Had a fantastic phone call with @BraxBarker this week. Chatted for almost 2 hours! This was one of the most insightful conversations I've yet to have about CRE. A few things I learned: - Having a lower cost of capital gives you an edge in the market, as you're able to bid higher or accept lower returns than your competition (hence why institutional capital typically gets what they want). - Becoming good at modeling takes time/practice, but pays off 10x in the long run. - To make big moves in the market, you often need to have a contrarian opinion. - Having access to quality data that others in the industry don't can bring big success, as shown by @StorageDataDev and @radius_plus as they've taken over the game in self-storage. #ReTwit, make sure to go check out @BraxBarker and what he's doing over at @highlandmayfair!