Son: Mom, I don’t want to do my homework.
Me: okay, come to work with me tomorrow instead, you don’t have to go to school.
Son: awesome!
When we get to work, (my office was in a vacancy at the shopping ctr),
I hand him gloves and 3 Xtra large garbage bags.
Me: go fill
My 1st deal as a GP.
I had taken the deal to my former boss/partner/GP.
He told me it was “too small for us”.
1.77 acres for $1.2m
As a broker, I had just sold for a client, 1 acre for $975,000 on the adjacent lot.
I took 4 girlfriends who were all in CRE to the site.
My 19yr old son walked into the back guest bedroom,
I was sitting there with a pile of cash.
Him: Are you a drug dealer?
Me: sit down
I proceeded to tell him this is the amount of money it takes to pay our monthly bills.
His eyes widened.
I had my list.
Me:
Take $—
What I look for when buying a strip center:
*NO elbows.
*Near hospital or University.
(Daytime pop)
*High income. ($100,000)
*Low supply in area. (I don’t want a lot of land that could be developed nor do I want 40 other centers within 1 mile)
*Great signage or ability to
$20 sandwich = $20 bill slipped in between your ID and Creidt card when handing to a front desk clerk at most hotels except Disney - 75% you get an upgrade - 99% you don’t wait for 3pm check in for your room- thanks to @brandonwoulfe for idea
Just sold a Center today.
Owned it 10.5 years.
Sold at a 7.1 cap.
We made 21% annually on the investment.
I didn’t know what I was doing with promotes/ prefs back in 2012 and agreed to a 15% pref!
Luckily I covered it!
Why’d we sell?
The next NOI bump is in 2027.
Taking
Most of those investors are still with me today. Not ALL the deals are as profitable, but my partners know I will do everything I can to make it work.
You can’t under estimate persistence, creativity and relationships.
I LOVE what I do!
Happy Sunday!
20 years ago I was interviewed to list 37 acres in Miami. I met with the owner and his father (dad didn’t speak English).
The son was orthodox.
My competition was Jewish and spoke the dad’s language.
I told them - Truly, you don’t really need to hire anyone. The only parties
Tortious interference:
One of my tenants- was owned by two NFL players.
They were never in the store.
It was a smoothie franchise.
Their sales were dismal.
Of course! They had 16 yr of olds managing the store.
They wanted to sell and therefore assign their lease.
I met