Saul Zenkevicius
@SaulZenkevicius
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CRE Investor | Developer | Operator | $100M+ Portfolio | Follow Me For Commercial Real Estate Value-Add Strategies
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Joined July 2023
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Pinned Tweet
🧵This is one of my favorite deals of all time.
It was 20,000 square feet, a 3-unit flex/industrial building.
Asking was $820,000, and we purchased it for $750,000.
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@realEstateTrent
My first mentor in 2003, Dan Gutmanson at Century 21, told me,
“This game is easy.
Whoever makes the most phone calls wins.”
Never stopped dialing since.
The best sales mindset advice I’ve ever received, and it paid off well.
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If you want to learn commercial real estate game, learn these 3 skills:
1. Leasing.
2. Sourcing debt and equity.
3. Screening deals quickly.
That simple.
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🧵 My 25-Point Checklist for Commercial Real Estate Deals
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@elonmusk
This dude’s still going….
I thought we were coming back to our senses as a nation.
Might be an irreversible side effect of monthly triple boosters for 4 years straight.
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@realEstateTrent
100%!
Anyone wanting to lease their properties faster, I mean 2x-5X faster, instead of putting more gas on:
- marketing
- hiring VA
- cold caller
- canvassing
- call center
- hiring broker.
Just you (owner/decision maker) answer live call on For Lease sign. That’s it…
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Exactly 1 year and 1 day ago, we bought this small bay
industrial in Fort Myers, FL.
In 6 months, we went from $177K NOI to $375K.
Tomorrow I'll show how we did it.
Subscribe here ↓
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Takeways:
The best deal is not the cheapest one you bought it, but how quickly and how easily you were able to turn it around.
Small bay is still easy to fill in.
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It appraised at $1.6 million. They refinanced 100% of our basis at a 3.85% rate.
Our monthly debt on it is $4,417 a month. Our base rent is $10,400 a month. We cash flow almost $6,000 per month.
This deal took little time and effort to fill in.
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@thejustinwelsh
Found you earlier this year and signed up for X.
So inspiring: no employees, $7.5M in revenue, 91% margin.
Launching a newsletter next month.
Keep showing us the way
@thejustinwelsh
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Tomorrow, I'll share with 525 people a simple method to significantly increase NOI by changing leases to NNN and professionally reconciling CAMs.
I'll examine this through a case study, walking through our projects at Piqua Center and Russ Innovation and Technology Center.
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🧵 The Self-Storage Bubble Has Popped – And It Won’t Reinflate 👇
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This is one of my favorite deals of all time.
Tomorrow I’ll share how we stabilized this building in under 12 months and:
Pre-leased before closing
Financed an empty building with regular bank financing
2x the value
Refinanced 100% of the equity
Subscribe here ↓
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@sweatystartup
I just build out garage at my ski home. 1st picture is rendering before construction, and last 2nd one is actual picture after construction completed. I can connect you with my rendering guy who does this for us. DM If you need it.
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@seandsweeney
That’s what I just saw in the last few deals that came across my inbox.
Total nonsense, and they’re still going through.
What I see behind the numbers is that some developers/sponsors can’t stop living off the fees and are moving forward with ‘Disneyland’ proformas.
Their fees
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My plan was to cut the 10,000 in half, making it four units, each 5,000 square feet.
Market rates were $9 per square foot, gross.
Once renovated and full, it will yield $1.4 million value at a 10 CAP.
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You get paid in value-added real estate for solving problems.
The bigger the problem, the bigger the payout.
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Yesterday, I talked about one of my favorite deals ever in my newsletter.
Missed it, grab here ↓
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$300,000 of our cash tied up in the property.
Within six months, we were at $124,000 NOI. 100% full.
Within 12 months we refinanced with credit union.
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I felt this... 👇
"Those who envy you can never give you honest praise." — Aesop
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Truth most people need to hear about Real Estate Gurus:
• You can't master real estate investing just by following gurus.
• Real skills come from hands-on experience and thorough market research.
• Beware of quick fixes; real success takes time and effort
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Rolls Royce sells status, not cars.
Apple sells cool, not phones.
REA sells “I’m good for the planet,” not camping gear.
The best in the real estate game sell vision and magic, not buildings.
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@Nicolascole77
Well said. I had similar realizations about real estate cash flow and “passive income” as I moved from houses to larger commercial properties. it just seemed that there is always work needed to be done it’s just different kind of problems. In other words even in real estate there
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@TripleNetInvest
We're full force in acquisition mode🤞
- “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
― Warren Buffett
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Think about it.
An extra $10K in monthly rent adds $1M in value.
In the past three years, my team and I leased 100,000 to 250,000 square feet annually.
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P.S. Liked this? Join (for free) 536+ commercial real estate investors and operators who are taking their game to next level:
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🧵 Self-Storage’s Desirability Is Fading – Back to Fundamental 👇
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During due diligence I went in to town to market it for lease.
Within two weeks, I had leased two units.
Bank's appraiser valued the property at $770,000. The stabilized value was $900,000.
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I bought a storage facility for $35/sf in Machesney Park, IL almost 3 years ago.
These prices don't seem to exist anymore.
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@moseskagan
The way I see it, it depends.
Wealth is a form of power and energy.
It takes work and mastery to control it.
If they’re not ready, it can be too much power at once and backfire, leading to lost wealth and harm.
But if they nurture it, it can be passed through generations.
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Our renovation cost $100,000.
We cut the large unit into two, cleaned it, painted it, replaced the ceiling tiles, renovated the bathrooms and installed LED lighting. Sealed and re striped parking lot.
We were all in $850,000.
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Well, folks, I've got this.
The office is not dead; it's just different.
I've interviewed my dear friend, Josh Monte, who 3xed his building income with a co-working model.
Here are the main steps:
- Create a community feel.
- Make it "cool with a touch of class."
- Add free
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Gen Zers and millennials are thriving Lithuania. Here's why.
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Today I did back-to-back leases with no lost rent:
(P.S. the existing tenant wanted to get out early)
1. Get the tenant to agree to pay the broker's commission and rent abatement for the future lease.
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🧵I'm surprised that the US ranks only 7th in the world for the tallest buildings.
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Hero Day is coming soon to Piqua Center!!! Target day is before Thanks Giving!
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If any of these were valuable to you, consider sharing it with others by reposting the first post of the thread:
🧵 4th of the 4 most effective strategies to add value in commercial transactions is. 👇
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Closing is scheduled for tomorrow. All hands on deck. 🙏
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Yesterday, I showed 538 people how my dear friend, Josh Mente, tripled his office building income with a co-working model.
Here are the main steps:
- Create a community feel.
- Make it "cool with a touch of class."
- Add free amenities.
- Create 6 income streams.
Missed the
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Did you hear about this best deal in town? Renovated Warehouse Space in Cleveland, OH - starting at $1,500/month.
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If you can’t spot the potential to improve the value of $500K+ in the first 30 seconds on a commercial deal = Pass.
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Conquering your monkey mind will ultimately allow you to build your dream life.
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One-day
Someday
It may never come
F... it, let's GO!
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Today, I focused on what defines a 'Good Commercial Real Estate Deal.'
I reviewed several property portfolios and market projections.
Here are 3 lessons from today's deep dive:
1. Location and future development prospects matter.
⬇️⬇️⬇️⬇️
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@realEstateTrent
Or I’m can’t get over from my addition so I’ll try to read all the emails but won’t respond to you.
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@moseskagan
I did recently similar look up on our past 3 years value add deals on Actuals VS Proforma
- TIME: almost always longer than expected
- RENTS: always Leased for more $$ than expected
- CAPex: always cost more than modeled.
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Everyone's goal in real estate must be:
- To make as much money as they like.
- To have as much time as they need.
- To hang out with whoever they like.
- To chase after any higher purpose they feel worthy of chasing.
- To do nothing that they hate.
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Remarkable transformation at Russ Research Center: From a Cold War engineering hub to a near-desolate state post-Cold War.
Now, a $4M investment aims to rekindle its legacy.
Key moves?
- Tenant improvements
- Raving fan culture
- Red carpet treatment
- Affordable Pricing
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Do you sometimes catch yourself talking to yourself about the good old days?
You talk about how deals were plentiful and how it's not like that anymore.
For example, I can't believe I bought a storage facility for $35/sf in Machesney Park, IL almost 3 years ago.
These prices
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🧵 How we turned a $946K RV & Boat Storage value into $1.7M in under 10 months!
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@ShaanVP
Realized I did the same in my previous business, thinking it was right. It strikes me now: relying on external incentives might mean either the business model is flawed with poor margins, or the mission isn't compelling enough to justify trading life for money.
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If you want to master the Commercial Real Estate game.
These 3 skills are essential.👇
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Blink Fitness just hit the gym floor…hard. Filing for bankruptcy on Monday, they’re now on a fast track to find a buyer.
With $280 million in debt, this Equinox-owned chain is feeling the pandemic pinch. Gyms were closed for months, and that’s no cardio workout for cash flow.
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7) Crexi - almost as good as Loopnet.
8) Loopnet for top leads.
9) For lease sign to get local leads.
10) Facebook Marketplace for high-volume leads.
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- Power is the energy you can exert by will
- It can be harnessed through simple thought
- It enables the creation of non matter to matter
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Business growth is the game of converting potentiality in actuality. Once you have that system down the only lever one needs to move is releasing the ceiling potential.
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3. Vacation Rentals: Short-term rentals in tourist destinations offer high rental yields.
4. Real Estate Investment Trusts: Investing in publicly traded companies owning real estate assets.
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All we can do is to make little step forward to make things little better.
“Pole pole” like porters on the way to Kilimanjaro say.
And everything will work out eventually ☝️
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In 2019 I barely leased 15K sq ft, 4 years later 250K+ sq ft.
What changed?
We put marketing systems.
Tomorrow I’ll share 10 step leasing marketing process that speeds up our lease up time 5X.
Subscribe here ↓
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Time to rethink 'location, location, location'
it's now about innovation, innovation, innovation!
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Here are 3 main points from Powell’s speech yesterday:
- Cooling job market + progress in lowering inflation noted.
- Fed’s challenge - keeping rates high too long vs. cutting too soon.
- Takeaway: Analysts expect rate cuts this year; investors see 73% chance by September (CME
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But Blink isn’t down for the count. They’ve got $21 million in fresh financing and are still flexing at 100 locations nationwide. Interest from buyers? Plenty, says their restructuring chief.
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@realEstateTrent
On the positive side, from a rent perspective:
despite many voices saying rents are overpriced
it appears that many rents haven’t adjusted to recent inflation numbers.
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After the end of the Cold War and a temporary pause in ambitions to explore Mars following Kennedy's moon landing and Russ’ donation of the facility to Ohio University, over time, it lost its appeal and became nearly half-empty, desperately needing renovations.
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So well said and
It’s so simple
Not easy at the same time
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@GrantCardone
Word up!
Though Fed's changing its tune, less keen on hiking rates.
December might see no rate change, with a possible drop by Marc
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🧵Your lender is your partner, not the opponent.
Once I financed a value-add deal with 5 year traditional bank loan.
It costs less than the bridge debt.
In 12 months, I stabilized it and doubled its value.
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🔍 Do you think the Fed will raise interest rates again? Share your thoughts below!
👇 My take:
The Fed's changing its tune, less keen on hiking rates.
December might see no rate change, with a possible drop by March.
October's CPI and credit concerns = Fed's easing stance.
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@DallasAptGP
I know very well how to reposition dead malls, but I’m very new to Twitter. Not sure how even to start. I’ll see if I can go at your history and see how you started.
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Hey, Piqua Folks! Smile Back Training Center is moving to Piqua Center! Construction's in full swing, and here's a sneak peek. Stay tuned for more updates as we get closer to the big move!
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What skills do you excel at?
Where could you become the top expert?
What brings you joy?
What gets you excited?
What makes you feel fulfilled and proud?
What are your greatest achievements so far? Can you build on them or achieve more?
What activities do you love sharing
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@sweatystartup
My go to questions in these type of situations is FORD:
Family - How many in yuor family?
Occupation - What do you do?
Recreation - What do you like to do for fun?
Dream - Where would you like to live.
This for the most get 60% non talkers talking.
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Not caring about what people say about you is a sign of self-confidence.
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@DallasAptGP
@bethanyjbabcock
@tyleralley24
@bavedikian
@zachmolzer
Don't see my name there :)
@SaulZenkevicius
- specialize in resurrecting dead malls in thriving communities.
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We will offer flex, office, and storage spaces to both new and established businesses.
Once we fill the existing facility, our Phase 2 plan is to construct four additional buildings on the south side of the parcel.
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Throwback at RV storage facility we renovated in 2022
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2015: Went public with an IPO, stock price surged 124% on the first day.
2022: Over 377 locations worldwide, $3B market capitalization.
Philosophy: Focus on quality, community, and customer experience.
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3. Explore investment opportunities beyond residential properties 🏢
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