Jeremy Mercer
@jbmatcap
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Commercial Real Estate Private Equity & Brokerage Steering a portfolio of 1.2MM sq ft in industrial assets valued at $165MM Sharing industry insights and trends
Dallas, TX
Joined March 2022
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When I was brokering I would make in-person cold calls on every user or tenant that is over 100k SF on snow days. The gatekeeper never made it in, but the decision maker was there and would always speak with me.
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I have never invested as an LP with Fort Capital so I cannot speak to any of their investments.
I have invested in Fort via hiring them for 3rd Party property management
If they handle their own assets the way they have handled mine then their LP’s are just fine.
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The roads are iced over in DFW today. If you are a CRE broker, you need to go physically call on the largest decision makers in your database. They made it into the office, but the gatekeeper didn't.
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I currently syndicate deal by deal.
It’s exhausting raising money this way.
Thinking about moving to the fund model.
What are the pros / cons of going this route?
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When I was actively brokering, I would find a building I wanted to list, stand in front of it, and record a video myself to send to the owner about how I wanted to list it for them. More times than not I got the listing.
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Good morning all GP’s. Please stress test your portfolio at 7.5% interest. Report back if there are chunks in the armor.
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Some of the best brokers I have worked with manage their CRM religiously. The ones I see who let it go are lost.
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Yeah, sex is cool but...
Have you ever bought a class B Small Bay industrial project and had Chat GPT abstract all of your leases in 1/10th of the time?
It's so hot.
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I went to Inwood Tavern the other night. It’s in HP. Some dude was telling me how he's leaving the next day to ski the Alps for a month. I asked him how he lived that life and he said he owned 500,000 SF of industrial. 100% his daddy teed it all up for him. He was a total douche.
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Gotta hand it to my team. We closed 310,000 sf of industrial in the last two days. It put us at $105MM of AUM. At the beginning of last year we were at $1.5MM AUM. Ready for 2023! 🚀
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Time is precious to a broker.
Sending deals that don’t pencil is a waste of everyone’s time.
Simple math, if the mortgage constant is higher than the proforma cap rate the deal doesn’t work.
If what I just wrote doesn’t make sense do not work on investment deals.
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We just closed our first fund last week.
I would like to thank
@investing_law
for all the help.
Michael and his team have been wonderful to work with and made the process much easier than anticipated.
Now Time to deploy $$$$$ !
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Just closed a 100,000 SF multi-tenant Industrial Property in San Antonio.
I am excited as this makes me and my team travel to the area more to touch this asset and develop deeper relationships in San Antonio.
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CRE brokers, it didn’t make sense last month for investors to buy 6% caps. It definitely doesn’t make sense this month.
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I used to eat lunch on the back of my car at the 7-11 in Redbird between making calls.
The drug dealers thought I was FBI since I was fully suited and booted.
We had a mutual respect since we both knew neither of us were part-time gangsters.
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CRE Fight Nights should have a bout where you can fight someone who screwed you on a commission. I would sign up.
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I will be in Rosemary Beach / 30 A next week.
Since I am at the beach it’s too hot to wear a Patagonia vest to signal I am a CRE / Finance bro.
What brand of beach clothes has the same effect?
I am always hunting for new LP’s and want to be prepared.
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I had two class B deals presented to me last week
Deal 1: vacant - pro forma was a 4.5% SYOC
Deal 2: occupied - 4.8% cap
Why do brokers even work on shit like this ?
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You used to find yield in sub-institutional deals bc the owners of these types of assets didn't understand where the capital markets were. Now I see institutional deals have more yield because Institutional sellers understand where the capital markets are.
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@MultifamilyMad
I am constantly broke because all of my free cash is tied up in earnest money deposits.
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In CRE Brokerage you don't have clients
Just people you have worked with
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How come no one has taken a solid real estate acquisition strategy to Shark Tank?
Seems like it would be the easiest thing to get funded.
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@TeamHerrold
I think we are finding out that most guys are not CRE brokers, they are car salesmen. They have never seen a down market
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@mhprvpmvp
This is so true. Being 43, it seems that everyone is cheating on their spouse. Then they realize the grass isn’t greener on the other side and the fuck their whole world up. I signed up to be a good spouse and a good dad so I am sticking with that
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I’m in Miami for the weekend.
I love everything about this place.
I can’t decide if it’s a good idea to start buying bldgs here or not.
Not sure I want this place to become work.
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So I am phasing out of brokerage but will work certain clients requirements from time to time. I am working a 200k SF TREP assignment for a client. The owner of the company texted me today and told me I have to share my fee with his son-in-law. I prefer to sponsor deals.
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Every keeps saying Stay Alive till 25
but
why don’t you just try to find a way to score in 24?
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I think the dam is starting to show signs of cracking.
We just tied up more footage than we have
purchased all year combined.
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I wish commercial property owners had all the details on their properties….it would make due diligence a lot easier
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Business is built on relationships. Stop "Pinging" everyone. Pick up the phone or go sit down face to face in their office. The results are drastically different.
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@dig_deeper1
You will get farther as an investor by letting realtors make their fee and not expecting them to do your job.
Inspections, underwriting, due diligence is all on you as YOU are the investor.
Good realtors focus on finding deals not buying them.
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Industrial street brokers I am about to bestow words of wisdom on you.
If you find yourself needing to use the restroom and you don’t have a vacant listing nearby, find a hotel.
In most cases, they are way cleaner than the gas station full of homeless guys.
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Best quote of the day:
“There are two types of people in this world. Those who bought real estate in DFW and those that in 5 years from now wish they had”
Rich Young Jr
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Have you ever gone to Starbucks and thought…I can just grab whatever I want at the mobile order pickup?
No one verifies your name or questions you
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My first commission brokering was a gross fee of $202.50 and after split, my take home was $101.25. Luckily this was 2010 so I was excited. Adjusted for inflation that is like $141 today, so kind of a big deal.
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I went to the Rodeo last night in Fort Worth. Out of ~ 25 bull riders only one made it 8 seconds....and he was 14 years old. Freaking Stud.
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@investing_law
When a new LP contacts me to invest I send them my deck with the returns on every asset as well as a video that they have to watch about what we do and how we do it.
If they read the deck and watch the video then we can have a conversation.
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Throughout the whole onboarding process and now management of our assets the Fort team have been nothing but exceptional.
No syndicator ever wants to loose investors Capital.
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@CaseyMericle
I owned a Precison sheet metal shop and had 40 employees at my peak. The day I sold was the happiest day of my life and I have kids. Stick with Real Estate. It always wins
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I fought getting an office for the longest time.
We are officially growing up.
I can already tell the difference of having the team together in just two days
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Closed on a piece of land this week that I have been under contract for over two years.
Now I will wait a year before I even move a spec of dirt
Land is a loooong game
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Can Chat GPT replace city employees? I think that it could actually interpret the code the first time instead of getting a new set of obstacles every time you go back.
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@JTMartingCRE
Hate to break it to you but if you really want to succeed in CRE you better be working 80 hrs per week in your 20’s
40 hrs per week will just get you beat
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I think I have determined that all of the math I need to know for CRE was learned in 4th grade.
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@ChrisRamsey60
I heard once that if you are not embarrassed by the offer you are making then you are offering too much.
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@rledbetterCPA
I had a similar experience with a partner deleting invoices. I now know accounting way batter than I used to.
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I do distributions on the 15th of every month and send an update on the property on the 1st of every month.
Equity loves it when you over communicate.
It’s a simple and very effective tool.
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It's winter time and many CRE bros are duck hunting.
I would like to share my recipe for preparing duck.
Drive to Whataburger, throw them in the dumpster, and go inside and get a taquito.
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I feel like younger brokers don't know how to handle hard conversations with sellers. They just want you (the buyer) to eat it so that they can get paid.
I have had this happen several times to me in the last week.
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Finish strong CRE folks. Contrary to popular belief the year isn’t over just yet.
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@TripleNetInvest
I have done industrial my whole life and last year bought a land tract. I now have another UC. I had a zoom with a REIT yesterday that wants to take the whole site I have UC. The spread is insane. Chang my family tree money
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In any negotiation you must be willing to lose in order to win
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LP’s should know the risks prior to getting in.
Sometimes things don’t go as planned. Sometimes they go better than planned.
It really sucks we lost Chris on this platform. He is a great thought leader and I have stolen many of his ideas for my company.
Onward
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This transaction is closed and funded. The checks are printed and the wires have been initiated with our bank. The appropriate document(s) will be electronically submitted for recording to the County Clerks Office.
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$8.9 Billion in Fixed-Rate CMBS loans will mature in 2023 - $1 Billion in anticipated equity contributions will be needed for refinancing. LP’s – get your helmet on and make sure you chin strap is buckled.
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I heard the best real estate quote of the year on The Fort Podcast Episode with
@gabebodhi
“Yield is temporary, basis is forever”
Gabe Bodhi
Great stuff guys
@fortworthchris
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If you make cold calls and do not provide value then you will be deemed forgettable.
Provide value every call, it’s that simple
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@Levijameshere
I use Christian Healthcare Ministries. Cost me $600 per month for my whole family. I claimed about $40k on it last year and got every dime back. I don’t offer it to my employees but adjust their salary so that they can afford it.
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I love Whataburger but they really need to take a page out of Chic-Fil-A’s playbook on wait time...
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@Levijameshere
Sounds like you have never been to a submarket in DFW called Brookhollow. We call that acceptable where I come from
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Garland TX, it’s like the sister of the town I grew up in Irving TX. Irving got the apartments and Garland got the industrial. So now I spend more time in Garland!
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If the cost of capital goes up
The value of CRE, capital can purchase, will go down.
Funny how a lot of CRE brokers are oblivious to this.
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I was listening to my brother tell one of his tenants, that would not sign a lease, that they can holdover.
He told T that 150X was Holdover.
He meant 150% increase.
He hung up and I asked him if he realized he just told the tenant that the new rent is $675,000 mo.
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@LeoGreenwald
I have had a personal driver for the last 7 years. I would have to ask him. I just want to do more real estate deals and this has been the best money I have ever spent.
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As the economy turns you will have to be a creative broker to get deals done.
I think this will separate who is really a broker and who is merely an account manager.
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@maxfisherRE
You need to follow this up with what a day in their brokerage life was like to get to this point
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In Austin, it cost $1,664 more per mo to own vs rent a home.
In Indianapolis and Cincinnati, that gap is significantly tighter.
Indy $117
Cincy $200
Are our values overheated in Texas and if so by what percentage?
Disclaimer - I could never live in Indy or Cincy
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It’s Friday, a holiday weekend, and the opening of dove season….I would say you could call your CRE broker but there is no way they are working today.
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Late, but cool stats for my company.
Executed 228K SF in leases for Q1 and 64,828K SF in Q2.
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Yesterday I had to punish my son for lying to my wife and I.
I hate having to punish my kids but damn it’s necessary.
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We had our company’s quarterly meeting today. We follow EOS.
Slowing down and talking through everything usually brings out the best actionable ideas.
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@realEstateTrent
Seller don’t consider this CAPEX when pricing their RE
If the roof is shot you are going to get a re-trade and I feel it’s warranted
When I brokered, I would get a roof report prior to listing to give to potential buyers and instruct them to offer accordingly to avoid this
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I used to try to sell truck Maintenace facilities to investors and they had no interest.
Then someone came up with the term IOS and institutional capital is in the game.
Literally and acronym made an asset class safe.
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You see your team more than you see your family. Enjoy who you are spending time with, otherwise, what’s the point?
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I literally have seen a bunch of posts on Facebook of people flexing that they didn’t watch the Super Bowl.
They were “grinding” instead
Geeze…is everyone a guru these days
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@jdanielssports
I feel like A&M and UT (Austin Branch) are always focused on the future but don’t realize they suck in the present.
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At the end of the day lead generation is crucial to any business.
Its where everything starts.
Capital pays for proprietary deal flow.
If you can generate leads and convert them you can weather any storm.
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@bavedikian
Yeah I have thought about it. Then you look at the cost and get sick of what you could actually do with the money.
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I am looking for a broker in the Houston market. Specifically redevelopment sites located in the EAOD.
If this is you or you know someone please connect
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CRE brokerage is part psychological warfare. If you want to get ahead call your competitors today starting at 4:30 asking for availability status on their listings. Most are already drinking by then.
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You heard it at the Oscar’s first 👀 Matador Capital is where it’s at
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The attention you give any action should be in due proportion to its worth
I will not be responding to 5% cap rate deals at this time
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