Episode 622 – Jonathan Tuttle

Gabriel Petersen (00:02.19)
All right, we are back with another episode of the real estate investing club. I hope you guys are having a great day, a great week wherever you are and whatever day it is for you. As always bringing that nice Friday energy to you. It is a beautiful, slightly cloudy day here in Seattle, which is to be expected December 19th. Christmas is right around the corner and man my daughter she’s two almost three years old. She is stoked which makes me even more stoked. I love Christmas to begin with but

having a little one in the house who’s who loves it like 10 times more than an adult could ever love Christmas. Makes Christmas pretty cool. So I’m in a good mood and I’m in a good mood for a second reason because we have Jonathan Tuttle with us on the show today. Jonathan is from Midwest Park Capital and they do flex office slash industrial space development as well as mobile home parks, which you guys know is one of my favorites. So this should be a good conversation. Jonathan, thanks for having on the show.

Jonathan Tuttle (00:58.872)
Yeah, thanks for having me on. I’m excited to be here.

Gabriel Petersen (01:01.038)
Absolutely. I told you before we got on here. We always like to start with stories. We like to hear how people got to where they are. So why don’t you take us to the beginning of your story in real estate and tell us how you got here.

Jonathan Tuttle (01:12.512)
Sure, yeah. My dad was a developer, single family homes, discovered the mobile home park space in 2006 and he did every I type asset class like from…

golf courses, bowling alleys on the commercial side, multifamily, which those two first two are not good by the way. and then he found these mobile home parks and then this is right before obviously the downturn and that was the best performing asset. And so after I saw that, and I remember every other real estate was having such a terrible time and valuations and our parks went up to, we were raising rents and we had a waiting list because of people are downsizing. I was like, okay, there’s an asset class I could really get into. And I always liked to do like, you know, the niches where it’s like a

Gabriel Petersen (01:33.358)
Holy golly, that’s a-

Jonathan Tuttle (01:54.926)
bit less popular there’s always more opportunity when it’s less saturated. So coming from my dad’s background they got in the brokerage side and now we just do the investment side for the last eight years.

Gabriel Petersen (02:04.942)
Nice, nice. So you guys started in, you said golf courses and bowling alleys. That’s gotta be.

Jonathan Tuttle (02:09.612)
Well, that was some of the asset classes. Yeah. He tried everything and that was the ones I just say that because it’s just a unique story, but he wasn’t even a golfer. He just thought of you, but it wasn’t, there’s actually one of the worst.

Gabriel Petersen (02:17.326)
Just just one of my

One of my friends’ family had a golf course and they were just always talking about how shit, how hard it is to actually run a golf course. And you never really think about it because yeah, I mean, when you’re on the, on the green, you, that grass is like a quarter inch and you gotta people, if the green isn’t nice, people are not going to come to your place. And I’m sure that the maintenance of just the green itself has to be, has to be a nightmare. So that makes sense why you’d switch to mobile home parks a little bit, a little bit easier.

Jonathan Tuttle (02:31.102)
Yeah, it’s the business. It’s more of a business than real estate.

Jonathan Tuttle (02:52.088)
Exactly.

Gabriel Petersen (02:54.282)
Right on well, sweet. you got you got started your family was in real estate and you kind of you hit the bug when it came to mobile home parks, it kind of fit the fit the criteria that you were looking for. Take us to that first deal that you personally took down. What was it and and what were the like the big aha moments that you got from it?

Jonathan Tuttle (03:02.488)
Yeah.

Jonathan Tuttle (03:13.752)
Yeah, so I would say that I’ll do the second one because that one’s a little more recent, but it’s been a while. 2013 we got, we found a park. We just sold the other one about a year before.

And we were looking for, we didn’t do a 1031. We wanted to actually, uh, find like a quality part because it was still kind of scarce in that time to find deals. Now it’s even harder as you know. Uh, but we found a park that was mostly seniors. And the cool thing is at that time, just like how, like how stuff storage is not, or what soft storage was 10 years ago, mobile home parks were like 10 years ago was it wasn’t institutional as, uh,

scooped up at that time. So you could basically find deals with local and the bro, the big broker just weren’t really into it yet. And they were just starting to dabble until a little bit. So we were able to just, it wasn’t like a super competitive, there was like two beds, that same deal. Now, when we saw it, we ended up taking it down, but there’ll be obviously significantly more people putting offers onto it. By that time, it wasn’t very competitive because people that know about it was still kind of like niche and cliche. Uh, but it was just a quality park. was a senior focused park. Uh,

mostly occupied, the main value add for us is it was just, just like with most mobile home parks, as you know, it’s mom, pop owner, hadn’t raised rents and like, was like the ones you always talk to, when people talk about the stories, this is that story. Cause that’s how it was. It was just the rents haven’t been raised in like 10 years. They weren’t at like, you know, they didn’t even have a website. They didn’t even have.

You know, everything was just so mom and pop. If you people from the mobile park industry that you didn’t have to do much. just literally had to, here’s the new rules and regs, like an actual sheet, just standard rules, power wash the, you know, the fronts up front added, like we added a rocker and up front, had some catbacks, beautify the park, the standard, kicked out the bad people and then raise the rents. Uh, I mean, it’s not even like two current rent, you know, it was like, was about $200 below what they should have been. And so we didn’t do it immediately. We did it over, you know, 20, 50 bucks.

Gabriel Petersen (04:49.899)
Yeah, it was exactly what you would look for.

Jonathan Tuttle (05:16.622)
every couple of years. so, yeah, it was just a small park of 48 units. It was like 44 occupied. There’s on the side, there is about

There is, it’s, could, you could infill it, but there’s not enough marketplace to infill it, but it has the padding, the electric, everything’s already go for 10. We might, we’ve been contemplating, well, we’re probably a solid, I mentioned before the call with you, but, um, the spring, but we could put in like a little self storage, you know, or maybe like a little, you know, boat storage type thing with a little enclosure around it with the gravel and fence. But I think we’re just going to keep it there. the value add really was like the, the, your investment dream where it was

like little to no work and just raise the runs and systems and beautify the park. But those deals don’t really happen anymore. Like obviously.

Gabriel Petersen (06:04.875)
Yeah. Yeah. I was going to say, haven’t like my, one of my favorite deals was actually self storage, but it was exactly that this guy, was, you know, it was, he didn’t have it on, on Google. You couldn’t find it anywhere. He literally just a sign on the side of the building and he was taken. He, when I asked for his P and L and his rent roll and everything, he showed me literally pieces of paper and those, those deals are awesome.

Jonathan Tuttle (06:18.677)
Exactly.

Jonathan Tuttle (06:25.698)
Piece of paper? Yeah. Scribbles.

Gabriel Petersen (06:30.955)
But I haven’t seen anything like that in a while. And so now the value, especially on mobile home side, the value add that I’m seeing, the only thing that’s like legitimately value add, it all comes down to infill. Is that what you’re kind of experiencing?

Jonathan Tuttle (06:34.637)
Yeah.

Jonathan Tuttle (06:45.976)
It says turn around parks. And those are a headache. Yeah, 100 %

Gabriel Petersen (06:49.653)
Yeah. Yeah. I haven’t found anything where it’s just, you know, up, you know, maybe their operations are bad. They’re, they’re spending too much, whatever, whatever those something that can be easily fixed has not crossed my desk in a while. so have you guys done in Phil? Is that anything, is that a strategy that you’ve pursued or

Jonathan Tuttle (07:05.976)
We did a little bit. the first part we did, we actually, and to your point, it’s a hundred percent correct data. Like we just said, it’s like, it’s almost impossible. Cause now everyone got into it. became podcasts like this. People started talking about it. Yeah. Internet blew up. Everyone knows about asset classes. They’re the smallest asset classes. And like, so now even the brokers are telling the owners like, raise the rents before you sell it. We’ll get you an extra, you know, half million, million dollars. So they’re already.

They’re their emailing and I’m calling like, let’s raise it now. So when you saw it next year, like you had higher valuation. those, those few in between deals are gone. But, um, yeah, the first one we had was a small park. Like I said, we bought 2006 and that one, the cool thing about it was there was like a 550 unit park. That was like a 40 unit park because it’s no small, but a 550 park that was like 15, 10, 15 minutes away. The guy owned like the car dealership there on the big multifamily property. had like the biggest park in the area. Well, the cool thing is.

Gabriel Petersen (07:49.4)
that’s big.

Jonathan Tuttle (08:01.406)
He didn’t want the units. So some of the units he says, as long as you haul it out, we had our collaborations, like just pick them up. So we got a couple, like three or four units, think exactly. And he just like handed it to us. He’s like, as long you’re transported properly, don’t care. I just want to get them out of here. he didn’t, he just had so much cash and he owned it all right. And so the park was, I don’t know how much it was probably worth, probably worth like 20 million at that time.

Uh, so he didn’t care about, you know, a 15,000 couple, 10, 15,000 out of homes. He was like, just pick them up, transport them out. You guys could have them. And so we use that. did some of the info like that way. Uh, yeah. So it was like four or five units that we had to infill and four of them we got for that guy’s park and one we got somewhere else. That’s the only info we’ve really done. Usually what we do, uh, our third park that we got, that was where we had to, and this is a park that’s more of the homes, the homes are mostly pre-hut or early eighties. Those we’ve had, I would say probably half the park.

we’ve done rehab on this.

Gabriel Petersen (08:58.241)
Yeah. Yeah. We’ve done that. We’ve done some rehabs, but I’m kind of coming around to the fact that I just need to get good at infill if I want to, you know, keep doing deals. and it’s actually, I’ve found it’s, it’s more, I mean, it’s always been difficult, but if you want to do it at scale, it is really difficult because, unless, unless you’re buying new, you know, completely new units and bringing them in, you know,

Jonathan Tuttle (09:06.678)
Yeah.

Jonathan Tuttle (09:18.742)
Yeah.

Gabriel Petersen (09:25.089)
doing this strategy where, we, what I like to do is, you bring something in and then rehab it and then sell it on contract. That strategy at scale. It’s, have to have an entire team dedicated to this in order to.

Jonathan Tuttle (09:31.736)
Yep. So hard. Just outreach. People actually do that. Some of the bigger operators have a person that goes in Craigslist and scours all day and they have AI tools scouring Facebook, Marketplace, and AI, especially Craigslist. They’ll literally pay people like VA’s to like, hey, look on here, find a deal, contact them.

Gabriel Petersen (09:51.286)
Yeah. And we actually, side note, when AI came out, well, not AI in general, but AI, the, the, the like development AI is like replete lovable bolt. Those came out. I just had this idea to try to rank a website to, know, see if I could easily rank a website. So I bought some of my mobile home today.com and I just, you know, put it through replete and it ranked and we were getting leads from people.

Jonathan Tuttle (10:13.801)
Nice. Exactly. Yeah.

Gabriel Petersen (10:20.087)
who want to sell their mobile home, like consistently. And it was completely free. And I suggest anybody, if you guys want to try to rank things, you can rank it pretty easily. Well, at it was easy for me in this one instance. I don’t know if it’s, maybe it was a one-off thing, but it worked. the problem is you’re getting leads from all over the country and my, my parks aren’t all over the country. And so you can’t, I don’t want to go through the hassle of trying to find a buyer for all these different, you know, mobile homes. But anyways, that wasn’t a side. I just thought that was kind of interesting.

Jonathan Tuttle (10:37.003)
Yeah,

Gabriel Petersen (10:49.873)
Jonathan Tuttle (10:49.929)
Yeah, transportation, that’s the big thing having reliable transporters and that’s the hard issue. So you can reflip the leads though, definitely could.

Gabriel Petersen (10:58.549)
Yeah, yeah, yeah, that’s another another thing that I’d have to do. But maybe in another day. All right. So how about the future for you guys? I mean, you already mentioned Flex Office Space Development Fund. What are what’s your guys’s main focus in the next one to two years?

Jonathan Tuttle (11:11.574)
Yep.

Jonathan Tuttle (11:16.065)
Definitely that, flex space. We were talking before the call, Texas, in between San Antonio and Austin. It’s one of the highest, well, Texas in general has like eight or nine of like fastest growing markets in the country. So you always want to go where the growth is happening, the state, no state income tax business, pro business state. so all those factor into like a ripe environment to invest in. and there’s just tremendous growth. And one of markets we have,

Gabriel Petersen (11:25.603)
OK.

Jonathan Tuttle (11:45.985)
New brothels is got, I forgot on me, between eight and 10 billion in development. There’s national retailers, the state of Illinois, not state, the state of Texas, I’m sorry, is wading the road, the highway right there, the major highway with like three billion allocation there. And then there’s also all these national retailers, 10,000 homes being developed right behind our, our parcel. So we just try to find really strategic places where the development makes.

There’s complete logical sense because of all the factors that you need to support developments there.

Gabriel Petersen (12:18.401)
Yeah. And why, why flex industrial? what kind of brought you to that one?

Jonathan Tuttle (12:22.616)
shortage of it, like it’s specifically fun to do a product, product market fit for the market. so high growth market, while you need new HVAC, people need locations, plumbers need new locations. They’re not going to drive all the from Austin. If they could put it right in new brothels and there’s going to be 10,000 homes, well, they need a location right there. And there’s only four flex spaces right now. And it’s a fast project. Flex space is prefabricated metal comes it’s up in six months. So you’re not like a big log. Yeah, it’s prefabricated. So it’s a very fast process. Uh, and it’s already

Gabriel Petersen (12:47.727)
shit, really?

Jonathan Tuttle (12:52.57)
At people are already excited because you put the signs up on a major highway that has 120,000 vehicles per day and then right next to you have the big development. it’s just a really, just everything aligns perfectly for just what a development should be. And it’s a fast, it’s a fast mover. First mover is the market. And so FlexSpace for the next two years will be quick and I think it’ll get more saturated at that point. But right now it’s underserved.

Gabriel Petersen (13:15.757)
Are you guys entitling the land? Are you like changing the zoning or how are you?

Jonathan Tuttle (13:21.72)
No, they’re already, they’re already approved. And specifically Texas is, uh, like I said, pro business state. We’re getting parcels like the one parcel. This parcel for six. We have a couple, but this one right there, um,

The basic thing was the only thing you couldn’t do to it was put in a strip club. We’re like, we’re not putting in a strip club. So we negotiated with the owner. We’re like, well, that gives us less options who we could build for. And so we got like a little like 200,000 discount because we use that as negotiation leverage. It was just cause the owner wanted me move the property, but it was just funny.

Gabriel Petersen (13:48.119)
That’s funny.

Gabriel Petersen (13:57.931)
That’s funny. We’re actually, I’m actively negotiating to buy a strip club because it is right in front of one of our self storage facilities and we’re losing customers because of that strip club. And so we’re trying to buy it from them to turn it into, we actually don’t know what we’re going to turn it into, but yeah, we’re trying to buy it from them. And the guy, it’s a, it, it’s an interesting negotiation. I’ll, I’ll leave it at that.

Jonathan Tuttle (14:08.76)
Because of that.

Jonathan Tuttle (14:19.49)
Yeah, I believe it. well that guy was just like, okay, you really want the property, so.

Gabriel Petersen (14:26.504)
Yeah, yeah, that’s funny. So what what’s the footprint of I mean, the flex industrial, like what’s the footprint of the entire, you know, the entire structure that you guys are building generally?

Jonathan Tuttle (14:35.776)
Sure. Like a little loophole is if it nationally, if it’s under 12,000 square feet, you don’t have to have sprinkler system. And so, and that, because the main thing with a sprinkler system, people don’t know we have separate, you just have separate 12,000 foot park buildings. And most people that move in are between three, three to six. it makes even this, break it up easier.

Gabriel Petersen (14:41.835)
really?

Jonathan Tuttle (14:55.638)
The reason why is just to tap until water main below is two or $300,000 plus the instructor, you know, to put it in. And then there’s also like just issues. my partner had one of his, before where the sprinkler system went off in the winter, like froze stuff by accident. And so it was a big insurance nightmare. So if you stay at 12,000 feet.

Square feet then you could actually you don’t have to have the basis sprinkler system. So that’s kind of like how we do it This one or this project. We’re looking at about 84. So six Six or seven buildings, maybe six. We’re seeing how the market adapts with six to seven 12,000 square foot buildings if we give the six we’ll just add more parking basically depending on who the tenants come in

Gabriel Petersen (15:40.65)
And you mentioned you’re pre-leasing these, right? How are you doing?

Jonathan Tuttle (15:43.905)
Yeah, yeah, we have like a big one of the big industrial leasing broker. The big thing is we have a big sign on the major highway. And then also we got picked up by local organic media. One of the big, I forgot the name of the article, but like one of the big like online blogs, the market that does talks about business and what’s going on. And we had like a headline story recently, so that helped a lot.

Gabriel Petersen (16:06.414)
that’s cool. And I’m assuming most of your tenants are like HVAC guys, contractors, whatever, know, those kind of guys filling it up.

Jonathan Tuttle (16:11.53)
Exactly. Yep. Yep. Exactly. People that want that. what it is for people, forgive the clarity. It’s basically 90 % warehouse. Think of prime locations. They get the street visibility like retail. And then they, instead of having a secondary office, you could just build out 10 % of the, to the office. They could have a couple of their, you know.

their admin, people taking the calls, or if they want to have a little showroom. But 80 or 90 % of it’s typically just the warehouse component. And the best part about it is because of the zoning is pretty open in Texas, you could be on a major highway. And so you get that visibility, that traffic, that normally industrial properties would be like hidden in the middle of nowhere. You get that major front edge and sign visibility, which helps them get new customers as well.

Gabriel Petersen (16:56.366)
Nice. I like it. All right. Well, hey, I just took a peek at the clock. It looks like we have run it down. So it’s time to jump into the quick question round. Are you ready? Let’s do it. Starts with education could be any form could be a book you’ve read a conference you’ve gone to a mentorship program you better part of but I need two recommendations, one for general life wisdom and then one for real estate.

Jonathan Tuttle (17:04.13)
Sure, yep.

Jonathan Tuttle (17:17.666)
Definitely Poor Charlie’s Almanac. think that’s the best business book. It’s like psychology of reading people understanding people. It’s very long. It’s like five six hundred pages. I did the audiobook but you know Warren Buffett’s Yeah, Warren Buffett’s partner he passed away about a year ago but just like

Gabriel Petersen (17:27.758)
That’s Charlie Munger,

Jonathan Tuttle (17:33.741)
That one’s really good. Actually that and, Orrin Klopp, Pitch Anything. think those two psychology books, especially cause like I w know, I work a lot of high profile clients. Orrin Klopp teaches you how to talk to the people and the language patterns that resonate with them. And also they recognize you as a peer and not somebody that’s selling them. So I think Orrin Klopp, Pitch Anything and then, Charlie Munger, those are like by far best two. And then for business,

What’s that guy that passed away too? The guy…what’s his name? The real estate book… Am I Being Too Subtle? Sam Zell.

Gabriel Petersen (18:09.555)
Sam’s L. Yeah.

Jonathan Tuttle (18:12.056)
Yeah. And we’re talking mobile home parks. haven’t read it in like five years, but he basically, for people know he was considered one of the greatest real estate investors all the time. We talked about a little bit the last recession. He strategically sold, he had one of the largest office portfolios, sold it right before the crash. At the same time, he was doubling down. He’s the largest mobile home park owner.

lifestyle’s equity and then also largest multifamily owner in the United States, but he still has been parsing off before he passed away. Some of his multifamily keeping more of class a trophy properties mainly in like the East coast or West coast area kind of Aspen and some of the West coast properties, but he doubled down. want to acquire more parks. know that was kind of their portfolio, but for business wisdom, yeah, that one’s he literally talks about being an oligopy and I’m an oligopy where you basically

want to dominate a market. So the competition is more open.

Gabriel Petersen (19:02.296)
That’s funny. Yeah, I have that book. bought it, but I never haven’t read it yet. I need to pick it up. And what was the what was the book you said earlier something about cloth?

Jonathan Tuttle (19:07.133)
that’s good. It’s good.

Jonathan Tuttle (19:12.406)
Yeah. Or in cloth or in cloth pitch anything. And it’s a book you have to read like six times. So like the first time, it’s, literally have to change the way how you think and how you communicate. And I even use it now, like it helps me close like big high profile clients. Cause it communicates on a level they understand and respect it. They don’t look at you as a peer. They look at somebody like, okay, this person.

Gabriel Petersen (19:15.15)
pitch pitch anything

Yeah.

Jonathan Tuttle (19:34.584)
For some reason I can resonate with him and it just a way, it’s different conversation. It’s not being polite. It’s about owning his his thesis is owning the frames the first 10 seconds. Who owns like, you have a frame, somebody is going to win it. Either the other person or you and the frame is basically saying you have more power in a way that people make decisions based on respecting the power.

The best way to describe it, but it’s like very, just even like the call, the actions, the way you respond to people. once you get better at it and technically years, like I did all this courses and everything, cause he has like high courses. Um, it just works so much better when you communicate people and then people respond to you that would like clients that would be very hard to get. Well now respect you and respond to you right away. Then rather than playing games and they’ll respect your time too. It’s, I think it’s the most transformational book I ever read.

Gabriel Petersen (19:55.758)
Hmm, interesting.

Jonathan Tuttle (20:24.409)
For sure.

Gabriel Petersen (20:26.094)
Cool, I’ll pick it up. All right, and next question is, I’ve lost my spot. There we are. It’s about the US. It’s a big place. A lot of opportunity out there. Give me the single Metro you’re most excited about investing in today.

Jonathan Tuttle (20:41.753)
Texas, which you mentioned and then living in Miami. I think Miami is a growth market, even though mayor Francis is just, is finishing a second term, but Miami to live and then Texas anywhere. Like I said, alluded to before there’s eight, 10 top biggest markets anywhere in Texas right now. It seems like a high growth market. want to go where growth is at no state income tax and a pro business state.

Gabriel Petersen (21:05.55)
Choose a narrow down to one city in Texas that you like the most.

Jonathan Tuttle (21:09.865)
We’ll go with the higher market then. New brothels, new Braunfuls. Yeah, with that. And in between, it’s basically directly between San Antonio and, and Austin.

Gabriel Petersen (21:12.238)
You’re brothels. Yeah. And that’s North, Northeast San Antonio, right?

Gabriel Petersen (21:20.514)
Yeah, I almost bought a outdoor storage. I mean, it was literally just like a guy’s house and he was storing shit out there, but we could not get that deal done. I look back at it now and I just wish I would have bought it at his price because now it’s like it’s through the roof. So, well.

Jonathan Tuttle (21:31.001)
you

Jonathan Tuttle (21:36.653)
Yeah. Yeah. The market’s changed in the last year because all the news is happening like right now and all the developments happening now. So.

Gabriel Petersen (21:44.591)
Yeah. All right. Next question is about lessons learned. Not every deal we get into goes the way we expect it. In fact, pretty much every single time something’s going to go wrong. And that’s when we get to learn a lesson. So what was the deal that went a little bit sideways for you? And then what was the lesson you pulled from it?

Jonathan Tuttle (22:01.911)
Yeah, I’d say, well, I could just say in general thesis here too.

The main thing is, cause people reach out either to invest or sometimes people want to do a one-off deals is make sure that they follow through with the action they say. Cause a lot of people reach out and they’re just, you know, framing themselves as something that’s going to invest or is going to do something big and seeing what their actions dictate. They’re going to show up in the car. They’re going say, Hey, they’re going to move fast. They’re going to high velocity decision-making and high, high fast action. The people that kind of put stuff off and like, you have to like drag the feet along those.

by the far the worst and the hardest deals to get done. like the, it only, that’s the ones that kills the deal. It’s kind of like when you have a lawyer that has to do the red lining for no reason, but he wants to act like he’s getting paid. You want to like get people that move fast. If you have the other person, your investor working fast or the other person that’s selling the property is moving fast. They’re going to help execute where other people lag off. And that’s the thing is just finding those right, those right pieces. And it’s, I’d rather have one partner deal like that than having like three nightmare deals where the people are like, oh yeah, we’ll take care of it next week. And then the

that time kills deals, more layers kills deals. And so, finding the right people.

Gabriel Petersen (23:06.968)
Yeah, I say.

It is a, it’s crazy how true that is that just that phrase time kills all deals. It’s a hundred percent true. If somebody’s dragging their feet, it’s, I almost just stopped thinking about the deal. Cause I’m like, I mean, if you’re not taking action, then I’m, I’m not even thinking about it. It’s not in my head because, yeah, you need to have, people need to be taking decisive action. Every single, everything will step along the line or else the deal is going to fall through a million things can happen. It can happen to kill a deal. So yeah.

All right, next question. This is a new question we’ve been asking because I am a huge proponent of AI. I’ve been trying to implement it in as many places as I responsibly can in my business. So if you use AI, well, first do you use AI in your business? And if so, how do you do it? And how can you suggest people use it in their own?

Jonathan Tuttle (23:56.314)
Well, I’ll it a little unconventional way, but yeah, the first one AI came out, was like, Chad, I’m like, this isn’t that great. It’s just hyped up version. Cause we’ve been, I’m real big in attack and online. And I was like, this isn’t that great. The answer is it’s not even updating. And then now this year, I would say probably like March or April this year, I became obsessed with the AI. was like, okay, now it’s rapidly advancing. It’s getting a lot smarter. The data is like incredible, but I do it where I train, I use chat mainly and grok a little bit, but.

I train it so like on the back end of it say hey question everything I say do deep research also Just because I say something don’t always agree. We’re both trying to strive for the correct answers I got that from somewhere like an axe one of the because I follow a VC guys

And then I always ask it two or three times because the first answer, because it doesn’t want to, it’ll save somebody a memory of what you’ve asked before. But if you ask it two or three times, okay, based on this, would scale it one to 10. Is this the correct way? Or is there any other ways we could look at this? So I don’t just automatically take the first answer. Most everyone just like, this is great. then the better the question you answer, the better the data you input it and the more you question it. And then you give it real world data back, the better the results are going to be. that’s a lot of people don’t think about that. just like instantly take whatever.

it gives out, throws out. That way you’re going to train your chatchat EP. And at same time for just like we’re talking business, but I think health optimization this last year, I got really back into like fitness. when I was like at high school and my early 30s, I’m 46 now, but, I lost 42 pounds and the people are like, I got down to like seven and a 8 % body fat. And I literally asked the people like, how did you do it? How did do it? I’m like, I literally.

Take a picture of my food every day. say, what kind of, what are the macros? What should I do? I take a picture of myself and I say, okay, for tomorrow, here’s what my workout is. Here’s what I’m doing. What should I eat? How many calories? so like, this is like, in this day, you have to do 1700 calories, 210 grams of protein. I’m like 148 per contact. So it’s like one point three protein or one point four protein per body weight. And it’s like this many carbs, this much water stop at this time. It’s literally precise. And then you go back next day. Okay. I’m up. I have, and then I use my womb ban. So I get.

Gabriel Petersen (25:48.813)
Nice.

Jonathan Tuttle (26:01.964)
I give it more data, it’s out of the food and it just gives you like…

Gabriel Petersen (26:02.733)
Yeah, yeah.

Jonathan Tuttle (26:06.618)
It just, think this really goes back to business because now I have more energy. have, I wake up and get on a workout and dawn by like eight 30 in the morning. And I’m like really amped up naturally organically. Like I don’t even have to drink caffeine just from that, getting that workout in and then having better recovery. So I can make better decisions. I have less brain fog and it just makes my business operate at a higher level. So I think just using chat first, but providing the best data question that. then second, how did you like use it for other things in your life? Not just like the business component, like what.

makes your business better, but with the health benefits, your food benefits, stuff like that.

Gabriel Petersen (26:41.294)
Yeah, I have not heard people use it as a, you know, personal trainer or nutritionist. that’s genius. I love it. Yeah. It makes a lot of sense. It is, it is crazy how quickly it’s been developing over the past, you know, six, eight months. Just yesterday I got, we’re doing a campaign and this retail spot came into our, you know, into our pipeline. I don’t buy retail. I don’t know how to underwrite retail, but I was just like, well, we should just give them an offer.

Jonathan Tuttle (26:45.848)
Yeah, it’s insane. It’s insane. Yeah, it’s insane.

Gabriel Petersen (27:10.19)
And so I just threw the address. literally just threw the address into perplexity. And I said, you know, underwrite this deal. And I had a different criteria and then give me what you think would be a good, a good offer price for a killer deal. And it, the, what it spit out was, it just blew my mind. I was like, just based on the address, it got all of that information and underwrote it based on, you know, uh, pro forma numbers for what is expected for that type of asset. This was actually a car dealership.

Jonathan Tuttle (27:36.515)
Nice.

Gabriel Petersen (27:36.948)
And, I, I dunno, I was just blown away at how accurate it was. So, it’s crazy.

Jonathan Tuttle (27:40.931)
Yeah, you could use that for data. quick to include. Yeah. So like, like when I travel, I took a picture of Airbnb. I’m like, what’s the restaurant, what’s the gyms around here. But for the, if you’re doing it for the real estate side, you can say, okay, what’s a geo target around here? What’s the demographic? What’s the job?

What’s it like as a market growth? So you could not just get, you could get better data to help you make a decision on acquiring a property or not. Like raises of market growth as a trans or stable jobs, those questions, take a, give it the geotag and say, this or this property be better? And here’s give me reasons why yes or no. What’s high probably at this better, better being a better long-term asset, which location stuff, stuff like that is what I like ask judge GP. So it’s a little more golden nugget for you.

Gabriel Petersen (28:19.469)
Yeah.

Yeah, yeah, it’s it’s it’s pretty cool how good it is these days. All right, well, that does wrap it up leads us to our very last question. This is for the listeners. You’ve given us a lot to think about. I’m sure people want to reach out get in contact with you. The two part where can they find you and then what can they expect when they reach out?

Jonathan Tuttle (28:37.178)
Sure. Oh yeah, cool. So Jonathan, the number one, LinkedIn, that’s usually the easiest. DME on there or Midwest Park Capital or Land-Play for the commercial state investment or development, either one of those. And yeah, we’re pretty strict. We’re selective, I should say, on the Kuwaiti con, usually 250 minimum investment or credit it obviously. again, if somebody that’s looking to move.

into our typical investors are pretty seasoned like a lot of our investors are already other real estate funds or real estate executives. We get with those clients way more easier investors than like a typical hey I’m going to to put 50k in because they like how we do it they like the team so but yeah like if you want to find out information those two websites or just want to connect LinkedIn.

Gabriel Petersen (29:26.126)
Cool, sounds good. I will put those links in the show notes. So if y’all wanna reach out, all you gotta do is click the little more in the description. It’s gonna pull down that full description in there. You can find Jonathan’s links. And with that, that wraps it up. So thanks a lot for hopping on the show. Absolutely. For everybody who’s with us today, thank you guys for showing up. You are the reason we do this. So if you guys have any questions, reach out to me, Gabe, with realestateinvestingclub.com.

Jonathan Tuttle (29:37.196)
Awesome.

Jonathan Tuttle (29:42.126)
Thanks for having me on. Thank you.

Gabriel Petersen (29:53.004)
guys want to support the show, just leave us a review or a comment or anything like that. Other than that, I hope you guys have a great week. Keep rocking real estate and I look forward to seeing you on the next episode.