Adam Deermount
@ADeermount
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3,836
Following
1,529
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1,816
Statuses
11,884
Girl Dad, RE Capital Markets Prof @ Merage School of Biz @ UCI. Recently reinstated by NextDoor after an 8 year ban.
Newport Beach
Joined August 2011
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Narrator: So it turned out that buying the worst properties in the worst markets and aggressively raising rents was not the brilliant and innovative strategy that the syndicator gurus would have had you believe it was.
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Dear
@nytimes
, our expectations for you were low but holy fuck. RIP Grave Dancing legend.
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Something I’ve learned in the past few months: if your wife mentions that she wants to take Jiu-jitsu lessons, it’s over.
Rory’s ex-wife has allegedly been in a “Situationship” with her Jiu-Jitsu instructor for the past year.
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@TeamHerrold
I’ll do this as soon as the airlines restore the service level of 1950s aviation. Until then…
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If you haven’t bought a plane ticket in a few months and are planning on doing so soon, let’s just say you’re in for a bit of sticker shock.
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@ParikPatelCFA
The year is 2022. The ship is still stuck and global trade has ground to a halt. Only one man can save the world economy and that man is Dr Patel.
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Billion dollar idea: smart glasses with Face ID that remember peoples’ names when you meet them.
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I just took a job for $70k with a cartoon avatar guy account. Some would argue that I’m dramatically underpaid but I’m totally playing the long game here.
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Looking increasingly probable that the refinance we closed in the final week of October was the ritual sacrifice required to make rates start falling. You are all welcome.
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A friend just told me he put in a buy order for 300 shares at $200 this morning and it got filled 🤣🤣
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Though widely derided at the time, it’s pretty safe to say that the 1867 purchase of Alaska from Russia was the greatest land deal in history. Can you imagine….
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Just spoke w a friend who’s at a large debt fund. Currently dealing with an office loan originated pre-Covid that was pitched as a “basis play.”Lenders basis = $175/sf. Probably worth around $100/sf today. Some nasty shit is coming.
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👀 From large regional home builder in central Florida at a today: “building costs are down $15,000 per home from where they were 4 months ago.”
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Tell me you have never experienced a downturn without telling me.
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The Botox express is roaming the streets of Newport Beach once again. Nature is healing.
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Read this and now feel like i need to take a shower. “Here is the reality, folks: I am not a businessman. I am an artist pretending to be a businessman.”
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Anecdotal evidence over the past two weeks concludes: Politics make you age rapidly. Copious amounts of drugs, sex and rock and roll keep you young. I don’t make the rules.
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@TheStalwart
Nah. He got exactly the engagement he was craving. Check out the follow up tweet.
On the other 30 nights of the month, I grind to build my business.
I've grown my startup from $0 to $518,000 annual revenue.
Every Tuesday, I share tips and strategies for entrepreneurs in my newsletter.
450+ people subscribe.
Subscribe here:
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Aaaand there it is.
Which one of you assholes will be first to tweet the annual “I don’t watch the Super Bowl because I never stop working” grindset / engagement bait post?
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If you're going to extort someone, first set up a shell company to receive payment rather than instructing the victim to wire it to your son's bank account. Follow me for more advice on how to become a less incompetent criminal.
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Still can’t believe this is really happening.
Hey babe, don’t pay off the credit cards for the next few months, we need to drop our credit score to unlock this discount
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The greatest trick that Texas ever pulled was convincing the world that it was a low tax state.
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When I think of low volatility real estate, the first thing that comes to mind is boutique hotels.
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Has anyone looked into simply relocating Silicon Valley Bank to Miami?
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So the story here is that they’re using the program exactly as it was designed to work?
Exclusive: Amazon is building warehouses in ‘opportunity zones’ that provide tax breaks and secrecy
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Crowdfunding cautionary tale: Partner is selling mapped lots to SFR developer for $20k/lot (which is market). Showed up on large crowdfunding platform with land contributed at $40k a lot (several MM straight in developers pocket). Retail about to get faces ripped again
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ReTwit’s final form is going to be a bunch of people trying to sell each other courses, isn’t it
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One of the business hustle accounts is going to drop a “What Putin’s invasion of Ukraine taught me about building a self storage empire” thread, aren’t they?
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Dear Broker, That 6.5 cap is much lower when you add payroll and a management fee. Your seller may not value their time but I do.
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Shit. 🤦♂️
About to leave for a family ski trip. Last time we went where we are headed, the S&P dropped 21% during our trip and the 10-year fell from around 1.5% to 0.70% in about a week. Consider yourself warned.
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Which one of you assholes will be first to tweet the annual “I don’t watch the Super Bowl because I never stop working” grindset / engagement bait post?
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Still firmly stuck in the “not forced to sell yet and would prefer not to lose money” part of the cycle rn.
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If you're in the NNN space and don't understand that increases in pass throughs due to reassessment, etc have a negative impact on rents, you have no business raising outside capital.
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Want a window into just how little the Twitter mob understands developing non-subsidized affordable housing? Check out the comments on this thread. BTW, great looking building
@seandsweeney
12-units. Single family lot. No elevator. No parking. Minneapolis.
Co-developed with Left Lane.
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Picked up a bunch of new followers recently. Thanks
@financeguy725
!) A bit about me: I'm CIO at Ramser Development Co, a developer, owner and operator of RV & Boat Storage (and SS) facilities. I also teach Real Estate Capital Markets
@UCIrvine_MBA
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Imagine being this coddled.
Apple employees say they'll quit over Tim Cook's return to office push: 'f–k RTO'
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Very minor detail: auction was for the building but not the land but that sort of thing doesn't work as well for click bait so whatever
This is 135 W 50th St in NYC.
In 2006, this building sold for $332 million.
Yesterday it sold for $8.5 million at auction.
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Time for some personal news: I've officially been hired as a lecturer at UCI's Merage School of Business to teach real estate capital markets for the fall 2021 quarter. Psyched!
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Shitty LP terms and fraud are not the same thing. Thank you for attending my TED talk.
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Yes, Facebook syndicator, unsophisticated real estate investors should definitely be piling into (checks notes) raw land.
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IRR 290 bps below annual cash on cash? Gotta just be making these numbers up on the fly.
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And so it begins.
The real fun begins when you learn Jay Gajavelli put down an 11M deposit using funds he swept from the cash accounts at his other properties.
Operating, reserves, security deposits. Poof.
Then mgmt walks off and the gang-bangers start managing the assets.
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Irvine Company out here doing Irvine Company things. Imagine owning OC office.
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Sounds like it’s a $115 bored ape NFT to me.
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One of the most interesting aspects of today's market is how few development deals pencil - even with land contributed at zero - at a time when rents are at or near all time highs. Need some combo of lower construction costs, higher rents, and lower rates - none of which seem
Getting tough out there.
Latest feedback from an LP equity source on return on cost metrics:
"With the rise in the 10-year and the cost of debt capital in today’s market, we are targeting closer to a mid 7’s or higher YOC ."
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You can call me closed minded but this is why I’ve spent my life avoiding becoming friends with 250 lb warthogs.
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I support Ivy League dining halls serving only bugs.
89% of ivy league graduates favor the strict rationing of gas, meat, and electricity to fight climate change.
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Freshly shucked oysters and a glass of local vino for 2.50 euro. Gonna post up here for a bit.
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Reminds me of a deal near a prison in the early 2000s. Broker package described it as “close to one of the most secure gated communities in Southern California.”
Broker's language in the OM - "the wetlands provide a buffer and amenity to the site."
Buddy, it's a 200 acre site with 140 acres of wetlands.
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Hello 911, I’m calling to report a homicide.
@JWurzak
It looks possible/likely that you are buying out an existing partner from a hotel your family developed and has been managing since then. Is your existing partner not interested in staying in for the 30% IRR?
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It’s expensive af and brutal to do business in, but also…..
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COVID domestic migration map by county. Like this a lot better than the one that only shows state level trend. Biggest surprise for me: Miami
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Linkedin profile with some variation of "I help professionals build generational wealth by earning passive income from real estate" 🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩🚩
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Utah beat USC in a thriller last night but the real mvp never took a snap.
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Apartment syndicators buying 1970s value add 3 caps w 80% LTC floaters in 2021 be like
When the Chargers went up 27-0, a bettor bet $1.4 million on them to win the game to net $11,200.
Jacksonville came back and won 31-30.
@DKSportsbook
has confirmed that this bet was indeed made.
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@abakermont
You either die the art world hero or live long enough to become the cre bro villain.
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I’ve got a guy.
So
@CalPERS
is paying $300k to find their next CIO and is looking for the following attributes
"cultural competence"
"ability to effectively listen"
"the ability to read the room; present in a way that doesn’t cause a furore* or that is insensitive to CalPERS diverse culture"
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Reminder: there’s a big difference between overpromising/underperforming expectations and actually committing fraud. Cc:
@chernobelskiy
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Twitter user: my family got in a car accident and the only reason they survived is because they were in a large vehicle.
Childless bike maximalists:
Modern progressive political discourse is dominated by liberal arts students whose worldviews are frozen in time from their days studying abroad as undergraduate poli-sci majors. People who spend six months drinking Aperol Spritzes while galavanting across European capital
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Just realized this 🤯.
@MRossG199
is CEO of one of the biggest multi owners in the US, posts high value tweets and isn’t grifting courses or subscriptions or whatever. Absolutely criminally under-followed. Also exhibit A as to why the twitter algo is crap.
@ADeermount
Eh,
@MRossG199
has less than 3k followers, doesn’t tweet out fortune cookie tweets, understands basic finance and isn’t trying to sell anything, nothing to see here.
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@shawngorham
@SullyBusiness
$20k in coastal Orange County is a Thursday night wedding at a Holiday Inn.
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Any GP who doesn’t post their social security number, their mom’s maiden name and the street they grew up in up on in the next 30 minutes is a grifter and probably a fraud
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There was no one on this app more generous than Artem. Incredibly tragic. RIP.
He had so much life ahead of him… permanent solution to what was a temp problem.
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Not all heroes wear capes.
Only In CA:
Out-squatted: Handyman Flash Shelton will squat with your squatters until they leave :
As squatting becomes more of an issue in SoCal a man named Flash Shelton has taken on the alias of the Squatter Hunter, offering to remove squatters by any legal means necessary.
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View at lunch today was amazing. Toledo is delightful in the summer.
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Wow. A real estate agent who thinks real estate is superior to stocks.
A Hill I will Die On:
Real estate > stocks
It’s not even close.
Seeing all of these stock related posts on my feed shows me that most people don’t get this.
The extremely wealthy people understand this.
Nothing else gives you appreciation, cash flow, tax benefits, and
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Here's a narrative violation for you: 4,010sf house on a 17k sf lot (which is very large for NB). Not on water and no view. Directly under SNA flight path so more than a bit of plane noise. New build completed in early 2022. Initially sold for $7.25m, a whopping $1.5m above
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