This Week's Best of RETwit
Compilation of the best posts on Real Estate Twitter from the past week
Welcome to This Week’s Best Of RETwit where I spend hundreds of hours scrolling past millions of terrible tweets to compile only the very best of the best from real estate Twitter. Enjoy!
This Week’s Best of The Best
Why does anyone even bother to do the value add on apartments anyways, just buy it, wait a few months for market rents to go up, and someone will pay you for the value add you didn’t do
The Rest Of The Best
The problem with downturns is you never know when is the turning part and when is just more of the down part
Felt good buying "below replacement" in 2007 with 65% debt
Felt a dark sense of unease buying in 2009 at a ridiculous discount
wear a helmet, buckle up, and smile
Drycleaners, their devastating impact on our communities that nobody talks about, and a solution - a thread🧵
As a strip mall owner, I've dealt with this issue for 15 years, and I'd like to address it here.
Hope this gets Retweeted so we save lives!
Since the 1930s, the
This is exactly why you don’t talk LPs into mediocre deals in good times:
You want them to follow you into spectacular deals when everyone else is terrified.
(Now I just need 1-2 more of those “everyone is terrified” times.)
Bobby Fijan @bobbyfijan
In sum: Airbnb—largely through woke signaling—has crafted an image that has protected it from aggressive media attacks. But from the start its business has been built on practices that skirt laws and disrupt communities.
Airbnb and its founders deserve deeper scrutiny. 7/7
Please Please get an insurance quote before you put the property under contract.
Premiums are up drastically across the board and I've heard as much as 50%.
Crazy to me LPs send $100k plus checks without ever meeting their sponsors.
At least visit their office for a few minutes.
Person A works really hard all year at a company, makes $100k
Person B buys a $1MM property for $750k (25% discount). At acquisition, he made $250k
Person B’s one action was more important financially than every other action Person A made the entire yr
High leverage decisions
Every successful RE investor I work with uses a mortgage broker to find the best loan.
Even if it's their 100th deal.
Even with the 1% fee, a good mortgage broker saves you money.
Follow up every important conversation with a vendor, supplier or client with an email.
•Remove every sentence and word that isn’t 100% necessary
•No longer than 250 words
•Use bullet points
•Explain the deliverables and expectations
Will save you many, many times.
I've got a list here of people who own or operate residential property management businesses: https://t.co/tLcyNxyAfN
Who am I missing from this list? You?
Housing code enforcement hearing:
Judge: Owner says the extermination was successful
City: We saw a couple of flies on the ground at the inspection
Judge: Were they dead?
City: They appeared to be dead, but they might come alive at night
Judge: excuse me what
Me: wtf
We're all making up numbers in our assumptions.
A better Excel sheet won't fix that.
Nobody knows interest rates in 3 years.
Nobody knows if that studio will rent for $880 or $940.
Build the best model you can but spend more time executing.
My nightmare is this rent roll in PDF form. https://t.co/kzxJOfpbxr
Mark Tomasovic @MarkTomasovic
If you are making a W2 in Real Estate and think that maybe (someday) you might want to do your own deals and raise money then you should keep a list of everyone you ever come across that mentions wanting to invest in you.
It will be worth millions
Also relevant this time of year.
I made a podcast that tells you step by step:
How to build out a 40 unit rental portfolio using conventional financing
The best information in real estate wins.
Ben Hogan said the secret to golf “Is in the dirt.”
That best RE information isn’t found online - it’s in the streets.
Metaverse mortgages are being "collateralized with the underlying virtual real estate, which is represented as an NFT."
People you deal with from best to worst in real estate:
1. Good tenants
2. Good contractors
3. Bad tenants
4. Bad contractors
5. The literal mafia
6. Government planning/licensing offices
I don't get jealous very easily, but I can't stop being envious of Class A real estate General Partners.
Outbid everyone on a fully marketed deal - walk into a high functioning business, 3rd party the management (hard part), and collect fees/promote for doing nothing.
LOL, wholesaler sends me an “off-market” deal for $175k… I go to pull comps and see the deal on the MLS for $160k 👀🤦🏾♂️🤣 - the jokes write themselves
Being a part time real estate investor can add 000s to your net worth fast
Just 1 house per year will put you in the 1%
Hardest part is starting.
Here's everything you need to know (from a fellow part timer) 🧵
How To Cold Call For Real Estate
To Get More Off-Market Deals Direct-From-Seller 📞📞📞
This thread begins my belated 30 Days of Real Estate Acquisitions Threads.
More threads 🧵, including more cold calling threads, to come. This is a HUGE topic.
Here we go!👇👇
1/17
I keep telling people that there's no room for apartment occupancy to climb any higher ... yet somehow it keeps happening!? Occupancy hit another new record high at 97.6% in January 2022. Why is this remarkable? ...
@jayparsons You might be interested in this paper... pretty stunning.
"The model simulation suggests that relaxing housing supply regulations in New York, San Francisco, and San Jose to those of the median US city would raise aggregate GDP by 3.7 percent."
“You can build a McMansion and that somehow won’t hurt the mountain lion,” said @NeverSassyLaura . “But if you build two units the lions will somehow fall over and die.”
😂😂😂
San Francisco Chronicle @sfchronicle
Heard an idiot telling someone inexperienced to “buy the entity” to avoid transfer tax. Do not do this.
Unless preserving chain of title is critical, do not step into another owners liability. Underwrite the cost of doing it the right way, or don’t buy it.
Fantastic. Great place to find out who to follow on Twitter. Subscribed!