Real Estate

“I learned from my dad at a young age, invest in, you know, places that you would live, places that you have family, places that you have contacts, because somebody has got to manage that property or keep an eye on it.”

“You're not even sure what you're going to do with it yet, and you don't need to know. And this is a terrible thesis for someone that's going to have investors,”

“My strong bias is to buy local because information And control are real advantages. You know which block is actually improving, and you hear about the roof before the invoice lands in your email. When you buy 1500 miles away, every one of those advantages gets…”

“For the assets we own, it's not just buy and hold, it's buy and change. You can transform these assets. That's one of the things that's less understood about both real estate and infrastructure is how active those assets are. It's not Just that durable cash fl…”

“Real estate is just a function of how people use space, where they want to live, how they want to work, how they want to consume goods, whether it's in store or online, how they want a vacation. That constantly brings you back to basic judgments about how we l…”

“When AI comes up with anyone in real estate or infrastructure, it's immediately just data centers. There's no question that that is probably the single biggest beneficiary of the AI trend.”

“There are also a lot of other ways to play AI in real estate and infrastructure that get less attention, and that therefore have Better risk-adjusted return because you have a better basis on entry.”

“Real estate values are still down 20 plus percent, while the broader investable universe is at all time highs.”

“That new construction falling way off, on top of it, construction costs still being so elevated, means we think this cycle, there'll be more room for rents to run and values to grow before that inevitable supply side response kicks in.”

“In some ways, like real estate is the original Bitcoin because it's like proved provably scarce.”

“Really good businesses pay a lot more than really good real estate because Real estate is such a stable asset relative to, right?”

“Huge shift in the way internet and online investing is taking place, and really that shift, a lot of it, I believe, will go to hard assets, and that definitely includes real estate.”

“The real estate opportunity right now is as good as it's been since 20 11.”

“If structured properly, you can offset Almost all the income from the property. And then because of something called a step up in basis, a death when you sell that asset after you pass away, you don't owe tax on that either. So you, along the way, all the inco…”

“If you use it for business purposes now you can sort of depreciate and take advantage of the same tax credits that you do with real estate and oil wells. Right. But you have to be able to prove that you, it was used for business purposes and all that.”

“Don't buy a house in a country you don't live in.”

“In real estate insider trading is legal. Insider trading, meaning not doing anything to break a fiduciary duty, but insider trading, meaning I can learn more about the property than the market knows about the property. So therefore I have unfair information an…”

“I don't think you create content to sell houses. Cause it's like a, you know, selling the house is basically a transaction, you know, oriented exercise. It's a lower funnel activity.”

“So, to say it plainly, I believe the next 18 to 24 months represent one of the best real estate buying windows we will see in this entire decade.”

“Of deals that we choose to pursue, but then, you know, in diligence or in structuring decide to walk away, there's two reasons that Are most common. One, we don't like the revenue construct or the corporate credit counterparty that backstops that revenue const…”

“What I'm talking about is almost every time I buy a piece of property, There's some upside in it that, that the public is either not aware of, But probably could be aware of if they did the hard work to find out. So zoning would be one of them.”

“As a general rule of thumb, bad economic news is pretty good for real estate, and really good economic news is generally bad for real estate because it affects the interest rates and what the Fed is willing to do with interest rates in the opposite direction.”

“I have this thesis still very much do that. I don't think that buyer's agent necessarily adds a ton of value to the process.”

“Well, I think the stuff to lean against if you really want to do the opposite of everybody else would be to, you know, do less AI related investments and more real estate investments.”

“And I see that a lot of big investors are reducing their exposures to real estate. So that's probably a good sign, right? That there are better times ahead.”

“The narrow restrictions are only around military bases where, where it could be potentially sensitive for national security, but there is no ban and no regulation in terms of keeping Americans wealth in real estate in America and keeping the ownership of real …”

“The vast majority of what people consider passive income, they're working their butts off for, particularly real estate. If you're a landlord and people are like, oh, it's passive income. No, it's not. Your toilet breaks, the roof leaks, the tenant doesn't pay…”

“By the way, that's going to help you to recruit and retain human beings. It's hard to recruit and do a TPA. You recruit people into private equity jobs, real estate jobs, because we demand, especially at the senior levels, a certain level of expertise and netw…”

“You can absolutely trade on insider information in real estate.”

“I've invested in real estate for 30 years. I've never lost money on a deal.”

“There, there's no way that the best stock analyst on the planet could ever know a stock as well as you know that house in Cheviot Hills after you've had the inspectors come by.”

“It doesn't have to cash flow, but you've got to have a real straight line, not like a, you know, change the entitlements in order to make it work. You know, you've got to have like, okay, so I buy the value add, it's underwater. It's not cash flowing. But I ha…”

“The practical aspect of real estate in terms of taxing Is because the individual owner of real estate can't take it with them. It is a very practical asset asset to tax for the government because they can always tax that and you can't take it with you versus t…”

“I make a case for taxing real estate, because I think a lot of the Benefits of corruption and the bad money, the black money in a way sits in real estate, and that might be a good way to bring it into the tax system.”

“20. That's an old stat.”

“Actually, someone who's invested 15 years in doing up a house probably cares about what the person buying it is going to do to the house.”

“When you're looking for a house, don't optimize, because everybody will want that house. Instead, find something the house has, which most people won't like, but you don't care about.”

“They used to call it the four major food groups, office, industrial, retail, and residential, and those companies accounted for over two-thirds of the entire REIT index.”

“If real estate went down, you could buy it and just wait, and generally it would come back over time, and that's certainly not true anymore.”

“There are some very specific added benefits to do it with your own house. You know, you can get into it, you can get into this investment being your own home at better rates with less money down and all that sort of thing. So you can add a decent amount of lev…”

“Last 15 years, you know, real estate as a whole has gone up four and a half percent.”

“However, a bit of knowledge In, in real estate or just aligning with somebody who has a lot of knowledge in real estate moves you from four and a half percent to conservatively, 60% or 70%. And that even a lot of knowledge moves you essentially from 10% backwa…”

“The macroeconomic factors, which are important and influence real estate as a general rule, real estate have far less impact on a single piece of real estate than Then the deal you're getting.”

“I mean, this is the, ah, going to be the next wave of, ah, real estate or building homes, building office spaces, more open, more nature, more biophilic, you know, this is what is going to be the future.”

“They're selling their celebrity. Like they're bringing some to the game because they've blessed it or they've put it together, which is at the end of the day, it probably is nonsense. Probably doesn't, it raises money, but I don't think it raises the value of …”

“Real estate is so deal specific that there's never a good time, by the way, and there's never a bad time... Whatever you think is the best time to buy, people are buying and losing money. Whatever is you think is the worst time to buy, people are buying and ma…”

“I think that's actually a problem that, that Opendoor has had is that, like, Externally and for, admittedly, for some time internally, the company thought of itself as essentially an investor in a real, like real estate as an asset class, which is not the job …”

“First of all, I don't, I just, I don't invest in places that are so far away that I can't get there.”

“I invested in real estate quite heavily, and so I got hurt with the great recession hurt me badly.”

“They could have hedged their investment if they had, Gone right into fixed rate financing. Going out 10 years, which rides you through any market, maintain your cash flow, whereas your equity is going up and down.”

“Every time you buy a market property, you have paid more than anyone else is willing to pay at that moment in time. And that's the way I bought most of mine. And people that are looking to make real money in real estate do not need a steal.”

“As we get more and more things in the digital world, like real estate actually becomes far more expensive. Nikhil Kamath: Why? Nikunj Kothari: Because that's the only asset people can hold on to.”

“One of the issues that we have in the Western world is that the productivity in the construction industry has been stagnating or certain decades going down. So unless we fix that, unfortunately, you know, in most places, real estate will continue to become mor…”

“Real estate has not invested a ton in technology. So it hasn't gotten a lot of the efficiencies that, you know an internet company or, you know, a SaaS company Could achieve.”

“In the past, you've really just needed a person because traditional software couldn't handle the variability that was required. So, if you needed a person anyway, there wasn't really a motivation to buy technology.”

“Real estate is so far behind on tech, it actually has the most to benefit from AI. So it maybe is going from the lowest R and D spending to potentially one of the highest spenders on AI.”

“Developers don't want it cause it's already done and done poorly. Okay. That wipes them out.”

“No matter what, I think for now, in this game, it's a people business, you know, you've got to have the relationships you're still buying from people, you know, like that, the purchase process, vetting the deals, negotiating the deals, you know, going in and a…”

“You can't sell a fake view at that level. You can't say this is what the kitchen's gonna look like and then put in a different faucet. It might fly on a smaller residential or apartment, right? You're trying to lease an apartment that's different, but our team…”

“Most of that is going into the big funds, the brand names. You even see in real estate where the mid-sized funds can't raise capital. So you have a big gap and a weird inefficiency in the lower end because a lot of institutional capital now can't reach it.”