Stuart

[totodile @totodile_cap]

Is it just me or is the entire industry (probably sell side more guilty of this) unhealthily obsessed with “tough” or “easy” comps. Shouldn’t we be focusing more on NNARR or rev added.

[Nick Tomaino @NTmoney]

Fair question to ask a crypto VC: do you outperform BTC and ETH?

Private equity funds measure themselves against industry specific Public Market Equivalent benchmarks and crypto funds must do the same. There needs to be outperformance to justify fees and illiquidity

[Stuart @Stuart_594]

@TheRealEstateG6 deal

[Marcelo P. Lima @MarceloLima]

I'm told this is the Berkshire internship reading list

[Andrew Wilkinson @awilkinson]

Here's a big list of things that don't seem to work, based on the last 20 years of running Tiny:

• Giving an advisor or advisory board free equity to advise a CEO without putting any real skin in the game and investing their own money (they usually go "thanks for the free equity" and occasionally respond to emails)

• Variable price/cost plus contracts (going over budget = vendor makes more money - natural incentive to go over budget)

• Synergy between two entities, unless they are almost 100% identical and it happens naturally between the two management teams with a clear profit incentive (even then, rarely works)

• Hiring people with traditional finance backgrounds—especially big corporate accounting—as opco CFOs (I see this a ton - first time entrepreneurs in small businesses hire a bean counter when they need somebody who is willing to roll up their sleeves and operate the business alongside them with a financial lens)

• Hiring outside management/compensation/etc consultants (they have no alignment and get paid regardless of the outcome / often incentivized to tell you to change everything so they sound smart / they can't deliver hard news to management because they serve them / "consulting is the art of picking your pocket watch to tell you the time")

• Fractional CFO/finance people vs. in-house finance (you'd almost always pay the same amount just in-housing, except you get 1/20th of their time and attention and they aren't aligned with you)

• Hiring a big company person to run a small or medium company (no scrappiness, used to a big cushy org full of support - usually don't know how to hire, how to do HR, how to incentivize, how to run an actual org, think TOO big)

• Hiring a CEO from a business with X business model (for example, ads) and expecting them to execute Y business model (for example, recurring membership revenue) in your business (people typically keep executing the strategy they know and love/are comfortable with - “to a person with hammer, everything looks like a nail”)

• Expecting a business to disrupt itself or incubate its own “labs” projects (these are usually expensive boondoggles and the innovator’s dilemma typically kicks in “never expect someone to understand something that their paycheck depends on them not understanding”)

• Expecting a CEO to issue dividends vs. horde cash when their incentives don’t align with dividend receiving shareholders (CEOs will often  press to keep as much cash on the balance sheet as possible, unless dividends benefit them as well - you essentially incentivize them to create silly R&D projects or at least project the need for massive cash investment)

There's so many more. Will share as I think of them :-)

[StripMallGuy @realEstateTrent]

20 thoughts on 20 strip mall tenants:

[Triple Net Investor @TripleNetInvest]

Buying a NNN Deal? Here is a list of some of the CRITICAL DUE DILIGENCE DOCUMENTS you will want to ask for ⬇️

[StripMallGuy @realEstateTrent]

Strip Mall leases are very long-term, and it's better to leave a space vacant than to sign a lease with the wrong tenant.

Here are 16 tenant red flags:

[Ayodeji @Ayotheauthor]

"Whether you like it or not, life is a game, complete with winners and losers.

But most people don't even know the game has rules, let alone have a plan to take advantage of them.

Here are 16 rules to the game of life that will get you ahead of everyone else playing:

[StripMallGuy @realEstateTrent]

How to buy your first strip mall, a thread:

[Antonia @antonia_mdprjct]

Some (apparently) controversial things I strongly believe in about life, RE development & design:

Morning routines are not for everyone (I don’t have one & still get a lot done w/ my days)

[Cobie @cobie]

@cmsholdings One might describe it as super

[Matthew Gottesdiener @MRossG199]

1/ what we do? we invest, rehab, operate and manage Multifamily across 30 markets and a current portfolio of 26k units and 8bn of assets. No JVs. No syndications. No partners (maybe one day..). Deals range from core to deep value add. Focused on secondary & tertiary markets.

[Michael Green @profplum99]

1/n OK, because I'm feeling generous I'll take a shot at explaining this to the Rusty Shak.

[The Real Estate God @TheRealEstateG6]

Analyzing a real estate deal in 30 seconds:

Market rent * unit count * 12 months * 95% occupancy = revenue

Revenue * market NOI margin = NOI

NOI / (purchase price + renovation costs) = stabilized yield

If stab yield is 150 bps > market cap rate, it’s worth looking into

[your local self-inflicted housing crisis ouroboros @itsahousingtrap]

Outsiders don’t really understand just how weird the planning process is.

Imagine you’re a master carpenter. You’ve been building furniture and casework for many years. You have a style that you’ve developed, and a loyal customer base that loves your products…

[Misha @mishadavinci]

Emerging technologies are exponentially transforming the future of EVERYTHING.

If you want to get up to speed (fast), listen to these:

[Jeremiah Shamess | Toronto Land & Building Sales @JShamess]

@StephenPunwasi I hope so. Think about this.

In 2015 it cost $200 PSF (hard costs for condo).

In 2018 it was $300 PSF
In 2019 it was $325 PSF
In 2021 it was $425 PSF
In 2022 it’s now $520 PSF

The graph $ I presented at the @LandPRO_GTA looks like GameStop 2020 😛

[Barrett Linburg @DallasAptGP]

This 3D rendering was completed by a vendor found on fiverr with a 1 week turnaround for $474.

I can’t remember who recommended this service but Thank You 🙏