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Getting up early allows you to have breakfast, and the simpler you live, the happier you are.
I didn’t leave the Conservative Party, they abandoned me and the British people on the battlefield. Long live @thereclaimparty 🙏
Zero chance we fix the housing shortage without letting in a lot more immigrant construction workers.
One of the observations upon which we’ve based our approach to real estate: The debt market occasionally stops functioning. If your strategy depends on getting a loan at any particular moment in time, you’re vulnerable.
Love this guy
I have exited 16 (32 units) of these so far in a little over a year with 6 more finishing up in the next 60 days If I could raise all debt for a new build duplex up to 80% of the completed value here’s how I’d structure it - $80k for the land - $10k for plans/permits -$200k…
Really interesting - would love to see this continued to ‘23. @rhunterh
This is my favorite animation!!! I have it bookmarked on my phone for parties. Such a whitepill on past 40 years.
Single most important factor in choosing a firm for which to work early in your career: Reps Want to maximize the number of deals you see go from conception to completion. That’s how you learn (on someone else’s dime).
Big public “thank you” to my friend @chrisderose for recommending Five Decembers, a virtually perfect detective novel set in Hawaii & East Asia in the 1940s. Can’t recommend it strongly enough.
Multifamily theater: Lipsticking & re-leasing a few units at higher rents, to prove “there’s meat on the bone for the next gal”
Going to blow some more minds: Haven’t used a transactional attorney on a real estate sale or purchase since like ‘12
Want to hear something crazy? I’ve done >100 acquisition deals &, as far as I can recall, have never used an LOI. In CA, at our deal size, we just send the form contract.
And even more: We can generally underwrite an LA apartment deal using an address & a rent roll within 20 minutes, then produce a purchase agreement to send to the listing broker 10-15 minutes thereafter.
Going to blow some more minds: Haven’t used a transactional attorney on a real estate sale or purchase since like ‘12
First half of this book perhaps the best description of small business entrepreneurship I’ve ever read. (Fair warning: Last ~15% of book not good at all.) H/t to my man @rhunterh for recommending it.
We’ve done small discretionary funds & syndications, but the most efficient set up for us to raise $$, by far, has been one-off & programmatic joint ventures w rich people & family offices. You give up some control, but get ~all the capital from one highly-aligned partner.
Thanks to @Bethazor1 for the kind words & to @shiloebear for being awesome. Link to Shiloh’s talk in the tweet below.
If you're interested in coming to Re-convene in '23, add your name to the wait list at re-convene dot com. (Thx to @GranCentenario Cristalino for presenting the ETT talks!). youtube.com/watch?v=crAuSd…
New talk for @REconveneLA '23: Up-to-the-minute market update from @kylematthewceo Goal is to raise our collective opportunity cost by giving us a sense for what strategies are working across the 19 markets Kyle’s agents cover. To learn more abt RC, go to Re-convene dot com
Most smaller GPs depend for their existence on fees relating to acquisitions. The longer this stalemate between buyers & sellers persists, the more those GPs will be tempted to go find new lines of work, increasing the risk to their LPs of "orphaned" deals.
Here's a picture of a dead possum reported to our maintenance team:
The harder you make evicting tenants who dishonor their lease obligations, the more rigorously landlords must screen prospective tenants
In NYC, to rent a place the rule of thumb most landlord’s use is that you you have to show 40x the rent, meaning if your rent is 4,000 you have to show $160,000 in income Seems nuts. I don’t think there’s a more restrictive market in the world.
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