Fernando Gutierrez

Real estate operator running opportunistic deals across Europe. I write about the parts of AI in business that actually move money.

[Fernando Gutierrez @fernando]

1/ Three local models on a Mac mini handle the volume in my setup: press, emails, notes, documents. Parsing, enrichment, search.

Everything they produce gets stored in local databases.

Opus 4.7 only shows up at the end, on curated context.

24GB of RAM. Cost of electricity. Here's the architecture.

[Fernando Gutierrez @fernando]

@TimurNegru Yeah, this is very jurisdiction dependent. But I just found in the thread that someone said I can do this with IBRK in Switzerland. We all got a solution, thanks!

[Fernando Gutierrez @fernando]

@TimurNegru Good to know, thanks. Please share what company you finally use, I would love to do something similar for my kids when they are a bit older.

[Fernando Gutierrez @fernando]

It will be good for single family because the nerds will finally buy the home they want for their family (they don’t care much where they live because they commute between their own head and the office).

No way they go big into RE as an investment.

[Tuvia LA Multifam @tuviagroup]

One thing I don't think enough people are talking about:

The buyer pool for LA multifamily may be considerably bigger in the next 6 to 18 months.

Once the lock-up periods expire and liquidity events occur at companies like SpaceX, Anthropic, and OpenAI, there will be a massive amount of new wealth created, especially here in California.

If you're a tech employee who suddenly has a few million dollars of liquid net worth, LA multifamily starts to look pretty attractive.
You can invest in your own backyard.
You can diversify away from the same tech stocks and startup equity that created your wealth in the first place.

You can earn a 6%+ return in an asset class that is far less correlated to the technology sector than your existing holdings.
You get depreciation and other major tax advantages.
The next major wave of multifamily buyers may simply be people cashing out of the biggest AI and technology wealth creation cycle California has ever seen in decades.

With AI creating new millionaires at an incredible pace, it is not hard to imagine a meaningful amount of that capital finding its way into Los Angeles apartments.

If that happens, it could provide a meaningful source of additional liquidity for the LA multifamily market over the next several years.

[Fernando Gutierrez @fernando]

@mainichigerman @TimurNegru She’s got her own practice too. We thought it would be hard to find clients abroad, so we travel a lot back and forth. Nice to hear it’s doable!

[Fernando Gutierrez @fernando]

Nasdaq -4.18%. BTC through 60k.

The assets I work in only tell me what they're really worth when the contract is signed. That used to bother me. Now it's the part I'd pay for.

You can't panic sell a building at 3am.

[Fernando Gutierrez @fernando]

@mainichigerman @TimurNegru I love Berlin. What I manage is in Ku’damm, but walking around Mitte and many other areas is also super nice.

My wife is also an architect in Spain. Do you find it hard to move around and find work around Europe?

[Fernando Gutierrez @fernando]

If you're having problems with @claudeai now, it's them, not you.

Switch to an older model like Opus 4.6 and it works fine.

[Fernando Gutierrez @fernando]

@DallasAptGP Ahead is time and on budget almost breaks the laws of physics. Congrats!

[Fernando Gutierrez @fernando]

There is a strong buying culture in Spain, but salaries are super low due to low productivity. Most people simply can’t pay what it costs to build a house.

Germany is an interesting case. I hear there is a lot of talk lately about the problems of your preference towards renting. Is that the case? I’ve worked in commercial real estate over there (I manage something in Berlin) and I find it a great place to work.

I also live in CH and have developed a couple of projects here too. Financing is way easier here, even if only because buyers have money.

[Fernando Gutierrez @fernando]

Similar process and legal figures in Spain (Roman Law is the base in both countries). However, the finality of that first contract depends on what you negotiate. It’s quite common to make it contingent on getting financing, specially for lower income buyers.

Demand is high, but not as high as the numbers suggest. There is a serious offer problem that constrains the market. Most people can’t afford to buy.

[Fernando Gutierrez @fernando]

@mainichigerman @TimurNegru Idealista (the source) is the leading portal for selling homes in Spain. Probably they consider a sale when the seller removes the ad. The actual sale takes way longer. Most mortgages take more than a month even if pre-approved.

[Fernando Gutierrez @fernando]

Check this more than I’d like to admit. Not because it’s running low. Because the work runs through it now.

[Fernando Gutierrez @fernando]

Same here. I’m working great with my tax advisor in Berlin now, but it took years of adjusting and a lot of frustration along the way.

As for tax authorities, completely different game. The problem with the Spanish one is that they assume you are guilty and do things in bad faith by default, which makes everything confrontational. You’re right that Germany is slow, but I’ve always found them quite fair… so far 🤞

[Fernando Gutierrez @fernando]

@alvaroalegriam 2-3% es mejor que la mayoría. Yo dejé de entrar regularmente hace años por eso y los mensajes de aprendizajes varios.

[Fernando Gutierrez @fernando]

@RetailDevDude @iononrecourse Banks will spit in your face, so your pockets define the size of the deals you can do. Small can be good. Specially because you need to diversify.

[Fernando Gutierrez @fernando]

I do that kind of stuff. Different types of assets. Different countries. The only common thing is high uncertainty.

I’m not suited for the other type of operation, this works best for my personality.

You are right about wide range of results. The key is entering at a great price so you can cut loses early if things don’t go as they should.

[Fernando Gutierrez @fernando]

Una casa así es un trabajo full time y un pozo de dinero. No es lo que te gastas al comprar, es lo que te gastarás después. Y si tú vida no permite remoto por trabajo o colegios apenas la disfrutarás. Sé de varios que han comprado ese tipo de producto en distintos sitios y han vendido en menos de 5 años.

[Fernando Gutierrez @fernando]

@robbiehendricks I’m not even Iin the US and this post makes me want to work with you. Perfect delivery 👏