Joe Pohlen @joepohlen Twitter profile

Last Seen Profiles

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Joe Pohlen

@joepohlen

1 year

Sauna project complete.

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Joe Pohlen

@joepohlen

2 years

Powerful letter. Caring for a spouse with dementia is common. We see it all the time. Marriage is an incredible institution. In sickness and in health.

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Joe Pohlen

@joepohlen

3 years

3 years ago I offered $4.5 million on a 60 bed assisted living in a good market. The non profit seller said no, they wanted $6 million. They just emailed offering the same property at $2 million with room to negotiate. Blood in the streets

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Joe Pohlen

@joepohlen

2 years

Assisted living isn’t for baby boomers. It’s for their parents. The average age of our residents is 87. This graph shows the growth of the assisted living market in the coming decades. It’s the most powerful graph on the true demand waves coming to the industry.

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Joe Pohlen

@joepohlen

3 years

The best mentors are 3-8 years ahead of you, on a similar path, and still in the game. Don’t go to the Country Club, or LinkedIn/Twitter, and find the richest retired person and ask them to mentor you.

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Joe Pohlen

@joepohlen

2 years

@realEstateTrent Met an architect a few years back in Amsterdam. Their firm was based in LA, Amsterdam and Shanghai. A client’s project would move office to office by time zone around the world. They could get 3 days of work done in one day and blow their clients minds with speed.

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Joe Pohlen

@joepohlen

2 years

You go your whole professional life being the youngest in every meeting. Then one day you’re not.

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Joe Pohlen

@joepohlen

2 years

Few weeks ago, I closed on a 400+ person wedding venue. It's the third wedding venue in my portfolio. Wanted to share a few thoughts on the asset class and answer any questions you may have on it.

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Joe Pohlen

@joepohlen

2 years

In 2016 we hired a photographer claiming he was the ‘master of light’ to do our company headshots. An expert in photoshop…

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Joe Pohlen

@joepohlen

2 years

After spending hundreds of hours with people in their 90’s these have been my 6 biggest take aways.

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Joe Pohlen

@joepohlen

3 years

King size candy bar house! Fulfilling a promise I made to my 11 year old self.

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Joe Pohlen

@joepohlen

3 years

Since John has move into assisted living he hasn’t been able to make it back to his farm. His son decided to bring the tractor over so John could give it the once over. Cc: @JohnDeere

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Joe Pohlen

@joepohlen

3 years

My wife makes coddled eggs in Oaxacan chorizo for breakfast on the weekends. It’s magical

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Joe Pohlen

@joepohlen

1 year

@AdamSchefter Best thing the NFL could do is extend the regular season by 2 weeks and give each team 2 additional bye weeks (3 total) 2 more weeks of football in February 2 more weeks of prime time games (Thursday, Sunday, Monday) Teams play Thursday night coming off a bye week More rest…

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Joe Pohlen

@joepohlen

2 years

I’ve have an intense bias against people who don’t take notes at meetings. They are wasting everyone’s time

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Joe Pohlen

@joepohlen

3 years

@AlexCKaufman Happens all the time. These appraisal companies need to be held accountable and lose their license. It’s a little worse because after a BS appraisal by law they can’t get another one for 6 months. It’s a problem, a big problem

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Joe Pohlen

@joepohlen

3 years

Friend quit his job 2 yrs ago as a nurse to buy a trenching machine and lay fiber cable in Northern Michigan with his Dad. Makes over $350k a year and the utility company trained him. It’s about to get even more lucrative with 65 billion headed that way. Cc: @sweatystartup

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Joe Pohlen

@joepohlen

1 year

I learned cash is king. During the GFC I worked as the junior person in a receivership firm. When the bank took your business away it was my pimply 22 year old face you actually handed the keys, passwords, employee files over to. What blew me away was how many people’s assets…

Moses Kagan

@moseskagan

1 year

(Maybe a bit late now, but:) One of the most important lessons we learned from beginning our careers in the ashes of the GFC: Avoid capitalizing deals in ways that expose you to failure if the debt market malfunctions at some particular point in time.

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Joe Pohlen

@joepohlen

4 months

Who wants to throw down on a wedding venue with me? 58 bedroom villa for sale in Cerbaia, Florence, Tuscany @WeddingVenueGuy In all seriousness an international wedding venue marketed to brides in the US would crush.

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Joe Pohlen

@joepohlen

6 months

Double urinal from the early 1900’s. Modern urinals just don’t have enough eye contact.

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Joe Pohlen

@joepohlen

3 years

My little sister went to college and studied engineering at Michigan State University. As a talented female in engineering she had her choice of high paying W2 jobs when she got out. After working a few years at Herman Miller designing office furniture she had enough and quit.

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Joe Pohlen

@joepohlen

2 years

One night will be the last night you carry your sleeping child to their bed

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Joe Pohlen

@joepohlen

3 years

Today is the one year anniversary of the adoption of our son Jack. This photo is moments after we got the news the judge signed the paperwork. Becoming Jack’s father has brought me incredible joy and I’m forever thankful to those who helped make it happen.

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Joe Pohlen

@joepohlen

3 years

I hate to be the bearer of bad news. If the culture at your work is dysfunctional, people feel disrespected and everyone is making 20% below market. Having a pizza party won't fix it.

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Joe Pohlen

@joepohlen

2 years

Picked up this 4 unit in Kalamazoo, MI. Rent $6,200 a month. Paid $390k I love the Kalamazoo rental market and have just over 200 units in the market.

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Joe Pohlen

@joepohlen

2 years

Efficiency is highly overrated; Goofing off is highly underrated. Regularly scheduled sabbaths, sabbaticals, vacations, breaks, aimless walks and time off are essential for top performance of any kind. The best work ethic requires a good rest ethic.

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Joe Pohlen

@joepohlen

3 years

One thing we did during quarantine was ‘ice cream trucks’ that go door to door down the hallway. We decided to keep them because they are fun and the residents like it.

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Joe Pohlen

@joepohlen

2 years

You go your whole life being the youngest in the room, then one day you're not.

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Joe Pohlen

@joepohlen

2 years

The biggest lie we tell ourselves is “I dont need to write this down because I will remember it.”

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Joe Pohlen

@joepohlen

1 year

Going to roll out financing at out wedding venues in 2023. Remember the greatest day of your life every month for the next 120 months.

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Joe Pohlen

@joepohlen

3 years

Assisted living is considered critical infrastructure so we can access HUD debt under 2.5%, 35 year amortization, 35 year term, 80% LTV and no personal guarantees. Assets trade at 8% to 13% cap rates.

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Joe Pohlen

@joepohlen

2 years

Senior housing is considered critical infrastructure by HUD. This allows us to borrow from HUD at 80% LTV, 35 yr term, 2.5% interest with no personal guarantees.

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Joe Pohlen

@joepohlen

8 months

Michigan is uniquely positioned to be a great spot for a second home. 1. The 3-4 months it’s magical here are the months it’s terrible in a lot of the country and kids are out of school. 2. Due to the auto industry creating high incomes in the 50’s and 60’s there is an…

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Joe Pohlen

@joepohlen

2 years

#6 Save and invest your money. This country doesn’t treat elderly people very well. It treats poor elderly people significantly worse.

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Joe Pohlen

@joepohlen

3 years

Senior housing has multiple ‘sand boxes’. While we all serve seniors each is different due to nursing care requirements, payor source and government involvement. I play in the assisted living sand box. Understanding these differences is critical to understanding senior housing

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Joe Pohlen

@joepohlen

3 years

I’m at the largest kid pool in Miami, celebrating my birthday with my wife and 3 yr old. Coincidentally, this is also the location of the Grant Cardone 10x conference. His helicopter just arrived. I’m 2 tequila sodas away from busting in there to explain what a cap rate is

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Joe Pohlen

@joepohlen

3 years

Carrying a sleeping kid from the car to his bed after he fell asleep is my favorite part of being a Dad. I remember being the sleepy kid too tired to walk and thinking my Dad was a super hero.

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Joe Pohlen

@joepohlen

3 years

We switched from paying every two weeks to every week. Has been helpful with retention. Employees can also take 50% of their pay at the end of the shift onto an employment card. Make $20/hr and work 8 hours. You can have $80 right after you clock out.

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Joe Pohlen

@joepohlen

3 years

Seller told me he wanted $5 to $5.5 million. I underwrote the deal and felt comfortable at $5.25 million. He just called and said we are millions apart!

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Joe Pohlen

@joepohlen

2 months

Got a sales person in a slump? Here is what my business partner Chuck does to get them back on track. He’ll go sit down with them and pull out all their closed deals from the previous 12 months. Then he’ll randomly go through and mention the name and ask for the story. Where…

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Joe Pohlen

@joepohlen

2 years

#1 The relationship with your spouse is the most valuable thing in your life.

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Joe Pohlen

@joepohlen

3 years

Used to have a hard time getting ahold of local and state politicians. Then started registering all our residents to vote when they signed their leases. Who votes in off year elections? The buses full of elderly people from Cardinal buildings.

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Joe Pohlen

@joepohlen

5 months

Just switched to the 49 inch Samsung monitor. The only way to view a T12

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Joe Pohlen

@joepohlen

3 years

During the worst of COVID we got to the point of averaging 12 people a week passing from the virus. After the vaccination of our residents and staff in January not a single resident has died, been hospitalized or even tested positive. This vaccine is incredible

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Joe Pohlen

@joepohlen

2 years

Tequila is alcohol in its finest form. This isn’t an opinion. This is science. My peers and I have reviewed it many times.

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Joe Pohlen

@joepohlen

2 years

We increased our starting wages and we have seen an increase in new applicants. It’s almost like they are related.

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Joe Pohlen

@joepohlen

2 years

Always great to see your legal fees hard at work creating beautiful office buildouts

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Joe Pohlen

@joepohlen

3 years

@fortworthchris The days of VCs and Saudi Princes subsidizing my ride to the bar may be coming to an end :(

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Joe Pohlen

@joepohlen

9 months

It's about to get wild in Senior Housing acquisition. Check the data coming out of Fannie Mae. 587 loans. $16.5 Billion. 39% of them don't have Debt Service Coverage 57% of the loans are criticized 4.75% of them are 60 days past due

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Joe Pohlen

@joepohlen

4 months

@sweatystartup Now do rental cars

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Joe Pohlen

@joepohlen

2 years

Email is for good news Phone call is for bad news In person is for hard news

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Joe Pohlen

@joepohlen

3 years

We do affordable assisted living and I’m proud of it. Our semi private rooms start at $2,400. It includes the room, utilities, housekeeping, meals/snacks, transportation, medication management, activities and light assistance.

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Joe Pohlen

@joepohlen

6 months

My phone number is listed somewhere inquiring about a mortgage loan. I’ve received over 100 calls today. This is madness. How do you end this???

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Joe Pohlen

@joepohlen

11 months

@drgurner @abughazalehkat Rumor has it 10/10 are actually human

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Joe Pohlen

@joepohlen

2 years

Our full-time salaried recruiter no showed her first day today?! She came to multiple interviews, salary negotiation and everything. Had business cards printed, email setup and computer ready. I've hired dozens of office workers, and this is the 2nd in 15 years this happened.

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Joe Pohlen

@joepohlen

2 years

The U.S. will need nearly 1 million new senior living units by 2040.

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Joe Pohlen

@joepohlen

8 months

The last 5% of a construction project is the hardest half

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Joe Pohlen

@joepohlen

2 years

Some do not consider friend’s and family money into the deal as ‘skin in the game’. Makes no sense. Anyone worth their salt is 10x more afraid of losing the money of those around the Thanksgiving table than their own.

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Joe Pohlen

@joepohlen

9 months

Happy Adoption Day Three years ago the adoption of our son was finalized making us officially a family of 3. It’s been a wonderful journey. My mom took this photo as we headed in for his kindergarten open house tonight.

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Joe Pohlen

@joepohlen

2 years

Hate to break to break it to you, but a pizza party isn’t going to fix the workplace culture.

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Joe Pohlen

@joepohlen

2 years

When one of your employees is out on vacation do not call them. Do not email them. No matter how small or simple the request

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Joe Pohlen

@joepohlen

1 year

We often see 95 year olds blossom after moving into an assisted living community. What drives this isn’t what you might expect.

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Joe Pohlen

@joepohlen

2 years

Just finished walking through a 52 unit we are renovating in Kalamazoo, MI. Spent $28k a unit to add W/D dishwasher, cabinets, flooring, paint, appliances. Getting an extra $500/unit

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Joe Pohlen

@joepohlen

2 years

The most important job of a CEO or SMB owner is making sure the company doesn’t run out of money.

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Joe Pohlen

@joepohlen

2 years

Reviewed a community for sale that’s 45% occupied. They are spending over $60k a year on ‘internet marketing‘. I’m generating triple their move in volume from just one $350 add on the local diner’s placemats.

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Joe Pohlen

@joepohlen

3 years

During COVID I began taking flying lessons. Today was my first solo flight in the Piper Arrow. Free as a bird!

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Joe Pohlen

@joepohlen

2 years

If you’re lucky enough to have your grandmother around in this world give her a call. She’d love to hear from you.

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Joe Pohlen

@joepohlen

2 years

How old were you when you learned no one is actually in charge?

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Joe Pohlen

@joepohlen

2 years

Hope to make @realEstateTrent happy. Picked up my first 10,000 sqft. strip mall today. I’m just a LP investor on this one, and all his content got me comfortable in my investment decision.

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Joe Pohlen

@joepohlen

2 years

About 2% of seniors in the U.S. live in assisted living facilities. The average cost of assisted living in the U.S. is $4,300 per month. The estimated median monthly cost for a 44-hour-a-week home health aide is $4,576.

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Joe Pohlen

@joepohlen

3 years

@JohnArnoldFndtn Imagine if there was a place, maybe a local institution, that could hold your money and give you a reasonable rate of return. Then they could take that money and lend it to people in your community to great economic growth. I’d call it account for saving

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Joe Pohlen

@joepohlen

2 years

In college friends and I used to set up a table next to the book store during the finals week. When the book store wouldn’t buy back a textbook we would ask the student if they would donate it to us. We’d then list it on Amazon. Made about $7-$10k a semester

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Joe Pohlen

@joepohlen

6 months

King size candy bar house! Plus a little something for the parents to keep’em warm

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Joe Pohlen

@joepohlen

3 years

When we take over a new building the first thing we do is call an all staff meeting to introduce ourselves. We tell them that we aren’t asking them to trust us, we’re just asking for the opportunity to earn it. We then change into jeans and t-shirts and start cleaning.

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Joe Pohlen

@joepohlen

2 years

Cap rates in Senior Housing according to CBRE. @SrHousing_CRE does this line up with what you are seeing?

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Joe Pohlen

@joepohlen

3 years

@realEstateTrent Once over paid a $15/hr employee $45k in one pay check. No one caught it until she showed up to work in a Land Rover

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Joe Pohlen

@joepohlen

3 years

One of our sales people took our snowblower and box truck to each of his hot leads this morning. He personally cleared their driveway and shoveled the walk. I almost feel bad for the competition. Having sales people this good is like cheating.

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Joe Pohlen

@joepohlen

2 years

@pslohmann We have a self insured plan at Cardinal and have a person who’s sole job is audit all the money going out. Just got a renewal for the 2nd year of the plan and it has saved us $560k last year over blue cross blue shield

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Joe Pohlen

@joepohlen

3 years

@Codie_Sanchez Me at 25 - Could drink fireball Me at 35 - Can not drink fireball

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Joe Pohlen

@joepohlen

2 years

I’m most active on Twitter between 8 and 10 at night while laying on the floor in my 4 years old’s room praying he finally goes to sleep.

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Joe Pohlen

@joepohlen

2 years

@c_gro Make sure to get all your personal borrowing completed. Get your credit limits as high as possible. You’re going into the personal debt desert for a few years. Home loans, student loans and car loans are very difficult once self employed.

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Joe Pohlen

@joepohlen

3 years

This is my son Jackson. He is ‘can order products to our house using Alexa’ years old today.

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Joe Pohlen

@joepohlen

2 years

Please don’t get into senior housing investing unless you sincerely care about providing a quality housing and health care product to the elderly. Don’t get into this asset class unless you actually care about the working environment of the front line employees.

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Joe Pohlen

@joepohlen

11 months

My son fell asleep on the ride home from the beach and I got to carry him up to his bed. Wonderful way to end Father’s Day.

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Joe Pohlen

@joepohlen

3 years

Just leaving our annual assisted living conference. General consensus amongst other operators…‘I’m tired’ Never has the opportunity been so great. Billions and billions of dollars in opportunity just laying there for anyone with the energy to pick it up.

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Joe Pohlen

@joepohlen

3 years

@theunemployeda1 Priest follows up to ensure kid knows tithing is on the gross not net

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Joe Pohlen

@joepohlen

3 years

7 weeks ago I told our sales team if we do a net gain of 100 residents by the end of the year then I'd take them and a plus 1 to Greece in May 2022. We have had the best 7 weeks in the history of our company. Net gain of 56. Had to tell our CFO this morning to start accruing

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Joe Pohlen

@joepohlen

1 year

@tundra_v1 Guy built a townhome community for $3.75 million in the late 90’s. By the time the GFC he owed $1.3 million. Bank went out of of business and the new bank needed liquidity. He hasn’t missed a payment and was working with the county on a property tax payment plan. Since the…

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Joe Pohlen

@joepohlen

13 days

A close friend of mine passed away tragically in a plane crash last week. 45 years old. Leaves behind his wife and two boys ages 10 and 8. Unbelievable.

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Joe Pohlen

@joepohlen

3 years

@sweatystartup If you’re not making 3x market rate salary you’re taking on too much risk in exchange for too little $$ Learned that from @BrentBeshore

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Joe Pohlen

@joepohlen

3 months

@Chris_arnade What you ‘own’ actually owns you. Choose your master wisely

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Joe Pohlen

@joepohlen

2 years

#3 You need people you can trust. As your cognitive ability declines it’s important to accept assistance.

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Joe Pohlen

@joepohlen

2 years

We've had success employing autistic adults in our senior living buildings. Autistic adults often do well with structured daily routines and activities. This matches with the needs of our residents. Consistent routines help with independence.

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Joe Pohlen

@joepohlen

2 years

Let the year end real estate shopping begin. Just closed on a four building 86k sqft light industrial business park in Grand Rapids, MI Bought off market through a relationship with one of the tenants.

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Joe Pohlen

@joepohlen

2 years

@moseskagan Early in my career I named an entity ‘Nick and Joe Get Rich, LLC’ since of course that was the purpose of the LLC. Inspector saw the name while doing a rental inspection an threw the book at us. Tenants had to write checks to that company each month. Disaster

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Joe Pohlen

@joepohlen

3 years

A few years ago an investor told us our accounting wasn't good enough. My business partner and I took pay cuts to bring in a talented CFO. We paid him more than we made and invested heavily into new systems. Without that investment we'd be 25% the size we are today.

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Joe Pohlen

@joepohlen

3 months

Most elderly people in the United States prefer being cared for by a paid professional than their children. Critics of our industry often miss this part of our culture. It’s not that children don’t want to provide bathing, toileting, dressing and feeding assistance to their…

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Joe Pohlen

@joepohlen

2 years

@fortworthchris Met the largest owner of portable toilets in San Diego. 13,000 toilets in the field for any given week renting for $175 a week. He invented the portable toilet contract.

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Joe Pohlen

@joepohlen

2 years

@tszzl Working at any large company you spend half your day telling everyone what you’re going to do with the other half

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Joe Pohlen

@joepohlen

2 years

#5 Use sunscreen.

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