Ernie
@ErnieBrownII
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Two capital calls away from bankruptcy but Diamond status on Delta
Chapel Hill, NC
Joined May 2011
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You want great parks in your community?
Add density
You want great restaurants in your community?
Add density
You want your family to be able to be part of your community?
Add density
You want walkable neighborhoods?
Add density
You want affordable housing in your
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@gilbert
My grandfather deaigned that plane. The picture you see of the SR-71 has the signature of everyone who worked on the plane. The paper you see below his photo is a certificate they created for him as an original member "Royal Order of the Bat Cavers"
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When you're liberal in theory, but not if it affects you or your home value.
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When I hear that the American dream is dead because housing is so expensive I think of these older neighborhoods that still have the original homes. Let's not forget that the American Dream was a 2 bed 1 bath home that was under 1,000 SF.
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@Amy_Siskind
Just another example of people changing their minds not over knowledge but over their political party.
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Not sure how to say this without just saying it bluntly.
You don't own your views. This has been hashed out many many MANY times.
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When asked why my first hire was an owner's construction rep I'll show them this photo.
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I'm going to go against the norm and build a pocket neighborhood without backyards.
Each house will have porches positioned so that it encourages neighbors to interact.
Instead of decks in the back, the focus will be on porches in the front.
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For 2 years we've owned this building I've been scratching my head with what to do with it.
It's 120 x 75 (9,000 SF floorplates).
Give me your best answers.
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I heard this and I was blown away.
In 1998 nearly 90% of 18 yr olds had a driver's license.
Today, that number is less than 60%.
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Name a word that gets grossly overused in real estate more than "luxury".
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Not going to lie this was extremely cool to see and got my wheels turning.
@zach_nomad
is doing some innovative things over at
@NOMADcoliving
.
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The 1st apt complex I owned was a 5 unit that I purchased for $50k & sold for $80k.
The last apt complex I owned, I developed for $40MM and sold for $62MM.
It's not how you start. You just need to start.
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Hey folks. As you know, Chris, who owns Linda's Bar & Grill in Chapel Hill, is a personal friend of mine.
Due to COVID, he took on a lot of debt to keep his employees employed and his rent paid.
That debt has put him at the point of not seeing how to continue.
I, for one, do
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True story:
Moved to Chapel Hill & bought a house that has an HOA.
At our neighborhood meeting, a neighbor said, "Ernie, you're in real estate. You should be our HOA president."
I responded by, "I believe if it's on your land & you're spending your money, do whatever you
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One of the concerns raised on a project of mine is the additional strain on the fire dept.
So, I called the fire department to ask about this.
The fire chief said that infill projects DO NOT add strain on their resources. Annexing property for sprawl does.
Anyone shocked?
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My weekdays:
Wake up and make coffee (6 am)
Get girls up for school (7 am)
Get girls out the door (7:30 a.m.)
Work and contemplate going to the gym (8 am - 12 pm)
Shower then lunch (12-12:30 pm)
Work but consider to start drinking 12:30 pm - 3 pm)
Start drinking (3 pm - 5
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I fantasy about doing a development that looks like this.
Do you think it would fit in Raleigh? Durham?
Chapel Hill?
Or Carrboro?
Or somewhere else in the Triangle?
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True story:
I had a connecting flight out of Tampa. The guy that sat next to me on the flight had a Duke shirt on.
I asked "Going home?" He told me no and that his brother worked for Duke as a training Dr. The conversation led to him telling me he lives in Tampa & worked for
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When asked why my first hire was an owner's construction representative, I'll show them this photo.
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If you're looking for ways to make extra cash, I highly recommend building luxury homes on spec.
It's really the low hanging fruit of housing development.
Buyers aren't picky
Low risk due to large buyer pool
Very little cash needed to break into this sector
Go get rich!
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@natehoodstp
I prefer what
@zach_nomad
is doing over this.
Not going to lie this was extremely cool to see and got my wheels turning.
@zach_nomad
is doing some innovative things over at
@NOMADcoliving
.
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Every morning I wake up saying today will be the day that I eat healthy and won't have a bourbon.
Then 8 pm rolls around and I remember that I'm 45 yrs old with a 8, 6, & 4 yr old and find myself having an Eagle Rare while eating leftover gold fish and grilled cheese.
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Why are new apartment rents so high?
Quick math:
>$300,000 per unit to build
$200,000 per unit of debt
Debt at 8%
Interest carry = $16,000
+
Operating Expenses of $8,000
Now give the bank a 1.20 DSC
= $28,800 or $2,400 per month in avg chunk rents.
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Best thing I heard all week.
"It's the subs making all the money. My electrician is building a $3,000,000 home right now."
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My weekdays:
Wake up and make coffee (6 am)
Get girls up for school (7 am)
Get girls out the door (7:30 a.m.)
Work and contemplate going to the gym (8 am - 12 pm)
Shower then lunch (12-12:30 pm)
Work but consider to start drinking 12:30 pm - 3 pm)
Start drinking (3 pm - 5
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I displaced a lot of rats to build this but I think it was the right call.
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If you're looking for ways to make extra cash, I highly recommend building luxury homes on spec.
It's really the low hanging fruit of housing development.
Buyers aren't picky
Low risk due to large buyer pool
Very little cash needed to break into this sector
Go get rich!
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Name the reasons why you can't design a neighborhood like this in your town/city?
And do you see that changing?
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My kids:
Mommy, I hate you!
Mom:
Tell me what makes you feel that way?
What emotions are you feeling right now?
How could we express ourselves better?
Kids:
Daddy, I hate you!
Me:
Don't care.
Get in the bath.
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True story:
Moved to Chapel Hill & bought a house that has an HOA.
At our neighborhood meeting, a neighbor said, "Ernie, you're in real estate. You should be our HOA president."
I responded by, "I believe if it's on your land & you're spending your money, do whatever you
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I fantasy about doing a development that looks like this.
Do you think it would fit in:
Raleigh?
Durham?
Chapel Hill?
Carrboro?
Or somewhere else in the Triangle?
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The 1st apt I bought, I paid $50k for it.
It was a 5 unit, so I had to get a commercial loan.
My hand shook when I signed the loan docs.
Walked out the door, wondering if I had just financially ruined myself at the age of 24.
Loan payments were $380.18 a month.
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This is just a reminder that in a rent payment, the following are included:
*Interest payments
*Property taxes
*Common Area Maintenance
*Fixing anything
*Replacing appliances/water heaters/plumbing/electrical
*Replacing flooring
*Freedom to pour grease down your garbage
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Dumb question for you cold bath folks:
Can't you just do that in your bathtub? Why does it require a special space?
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Next month my parents will celebrate 50 YEARS of marriage!
I asked my father what was the secret to a long-lasting marriage, and his response:
Not wanting divorce at the same time.
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I'm a big believer that if you're going to do student housing, paint the building with the colors of their biggest rival.
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As I look for areas to grow, Im reminded on why I dont need to go far from home, and here's why:
The state several years running has been voted as one of the best to do business.
Charlotte/Raleigh/&Durham are all top 15 growth markets.
Greensboro is well positioned, being
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Why are new apartment rents so high?
Quick math:
>$300,000 per unit to build
$200,000 per unit of debt
Debt at 8%
Interest carry = $16,000
+
Operating Expenses of $8,000
Now give the bank a 1.20 DSC
= $28,800 or $2,400 per month in avg chunk rents.
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This is one of my favorite photos.
Is it because of the oversized flower on my daughters head?
No
It's at her 6 month birthday, and when you adopt, you have a 6 month period where the birth parents can change their mind.
Bc my she's native American, we had to give the
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I'll replace an abandoned home on 8 acres with 199 apartments in Chapel Hill.
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The first apt building I bought I paid $50k for it. It was a 5 unit so I had to get a commercial loan. My hand shook when I signed the loan docs. Walked out the door wondering if I just financially ruined myself at the age of 24.
Loan payments were $380.18 a month.
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This is our cost three times a week at the grocery store.
Just a reminder.
The avg voter votes based on this not all the other issues.
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For those new to real estate it's this that makes apartments expensive.
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If you don't know my oldest is adopted.
This past week we got the "you're not my real parents, I want my real parents."
Kind of not expecting that at 8 yrs old
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When asked why my first hire was an owner's construction rep I'll show them this photo.
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When I hear that the American dream is dead because housing is so expensive, I think of these older neighborhoods that still have the original homes.
Let's not forget that the American Dream was a 2 bed 1 bath home that was under 1,000 SF.
Pictures stolen from
@CohenSite
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It seems that I've added several new followers on here & should give an intro:
2018, I moved to NC for my wife's career & and decided to take that opportunity to shift my career for the capital markets into development.
Since that time, I've delivered just over $70MM in new
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I like this one, and here's why:
The state several years running has been voted as one of the best to do business.
Charlotte/Raleigh/&Durham are all top 15 growth markets.
Greensboro is well positioned, being exactly 90 minutes to both Charlotte & Raleigh.
This area is going to be crushing it for some time to come.
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True story:
Moved to Chapel Hill & bought a house that has an HOA. At our neighborhood meeting, a neighbor said, "Ernie, you're in real estate. You should be our HOA president."
I responded by, "I believe if it's on your land & you're spending your money, do whatever you
12
5
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1 of the concerns raised on a project of mine is the additional strain on the fire dept.
So, I called the fire dept to ask about this.
The fire chief said that infill projects DO NOT add strain on their resources. Annexing property for sprawl does.
Anyone shocked?
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My wife's 1st renovation project.
She went 20% over budget and it took twice as long.
So, basically, on par with all the rest of us.
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My son is updating the proforma on one of the deals.
I asked:
Where are you getting your numbers from?
Him:
Same place you do, I make them up.
Kids learn from watching their parents.
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How I'm transforming 13 rental houses into 118 owner occupied homes on 10 acres.
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I spent the last 2 hrs in the Delta lounge at LAX. Told half the folks around me that I'm in development.
I had near $3MM thrown at me bc it was NC.
California money needs to stop being so easy.
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Message to both Republicans & Democrats:
You both suck.
If one of you would be remotely moderate you'd win by a landslide.
Democrats:
Stop supporting anti American bull shit
Republicans:
Stop waiving the "Don't tread on me" flag while wanting to tread on others.
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No amount of Peloton is going to make up for what I'm about to consume today.
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Did you know that by taking down the American flag to fly a foreign flag is actually against federal law?
4 U.S. Code § 7 - Position and manner of display
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If you are wondering about the demand for Chapel Hill. These are only in framing and are already 100% leased.
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Can't wait for this to get finished so I can post a picture on Twitter for everyone to shit all over it.
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@CNBC
When SS was implemented the avg life expectancy for a man was 55 and a women's avg life expectancy was 60. They made it 62.5 yrs old to draw based on the assumption no one would ever actual recieve the money. It was just another money grab by the government.
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I left banking in January of 2008 to go into commercial real estate. No jobs could be found.
I got a real estate license & hoped for the best. Needless to say, I went through THIN times. When I closed my 1st deal (leasing commission for $2,768), I celebrated that win.
Still
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Last night around midnight:
Me - Hey, wake up. My development in Chapel Hill got approved.
Wife - When do you get a check?
Me - Why you got to ruin this for me asking tough questions.
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This development hits home, literally.
I couldn't be more excited to get this development rolling and watch the renderings come to life.
I want to thank the town's staff for being exceptional to work with during this process.
I also want to thank the council members who had
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Would you like this to be your view pulling into your neighborhood?
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Just heard that Jamie Dimon, CEO of JP Morgan Chase is selling $141 million worth of stock.
First time in 18 years. That probably tells you everything you need to know.
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Today:
Me - We closed on that site today.
Wife - Did you get a check?
Me - A lot of people worked really hard to make this happen.
Wife - Did you get a check?
Me - It's going to be a great project and hopefully jumpstart the entire area for better development.
Wife - Did
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A hill I'll die on:
Who's in your town/city hall means more than who's in the White House.
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I'm happy to announce that last night I received approval from Durham Council to move my project on Cornwallis from conceptual to actual design.
When my wife and I decided to move from Nashville to the Triangle Durham became my focus due to the creative culture it fosters.
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I'm a believer that most would rather have charm than sq footage.
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Here's a great example of what I'm trying to line the main street with at Chapel Hill Crossings.
Across the street will also offer micro retail. Our thoughts are that it gives entrepreneurs a real opportunity to open their concept, and it gives the area a sense of place.
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Fun little project coming.
It's public knowledge, so I'm happy to share.
Small apartment building with retail facing the civic space and green way trail.
Townhomes are all rear-ended & facing green space.
I'm very excited about the townhomes facing the green way trail!
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Tomorrow I'm presenting this to the neighbors next to the 17 acres I own in Chapel Hill. The apts are on one side of the rd and the TH the other. I'm trying to tie in front porch design.
I'm not into modern and I love southern front porch living. So, that's why you see no
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I have a friend from high school who does grading for new construction.
He makes more than my other friend who's a dermatologist.
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When I hear that the American dream is dead because housing is so expensive I think of these older neighborhoods that still have the original homes.
Let's not forget that the American Dream was a 2 bed 1 bath home that was under 1,000 SF.
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Beautiful building spotted in downtown Greensboro. It's absolutely stunning.
Really wish things like this were still feasible.
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The 1st apt complex I owned was a 5 unit that I purchased for $50k & sold for $80k.
The last apt complex I owned, I developed for $40MM and sold for $62MM.
It's not how you start. You just need to start.
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4
122
I'm bidding out architecture work now.
I'm not sure who needs to hear this, but a few thousand in savings in architecture drawings can cost you millions in bad drawings with scope gaps that come to life in the field.
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@JohnJBlatchford
Showing the entire Banks project is a little more fair. Also, what they had previously was atrocious.
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I light of the Southern Baptist Convention coming out against IVF I thought I'd share this.
IVF baby.
Round 4.
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This is just a reminder that in a rent payment, the following are included:
*Interest payments
*Property taxes
*Common Area Maintenance
*Insurance
*Fixing anything
*Replacing appliances/water heaters/plumbing/electrical
*Replacing flooring
*Freedom to pour grease down your
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