Recovering Banker | Novice Surf Bum
Space Coast, FL
Joined December 2011
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How to get ahead financially:
Housing: Each additional sqft you buy/rent is added cost. If buying, look for places where the land is worth more than the structure.
Vehicles: Your car is a tool to reliably get you from point A to point B. Money spent above the reliable tool threashold is luxury consumption.
Food: Having someone else prepare your food costs 3x what it costs to do it yourself. You're not 16th century king, prepared food should be a treat, not an expectation.
Once you have enough money to no longer need to work? Splurge away.
Robert Chase retweeted
The sickening stories keeping coming in…😢😢😢
SHAME ON YOU, @StubHub.
Imagine being a kid, a HUGE @Brewers fan, and finding out you’re going to see your team play in the WORLD SERIES! ⚾️💙💛
The excitement. The anticipation. The memories you’re already imagining making.
Now imagine having that excitement ripped away because a company sold your 3 tickets that you bought, that they apparently can’t deliver.
That’s exactly what we’re dealing with right now.
We purchased THREE tickets to the Milwaukee Brewers World Series for Game 1 last Tuesday(13th) through StubHub. We selected our section, our row, paid for our tickets, and received our order confirmation.
Everything was supposed to be set.
Then suddenly, StubHub tells us they’re “searching for replacement options” because they can’t provide the tickets we purchased.
ARE YOU KIDDING ME?!
How does a company accept someone’s hard earned money, confirm a purchase, and then turn around and say they can’t fulfill it?!
And their solution? We can request a refund while they continue looking for tickets.
THIS ISN’T ABOUT THE MONEY.
It’s about the experience. It’s about the memories. It’s about the excitement of a kid, his dad, and grandpa, who thought they were going to watch their favorite baseball team play on the biggest stage in baseball.
Look at the first picture. That’s the disappointment you’re creating, StubHub.
A refund doesn’t replace that moment.
And here’s what really bothers me…
StubHub advertises a “FanProtect Guarantee” and tells customers their orders are “100% guaranteed.”
Guaranteed WHAT, exactly?!
Because from where we’re sitting, that guarantee doesn’t feel worth much when you can’t deliver the tickets you sold us.
We did everything right. We purchased through a major ticket marketplace. We trusted the confirmation. We trusted the guarantee.
Now it’s time for StubHub to make it right.
We aren’t asking for anything extra. We want the three tickets we paid for, or comparable or better seats together, at no additional cost.
Stubhub…DO BETTER.
Please SHARE this. Not just for us, but for every fan who has trusted a ticket company with an experience that means so much more than the price of admission.
ℹ️Brandon Barker
Great thread. Low asset pricing after the GFC followed by declining rates / decent rent growth disguised what a difficult and low margin business apartments are
The longer I invest in multifamily, the more I think most aspiring real estate investors should avoid it completely.
I find myself unintentionally talking young guys out of it quite a bit, especially those guys that have mastered duplexes and smaller deals.
Multifamily looked so appealing in the party days, I know.
Rates gently dropping, rents consistently growing. All masked the difficultly of actually operating apartments.
So many were fooled into thinking (or sold by gurus) that a 240 unit building is just as easy as an 8 unit building.
Why not scale up?
Because it’s not easier. What a ridiculous assumption.
You can manage an 8 unit building yourself. You don’t need a property manager, an assistant, and two full time techs.
You don’t need $20 million in personally guaranteed debt or to raise $10 million of LP capital.
You miss your numbers on an 8-unit, what’s your maximum financial impact? Tough, but totally recoverable.
If you’re off on your underwriting or capex budget on a $30M deal by 20%, you just lost $6M.
That one big deal has enough downside to crush you if done poorly.
Meanwhile, you could go do a couple BRRRRs in your city and make good money. Or at minimum, less stressful money.
There are benefits, of course, to scale. They simply take years and years to manifest.
Eventually, you may build an elite team, business, and system that can operate without your boots on the ground. That’s the dream.
You may have a roster of investors that trust you, excellent deal flow, and a machine that delivers for your investors and yourself and your staff and your residents.
But it’s not all sunshine and lollipops, and most don’t get there.
I advise serious caution before assuming bigger must automatically be better.
$EPR may be taking some of these assets back soon
Great news for the SEC this year - at a minimum, the conference champion is guaranteed a playoff spot
Robert Chase retweeted
Credit is boring until it isn’t. Then everyone suddenly becomes a credit expert.
Welcome, glad you’re here.
Robert Chase retweeted
institutional equity loves an "off-market" deal.
Saw a group brag about an off-market buy on LinkedIn for a deal that was off-market because no one bought it for 2 years while on the market..
Robert Chase retweeted
@StubHub
Purchased lower level seats, seller didn't deliver 24 hours before event.
These are my *comparable* options under your "Fan Protect Guarantee"? Almost forty minutes on the phone with an overseas call center made no progress.
Robert Chase retweeted
What makes your LPs call an attorney to see if they can sue you? This. Acting like everything is great when it’s not, and marketing new projects while your existing projects fail.
This quoted post is unavailable.
What do we think the probability is that $ABR goes BK?
The F series preferreds look like an interesting bet
Seeing these great runs posted in the northeast
It's still 81 here and $NKE decided to force me to demo other shoe brands with a poor model redesign
Robert Chase retweeted
Also updated the fan favorite, the net worth by age stats. The median US household NW moves from $64K at 30-34 to $528K at 60-64.
Correct.
The maximum employee contribution for Social Security in 1994 was $3,757. That does not support today's maximum payouts.
To be very clear:
1) Social Security pays out more every year than it takes in.
2) the upcoming “insolvency” date has nothing to do with Congressional overspending for the past 50 years. It’s that the past years of SS surplus will have been consumed by the recent years of SS deficit.
Had Congress slashed appropriations by 90% this insolvency would still be happening.
Robert Chase retweeted
FIGURES: A West Virginia researcher crunching state betting numbers finds 43M bets placed by just ~16K bettors. And when does demand spike for slots? Every second, third and fourth Wednesday — Social Security payday. @MyBuckhannon mybuckhannon.com/high-roller…
Robert Chase retweeted
Just got my property tax bill for the first half
$12,432
How’s a retired man on a fixed income supposed to maintain a small 5,400 sq ft house?
End property taxes for seniors NOW!
Robert Chase retweeted
Seller price expectations changed.
- UCB paying 2x TBV for a sub $1bil exurb Georgia bank
- Many $1bil to $3bil community bank stocks now pushing 1.5x TBV in the market. Paying a premium above that doesn't make sense.
- TBV dropping through Q3 with rate increases
Robert Chase retweeted
Realtors will still try to find a way to convince you that buying a home with an 8% mortgage is better than renting.
THIS IS ABSOLUTELY INSANE…
8% US mortgage rates are “not an impossibility,” per MarketWatch.
At 8%, a $500,000 mortgage over 30 years would cost roughly $3,669/month in principal and interest.
That’s $44,000 a year BEFORE property taxes, insurance and maintenance.
I wouldn’t buy a house that only works financially if I can refinance into a cheaper mortgage later.
Reminder on why the economy continues to run hot
Robert Chase retweeted
Many state regulators opt for a terse press release when they seize a bank. Fair to say today's California DFPI press release adopts a different approach. dfpi.ca.gov/press_release/ca…
Even adds in some criticism of the federal regulators' CAMELS ratings proposal (2nd last paragraph)
Nano Banc had been in the regulatory doghouse with the California state regulator (and sometimes the Fed) for a while.
CA DFPI enforcement actions: dfpi.ca.gov/enforcement_acti…
