StripMallGuy
@realEstateTrent
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Candidly sharing 20+ years of real estate knowledge. Buying strip centers anywhere in the US - As featured in The Real Deal. Posts are opinions, not advice.
USA
Joined June 2021
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Pinned Tweet
Some real estate principles I live by:
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Half hour ago.
Teenage girl on my street having a severe allergic reaction.
Yelling for an EpiPen.
I’m holding my kid, sprint a block to the fire department, yell that we need an EliPen.
Fireman comes out, follows me, tells me the city took them away because of budget.
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What did an office job look like before computers or cell phones?
People got to the office at 9am. There was just a desk there, and a telephone.
What did they even do?
I know there’s an answer to this.
I don’t know what it is.
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She wasn’t conscious by the time the ambulance arrived.
I got to the fire station in plenty of time
I hope this post helps someone not have this happen to them.
I don’t get political - but fire departments should carry them.
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Can somebody please explain how this business still works in one of the highest rent districts in the world.
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I have a friend who made $3M million in Silicon Valley and moved to a suburb of St Louis.
Her and her husband live large, and feel very wealthy.
I have a friend who made $50M.
He lives in a building full of millionaires in Manhattan and feels like he’s barely keeping up.
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Hey sorry guys. Breaking character.
This is Bar.
That’s my son at the bottom of the photo.
Bar lived in Israel.
She went out dancing last weekend.
She didn’t make it.
May her memory be a blessing.
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Office building: 100k square feet
Purchase Price: $100M
Rent: $8M (gross)
Year: 2019
Now half vacant
Rent: $4M/yr
Cost to operate: $2.4M/yr
Interest on loan: $3M/yr
Owner losing $1.4M/year, $40M down payment wiped out, and no tenant interest
Happening all over the country
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It’s not the office that they hate, it’s the commute.
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Realtors who tell their clients to buy a home because they will be able to refi when “rates come down soon” should lose their license
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1999. I’m 19 years old.
I’m visiting a friend in Chicago, and decide to take a train to Milwaukee to catch a baseball game alone.
I happen to sit next to a senior investment banker from New York City.
He’s on business by himself, and we start chatting.
We talk baseball, the…
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Why I love NYC:
Target: 3 min walk
Coffee: 1 min walk
Kid’s doctor: 7 min walk
Haircut: 5 min walk
Dentist: 8 min walk
Central Park: 12 min walk
Any type of food: 8 min walk
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Bought US Treasury Bills this morning at 4.47%
You don't pay any state or local taxes on these, so the "apples-to-apples" return is actually higher.
This 4.47% is considered the "risk-free" rate, and nobody should be buying a 5% cap real estate deal given this.
It defies math.
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Had a great parenting lesson last week.
We took our toddler skiing for the first time, and signed him up for a lesson.
I was sure I’d be at his side, and was looking forward to the day ahead.
We arrive at the counter, they check us in, and the guide looks at me and says “pick…
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The new $20/hour minimum wage law for CA fast-food workers is causing a huge uproar.
It technically applies to stores with 60+ locations, like Taco Bell, Burger King, but its implications are going much further.
One major problem:
Franchisees with just a couple locations, who…
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Salesforce, a $150B company with 78,000 employees is now hiring employees by time zone, not location.
No need to guess what will happen with remote work - just need to open our eyes to what is already happening.
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Liking the direction Costco’s taking new store design
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We interrupt this twitter outage to remind you that lenders still prefer a W2 employee that makes $50k over a 1099 entrepreneur that makes $500k
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I don’t buy property because I think the value is going to go up.
I buy property because I can make the value go up.
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Buying a single family home and renting it out for income will get you a ridiculously low annual return on your money and lots of hassle.
I suppose the airbnb demand craze made the math work for a while.
But that was temporary.
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Live shot of the First Republic Bank branch on Park Ave in Manhattan.
No lines outside.
Barely anyone inside.
But this is less interesting to tweet.
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Blown away by wealthy people who talk themselves into moving out of a state they love just for tax reasons.
The money is supposed to give you freedom, not make you move somewhere you don't really want to be.
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25M square feet of office space is now available in San Francisco, with no end in sight.
It’s like Rome has fallen.
No words.
Just sadness.
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I grew up in the suburbs.
Loved it.
Didn’t expect to raise my son (now 4) in New York City.
Finding there is so much for kids to do here!
His favorite spot is the Museum of Natural History.
This morning we went to the auto show, then the intrepid museum where he saw fighter…
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Friendly reminder that lenders still prefer a W2 employee that makes $50k over a 1099 entrepreneur that makes $500k
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Grabbed coffee with a guy who’s got a great job opportunity that would require relocation.
He can’t take it.
Why?
Giving up his 2.75% fixed mortgage and taking on a 6% mortgage is a deal-breaker.
Many will find themselves in the same boat.
Rising rates are a freedom killer.
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Yes, lenders prefer a W2 employee that makes $50k over a 1099 entrepreneur that makes $500k
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@bigwill1973
This isn’t a real answer. Your response is unrelated to my post. I’m here for useful conversations
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I get in the elevator this morning.
Dude walks in, wearing $10k suit, looks at me:
"Push Floor 3 for me"
I push third floor.
Door opens on third floor, he walks out. Door closes.
Other guy takes out earphones:
"That dude's family hates him"
Welcome to Thursday morning.
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So how long until the Credit Suisse situation actually makes it into the news…
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Sorry, if you choose an aisle seat, the penalty is that you are ok with being woken up.
Lady just lost her mind when I asked to take my three year old to the restroom.
“I was sleeping!”
If you have to sleep, go with the window.
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Was at a dinner party earlier.
Tech guy asked me for some real estate advice.
He then disagreed with everything I said for forty minutes.
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Of tens of thousands of posts, this one mean the most. By far.
Millions of people read this, which means somebody will carry an EpiPen that otherwise would not have, and someone is going to ensure they are carried by a place that doesn’t carry them now 🙏
The only update:
As…
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Nobody loves doing deals more than the guy that taught me the real estate business.
After 35 years, he’s still coming across great deals. But he’s passing on everything as of late.
I asked him why:
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I suggested that if each resident chipped in $2k toward a lobby remodel, our unit values would increase by at least 10x that.
The room erupted with uncontrollable screams, and one guy literally fell out of his chair in pure anger.
Welcome to HOA.
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Bought Strip Center: $3,800,000
Invested: $250k
Sold Strip Center: $7,250,000
Time Period: 3 Years
Here's exactly how we did it:
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Guy I know has $400k in the bank, makes $250k a year, a credit score of 800, and his credit card limit’s only $3,000.
The card company won’t increase it.
The US credit card system:
Good luck making an ounce of sense out of it.
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I didn’t buy my first home until 34.
Didn’t meet my wife until 38.
Became a dad at 40.
I rent, and I’m 44.
There is no right way.
Write your own script.
Trust your timeline.
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Chick-fil-A is very interested in one of our properties.
We told them we can’t make a deal with them no matter the rent.
Why? They’re too popular.
Our shopping center will instantly become a traffic and parking nightmare and the other tenants will leave.
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Drycleaners, their devastating impact on our communities that nobody talks about, and a solution:
As a strip mall owner, I've dealt with this issue for 15 years, and I'd like to address it here.
Hope this gets Retweeted so we save lives!
Since the 1930s, the
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Sellers don’t want to give up their 4%
Buyers don’t want to want to pay 7%
And so, the US housing market is frozen.
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It’s almost 2024 and lenders still prefer a W2 employee that makes $50k over a 1099 entrepreneur that makes $500k
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That Chinese food you can’t get enough of.
The nail salon everyone in town loves.
That insane Korean barbecue spot.
Some of the best local businesses in America and operated by immigrant families.
The unsung heroes?
Their children.
They show up at landlord meetings to…
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I secretly go on vacations to random US suburbs, and there is nothing like it!
Just got back from one, and fired up.
Let me explain:
When you go to a place like Rome or Barcelona, you want to see as much as you can, experience the area like a local, and hit all the top spots.…
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Risk-Free 5% money:
Go to Ameritrade
Trade>Bonds & CDs>US Treasuries>0-1 year>6 Months>Buy
Beats that shiny 4% cap Chick-fil-A.
And you don't pay any state or local tax on the income.
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Cold-calling is the most underrated path to wealth in the world.
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Because of this community, I was invited into Charlie Munger’s home this past fall.
It was 90 minutes, just Charlie and me, talking strip malls, real estate, business, finance, and life.
It was perhaps the most surreal experience of my life.
Here are 10 fun highlights:
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When I was 16, I was hired as an usher at a sports arena.
Not knowing any better, I took the job as seriously as a surgeon or pilot would.
I read every word of the job manual, memorized every rule, shined my shoes before every shift, and showed up way too early each time.
I…
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It was 2008, and the phones stopped ringing.
No buyers, no lenders, nobody wanted to transact. No end in sight.
After months of nothingness, I decided to take a little break and head to Europe for a couple weeks.
That was when I met my friend Paul, and it changed my life.
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Lenders prefer a W2 employee that makes $50k over a 1099 entrepreneur that makes $500k
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How old were you when it suddenly hit you that time was more valuable than money?
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Drycleaners, their devastating impact on our communities that nobody talks about, and a solution - a thread 🧵👇
As a strip mall owner, I've dealt with this issue for 15 years, and I'd like to address it here.
Hope this gets Retweeted so we save lives!
Since the 1930s, the
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We do more deals with mom-and-pop businesses than national tenants.
I’m often asked:
“But, where’s the credit?”
The credit’s the fact that sushi spot is that family’s entire livelihood.
The credit is the $250k of their money they invested in the space.
The credit is that…
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One of the most successful people I’ve ever met believes delayed gratification is the key ingredient to success
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My Real Estate Journey So Far, a Thread 👇🧵
There are lots of different ways to get into the commercial real estate business and stick around, but this was mine:
1) Getting In
I graduated from college in 2002 without any idea of what I wanted to do, and I didn’t know
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A good friend is 40-years-old.
He has no plans to marry, doesn’t want kids, and doesn’t own a home.
He constantly travels to meet friends, spends lots of time with his parents, brother, and nephew, and is one of the happiest people I know.
There’s no right or wrong way.
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Just got off the phone with one of the top brokers in the country.
“Half my team won’t make it to the end of this quarter”
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Real estate: if you don't have any expertise, buy when interest rates are high and sell when they're low. That's it.
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Was on a call today with the Chief Investment Officer of a financial services firm that manages over $1B.
He asked me all the right technical questions as would be expected, and then:
“Have you heard of Strip Mall Guy?”
Stunned - I paused.
“I am Strip Mall Guy”
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If they’re:
Over 50: leave them a voicemail
40-50: email them
30-40: schedule a call
25-30: text them
Under 25: I have no idea
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Why does someone that drives 30 miles a month pay the same for auto insurance as someone that drives 3,000 miles a month
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Being super responsive is a skill that prints money and requires no talent.
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🚨What I'm hearing today🚨:
The new $20/hour min wage law for CA fast-food workers.
1) Experienced workers making $20/hour are pushing for a raise now that entry-level folks get the same.
2) Employees making $20/hour within full service restaurants are saying "hey I need a…
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The government is paying you 5% interest to cover your 3% mortgage.
These are truly wild times.
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Marriott on Manhattan’s East Side.
2015 Purchase Price: $270M
2023 Sale Price: $153M
This was my course about how real estate can go down, and it was free.
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People began to worry when the national debt hit $5T.
But - nothing really happened.
We moved on.
Then we hit $10T, which seemed crazy.
Again - nothing.
Then $20T, and now $33T.
We print more money, as the consequences seem nonexistent.
The fed has created the perception…
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Walked in the door 3 mins after our son fell asleep. Doesn’t matter how well the day went at the office, wasn’t worth it.
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Guy I know in New York City only parks his car on the street, and constantly gets parking tickets.
It’s cheaper than paying for garage parking.
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Many of us get lots of random LinkedIn requests to take calls with people we don’t know, but we dismiss them as a huge waste of time.
I decided to actually agree to take one of those calls for once.
I’m here to tell you:
It was a huge waste of time.
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Guy I know was making hundreds of thousands a year, but stayed in an apartment he and his wife had outgrown.
Why?
Rent control.
He was paying a couple grand a month, and it made no sense to move when the same unit would cost 2x.
He had an insane deal, and didn’t want to give…
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It's unbelievable.
We have a job opening right now for someone who wants to learn real estate private equity inside and out.
No prior real estate experience necessary.
It's a hands-on role, with daily hands-on training for someone who is smart and hungry.
The person will…
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Downside of buying vs renting:
*Interest payments
*Property taxes
*HOA fees
*Fixing things
*25% of equity immediately gone on paper (5% selling commission)
*Tying up investment $$
*Losing ability to easily move
Renting isn’t the ripoff mom, dad, and your friends said it was.
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Five years ago I was vacationing in a foreign country.
I was 38, and met someone there.
It felt very different right away, but pursuing it was totally impractical.
Would have made all the sense in the world for us to walk away.
Friday was our four year wedding anniversary 🎉
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Paint is the best return on investment in real estate.
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I call, you text. I call, you text again.
You guys under 30 crack me up 😅
What is it? Is it embarrassing to be on the phone
Genuinely curious what the deal is.
You’re going to do less deals this way.
Promise.
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Yes, yes, lenders still prefer a W2 employee that makes $50k over a 1099 entrepreneur that makes $500k
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Eighteen months ago, 20 years into my career, I opened this twitter account to share true industry insights, without an agenda.
It was a way to give back.
Little did I know you guys would completely change my life.
Can’t thank you enough - we are just getting started! 🙌🏻
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Wasn’t aware that New York City has its own income tax (3.87%).
This is on top of the state income tax.
Amazingly, when you add those two, it’s still less than the CA income tax rate.
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Wife left her Big Law job in New York. We get our lives back.
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You do know you’re paying more to store all this stuff than the stuff is actually worth, right?
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I suggested that if each resident chipped in $2k toward a lobby remodel, our unit values would increase by at least 10x that.
The room erupted with uncontrollable screams, and one guy literally fell out of his chair in pure anger.
Welcome to HOA.
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Was buying a MacBook Pro last week and chose a model that was $3,199.
The salesperson asked me what I was going to use it for, and recommended I buy the $2,399 model.
Many businesses would fire that employee.
Perhaps they should promote them.
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Grabbing dinner with a friend.
Meeting your buddy for a drink.
Feels like nothing happens without it being scheduled in advance.
My international friends don’t seem to operate like this.
They want to meet someone, they call them and meet in 20 mins.
Wish we did more of that.
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Our three-year-old told his classmates we're having a pizza party tonight.
We were not aware of this.
Several parents now sending their kids over.
Somebody send me a playbook.
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Was dropping off my rental car today in Sacramento.
The gentleman who assisted me while I dropped off the car was wearing a Yankees hat.
I told him I was going to the game this weekend with my son.
He smiled, told me he had two kids.
Told me it goes by fast.
Said he moved to…
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A pro sports team is a privately owned company that somehow gets a city to give it unlimited branding and marketing, for free.
Pure genius.
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The real downside risk is not taking enough risk before you have kids and a family
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Silicon Valley in 1999 was wild beyond words.
There were countless wild stories.
Here's mine:
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Last night I shared some income and expense numbers that are very common in Manhattan.
They were real numbers, shared without judgement or opinion.
Yes, people who make $1M in Manhattan pay $425k of that in income taxes.
Yes, they send their kids to private schools that cost…
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It's cheaper to fly from Nashville to Dallas:
Frontier Airlines, $15
Than it is to go to two blocks in NYC:
Uber, $18.92
I no longer understand anything.
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You start tweeting about strip malls, and next thing you know you're invited to speak at Harvard.
Twitter. Is. Wild.
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Paying off your 3% loan makes no sense.
You’re better off using the cash to buy t-bills that will pay you over 5%, tax-free at the state level.
The government paying your mortgage.
Yup, that’s now a thing.
Wild times.
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People hide their bank account info like crazy and then they hand someone a check with the bank routing and account numbers without giving it a thought
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Met a guy that became an expert at removing car dents with a couple of small tools.
Tracks weather, flies into cities after hail storms, and prints money.
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Do you know that crappy strip mall around the corner from your house, the one with that liquor store and nail salon, and donut shop?
It's a gold mine.
Very few understand this.
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