
Operate over $20MM of Self Storage. Lender, Army veteran. Partner at Gray Line Investments
Pelham, NY
Joined January 2014
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My wife and I selected our family values yesterday. Going to post it somewhere visible in our house. Our main goal is to have children who are good ppl and have agency. We selected:
Kindess
Integrity
Growth
Optimism
I lend on Single family portfolios and MF priced $3.5mm and under. Our pitch is very straightforward
- Fairly priced
- We do not re-trade
- Once we provide a term sheet, we close
- We are capable of closing in under a week if we have to rush.
One of our borrowers went with another, private lender offering them 6%, interest only, no points, 12 month duration. They are buying a 4 unit MF.
Not all markets are efficient.
Last night my oldest daughter said "dad, can we start a fire and read our bed time stories in front of it?" and it was a whole new level of wholesome
Close friend of mine is a head of sales at a finch startup. they recently exited and he is looking for his next opportunity.
I want to pound the table for him. Who is looking for a great sales leader right now?
If you have a deal where the lender is acting shaky please reach out to me.
There are a lot of private/hard money lenders re-trading people at the finish line right now
What is the worst thing that a lender has ever done to you?
I will go first. I golfed with a loan officer and on the 10th hole he out drove me and looked at me dead in the eyes and said "who is your Daddy, Frank?!"
Our January data looking like demand is up YoY for self-storage. This is in line with Yardi's report that came out recently. The general theme:
"Demand will not be as strong as 2020-2021 but better than 2023."
To sell a value add deal, brokers sometimes have to sell you on how incompetent the seller is, who is also their client.
This is an incredible dynamic
Our group is currently helping a buyer close on 20 single family homes in the midwest. Really significant deal for this buyer.
We do HMLs on fix and flips, SFR portfolios, and multifamily. Lets close deals
When COVID started, I worked out by myself almost exclusively.
3x other dads in town and I started working out together during the week and it has been a huge boost to morale.
Dudes need to hang out with other dudes.
Lot of discussions over the last week with some people from #retwit with really creative deals. Some are not a fit for our loan business because of the way the deal needs to be structured but great deals nonetheless.
Two best ones I saw:
1. Buyer getting keys from a bank
2. Re-zoning play
My wife @katepacescap just told me she does Bulgarian split squats with 85lb dumbbells and it has completely changed the power dynamic in our home
It has been less than 48 hours since I let twitter know I am doing lending and I have been exposed to 3 super interesting and potentially amazing deals already.
Awesome exposure.
I have to say, after hunting for and putting deals together for so long, it feels really nice to sell a straightforward service. Enjoying the change up.
If you need help funding your project, give me a shout!
