The Commercial Real Estate Investor Podcast

Key Takeaways:Partnerships can help scale up operations but also introduce complexity and riskIt's important to clearly define roles and responsibilities in a partnership and put them in writingEquity splits depend on each situation and should be based on a fair assessment of each partner's valueReplacing partnerships with debt when possible can help keep more upside for yourself while mitigating riskDoing due diligence on potential partners is critical to avoid issues down the line

Key Takeaways:Tyler and Logan are launching a Brokers Mastermind program to provide coaching and training to commercial real estate brokers.Both Tyler and Logan's brokerage businesses had a challenging Q1 and did not meet their sales goals.Prospecting more through activities like flyer distribution and cold calls is important to generate more leads and deals.It's important to track metrics like time to close, average value by deal type, and allocate time and focus to the most lucrative deal types.Generating leads through content marketing and branding on platforms like LinkedIn and YouTube in addition to prospecting is important to keep pipelines full.

Key Takeaways:Tyler is optimistic about the office sector and believes it will bounce back in 5-10 years as existing office buildings are converted or torn down. He thinks this will lead to a lack of supply.Tyler is developing a boutique hotel project and will be documenting the process to share monthly updates. This could provide useful insights for others interested in similar projects.Tyler fired his original contractor on the Salt Ranch project and had to get his attorney involved to get permits transferred to a new contractor. This highlighted potential issues with permits being in the contractor's name.Tyler sees potential in industrial, flex, and neighborhood commercial real estate in Nashville, particularly in undervalued areas like East Nashville and Madison.Tyler gave advice on wholesaling commercial real estate versus residential and partnering for first development projects.

Key Takeaways:Hiring a third-party asset manager allows real estate investors to take a step back from active ownership responsibilities while still maintaining control and earning income from their investments.Asset managers serve as the CEO of the property portfolio, handling execution, optimization, and strategic direction to meet the owner's goals.Asset managers assess properties, identify issues, and establish action plans to improve performance, maximize returns, and ensure smooth operations.Regular reporting from the asset manager keeps owners informed without overwhelming them with non-essential details.Hiring an asset manager typically makes sense once a portfolio grows beyond 20-100 units in size or complexity.Asset managers can optimize operations, enhance returns, and add value beyond just maintaining the status quo.Interviewing potential asset managers to understand their experience, systems, transparency, and track record is important for finding the best fit.

Key Takeaways:Tyler discussed new investment opportunities through his syndication platform and encouraged listeners interested in investing to contact him.He shared stories from deals he has filmed for his YouTube series to provide a full picture of deals beyond just the outcomes.Adaptive reuse of vacant office space into flex/industrial space was highlighted as a good opportunity currently.Networking and using YouTube has become a major part of Tyler's business and how he sources deals and clients.Markets like Chattanooga, Greenville, Asheville, and Huntsville were mentioned as up-and-coming smaller markets to watch.Deals can take a long time, with one of Tyler's taking 3 years already, so having multiple deals and projects helps stay motivated during long timelines.

Key Takeaways:- It's important to price listings realistically based on market data to avoid getting a reputation for overpricing properties. Sellers may need to hear from multiple agents before accepting a fair market price.- Ask sellers questions upfront about their goals and how they want the property marketed to develop the best strategy. Different sellers have different preferences like privacy.- Cultivate relationships with potential buyers over many years to have a ready list to market listings to. Taking listings to many buyers helps strengthen negotiations.- Rely on market data and logic in negotiations rather than high pressure sales tactics. Commercial real estate is about problem solving creatively for all parties.

Key Takeaways:Multifamily real estate, especially existing Class B and C properties, can be recession resistant due to people always needing a place to liveHealthcare real estate like medical offices is also recession resistant as people will continue needing medical careGrocery-anchored shopping centers can perform well in recessions as people still need to buy groceries and other daily goodsIt's important to underwrite conservatively, scrutinize tenants, and focus on acquiring assets that can withstand economic downturns through flexible leasing terms and creditworthy tenantsStrategies like locking in long-term fixed-rate debt ahead of potential downturns can help make portfolios more recession-proof

Key Takeaways:- Seller financing, joint ventures, crowdfunding, and lease-to-own arrangements are alternative financing strategies that can be used to purchase commercial real estate without relying solely on traditional bank loans.- These strategies can help circumvent strict bank qualification requirements like credit scores, cash reserves, and experience.- Factors like current finances, experience level, the seller's situation/motivation, and flexibility needs should be considered when choosing a financing strategy.- Being creative and persistent can open doors to capital beyond just banks to start building a commercial property portfolio.

Key Takeaways:Tyler gave a talk on building a personal brand at a conference and is preparing for another talk at Brandon Turner's REI Summit about how to get started in commercial real estate.He recently got approvals to start construction on his boutique hotel project called Salt Lick Ranch in East Nashville after two years of working on it.He is considering hiring another assistant to help with community engagement and daily tasks.He answered various questions about financial modeling, shopping centers vs apartments, deal flow generation, and other commercial real estate topics based on his experience.

Key Takeaways:- Charging for brokers opinions of value (BOV) can help ensure brokers put more time and effort into the analysis, and get clients more invested in working with them.- A BOV should include an in-depth analysis of the property through site visits, comparable property research beyond just Costar data, and a comprehensive written report.- Presenting BOV work as having value for the client's needs, rather than just doing it for free, helps establish the broker's professional expertise and value proposition.

Key Takeaways:Flex spaces are one of the easiest commercial real estate assets to own, with low vacancy rates and high demandDeveloping flex spaces can be profitable if land costs are below $5/sqft and building costs are around $136/sqftUnderwriting deals with an 8-9% cap rate upon completion and an exit at a 7% cap rate can provide good returnsSelling deals allows investors to complete more deals over time for higher returns than refinancingFlex warehousing provides easier ownership than multifamily due to triple net leases

Key Takeaways:Tyler discussed the recent NAR ruling on real estate commissions and how it may impact home buyers and sellers. He had mixed views on the ruling.Tyler shared updates on his recent trip to Buffalo and some of his upcoming speaking engagements and projects he's working on.In the Q&A portion, Tyler provided advice to various commercial real estate questions from listeners regarding development projects, land ownership structures, and strategies for new investors.

Key Takeaways:- There will likely be distressed commercial real estate opportunities coming up, but it may not be as widespread or at "pennies on the dollar" prices as some headlines suggest due to the large amount of capital on the sidelines looking to invest.- Distressed opportunities will be very market-specific, with some markets like San Francisco facing more issues than growth markets like Dallas, Nashville, etc.- Finding distressed deals may involve working directly with banks on problematic assets they want to offload, or approaching distressed owners directly for off-market deals.- When evaluating distressed deals, it's important to underwrite the fundamentals of the specific property and market to identify upside potential.

Key Takeaways:Commercial real estate transactions seem to be picking up based on the data Logan and Tyler presented from their brokerages. Pipeline values and number of deals are increasing.It's important for brokerages to track key performance indicators and visualize data to understand where opportunities exist to improve. This helps brokerages be more strategic.Developing an ideal customer profile helps brokerages understand who to target and how to craft their messaging. It also acts as a screening tool for opportunities.Communication and sharing data visually with the team is important for motivation, accountability and understanding the brokerage's progress and goals.Utilizing tools like CRMs, dashboards and email marketing can help brokerages improve processes and track leads better.

Key Takeaways:- Tyler provided updates on projects being worked on at Peerless Mill, including a second version of the Wash project and plans for industrial outdoor storage.- He discussed upcoming events like CCC in Nashville on April 25th and his guest appearance on Brandon Turner's coaching call on April 28th where he will discuss getting started in commercial real estate.- Tyler answered questions about mastermind groups he finds valuable, partnering with sellers, and cap rates for self storage properties. He emphasized looking at the experience and track record of investment sponsors over projected returns.

Key Takeaways:- Retail occupancy in Nashville is above 97%, showing retail's resiliency despite challenges like the pandemic- Rents have been increasing, currently averaging around $27 per square foot but higher in areas like East Nashville - Investment sales of retail properties have been occurring, though development of new retail space remains low at around 1.1% of total inventory- Mixed-use and smaller footprint retail spaces around 5,000-10,000 square feet have been more attractive to tenants and landlords

Key Takeaways:Be wary of overly optimistic financial projections that are not supported by strong fundamentals in the current business modelBalance visionary leadership with experienced operations Rigorously stress test tenant demand and credit risks when assessing viabilityDiversify your tenant base across different industries and company sizesTrust your calculated underwriting thresholds and don't get caught up in hype when negotiating deals

Key Takeaways:- Tyler is focusing more on YouTube content and livestreaming to educate people about commercial real estate. He's seeing good growth and engagement on certain videos.- His salt ranch development project is nearing completion of permitting but has faced delays from the city.- He's working on an exciting lease deal at the Peerless Mill property in Chattanooga.- CCC Nashville, a major commercial real estate networking event, is being launched in April that Tyler thinks will be very beneficial for people in the industry.

Key Takeaways:- Crexi is a leading commercial real estate marketplace that aims to make the commercial real estate process more efficient and accessible through their open platform and tools- They are leveraging technologies like AI to enhance listings, target users, and generate reports to help brokers and investors- Their auction platform is facilitating large commercial real estate transactions and generating interest through live bidding- Brokers should focus on transparency, communication, and collaboration when building their sales teams to best serve their clients and partners

Key Takeaways:Commercial properties can be bought with no money down through creative deal structures like seller financing, partnering with existing owners, or raising private capital from investors. Getting a real estate license allows you to represent buyers and roll commissions into equity in deals, effectively buying in with no money out of pocket.Building skills in areas like leasing, property management, or renovation can allow you to partner with existing owners and earn equity without cash by adding value.Finding "killer deals" is a valuable skill partners will value in exchange for cash in a deal.

Key Takeaways:- Commercial real estate may have hit a cyclical bottom based on signals from large firms like Blackstone that prices have dropped 15-25% from peaks- It's a good time to buy real estate if you can get a good basis and hold for the long term of 7-10 years- Investors need to focus on deals with strong historical cash flows and low-risk assumptions- Leverage will be lower around 55-60% so investors need patient capital willing to hold for the long term- Debt strategies are becoming more popular for large funds as an alternative to equity

Key Takeaways:The importance of taking action and gaining hands-on experience through initial real estate property purchases.Starting small and affordable with one's first investments to minimize risk while learning.Aiming for at least an 8% cash-on-cash return from investments.Improving real estate investing skills over time through additional purchases and focusing on areas like deal analysis, financing, and property management.Treating real estate investments like a business by implementing systems, building a team, and focusing on cash flow, appreciation, and cost basis.Specializing in a niche market by conducting research on opportunities and becoming an expert in a targeted area.

Key Takeaways:Tyler discussed looking at commercial properties under $250k, such as a 2500 sqft warehouse near Houston for under $250k that could provide a 10% cap rate. This shows opportunities exist for lower budget investors.He emphasized the importance of networking to find deals and partners, such as through events like CCC.When asked about first-time commercial investments, Tyler recommended flex space, self storage, or other trending property types that may be easier to find investors for.He provided advice on funding options even with poor personal credit, such as partnering with heavier investors or syndicating deals.Tyler discussed opportunities in converting non-traditional properties like car washes into alternative uses like restaurants or micro-units.

Key Takeaways:Cultivating relationships with banks, lenders, special servicers is important for finding distressed property opportunitiesNetworking groups like ULI, SIOR, and CREDO are good ways for brokers to meet developers and other professionalsSpecializing in a specific asset class or market allows brokers to become experts and better compete against generalistsThere are pros and cons to both small independent teams and larger brokerage teams, and brokers need to choose what aligns with their goals and personalityProspecting for off-market sellers requires manually calling owners and being discreet to maintain privacy for existing businesses

Key Takeaways:The top 10 real estate markets for 2024 based on the Urban Land Institute's emerging trends report, with a focus on investment opportunities in each market.Seattle, Raleigh-Durham, San Antonio, Boston, Austin, Atlanta, Dallas-Fort Worth, Phoenix, and Nashville are highlighted as top markets.The best investment opportunities highlighted include industrial facilities, multifamily housing, creative office spaces, life sciences lab spaces, and mixed-use developments.

Key Takeaways:Provided updates on several real estate projects including a hotel development and challenges with permitting.Discussed plans to launch a commercial real estate mastermind program and is seeking input on how to make it successful.Also mentioned writing a second and third book and is building a book launch team.In answering questions, provided advice on strategies for finding off-market deals, making offers, and networking through organizations.

Key Takeaways:Tyler and Logan started a new podcast segment to discuss their brokerage businesses each month for accountability and to provide insight into running commercial real estate businesses.Tyler's brokerage did $1.35 million in sales in January, lower than their quarterly goal but they have $56.6 million in active pipeline deals. They track metrics like leads, active deals, pipeline value and sales in Hubspot to monitor performance.Logan's brokerage aims to do $55 million in sales this year and has $23 million in active pipeline deals to work towards hitting their goals.

Key Takeaways:Real estate investing in 2024 will require more work but also offer more potential rewards compared to recent yearsTop markets for investment opportunities include Nashville, Raleigh, Durham, Austin, Phoenix, Dallas, Fort Worth, Atlanta due to job and population growthIndustrial, multifamily, and retail sectors maintain positive outlooks while office faces challenges from remote workTarget economically vibrant cities and future-proof buildings that can accommodate different tenantsMaintain rigorous underwriting and stress tests for dealsLook for off-market and distressed opportunities for lower pricesBe patient and selective with deals as the market goes through a repricing period

Key Takeaways:Leasing commercial properties can be challenging for beginners but there are strategies like hiring a professional leasing team or directly marketing to potential tenants.It's important to have a clear buyer profile with specifics like location, size, age of building, etc. when working with commercial brokers to find off-market deals.Getting initial estimates from contractors can help evaluate the viability of flex space/mixed-use development projects before committing to full construction plans.Events like mastermind groups are valuable for networking and learning best practices from other experienced commercial real estate investors.

Key Takeaways:Alec is developing a 10,000 square foot flex industrial building near an airport in Spotsylvania, VirginiaIt's important to do market research and comps to understand achievable rental rates in the areaConstruction costs can vary significantly depending on location, but Alec has estimated a cost of around $112 per square foot for this projectDue diligence like geotechnical surveys and understanding local permitting/fees is critical for development projects Creative financing strategies like seller financing and walking debt can help fund development costs

Key Takeaways:- Hard money lending can be a good alternative investment for earning higher returns than traditional banks, especially as banks become more restrictive. Private lenders like Urban Gate Capital can close loans faster.- Urban Gate Capital has funded over 300 loans totaling over $33 million by structuring an evergreen debt fund to efficiently raise and deploy capital.- They emphasize conservative underwriting by ensuring loans are secured and they can recover principal if needed. Foreclosures have been rare.- Hard money can help bridge gaps for commercial deals like Peerless Mill when traditional financing falls through. Terms like interest-only can make cash flow work better.- Finding quality operators is important, as most issues have come from operator performance, not property issues.

Key Takeaways:Tyler recommends taking 30 days off work each year from December 15 to January 15 as it is typically the slowest time for commercial real estate.He provides advice on getting started in commercial real estate in Nashville in 2024, recommending learning as much as possible, networking, and potentially partnering on a first deal.Tyler discusses some of the challenges he faced with a hard money loan for a house flip where the borrower filed for bankruptcy.He recommends bringing 25-30% of the purchase price as a down payment for a commercial property acquisition and discusses strategies for raising funds from investors.Tyler outlines some of his goals for 2022 which include producing educational content, releasing new courses, and bringing a commercial real estate networking group to Nashville.

Key Takeaways:- 2023 was a challenging year for commercial real estate with rising interest rates and economic uncertainty- Investors are focusing more on stable asset classes like multifamily and industrial properties- Creative deals and alternative asset classes may provide more opportunities going forward- Accessing private/hard money lending could be attractive given current rates- Insulating portfolios from downturns and having a long-term approach will be important strategies for 2024https://www.tylercauble.com/podcast/episode185

Key Takeaways:- It's important to hire an experienced real estate attorney who understands commercial leases and transactions. Referrals from others in your network can help find the right fit.- When reviewing a lease, pay close attention to ensuring the tenant is creditworthy, the lease terms actually make it a true triple net lease, and that there are no early termination rights for the tenant. - Getting an estoppel certificate directly from the tenant is important to verify the status of the lease and rent payments from their perspective.- Assignment and sublease provisions should ensure the landlord retains control over any future tenants in the space.https://www.tylercauble.com/podcast/episode184

Key Takeaways:- Having a systematic approach to building and maintaining relationships with brokers, property owners, and other industry professionals to generate deal flow- Developing clear investment criteria focused on factors like location, demographics, property condition, to efficiently filter through deals - Using technology like Google Maps, PlaceIQ, and virtual assistants to help analyze deals at scale, but still validating data through on-the-ground research- Focusing on consistency by pursuing smaller, lower-risk deals rather than only swinging for "elephants" which are high risk and infrequenthttps://www.tylercauble.com/podcast/episode183

Key Takeaways:- Hiring a third party asset manager can allow an owner to take a step back from day-to-day operations and focus on other goals or investments- An asset manager acts as the CEO to oversee finances and hold the property manager accountable - It makes sense to consider an asset manager once a portfolio grows to around 100-200 units- When onboarding a new asset, an asset manager will evaluate financials, goals, timelines, team members, and identify any issues or opportunities- Turning around an underperforming property requires fixing maintenance issues, improving marketing, addressing tenant complaints, and ensuring the property manager is actually completing taskshttps://www.tylercauble.com/podcast/episode182

Key Takeaways:- Hiring a third party asset manager can allow an owner to take a step back from day-to-day operations and focus on other goals or investments- An asset manager acts as the CEO to oversee finances and hold the property manager accountable - It makes sense to consider an asset manager once a portfolio grows to around 100-200 units- When onboarding a new asset, an asset manager will evaluate financials, goals, timelines, team members, and identify any issues or opportunities- Turning around an underperforming property requires fixing maintenance issues, improving marketing, addressing tenant complaints, and ensuring the property manager is actually completing taskshttps://www.tylercauble.com/podcast/episode181

Key Takeaways:- The commercial real estate market is slowing down significantly compared to last year, with brokerage volumes down 50% or more for many brokers.- Investment sales have dried up considerably, while leasing remains more active as companies still need space. However, cap rates have risen significantly.- The office market faces uncertainty, especially for Class B properties, but Class A properties and well-located spaces are holding up better. Co-working faces challenges after WeWork's issues.- Industrial, especially Class B, remains in high demand due to limited supply. However, there is a large amount of new Class A inventory that could face vacancies if the market pulls back further.- Retail fundamentals remain uncertain but some brokers see opportunities in Class B strip centers. However, new retail development is limited after the "retail apocalypse."- The brokers plan to focus on over-communicating with clients, thinking creatively for new opportunities, growing their teams, and ramping up prospecting and business development activities in the challenging 2024 market.https://www.tylercauble.com/podcast/episode180

- The real estate market is facing challenges like higher costs, difficulty obtaining financing, and uncertainty about the future. However, this also creates opportunities for investors who can find good deals.- Local politics and policies have a major impact on real estate markets, more so than who is in the White House. Investors need to pay attention to their local areas.- Expectations for investment returns will likely need to be adjusted downward, with a focus on cash flow over high IRRs. - Rising costs like insurance are major issues in addition to interest rates, making deals harder to make work financially.- 2024 may see opportunities emerge as developments from the past few years deliver properties into a difficult market environment. Having cash available will be important.https://www.tylercauble.com/podcast/episode179

Key Takeaways:- Tyler is taking a sabbatical from mid-December to mid-January to recharge and plan for the new year.- He is working on a book about commercial real estate investing and companion materials to help visualize deals.- For 2024, Tyler is interested in smaller neighborhood commercial properties, industrial/outdoor storage, flex space, and some residential construction.- He thinks now is not the best time to invest in multifamily due to high prices and low yields. Cap rates need to increase more before it makes sense.- Covered land plays that cash flow are appealing investment opportunities.- Networking, mailing lists, and leveraging one's platform are effective ways for investors to find deals without using expensive services like CoStar.https://www.tylercauble.com/podcast/episode178

Key Takeaways:- Self-serve car washes can provide high cash-on-cash returns, often 30-90%, through improvements like adding credit card readers and changing wash timers.- Locations with high traffic and growth are ideal, as are sites that have been undermanaged and offer opportunities for operational improvements. - Common value-add improvements include updating signage, credit card capabilities, and in-bay automatic equipment.- Self-serve car washes provide diversified revenue streams from multiple bays and amenities compared to single-tenant tunnel washes.- Ongoing management involves daily cleaning, equipment maintenance, and cash handling but can become relatively passive once optimized.https://www.tylercauble.com/podcast/episode177

Key Takeaways:- Tyler is excited about the potential of industrial outdoor storage/vehicle storage properties as covered land plays that can provide good cash flow. He discusses underwriting assumptions and marketing strategies for these types of properties.- Tyler discusses his brokerage business and some recent listings they have picked up. He also mentions a drone he recently purchased to help with property marketing photos/videos.- Tyler fields various questions from listeners about commercial real estate topics like cap rates, specific markets, leasing to certain business types like wine bars, and more.- Tyler seems optimistic about investment opportunities in 2023 and 2024, expecting some distressed selling opportunities as interest rates impact property owners.https://www.tylercauble.com/podcast/episode176

Key Takeaways:- It's important to find your niche and become a thought leader in your area of commercial real estate- Having the right systems and infrastructure like a CRM and calendar are crucial for staying organized- Leveraging technology like podcasts and blogs can help generate leads and position you as an expert- Building a team is important for scaling, but you need to clearly define roles and expectations- It's valuable to get experience on both the landlord and tenant representation sides of commercial real estatehttps://www.tylercauble.com/podcast/episode175

Key Takeaways:- Tyler believes that while office space may decline, it will not disappear completely and flexibility will be important going forward- Flex space is a high-demand asset class with low supply due to redevelopment of existing flex properties- Commercial real estate values have already declined by around 25% and more declines may come as sellers are forced to lower prices- It's still a good time to buy commercial real estate if the numbers work, as properties will appreciate over the long run - The market is becoming more of a buyers market, which provides opportunities but will require more work to find good deals- Interest rates increasing have already slowed the commercial real estate transaction volumehttps://www.tylercauble.com/podcast/episode174

Key Takeaways:Commercial real estate has been slow to adopt new technologies compared to residential real estateProp tech (property technology) is evolving rapidly, with new tools for things like 3D scans, floor plans, analytics, and moreThe future of commercial brokerage is uncertain but brokers will likely still provide value as advisors on complex dealsEmerging technologies like AI, AR/VR, and flexible/short-term leasing models could continue to impact the industryData quality and accessibility remain issues, with opportunities for new platforms to improve on incumbents like CoStarhttps://www.tylercauble.com/podcast/episode173

Key Takeaways:Industrial outdoor storage properties can provide a good covered land play through cash flow from truck parking and potential for appreciation through different exit strategies like selling to investors, developers, or tenants.It's important to find properties in good locations near major highways and without crime or security issues when evaluating potential sites.Self-management is possible but requires flexibility and a system to efficiently handle tenant issues as they come up. Outsourcing management tasks can help scale the business.Utilities, taxes, insurance and management are the main ongoing expenses, while truck space rentals around $175/month each can provide good gross income if the property is mostly leased.https://www.tylercauble.com/podcast/episode172

Key Takeaways:- Marketing is crucial for commercial real estate investors to raise capital and find deals- It's important to determine your target audience and understand their perspective- Building trust and credibility is important, especially without a track record of success- Consistency and quality are important in marketing, not just quantity across many channels- Telling your story through various mediums like photos, videos, newsletters is effective- Offering memorandums should clearly convey opportunity, team, risks, projections to investorshttps://www.tylercauble.com/podcast/episode171

- Nashville was named #1 city for emerging trends for the third year in a row, which is unprecedented- The city is investing billions of dollars in major projects like the Titans stadium, airport expansion, and East Bank redevelopment- Mobility/transit is one of Nashville's biggest challenges as it continues to grow rapidly- Office real estate is facing an existential crisis as work habits change, and will need to evolve significantly - Nashville has a shortage of affordable/attainable housing that will take continued investment to addresshttps://www.tylercauble.com/podcast/episode170

One of the most important skills you can have in commercial real estate is your ability to negotiate leases. Whether you're a broker, business owner, or a landlord, your negotiation skills can be the difference between a successful deal and one that can come back to haunt you later. Today, we're diving into how to negotiate commercial leases, as well as some tips and tricks we've picked up along the way.https://www.tylercauble.com/podcast/episode169

Key Takeaways:- Tyler's commercial brokerage is aiming to increase sales volume by 500% next year through goal setting and action plans with brokers.- Tyler takes an annual month-long sabbatical in December/January to rest and work on other projects.- The commercial real estate market outlook seems gloomy according to Tyler and other investors on the roundtable, with defaults expected to double in the coming months.- Office loan defaults are around 87-89% already, which will likely cause issues for banks.- Tyler recommends prospecting for off-market deals by handwriting letters to 600 property owners and following up quarterly for potential leads.- Tyler's underwriting process is very conservative, targeting a 12% cap rate and stress testing for downside scenarios. He is currently only looking at deals that cash flow from day one.https://www.tylercauble.com/podcast/episode168