All Forum Posts by: Tyler Jahnke

What's Up BiggerPockets family!

WOW...can you believe it's officially been 2 YEARS since I closed on this Morris Invest property and started documenting my journey?!?!

A LOT has happened in that time. I'm not even sure where to start. In the past 2 years:

#1: I've met some AMAZING friends and business partners (@Ake S. @Nick James @Drew Sing@Jonathan James Look @Bo Kim @David Lao @Ernesto Hernandez) Seriously, who would have thought that this online platform could really spark such strong relationships? BUT IT DOES! We cannot credit BP enough. You want to be successful? NETWORK!

#2: I hit some pretty low points in my investing journey (vacant property, squatter, trashed unit needing $16k in repairs, horrible property management, more unexpected repairs on my newer units). And I will continue to hit low points (I got foundation issues to deal with now) as I continue down the road of real estate investing. BUT, these are all LEARNING points. Every negative has a positive.

#3: I added 83 units to my portfolio in the past 9 months. That's crazy to think about. I bought another single family, bought a duplex, and worked with @Sterling White on a 80-unit syndication.

#4: I am nowhere near "Financially Independent." This is a LONG game. I'm 2 years in. Let's chat in 20.

#5: I'm still continuing to learn each and every day. Books, Podcasts, and Meetups. Never stop.

Well, 2 years has gone fast. I'm excited for the future. Reach out if you have any questions, I'm always happy to help in any way possible.

-Tyler

Hey @Dan T. - yes, I started buying in Indy in 2016. Hit my fair share up ups and downs through my experiences. Bought a house, sold a house, bought another house, then bought a duplex. Feel free to shoot me a message if you have and specific questions!

-Tyler

Hey @Randall Degges - Zestimate at $55k. Below are the sold comps in the last 3 months. Average of those comps is $50k.

@Aram V. - This guy is really trying to tap into the Morris Invest client base and sell more properties to them? Not slick. That's low.

I wouldn't trust anyone that ever worked for Morris Invest. He even admits that he should have left the company sooner....but he didn't?!?! Even when leadership's direction went against his principles?? Doesn't add up.

-Tyler

@Kayla M. You're not crazy. I feel like investing out of state while living in California is the hot thing to do right now :)

There are plenty of good markets out there. I happen to invest in Indianapolis and Louisville.

Wherever you decide to buy, really put in the effort to understand that market. Hop on a plane. Shake peoples hands. Talk to locals. That'll put you ahead of the pack that just want to invest, make money, and put little work into it. Real estate is a relationship business and takes effort.

Let me know if you have any questions!

-Tyler

Ahhhhh the GREAT DEBATE.

To invest out of state or not?? That's a good question @Colleen Prescott

I've experienced my fair share of reasons to NOT invest out of state. But, have learned a lot in the 2 years since I bought my first property in Indiana (while living right by you in Oakland). I am still a fan of investing outside of our home market. And will continue to for the foreseeable future.

Let me know if you have any questions! I'm always happy to help.

-Tyler

@Grant H. - Looks like you're calculating things pretty correctly. My first impression: this is not a good deal. First of all, it doesn't even meet the 1% rule (rents = 1% of the All-In price). You can still find 1%+ properties out there.

On to your numbers: I'll say, some people only calculate 5% for vacancy (opposed to your 8%), and your 18% for repairs/maintenance/capx might be a little high (but it all comes down to what you're comfortable with).

And remember, everything adds up. You're spending $90 a month on water, sewer, garbage. Try to find a place where tenant pays utilities.

I would not personally buy this property at $150k. But, the whole exercise now becomes: at what list price does this property make sense? $130k? $135k? $120k?

Then make an offer if you still like it.

-Tyler 

Hello BP Community!

I'm looking at an 80-unit property in Louisville, Kentucky.

Here's the thing: I've never been there.

But, I've purchased multiple properties sight unseen, so I'm not scared off by that. However, I'd love to connect with any investors, property managers, agents, anyone that knows the Louisville market, because I have a few neighborhood specific questions.

If you're open to connect, please leave a comment below and I'll shoot you a DM.

Thanks all and Happy Investing!

-Tyler

Hey @Chris Jensen - this is going to be SUPER cliche...but everyone has 24 hours in a day.

It comes down to priorities.

If you want to help build community, provide value, look for advice, tap into the brightest brains in real estate, meet business partners, meet best friends, grow your business, and soak up invaluable knowledge,  you'll be on Biggerpockets often. If you don't care about those things, you'll be on here less.

Guess where you'll find me on Friday nights instead of the local bar? Biggerpockets.

-Tyler

Hey @Caleb Heimsoth - 100% agree with you. Obviously, I learned the hard way...but picked up a ton of valuable advice along the way especially from @Jay Hinrichs.

But, to your point I only touch B Class now. I currently own:

-A single family renting for $1,000 per month

-Duplex unit renting for $850 per month

-Duplex unit listed for $900 per month

-Tyler