Worst Types of People In RE
I'll start prospects/high school kids who rank firms and think Hines isn't top tier. Nate Paul is pretty bad too, I guess.
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Sons who think their father's accomplishments are their own
Ah, so everyone who owns a real estate company then.....
My landlords son is like this and they only own like 20 units.
Actually this is the worst type of person in real estate. The one who owns some piece of crap worth $850,000, has had it forever and doesn't run it quite as nice as a pro would, and thinks they are hot shit.
man, I have epic story of one of these who got owned by daddy when the deals he managed blew up post 08. Dude literally was forced to become a courier for files and office supplies for the family business and do other complete bullshit tasks, it was public shaming. Dude totally deserved it, was so full of himself.... in 07.
Never understood this. My family started in RE, but I feel embarrassed to mention it because it makes me less valuable and puts value on my father's accomplishments rather than my own.
no way man. Nate Paul is the shit.
The more I hear about this Nate Paul character, the more he sounds like a real jerk.
Appraisers.
You know shit about the market and asset and zero knowledge on transaction trades but act like you do because you play with Argus all day inputting 3% growth on everything and cap rates you found in some survey.
I mean... they aren’t that bad.I say that because I may have to be one...
That doesn’t annoy me as much as when you ask them to revise values based on buyers assumptions and they get butt hurt and start having a bad attitude
Residential Realtors (and residential investors... many of who are wannabes) who think they understand commercial and investment real estate. OMG, some of the convos I've been stuck in. "Oh, I'm looking to buy a 100 to 250 apartment complex for a really good deal below market, at least a10% cap with upside, know any?"....
To be clear, this is not a general knock on Realtors or resi-investors (many are actually awesome).... just those who think they understand CRE and try and act like ballers when then are such obvious fakes.
Very much agree. There are definitely ones that kill it, but I find the most humor in those who market heavily with ads on bus-stop benches or on the sides of grocery store carts. It's ridiculous to see how much their ego gets inflated because of this and how much of an "expert" they suddenly are.
I mean if you do find a place with an in place 10% cap rate and upside not priced in that’s not in a horrible location, I’d like to know too...
In all seriousness I’ve seen a lot of resi brokers try and do land deals or small strip malls and it almost always blows up.
Best residential broker story I’ve encountered. Stereotypical residential agent, smoke show house wife, drives a “cute little” Porsche. She pulls up to the showing, Class A warehouse/ industrials. With her “client” aka HUSBAND, that owns a beverage canning company. She scraped by representing him, essentially he does all the work, including redlining the LOI AND her not even being on the calls during the negotiations. He ends signing 125k SF on a 10 year term. Then I get hit with her commission split asking for 4% for the tenant rep. fee.
Douchey structured finance bros. Can find some on the equity side as well, but come across more in debt for some reason. I feel like they have a chip on their shoulder for being in debt?
Not quite sure what it is, but it gets old dealing with these folks on transactions. I definitely keep a list to make sure these guys never get our future business again.
Never heard about this before, they just act like they're compensating or something?
I can’t tell you what it is, but that is my guess.
Hahaha soooo true. I know the exact kind of guy you’re talking about
Hahaha soooo true. I know the exact kind of guy you’re talking about
cmbs guys work like 24/7 and are micro managed to death. It's like IB work without the pay. In theory, it seems sexy because you get to play conduit and turn a bunch of loans into bonds. But in reality it's just a cashflow waterfall with extra steps. I would stay away from debt if I were you. It blows hard.
Is it actually that bad. And is pay not comparable to IB if it is at a big firm in NYC? Asking as a future intern
Is debt really that bad? I'm starting out as an intern this summer at one of the larger underwriters and I thought it would be a good experience to get better understanding of real estate just due to high deal flow and exposure.
Grant Cardone, 95% of syndicators and 90% of M&M brokers.
10x bro
Shitty tier brokers and wholesalers who just send you other people's deals.
The shitty bucket shop debt guys who send me cold LinkedIn messages. Sorry homie, but I'm not letting your little shitbag "firm" source debt for my $100m+ deal. These fuckers are relentless.
I had one IS guy on linkedin send me The Chrysler building.....random connection
I don't know. Those guys are annoying as all hell and kinda laughable, but you have to respect the hustle a little bit. I'd rather deal with them all day than the guy I know is out to screw me on something, or outright lying to me. Not gonna ding hard workers, even if they're working at a boiler shop equivalent
I definitely respect the hustle, and I would be awful at cold calling. That said, I'd appreciate them putting a little thought into their pitch and how they might bring some value to me... would take them all of 2 minutes of putting themselves in my shoes.
Let me guess, Eastern Union "brokers"
Real estate industry has the biggest assholes
East coast RE attorneys, especially nyc. Jesus Christ shut the fuck up for two seconds on the closing call so someone else can talk. They literally think they’re the smartest people in the word and want you to know it. Then they think they’re master negotiators when that’s not even their job. And the fees!! Oh my god the fees! This one fucker added the word “The” 80 times to the OA. Probably paying him $1200 and hour to do it.
Haha you alluded to the real reason they never shut up - the fees. Gotta reign them in and keep them focused on the most important deal points otherwise they'll ramble as long as you let em @ 1000/hr.
Boomer quants in RE positions who like to create overly complex models just to show everyone how smart they are. I've never interacted with a more self absorbed generation.
Quants do not exist in CRE there is nothing quantitative
I dunno man, those sumproduct formulas though...
Yea I don't know what quant in real estate is.
His name is Yang!! he won a math competition in China! He doesn't even speak English!
Slumlords and "slap lipstick on a pig" flippers. Yeah, M&M brokers, syndicators like Cardone, stuck up finance bros, and windbag attorneys are all awful, but slumlords and cheap flippers are downright predatory.
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