I can’t shake it. “The first time most men get flowers is at their funeral”

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Steve Garthwaite

@stevegarthwaite

1 year

Here’s a two of my favorite things and a bit of watch history. In the 1980's, Tom Managhan, founder of Domino's Pizza, began gifting managers of exceptionally successful Domino's franchise's with Rolex watches as an incentive. He realised the incredible power the incentive of

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Steve Garthwaite

@stevegarthwaite

1 year

I have a few very close clients going through some health issues. Ones that have become friends. None of them talk about money. They just want their health. In markets like this, remember that even once you get the pile of cash at the end of your career, you’ll just wish

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Steve Garthwaite

@stevegarthwaite

10 months

Brokers who are doing BOVs. Here are some things you need to incorporate to educate the owners and increase your probability of success. SWOT Analysis. These were in vogue when I first got into the business. The market got hot and brokers moved away from them because every

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Steve Garthwaite

@stevegarthwaite

1 year

Don’t believe the hype when entrepreneurs tell you how “hard” they’re working. They’re full of shit. “Work” is subjective to what you’re role is. My family still doesn’t believe i work by talking on the phone all day. Work isn’t banging away on paperwork if you don’t want it

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Steve Garthwaite

@stevegarthwaite

11 months

Very excited to announce my new role with @bennett_realty I’ve spent 8 years in investment sales at a very large national firm. The time came to expand my knowledge of development and leasing under a platform that supported that and take a a client first approach. Please

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Steve Garthwaite

@stevegarthwaite

11 months

Just rewatched the big short. For those of you in brokerage who are considering a move, I think it’s worth noting that you should underwrite the viability of the company you’re joining. It’s not all good times from here. Hotels got a stimulus injection during Covid. No govt

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Steve Garthwaite

@stevegarthwaite

1 year

Deal Story Saturday. 🧵 - This STNL Giant hit the market in Sept 2020. Grocery was on fire. Giant had 1.5 yrs left on their lease - Seller was based out of Pittsburgh with no tenant relationship. They couldn’t get an answer on a renewal. - This building was in my market. I

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Steve Garthwaite

@stevegarthwaite

6 months

@TripleNetInvest While I really do appreciate these 100 bagger autopsies. Can you please post the stock tip before the run? K thanks

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Steve Garthwaite

@stevegarthwaite

1 year

In general, theres a drop off in cold calls from the best clients I have. Folks with amazing portfolios. We get lunch and I ask them how many cold calls they’ve gotten recently. They say I used to get calls incessantly like 5 years ago. Its quieted down a lot. I only get

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Steve Garthwaite

@stevegarthwaite

1 year

This developer loves the game. He’s a problem solver which shows He worked at McDonald’s and Chick Fil A in 2021 to learn their business and steal best practices for his own restaurants. How many of you would still love the grind so much after tens of millions in returns🧵

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Steve Garthwaite

@stevegarthwaite

5 months

I had lunch with a friend last week who has a very large portfolio. His friend is taking a company public soon. My friend said he was thinking about selling some assets and I asked him why. He told me that his friend once owned a biotech co and was sitting on hundreds of

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Steve Garthwaite

@stevegarthwaite

1 year

A few years ago I worked with a summer intern. He is among one of the most talented young individuals I ever met for his age. He didn’t tell me during his interview but it came up later that he had cold called the lax coaches when he was applying to colleges so they would

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Steve Garthwaite

@stevegarthwaite

1 year

@jsho12 @DavidSacks What if the deposits held at the bank are part of the loan docs you signed for your business LOC. Also, losing your deposits at a bank aren’t a realistic concern of ANY American. Let’s be real on how the system functions.

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Steve Garthwaite

@stevegarthwaite

3 months

The jr agent broker business model at most big firms is so flawed and here’s why in a nutshell. Take a top performing broker, grossing $1m for simplicity sake. That’s $500 an hr for simplicity sake Enter, fresh college grad who knows nothing. They don’t get a salary.

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Steve Garthwaite

@stevegarthwaite

7 months

I think I had too much coffee this morning because I asked an owner who was being stubborn if he wanted to die with this property.

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Steve Garthwaite

@stevegarthwaite

9 days

Writing an offer on a $26 million dollar deal while my wife watches Gilmore girls with our daughter in the living room. Ask me anything.

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Steve Garthwaite

@stevegarthwaite

1 year

I love when apartment guys represent their clients on a 1031 into a STNL. “It’s just one lease. This is so easy bro” Meanwhile you put your client into a 50% above market rent Starbucks with the worst access I’ve ever seen. Great representation bud

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Steve Garthwaite

@stevegarthwaite

1 year

If you’re a developer looking for a strategy, here’s a free one. Identify the most likely C Store corners in an emerging market. Wawa and Sheetz have issued press releases on where they’re growing. You’re too late to get to them on most of these corners. Other guys are a

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Steve Garthwaite

@stevegarthwaite

1 month

Ryan Serhant seems insufferable to work for. I can’t even finish 1 episode of this shit.

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Steve Garthwaite

@stevegarthwaite

1 year

@gas_biz Do a phase 2 on the properties next door and mail the results to him and the EPA

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Steve Garthwaite

@stevegarthwaite

1 year

Was just on a call with a seller who has a site I want to buy to redevelop. His realtor set it up. We were trying to bridge the gap in price. “He says well I have to talk to my accountant on Monday. I don’t want to pay taxes so I need to reinvest in something but at this point

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Steve Garthwaite

@stevegarthwaite

10 months

Just called a friend of mines office. He’s 93. His assistant said he wouldn’t be in today nor tomorrow. I actually got worried and asked if everything was okay. She said, yes of course, he’s just making his annual apple butter this weekend. This is the way.

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Steve Garthwaite

@stevegarthwaite

7 months

I started doing these when I found out my wife was pregnant. Why? Because I need to be able to catch my kid if they’re falling. You’re watching playoff football. We are not the same

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Steve Garthwaite

@stevegarthwaite

1 year

@_evelynrae Does this thing “walk” or does it slither?

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Steve Garthwaite

@stevegarthwaite

9 months

@gas_biz Probably the key was in becoming a distributor. Know a lot of engine shop guys. Maybe they didn’t know how to scale but it always seemed like more of a passion project. Lots of them raced on weekends to promote their business.

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Steve Garthwaite

@stevegarthwaite

11 months

Genuine question Who in gods name is going to care for the aging boomer generation? We can’t keep people working in healthcare as it is? I don’t think we’re prepared for the stress on the system that’s coming. Why is no presidential candidate talking about this.

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Steve Garthwaite

@stevegarthwaite

1 year

Met a new friend at a dinner party last night who is a pet concierge. He will bring your dog to your wedding if you want and then take them away and spend the rest of the night with them. Also, he’ll go on vacation with you so you can spend time with your pooch when you want

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Steve Garthwaite

@stevegarthwaite

1 year

I appreciate all the new follows. For those who don’t know me personally, I started in CRE in 2015 at M&M. I’ve closed just under $300 million in transactions over about 90 deals. The deals that died are far more substantial🥲 I post my thoughts on the overall market and rants

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Steve Garthwaite

@stevegarthwaite

9 months

@TripleNetInvest What’s insane is that CBRE thought they were stealing the building in 2020 in the middle of Covid. Any asset aside from office and they’d be in the money on that bet right now.

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Steve Garthwaite

@stevegarthwaite

1 year

@realEstateTrent I think the people that invested in downtown San Francisco would disagree and that politics actually destroyed their investments. The data is clear on how many businesses faired during and post lockdown. Florida thrived, California did not.

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Steve Garthwaite

@stevegarthwaite

3 months

Get in to real estate they said. It’ll be fun they said. I hit a deer this morning driving 3 hrs to a property to meet a locksmith because the property manager forgot the code for the box they put on. Meanwhile a girl in NYC made $500k making GRWM from her apartment

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Steve Garthwaite

@stevegarthwaite

1 year

Got an email blast this morning from a REIT willing to pay a 1% bonus if you source them a deal. Buyers are willing to pay fees for great inventory. I think this makes my thread from the weekend even clearer. Good deals are hard to come by right now and relationships matter.

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Steve Garthwaite

@stevegarthwaite

1 year

It’s a sad thing that someone in my mind immediately loses credibility when I find out they teach a course. Never someone I know personally because I know the source is credible. but when I don’t know them, it inherently feels like a money grab. I’ve never gotten value out of

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Steve Garthwaite

@stevegarthwaite

11 months

@JerryJariwalla I disagree. Look at wiring harnesses of enough old cars. Plastic is very brittle. Connectors fail and break. I would not even fully rely on all airbags deploying beyond 15 years old. My dad is a service manager at Toyota. He sees it all.

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Steve Garthwaite

@stevegarthwaite

4 months

@HunkyDoryTX Glenn in the boardroom with the leadership

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Steve Garthwaite

@stevegarthwaite

2 months

@PetitRetard Pussy in bio

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Steve Garthwaite

@stevegarthwaite

1 year

I think one of your roles as a man is to accumulate stories from life that you can tell other people. If you can dominate a dinner conversation at 55 and everyone is laughing, you’ve made it.

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Steve Garthwaite

@stevegarthwaite

1 year

There’s an absolute niche opportunity for a fund that can place up to a couple hundred mil in US govt leased assets at going in yields in close to 8 caps. Most of the big boys (reits) won’t touch assets under 100,000 sq ft. Private buyers hate the management nature of the

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Steve Garthwaite

@stevegarthwaite

1 year

I really believe the value of a traditional college degree in business is going to zero over the next 20 years along with a lot of things. AI is the ultimate leverage. We’re in the 1st inning. Most current college curriculums hasn’t even adopted to the age of google yet.

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Steve Garthwaite

@stevegarthwaite

2 years

@chase_flanery @TripleNetInvest @chernobelskiy Mattress stores cover most of their rent with the showroom charges from mattress manufacturers. The manufactures pay to have their product on display. The margin goes after paying salespeople commissions is pretty good. Each manufacturer pays a range $800-1200 a month per store.

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Steve Garthwaite

@stevegarthwaite

3 months

@adamstatonsmith I will 100% be towing that out of the sand at the beach this summer with my 99 4Runner

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Steve Garthwaite

@stevegarthwaite

10 months

@sweatystartup @realEstateTrent You’re confusing quality with technology. The carburetor still works great as engineered after 30 years. Modern fuel injectors will not hold up.

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Steve Garthwaite

@stevegarthwaite

1 year

@enlightenedcoop They’re missing the inner work that heals and makes them value themselves enough to go after better men.

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Steve Garthwaite

@stevegarthwaite

7 months

There’s a huge opportunity to build websites for brokers and developers. Is anyone building a co around this?

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Steve Garthwaite

@stevegarthwaite

2 months

One day the most important thing in your life is hitting workouts and looking jacked. The next day you just want to make as much money as you can. Before you know it, you’re just trying to keep a small human alive. Life comes at you fast

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Steve Garthwaite

@stevegarthwaite

1 month

@TripleNetInvest To be fair, I know we’re talking about real estate, but most tech companies don’t have longevity either. These brands have lasted longer than AOL. It’s just the natural cycle of things. Businesses rise and fall. Amazon will be Sears one day

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Steve Garthwaite

@stevegarthwaite

3 months

@realEstateTrent That’s because they’re running a operating company that happens to be in the real estate business. At a certain point, every company gets here if it grows enough. Your friend could, hire a CEO and COO and then work on what he wants within the org

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Steve Garthwaite

@stevegarthwaite

1 year

Wall St takes Cali Count the vests!!

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Steve Garthwaite

@stevegarthwaite

1 year

One of the worst things that working at a large brokerage does to you is put blinders on your outlook to everything other than what you specialize in. My biggest mistake has been waiting for the layup single tenant redevelopment play when I could have just bought a vacant 4,000

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Steve Garthwaite

@stevegarthwaite

5 months

@gas_biz Also, tear down all those window coverings. Make it bright as hell inside. Customers less likely to go inside of a c store if they can’t see inside clearly. Ideally it would be a glass box with flood lights.

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Steve Garthwaite

@stevegarthwaite

8 months

@maggiecg12 AI for boomers

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Steve Garthwaite

@stevegarthwaite

9 months

I feel like brokers have gotten a pass here recently. So much GP hate. Makes no sense. Let’s make trashing brokers great again.

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Steve Garthwaite

@stevegarthwaite

10 months

To all the brokers still in a larger firm. Do whatever you can to break your mind free of comparing yourself to the others there. Firms do this by design. The reduce you to numbers and earnings on a scoreboard. Your family’s happiness, health, and quality of your headspace

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Steve Garthwaite

@stevegarthwaite

10 months

@sweatystartup @realEstateTrent People own everything because nothing is built to last anymore. Unless it’s a Toyota 4Runner. The inconvenience is that we were sucked into consumerism and have to continue to work harder and earn more to keep up with it because a lot of services of the past no longer exist.

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Steve Garthwaite

@stevegarthwaite

1 year

@theallinpod Drinking game: Take a shot every time @chamath mentions how @SVB_Financial is a canary in the coal mine to a bigger picture financial issue.

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Steve Garthwaite

@stevegarthwaite

4 months

@realEstateTrent Monmouth County, NJ Extraordinary wealth, access to NYC and the beach.

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Steve Garthwaite

@stevegarthwaite

4 months

In honor of @gas_biz , I’m going to document the major deals I close over the next 12 months in pursuit of a papaya orange McLaren 570s. Some of the deals I’m doing are with people on this platform. Stay tuned. #mclarenchallenge

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Steve Garthwaite

@stevegarthwaite

1 year

@hathshireberk I went to high school with someone who couldn’t wait for his grandfather to die to get inheritance. I have coffee with my Nana and save her voicemails. It seems cool from the outside until you’re numbing yourself with drugs and alcohol because you can’t experience anything.

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Steve Garthwaite

@stevegarthwaite

1 year

@gas_biz I wanted to buy one of these so bad but my wife says no.

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Steve Garthwaite

@stevegarthwaite

1 year

@marisollefleur @brdgwtrlrk @GwendolynKansen This is completely ridiculous. They treat ugly men like most people treat homeless people.. Go search YouTube for this. It’s well documented.

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Steve Garthwaite

@stevegarthwaite

8 months

@philly_planner Our rail system sucks. I just got back from Europe. For the amount of wealth and tax revenue, our system is embarrassing.

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