Angelo
@angelo_CRE
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FL CRE @mccanncre | Tenant Rep, Fractured Condos, & Site Acquisition | Sharing Curiosities @theshakenews
Delray Beach, FL 👉
Joined March 2019
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Today marks officially 1 year being a full time CRE broker.
Bank account has gone down but happiness is off the charts - wake up everyday excited for the work that needs to be done 🚀 can’t say the same about my prior 9-5…
+ pipeline isn’t looking too shabby 👀
Biggest
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Cold called industrial owner and built rapport (thought someone was posting a fake FB listing of one of his spaces)
He then invites me to his office and it’s a 🔥 garage condo - he owns the WH
Turns out he’s looking to sell all his WH’s in NY and 1031 down here
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@dabit3
I dug deeeep into the Argentina housing situation
Got lots of family there and it’s def time for another trip
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Life update
Leaving my cushy sales job to go full-time as a CRE broker
Is it a horrible time to do this? Probably
Am I worried? Eh... a bit
Are we gonna crush it?
@mccanncre
- hell yea
Anyways, what's up with health insurance nowadays?
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@TripleNetInvest
Safe $.
Crazy that it’s taken 75 years for the first one to close down… and it not due to lack of demand
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Worked from the LinkedIn office in SF today - place blows my mind
26 floors - a FTE on each one for elevator access/security
Multiple cafes, unlimited food options, gym, crazy desk views, & employees can bring in guests
Yeah… I wouldn’t be working remote
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If only I could cold call on my surf board
Small rollers in Delray this AM ☀️
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@maxfisherRE
Listen mane, we got your bag and fumbled it w some risky plays. But don’t trip and pull out, the Feds gonna snatch it back for us fr fr. Keep it G
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The hourly compensation structure for attorneys baffles me (in RE)
Basically incentivized to drag deals out and ping pong egregious redlines w counter party
*and yes, an attorney is currently blowing one of my deals up 😆
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Fiancé said I was negotiating LOIs in my sleep again last night...
I got my Monday off to an early start!
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I love the feeling of connecting two people together so they can do business or kick off a relationship
The universe tends to reward you in unique ways when you consistently do this
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Long Miami…
But don’t sleep on Palm Beach County 😎
WPB farmers market + RH kinda day
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Tenant reps:
At what point in the leasing process do you aim to get a commission agreement executed?
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The perfect storm is brewing in states like FL
Since 2012 over 360 condos containing over 26k units have been terminated in FL alone
But termination isn’t a simple process, it can take anywhere from 75-100% of owner votes to approve a buyout
Meaning there needs to be a lot of
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Is industrial leasing activity in south FL (finally) starting to slow down?
LL brokers reaching back out on “aggressive” proposals their clients didn’t want to respond to 2 months ago…
Good for tenants, bad for the institutions that have been “aggressively” purchasing and
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@DallasAptGP
We’re attacking this niche here in South FL.
It’s also one of my favorite pieces we wrote
@TheShakeNews
… FL condos take up over 50% of it 👀
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We don’t typically parse through companies when enriching emails for our automated tenant rep campaigns
The main consequence of this — receiving reply’s from “big dogs” like the one I got this morning
20 likes and I’ll respond with the tiger meme 😂
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The perfect storm is brewing in states like Florida
Condo deconversions are trending as a lucrative opp for well-capitalized developers to take advantage of
Since 2012, over 360 condos containing more than 26.5k units have been approved for termination in Florida alone
👇
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Meeting secured w 196 unit condo board in south palm beach county ✅
Each owner is facing a $50k special assessment 🤯 ripe for deconversion - 85%+ investor owned & cash flow will be wiped out for the foreseeable future
Long road ahead, step by step 🔨
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@Stealx
That’ll do it. I believe the 70s/80s build condos in FL will start facing similar distress in the next 5-10 yrs. New structural reviews, rising insurance policies, and lack of reserve funds will incentivize a deconversion sale.
One of my key focuses for sourcing deals here 🎯
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A while back , a franchisee was reluctant on
@TyMartinCRE
and I advising him on a relocation
After showing a couple of spaces, he began to reveal his true colors
Owner has a RE license, was extremely sensitive to what market rate is today for term he wanted, and aimed to earn
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@WillmMelton
@DallasAptGP
Large % of owners with delinquents dues, low reserves, in litigation, large % of non owner occupied units, & bad history of deferred maintenance.
We cover more details 👇
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Sometimes bigger isn’t always better (sorry Zoolander)
One real estate niche is posting astronomical returns like:
- 40% stabilized NOI
- 25% leverage IRR
- 5-7 loan payoff period
All while breaking even on 20-30% occupancy rates...
Enter: Compact Hotels
Young travelers
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Imagine a plaintiff and defendant using the same attorney
That’s what happening to tenants w/o representation…
I’m out here snitching on big shop brokers double ending deals and raising tenants renewals 30% 🤷♂️
I’m fighting for the lil guy 😤
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My dude
@cre_oakley
finally jumped into the
#ReTwit
community!
He’s crushing the industrial game up in Jacksonville. Lots of activity and gems for him to share.
Show him some love
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There’s a lot of pain coming for vintage FL condo owners…
*immediately searches condo building on MLS to see if it’s distressed enough for a deconversion
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Miami construction workers enjoying themselves this Friday 🔊(sound on)
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Any sales teams out there use
@Superhuman
across the board with their reps?
Seems like a great tool for a heavily inbound focused team with high email counts compared to call counts
Testing it out this week so will share feedback as well
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There are only two metros that entered 2024 with more occupied office space than before the pandemic
1. West Palm Beach
2. Las Vegas
Sub 10% vacancy across most submarkets in WPB. Rents have increased 22% over the past 3 years.
Our team is bringing a 100% occupied single
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@bobbyfijan
I’ve always thought to start a modular closet install company that targets REI as a side gig 😆 Two of my units had this and upgraded it for ~1200. Huge differentiator when asking for top $.
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@AleResnik
Everything you’ve mentioned is on point about 🇦🇷. People won’t understand if they haven’t experienced it or hear it from a close friend/relative. My father has told me all about how corrupt it was and still is. Now he wants to leave the bay.. seems it’s bringing back memories 😂
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Me: “alright so this is your first location, do you have liquid funds/financials to at least cover 6 months rent for your budget?”
Tenant: “…yeah”
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Blue dot is Delray.
What’s so special about this area?
*Other than it having over $1B in development pipeline 😅
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Lesson learned this past week:
Earning business > servicing business
Move fast on leads/prospects at the top of the funnel when traction is made!
Don't let the tasks of current deals stall you from adding more to the bucket
Hard to put off high-probability work for the
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Walking around checking out real estate in Buenos Aires 🤌
If Milei does the improbable, the bottom is in 👀
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@smithiesgeorge
@olegkxnebeo
@KateClarkTweets
@accidentalflyer
@alex
Wish they were on NYSE. Waiting for UiPath to go public too. RPA / Automation will be huge this decade.
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@sweatystartup
My old neighbor in Delray had one of these. Tons of fun to drive around downtown and there are custom parking spots for carts so never have to worry when hittin the beach. Worth $100/day IMO for those in vaca mode.
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New CRM feature alert!
Every phone call is summarized and automatically generates tasks for agents. So far it's been extremely on point.
Another way AI is changing the game. You're doing good
@FollowUpBoss
!
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I’m out here snitching on big shop brokers double ending deals and raising tenants renewals 30% 🤷♂️
I’m fighting for the lil guy 😤
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Top 100 bar in the world — great service and experience
Ordered multiple 🔥 drinks, apps, & sushi rolls
Bill: $53
Vamo 🇦🇷
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@Thedonofstocks
Surfed there yesterday
Have to illegally park in front of mansions and then walk through their beachside bungalows 😆 makes for a small crowd in the lineups
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@agazdecki
If you are bringing qualified prospects to the table and they aren’t closing - that’s not a sales process problem, that’s a product/service/pricing problem. Big reason why sales team feedback to product/exec team is crucial in the early stages. Lifeblood of the org for a reason!
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@jmj
Str8 to point dating app - instead of messaging back and forth, the only way to communicate once matched is by FaceTime / video. Catfish disappear + you get a real sense of who they are very quickly.
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Industrial starting to look like multifamily rents...
How long can small bay tenants afford to pay rates like this in South Florida?
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@HealthcareREguy
Combining both can work great too. I did 5 years of tech sales out of college to build a $ cushion, invest in RE, and learn the game.
Now I’m 5 months into CRE brokering full time - it’s wayyyy harder and requires a large shift in mindset. But being able to have unlimited
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Wow - used
@gridicsre
for a evaluating a large boynton site and what an amazing tool for understanding current and future zoning on parcels.
Speeds up my research by 10x!
When’s Delray Beach signing up?!
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Life’s too short to be afraid
Make the cold call (to your grandma)
Kiss your mom (in law)
Buy that 3 cap (CVS)
Happy MDW
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@justindross
Crazy since when they built the golden gate, they used a net to keep workers safe and speed up construction… seems like they should’ve left it in place
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Other than the horrific traffic, Lake Tahoe is home to some of the most sought-after real estate on the west coast.
The crystal clear blue water, endless slopes, and mystique landscape lure in over 15 million tourists per year.
But it wasn’t always like this 👇️
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@stevegraham
Im back in the bay for the holidays. Realized the only things I miss are the waves, mountains, and in n out. All my friends that still live here tell me they want out. It’s overpriced with no more potential. The bay has been winning for a while but the L’s are coming. SoFlo 👌
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The formula for any long sale cycle role:
Be impatient with your actions and patient with your results
So simple… yet so hard
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@rohitdotmittal
Grew up in the bay. There’s a new gentrification due to tech. Everybody Asian or Indian now. Easy to gauge through youth sports programs. Bunch of nerds now. It’s comical
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@MiamiCREGuy
Wow! What a story… this unit by unit buyout approach is what every developer should avoid.
Re termination: it’s still such a grey area. It’s critical for buyer attorneys to determine if either the Ch 718.117 Condo Act or “Kaufman Language” in the declaration dictates
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Back in the stomping grounds… IYKYK
Who’s in the tenant rep game out here?
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@STLChrisH
Been thinking about doing modular closet installs for sub $500k properties. So many homes still have wire closet shelving
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Question…
Do you even go on vacations in your late 20s or do you just go to weddings?
Already have 5 this year and something tells me two more just came in today 🤣
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Let's see how powerful the
#CREX
broker network is...
@TyMartinCRE
& I are on the lookout for a 3000-5000SF industrial space in these markets:
Seattle
Nashville
Las Vegas
San Francisco/Sacramento
St Pual Minneapolis
Salt Lake/ Boise
Tampa
Boston
Norfolk
Charleston WV
There
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A story of South FL homeownership for the last 3 years
Owners now sitting on a lot of equity with expenses eating bank accounts
Those aging out of their 'earning years' should want to take the money and run
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"Interest rates are at x!"- times are tough rn for real estate investors
Can you imagine if the US economy ever goes through a period of 100% inflation YOY? How would you invest?
One country is experiencing this right now, and here's a peak into their housing situation 👇
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My type of sweaty business
$10 a head + overpriced drinks
1 hour tours
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@WallStreetSilv
How about the richest Roman you’ve never heard of?
Real estate is truly timeless
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This makes me realize the avg CRE broker’s OS (operating system) has to be extremely archaic. Most big brokerages won’t even allow agents to use latest tools/tech bc of compliance issues. It’s up to agents themselves to configure this on their own dime & time 👎
The
I've spent 6 years in brokerage Not having email follow-ups set up. All Manual.
Over the last 60 days, I have set up listing email sequences to follow up with buyers who didn't open my emails.
Sent emails to around 1800 buyers, 658 replies!
This blows my mind that I had not
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I was well versed from the article we wrote on garage condos 2 weeks ago
@TheShakeNews
One thing leads to another 📞
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Can’t wait for X to disrupt CoStar
@ChrisJBakke
CONFIRMED!!
What would the RealEstateX Gala be without the folks from X!
They have been paying attention to the great things going on in our real estate community on here - and I CANNOT wait to have them see it in person!
SEE YOU in April,
@ChrisJBakke
!!!
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Asked my gf if she’d rather have a ring or a duplex
She said duplex
🥵
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@Keith_Wasserman
Delray Beach, FL - influx of population, downtown growth, hype of Miami will slowly push more people north to PBC, tons of development $$ being dumped into the town.
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@KashFlowGuy
Always found traffic interesting in that the social classes all come together - stuck without divide. 99’ Civics next to 23’ range rovers, CEOs next to janitors, etc.
No matter how much $$, connections, or power you got, your ass waiting like the rest of us 😂
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@jandreini1
State Farm paid $1.30 on every $1 they sold nationwide last year. Wrote more about this
@TheShakeNews
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Still can't get over the fact that CoStar doesn't have an interactive listing feature to share a list of properties with prospects/clients
Relying on long PDFs... Insanely bad UX
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@shawngorham
@samHsawyer
@SeanODowd15
I always soak the transaction fee for my clients through my commission. Just another method of cash flow for brokers. I would think the agent/broker split would be enough but people are getting greedy nowadays. 100% a bogus fee
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Great chatting! All data points to this being the first inning of condo terminations in SoFlo
@angelo_CRE
and I talked today about it since he's been working with associations since 2022 - hopefully we get to do a deal together soon.
Older buildings with deferred maintenance located in working class neighborhoods / less desirable locations are in a very tough spot.
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Spoke to a broker/owner that is converting prime 1st floor office space in downtown delray into two restaurants
City is making him pay $21k per “parking spot” - fyi, there aren’t parking spots. Essentially legal bribery lol
He said it will total to $850k-1M to get approval 😳
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@CoyDavidsonCRE
@TyMartinCRE
I remember this one hitting our slack closing channel… Everything’s bigger in TX ! 🙌
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My favorite workflow I've created in
@FollowUpBoss
-- sending a handwritten direct mailer to a lead with a click of a button.
Different messages for different prospects.
These aren't cheap (~$4/pop) but I only send them when there is no other way to get in touch.
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@Reiwholesaler
Nice - county is always best.
My buddy developed an automation engine to scrape the latest county leads in real-time — probate, tax, foreclosure.
He’s picking one investor in each county to spearhead, want to check it out?
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