The Benefits of Working with Family in Real Estate: Lessons from a Third-Generation Professional

In this thought-provoking podcast episode, listen to the remarkable story of Tyler Sarter, a dynamic individual who has made a name for himself in the real estate industry. Tyler's journey in the world of real estate is a testament to his determination and resilience, as he has overcome challenges to become a successful investor and agent. With a background as a former basketball player and as a third-generation real estate professional, Tyler brings a unique perspective to the real estate industry. He shares his experiences and the lessons he has learned from over 100 real estate deals, providing valuable insights for anyone looking to make their mark in the real estate world.

Tyler's story of his craziest real estate transaction, involving a 90-year-old owner, is a fascinating example of the challenges and triumphs that come with being a real estate professional. Listen to this inspiring episode and be prepared to be inspired by Tyler's passion and drive.

Tyler talks about his hometown of Detroit, which is a blue-collar town with a rich history in the automotive and music industries. The city is currently undergoing a rebound and there is a lot of development and new construction taking place. Tyler has been taking down single-family portfolios and is looking at apartment buildings for 2023. He believes that the beauty in the struggle is embodied by the spirit of Detroit, where people are hardworking and resourceful.

He began his real estate career by acquiring property through tax foreclosure and then selling it. Tyler put together a contract and purchase agreement and marketed the property to find an international buyer who wanted to use the property for a specialty grocery store. This was his first real estate deal and he earned about $2,500 from it. Since then, he has built a business around international buyers and has worked with clients from countries such as Australia, Canada, Germany, and Israel. He suggests that connecting with potential buyers through trusts, such as a land trust or revocable trust, is a good way to build relationships in real estate.

Tyler believes that relationships are crucial for success in the real estate industry and that it takes years to develop them. He works with his brother and they have different roles within the business, which helps them work effectively together. They also have a strategy for identifying strengths and weaknesses in potential team members or JV partners. Reliability, transparency, attention to detail and follow-up are key qualities they look for in people they work with.

Working with family has proven to be effective for Tyler and his dad, who have been working together for six years. They believe that family-owned businesses are typically more successful because family values play a role in the day-to-day operations of the business. Tyler's long-term goals include owning commercial properties with triple net leases and getting into commercial development, multifamily, and single-family built-to-rent. He believes that the single-family built-to-rent is a high-asset class that will be fruitful in the future and his goal is to eventually retire and move to the Caribbean.

Moreover, Tyler mentions that they are considering investing in Airbnb and focusing on commercial properties. They expect a different market for traditional residential deals but not a drastic change. When asked about what their life would look like if they had a billion dollars in the bank, Tyler says they would first set up meetings with other well-established billionaires.

Don't forget to reach out to Tyler Sarter:
Linkedin: https://www.linkedin.com/in/tylersarter/
Email: tyler.promiselandrealty@gmail.com
Website: https://www.promiselandrealtyllc.com/
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