The Acquisitions Guy
@Theacqguy
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I buy Multi-Family Real Estate. Here for a good time.
The Dealroom
Joined July 2021
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Advice to my future self:
Make the extra call, submit that offer, tour that property.
“You miss 100% of the shots you don’t take.”
- Wayne Gretzky
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NETWORKING.
Some of the greatest relationships I have today were forged at networking events.
You can only benefit from getting out and meeting people.
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Interest rates go up, valuations get hit.
Remember this the next time you see a listing for a property bought a year ago at a 3.5% cap with, “tons of meat still on the bone.”
Don’t fall for it. Its a trap.
The seller overpaid and is trying to cover their 🍑
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Years ago I showed up to a meeting my first day on the job.
MD looks over and says where is your notebook.
I froze.
He told me to leave and come back tomorrow.
I never show up to a meeting without a notepad.
Always come prepared. It shows seriousness and professionalism
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Keep running through deals, even when you want to throw in the towel.
Keep sending LOI’s even if they tell you that you’re pricing is off.
Keep meeting with people even if others tell you they don’t want to invest.
Rome wasn't built in a day, but they were laying bricks
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The amount of deals I lost because I wasn’t willing to take on Bridge Financing 😡
It was the ticket to the game. The only way to get really competitive. Super attractive leverage with CAPEX funded 🤤
I was so frustrated.
Can’t say i’m feeling that now.
#retwit
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So you basically overpay for properties and drive returns by increasing rents then hope to sell when there is cap rate compression.
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HOT TAKE 🔥
Your property is NOT worth more because you “THINK” it is.
The roofs are falling apart.
Your collections are trash.
Your occupancy is lower than the standards of a drunk guy on the Vegas strip.
#retwit
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Serious question:
Do brokers truly understand real estate or are they just pushing paper to get a deal done.
P.S.
No hate. Have many close friends that are brokers.
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Syndicators trying to sell their tertiary market 60’s vintage deal that they bought for a 3 cap 2 years ago.
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I was talking was another GP yesterday.
He told me hasn't bought anything in 1.5 years.
He kept saying he's waiting.
I said thank you.
He was confused.
To which I responded, less competition for me.
Don't sit around and wait. There is plenty of opportunity out there
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If you’re going to battle you need the right tools:
7 things you should know before buying your first real estate investment.
🧵 Below
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Had lunch with an old school real estate guy (mentor) yesterday.
He told me when he looks at deals he doesn’t care what the cap rate is.
We need to protect these legends at all costs.
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@InvsbleFriends
Disappointed. Why isn’t it a public mint. Ive been on this project for months only to get zero.
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|￣￣￣￣￣￣￣￣￣￣￣￣￣￣|
I Buy Real Estate I
|＿＿＿＿＿＿＿＿＿＿＿＿＿＿|
\ (•◡•) /
\ /
——
| |
|_ |_
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@maxfisherRE
Even if I do buy another house I would rent out my current house.
Never selling my 2.5% mortgage rate‼️
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The broker after I explain to him that buying a 4 cap and stabilizing at a 5 cap just won’t work for me.
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You’re guaranteed to lose every deal you don’t submit an offer on.
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After everyone implements their “value-add” plan will there be any more value-add?
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Had lunch with a guy in his 70’s who owns roughly 10k units.
This man looks homeless.
We need to appreciate the old school mentality.
No fanfare. Just Assets and Cashflow
#retwit
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Waiting for a callback from the broker to inform me that my 8 cap offer was accepted.
#retwit
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If I had a dollar for every OM and investment deck I saw with aggressive rent growth.
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Who is a 100% must follow in the
#retwit
space?
Making so many great connections on here.
TIA.
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Shot out 5 LOI’s today. Feeling dangerous but never offer more than i’m willing to pay.
If all 5 get accepted, I could execute.
Happy Friday.
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🗣️YOUNG GP’s / SYNDICATORS
I just got off a call with a guy who would leave his wife and marry his financials model. (At least that’s how I saw it.)
The way he was talking about the models intricacies and formulas. No actual story of behind the asset and its true value. Just
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@MultifamilyMad
This is most old school real estate guys.
No fanfare. Just assets and cashflow
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This platform is ruthless.
Stay safe out there ReTwit.
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Syndicators in 2021:
“I quit my job 3 months ago. I just closed my first deal and ripped a 300k acquisition fee. The deals not that great but its non-recourse. Leave your job and you can make money like me.”
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How do you know if a broker is just blowing smoke telling you about other “higher” offers?
Submit low and you’ll find out.
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Deals are falling apart left and right.
Whether it be from the debt or equity side it has been increasingly more difficult getting deals across the finish line.
Figure out a way to get creative with structure, financing & equity.
Whether it be assumable financing, sellers
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🗣️To the LP’s questioning market standard acquisition fees‼️
The acquisition fee is not just a fee for getting the deal.
It encompasses a number of things.
To name a few:
1. Signing on the loan
2. Pursuit costs (travel, salaries)
3. Putting up hard money
4. Doing real DD
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Was just working on an off market deal where the broker did not want to give me guidance. Not sure why.
Offered a 10 cap.
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🗣️ACQUISITION/DISPOSITION FEES:
Don’t get greedy with acquisition/disposition fees.
Take the market standard depending on the size of the deal and be happy.
Nobody wants to invest with the “high fee guy.”
#retwit
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So many GP’s today saying they have haven’t been able to find anything in the last year.
Whether it be because deal volume is down on the sell side or pricing is off.
Perhaps consider changing your source of deal flow or entering a new market while things cool off.
Pivot.
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I love when the broker calls to tell me that I'm up against cash buyers from California.
#retwit
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Saw an OM today.
The GP stated that the asset would be sold to an institutional buyer at the end of the holding period, thus resulting in a more compressed exit cap.
Even if an institutional buyer would buy at a more compressed cap rate, you can’t predict it.
Puff, puff, HARD
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When you submit a lowball offer and the broker calls you to tell you that the deal is yours.
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Brokers after getting a first time syndicator to buy a 3 cap with tons of upside in a tertiary market in 2021.
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🗣️99% of real estate syndicators’ sales pitch.
“We focus on underperforming, mismanaged, misunderstood and under appreciated assets.”
You would think there are no performing, managed, understood and appreciated assets out there.
Prayers up.
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Just met with a longtime investor who used to be a sponsor and is now a full-time LP.
I asked him why he made the switch, to which he answered, 'I used to go out, raise money, work my tail off to run the deal, only for the LP to take home 70% of the profits.
Now I invest
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What is your best source for real estate knowledge and news?
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Been a little quiet lately.
Working on some big stuff.
So many pessimists saying nothings going/happening.
Let me tell you. THEY ARE WRONG.
Keep grinding‼️
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Absolutely shocked to hear that Mark Cuban is selling a majority stake in the Mavericks.
That’s his baby.
We may actually be in a recession.
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🗣️Young buck’s!
If they make more from their marketing course than they do in the actual business.
It’s a major 🚩
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HOT TAKE 🔥🚨
The argument of, “I can get 5% from the money markets” is getting old.
A conservative deal with a 16% IRR over 5-7 years is better IMO.
Yes, there are risk involved when investing in anything.
Do proper due diligence.
Thoughts?
#retwit
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@EstateRanger
@TheNickRuffini
The best feeling when you land knowing you survived and saved 5k
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When the seller accepts my 8 cap offer with 5% seller financing.
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Twitter has allowed me to connect with some incredible people in the RE space.
There is nothing like this app if used properly.
#retwit
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Heading into the weekend with 3 deals signed up.
Lots cookin' right now. 🧑🍳🏘️
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Just got an off market deal from a ��true seller.”
Going in cap rate is sub 5% at the asking price.
Who’s gonna tell him?
#retwit
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You’re 25%+ “value add” pro-forma IRR is not going to fly off the shelf in today’s market.
Investors want conservative in this market.
Do yourself a favor and be conservative with your projections.
Under promise and over deliver.
You will end up being a bigger hero than the
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GP’s looking back at their financial model with 10% rent growth.
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Broker: The property has a great tenant base.
The tenants:
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First time LP’s jumping into their first syndicated deal.
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On the road for some property tours today.
Nothing like it. It gives you the real feel and allows you to see things that are beyond the numbers.
You can’t win deals just sitting at your desk. Get out there.
#retwit
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“So i’m raising money for this deal.
Equity is tight right now and I’m having a difficult time raising the money.
Do you think your father would be interested in writing the equity check?”
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“It’s really simple. It’s called a value add strategy. All you need to do is put in black appliances and you will get $400 bumps on your new leases.”
#retwit
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“If you want to move fast, travel with one LP. If want to go far, go with a big group of LP’s.”
-
@marioEbrown
The amount of knowledge being shared on this platform is unbelievable.
You can learn so much here.
#retwit
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🗣️MAKE SURE YOU ADJUST FOR TAXES‼️
The amount of RE Investment Decks I see that don't adjust for taxes is unacceptable.
@chernobelskiy
is this a common practice that you're seeing?
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If the sponsor isn’t putting equity into the deal does it change your opinion, and why?
#retwit
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Hearing that a pretty big group is looking to sell multiple deals at a major discount.
Great news?
Nope.
The discount still isn’t enough to make the deals compelling.
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Stupid money was made (for those that got out) in 2021.
Smart money will be made in 2023.
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@MultifamilyMad
I wish this on no one.
Good to inform people. Its not always roses and butterflies.
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Raising equity is not like it was the last 2 years.
Your business plan and objectives need to be conservative and clear if you are going out to raise capital.
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@MultifamilyMad
My grandparents bought their house in 60’s for 50k. The land alone is worth 1.5 today.
Buy real estate and don’t sell is right.
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Who’s burning the midnight oil?
Just finished reviewing seller financials to our proforma expenses on a deal that we are buying.
Roughly 150 line items.
So much low hanging fruit💰
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Persistence is key.
Believe it or not, there are sellers that DO need to sell.
Stay on top of it and great things could come your way.
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This may just be one of the greatest tweets of all time.
Big money will take consistent doubles over the occasional home run any day.
If you want to be in it for the long haul do the former, not the latter.
Thank you
@realEstateTrent
for this gold.
The real big money in real estate is in raising a ton of capital and buying ‘just ok’ deals - over and over again.
The big guys know that, at the end of the day, large investors are happy with mediocre returns as long as they don’t lose any money.
Nobody gets fired this way.
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When the property tax reassessment comes in 15% lower than you projected.
NOI📈🚀
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I always always have a detailed CAPEX budget.
This helps with the lender and potential investors.
It shows professionalism and attention to detail.
With older deals I am usually more generous with reserves.
Better to be safe than sorry.
#retwit
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Does anyone else believe that the IRR is just a feel good metric?
So many variables make up the IRR. One small change can shift it either way.
Just to name a few:
- Exit cap rates can change
- There could be negative rent growth
- Increased Opex
- Increased escrows (from
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2021 Syndicators finding a 60’s construction 3.5 cap in a tertiary market that has a population of 47 people.
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