Episode Transcript
[00:00:00] Speaker A: Welcome to Elite Agent Investors where we talk about next level tools, tech and tactics used by the top 1% real estate professionals. I'm your host, Pete Thorpe. You can find me online at Pete Thorpe I.O. a motivational speaker has the dot com. Unfortunately for right now, we bring on active real estate professionals, including agents, brokers and investors to share their most advanced marketing tactics. Today's guest is Justin Gibson from Orlando, Florida. Not Justin, Tyler had the name wrong. It's Tyler Gibson from Orlando, Florida. So we'll reboot that. Today's guest is Tyler Gibson from Orlando, Florida. Tyler is a real estate expert specializing in investment properties and financial freedom strategies. With a proven track record, he's helped countless clients build wealth, achieving high conversion rates through automation and market expertise. Leading a growing team, Tyler is expanding into key US markets, bringing innovation and top tier services to investors nationwide. Tyler, welcome to Elite Agent Investors.
[00:00:56] Speaker B: Hey, thanks for having me.
[00:00:59] Speaker A: Fantastic to have you on. Sorry we missed yesterday. We had a little bit of a snowstorm here in the northeast, but everything is back up and running so we rescheduled for today. Glad you could make it. So Tyler, so glad to be here.
You are in real estate, real estate professional. It sounds like you do a lot of work helping and working with investors and helping people get into investing. So tell us a little bit about how, how you work your deals. Like that.
[00:01:27] Speaker B: Yeah. So I, I started in this industry as a real estate investor.
Much like a lot of other people, I had no idea what I was doing, but I, I, I believed that I should buy a rental property. So shortly after my wife and I got married, we bought a rental property.
And when I got that first paycheck, and I got that first or not paycheck, that first rent check in the mail, I was hooked. Mailbox money. I was like, oh my goodness, how do I make more of this kind of money? And so I started to dive into educating myself and I came across biggerpockets.com which they have a podcast also that's all about real estate. And I found it to be an incredible resource for learning and to start developing a network with other like minded individuals because I think that was one of the biggest struggles when I first started is no one else I knew was into real estate investing or wanted to talk about it. Right. So getting plugged into that community was huge. And then you know, fast forward a few years later we, we had acquired some more properties with a partnership after that first one. And then I got a real estate license and really the goal was make a little extra side money and have access to the MLS so I could buy more rentals for myself. I had a full time job in corporate America and I enjoyed it, but wanted that time freedom. So I just started focusing on, you know, what could I do to sell a house. And I had good timing. I started during COVID so I actually had a lot of time on my hands. You know, I got sent home from the office, I had a new baby at home. So I told the office, hey, I'm not coming back till they figure out what's going on with all these people getting sick.
And a lot of my clients were in the HR human resources space. And as you can imagine, a lot of companies are trying to figure out all the things not related to their business that they had to do at that time. Right. Get people desks, chairs, computers and things so that they can work from home. And so a lot of my meetings got canceled. So I ended up sitting on my couch for about four months when Covid started. And all I did every day was try to figure out how I could sell a house. Um, I was already interacting with people through Bigger Pockets as a real estate agent.
And they liked the fact that I was an agent that also understood investing. And I think that was critical for me when I first started. And so my niche as an agent has always been working with those investor types.
And we, yep, we, we actually started getting. I, I was one of the first people to join the Bigger Pockets featured agent program. And so for agents that work with investors out there, if you don't know, BiggerPockets has a paid lead generation program that we have used since 2020 and seen a 7x return on our money in the investment that we make in that particular program.
[00:04:27] Speaker A: Bigger Pockets has been around for a long time too, because I've been licensed for over 10 years now. And they were. Biggerpockets existed when I first got licensed. So I know they've been in the space for a long time.
You know, on retail side and in the investing side, that Covid time was definitely interesting here in the, on the Pennsylvania side of the line. So license is a Maryland van pa. On the PA side of the line, you couldn't sell a house during COVID You would lose your license. If you even went into a property, you'd have an electronic lockbox on and they'd be able to tell that somebody accessed the house.
So it was definitely a crazy time to be starting for sure. But you, you did mention a bit about when you first started out, you know, picked up that first rental and before we came on there we were talking a bit about house hacking for people. So what's, what would house hacking mean for people coming on looking to do that now to get their first property?
[00:05:21] Speaker B: Yeah. So today a lot of the people that we help are, are house hackers. And, and, and for people that don't know what the term house hacking is, it's when you buy a residential property that you're going to live in but you're going to rent out some or all of the rest of it. Right. So we, a lot of folks buy duplexes, triplexes and quad plexes because these are residential real estate that you can buy with fha Virginia Lowdown conventional. Right. Because it's your primary residence. And then they rent out the other units that are there and either they get to live for free or at the very least they're going to live at a much lower reduced rate than what it would cost to rent.
And so these people, they have an interest in investing in real estate but oftentimes they don't have a ton of capital. So these low cost mortgages that can get them into a four unit or a three unit where they can live at a reduced cost over the next year or two while they save up their money so that they can move and do it again or you know, maybe their life changes and now they're going to buy a house but they've got that rental there to help them build wealth from the get go. And we love working with these folks because they're highly motivated. They're, they're also, they've educated themselves on the process and it's, you know, it's not as much of an emotional decision even though they're buying their own home. And so these are our favorite people to work with. But we, I do also work with some investors that do some wholesaling and fix and flip. We don't necessarily help people find the wholesale deals, but I have some investors here that they wholesale, they're getting these leads and they'll, they'll share them with us because sometimes our buyers are interested but they also, you know, acquire properties and then, and, and sometimes they'll whole tail and so they're closing on the listing or on the property and then they're listing it for sale after cleaning it out. And so we help, we help several investors with those kinds of listings. Right. We do it at a discount because they, they bring us bulk business but they know that I business and I understand what their goals are and so we're able to just help them get those properties sold. And at, for a time we also worked with short term rentals since we got Disney in our backyard. But if you're an investor looking to do short term rentals, don't come to Disney.
[00:07:51] Speaker A: The it's, it's interesting that, you know, you said obviously understanding the investing side and you're on the retail side because that's a big part of what the podcast here is about is called agent investor. Because we do believe that going forward, to be a complete real estate professional, you really do have to understand both sides of the business that you can give your clients, both retail clients and investors, you know, multiple exit strategies to be able to get out of a property or get into a property. We did talk a little bit in a previous podcast with a lender named Dan Beach. They have a program that lets you take a single unit and if the zoning is correct, you can actually convert it into a three or four unit property and they'll lend on a projected revenue from it. So for people that are looking to get into a space that may be looking to do a thing like a house hack, that's actually a potential good move for them. So it kind of solves some of the housing problems that are out there with not having enough housing and lets you get financed for it where you might not typically have otherwise qualified because you didn't have that rental income coming in yet. So definitely very good to be able to know both sides of the coin going in so you understand what people, what their goals are and how you can solve for that.
[00:09:03] Speaker B: Yeah, that's fascinating. I've not heard of loan products like that.
But, you know, we, we have used FHA and conventional renovation loans in some acquisitions that we did. Actually one of the, in the first, I think it was in the first year that I was doing real estate, I had, I had a young couple reach out to me through biggerpockets.com as one of the leads there. And in discovering, you know, in talking with them a little bit more, they actually wanted, they were looking for a project they could do a 203 car renovation with, and they really wanted a multifamily property.
And so I was talking to them about it and it was funny that the gentleman says, do you know this address? And he lists an address out to me and I'm like, actually, I know, I know that address very, very well. And he's like, really? And I was like, yeah, it's right next door to the first rental property I ever Bought. It's. That's my neighbor. I still own it, by the way. And he's like, oh, well, you know, we're really interested in it. And the, the challenge with this property, it was it has three units on it, like three separate buildings. And they wanted $300,000 cash, which wasn't a terrible price at the time. It also wasn't great and it was closer to retail, given the condition. I mean, the property was in really bad condition, right? Like, really, really bad.
And. But that listing was cash only. And so I, being a very savvy person and understanding what we could do with this, I called the agent and I said, hey, is there a reason this is cash only? He said, well, the property's not in any condition. It could take any other kind of financing. And I said, well, so I've got buyers that are interested and they, they would want to live in it. What's the situation with the tenants? Well, the tenants are all month to month. Okay, great. Well, would you consider taking their offer? It's financed, but it's a renovation loan that would allow them to fix anything that would allow. That would hinder them from being able to buy this property. And he said, well, I don't know about that. We don't really want to get rid of the tenants, blah, blah, blah, blah, blah. So I was able to convince him to accept our offer conditional on. We had to go through all of the financing stuff and get the financing approved. Not just, not just, hey, pre approval, you know, oh, we didn't like. They basically wanted the lender to say, you're clear to close, and then you.
[00:11:33] Speaker A: Got to bring the 203k guy out that's going to look at it and say, this is the things that you're going to have to do.
There is, there is that process. And you know what? I found some of the people looking to do those sales initially, either it's an. An agent has told the seller, hey, the only way it's going to fly is this, so we're not talking to anybody else. Or B, it's a generational thing. Somebody who's older who's like, I don't want to deal with a VA loan, I don't want to deal with a, I know it won't pass an FHA loan. They don't understand that other products do exist specifically for this. So being in a position you're in, agent and investor, knowing these other products are out there, you were able to help your client explain the situation, make it make sense. And yeah, I'm assuming get the deal done.
[00:12:18] Speaker B: And the buyer made a concession. They, I mean, they told the seller, hey, listen, you don't have to give the tenants 30 days notice until we know that we can close. And so it was a much longer transaction, right? It was closer to 65 days, you know, total. But at the end of it, the seller got exactly what they wanted, the buyer got what they wanted, I got what I wanted because the buyer updated the property and made it really nice. And so he's fixing the neighborhood for the rest of us because I still, I'm still his neighbor, right. I still own the rental property next door. And so it was just a really cool story of how, you know, he, he had talked to several other people and everyone else had told him that it could be done. And so for us to be able to come up with solution, but not only that, be able to go talk to the agent that had told everybody else no and just be like, and, and just because you can explain it a little bit better, it creates an opportunity that otherwise wasn't going to be there.
[00:13:16] Speaker A: Absolutely. The building I'm in right now, I own the building. When I attempted the purchase, I was told that the previous five people that tried it, you'll never pass zoning. And so basically the, the zoning officer is the one who struck it down every single time they tried to sell it. And so I went in, I said, okay, I want to pass zoning. And they gave, they gave a lit of things, none of which were actually factual. And so I went through the, the process and overcame all those objections and ended up buying a place at a steel. And it's, it's now my main office building. But it was because I took the time to go through and see what the problem was and it really was just somebody standing in the way. That was it with, for, with no valid reason whatsoever. You know, they said every building, every new building needs to have a fire suppression system. Well, this was built in 1900. It has a three foot walkway into the basement. You're not putting a fire suppression system in here. You know, they wanted off street parking, so they wanted us to cut into the curb and take away four spaces to put three spaces in an off street lot, which made absolutely no sense. Things like that. We were able to, you know, walk through and say, well, yes, that's the code for a new building, but not for an existing one. Yes, that's the code for this, but not for that. So knowing those sort of things and being patient enough to not just throw up the Hands and walk away. We got it done just like you did.
[00:14:41] Speaker B: Well. And I think at the end of the day, that's our job description as investors is to be problem solvers. Right. And so we come by it naturally. Right.
What most people would see in a home that's smells bad and has a bunch of junk in it and the roof is bad and the AC and most people see that and they go, oh, wow, that's a big mess. That's a big problem.
Investors look at that and go, look at that opportunity. You smell that smells like money, right? It doesn't smell like money for clarity. It smells like lots of other things that are not pleasant. But we all understand that that's an opportunity. We are problem solvers and you make more when you solve bigger problems. And so I think that's the big thing to understand when you're working with investors and just for yourself and every deal that we do, we are problem solvers.
Just because one person said no, that doesn't necessarily mean it's the answer. What's the, what's the rationale behind that? No. What's the information behind that? No. What's the rule behind that? No.
Are there other options available? And so, you know, just being a problem solver has played a lot into what we do on a daily basis.
[00:15:58] Speaker A: Nice. So obviously you're down in Orlando.
You did mention that you're starting to expand in some other markets. Tell us about what markets you're heading into.
[00:16:06] Speaker B: Yeah, so I mean, I'm here in Orlando, but our team has serviced the broader central Florida area. I have worked all across the state of Florida. I have access to every MLS here in the state of Florida. So we've worked all across the state. We really like Pulp county, which is halfway between Tampa and Orlando. The city of Lakeland, this is a area that's growing. It's basically smack dab in the middle of state of Florida. So it's a great logistics hub for a lot of companies and we just continue to do that. My personal investing has now expanded outside of Florida. We acquired a 12 unit light industrial park in Oregon last year.
It wasn't something we were looking for, but somebody that we know brought it to us and said, hey, would you be interested in this? And after looking at it a couple of different ways and having some conversations, we ended up deciding to move forward.
[00:17:04] Speaker A: Nice. Sounds exciting. Actually, now you have a reason to go to Oregon too.
[00:17:09] Speaker B: So I have, I have extended family in, in Oregon and, and ties to the Pacific Northwest from, from early on in my life. But, but yeah, I mean, honestly the most exciting thing about it was it was a large property. There was seller financing involved and the ability to do a cost seg and accelerate the depreciation on such a large piece of real estate was really, really exciting because I don't like taxes.
I pay what I have to but not a penny more.
[00:17:41] Speaker A: Especially with what we're seeing now. That's right. Where can, where can our listeners find you online?
[00:17:48] Speaker B: Yes, you can find me on social media Realty Gibson or Facebook Real Tyler Gibson. Our website is gpghome.com and so if you know anybody looking to move to Florida, we'd love to help them.
[00:18:04] Speaker A: Fantastic. Great having you on today. If you would like to be on Elite Agent Investors, go ahead and go to eliteagentinvestors. Com and fill out the form and we will get you scheduled to come on and talk about what you're working on here in the real estate space. We will see you on the next podcast.
