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All Forum Posts by: Tyler Caglia

Tyler Caglia has started 2 posts and replied 112 times.

Post: Discovered BP, Then Bought 3 Long-Distance Props In 14 Months!

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Usha Ramaswamy my realtor helped a lot with it. He is an investor himself, so we were both on the same page as far as expectations. Another option would have been to have my PM oversee the rehab.

Post: Discovered BP, Then Bought 3 Long-Distance Props In 14 Months!

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Todd Mason please PM me

Post: Discovered BP, Then Bought 3 Long-Distance Props In 14 Months!

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Brandon Sturgill very happy with the purchases. In fact, I wish I could have bought 30 instead of 3, but covid really shifted the market price point to where the BRRRR model no longer penciled out. All 3 units have good quality tenants that pay on time and haven't missed one payment. Cash flow is still good on two of them, the third cash flows but not as much (I've kept the rent lower to try to help out the very nice elderly couple that lives there, since they are good tenants and fix things themselves rather than call my PM).

Due to the hot market right now, these properties are actually worth over twice what I paid for them. I never invested in Ohio for the appreciation, but it’s been a pleasant surprise. I’m now considering selling the one with less cash flow and possibly all 3, then repeat the buying process again when the market corrects itself. I’ve also since gotten into Multifamily and recently syndicated a 124 unit complex as one of the lead sponsors, so I’d like to free up some capital for that as well.

Post: Property Manager or Managing Through Software from a Distance

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Sheldon Peart if you have connections in the area that you trust you can try self-managing. As you mentioned, you’ll need someone reliable that you can pay to do turnovers, inspections, maintenance coordination, etc. You’d also need to be prepared to handle an eviction from a distance, if necessary. You also may run into issues with tenants that aren’t technologically savvy and are unable to send payment through the PM software you choose.

If you’re used to managing yourself, it will definitely be an adjustment to hire a PM. You’ll feel like you’re losing a lot of control of the property. However, I’m glad I made the decision to switch to a PM. Less stress and it was worth the $100 per month per unit for peace of mind and to focus my time elsewhere. You could always try hiring a PM for one property and self-managing the other. Or try two separate PMs for a year and see which one you like more. If you are going to hire a PM, I’d recommend doing so before you leave town just to make the transition a bit easier.

Post: What would your Real Estate strategy be if you inherited $10MM?

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Sonal Chopra Great question, I like some of the responses already. I think I’d invest at least half with commercial syndications in Multifamily and self storage (mostly in my own syndications, some passively). I’d use the other half as a long term play in ground-up developments.

Post: OOS Investing from California - partner?

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Kyle Marek sounds like you’re on the right path. I was in your shoes just over a year ago and now have multiple rentals in Ohio. Best investing decision I ever made was to get started with OOS rentals. I know sometimes it might feel like you need a partner, when in reality you just need to take a leap of faith and turn that education into action. You’ll learn a ton just by doing one deal. Partnerships can be valuable too though if it’s the right fit and the right deal, but you’ve gotta be careful. Feel free to PM me if you have any questions I can answer about getting started.

Post: My First Small Apartment Building- Success Story

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Lee Yoder that’s awesome, congrats! Why do you think it sat on the market so long without being sold? Were buyers not understanding the potential of the property?

Post: Finally I purchased my first investment property

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Robert Carter that’s awesome, congrats on the purchase! The timing was unfortunate but sounds like it will be a long-term success.

Post: Thoughts on Rentometer?

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Tim Donovan it’s a good starting point, usually seems to be in the ballpark or if anything on the conservative low end. I would never rely solely on it though, as there are many more factors it doesn’t take into consideration.

Post: What construction trade or skill can help me flipping homes?

Tyler CagliaPosted
  • Rental Property Investor
  • Fresno, CA
  • Posts 112
  • Votes 166

@Salvador Diaz Take it slow on the first flip and try every basic trade you can. Rent the larger tools (paint gun, tile saw, etc.) and buy the smaller ones. It’s amazing what you can learn from YouTube or ask some friends for help. The finish likely won’t be equivalent to that of a professional, but assuming this isn’t an A or B class rental that won’t matter as much. This will allow you to understand what trades you may want to self-perform on future flips, but more importantly it’ll tell you which trades you don’t want to take on yourself. You’ll get an appreciation for what goes into the work so you understand why certain items are so expensive, and you’ll also be able to better recognize when a quote is more than it should be. Keep track of your materials cost, and in the future request contractors to provide line item quotes with materials separate from labor. At that point you’ll know approx. what the materials should be, and you should be able to gauge whether their labor and markup is reasonable. A typical 2-man professional crew will perform the work at least 5x faster than you can by yourself. You’ll find the easier trades like painting are also the cheaper ones to contract out, and not always worth your time to do it yourself depending on the situation. And lastly, by trying a trade at least once you’ll also know what to look for when overseeing a contractor’s work.