Ryan Tuttle
@RyanGTuttle
Followers
1,441
Following
460
Media
174
Statuses
2,187
I finance investment real estate | Deal Champion | $950M+ Closed | Multifamily GP | 🏄♂️🏃
Santa Monica, CA
Joined January 2023
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Last Seen Profiles
If you ever wanted to understand what underwriting models look like on the lender's end...
Here's a behind the scenes look at my extensive, exhaustive, embracive lending model.
DM me if you need a copy.
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It's crazy how buyers and appraisers are FULLY efficent on pricing.
Market value is EXACTLY what the contract price is.
Contract Price = 1.225mm
Appraised Value = 1.225mm
These guys are good...
#retwit
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Excited for our next multifamily purchase
2% cap rate never felt so good!
11
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Just closed on our next headache!
In all seriousness, very excited about this one. 15-unit condo conversion and renovation.
Should be a clean 7-month exit taking advantage of the heavy disparity between Multifamily PPU and residential PPU.
DM me if you want more details.
7
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31
Had a seller approach us to buy his Multifamily property before putting it on the market.
He wanted 4,000,000.
In no way did the deal pencil.
It just hit the market.
He wants 5,000,000.
Can some brokers chime in here and tell me how this master plan works?
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1
27
Just got introduced to someone who "really knows finance and real estate" at a party.
2 minutes in he's telling me how banking is a sham/illusion and how he's making his own sovereign state.
I asked him what he did, and he replied with "I'm a bartender".
Vet out "gurus".
7
1
25
Another deal closed in 4 days.
Purchase contract Thursday.
Docs out Friday.
Borrower signed Saturday.
Funded Monday.
Recorded Tuesday.
#retwit
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Twitter is weird.
I could spend 30-90 minutes drafting up some detailed thread.
Or
I could take 30 seconds and say "we closed a loan in 4 days."
The latter will get 5x the views + engagement.
#retwit
5
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24
10,000 LinkedIn followers feels like 100 on Twitter.
Had to say it.
Thanks for the last few from Twitter that put me over the edge.
You will receive your Tuttle bobble-head shortly.
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It's crazy how far an aesthetic, clear-cut pitch deck will get you in real estate.
Being on the receipt-side daily, it creates a huge impression.
3
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17
If you're a mortgage broker, don't CC me on an email with 20 other lenders asking for the best terms available.
7
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15
Congratulations to my 1,000th follower on Twitter!
I’m that much closer to not sneering at my follower/following ratio!!
Thank you for fueling my vanity metrics!
(PS: to the 2 other followers, please unfollow so I may keep a clean 1,000.)
1
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I’m giving in.
Here’s the content you actually want to see.
3
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13
SVB has ~550mm office CRE debt on their books.
Wondering who’s going to buy that. Hard enough to place that as-is in normal market conditions.
#retwit
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14
As a Multifamily broker in this market, how are you coming up with your list prices?
Honestly curious, because the past 10 OMs I’ve read don’t substantiate anything.
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14
I used to be self-conscious on my financial modeling skills.
Then I saw the number of $100MM+ net worth developers with NO excel skills.
3
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14
I keep hearing banks and capital sources are “Pencils Down” right now.
I’m out here with one of these.
#retwit
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What am I missing with Multifamily in Madison, Wisconsin?
YoY 9.2% rent growth.
Sub-2% vacancy rate (trailing 4 quarters).
Why?
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12
I made a Residential Rental Excel Model for clients stepping into the multifamily space.
Link is in my bio.
#retwit
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If you want to pursue a career where you can spend months working and ultimately not get paid, then real estate lending/sales is for you.
0
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13
Closing dinner?…
Please DONT DM me hate about how “this isn’t pizza bro”
My diet cannot be monomaniacal
6
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11
I feel like the bulk of my job is to continually tell people:
1. "I'm still here!"
2. "We're still lending!"
Otherwise, you socially drop off the earth.
Or, people assume you didn't stay in business.
3
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10
I’m going to go on a ledge here and guess I’m not going to feel great after this…
Don’t know what I’m getting into
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Nothing impresses me more than someone who responds in less than 3 minutes.
Text/Email - get back to me immediately and I'm WOWed.
The bar is set pretty high lol
1
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We're still lending.
Feel like I need to put out constant reminders of this considering everyone's perception of the market right now.
#retwit
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10
Hard to express how fulfilling it has been to be mentored by family in real estate.
The wins are compounded tenfold.
#retwit
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I know a qualified buyer when I see one.
“I’m supposed to get a $320k payout when I win this sports bet…”
You’re instantly qualified for a loan.
No questions asked.
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Note for GCs/Builders:
Have a website for your firm.
Update your website with recent projects.
The client's lender will thank you.
5
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9
At Hillstone SF hearing a guy at a table behind me trying to raise 100% LTC B-Piece debt.
2
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Don’t pitch me an “off-market” deal if the first Google result is an active Zillow listing.
2
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9
Got excited about this
Until it saw it was a fake account
At least I can pretend
3
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9
4-day closings on a 3 property portfolio loan hit different.
...Even more so since it was end-of-month and end-of-quarter. Hell week but still got it done.
...Also forgot that the deal had a fuse with a purchase contract.
#retwit
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I honestly feel that your income is directly correlated to the size of the problems you're willing to take on and handle.
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The more time you spend in real estate, the more you realize that it’s OK to know nothing about something.
Multifamily guys can have no idea about retail. Industrial can be clueless about build-to-rent.
No one cares.
Develop your niche.
1
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So close to hitting a vanity metric milestone on a website lacking depth!!!
3
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8
I started treating every client/contact/referral as a person.
This sounds dumb, but I started to talk to them as I would my closest friends.
I’d joke around and and start having conversations, rather than trying to sell something all of the time.
Loosen up.
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@zachmolzer
Everyone can chime in on your marriage timing, but you have to give her credit for the strength in photo 3
1
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8
I wasn’t bullish on Mobile Home Park investing.
Then I found out a relative lives in one in Malibu where the space rent is $5,000/month.
2
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Just saw a buyer get in contract on multifamily off a wholesaled contract.
The wholesaler is tacking on a $1,100,000 fee.
More than 50% over his purchase price.
Not sure how this makes it past the due diligence phase.
3
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It's not value-add unless the property has bullets (fired) lying around the parking lot.
#retwit
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I can't tell if I should be happy or not after being called "Finance Guy" at a dinner party.
1
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I honestly think you build credibility with someone after turning down their business.
Prove me wrong.
Obviously, delivering what was promised is a preferred route.
Just an observation.
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5
I’ve failed all of you…
It’s been 3 weeks since I posted pizza
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Are people using “1.5 trillion of CRE debt matures in the next 3 years” to prove whatever point they’re making?
40 minutes on LinkedIn and I’ve seen it 6 times.
#retwit
5
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7
Country life is cool, but have you ever been stuck in gridlock on the 405?
That’s what a real “sense of community” feels like.
0
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Love when a borrower sends me a blurry photo of a building and asks “what terms can you give me?”
No other data.
Let me spend the next few hours finding the address on Google Maps Street View.
3
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5
I will flat out refuse to work with people regardless of the money involved.
I’m not the only one, I know.
This post is for myself 10 years ago.
I don’t take on sh**ty clients/contacts.
This handled stress for me.
4
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Crazy how far a kickback and plagiarism gets you.
Thank you for the shoutout, LinkedIn.
1
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7
It’s funny how the 1st thing out of every Florida Broker/Owner/Investor is “beware of insurance costs.”
Seems like this is a back-of-the-napkin MUST for any multifamily deal this year.
Along with rate woes, this is a big reason for investors in these markets being pencils down.
2
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Time for some walkthroughs of a portion of the completed units on our condo conversion project
3
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7
People on Social Media will make market generalities based on one call like,
“Spoke to a broker and he confirms there’s a MASSIVE disconnect between buyers/sellers.”
This “broker” might be some small-town one-deal-a-year closer who just dropped that gem that we take as gospel.
1
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7
I sent a broker a few intro documents to get a term sheet out.
Just followed up with them.
“The borrower found an easier lender” (Broker)
I asked for photos and a personal financial statement.
Would love to see what an “easier” lender means here…
3
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7
My tailor is saying he can’t add any more length to my waistband.
I told him that I can’t let this stop me from giving the people what they want - pizza content.
2
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If you call me before normal business hours, hostilely grill me with questions, and cut me off repeatedly, don’t end the call with “looking forward to a long relationship.”
There is no relationship.
I don wan it.
0
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7
Prove me wrong, but there’s no reason to have Gridlines active in Excel.
It makes a huge difference aesthetically.
If you send me a model with them, I will remove them within 3 seconds.
1
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7
Say it with me:
There's no "I" in "Don't shop me around with 20 other lenders and expect me to bend over backwards for you wth getting a term sheet out."
2
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7
Had someone come to us for a purchase loan for multifamily in LA.
They’re overpaying by 35%.
I told them this is why we can’t hit their loan ask, and then questioned why they’re overpaying.
“I think it’s worth it.”
This is a 2023 build and vacant.
Not sure what the exit…
1
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Should have the first 2 units of that 15-unit condo conversion completed in the coming weeks.
1
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5
Want to better your service as a broker in real estate?
Be a principal and put your own money on the line.
You’ll stop avoiding calls and withholding data to a buyer.
“Empathy” is trite, but it encapsulates what you gain when you get on the principal side.
#retwit
1
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6
Insane.
2
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6
We can all relax.
The economy is going to be stirred out of an impending recession for one reason alone.
Pumpkin Spice Lattes are back.
1
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6
Great call with
@mattfranciz
. Stationed out of Atlanta and loved his insight on the local market out there. Has a family pedigree of CRE.
Quality connection if you’re lacking data in the CRE space with the firm he’s tied to.
#retwit
1
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4
Can’t we stop saying “not out of the woods yet.”
It’s 11:30am and I’ve seen it 9 times so far when referring to Fed policy.
3
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6
Just closed another deal in California with no appraisal.
Two single family residences.
Some title issues but still got it done.
0
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6
@TeamHerrold
@SFR_Investor
@redwood_ryan_a
Dan, I think Northmarq should embrace a shirtless policy to boost Q2 comp
0
0
5
At lunch and hearing a Multifamily broker’s closing pitch:
“I think it cash flows.”
Strong pitch.
I’m sold.
Color me closed.
0
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6
I've gotten more viable deals from posting pics of pizza compared to half of my old advertising actions.
Not sure if my gut can keep up with this for the sake of business...
2
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5
Very excited about our next multifamily acquisition.
Gut check = home run.
2
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6
Just got this photo from a client for a loan we’re doing.
Wanted to see photos of the property.
Wondering if he’s indicating that “little” buddy is collateral.
2
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5
75% of my job is to let people know that I’m still alive in Real Estate Lending.
High attrition rate in this field.
Constant ebb and flow of who is lending and who is sitting on their hands.
We haven’t stopped, nor do we plan to.
0
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6
Personally, I find comfort in weekend working.
I get to catch up on everything, distraction-free.
I try (but mainly fail) to keep calls off my books for these days.
I prep for the week to come so I'm not flat-footed come Monday.
0
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6
Taking advantage of Florida water temp before I’m back in the sub-50° soup of Malibu
0
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6
I’m just going to say it…
If you have a client for commercial real estate, and they want a 90% LTV loan.
That’s not a client – that’s a waste of time.
1
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6
@Gabe_Lajeunesse
@constantraise
@jbjessieKY
@BrendaTheLenda
@crownepointefun
@Chasing_the_dr
@CRE_Kev
@HUDMFLoans
@CJtheLender
No floating rate debt, low leverage, retain dry power, target gateways non-florida and Texas, structure cap stack with further equity rather than high leverage debt. Everything you have already been hearing. And of course, NFTs and triple leveraged ETFs.
0
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5
Dear escrow officers,
Please do not send me a password-protected email with “thank you 😊” as the only content.
1
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5