Tyler | Kenji Capital
@KenjiCapital
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I buy & renovate buildings with partners & investors. I host real estate events. And I nerd out about cool developments, cities, & data.
Oakland/Vegas
Joined December 2017
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✅ Bay Area 9-unit project UPDATE
We bought this property 11 months ago, transformed vacant and un-livable units into housing, and brought income up from $8,000 to $18,400/month (with room to grow).
Let's dive into how the last 11 months have played out👇
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One of the most unique residential conversions I've ever seen...
A former baseball stadium ⚾ turned into apartments
• 138 units
• Kept existing roof, exterior wall, infield, & outfield
• Brick and limestone façade restored
• Steel sash windows restored
📍Indianapolis, IN
400
2K
31K
Some guys bought an old abandoned high school for $100k and converted it into 31 apartments.
The old auditorium is now a resident’s lounge.
They kept the original chalkboards in some of the apartments.
All-in for $3.3M.
What do you think?
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Why isn’t this urban park in the middle of San Francisco talked about more?
It’s beautiful 😍
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Yeah, office to residential conversions are going real well.
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Some guys bought an old abandoned high school for $100k and converted it into 31 apartments.
The old auditorium is now a resident’s lounge.
They kept the original chalkboards in some of the apartments.
All-in for $3.3M.
What do you think?
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1K
New tenant application just rolled in.
517 credit score.
3 evictions.
Unfortunately, I had to deny them. It's tough...because I want them to find a place to live. But at the end of the day they have to take responsibility.
How forgiving are you on credit scores?
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Baltimore is selling off dilapidated buildings for $1.
Yeah, ONE DOLLAR.
There were about 15,000 abandoned homes in the city as of 2022, and this initiative is to encourage investors to come in, deploy capital, and transform the market.
What do you think of this?
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This hotel has ABSOLUTELY no staff on-site.
It's completely "self-serve" and I just arrived.
Check in? They send you a code to enter the lobby & your room.
Need towels? Go on the app
Want breakfast? Same
Does not having staffing expenses alter the investment significantly? 🤔
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A new high-speed rail system just broke ground that will connect Las Vegas to Southern California in a little over 2 hours.
I'm all for it and love it!
But you can hop on a flight for $19 right now that'll take a little over 1 hour.
How does this train make sense?
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Can someone tell me the advantage of the European half glass shower?
I’m ALWAYS mopping water off the ground after my 🚿
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@nebraskabryce
Obviously had to deny them. But yeah, just from a human to human level and knowing their situation I want people to have a place to call home. But they made some major mistakes in the past.
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These US cities have the most millionaires:
1. New York (340,000)
2. SF Bay Area (285,000)
3. Los Angeles (205,400)
4. Chicago (124,000)
5. Houston (98,500)
6. Seattle (50,500)
7. Boston (41,700)
8. Miami (38,000)
9. Austin (30,500)
10. Las Vegas (16,800)
What surprises you?
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Add up each state's income taxes, property taxes, and sales and excise taxes...
And here's a map of TOTAL TAX BURDEN
State's with the highest tax burden:
1. New York
2. Hawaii
3. Vermont (shocker?!!?)
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My barber just raised his prices to $60 for a haircut, before tip.
So now I'm out the door paying $75...
This is officially getting ridiculous.
How much do you pay for a haircut?
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Question for those with a $1,000,000 net worth or more...
What was the biggest sacrifice you made in building your wealth?
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Hold up, here's the most unique residential conversion I've ever seen...
A former soccer stadium ⚽ turned into apartments
• 650 units
• Grandstand exteriors remain
• The old field is now a garden
• Former home of
@Arsenal
• 93 years of soccer played there
📍London
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New dorms going up on the UC Berkeley campus.
• Housing for 772 students
• 455,000 square feet
• 6 feet shorter than Berkeley's tallest building
• Primarily for transfer students, undergraduate juniors, and seniors
📍 Berkeley
What do you think of the design?
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Well that escalated quickly.
I’m a real estate guy on
@SportsCenter
now
One of the most unique residential conversions I've ever seen...
A former baseball stadium ⚾ turned into apartments
• 138 units
• Kept existing roof, exterior wall, infield, & outfield
• Brick and limestone façade restored
• Steel sash windows restored
📍Indianapolis, IN
400
2K
31K
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How I went from ZERO real estate knowledge
to my first DEAL…
And how YOU can do it too.
A THREAD 👇
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A new multifamily development just popped up in my neighborhood.
Looks like one commercial unit on ground level and a few levels of residential.
What do you think of the design?
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Not gonna lie.
It's a little creepy knowing that there's no staff here and all of the guest just have to...self suffice.
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Start with a single-family home
Then a duplex
Then a quad
Then an 8 unit
Then a 16 unit
Scale and get bigger with every deal
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The first deal won't make you wealthy.
But it brings:
Momentum
Confidence
Reputation
Contacts
Need help getting that first deal? 👇
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My grandparents from Japan purchased this home for $25,000 in the 1950s when they decided to lay roots here in America.
It's now valued at over $2,000,000 and is still in the family.
When my grandparents made that decision to buy, they created generational wealth for our family
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My buddy is testing out if his new flooring is actually waterproof.
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Why do real estate investors get so many great tax benefits?
The government wants us to invest and accelerate the economy. The tax code is built for entrepreneurs and real estate investors.
Play the game.
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From a large brokerage in the Bay Area…
They’re dropping agent commissions to 3.5% total (from the typical 5-6%).
They’re offering the buyer's agent 1% (or $10k), and not reducing the listing's agent's (2.5%).
Is this the trend?
How do they stronghold the buyer’s agent to a
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You can only pick one:
A. 850 credit score
B. 5 million in cash
C. $10,000 a week for life
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We officially sold the 94-unit in Mesa, Arizona.
Purchased: $10.6M
Sold: $19.55M
Investor returns are in the range of 50% IRR and an equity multiple of 2x.
Thanks to some of you on Twitter for trusting us. It's been fun 🤑
The power of Twitter is real.
Let's ALL WIN together.
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An empty lot and run-down buildings will soon be 77 affordable units.
Cost to build: $870k per unit.
📍Oakland
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"But real estate only appreciates 3% a year!"
Yeah, but if you buy right and use leverage that 3% is actually 12-15% annually.
Plus cash flow.
Plus tax free profits.
🤔🤔
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Just finished repositioning my latest value-add property.
Acquired for: $42,000
Renovation budget: $59,200
Exiting 3 months later at: $6.12M
You can still make money in times like these.
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Serious question...
Why would anyone lock up their money in a 12-month CD for 0.01% interest?
zero point zero one percent
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$500 of monthly cash flow off a duplex may not be life changing money.
But $500 of monthly cash flow is equal to a $200,000 investment spitting off a 3% annual return.
Saving $200k will take A LOT longer than picking up a duplex.
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Why was my high school math teacher so concerned about me learning geometry?
When he could have been teaching me about:
-personal finance
-real estate investing
-stocks
-taxes
-credit cards
-loans
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Is anyone else just as confused about this as me??
🤔🤔
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@girdley
Going bald is a financial life hack. It’s one of the quickest ways to becoming a billionaire.
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@realestatedude0
And this is exactly how wholesalers and investors make money.
Buying undervalued property from people that don’t want to put in the time, effort, work.
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Most of your real estate education will come AFTER you close on your first property.
The best education you can get is to jump in and take action.
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Hold up.
Is Grant Cardone really bankrupt now?
He says so on this video.
-Gulfstream
-condo
-8,000 units
All going back to the bank.
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90% of Millionaires in the US are invested in Real Estate.
Let that sink in.
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If you own a $100k house all cash and the property appreciates 3%, you've made 3% on your money.
If you own a $100k house with $20k down and the property appreciates 3%, you've made 15% on your money.
That's what leverage can do. Get it?
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Real estate or stocks?
Real estate or stocks?
Real estate or stocks?
Real estate or stocks?
Real estate or stocks?
Real estate or stocks?
Real estate or stocks?
Both.
End of conversation.
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If you own a $100k house all cash and the property appreciates 3%, you've made 3% on your money.
If you own a $100k house with $20k down and the property appreciates 3%, you've made 15% on your money.
That's what leverage can do. Get it?
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@TripleNetInvest
Bay Area office workers in the Financial District don’t eat McDonald’s. I haven’t been to one in 20 years. That’s a big reason why it closed.
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My mind still can’t comprehend that the largest building in St. Louis was bought for the price of a nice house in the SF Bay Area…
Oh, no.
The largest office building in St. Louis has sold for $3.5 million, per WSJ.
In 2006, it sold for $205 million.
2K
4K
30K
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@YIMBYLAND
Love SF and after a trip to Cincy last month…that place is awesome.
Love this park in Cincy 👇
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9 affordable property improvements you can make to increase value:
1. Paint
2. New flooring
3. Add smart tech
4. Resurface cabinets
5. Add a backsplash
6. Finish the garage/basement
7. Replace hardware
8. Replace appliances
9. Landscape
What do you think has the biggest ROI?
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Real Estate Code words...study up!
▪️ COZY = tiny
▪️ HIDDEN GEM = shit box
▪️ WON'T LAST = will last
▪️ MOTIVATED SELLER = desperate
▪️ UP AND COMING = yeah right
▪️ STUNNING = normal
▪️ GOOD BONES = it technically has a foundation, walls, and a roof
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I turned 33 yesterday.
Which means I have exactly 2 years to hit my goal of being financially free by 35.
Excited because I'm 100% positive it's going to happen.
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Best mailer I’ve ever seen from someone trying to buy my house…
They sent me a fake check with an actual offer on it.
Even has the “Endorse Here” and security features on the back.
Bravo 👏
Bought this house for $86k.
Felt nice holding a (fake) check for $188k.
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Look for a 2 bedroom house
with 1,000+ square feet
figure out if/where you could add a 3rd bedroom
BOOM.
You.
Just.
Made.
Money.
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✅ JUST CLOSED
Bay Area 9-unit with LOTS of value-add!
-We're adding 3 new units to this building, bringing it up to a 12-unit
-3 vacancies: units need to be renovated and brought to market rent ($2,100)
-AMAZING location: 1 block from Whole Foods and Lake Merritt
More 👇
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Berkeley is the first city to allow ADUs to be sold as condos...
This creates a new opportunity for people to buy their first home at a relatively affordable price.
Also, owners stand to make a little flip profit if they're building ADUs affordably.
What do you think of this?
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Big news.
After 4 years of ONLY investing out of state and far away from my home market (the San Francisco Bay Area)
I pulled the trigger on a 12-unit in the Bay Area with a few trusted friends and partners
Further diversifying my portfolio
More details to follow...
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$109M for this fourplex in Oakland.
The market truly is wild right now.
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Question for those with a $1,000,000 net worth or more...
What was the biggest sacrifice you made in building your wealth?
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KEYS to consider when investing in Real Estate:
1. Location, location, location
2. Cash flow
3. Value-add opportunity
4. Schools, jobs, social climate
5. Quality of property
6. Landlord laws
7. Your boots on the ground
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Pick one:
A. 850 credit score
B. 5 million in cash
C. $10,000 a week for life
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12 Rules of Real Estate Investing:
1. Location
2. Team
3. Management
4. Location
5. Location
6. Management
7. Location
8. Location
9. Team
10. Location
11. Location
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18.2% of Millennials now expect that they will rent for the rest of their lives
up from 10.7% in 2018.
THOUGHTS?
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Bought this house for $86,000 back in 2018.
It’s worth over $200,000 now.
Would you sell it?
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@sweatystartup
-Find your life partner
-have an incredible relationship with your friends and family
-are part of a community
-find purpose
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This one time
I bought a house for $86k (put ~$22k down)
Spent $140 to fix a broken window
Collected rent on it for 3 years
Then it appraised for $156k ($70k more than purchase price).
$70k in appreciation on a $22k investment = more than 3x return
YOU can do this too.
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My grandfather bought a house for $25,000 in the 1950s
It’s now worth $2.6M. Yes $2,600,000.
In addition, it brings in $5,200 a month in rent.
I’m calling this the GENERATIONAL WEALTH case study.
Welcome to
#TheWeekendJump
A THREAD 👇
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A developer just bought 1,200 units (17 buildings) in Los Angeles' Skid Row for $8,333 per unit.
The properties are primarily single-room occupancy hotels and small apartment complexes.
LA folks...what do you think of this?
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18.2% of Millennials now expect that they will rent for the rest of their lives
THOUGHTS?
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Time to start a popcorn ceiling removal business…
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I own:
-3 units in Indianapolis
and equity in:
-80 units in Louisville
-164 units in Glendale
-94 units in Mesa
-12 units in San Jose
That may sound impressive
You may think I'm crushing it
But I'm not
I'm no where near being financially free
I'm learning and growing like you
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I've said this 20 times, but...
One of my favorite resources for looking at COMPS (1-4 units)?
REDFIN.
1. Type in your investment market and search for properties
2. Zoom into a specific neighborhood
3. Hit "more filters"
4. Click the "sold" toggle button
Have fun.
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Just finished repositioning my latest value-add property.
Acquired for: $42,232
Reno budget: $59,780
Exiting 3 months later at: $6.12M
The market it 🔥
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Bought this house in 2018 for $86,000.
It appraised for $154,000 last year.
Pulled most of my cash out.
At the time of acquisition it was a "base hit" at best. Definitely not a home run by any means.
Lesson here: buy in a good neighborhood and give real estate time.
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I spent the last few days reflecting on the passing of
@ArtemTepler
. Although I never met him, my timeline was flooded with loving posts, heartbreak, realizations, and resources that unlocked parts of me that I never really acknowledged. Here are my reflections, in no particular
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I actually think this is kinda cool for a bachelor or young couple.
What do you think of this container home design?
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I get the most energy by talking with like-minded people about real estate, finance, and life.
And every time I have a great conversation, I wonder why I do anything else that drains my energy.
Find things in your life that BRING you energy, instead of draining your energy.
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The BIG 4 Wealth Generators of Rental Property:
1. CASH FLOW
2. APPRECIATION (forced and market)
3. LOAN PAYDOWN
4. TAX BENEFITS
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$500 of monthly cash flow off a duplex may not be life changing money.
But $500 of monthly cash flow is equal to a $200,000 investment spitting off a 3% annual return.
Saving $200k will take A LOT longer than picking up a duplex.
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Buy when the stock market is red 🔴
Buy when the house is ugly 🏚️
Buy when the apartment building has a low NOI 📉
SEE THE PATTERN?
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You can deduct these expenses from rental income:
✅ Insurance costs
✅ Mortgage interest
✅ Advertising expenses
✅ Property management payments
✅ HOA or condo fees
✅ Services and utilities
✅ Legal fees related to the property
✅ Costs for cleaning/maintaining the property
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Americans now say they need $2.2 Million to be considered wealthy.
What do you think?
How much does it take for you to feel wealthy?
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As I get older
I'm really seeing the HUGE advantage of real estate investing from a tax perspective
Earlier on in my investing career I thought more about cash flow and appreciation
But holy crap...THE TAX ADVANTAGES. Tax free cash flow.
Real Estate is a life hack.
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Investment accounts: $463,844
Real Estate: $1,657,284
Savings: $3,972
Checking: $1,262
"I'm broke"
Who else gets it?
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If you execute the BRRRR strategy
and DON'T get 100% of your money back on the refi
don't worry. Even if you get 60%, 70%, 80% of your money back
You've still won.
That's still a great investment.
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How I went from ZERO real estate knowledge
to my first DEAL…
And how YOU can do it too.
A THREAD 👇
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Proposed new soccer stadium in the heart of Downtown San Francisco...
• On the site of the failing Westfield mall that retailers are leaving
• The World Cup is coming to the Bay Area in 2026
What do you think about a soccer stadium replacing this old historic mall?
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