Salt Lake City based Real Estate Developer
Salt Lake City, UT
Joined September 2021
- Tweets7.5K
- Following1.2K
- Followers8K
- Likes45.3K
Pinned Tweet
Hit 5,000 followers a few weeks ago, so reintroduction for the new people.
Developer/Sponsor in Salt Lake City, started off flipping houses and brokering cre
Currently building/buying a variety of asset classes within a drive from my house
Current portfolio & pipeline is about $30M +/-
• 7.75 acre retail development
-build to suit gas station
-multi tenant retail
- flex industrial in the back
• 19,200 SF spec industrial building, small bays, 980-1680 SF
- 4,096 SF existing office building
• 42,000 SF of self storage and industrial
• 12 townhomes built ground up
• 16 units of value add apartments
• 7 townhomes in planning
Plans for ‘25 are much of the same: industrial, retail, storage, and residential.
Maybe bringing construction and property management in house, but the last two are probably a ‘26 item
I have a podcast where I share what I’ve learned from people much smarter than me, and a mailing list for more details on what’s going on in the market. Both 🔗 are in the bio.
Pat paid me $20 to repost this and I bet he’d do the same for you if you ask
For 15 years my deal tracking lived in 4 places: an Excel spreadsheet, Google Maps, county GIS sites, and Outlook.
So about 2 years ago I started building DealNav. I took everything I loved about the other CRMs and cut everything I hated.
Simple interface. Transparent pricing. Just the features that matter. Easy data export. And of course, an INTEGRATED map.
As of today it checks all my original boxes... and then some. DealNav 3.0 is live!!!!!
Click a parcel. See the owner. Track the deal. Put AI to work on your data. All on one map 🗺️📍
Two risk-free 3.0 offers*:
- Book an onboarding with a co-founder after joining. Love it in 60 days or get a full refund.
- Post about a deal you're tracking in DealNav weekly until it closes. Account free for life.
Link in replies 👇
Every time I find a new site, I make a Facebook ad and spend $100-200 to test demand
Great way to test the vibes of pricing, see how many people check it out, what they like and what they don’t like
Potential investors and lenders like it and you’ll be able to tell if you have any demand for a project very quickly
The beautiful part of the land business is everything is priced the same
Bad access? $20 psf
Utilities far away? $15 psf
Zoning holes that kill projects? $15 psf
Bad geometry? $15 psf
No frontage? $15 psf
Poor traffic counts? $15 psf
But, when you find that site that has all the characteristics you need for a viable project? The very affordable price of $15 psf
The thing I like about real estate today is that you need some sort of an edge, can’t just buy anything anymore.
A few edges that come to mind
1. Self performing construction (with real savings)
2. Differentiated leasing program
3. Tenant in tow relationships
4. Real deal sourcing abilities and ideally direct to seller
5. Zoning and entitlement skills
6. Ability to close with cash very quickly if needed
7. Creative deal structuring
8. Public financing- TIF, abated taxes etc
tbh you probably need 3-4 of these on each deal
Lots of learning lessons here, excited to do more:
1. Construction on these goes very quickly, if you close and start construction the next day, you can generate some massive IRRs. Interest reserve was massively over budgeted.
2. Tenants only care about chunk pricing, all drive by sales, it’s not $48 NNN, it’s $5500 per month
3. Drive thrus add a lot to site costs
4. AM vs PM traffic matters a lot
5. Pre-leasing was a big deal for financing
6. Tenants take forever to make decisions compared to industrial
7. Will probably leave all the concrete slabs open next time to save on concrete
8. Signage is more important than I thought
9. Some tenants will do deals with no TIs and more free rent
10. Storm infrastructure is really complicated, got very lucky on how I designed it this time
11. Biggest one: lots of these franchisees have more than one concept, they will tell you where they want to be and can be an incredible resource for future deals
DMing girls on instagram: 🚫
DMing local businesses on instagram to see if they want to open another location to our new buildings: ✅✅✅✅
Did you know you can sell industrial condos for $330 a foot during the Great Depression? Another one closed today
UYOC of 8% on for rent and 25%+ net margin on for sale.
Still no clue for those wondering
No clue where the apartment market is these days.
- recent comps with 4 handle cap rates on in place rents
- lotta new stuff going out to market with similar going in cap rates
- hearing about lots of cash in refinances from 2020 five year loans, sponsors and LPs seem to hate their life rn
- an insane amount of supply still getting absorbed, I’ve heard 20% vacancy if you factor stuff in lease up
- construction costs of $265K+ per door in hard costs alone for podium. even with free land couldn’t get to 6.25 YOC
- banks actively looking to lend money on apartment construction with decent(?) spreads
- seems like insurance and opex has calmed down
- absolutely stupid amount of inquiries on my vacant units. Like 5-6 a day.
Personally have zero interest in urban apartments at the moment but maybe someday I’ll wish I did. I would seriously look at suburban BFR townhomes, but chunk rents have to be massive.
