Keith Wasserman
@Keith_Wasserman
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オーロラ
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Make money in tech, preserve wealth in real estate.
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Make money in tech, preserve it in real estate. An adage as old as time.
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Not enough talk here about Canva. $40 business created in 6 years. Unreal.
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I’m gonna call it now. Clubhouse to Zuck for $10 billion.
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Make money in tech, preserve and grow wealth in real estate.
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@BillAckman
@Harvard
Every Jewish donor should stop their donation even if they had a pledge. This is ridiculous.
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Your reminder that big things start small!!!! From 4-plex to $3 billion of real estate acquired. Learned everything by doing. Never had a job in the industry. Cut our teeth on small 4 unit bank owned properties we bought in 2009. Another great time to start is NOW with values…
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Gelt just surpassed $2 billion of real estate in the portfolio. Onwards!
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People flaunting money is just an insecurity. The real wealthy don’t need to show anyone anything.
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Everyone trying to pick my brain or sell me something. What ever happened to slowly building a relationship with someone over time?
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I get the question, so what makes you differentiated from all your peers as a real estate investment firm/sponsor. Here’s my answer:
1). Long term thinking and horizon- we aren’t into fix and flip. We are long term holders.
2). If we ever do sell we always 1031 exchange.
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If I owned office buildings right now I’d be shitting bricks.
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I had one 100X stock in the last ten years ($TSLA). If you had one pick from here, what’s the next 100X stock over the next 10 years?
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@JasonWaang
Send me your Venmo and I’ll take care of a week too no problem. Thanks for opening my eyes to this.
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Real estate is the best get rich slow game there is risk adjusted. Period.
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Real wealth is having more passive income coming in than your annual expenses with plenty of extra cushion for the occasional splurge.
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Circa 2009 when I think the banker was so overwhelmed with the amount of detailed paperwork I brought back to them, they rubber stamped the loan 😂.
Didn’t have any money so wore all my dad’s old “business clothes”
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My daughter last night was making lots of noise from her room. I walked into this at 9:30 at night. No sleep for us parents!
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I also cry every day that my $10,00 of Netlflix would be worth around $2 million today if I held on. If I could teach my younger self anything it would be to hold on and never sell good companies. Same goes to real estate.
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Real estate hat on now for 10 year predictions! 1). Mobile home parks will have a resurgence by being marketed differently and modernized 2). Coliving will becomes massive in major markets 3). Apartments and hotel lines will continue to blur allowing flexible stays w/top service
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So few people are willing to play the long game. Such a competitive advantage in life.
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I have an investor that has invested $100k in every single Gelt deal since inception. Every time we 1031 he participated and rolled everything. Now makes $200k a year with us all tax deferred yum yum not including cash out refis. Thanks me almost every week.
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I love my
@Tesla
but their customer experience has become atrocious. I’ve had Teslas since 2012 and this might be my last one.
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Women make the rental decision in a majority of instances yet most apartment developers are male. My wife’s developments are absolutely crushing it because she doesn’t build the same cookie cutter stuff over and over, but brings in unique design elements and functionality.
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Crazy times. Literally just returned Gelena’s Lexus SUV to the dealership only one year into 3 year lease, and they cut ME a check on the spot for $11k.
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Wife just surprised me with best 10 year anniversary gift ever. Amazing personal stylist to come to the house and edit my closet and then buy me a ton of awesome clothes for all occasions that actually fit me as the tailor was there the entire time. So thoughtful!
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Wanna get rich? Compound money for a long period of time at a high rate of annual return without the tax man interfering.
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Highly recommend the new Kanye West documentary on Netflix. Biggest takeaways thus far is his success was due to not only raw talent but relentlessness and having a supportive mother in his corner that was his rock. People underestimate the power of believing in someone.
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Welcome to the world Saul Cash Wasserman! 8/8/2020
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The Bakersfield, CA fourplex that started the Gelt company. March, 2009
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Robinhood just running a modern day casino at this point.
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Major win today for Gelt investors. Bought Tamarac for $74 mil and sold for $141 mil. 3.05X equity multiple net to investors over 6 years including cash flows. 1031 tax deferred exchange into Volta closing today. Brand new product in amazing downtown Long Beach. 🚀🚀🚀
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Mentor of mine bought a $3 million building 30 years ago with around $600k down. Every year now it spits off around $3 million in annual cash flow.
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Warren Buffett right now searching for a home for Berkshire’s $150 billion cash on hand.
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Did you know 90% of millionaires in the US are from real estate investing 🤑
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All these red hot second home markets about to be spanked.
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Rule number one in owning a restaurant: Always try to own your real estate. You will probably make more money over time on the real estate than the restaurant itself.
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I’ve got mentors here on Twitter that don’t even know they are my mentors!
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Most real estate investment companies I know are just trying to kill it on any given single deal and take an exorbitant amount of risk. I’m trying to build a legacy business hitting singles and doubles for decades and if the market gives us home runs so be it.
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I wanted to let you know that I've volunteered for the Russian vaccine trials held here. I received my first shot @ 11:30 am today. It’s completely safe with иo side effects whatsoeveя, and that I feelshκι χoρoshό я чувствую себя немного странно и я думаю, что вытащил ослиные уши
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Little know fact. At one time I was a top 500 eBay seller in the world. Had sold around 200,000 items on the site in early 2000’s while going to college. Went to the annual eBay conferences and everything. Fun times!
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I’m convinced most people just need someone to believe in them, and they can change the trajectory of their life.
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True story, Dr. Dre was my neighbor growing up and every time I drove by him blasting his music I would give him the “Westside” sign.
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Officially closed on the monster. LFG!!!!!!!! 🚀🚀🚀🚀🚀🚀🚀
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Charlie Munger buying apartment buildings like they are going out of style yet it doesn’t get reported bc he is the sole LP in deals and the props aren’t in his name.
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Economy going to rip post Covid. Seeing glimpses of it already.
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Shit about to get real! Packed the hospital bag for baby number three’s arrival!
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Speaking to my alma mater USC tonight. Intro to Real Estate class. Gonna bring the heat.
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Ya sex is cool, but have you ever done a massive cash out refi?
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Gives me no greater pleasure then politely turning down all inbound VC and PE requests to invest in Domuso because we don’t need the money! This was after going around on a roadshow in Silicon Valley and going 0-50 a year ago.
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Little secret to share with you. I never learned, nor do I know how to properly use Excel.
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Wanna know a secret? I’m scared shitless each time we launch a new deal because we raise capital deal by deal. Never know if we will fall short or be able to raise. This is after 12 years in the business and $550 million raised. I don’t think the fear will ever go away!
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RIP Artem. You will be really missed. You were a true mensch and always made time to talk to me no matter how busy you were. Very saddened by this news. RIP friend.
How does one become a real estate developer? Here is my path:
My name is Artem Tepler, and this is my journey in developing multi-family real estate.
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What’s a horror story in two words in your industry? Mine is “change order.”
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I used to get so angry with people that frustrated me or made me upset. Now I just wish them well and a weight is really lifted. Wish I learned this earlier on.
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One of my mentors bought a property 20 years ago for $3 mil. Now every year he cash flows $3 mil off this same property… RE ftw!
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10 years from now you will be VERY happy you bought those great companies on sale right now!
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Hypothetically if
@moseskagan
,
@fortworthchris
,
@sweatystartup
and I hosted a pod like the “All-In Pod” you think we can give them a run for their money? Would you listen?
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Thoughts and prayers for RE sponsors who entered Phoenix, Vegas, etc. with max leverage bridge debt over the past year.
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Feel really sad. Our first family friend investor that ever invested in us (bought like 15 fourplexes with us in Bakersfield in 2009) when we had no track record whatsoever just passed from Covid. 😭 Wouldn’t be where we are today without their support in the beginning.
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This one hurts. Bought for $15 mil and sold for $19.5 mil and we thought we were geniuses. Only raised $4.9 mil equity on purchase. Venture type returns. Now whenever we sell at least we always try to 1031. Lesson learned.
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People gonna lose their mind when they see negative year over year rent growth in Phoenix. Couple that with interest rate explosion and deluge of new supply and you got a recipe for disaster.
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I can already tell this NFT flipping madness is going to end in tears for a lot of people. Reminds me exactly of the late 90’s when everyone was day trading stocks and getting “rich.”
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Some of my favorite tweets hang on my wall in my office… here’s
@rabois
on his investment criteria…
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No better feeling in the world then making your investors who trust and believe in you a boatload of money.
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Closing Gelt’s biggest deal in our company’s 13 year history tomorrow. Feels good. Lots of Twitterers coming in. I appreciate all of you! 😍🚀🙌
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Starting to see a surge in crypto millionaires and centimillionaires investing in our deals. Crypto and real estate, the ultimate barbell strategy!
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Most high net worth and ultra high net worth individuals have a massive glaring hole in their portfolio… income producing real estate. We act as an outsourced real estate arm for countless families and individuals looking for allocation in this beautiful asset class.
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One of the reasons I love Twitter so much is that over time if you follow someone consistently you get to really get a feeling for what they are all about, what they value, how they are as a person. You get a good look inside someone’s mind. I’ve made some amazing relationships.
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