Executive committee meetings are certainly a milestone with corporate real estate! Today I got 5 sites approved. Bringing my total this year to 16 approved AutoZone sites. 2 of these deals were sourced on X. I am very open to sharing my direct email to serve as a funnel for all potential sites! I handle the entire Gulf Coast Region, along with Birmingham, Memphis, and New Orleans.

NYC real estate has rewired my brain.

In the last hour I talked to a Donnie, Ronnie, and Lonnie. No kidding.

Agents, brokers, sellers: As of today I will be handling the New York City Region. Please feel free to reach out to me. Let’s get some deals done!

Most of what's wrong w America could be solved by making it possible for normal, reasonably hard-working people to purchase a home.

For a half-century, America has critically under-built family-sized housing in our most dynamic cities and neighborhoods, rendering them childless and unaffordable. It's time to save the American Dream. Introducing The American Housing Corporation.

Absolutely excellent

A Europe trip is well needed again.. nothing better than taking a walk in Milan.

Happy Holidays everyone! @theallinpod @KILLTONY. Probably the most versatile podcast I listen to.

Rest in peace, Diogo Jota.

Let’s have “pricing discovery” speak for itself. Take deal out to market & see where offers land. If deal was overpriced to begin w/, prob can’t push even more.

What every voter should know about housing policy 1. Rents reflect the balance of supply of apartments and demand for those apartments in a given area. That’s it; there’s no magic. If you want lower rents, you can hope for a recession that destroys jobs and, therefore, demand. Or you can add supply. 2. There is no amount of money that any big city government could feasibly spend that would add materially to supply. This is because, depending on the location, new apartments cost $250,000-1,000,000 to develop… building even a few hundred of those starts to stress any city budget, and many big cities need tens or hundreds of thousands. 3. On the other hand, investors (including pension funds and endowments, insurance companies, rich families, etc.) can collectively **easily** provide enough capital to build as much housing as we need **so long as they are confident they can get a reasonable return**. To get those investors to fund the creation of the housing our society so desperately needs, we must do two things: 1. Dramatically reduce the time & complexity associated with securing governmental permission to develop housing. This means reviewing and simplifying the overlapping regulations that constrain housing production: zoning codes, building codes, parking, ADA, etc. But it also means changing the cultures within the relevant governmental agencies from “default no” to “how can we help you?”. 2. Provide certainty around on-going regulation of apartment operations. The way investors get a return from building rentals is as follows: They hire managers to lease the apartments, collect the rents, pay operating expenses and any mortgage payments, and then send the investors the cashflow that remains. But governments all over the country have been restricting the manner in which apartment buildings can be operated in all kinds of ways. For example: Cities have been making it harder to screen tenants, while also making it much harder to evict tenants who don’t pay. You can see why both of those measures are politically popular. After all, who doesn’t want people to get second chances? And who wants anyone to get evicted? But, as a manager, the combination of those two regulations makes it much harder to predict, with any certainty, that the rent will get paid… and that makes it very difficult to get investors to provide capital to create more housing. Another example: Rent control. Again, I understand why renters love rent control and why politicians want to give it to them. But, if, as has been the case in NY, LA and San Francisco, city governments hold annual rent increases below the rate of growth in the operating expenses of the buildings, the cashflow payable to the investors shrinks… making them much less likely to invest capital in building more apartments. In conclusion: For ~every other good or service in the economy, we allow the market to function, and the result is that we have a surplus of choice at all price points (think of food or clothes or cars), which is spectacular for the consumer. If we want a surplus of choice at all price points in housing, we need to get comfortable with the idea of allowing the market to provide it. And that means allowing investors to build rental apartments *and* allowing them to operate those apartments in a manner consistent with making a reasonable profit.

I don’t think I’ve ever had someone on the podcast who genuinely loves what they do for a living as much as @realEstateTrent loves strip malls. In today’s episode, we talk about 20 years of experience investing in strip malls across the country. I must say, I’m intrigued. Don Tepman runs a real estate fund that focuses on buying neighborhood strip centers throughout the United States and also runs the 'StripMallGuy' account on X and LinkedIn. Don started his career in 2002 and led his first strip center purchase in 2006. He has completed 40 purchases and raised over $150M in LP capital. We discuss: - Don’s career and mentors - What makes a successful strip mall acquisition - Building StripMallGuy and the future of the brand 2:30 - Don’s upbringing and career background 6:28 - The dynamics of suburban retail 10:22 - Don’s mentor & learnings 19:31 - Restaurants in strip centers 24:50 - Tenant mixes 28:42 - TI 34:12 - Where do folks waste money on exteriors? 35:54 - Drive-thrus 37:11 - Don’s hold period strategy 41:09 - Why do you stick to smaller deals? 44:12 - What is your approach to entering a new market? 52:10 - Why does Price per foot matter so much? 52:53 - Leasing 59:00 - Taxes and insurance 59:54 - StripMallGuy 1:08:21 - Working a deal through the system 1:12:23 - Thoughts on the market 1:18:04 - Luxury retail 1:19:39 - Meeting Charlie Munger 1:27:08 - Plans for SMG in the future

You see it all over the place. There's a nice strip center on a corner. The tenants have great frontage on two streets, their signage is highly visible to lots of cars, and there's plenty of parking for customers. And then, the owner decides to make some seemingly easy money. They construct a building on the corner, fetching a high rent. They may add couple million dollars in value, and can spin that corner off at a premium, but at what cost? Full visibility to the building you have left is gone, a barrier to customers is created, parking is impacted, and visibility is impaired forever. You now have a back building that is worth much less. The top tenants you used to be able to recruit are no longer calling. They want visibility -- that is the point of retail. So now you have hurt tenant sales, are attracting lower tier tenants, rents have decreased, and spaces sit vacant longer. 1 1 is not always 3. In this case, it's often 1.5.

Unacceptable that the end-result could’ve been decided within months.

The developer is the conductor of the orchestra.

The greatest manager to ever grace the game. Thank you Jurgen Klopp.

AutoZone is one of the best things that ever happened to me. Can’t even put it into words sometimes.

“He would bounce around jobs and use money from one job to pay guys for another and vice versa. (Not uncommon btw)” Yep… happens a lottttt

“As quickly as things go bad, things go good” - @gas_biz (on @fortworthchris pod). Highly recommend this episode!