Carlos Rovira
@TheCarlosRovira
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Building financial freedom by acquiring distressed commercial real estate and turning it into cash flow with my S. Florida based property management company.
Florida, USA
Joined April 2022
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@TripleNetInvest
This is weak sauce. I bought an office building in 2021 for $12 psf. I could literally scrap the building and sell the parts and make my money back. Most of the wealth in this world is created when everyone else is too afraid to make a move.
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@TripleNetInvest
There has never been a better time to buy office buildings. When everyone is running away from an asset, that is the time to take advantage and find great deals, provided you have the desire to actually put in the work it takes to carry them through the down market.
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Alright, this one goes out to all the office building haters out there in the
#CRE
world.
This is the Crysler Building in Kansas City. Not to be mistaken with the Chrysler Building in NYC! My partner (
@truckpark_king
) and I bought this building in 2021 for $350,000. That’s $15
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WRONG. We invested another $450,000 in CapEx over the course of the next year. That brings our total basis to roughly $33 psf.
At the start of 2024, we are at 90% occupancy with revenue of $267,000 and expenses of $150,000 (it’s a full service office building). That’s a cap
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Wealth is created during times of uncertainty. It’s not easy, and you have to work your ass off, but it’s possible. Don’t let all the negative news discourage you from making big moves. Buy office buildings now for cheap. There will be a comeback, sooner than you think. Work from
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@sweatystartup
Look into a school called Acton Academy. Alternative education with no homework or tests and flexible schedule. It’s like outsourcing homeschool.
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We did this during one of the scariest, most uncertain times of most of our lifetimes, when the perception was that “everyone is working from home.” Yes, we were scared too, terrified actually. It’s ok to be scared, but when the rest of the world is running away from something,
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@KrissBergTweets
Being fully bilingual is gift and opens you up to so many opportunities not just in business, but in relationship building in general. We are one of the few first world countries where being bilingual is not the norm. The ability to communicate effectively is a fundamental
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@WallStreetSilv
Basis being reset at a more reasonable valuation. Its what the market needs to begin recovery.
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@TripleNetInvest
Here’s some inspo for all you office haters. Don’t lose faith!
Alright, this one goes out to all the office building haters out there in the
#CRE
world.
This is the Crysler Building in Kansas City. Not to be mistaken with the Chrysler Building in NYC! My partner (
@truckpark_king
) and I bought this building in 2021 for $350,000. That’s $15
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I re-read this one every few years to remind myself to stay humble.
This book changed how I look at money. I read it so you don't have to.
These are the 5 biggest lessons I learned:
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@realfrugalmogul
Dave Ramsey excels at creating debt free middle class families but that’s about it. True wealth building is much more complex and has multiple dimensions besides just avoiding bad debts.
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@HeroDividend
Growing up I was always told that the car would explode if I didn’t turn it off while pumping gas. I never questioned why I never heard of any car explosions on the news.
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Your children will mostly remember the times where you failed to be fully present— physically, mentally and emotionally. Don’t lose sight of the very reason we build financial freedom. There must be a balance. Don’t let the hunt distract you from what’s truly important in life.
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Good morning to everyone except those sellers that think they can sell me a 4% cap rate when rates are at 7%+
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@ryancollinscre
I think it’s meant to just prevent the seller from coming back to you years later with a signed contract and trying to force you to perform based on the fact that it was an offer that technically never expired.
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@TripleNetInvest
This is the time where great wealth will be created for those that are willing to put in the work and grind to get these failing assets performing again.
Alright, this one goes out to all the office building haters out there in the
#CRE
world.
This is the Crysler Building in Kansas City. Not to be mistaken with the Chrysler Building in NYC! My partner (
@truckpark_king
) and I bought this building in 2021 for $350,000. That’s $15
12
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I’m pretty bullish on suburban real estate as inflation pushes operators out of urban core markets.
To me, this is the best real estate in the world. 1/3 acre lots, 2 hours (by car) to the beach, low-traffic highways in every direction, great public schools, a 2.5 hr flight to LA, and complete privacy (because nobody visits).
Current entry-level price: $59,000.
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Avoid excessive leverage. While leverage can amplify returns, it also heightens risks. Stress test all your deals and if there is any risk of not achieving enough cash flow to carry it through a downturn, don’t buy it. No deal is better than a bad deal.
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@SB00220
There’s more demand for smaller units. If you can find a building that can be cut up into sub 1,000 SQF spaces, they rent quick. We have a lot of 500 SQF spaces that we rent out for $500/mo and they fly. Larger units are not in high demand.
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@shawngorham
DM me and I can send you some stuff. I did a full panel bloodwork out of pocket on and then hired a functional med doctor NP to help me go through every single line item.
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@Chazzym22
There’s still plenty of terrible operators and property managers out there running properties into the ground. Just a matter of finding them.
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@omprabhu
@TripleNetInvest
Strip the copper, scrap metal, sell the doors and windows, sell all the fixtures, take it apart brick by brick and sell every single component that is reusable. Tear down the rest of the building and sell the empty lot to a developer for cheap.
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@Budgetdog_
I do one every week. It gets easier. Try drinking one packet of
@drinkLMNT
around lunch time. It helps with the headaches.
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@jj_buckner
Tell that to all the folks who bought their homes in the early 80s with interest rates at 16%
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@WallStreetSilv
This is a natural part of the process of growing up and earning a living. I used to work unloading fruit in the freezer of a grocery store in my 20s for $6.25 an hour. You eventually grow up and learn to grind your way out of the poverty wheel (at least some of us do).
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@TheDrugMoney
I take two months for security plus the first month. If they can’t come up with that much cash, I don’t want them as my tenant. Takes me longer to fill vacancies but saves me money in the long run.
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Amen.
PSA: Most of us chase wealth in the name of our families but at the expense of our families. Find the balance ⚖️
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@dtmorgan18
@BarryRoland19
I agree with
@BarryRoland19
. You may have been able to execute an addendum to the operating agreement of the original entity changing the cap table and transferring ownership of shares/membership internally. Did the bank explicitly make you create a new entity?
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“Relationship banking” doesn’t work in CRE. Go with whoever can give you the best deal and close the fastest. Banking relationships run their course quickly. Be quick to move on to the next bank as soon as one becomes difficult to work with.
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So many multifamily deals hitting the market with low interest assumable debt as if it’s a huge selling point. I’m buying assets based on their current market value and the potential to add tremendous value. Assumable debt is a nice bonus but by no means a deciding factor. You
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Real estate has intrinsic value unlike other assets that can go to zero.
I find a lot of comfort knowing that my properties are HARD assets.
Crypto can be stolen. Money can be printed. Stocks can go to $0.
But a building? You can feel it. You own it. That thing isn't going anywhere as long as you can make the payments.
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@EngineeringFI_
All soda is bad. Causes inflammation which leads to a bunch of other health issues. Big problem in this country is we’re all walking around inflamed unnecessarily from all the crap chemicals that get put into all processed foods. They are a silent killer.
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Amen!
The big myth about rental properties:
"Passive Income"
No part is truly passive:
• Choosing an investment type
• Choosing a market
• Choosing a property type
• Choosing a property
• Choosing who to manage
It's less active than a job but can easily become one
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@dig_deeper1
I had one PM falsify invoices from repair companies and overcharge me for maintenance. It’s the reason I launched my own PM company. Never again!
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@JeffSwearingen8
A decent hair salon would bring more foot traffic which could help other businesses in the center.
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What the inside of my mind looks like on most days 😂
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@heIpfullandlord
We use Buildium. Great for residential but lots of limitations if you’re managing commercial.
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Too many investors get hung up on purchasing property at a “good cap rate.” Success in commercial real estate investing hinges more on maximizing long-term cash flow. Focus on effectively executing value-add strategies and you will build tremendous wealth over time.
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Usually the case in most large metro areas depending on what your goals are.
There is enough in Texas...even just in DFW for a small real estate firm to grow into a very large one without ever venturing far from the home office
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As the new year unfolds, commercial real estate investors in Miami may find themselves facing a slower market pace, which, contrary to initial concerns, can be a golden opportunity for those with a strategic mindset.
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@dtmorgan18
I charge two months. Takes me a little longer to find a tenant but really weeds out a lot of terrible people.
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Too many new investors struggle to draw a distinction between the roles of Property Managers vs. Asset managers, often expecting the PM to act as an asset manager, to then later be disappointed when expectations aren’t met. Here is a quick write up explaining the differences:
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Sent a broker an email with my very specific buyer criteria for commercial properties. He responds with a listing for a condo unit. 🤦♂️
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Yes, buy real estate…
Rents have drastically outpaced income over the last 40 years.
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Truth.
Successful people constantly feel like they’re failing.
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Word to the wise: When you close on that smoking hot, below market deal, please don’t report it to CoStar. 🥹🥹
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Many thanks to
@DrKellyFlanagan
for sending me an advance copy of his first fiction novel! Looking forward to reading it! 📚🤓
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Barrier to entry is very low.
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Interested in real estate? Start by cutting personal housing expenses through house hacking. Many overlook how much income goes into rent/mortgage.
Opt for a property like a duplex. Live in one half, rent out the other to boost income and speed up saving for your next purchase.
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@STLChrisH
In HVAC the fastest one to show up wins. Doesn’t matter if they are a single truck operator or giant PE owned firm. Customer service and response time will prevail always.
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@KrissBergTweets
Same in real estate. Everyone looking for that crazy deal. All you need is something you can cash flow a bit, get that depreciation benefit, and hold for the long term with relative stability.
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Great point. The reason our services are good is because of our process. If we make exceptions, the quality gets diluted.
When you ask a property management co to make an exception to standard procedures for your building, you increase odds of:
- That specific process getting screwed up, &
- Other mistakes occurring
So you should try to avoid asking… & a good PM should push back if you do.
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Patience pays off in real estate. Wise investors understand the value of long-term holds. Resist the temptation to chase short-term gains and focus on building sustained, appreciating assets with healthy cash flow.
#cre
#RealEstateInvestment
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@KCmolzer
Yes, please. My partner in Kansas City is dying to do adaptive reuse and I’ve been apprehensive. I’m way too conservative.
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@MarcSGilbert
And if you rely on the current educational system to teach them you’ve as good as failed.
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@KrissBergTweets
If you’re able to learn and become fluent in a Romance language like Spanish or Portuguese, it also opens you up to a variety of cultures because you can easily jump from Spanish to Italian or Portuguese to a French, etc., since the languages all evolved out of Latin. You may
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@indexnforgetit
In another life I would have disagreed with this but after dealing with as many people as I have I realize that most people just aren’t entrepreneurs and are better off working a W-2. Absolutely nothing wrong with that. Has taken me years to come around to that fact.
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Something most new investors don’t think of when buying in C Class markets. Cash flow may look great on paper but the management required to actually achieve proforma is incredibly difficult.
Return on headache needs to be accounted for in your analysis
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