scottyo21
@scottyo21
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FSO Capital Partners, ASU Hockey Alum
Phoenix, AZ
Joined January 2009
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Closed our latest acquisition Friday afternoon in Wickenburg AZ. This is a 48 unit property in the LIHTC program. We paid just $3.15M or $65k/unit and $60/SF for 2004 construction!
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@SullyBusiness
Smile and politely say thank you. Great advice!
Then do whatever you were going to do anyways. People like this don’t deserve one more second of your time.
And good on you and your wife. We need more good parents making more babies!
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Just got confirmation on our largest closing to date at FSO. 176 units in Yuma, AZ!
Thank you to everybody I was able to connect with on this platform that helped make this happen!
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@SrHousing_CRE
Man I teared up at this one bro. What an incredible example of commitment and love. We can all only hope to be as lucky experience that deep of love in our lifetimes.
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The amount of people in our database with $10M+ net worths who have and e-mail addresses never ceases to amaze me.
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Here’s how I started making $250k+/yr at 25
100 dials a day
10 contacts a day
1 meeting a day
2-3 proposals a week
1-2 listings a month
It’s not pretty or fun. This will make you money if you do it over and over and over again.
@fortworthchris
@BarryRoland19
@Cribdilla
@jmccart10
@swilera
I can’t find it but here’s the idea of how I successfully built mine out.
Carnivores (owned/did lots of deals)
Omnivores (2-5/year)
Herbivores (single or dual asset owners that rarely transact)
Hunt herbivores and omnivores feed them to carnivores. It made 250k+ at 25yrs old.
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Selling 3 buildings in Phoenix at 132% premium over what I paid. Is that good?
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@T4YPodcast
@RobertKennedyJr
I love this. If you are NOT in a swing state this is not only an entirely reasonable response but one that has the potential to benefit our country in a lasting and meaningful way into the future!
Respect 🫡
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Got a quote on Friday for 10yr fixed rate debt 3.1% with 6 YEARS INTEREST ONLY
We recently stabilized this deal. It returns 86% of the initial capital invested and our payment drops improving cash flow.
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Sounds dumb but one of the biggest reasons I left brokerage and became a principal was so I could wear a tshirt shorts and flip flops everyday.
Sometimes it’s the little things.
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Update $13M raised in two weeks. Very grateful for all of the folks I’ve met through this platform!
Have a great rest of your week everybody!
We’re live with a new offering! Over $5M raised in under an hour! Let’s go!!!
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We’re live with a new offering! Over $5M raised in under an hour! Let’s go!!!
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Spoke with one of the largest lenders of MF 100+ units. Phoenix office told me 80%+ of their volume last year was either bridge or floating rate. 😳
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@fortworthchris
just reminded me of another all around life hack especially for those of you in sales.
Get note cards. Keep track of every person you come into contact with. Send them a handwritten note. People always remember the way you made them feel.
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Lots of new followers thanks to
@sweatystartup
:
-I with two partners head up FSO Capital Partners. A small syndication group based in Phoenix.
-Value add multifamily in AZ and the southwest
-Operate just over 400 units throughout AZ primarily in Phoenix (225 in escrow)
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Just closed on this little 13 unit in Uptown Phoenix! This is our 3rd acquisition within a half a mile. We absolutely love the long term propects of this neighborhood.
Will begin exterior renovation next week. Grateful a couple of our LPs in this deal came from Twitter!
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Have been largely off
@Twitter
for a bit. We've been busy doing deals! Ready for an even bigger 2023!!!
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Phoenix 100+ units 80’s product trading at 4 caps. What a time.
Bid on a deal today. 30 offers.
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Just looked at a $1.4M TOWNHOME in Phoenix next to a few of my buildings.
I know most of us are thinking it. This SFR market is out of hand.
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Merry Christmas and Happy Holidays everybody! Hoping you and all of your families have a great day.
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I had one of the best days yesterday. Put my broker hat back on and made an extra $1M for our partners on a couple of deals.
Reminder people and relationships are important. Take years to build and pay dividends down the road. Take the call. Take the meeting.
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@Jason
@GOP
@KamalaHarris
If
@Tim_Walz
is willing to lie about his military record why should we believe he isn’t going to lie about everything else?
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@SocraticQuant
@realDonaldTrump
@RobertKennedyJr
Yes. I already liked Bobby. He wants to tackle the border, healthcare, the environment and has meaningful experience.
His vision is getting us back to a place of sanity and healing this country.
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Just drive an hour and half each way to drop in unannounced on one of our buildings. I do this once a week.
Office closed. Nobody there. Nice little start to the Friday.
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How do we feel about calendly links? I somewhat get annoyed by them but it is way more efficient.
The amount of time I spend going back and forth with some folks is crazy.
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You want to see insanity. This what the city made us submit to redo LANDSCAPING on a 13 unit building.
3 weeks for them to review and approve. To plant some plants and make the building and neighborhood look better!
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@realEstateTrent
Depends on the culture of your company. I purposely dress and wear what I want and encourage anyone that works for us to do the same.
We want to focus on the work and processes that drive great results. I want our partners to work with us because of that. Not how we’re dressed
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Fortune cookie tweet:
Life hack. Love people and be interested in what they are doing. Actively root for and help them succeed.
It’ll come back to you more than you’d ever imagine.
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Listed an asset last week I thought I would hold forever.
Within 48hrs of launch 100+ Confidentiality Agreements signed, 20 tours scheduled, Multiple offers north of whisper.
😃
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Hard assets. Buy everything you can.
BIDEN TO ROLL OUT ANOTHER COVID STIMULUS RELIEF BILL IN APRIL, SEPARATE FROM INFRASTRUCTURE PLAN: PSAKI
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1K
5K
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Just got awarded our largest deal to date. Took awhile to get this one wrapped up.
Going in above 6% cap. Almost a 300 bp spread on in place vs debt. Fired up to roll this one out.
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Told a friends wife jokingly I was going to need to be convinced to take a group trip to Belize.
Today one week later received a 15 slide pitch deck on flights, accommodations, activities, and food 😂
Thinking we may need to hire her!
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There has been no greater impact or ROI on time spent than
@Twitter
in my life.
@Keith_Wasserman
@moseskagan
@sweatystartup
@fortworthchris
You guys have all caused me to think differently. Incredibly grateful to meet and interact you with you all.
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Had a Zoom meeting with a hedge fund Friday. Wore this hat for the call. Got a text they would like to invest with us as an LP
Bottom line know what you’re talking about. The rest will work itself out.
Candidate wore a hat during our zoom interview.
It’s a well-paid position in real estate private equity.
Totally fine or poor judgment?
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@realEstateTrent
Not for a minute. Not because of any academic accomplishments or knowledge. I was a mediocre student at best.
The network I built there has been invaluable to me in my adult life.
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@moseskagan
@marketwizard23
I used to separate my database into what I called herbivores (single asset owners), omnivores (couple of transactions/yr), carnivores (very active)
Figure out what the carnivores like and hunt herbivores and omnivores to feed them.
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Very focused on not getting my hand eaten by a Marlin. Not even entirely sure that’s possible but hey I’m a risk manager.
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Real Estate is sport. It’s competitive as hell. There are winners and losers. You can absolutely keep score.
Here’s how you conduct yourself with class on both sides.
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Connecting great people is one of my favorite things.
Somewhat of a fortune cookie tweet but the more I’ve done it the more my network of great people has grown. It comes back full circle many times over.
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Currently struggling with a point
@RohunJauhar
and
@moseskagan
have touched on.
At certain times there just isn’t a lot of work to do. $37M in escrow non contingent. Money is all raised. Capex projects on schedule. Buildings all 95%+ full.
Not a lot going on here this week.
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Nobody wants to say it right now.
In the 100+ unit space broker relationships are more important than investor relationships.
There is more money floating around than there is great deals. It’s a fact in this market.
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One thing just got brought up in the DMs. Questions you should be asking brokers.
Why is the seller selling?(almost always a lie but worth a shot)
Tell me a little bit about the seller, where are they from?
What’s their background?
How long have they owned it?
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Stress test your underwriting
-Take your rent growth projection out
-Drop your rents 10%
-Double your vacancy
-Move your exit cap +50bps
What’s your DCR? Do you lose money? If the answer is no. Why would it scare you?
Isn’t this the same in any asset class?
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Headed out of the country for the first time since October 2019. Could not be more excited about it!
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@realEstateTrent
It never was unsafe. So disappointing to see what has happened to gaslamp over the last 5-10 years.
Especially after the city went to such great lengths to revitalize the area.
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Sometimes things just come together the right way. Big week personally professionally. For partners personally totally independent of anything I have an interest in.
So happy for us all. Love you all. We’re really lucky. Happy thanksgiving everybody!
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Thank you to my new followers:
-I along with two other partners head up FSO Capital Partners. We are a small syndication group based in Phoenix.
-We focus on value add multifamily throughout AZ
-Currently own and operate just over 300 units throughout AZ primarily in Phoenix
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As a newcomer your best bet is to help the people who are already where you want to be.
Their network, relationships, thought processes, etc. become yours over time.
Most firms are far less sophisticated than you would think. No one’s edge is running fancy secret proprietary models
Their edge is years of compounded information, best practices, networks effects and relationships
That means that as a newcomer, your biggest obstacle is time
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One of the largest apartment owners in LA county once told me.
“Scott the deal of a lifetime comes across my desk once a week.”
In real estate, the wise are never dispirited at the deal lost
As the deal of the century comes along
every week
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Lots of new followers this week thank you all:
-I with two other partners head up FSO Capital Partners. A small syndication group based in Phoenix.
-Focus on value add multifamily throughout AZ and the southwest
-Operate just over 350 units throughout AZ primarily in Phoenix
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The million dollar question is in what scenario do rates to go up? What causes them to go up?
Serious question. Asset prices are being inflated right now. You’re better off owning those assets than not. Tell me why I’m wrong.
Probably.
Money could stay cheap for a long time. There is a ton of negative yielding debt abroad and liquidity ready to flood our market at the drop of a hat.
Rates will likely stay low. Gov will probably keep subsidizing these loans. You’ll probably be okay.
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Being a landlord is easy they said. It’s passive income they said.
@MarcSGIlbert
sorry this happened to you today. You’re an absolute champ for getting that solved for your residents ASAP!
My tenants gave me a Christmas gift this morning. Sewer backup affecting six units. Our drain cleaning company saved the day and removed the face towel from the main line.
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@realEstateTrent
Worked on a land deal for over 3 years. $750k commission. Buyer cancelled and went around me a year later.
Ended up settling for an $80k fee. Decided then and there I needed to get on the principal side.
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This is why RE is so much more interesting than public markets to me. Insider knowledge is encouraged in RE. You go to jail in public markets.
Work hard gain an advantage.
@Jb2Investments
Off market deal, broker hadn’t seen in all the units, and property management is a mess. They didn’t have keys to 1/3 of the units.
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Reading this morning about another group this morning. 60k+ units. Almost all secondary markets. All buy and hold. One of the largest owners of Multifamily in the country.
Absolutely amazing business model. I love it.
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Net in migration of 75k for Phoenix specifically. Is that good? Seems decent
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Just got brought a private note on MF at a 20% discount… It’s happening
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Having my first child on Wednesday.
What do I need to know or do???
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Just underwrote a fully renovated turn key deal. Fully expected to throw it in the no pile. Got a debt quote at 3% full term IO.
280 bps of positive leverage with no work. No impacted CF year 1. With debt available like this renovated deals may make more sense in many cases.
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Just got to meet with
@gabebodhi
He was kind enough to buy some drinks. We talked shop for a couple of hours. Very excited for him and his whole team. They are doing some amazing things!
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@fortworthchris
@BarryRoland19
@Cribdilla
@jmccart10
@swilera
I can’t find it but here’s the idea of how I successfully built mine out.
Carnivores (owned/did lots of deals)
Omnivores (2-5/year)
Herbivores (single or dual asset owners that rarely transact)
Hunt herbivores and omnivores feed them to carnivores. It made 250k+ at 25yrs old.
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One of the biggest life choices you can make is who you partner with.
We’ve been offered the briefcase full of money to do unlimited deals. At lower return profiles.
We’ve said NO everytime. It’s not bad. It’s just not the right fit for what we’re doing.
People matter.
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@financeguy725
There was a group that made insane money stripping out PG’s and buying them for $0.10 on the dollar during the GFC.
Later when all of these borrowers popped back up and were flush with cash again they enforced them. Made a fortune.
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Once the QC is complete we will refinance out and return 100% of the capital invested in months 24-36 while still delivering cash flow of 8%+ on the original investment.
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AOL email addresses strike again. These folks are the pillars of our society.
Received a quote from a locksmith to rekey 327 doors under a common master. $9,810. They got the job because they answered the phone, could start Monday, and had the largest crew (faster finish). Dealt directly with the owner. He had an AOL email address.
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Been using
@Superhuman
for about 3 weeks now. It’s an absolute game changer.
I was very skeptical of how an e-mail client could be worth a $30/mo subscription. It absolutely is in both time and productivity.
If you want a referral I still have a few.
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Counter point if you are good with people get into real estate. I know no other business where you have the opportunity with nothing other than a phone to make a million dollars.
If you’re not good with people become an engineer and work at FB or Uber!
If you want to be a millionaire do NOT go into real estate.
Go become a distributed systems engineer and work at Facebook or Uber.
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Hot tip brokers are often a bit slower this time of year. Great opportunity to get in front of them.
Just sourced a very promising off market deal over a breakfast meeting.
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My challenge to myself in 2022 was to write in this journal a friend gave me everyday. 2 weeks in and it’s been hands down the best ROI on time spent. Sets a positive tone for the day and makes everything around you better.
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Brokers going to wonder WTF happened after he gets 17 offers headed into Christmas and New Years 😂
Not worth the effort for an out of state investor but if you live near this it could be a great buy, IMO.
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READ YOUR TITLE REPORT.
We and our investors made over $500k today. The sellers or their attorney didn’t review their own title report before going under contract. Or before we asked for a small credit and removed contingencies.
Never seen this. One off but it does happen.
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One of things I’ve learned from RE Twitter is the theory of abundance.
You really do get what you give.
I’ve raised cash from new LPs I’ve met here. Built some amazing relationships. Most importantly had the opportunity to learn from some of the best and brightest.
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Looking forward to joining
@fortworthchris
on
@theFORTpodcast
today!
RETwit legend
@scottyo21
is joining me on the podcast this afternoon! We’re talking an early career in brokerage, multifamily investing , starting his company , AZ vs CA, and more.
What should I ask him?
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Anyone know of an investment firm, PE shop, or bank, etc. with fun hip branding?
I get it blue, gold, and green with lions or buildings as your logo portray prestige and trustworthiness. It just feels super outdated and boring.
We have buildings as our logo too full disclosure
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@nathanupmt
Still don’t own a house. The opportunity cost on the cash for the down payment was too great.
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We actually go out of our way to put these out even when we can do them on our own.
We enjoy making money with others. It’s a team sport and way more fun. Not to mention no better way to source new LP’s and capital.
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@davewillian_
I’m going to go ahead and tell you… it’s good
1960’s and 70’s sub 4 caps. Give me the money. You take the buildings.
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@SullyBusiness
I have a resident who has totally turned her life around in many respects. Financially for her it started with Dave Ramsey.
Once she got her debts paid off I gave her my copy of I Will Teach you To Be Rich by
@ramit
Complete with my highlights and notes.
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This over and over and over.
Don’t make this mistake. I did. Do what you are good at.
Self-management:
A trap for beginning real estate investors.
Instead of creating a low-paid job for yourself, hire a 3rd party property manager and spend your time finding more deals.
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Growing a Real Estate Private Equity firm is a constant ebb and flow between two main focuses:
A) Capacity Expansion/Systems Tightening
B) Deal Flow
Growing a home services company is a constant ebb and flow between two main focuses:
A) Capacity expansion / systems tightening
B) Lead generation
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We tried to preempt marketing on a deal for $30M earlier this month.
Just found out it went for $33M with $1M RELEASED at PSA.
The thirst is real folks.
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For new GPs this is the most important thing you can do in my opinion. It lowers the returns slightly but it saves you from your LPs remembering you had to come back to the well a second time.
We typically add dry powder into every deal we do for the initial lease-up and stabilization of a property.
The last thing you need is a capital call within your first four months.
It is better to be upfront and over estimate.
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Just sent a $20M deal we passed on to one of my mentors (out of state broker) who invests in all of my deals for one of his clients. It’d be a good fit for.
Took a chance on me both in brokerage and and as sponsor. Comes full circle!
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Great Saturday here. PGA Championship. Playoff hockey. Margaritas with my wonderful girlfriend. Ribeyes on the grill. RE Twitter firing.
Good to slow down every once and awhile and remember life is still pretty great. Hope my twitter fam is having a great Saturday too!
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Just received clarification folks this is industrial rent growth. False alarm!
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@sweatystartup
100% absolutely kills me when I see loved get so deeply invested in it.
It’s a fools errand. Pay attention. Work to understand the rules of the game and how they are changing. Then work to best position you and your family for success.
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First few offers in on our buildings for sale.
New deal under contract.
Today has been a good day.
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