Meet Tyler Sheff…
Action-steppers are among us…
We're fortunate to know a growing number of them here at Cash Flow Diary.
From time to time, we’ll be sharing their stories… in their own words… so you can see what they accomplished in short time and how they did it.
May their stories inspire you to do what they are doing!
You already learned about Sep in a special blog series we published a couple of months ago. If you didn’t read that series of articles yet, you still have time. It’s not like blog pieces expire.
Click on the pic below to read the 3-part story about Sep’s success in real estate that allowed him to quit his J.O.B. in under five months.
Now, let me introduce you to Talented Tyler Sheff, who’s been doing real estate since the early 2000’s. While that gave him a good base of understanding, Tyler says that it wasn’t until he discovered the Cash Flow Diary podcast that he began to have a clear vision of what he wanted to do as a real estate investor.
He started taking Cash Flow Diary training in July of 2014.
He says it was life-altering.
Since then he’s become a superstar real estate investor and massive inspiration to the community here.
“My wife and I read Rich Dad Poor Dad about a year ago,” says Tyler, “because we needed a way to reduce our tax liability while at the same time improving our quality of life. Then we researched different educational opportunities.”
He says he didn’t know about Cash Flow Diary at that time, and signed up for another opportunity.
“The course was helpful to my wife who was new to real estate, but I didn’t receive much value from it, so I began looking for podcasts to improve my knowledge,” reports Tyler. “I stumbled across Cash Flow Diary, and began at episode 1. I wound up listening to each and every episode over the course of a month. I was hooked! J's teaching style caught my attention therefore it only seemed logical to sign up for some of his courses.”
“My primary focus is that of a buy-and-hold investor concentrating in multifamily opportunities of 1 to 4 units,” says Tyler. “I started out focusing on single-family homes, but quickly realized the benefits of multi-family dwellings and therefore shifted my focus.”
Tyler adds that he worked as a Realtor for many years prior to this point in his life and then as a rehabber during the early 2000's.
“Having the experience of being a rehabber taught me that I no longer wanted to be one,” he explains. “My market is very mixed and vibrant! We have large areas of under $100K homes that are the ‘cookie cutter’ style to large areas of multi-million-dollar mansions sprinkled around them.”
Tyler is talking about the Tampa Bay area, which has a thriving investor community filled with lots of opportunity.
According to Tyler, there are lots of areas located in flood zones, which has resulted in slow sales in flood zone areas. He says that if you want to learn more about the situation and what you can do if you have a property in the Tampa Bay area, go here to read about the Biggert Waters Act
Like many investors, Tyler did a whole lotta thinking before he pulled the trigger. In fact, it took him more than a decade!
“I considered becoming an investor for about 13 years before I took the plunge to seek formal education in the field,” says Tyler. “I spent many years of trial an error by convincing myself that having a real estate license provided me everything I needed to know. I was wrong….VERY wrong!”
Now Tyler makes a lot of offers all the time. As a result, he does more deals faster. That’s a great way to go if you want to earn a good income in real estate investing.
“Once I began the Cash Flow Diary wholesale course, I began making offers almost immediately,” explains Tyler. “In fact, it was during Module Two that I started writing offers! Over the next few months I began to feel more comfortable and began to look into private lending and investing sources.”
How did he go about that task? By hosting Cashflow games in his area!
“Now when I write many offers… even when not accepted… I learn something valuable at each and every opportunity,” adds Tyler. “I ask more questions and write more offers.”
Here’s a quick video you want to watch about playing the Cashflow game:Tyler remembers his first deal after learning to make offers can close sellers the Cash Flow Diary way.
“The first deal I closed was a four-unit apartment building,” says Tyler. “Negotiations were tough, because the owners purchased the property at the top of the market and refused to believe that the values had changed. They did not maintain or manage the property well, which led to lots of deferred maintenance and vacancy loss.”
Tyler saw this as an opportunity where other buyers might shy away from it.
According to him, things got worse, but he stuck with it. Tyler says, “During the buying process the appraisal came in $10,000 below the contract price, two tenants moved out and the power company had secured power to one of the units for theft of electric service!”
The sellers initially refused to budge on the contract price and tried to back out of the deal. The whole deal had to be restructured, because of the appraisal issues. The deal had to satisfy the lender.
After exhaustive negotiation Tyler was able to adjust the price. He also was successful in having the seller and lender pick up his closing costs, resulting in a true no money down deal.
The end result is a solid cashflowing apartment building in a great area!
Tyler says that the training he received in the Cash Flow Diary courses provided him the skills to see past the obvious and find cashflow opportunities where others might not look.
“I also valued learning about building a team, which has proven to be a great asset to my business,” says Tyler. “The training helped me obtain focus and direction that I did not have before. Life was good before, but life is much better now! The power of passive income is amazing.”
Prior to the training Tyler had a huge annual tax liability that he says he dutifully paid to the IRS every year, because he didn’t know any better.
“I thought that secure W2 income was the way to success and now realize how wrong I was,” adds Tyler.
But that wasn’t all the misconceptions he had that were cleared up after his Cash Flow Diary training.
“I previously thought that multi-family commercial properties would forever remain beyond my reach,” says Tyler.
“I thought I needed my own money to acquire cashflowing assets. Once I learned the power of leveraging and networking I felt unstoppable!”
Tyler is a convert to a new way of thinking. And he’s spreading the message loud and clear.
“Today it is simply a matter of educating others to join me in wealth-building activities,” explains Tyler. “I meet many people every day who could have retired many years ago if they simply changed their thought process and took affirmative action. These are people of average means, without any savings or wealth.”
According to Tyler, desire is far more valuable than cash in a bank account of retirement account.
Who can argue with that?Tyler says that if he could tell anyone interested in changing their life and financial picture anything, it would be simple…
“TAKE ACTION. DO IT. NO EXCUSES.”
He adds, “I could list 500 or more reasons of how I can fail at real estate investing. I wasted many years thinking I needed to ‘know it all’ before I began investing. I let FEAR overcome me and hold me back.”
Tyler says there are two ways to fail in this business: 1) by never starting and 2) by quitting. Hey, he’s right.
Mistakes are simply learning experiences; they will happen and we must embrace that fact.
Tyler says he found something different in Cash Flow Diary training that helped him move more quickly in doing deals.
“J. Massey's methods are not complicated,” he says. “However, early on you will feel a bit of discomfort with elevator pitches and putting yourself out there. You must accept discomfort as a way of life and embrace it. You will make mistakes, you will look silly and you will get embarrassed. These are feelings that you NEED to experience and should not run away from.”
Tyler call these feelings “fuel.” He says that once you believe these feelings are necessary to keep your motor running you will come to embrace them.
“If you don't have these feelings then you are not doing enough to work toward your goals,” adds Tyler.
“People don't believe me, but I am an introvert, which means I prefer my solitude and I avoid social situations sometimes. I pushed past this fear because I knew I had to in order to succeed. Also, you will encounter many naysayers in your social circles and family. I certainly did.”
That’s okay. Tyler knows the reasons behind the naysayers’ negative commentary and opinions, which he says you have to shut out.
“The average person will allow negative people to distract them from success,” says Tyler. “Don’t allow that mindset to stifle you. Instead use these experiences as additional fuel to prove them otherwise by taking action.”
He adds a very important motivator:
“Don't be average! If you remain average… you will remain average.”
Well put, Tyler… well put.
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