Eric Weatherholtz @iononrecourse Twitter profile

Pinned Tweet

Eric Weatherholtz

2 years

Some folks here are dialed in to class B industrial, others self-storage, others urban multifamily. Some sickos - office. Our business is a commercial real estate sub-specialty: Patios. 1/20

61

71

871

Last Seen Profiles

@preciousxx__

@Navo_

@Dr_NohaHassan

@ultimahsv

@o1_labs

@josecar97485273

@RASECNiloxPerez

@khem_pop

@alokrajRSSB

@SilasFPS

@BhavikPraj56470

@braverangels

@skinworms

@kdramahandle

@shesood

@FANEXPONOLA

@OfficielBeretta

@MintventuresX

@YahooFinance

@eyll_frtnsi

@dotmajorLG

@SissyShreyaa

@marakopara

@Abhilas48604068

@TruenoOficiaI

@USSGoodGirl

@anthony_ogudo

@gokuiru

@RossRams92

@TidyBallyleague

@RyStoddard

@SLNECHQ

@people

@stw_pdg

@Kojima_oresama

@partidoverdemex

Eric Weatherholtz

@iononrecourse

1 month

@BrentBeshore Suck the marrow from every day's bone. Be present, squeeze the kids, coach the teams, take the camping trip, ride the dirt bike with them on the handlebars (without telling mom) And scratch out some fat equity positions.

20

51

2K

Eric Weatherholtz

@iononrecourse

1 year

I got a business lesson from a chef pal yesterday: "We all buy bagged frozen calamari from Sysco, I can call it fried calamari, put it in a red plastic basket with some marinara and sell if for "$7.99" I can call it crispy calamari, toss it with five spice and sweet chili…

47

110

1K

Eric Weatherholtz

@iononrecourse

2 years

What if you were building a donut shop and a taco stand and had some leftover land in the back and a woman asked if you would sell so she could build some houses and you said ok and she did this

72

46

1K

Eric Weatherholtz

@iononrecourse

2 years

How to get rich in real estate (DIY style) Inherit it or marry it. If that doesn’t work and you’re starting from zero, here’s how:

42

79

908

Eric Weatherholtz

@iononrecourse

2 years

for 20 yrs our electrician has sent a quarterly inspection report of lights out in our parking lots with note "I will proceed with repairs unless instructed otherwise" super sticky re-ocurring business, 50 customers, bet he nets $300k/yr from this alone one savvy country boy

18

27

671

Eric Weatherholtz

@iononrecourse

7 months

Similar size, similar cost. Creating the building on the left takes a ton of effort and money. The building on the right (one of our projects) also took a ton of effort and money. The one on the left makes everything around it less desirable, but the one on the right helped…

43

32

640

Eric Weatherholtz

@iononrecourse

2 years

GC’s email got hacked, wiring instructions changed for latest draw request. We send $190k to wrong address Secret Service saves the day - locks the account, we get our $$$ returned I’m not bashing big government for a while

57

14

626

Eric Weatherholtz

@iononrecourse

1 year

In real estate, life can come at you slow. 17 years ago we started on a master plan to improve a three block stretch of Atlanta. And

32

24

598

Eric Weatherholtz

@iononrecourse

2 years

Met a roofing contractor last night. He operates in a mountain west resort town. Told him that must be a good gig. “Yep it’s a joke - I meet the other contractors once a week for breakfast and we decide how much to raise prices. We’re all a year or more out on waiting lists”

30

20

553

Eric Weatherholtz

@iononrecourse

10 months

Multifamily market

31

42

559

Eric Weatherholtz

@iononrecourse

2 years

If you're an aspiring real estate GP, now might just be a helluva time to get started: This playbook works in all property types, but is best suited for sub-institutional properties. You'll need experience, low overhead, and gumption Step 1:

18

34

514

Eric Weatherholtz

@iononrecourse

2 years

How to make getting rich unavoidable (best for those in their 20s): 1. Pick a major US growth market that will urbanize over the next 20 years 2. Identify corridors with infrastructure and zoning to accommodate density 3. Purchase cash-flowing

15

19

469

Eric Weatherholtz

@iononrecourse

10 months

We bought a shopping center years ago that came with 8 lame benches, the kind you'd find in a smoking court at suburban office campus. Replacing them with something vibey would've cost $3k each. An artist friend said "give me 2 weeks and $500 each" and i'll repaint them. His…

37

20

448

Eric Weatherholtz

@iononrecourse

6 months

5 things to know about windows: 1) They make corridors better

15

8

429

Eric Weatherholtz

@iononrecourse

1 year

There's lots of ways to make hay in the real estate investment biz If I was starting out as an independent hustler and had a lot of runway ahead of me and wanted to maximize upside odds while hedging my downside, here's how I'd do it:

13

26

408

Eric Weatherholtz

@iononrecourse

1 year

The ability to increase values in commercial real estate is a handy skill. Places where alpha hides: - change of use Convert the vacant Kmart to storage, build out lofts in the old cotton mill. Also,

15

35

386

Eric Weatherholtz

@iononrecourse

1 year

One of the most successful real estate companies I know: an independent ATL pizza joint operator

19

23

377

Eric Weatherholtz

@iononrecourse

1 year

Getting big rich: a modest path for an aspiring real estateur: 1. work for someone leasing and managing small ($3-20m) commercial properties 2. learn management and become an expert in leasing these properties (pick a small geography and product type)...

8

25

375

Eric Weatherholtz

@iononrecourse

2 years

Amazon putting 5.5 million sf of sublease distribution space on the market in ATL If that’s a leading indicator of softening demand should one be a buyer or seller?

32

29

358

Eric Weatherholtz

@iononrecourse

1 year

Remember - there are no rules to this thing, real estateurs included:

13

38

356

Eric Weatherholtz

@iononrecourse

11 months

Here's what fascinates me about mixed-use development: A tiny operating business - a coffee shop, a bar, a taco stand - can change the vibe of everything around it. Something as small as a few hundred square feet can influence the value of several million square feet. And the

31

21

349

Eric Weatherholtz

@iononrecourse

1 year

Let us give thanks a few places still remain where Americans can shoot pool and get beer in pitchers. Protect these places and give them your money.

21

13

347

Eric Weatherholtz

@iononrecourse

2 years

For those with a bit of ambition to be a real estate entrepreneur, we're entering a terrific launch time. *To do this you'll need to have saved up personal overhead for 3 years Here's how to minimize your chances of screwing up:

13

18

341

Eric Weatherholtz

@iononrecourse

1 year

For the past couple of decades we’ve managed partnerships that buy commercial properties. We look for those that for one reason or another haven’t reached their full potential. Then we fix them up and rent them out. Here’s some before & afters:

30

11

342

Eric Weatherholtz

@iononrecourse

2 years

In real estate, beware old coots. Then study their every move Once an unknown legend OC asked me to his office and out of curiosity (and since I aspire to old-cootness) I agreed the receptionist rang him on the beige multi-line phone

18

15

340

Eric Weatherholtz

@iononrecourse

7 months

Best part of our business: When a first-time restaurateur risks everything, taking a chance that you'll deliver a good building, and a few years later the Michelin man comes knocking.

35

7

332

Eric Weatherholtz

@iononrecourse

7 months

One simple trick for making a big pile of dough in real estate: I get asked a lot about what I would've done differently or what advice I have for young ambitious types trying to get ahead in real estate. There's 3 standard real estate tracks - 1) Trading - buy a small…

30

18

321

Eric Weatherholtz

@iononrecourse

2 years

2018 we agreed to a 1 yr 20% rent cut to help an 80k sf tenant going thru a rough patch biz improved and back to full rent next yr per agreement All good. All forgotten. They’ve now outgrown us and are moving Sent a check last week for the short pay + interest Menschs

14

3

319

Eric Weatherholtz

@iononrecourse

1 year

A longtime pal, biz partner, and madman just bought a Cold War communications bunker in nowhere Nebraska. Blastproof doors, 300’ tower, 18’ ceilings, 25 acres, 60k sf underground Ideas on what to do with it?

153

3

315

Eric Weatherholtz

@iononrecourse

2 years

Big open parking lots kill vibes in an urban area, but if you want a grocery store, you better have a big open parking lot. Our gang came up with this layout of moving the shops up to the street edge and hiding the parking lot. Grocer satisfied and vibes will be on.

49

8

314

Eric Weatherholtz

@iononrecourse

23 days

Retail is in the details. Some of the details we incorporated into a small ground-up building:

33

6

317

Eric Weatherholtz

@iononrecourse

6 months

Not sure what any of you over achievers accomplished this morning but I got around to canceling Sirius on a car I sold 2 years ago.

31

5

308

Eric Weatherholtz

@iononrecourse

2 years

What are your secret weapons? One of our howitzers: My partner's dad has shared an office with us for 20 yrs He's 82, former CEO of a fortune 500, and a marine 60 yrs of investing experience, smart mofo Any big decisions get his input *can still do 100 pushups

12

2

302

Eric Weatherholtz

@iononrecourse

10 months

One thing that stuck with me from the Great Financial Crisis: These two houses are across the street from each other, in an exurban area that got slammed when demand dried up. The McMansion, on a similar size lot and with every creature comfort, eventually sold but at a

26

12

295

Eric Weatherholtz

@iononrecourse

2 years

For real estate operators, macro thinking is for chumps. In reality, every project is an Ocean's 11-style caper. Here's what we look for in deals:

14

27

290

Eric Weatherholtz

@iononrecourse

6 months

As part of a 1031 exchange, we bought an OK suburban shopping center in 2006 at the market peak at an 8% cap - a pretty good deal for the time. Sold it a bit below market in 2016 at an 8% cap - should've done better but needed the money for another project. No debt, it…

18

11

292

Eric Weatherholtz

@iononrecourse

2 years

Got to meet IRL a young twitterer & future legend who explained how well his no inventory re-occurring revenue, no cap ex, 50% annual growth, 60% margins, no debt, highly scalable, 100% owned B2B biz is doing and how he’s interested in real estate. I punched him in the face.

18

2

288

Eric Weatherholtz

@iononrecourse

3 years

Hustle 🧵: Years ago I was driving with a pal who pointed out how the vast parking lot of a huge suburban mall was underutilized and how they could have it filled with restaurants etc. Yeah, I said and kept driving us to lunch...👇

14

15

286

Eric Weatherholtz

@iononrecourse

10 months

What if your entire value-add real estate strategy was just putting independent bakeries next to your buildings?

29

8

280

Eric Weatherholtz

@iononrecourse

2 years

250 residents in our most recent project were

35

6

281

Eric Weatherholtz

@iononrecourse

10 months

Sometimes you can just tell

21

16

276

Eric Weatherholtz

@iononrecourse

1 year

Rain or shine

48

2

279

Eric Weatherholtz

@iononrecourse

2 years

An exercise for real estateurs - think of investment props as a combination of: 1) land w increasing or decreasing value 2) depreciating buildings 3) an opco charging for time your success = discernment of #1 stewardship of #2 management of #3 + organization of the $ stack

15

27

277

Eric Weatherholtz

@iononrecourse

1 year

The knock on sunbelt cities is there’s “no there there” (h/t Gertrude Stein), just an endless sea of stucco strip malls, landscaped office parks, and Escalades. Urban bike trails cure this. The 22-mi Beltline revealed ATL’s forgotten soul and created $ billions of value.

25

13

279

Eric Weatherholtz

@iononrecourse

8 months

A pal sold his family's 100 year old home services biz to private equity. He kept an investment in the new company and gave up total control. Guess what happened. They've crushed it. Revenue up, profits up, employee satisfaction up, efficiency up. Streamlined ops and happy…

16

7

268

Eric Weatherholtz

@iononrecourse

3 months

The American underpass cannot comprehend this

32

13

270

Eric Weatherholtz

@iononrecourse

2 years

@hedgefundmafia Developer interested in buying land from us arrived late for meeting. Dressed in a fancy jacket and ascot but sweating and jittery "Sorry I'm late, someone killed my wife last night" drew his finger across his throat and recounted every detail Arrested later that day

26

16

265

Eric Weatherholtz

@iononrecourse

2 years

Anyone that's started from nothing and made serious dough in real estate used these four tools:

14

21

268

Eric Weatherholtz

@iononrecourse

1 year

if you own a 1970s strip shopping center, purchased before 2013, and from the parking lot you can see high-rises and neighborhoods with mature oak trees you're either a) rich or b) will be.

10

5

262

Eric Weatherholtz

@iononrecourse

3 months

A pal says he has a “rug shop”. I envision a rug shop. I’m wrong. His rug shop:

17

7

263

Eric Weatherholtz

@iononrecourse

2 years

Our friend Moses monitoring Silverlake multi owners for weak hands

10

1

261

Eric Weatherholtz

@iononrecourse

5 months

If you're running a real estate company, here's a trait to look for in prospective employees: For a development project, a friend needed an easement from one of the large railroads and she charged a young woman in her office with getting it. One can only imagine the brick wall…

32

4

261

Eric Weatherholtz

@iononrecourse

9 months

Meaningful real estate projects take 3-5 years to complete, and there's at least six months on the front end getting organized to identify and make a purchase. 3.5 years ago was February, 2020 5.5 years ago was February, 2018 In that window: worldwide pandemic, 10 year treasury…

20

11

253

Eric Weatherholtz

@iononrecourse

8 months

Retail is in the details. Our gang spent 3 months sweating over this rendering and 4 years building it.

23

3

250

Eric Weatherholtz

@iononrecourse

2 years

What would real estate success look like to you? I’ll go first:

23

6

249

Eric Weatherholtz

@iononrecourse

4 months

One of my mentors (although he doesn't know it): Klaus Obermeyer Escaped Nazis on skis, despite being shot. Made his way to Aspen via Sun Valley as a ski instructor Innovated with products and created things we all know and love like the down jacket, alpine sunscreen, and the…

20

7

246

Eric Weatherholtz

@iononrecourse

3 years

So you want to be a real estate operator? Here’s how to not be a chump: 🧵

10

26

239

Eric Weatherholtz

@iononrecourse

2 years

19

14

244

Eric Weatherholtz

@iononrecourse

2 years

Lender / GC / leasing agent / developer

15

13

244

Eric Weatherholtz

@iononrecourse

2 years

Under-discussed around here, but NNN retail development is a way for an enterprising young hustler to make some serious hay Competitive, hell yes, but if you've got a wildcatter's sensibility, a reliable car, and some charm it's worth looking into Here's how it works:

13

11

241

Eric Weatherholtz

@iononrecourse

3 months

I keep this image as a reminder that in multifamily design, simple is ok.

18

4

238

Eric Weatherholtz

@iononrecourse

2 years

My business partner just spent 2 days in back to back to back meetings with retailers at the ICSC conference in Vegas 3 recurring themes: - “our expansion strategy is red states” - “skilled contractors are aging out w/no replacements” - “Greenville SC is cool”

19

13

239

Eric Weatherholtz

@iononrecourse

1 year

“We let them have 20% of the profits once our investment is returned. I think of it as a tip”

17

9

240

Eric Weatherholtz

@iononrecourse

2 years

A book that changed the way I see the real estate world is John Gall's Systemantics Had a call with a retwitter today that reminded me of it You can read it in an afternoon but the synopsis is:

10

13

233

Eric Weatherholtz

@iononrecourse

1 year

8

6

230

Eric Weatherholtz

@iononrecourse

4 months

Business advice: If you can find a cheap former service station in a rich area, buy it. You'll have no shortage of eager tenants. On second thought, tell me about it and I'll handle it.

36

7

230

Eric Weatherholtz

@iononrecourse

11 months

We first started working on a redevelopment of the former Turner Field in 2016. The Atlanta Braves moved to the suburbs and the surrounding community was down on its luck. The formerly vibrant neighborhood had been paved over for a stadium and parking lots, and now even the…

30

7

228

Eric Weatherholtz

@iononrecourse

7 months

What I wished I learned about the real estate biz a long time ago: Over 20 years, we've had a small handful of big paydays. Each one was an outlier case where the market was in a great place and within that some buyer decided to really *really* stretch and we got lucky. We've…

24

9

220

Eric Weatherholtz

@iononrecourse

10 months

Most American cities have a hyper rich family you haven't heard of but someone a generation or three ago owned a few grocery stores and ended building strip centers to house their business. The business lost out to Kroger or Wal-Mart long ago, but the properties are still…

16

14

220

Eric Weatherholtz

@iononrecourse

2 years

One benefit of my advanced age is having had the good fortune of meeting a whole lotta independent real estate operators that figured it out and experienced outrageous business success All have different versions of the same story here's the playbook:

12

20

219

Eric Weatherholtz

@iononrecourse

5 months

People I know that tend to dislike their job and are always looking for something new: 1. Lawyers 2. Corporate middle managers 3. Salespeople People I know that tend to love their work and are looking for ways to keep doing it: 1. Actors 2. Ranchers 3. Real estate developers

22

7

212

Eric Weatherholtz

@iononrecourse

3 months

The real money in Class-B warehouses is picking the ones that can become this:

18

2

208

Eric Weatherholtz

@iononrecourse

2 years

To survive the tumultuous world of real estate, we need to operate from first principles Here’s a few of our core beliefs:

15

6

206

Eric Weatherholtz

@iononrecourse

1 year

Forget walkable urbanism. America needs walkable suburbanism. America's suburbs are vast untapped vibe reserves.

18

15

202

Eric Weatherholtz

@iononrecourse

2 years

Gotta get off Twitter. Hung around on here for 2 months and now have 590 self storage units under construction. This is a cry for help.

12

1

205

Eric Weatherholtz

@iononrecourse

7 months

We've got a handful of properties we've been involved with for 20+ years and it turns out depreciation is real. Roofs and parking lots have a shelf life, mechanical systems too. Even landscaping ages out. Managing for the long term changes the math, and most of us underestimate…

13

5

205

Eric Weatherholtz

@iononrecourse

2 years

Retwit is great but analog works too

5

13

203

Eric Weatherholtz

@iononrecourse

1 year

Not our project but as we’re working on a new life for an ATL church, stealing some inspiration from the uber talented Michael Hsu:

19

3

199

Eric Weatherholtz

@iononrecourse

2 years

got a pal whose business is calling retail owners to tell them their tenant (his client) won’t renew without a rent reduction. fabricates reasons why and team works the phones, sharing a big chunk of rent savings He makes a ton of dough - most owners don’t have a chance.

29

10

192

Eric Weatherholtz

@iononrecourse

8 months

Bootstrap real estateur hearing fat salary W-2 friend say “PTO”.

8

4

190

Eric Weatherholtz

@iononrecourse

1 year

says he wishes he could sell the company She pipes up “I’ll buy it” “Sure thing, kid” “No - I’m serious” A few months later she closes (with lots of seller financing) of a 120yo business. 20 years later they have 40 trucks - and a 10k office bldg she bought for $180k 🇺🇸

7

0

196

Eric Weatherholtz

@iononrecourse

11 months

What’s the difference between a beginning real estate developer and a large pizza? A large pizza can feed a family of four.

13

5

194

Eric Weatherholtz

@iononrecourse

8 months

At that point in my career where I want to build a boutique hotel. Send help.

49

0

189

Eric Weatherholtz

@iononrecourse

2 years

I’ve built or renovated 9 personal homes over the years Completion cost averaged 2x budget Thrilled with all of them Nasty habit.

22

2

191

Eric Weatherholtz

@iononrecourse

2 years

A case for being horizontally-integrated: We wanted dope, dense, walkable for-sale housing as part of a larger scale development. Never could’ve done it on our own but teaming up with a local pro got us this:

26

3

190

Eric Weatherholtz

@iononrecourse

6 months

Lowest cost method for improving real estate? Fries.

18

2

186

Eric Weatherholtz

@iononrecourse

2 years

2 richest cats I know: 1. Has a self sustaining compound in New Zealand with armed security (just in case) 2. Has an underground bunker with 100,000 rounds of ammo I've got an extra 12 pack of TP and some AAA batteries

20

1

188

Eric Weatherholtz

@iononrecourse

1 year

My partner’s great great grandfather developed the building on the left. After his death his great great *grandmother* tore it down and, in its place, built the one on the right, delivering it at the 1929 market peak. Unfazed by the Great Depression - and being a tough old…

20

0

188

Eric Weatherholtz

@iononrecourse

3 years

7/7 A few years later the company went public and he was there to ring the bell, as COO.

2

187

Eric Weatherholtz

@iononrecourse

2 years

This concept might have legs

14

9

187

Eric Weatherholtz

@iononrecourse

1 year

Show me a juvenile delinquent and I’ll show you a potential real estate developer

10

12

185

Eric Weatherholtz

@iononrecourse

2 years

You’ll see LTV out at the bars, attractive and full of personality, but it’s DSCR, the chubby friend, that you want to take home

15

7

182

Eric Weatherholtz

@iononrecourse

4 months

For that friend with an expiring rate cap

5

11

179

Eric Weatherholtz

@iononrecourse

2 years

Successful roofer I know makes LP investments with industrial and shopping center acquirers. You’ll get his attention when the target has a 100k+ sf roof and investor check size is $100k or less

13

5

178

Eric Weatherholtz

@iononrecourse

1 year

we're working on a public/private project, and today the landscape designer suggests moveable bistro chairs for the public space city official: "what do we do about people stealing the chairs?" designer: "buy extra chairs"

11

3

177

Eric Weatherholtz

@iononrecourse

2 years

In real estate, slow and steady doesn’t win the race Staying in the game until an outsized event happens is the trick Exciting things can happen along the way:

7

5

175

Eric Weatherholtz

@iononrecourse

1 year

Artistry: Broker I know sold 1,800 acres to land speculator $5,000/ac x 10% commission = $900k Sells same land in 2 pieces to masterplanned community developers $12,000/ac x 8% commission = $1.7m Then sells out the 2 communities to

9

6

177

Eric Weatherholtz

@iononrecourse

9 months

An untapped real estate reserve - the South is littered with this infrastructure, just not this nice (yet):

12

2

175

Eric Weatherholtz

@iononrecourse

4 months

If you’re a real estate developer and want to create the kind of places where people want to be, it takes a lot more than spending millions. It’s the hundreds of thousand dollar things and the thousands of hundred dollar things that make all the difference. A small sandwich…

10

14

173