@twallyweb

Salt Lake City based Real Estate Developer

 Salt Lake City, UT
linktr.ee/TannerWebster
Joined September 2021
  • Tweets7.5K
  • Following1.2K
  • Followers8K
943Media
Hit 5,000 followers a few weeks ago, so reintroduction for the new people. Developer/Sponsor in Salt Lake City, started off flipping houses and brokering cre Currently building/buying a variety of asset classes within a drive from my house Current portfolio & pipeline is about $30M +/- • 7.75 acre retail development -build to suit gas station -multi tenant retail - flex industrial in the back • 19,200 SF spec industrial building, small bays, 980-1680 SF - 4,096 SF existing office building • 42,000 SF of self storage and industrial • 12 townhomes built ground up • 16 units of value add apartments • 7 townhomes in planning Plans for ‘25 are much of the same: industrial, retail, storage, and residential. Maybe bringing construction and property management in house, but the last two are probably a ‘26 item I have a podcast where I share what I’ve learned from people much smarter than me, and a mailing list for more details on what’s going on in the market. Both 🔗 are in the bio.
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The thing I like about real estate today is that you need some sort of an edge, can’t just buy anything anymore. A few edges that come to mind 1. Self performing construction (with real savings) 2. Differentiated leasing program 3. Tenant in tow relationships 4. Real deal sourcing abilities and ideally direct to seller 5. Zoning and entitlement skills 6. Ability to close with cash very quickly if needed 7. Creative deal structuring 8. Public financing- TIF, abated taxes etc tbh you probably need 3-4 of these on each deal
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Lots of learning lessons here, excited to do more: 1. Construction on these goes very quickly, if you close and start construction the next day, you can generate some massive IRRs. Interest reserve was massively over budgeted. 2. Tenants only care about chunk pricing, all drive by sales, it’s not $48 NNN, it’s $5500 per month 3. Drive thrus add a lot to site costs 4. AM vs PM traffic matters a lot 5. Pre-leasing was a big deal for financing 6. Tenants take forever to make decisions compared to industrial 7. Will probably leave all the concrete slabs open next time to save on concrete 8. Signage is more important than I thought 9. Some tenants will do deals with no TIs and more free rent 10. Storm infrastructure is really complicated, got very lucky on how I designed it this time 11. Biggest one: lots of these franchisees have more than one concept, they will tell you where they want to be and can be an incredible resource for future deals
Tanner Webster
@twallywebOct 24
My photographer didn’t even chuckle at my joke
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Also these buildings are so straightforward I think we will self GC next time
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Military-Grade drone pilot
Tanner Webster
@twallywebOct 24
My photographer didn’t even chuckle at my joke
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My photographer didn’t even chuckle at my joke
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DMing girls on instagram: 🚫 DMing local businesses on instagram to see if they want to open another location to our new buildings: ✅✅✅✅
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Getting some shots up
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Good shit @seventhandstone
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The market is panicking but I had three new investor intros today so ¯\_(ツ)_/¯
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Did you know you can sell industrial condos for $330 a foot during the Great Depression? Another one closed today UYOC of 8% on for rent and 25%+ net margin on for sale.
Tanner Webster
@twallywebOct 20
Vibes at the conference at an all time low
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Still no clue for those wondering
Tanner Webster
@twallyweb20 Jun 2025
No clue where the apartment market is these days. - recent comps with 4 handle cap rates on in place rents - lotta new stuff going out to market with similar going in cap rates - hearing about lots of cash in refinances from 2020 five year loans, sponsors and LPs seem to hate their life rn - an insane amount of supply still getting absorbed, I’ve heard 20% vacancy if you factor stuff in lease up - construction costs of $265K+ per door in hard costs alone for podium. even with free land couldn’t get to 6.25 YOC - banks actively looking to lend money on apartment construction with decent(?) spreads - seems like insurance and opex has calmed down - absolutely stupid amount of inquiries on my vacant units. Like 5-6 a day. Personally have zero interest in urban apartments at the moment but maybe someday I’ll wish I did. I would seriously look at suburban BFR townhomes, but chunk rents have to be massive.
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Vibes at the conference at an all time low
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Frisbees have been caught
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I’m going to do a 1031 exchange in this economy AMA
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This chart doesn’t surprise me because it is pretty accurate to the median home price of when you were/are 25 in these generations
Michael Girdley
@girdleyOct 12
I’ve been thinking about crazy Gen Z salary expectations. This was big a little while ago. In case you missed it — here’s what different generations consider a “successful income”:
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Going to start adding “sponsor healthcare benefits” to my operating agreement’s manager compensation section on future deals
EB (Derogatory, Respectfully)
@EllliotttBOct 12
Lmao good luck out there
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An update
Tanner Webster
@twallywebOct 10
On date #5 with this girl. At what point should I bring up my opinions that A) american fire trucks are too big B) data centers are great
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Tanner Webster retweeted
Barrett Linburg
@DallasAptGPOct 10
The real dating advice twitter needs today
Tanner Webster
@twallywebOct 10
Replying to @DallasAptGP
“So there are only two times in life that you get a step up in basis, one is when you die, the other is called an opportunity zone. They just released the new map do you want to see it?”
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On date #5 with this girl. At what point should I bring up my opinions that A) american fire trucks are too big B) data centers are great
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