Multifamily Broker at Colliers | Views my own, not Colliers’ | Not investment advice | Dallas, TX | colliers.com
Joined February 2010
- Tweets 7,875
- Following 736
- Followers 8,075
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386 Photos and videos
Jun 6
I’m invested in a 1970s vintage deal in San Antonio. Owner gets 5 BOVs.
$980 rents, 84% occupied.
If this were in Dallas, this a $65-70k/door deal. Most BOVs were $75-$85k/door.
Then you have some guy at a firm who has a reputation for putting out overpriced deals nationally (that don’t sell) at over $100k/door.
Do you think this broker has no idea how to value properties or is just a liar?
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Jun 6
I love brokering basis deals. High level thinking Buyers that don’t care about broken plumbing or rent rolls.
When I broker cap rate deals, the Buyers pick on every little thing.
Basis buyers don’t get caught up in minutiae. They buy at X and sell at Y.
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Jun 4
What are your thoughts on being 60 - 90 days into a contract with hard deposits, Buyer has equity challenges, and terminates the deal and claims bogus Seller default to recoup as much EMD as possible.
Basically, Buyer can’t close and will default, so lies to recoup risk capital.
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May 31
Hot take: most of the people piling on distressed sponsors right now were likely market participants in 2020-2022. Very few had the foresight of an aggressive rate hike cycle.
The fact is thousands of sponsors, operators, equity, and debt got caught up in the exuberance of 2020-2022. Private, small players to large institutional players. People and companies new to multifamily, and also with many years of experience.
@BeardyBrandon introduced more people to real estate investing than probably anyone in the last decade. Plenty of them built real wealth because of it. I’m just trying to keep some perspective.
Lessons learned for many all around.
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May 14
I wish we could standardize form contracts in Texas for multifamily deals. I’m more of a handshake guy. I’d rather cut a finger off than spend 4-5 weeks negotiating a PSA on a $19M deal. I heard this is common in the northwest.
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May 12
Made contact with city attorney. Got release of bench order with intent to re-file and found title company to insure without indemnification. Closing in a week.
If there’s a problem, there’s a solution.
May 9
Had an REO supposed to close yesterday but couldn’t get a bench order cleaned from title until code violations are cured. It’s a non-monetary lien placed by a judge pre-foreclosure.
Buyer and lender funds were all in escrow. Buyer fully aware of all violations and plans to cure. Lender won’t close though with risk of being in 2nd position or condemnation.
1) Asked Code Compliance if they could release lien, let us close and file lender lien, and then refile their lien.
2) Asked title company if we could escrow amount to cure violations.
3) Asked lender if title could make it an exception to policy, but they won’t take that risk.
4) Asked Seller if they’d hold all proceeds in escrow.
Getting a fat no on each option.
Called and e-mailed city manager and district rep to make a business case why to release and refile and let Buyer handle code violations.
I have a feeling this deal may be dead after nearly 110 days under contract and several hurdles.
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May 9
Had an REO supposed to close yesterday but couldn’t get a bench order cleaned from title until code violations are cured. It’s a non-monetary lien placed by a judge pre-foreclosure.
Buyer and lender funds were all in escrow. Buyer fully aware of all violations and plans to cure. Lender won’t close though with risk of being in 2nd position or condemnation.
1) Asked Code Compliance if they could release lien, let us close and file lender lien, and then refile their lien.
2) Asked title company if we could escrow amount to cure violations.
3) Asked lender if title could make it an exception to policy, but they won’t take that risk.
4) Asked Seller if they’d hold all proceeds in escrow.
Getting a fat no on each option.
Called and e-mailed city manager and district rep to make a business case why to release and refile and let Buyer handle code violations.
I have a feeling this deal may be dead after nearly 110 days under contract and several hurdles.
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May 3
At West Point, plebes (freshman) had exactly four responses outside of the classroom:
1)Yes, sir (ma’am).
2)No, sir.
3)No excuse, sir.
4)Sir, I do not understand.
You owned the outcome regardless of circumstance. Being a leader starts with being accountable which leads to trust. You do this enough, and it reshapes your character.
A friend sent me an email from a GP to his investors and the GP didn’t necessarily blame market conditions, he said he made faulty assumptions, he learned from it, and would redirect any future promote on other deals to return losses to investors.
Anyone can be accountable when it costs nothing. He was accountable when it cost everything.
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May 2
If you’re straight out of college and looking to get into multifamily brokerage, I’d recommend joining a top 3 team and brand to get experience. See how the best operate. If you’re really good, they’ll promote you to a producer role within a few years. Or, you have leverage to go to another team given your resume.
If you can’t join a top team, then look into an analyst role at a DUS lender or one of the most active Buyers in the market. Then leverage it to join a top brokerage team.
Your first job in the business is critical. Miss, and it could set you back many years.
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May 2
ReTwit has become ReAITwit.
99% of posts are hyping up AI with no useful content.
OR, many posts are long form, AI generated, and I skip right past them.
Thanks to a handful of good writers out there who are insightful and/or comical.
@robbiehendricks
@stealx
@resetbasis
To name a few.
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Apr 28
I feel bad for brokers who spend their days cold-calling and texting owners, fishing for anyone who might sell. I would dread going to the office with that plan.
The alternative: tracking data, being a real advisor, solving client challenges, building genuine friendships, creating a flywheel where owners and developers call you… sounds a lot more like something worth doing for 20 years.
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Apr 24
In the past, I’ve been offered a Rolex from a Buyer to get awarded a deal. But for cookies to show up with the property name on them… that’s next level.
Welcome to Dallas, the most liquid market in the country.
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Apr 23
Dinner at Carbone’s last night with a few heavy hitters.
The operator/developer sitting to my left and I haven’t transacted as he’s been more focused on development post 2017.
He still owns about 8000 units after selling off a few thousand in the last 3 years.
I’ve heard this a handful of times over the last two weeks, but many seem to be seeing a strong spring leasing season in DFW and feel like the tide is turning.
Another major developer at the dinner agreed seeing positive momentum in heavy supply areas like Celina and McKinney.
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Apr 23
I believe supply demand imbalance starts to shift this year and we see concessions start to burn down. Probably no asking rent growth until 2027 or 2028 depending on the submarket.
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Apr 22
Fasted for a day and went into keto diet for the last 2 days to see how I feel.
Keto sucks. I feel terrible in the evening after dinner.
Not sure why anyone would choose to live on that diet. Life is so much better eating and drinking carbs.
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Apr 19
Claude can now help you dominate your CRE Market like a top producing broker from CBRE or JLL. For FREE.
Here are 6 prompts to automate and elevate your brokerage business:
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Apr 19
Psych! Study the market, call your prospects, set meetings and build relationships. Everyone is looking for the easy button when you just have to stick to the fundamentals!
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Apr 17
So many family offices coming into DFW for opportunity, so few deals. I need more inventory!
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