Tory Sheffer@ToryJSheffer
Real Estate GP | $75million+ volume across 700+ units | Investing in Class B Suburban Multifamily | Check out my newsletter for exact details | thecapitalstacknewsletter.com Join 3200+ subscribers 👇 Joined June 2011-
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Followers17K
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Following886
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Likes16K
CRE journalist looking for news? Step 1: Pick a date Step 2: Write article about the $billions of debt maturing in 5 years Step 3: Ignore the fact that commercial debt is a very commonly a 5 year term and that won't change soon The wall of maturities has legs, will move.
Tough sledding ahead for inexperienced realtors trying to break in on the buy side. Commissions will shrink.
Post close property tax adjustments taking deals from a 7% cap rate to a 4.1% cap rate.
I have a software idea that I think would do very well. If you can build this, I will fund it. Apartment/house flipper/developer cost tracking software. 1. Create project (Apartment, house, commercial building, etc) 2. Upload quotes by category (roofing, painting, parking… x.com/i/web/status/1…
Who has the best software for tracking renovations? Currently use excel, but would love to be able to upload a signed quote, have a "scheduled date" then costs associated and actual expense after it's completed. The quote/invoice ideal stays in the software so I can get back… x.com/i/web/status/1…
Just signed PA on a Class B industrial deal 2006 build ~17k sf 28' ceilings 4 docks, cross dock layout Some office space 4.75 acres Should be fun. I'm the opposite of an expert on industrial but if it works out even half as expected I could see myself buying more.
Importance of a lease audit Marketed Monthly Rent: $14,055 Actual Rent Based on Leases: $14,780 Annual difference = $8,700 Market cap rate 7.5% = $115,000 of additional value I found this during DD on our latest deal. Fun surprise to discover.
I absolutely need to go to a PBR event. Looks electric.
Congrats to @ToryJSheffer for sending out a fundraising email today, and then sending out an "thx oversubscribed" email 1 hour and 45 minutes later :-)
Sent out a new deal to our LP list this morning. Oversubscribed in 32 minutes. Not a huge dollar amount, but can't replace the feeling of having this level of trust from investors in today's market. Incredible.
Sleeper market
Big W. The Wings are heading back to the playoffs for the first time in way too long.
Big W. The Wings are heading back to the playoffs for the first time in way too long.
Having an edge is a huge factor to apartment investing. Here's one of mine. Sub 2 minute read, would love your feedback. Income ($60k+) & Home Values ($250k+) are my primary filters for where I'll target to buy more apartments. By Zip Code only. Using a 1, 3, or 5 mile… x.com/i/web/status/1…
Moses Kagan @moseskagan
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524 Followers 276 Following I develop self-storage at a $500M fund and run the biggest CRE conference for syndicators, operators, and developers.Hey all, thinking about start a monthly "old guy" real estate spaces event per Moses below. Who's up for participating? Come one, come all with your questions and projects needing answers. I'll set it up. Reply here or DM.
Hey all, thinking about start a monthly "old guy" real estate spaces event per Moses below. Who's up for participating? Come one, come all with your questions and projects needing answers. I'll set it up. Reply here or DM.
Last week Enduring Ventures completed our largest acquisition to date… Sometimes I forget to look up and celebrate. So here I am, celebrating with you all.
A few buddies and I are looking to elk hunt this fall in Colorado. Where should we go?
Man, I would love to get back to talking about industrial real estate… But I can’t seem to stop buying trailers. Just closed on this single-wide trailer with 7 acres for $48,000. The land, well, and septic are what I bought. Trailer is junk and needs to be trashed.
Played the tips at Pinehurst No. 2 where the US Open will be this year My handicap hovers in the low single digits Do you think I broke 80? Find out👇
CIM Translator: "Projecting $2m in EBITDA" means.... We have never made $2m in real life, but we hope you do after buying our business.
There is something sad about the person who spends all their cash collecting more and more investment properties their entire life, but never stops to enjoy the fruits of their labor then dies and their kids sell everything.
@ToryJSheffer Yeah. From the very small sample size of LPs I found, they all voted to sell. Although, they didn’t believe it was a *real* vote. And I don’t know what PPM says.
You’re building wealth to leave your family a financial legacy. I’m building wealth to afford a forest green Porsche 911 that my wife will immediately make me sell back to the dealer at a significant loss. We are not the same.
Hmmm…think I was enjoying it? LGR! 🥅 @NYRangers
Here's a *hypothetical* LP thought experiment: Imagine you invested in a Sunbelt multifamily fund in mid-2022. In the first 1.5 years, your distributions are less than 1% annualized, which is 80%+ below projections. During the same 1.5 years, you received an email from the… x.com/i/web/status/1…
DSCR > 1 vs DSCR < 1
One of our clients recently deferred $95,563 in taxes. Here’s how: Last year they acquired a 15,000 square foot warehouse used as a storage facility rental for $879,000. The law doesn’t allow them to deduct the full $879K against their taxes in year 1, so my team had to… x.com/i/web/status/1…
A pal of mine has made a fortune buying properties with the projection that they'll be sold for less than the purchase price. For 25 years he's been buying (at a decent scale) horrible locations surrounded by bad news. He prices them based on cash flow, assuming the underlying… x.com/i/web/status/1…
LP’s, how do you find GP’s? Family and friends, word of mouth and referrals. What else? Please don’t say IG or TT 😅
A bridge that is underwater, yet fully enclosed and encapsulated, and is water tight is called a tunnel
Another fun engineering fact about bridges: They work better, for vehicle travel, when they are above the water Vehicles tend to not drive good under water. So bridges, ideally = above water