Jeremy Carter
@Jer_Car
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People + Processes. Industrial RE nerd. Buying flex space in Alabama.
Birmingham, AL
Joined November 2010
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Recently rehabbed an office warehouse just outside of Birmingham.
It was in a great location near the interstate. The exterior was in good condition and it had a big fenced in yard.
At its core, I felt like it would be a really desirable flex space for tenants.
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If you're searching for an smb acquisition,
@aebridgeman
has put together a super helpful podcast playlist called Micro Private Equity on Spotify. Great place to start, especially if you don't know what you're doing.
Micro Private Equity Podcasts
Playlist · Think Like an Owner · 27 items · 327 likes
open.spotify.com
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I hear almost daily about how many baby boomers are retiring and will need to sell their business.
Finding these deals is incredibly challenging (for many reasons).
Who should I follow that has a good take on small business acquisition deal flow?
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Recently used this Scope of Work from
@ArtemTepler
to get quotes from contractors for a house flip.
I changed out the details for my specific needs, but having this framework was super helpful. Highly recommend if you're taking on a rehab.
Rehabbing an Apartment or a House
(Scope of Work Attached)
Here are the steps to rehabbing a house or an apartment building:
1. Have a comprehensive scope of work to bid out to different GCs (attached, delete what's not needed)
2. Have different GCs bid on the SAME scope of
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Overall, it was a great project and the property is positioned to perform well for the long haul.
Now I'm just trying to find more of them... which is maybe the hardest part.
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I used to think depression was something people should just push through or get over.
That it was, in the words of Dwight Schrute, just a fancy word for feeling "bummed out".
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Just did a deep dive on the
@sweatystartup
site. Incredible resource for entrepreneurs who like service businesses. Love the practical and thoughtful approach. Great alternative to typical entrepreneur BS. Well done.👊🏻
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Have an industrial broker friend getting back on X after a hiatus.
Who are your must follow recommendations?
I started with:
@fortworthchris
@moseskagan
@seanpatward
@YOCspread
@NersesAposhian
@NNN_Industrial
@ChadGriffiths
Who else?
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Thinking about adding the following to search criteria:
> Defensible moat not required
> Competitive, saturated markets acceptable
> High barrier to entry not required
Is amazing customer service + on time completion enough to compete really well in any home service business?
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Highly recommend meeting Twitter friends IRL. Lot of good energy tonight at the SMB Takeover.
Thanks for organizing
@thesmbrecruiter
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Proud of my wife.
Getting hundreds of positive reviews is no small feat in such a high touch customer service business.
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Have a couple sellers interested in seller financing.
Never done it before. Worth the headache?
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One afternoon during construction, a regional pest control company out of Atlanta walked up to the property.
They wanted the warehouse space to store their products and loved the fenced in lot for their small fleet.
They ended up signing a NNN lease and have been great so far.
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@ericzunkley
@joelrandyblake
Buy Then Build by
@walkerdeibel
is a must-read as well.
@aebridgeman
compiled a helpful podcast list: (and hosts a great podcast)
Follow:
@laughridge
@joelrandyblake
@LongvueMatt
@richjordan
@dealpostclose
@tsludwig
@BrentBeshore
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The story of this new development is fascinating.
It's called Coastal. It's an open-air restaurant and bar in Orange Beach, AL.
I recently went with my family and loved everything about it.
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The number one reason for selling that I hear from retiring business owners: “I’m tired”.
Loads of passion and new ideas for the business. No energy or desire to execute.
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If you're struggling, if you can relate to my story in any way, let's talk. It's not hopeless.
I'm not a doctor. I can't diagnose or fix you. I can only say that my relief came from being willing to have a conversation.
Please feel free to reach out. I'm here.
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@richcjordan
@BrentBeshore
Great list. Buy Then Build by Walker Deibel is fantastic, as well.
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@jasonwclark
@CREHiddenAlpha
Seeing that, as well. Currently in one of those situations. Broker has called me three times. Still trying to pretend there's "a lot of activity". I'm the only offer though. 🤔
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Once I got the cars out, I repaved and striped the parking lot. This was by far my favorite part.
It's not cheap, but it really tidies everything up and brings a lot of aesthetic value.
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I was incorrect in my guess that the quality of financial reporting would correlate with revenue size.
This has not been my experience in deals $5M revenue and under.
If you're a small business searcher, be prepared to dig.
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Stopped in my local hardware store today. Glad to see it so busy. Tough business, but serves a great niche.
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@fortworthchris
Great read. Thanks for sharing. Love the use of tech in real estate to make informed decisions.
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Talked with chef/owner of local hot spot. James Beard finalist, constantly slammed, doing great numbers.
Works 75 hours/week to serve one meal a day, currently short staffed.
I love hard work, but that’s a different type of grind.
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Seller: The roof is good. We've never had an issues.
The 50+ year old roof: Not *yet*
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Grateful to finish this one up. Needed an extensive overhaul, but she came a long way. Leased up and ready to go. Gotta go find more ugly old buildings.
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Nothing was untouched. Offices, bathrooms, common areas - every nasty corner of that place was addressed.
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@SullyBusiness
Surprisingly, we’ve used cards with QR codes that customers can scan immediately after service with good success. Much more now that people are used to contactless and are scanning QR codes more often.
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Talked with one of my oldest friends today. He’s past retirement age but started a new venture recently and is still working hard. Does it because he loves it. Cool to see.
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Working on a new brand today. Love working with smart, creative people.
Cool that I couldn’t even get my finger out of the pic.
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@Joshtopher
I wonder what % of conversations at Octane are just Samford girls squinting at each other and asking “do you know what I mean”
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If you’re looking to increase your understanding of interior design,
@hanslorei
is your guy.
His Instagram is really great, too. He shares simple but valuable thoughts that can transform the way a space feels.
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If you're in Birmingham,
@thesmbrecruiter
put together an SMB Takeover at Rodney Scott today, 4-6. No agenda just a good opportunity to connect.
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This property management strategy is so brilliant.
For a deeper dive, this is great too:
Our goal at Fort Capital is to be the best real estate operator in the world.
We can’t do that without managing the real estate ourselves.
Here’s how we brought our property management in-house and built a thriving business in the process:
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The rear parking lot was full of rusty old cars. And more junk. So much junk.
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All the flooring was ripped out, we painted the walls, replaced broken ceiling tiles and repaired the lights.
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So, I put together a business plan for the property and talked to brokers about what they thought I could lease it for.
I tweaked
@ArtemTepler
Scope of Work and used it to get a detailed quote from my contractor. Then we got to work.
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I was pretty far off on price with a seller. Inquired about seller financing to get closer to his price.
Broker called back and said he is interested and offered a 10-14% interest rate.
We might be moving in the wrong direction, brother.
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I was honored to interview the one and only, Tom Rinaldi, for the We Believe In Sports Podcast. By far the greatest storyteller I've ever met. And just a really great dude.
Episode 1 of our
#WeBelieveInSports
Podcast is out now.
Spotify:
Apple:
@ESPN
's Tom Rinaldi has had the greatest seat at some of the best moments in sports. In this episode, Tom shares his perspective on the true power of sports.
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I truly believe sports can be a powerful change agent. So does
@michaeleady
from
@KnightEady
. In today's podcast interview we discuss what sports can teach us about life and leadership.
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My interview with
@forrestwalden
of
@IronTribe
on The Power of a Tribe is now live on the Bold Future podcast.
http://t.co/tBiLw3NXMC
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So, why share all of this?
Because the most often response I get when I share this story with other entrepreneurs is "me too".
So many of us are carrying around the burden of depression. We try to look strong for our employees and for our families, but inside we are crumbling.
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@Joshtopher
No chance I would have come to this church's Trunk or Treat had I known they don't have cotton candy. Really mad right now.
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Where’s the line between being inspired/challenged by other entrepreneurs and being envious of what they have accomplished? I don’t think I’ve figured it out.
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Anyone have a recommendation for commercial property insurance in Alabama? I'm not crazy about my current options.
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@ErnieBrownII
@ChrisRamsey60
I think it’s here to stay, but I would be hesitant to put money behind it yet.
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The exterior got a facelift with new paint, lighting and a bunch of landscape cleanup.
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Really great interview today with Jim Watkins, founder of
@SteelCityPops
. Jim shared the origin story of his fast growing company and how he develops his young team.
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@joelrandyblake
@nickfedele
@jmccart10
@MatthewGHinson
@BrentBeshore
Totally. I have often described these future leaders as guys/gals that could have been CFA operators, but either didn't want to go that route or they weren't selected for operator program because of the insane number of applicants.
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I've mostly believed this to be true. And it is when we use comparison incorrectly. Deep unhappiness.
But used properly, comparison has opened my eyes to what is possible. "If that guy can do it, so can I". Potential for expansion.
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Really great episode on the behind the scenes of private flight. Such a fun rabbit hole.
Thanks for helping me narrow down my jet purchase criteria,
@prestonholland6
. It had really become overwhelming. 😁
It's estimated that there are now over 12,000 active private jets in the U.S.
I’ve called today’s episode with
@prestonholland6
- Private Aviation 101,
You’ll finish with a breakdown of the industry, true costs, and benefits of flying privately.
Preston is the CCO of FLYING
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Doing something different this Friday.
Walk and Talk. 8am, walk down newly renovated Jemison Trail in Mt. Brook.
No agenda, just be in nature and chat about whatever comes up.
Me and one other person. If you want to be that person, lemme know.
I’ll bring the coffee.
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Made an offer.
Seller countered.
I agreed to his counter.
Seller wanted to think about it.
Not sure what there is to think about.
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Made an offer 56% less than the asking price this week. Had to explain to broker why it was not a low ball offer... based on the market data.
Broker agreed. Seller did not. Time will tell.
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What color should I paint this building?
Industrial doesn't need anything wild, but everything looks so boring.
@fortworthchris
@ChadGriffiths
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@MatthewGHinson
@nickfedele
Yeah, I get that. I'm looking at pretty small deals and there's only one that I've seen where the owner wasn't the complete linchpin of the company.
It's gotten me thinking about creative ways to structure the transition to extract their value in a condensed time period.
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My goodness, this is good.
This is so good. So good. SVP is amazing at his job. This might be some of his finest work ever.
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But, the property was a dump. It had been vacant for over a decade and showed serious signs of neglect.
The office space was dingy, dirty and was totally un-leasable.
There was trash and random car parts everywhere and maybe a guy had lived in there at some point?
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Beautiful work from
@RyanHoliday
. Simple yet profound truths on the path to peace. Highly recommend.
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@joelrandyblake
I have to remind myself to be more clear and specific than I think I need to be at the beginning.
I often feel like it’ll seem condescending if I over communicate. But I’ve found new hires appreciate the intentionality.
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@Joshtopher
Also, I hope that you'll tell me how busy you've been. I LOVE IT WHEN PEOPLE COMPLAIN TO ME ABOUT HOW BUSY THEY ARE.
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Looking at a two building industrial property.
Building 1 is occupied by seller. Wants to stay for 3 years at $3/sf below market. No recapture.
Building 2 is leased to tenant $5/sf below market with a year left and 6 mo. move out clause.
Needs substantial improvements.
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@DevinWanzor
If I have their phone number, I call them as soon as possible. I tell them I saw their review and say I’m sorry they didn’t have a 5 star experience. Doesn’t matter how riculius what they said is. Then I ask questions. When I’m not defensive and genuinely interested in talking to
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Love this transformation.
So proud of the entrepreneurs behind it.
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@SusannahJo
@j0shsizemore
@RobbyHStone
@RalphBeeson
I’d like to stand in the corner, brimmed hat low, sunglasses on, smoking a cigarette, gruffly saying “they’re not ready” under my breath every day until the day before the show when I say, “they’re ready”, and I walk out, never to be seen again.
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@jcolesimpson
Love the layered approach. Make an effort to help them, then act decisively. Easier said than done when you want people to succeed.
Anything else you learned in the process that will help with the next hire?
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Really enjoyed chatting with
@ChadGriffiths
on all things industrial real estate. He knows his stuff and is just a genuinely nice guy. Love his YouTube channel.
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Just got an LOI signed with a seller on a flex space deal.
Feels both insignificant and extremely significant.
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Stopped by the office of the largest owner of flex space in my market to see if would sell anything. He wouldn't.
But, he did walk me through how he thinks about deals on a piece of scrap paper.
He's done hundreds of deals this way. Great reminder to keep it simple.
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New Bold Future podcast episode up with
@summerville
, Founder & CEO of
@fleetio
. Check it out!!
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@Joshtopher
My favorite new thing about me is not being willing to try hot chicken from anywhere.
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@Joshtopher
Hey man can you give me a ride to Phoenix tomorrow? I found a really great deal on a '04 Pontiac Aztec. Can not pass this one up
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@nickfedele
@MatthewGHinson
@elementko1
@joelrandyblake
@BrentBeshore
@swilera
@LongvueMatt
@sweatystartup
I'd love to stay in the loop on this, as well. Will DM you.
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@meetmikehiggins
@mhp_guy
Same here. Was driving. Started sweating profusely. Confused, nauseous, scared. Ended up in the ER. Tests were negative. They had no answers.
Things were going pretty well and it came out of nowhere. I have found it to be more complicated than just stress. Thanks for sharing.
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What's causing the rise in anonymous accounts?
Feels less human, less credible, less interesting.
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I tend to get lost in the macro of life.
But it’s the micro that makes it meaningful.
Spent time with my Grandmother in the hospital today, not knowing how much time she has left. Wouldn’t trade it for anything.
Small moments are big moments.
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Love connecting people who should be connected.
Sometimes it leads to something for both of them, sometimes nothing for either.
Have never found it to be a total waste of time.
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@MatthewGHinson
@LongvueMatt
Same where I live. Wondering the same thing about buying vs. starting.
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Constantly reminded that imperfect action is better than no action at all.
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