Hit 5,000 followers a few weeks ago, so reintroduction for the new people. Developer/Sponsor in Salt Lake City, started off flipping houses and brokering cre Currently building/buying a variety of asset classes within a drive from my house Current portfolio & pipeline is about $30M /- • 7.75 acre retail development -build to suit gas station -multi tenant retail - flex industrial in the back • 19,200 SF spec industrial building, small bays, 980-1680 SF - 4,096 SF existing office building • 42,000 SF of self storage and industrial • 12 townhomes built ground up • 16 units of value add apartments • 7 townhomes in planning Plans for ‘25 are much of the same: industrial, retail, storage, and residential. Maybe bringing construction and property management in house, but the last two are probably a ‘26 item I have a podcast where I share what I’ve learned from people much smarter than me, and a mailing list for more details on what’s going on in the market. Both 🔗 are in the bio.

Perfect spot for a data center

Very interesting M&A activity with figure acquisition of Kiavi. Few tidbits: Decoupling from the actual loan business in a JV with sixth street for the balance sheet. Look at those margins, and CAC to LTV ratio. The financials also look like a software company, but also kind of because that’s what has become.

It’s coming together

Everything you need to know about the land business @TexasDoughnut_

I like land development because in theory you can end up with free stuff. Buy 10 acres. Sell off 7 and have 3 free and clear and a some/all return of capital. Then business plan execution matters a lot less. Don’t need the absolute cheapest bid, lowest interest rate, highest rent, lowest cap rate exit, If you get any/all of those it works really well, but you’re not forced to do anything in particular.

I can’t believe how fast these buildings go up. Just need to send my superintendent to a photography class.

Also on the sourcing side, feel like you could be a great bridge for owner users on a 1-3 year sale leaseback because you’re not IRR driven. Buy all cash for a 5.5-6 yoc at below market rents. Tenant can leave whenever they need to upgrade their space. You re-lease it to a 6.5-7 yoc with market rents. You can be flexible bc you’re unlevered and patient. HUGE value prop compared to most SLB buyers who want a 10 year lease executed prior to buying. Play to your strengths!

I think more people need to take a retail approach to infill industrial and spec it to the user who is going to pay the most rent. Take the building as is, clear height, bay size, power etc Figure out who your ideal tenant is (manufacturing, distribution, service based) then finish it to the point that it’s easiest for them to move in the next week: mezzanine, paint, flooring, racking etc After that, target those tenants with outbound and ads heavily to get them to see it. Industrial people are lazy, spec it to the broadest audience, do no real marketing, and pray someone sees it somehow. I have found that tenants pay for aesthetics and speed. Last lease deal I did was 48 hours from LOI to signed lease. Take your apartment leasing approach to the industrial world.

Ending the week with a new deal Keep me in your prayers

Happy birthday to the my drive thru king. Chris is incredibly generous, thoughtful, and helpful to me and everyone around him. Inspires me to be think bigger!

Many people have been saying it is a difficult fundraising environment Not Bridge though

Another thing ppl forget is equity’s really difficult to raise at this price point, but there is an unbelievable amount of hard money at 85-100% LTV

Couple monster institutional sized multi deals coming out here soon / just got listed If you have a fund of like $250M there are some opportunities to make very little money in the near term but potentially make lots of money someday if you believe in the rent growth story

Mf just discovered off balance sheet financing

Purchased my first commercial property with no partners last month. Small bay flex industrial. 1,800 sqft 3-year lease signed $1.55/sqft NNN Seller finance terms Ample parking (Facebook Marketplace is the way for leasing this product type) Now to buy 10 instead of 1

I got a firetruck lego set for my birthday

I love this buy for Berkshire TM controls a LOT of land. Berkshire basically buying land at book value free options on 50,000 lots.

Happy to welcome @VeoMobility to the SLC industrial market with a new lease at the Carter Webster Industrial Park. From LOI to signed lease in 42 hours. New record!

Credit is interesting because there are effectively only two ways to get higher yields 1. Lend against things that traditional finance isn’t comfortable with 2. Offer more proceeds and higher leverage than traditional finance will And ironically most people just want to do #2