Does anyone have any experience with cell tower real estate?
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[{"id": "g6424cv", "text": "Project Manager could mean many different things, are you going to be managing the permitting and acquisitions or construction or something else? Usually the smaller players act more as site locators/acquisitions or contractors to a mobile carrier. Most towers in the US are owned by the major players (Crown, Amer Tower, etc) and not the carriers. If so who is the customer with this firm? \n\nThey could also mean that you are going to be finding locations and cold calling land or building top owners, which is very different. If so you'll want to point out how you've sourced deals in the past. Its also likely that you'll be contacting single-tower owners to purchase the rights along with the underlying carrier leases. The value that this type of deal presents to the owner is a lump sum today (discounted of course) in place of the recurring revenue stream from the current tenant carrier(s). Owners are contacted frequently, so you'll want to understand what differentiates this firm besides willingness to pay and how they locate landlords for inquiry.", "replies": [], "depth": 1}, {"id": "g64290u", "text": "Look at their layoffs over the past year, even before COVID.", "replies": [], "depth": 1}, {"id": "g647lfu", "text": "Brand new profession as 5G needs a lot more transceivers. All I know a church gets $250/month to have it on their premise. 3G, 4G who knows.  It must be in urban as America continent is too large to populate all at once.", "replies": [], "depth": 1}, {"id": "g6485qz", "text": "Have two neighbors with celltowers - Crown Castle and American. The tower cos are so cheap: a couple hundred bucks a month and will be on your property several times per month with heavy equipment to work on the towers (most of the cell towers have no access except through other people's private property).", "replies": [{"id": "g660w3l", "text": "That rent sounds extremely low.  I've probably seen 2,000 cell tower ground leases and rarely saw any under $800 or $1,000 per month &amp; I dealt with a lot of towers in very rural or small town locations.  \n\nThe tower companies are obviously out to make a buck for themselves and aren't charitable, but they often have to go thru a lot to get a tower approved and they cost a lot to put up.\n\nHonestly, I'm not sure why the landowners you describe encumbered their land for 50 years for a couple hundred a month.", "replies": [{"id": "g66bw44", "text": "One's getting about $400/month and another just signed an X year lease for a 180ft tower for $600/month.\n\nThe $400/month was signed by the previous property owner. He knew he was going to sell the commercial building and said \"f- it\" I'm going to partition the tower off and keep that little closed off income stream in perpetuity for myself regardless of the new owners.\" Tower is entirely closed in by private property on all four sides. Crown Castle's subcontractors come in twice a month to do repair work, bringing their heavy equipment and not asking permission to use anyone's property for access.\n\nThe $600/month neighbor had been trying to sell his property for 3 years but no one was interested (because he's asking 70% above market). He felt that at least this way he could have income while he waits for a buyer to buy the property. Same deal with that tower's subcontractors, they bring their heavy trucks in and park in everyone else's parking lots without asking permission.\n\nThis is the real world, folks. People sign stupid leases for stupid reasons. They're not all running DCF and IRR analysis on viable tradeoffs: they take the first offer that a slick salesman brings to the table. And the moral hazard is that neighbors have to pay for that BS through obnoxious and careless subcontractors, increased lightening strikes, etc.\n\nHave you checked out Crown Castle's financials? Last year they had something like $400 mil in net income (they're a public company and 10qs and ks are public on EDGAR). They can afford market rates but choose not to.", "replies": [{"id": "g7iuxsn", "text": "I've dealt with cell towers a fair amount and have never heard of a situation where subcontractors and repair people were out there twice a month forever.  They might be out a few times if they are switching equipment out or something.  \n\nThe $400 friend, did he purchase his property subject to access easements for the cell tower?  If not, he can definitely prohibit anyone from crossing his land, they are trespassing.  Same thing for the owners of parking lots where the tower people are parking their equipment.  \n\nI hear what you are saying about the rent the lessors/former property owners are getting but I note that the properties involved are all commercial properties.  When these buyers get surveys and title reports they know how these properties are encumbered when they chose to buy.  They could have bought a different property or negotiated to have the cell tower lease included in the purchase.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "g662xzi", "text": "My in laws have one, $1500 a month and they RARELY have anyone out there that they notice. So, obviously it differs from location to location.", "replies": [], "depth": 2}], "depth": 1}, {"id": "g649wr6", "text": "I\u2019ve financed quite a few properties with cell towers and my Dad actually designed cell towers. Feel free to message with any questions.", "replies": [], "depth": 1}, {"id": "g64qvz2", "text": "Yes, you usually charge per carrier and cell. A tower with all major carriers and multiple cells charges a lot more than one with a single carrier and cell. Most tall office building have them on top or the sides for that reason.", "replies": [], "depth": 1}, {"id": "g64rrh2", "text": "I\u2019ve always thought this was such a cool idea!!  I have a couple vacant lots in Oklahoma if you\u2019re looking for any lots this way!", "replies": [], "depth": 1}, {"id": "g655nck", "text": "My friend isn't on reddit but worked like 5 years at a company that did just that: leased land for cell towers. What kind of questions do you have? Its similar to any PM position with some unique things since it involves telecom, very long term leases, and lots of tiny parcels.", "replies": [], "depth": 1}, {"id": "g65atvk", "text": "Is it one of those companies that try to poach cell tower leases from landlords at a 10% cap and try to convince them it's an amazing deal?", "replies": [], "depth": 1}, {"id": "g666s4h", "text": "I don\u2019t know much besides someone who had a property that was receiving 25k each per year for towers from Verizon, att and T-Mobile", "replies": [], "depth": 1}, {"id": "g67rwge", "text": "A lot of it is very location based, in terms of are you in a populated City? Or the tundra in alaska? Or in between?", "replies": [], "depth": 1}, {"id": "g6o0vjh", "text": "a little unrelated to the original post:\nATT installed a small cell on my property without permission. We brought it to their attention after a few weeks of working to get in touch with the correct person. They offered about $2,200 per year. We said no and made them remove the small cell. \n\nThen a month or two later ATT wire side installed a hand hole. In the process of having this removed too. \n\nThe property is directly next to a stadium in Orlando where we make about $6,000/year for the same spot as the small cell pole by renting the surface space during events.", "replies": [], "depth": 1}]