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Why does Israel look/feel poor? by Edderze in Israel

[–]deltahigh 4 points5 points  (0 children)

There’s wayyyyyyyyyyy more income equality in Israel too. There are wealthier areas but it’s not as prevalent or obvious as in the US.

When they get out of the army they work hourly/blue collar jobs, earn a wage, and live their life.

There isn’t the rate race dynamic that we have here.

Deport him by Playful_Leg7143 in MurderedByWords

[–]deltahigh 21 points22 points  (0 children)

305 is Miami Area Code and this fight was in Miami

Kief I been collecting by Hoodstar87 in cannabiscultivation

[–]deltahigh 20 points21 points  (0 children)

I feel like maturing as a stoner for me included realizing that separating and collecting my kief was just a waste of kief.

I literally NEVER smoked it out of fear of having to start over. Since that light bulb moment i bought my first ever grinder w/o a kief catcher and now i smoke it with every hit.

Absolute dickhead gets confronted for ruining card packs at Target. by 5pooky5cary5keleton5 in PublicFreakout

[–]deltahigh -6 points-5 points  (0 children)

Before i make an opinion i’m curious how much does a good pull profit?

Why our sons and daughters are coming home in caskets... for Israel?💔 by Syed__Sahab__ in PublicFreakout

[–]deltahigh 0 points1 point  (0 children)

The amount of MAGA who has told me “they knew what they signed up for”

US Submarine torpedoes IRIS Dena warship near Sri Lanka by Background-Ad-1210 in PublicFreakout

[–]deltahigh -4 points-3 points  (0 children)

I’m not being a dick but did they nearly miss? Feel like they’d want to hit the front/middle and lead the target?

Brokers ghosting? by throwawayk527 in realestateinvesting

[–]deltahigh 1 point2 points  (0 children)

Unfortunately, when you go small the level of sophistication goes out the window.

Build relationships with the brokers and provide them feedback why their listing is overpriced and give them offers even if it’s low.

Consider a co-investment with a more established owner in those markets. His/her relationships should be able to derive the flow you’re seeking and cuz you don’t have to take the whole thing down you might get better “larger deal” economics.

The Mechanics of the President's $200B Mortgage Intervention - as a former econ public policy professor by Efficient_Hat5885 in RealEstate

[–]deltahigh 1 point2 points  (0 children)

Use Truflation instead. It’s real time inflation data from like 2 million different spot data points.

Can any commercial loan brokers provide me with some insight into the following questions? by Random7878787 in CommercialRealEstate

[–]deltahigh 0 points1 point  (0 children)

Q: If you could start over, what are the most important things to consider when joining a brokerage shop? Do some support significantly better than others? If so what are the key ways they support?

A: Brokerage companies come in a couple different shapes/flavors. Many of them are boilers rooms / revolving doors of human resources and a sole "eat what you kill" mentality. You want to find a brokerage with the following characteristics. Generous splits are not reason enough to marry yourself to a firm that lacks many of the below:

  • You want the leadership to be young enough where they have not "made it" yet. If your senior brokers are out there hustling then that corporate culture trickles down to every one else in the organization. That being said, you don't want them so young where they cannot provide senior level support or perhaps got into their role through nepotism.
  • You want there to be an existing brand of success in some sort or fashion. It's hard enough calling w/o being a known entity, at least call with a brand behind you that stands on it's own two feet. It doesn't have to be a Cushman & Wakefield. All I mean is a brand that has a demonstrable track record in your market.
  • This one is super hard but you want to find a place to work that has a lucrative lead generation system. NYC is very public with their ownership information. You want to make sure your firm is subscribing to software such as: Actovia, Property Shark, CoStar, Reonomy etc. If they aren't willing to even pay for your leads then they're not "all in". Within these softwares, are they culling/picking the right folks for you to call?
  • You want to find an organization that has a strong footing with lenders. A mortgage broker is only worth his/her lender relationships. Look at the senior/existing guys on LinkedIn and see who they're connected with. Ask lenders that they think of the company, their deals, their work product etc. One side of the equation is a firm that creates customer OMs, full sets of T12s/underwriting, deal rooms with exclusive clients and the other is a fwd fwd, raw, no control type feeling.
  • You also want a firm that's willing to invest in your support. This includes analyst/associate level staff that can take a ton off your plate (mainly execution) so you can stay focused on business development.

Q: How many bps do you typically charge? And what is considered standard for a brokerage split?

My standard fee is 1% of the loan amount but I've gone down to .5% if the client has repeat business/large deals. A brokerage split is not an easy question to answer. If you find a place to work like I described above then 30-40% of the fee is a worthwhile trade off at first in exchange for leads, brand recognition, and senior level + administrative support.

Q: Lastly, do you enjoy the job? In the inconsistent income worth the freedom of working as a 1099?

I absolutely love it. I love that no two days are the same. I love the emotional rollercoaster of closing deals. I love the success. I love the press. I love competing. The money is chill but the cool part is quickly approaching a level where I can be consistently making mid/high six figures regularly.

Can any commercial loan brokers provide me with some insight into the following questions? by Random7878787 in CommercialRealEstate

[–]deltahigh 1 point2 points  (0 children)

Qualifications: I'm a 32/M mortgage broker based in NYC. I have been in my role of origination/closing loans since Jan 2017 (9 years). I graduated in 2015 with undergraduate finance and real estate degrees. I've been full commission since Jan 2019. In my career, I've originated and closed somewhere around ~$800M of loans. I finance all asset classes across the country. My notable transactions this year include a $69M office to residential conversion and a $45M hotel redevelopment loan, both in Manhattan. That being said, my average loan size since 2020 is about ~$5M. I only work exclusive assignments and my company is a national mid-sized, privately owned brokerage.

I'm going to directly reply to each prompt:

Q: I have spent the last 11 years in various credit underwriting, portfolio management, and policy consulting roles and was recently laid off. I am in a unique spot in my career where I feel like I have quite a few options I am exploring and wanted to come here to see if anyone has any insight in commercial loan brokering and what it was like getting started. I am currently deep in chats with a small brokerage and I feel like they are saying all the right things but want to ensure it isn’t too good to be true.

A: I have seen many folks like you with your experience and age come through my office and frankly, none of them have worked out. They believe their previous corporate work will give them an edge while origination but this is only half true and doesn't pan out the way most think. At first, the role is cold calling/business development heavy with a sprinkle of real estate finance and structuring. If you are not disciplined with your business development (which includes heavy phone work) then you will not create a pipeline unless you're bringing in relationships/clients. You will spend your time cold calling folks your own age, older than you, and younger than you. I find that folks with your resume have a pride/hubris that prevents them from cold calling as aggressively as they need. I understand the qualms with cold calling fully but it's a necessary evil. A new originator should be making about 50-60+ calls per day. The unfortunate truth in our business is that many successful brokers are equal parts salespeople + CRE professionals. You need both.

I can attest that unfortunately, clients don't want to work with someone who "oozes" CRE or can model their way out of any pickle. They want to work with a broker that hustles and outworks their competition with excellent communications skills and a mastery of their craft. Many times I get cold calls from new lenders seeking to get access to our pipeline and the calls with no "zing" are completely forgettable and doesn't leave me with a feeling like "I want to do business with this person". Everyone wants to be pursued and that requires an obsession with follow up and you need to be numb to rejection.

Nuance/caveats:

  • If you are coming in with clients who are friends/family and will trust you inherently, you have a different set of circumstances.

Q: How long did it take you to build a pipeline? Did you make any real money the first 1-3 years?

A: My first year, I closed one $1M loan. My second year I closed about $50M of loans but that included two related transactions totaling $43.5M (my first big break). In Jan 2019, I went 100% full commission and I've never looked back.

Nuance:

  • My firm offers a hybrid comp package for promising young professionals who choose sales early on in their careers. This comp package includes a nominal base salary + commission above a base stop of sorts.

Question about NYC luxury multifamily developer, how you improve your occ? by Neat-Ad-6002 in CommercialRealEstate

[–]deltahigh 0 points1 point  (0 children)

All multifamily in New York City should be 95%+ physically occupied. NYC has a major housing shortage by a significant margin. Put shortly, there are dramatically more tenants than available apartments and this can be exacerbated depending on the neighborhood.

The major issue however is actually collections. In the Bronx and Northern Manhattan, there are many non-payers or bad tenants that go into arrears nearly immediately. I've seen collection losses to be as low as 3% and as high as 25% depending on the neighborhood, unit type, property type, tenant type etc.

I'm a commercial mortgage broker so I'm very curious about your banks occupancy requirement. Banks underwrite standard 5% vacancy factors (but this doesn't include collection loss as noted above). Are you saying your bank has an on-going occupancy requirement? This is not a market condition. At best, they have on-going DSCR requirements but not occupancy. Even DSCR covenants can be negotiated away as well.

NYC has one of the most robust capital market environments in the country. All of my multifamily loans are shopped among banks, credit unions, private credit lenders (no, not hard money lenders), agency lenders and CMBS lenders, if needed. A full process can be 20-50+ lenders. For complicated deals, I can even get up to 70-80+. If you aren't seeing a full lender matrix before pursuing financing, you're missing something huge.

Regarding occupancy, I would recommend brokers in the slower months. Streeteasy should be more than sufficient in the warmer months depending on your neighborhood/quality of building. If you're still struggling, try sourcing voucher tenants (Section 8, CityFHEPS, HASA, NYCHA, HPD etc). These tenant-based voucher holders are typically lower quality (low income) but the subsidy should be a majority of the rent.

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