Real Estate — Tyler Sorensen

7Years investing

5Properties purchased

$150kCaptured via cash-out refi

3Units on the latest deal

House hackingSelf-performed renovationHard money → conventional refiCash-out refinanceDSCR loansACV vs. RCV insurance strategyMid-term / 30-day AirbnbHousing voucher tenantsZoning & multi-unit conversionOwner-assisted financing (NACA)Storm damage recoverySyndication (in progress)

First property — cash-purchased manufactured home
2017 – 2020
- Bought a trailer home outright with cash.
- Personally repaired water damage and the subfloor, and installed new flooring, hardware, and plumbing fixtures.
- Handled landscaping and exterior paint.
- Sold in 2020 with 25% appreciation.
Primary residence + workshop-to-apartment conversion
2020
- Purchased for $222k, including a large workshop behind the house.
- Personally converted 600 sq ft of the workshop into a full apartment — framing, electrical rough-in and trim-out, cabinet installation, plumbing, trim, flooring, paint, and exterior doors/windows. Hired out only HVAC, drywall, and septic.
- Placed a renter in the apartment immediately upon completion while still living in the main house.
Rental acquisition via hard money → conventional refinance
2020
- Purchased a nearby property for $189k using a hard money loan to compete in a fast-moving market.
- Refinanced into a conventional loan with 15% down.
- Rents for $1,735/month.
Cash-out refinance funds a move — and a full renovation
2022 – 2023
- Cash-out refinanced the primary residence to capture the forced appreciation from the apartment build-out and other work (landscaping, bathroom renovations), pulling out $150k.
- Used the $150k as the down payment on a new primary residence for the family.
- As part of income qualification for the new purchase, placed a renter in the departing home — deposit paid and lease signed before closing.
- Used the remaining cash-out to fund significant renovation of the new (very rough) primary residence, most of it self-performed — including converting a two-story entry into a loft. Documented on r/DIY →
Portfolio management, repositioning & storm recovery
2023 – 2025
- Converted the self-built apartment into a 30-day-minimum Airbnb — designed and furnished the space, which performs very well.
- The previous primary residence is now occupied by a tenant using the housing voucher program.
- Continue to manage every property directly, doing some work personally and maintaining relationships with trusted tradesmen for HVAC, septic, and plumbing.
- When a tree fell on a property, personally removed, cut up, and disposed of it, then sourced a contractor to complete repairs without filing an insurance claim.
- Actively shop insurance carriers across the portfolio as rates change to keep pricing competitive.
3-unit SFH acquisition — creative financing & zoning
2025 – 2026
- Closed on a unique single-family home originally added onto over the years by a multigenerational family, functionally set up as 3 units.
- Difficult to finance — spoke with 5 lenders to find one confident enough to fund it; closed with a DSCR loan carrying a 5-year stepped prepayment penalty (5/4/3/2/1).
- Spoke with 3 insurance carriers/brokers and used an ACV (actual cash value) policy instead of RCV to keep rates reasonable after an unrealistic RCV replacement-cost assessment.
- Personally confirmed with both city and county zoning/planning that renting the property as 3 units is legal, and discussed a possible future rezoning to get separate utility meters and mailboxes.
- Structured as 2 long-term rental units and 1 mid-term (30-day minimum) unit.
Owner-assisted sale & what's next
2026 – ongoing
- Currently selling the $189k rental directly to its long-time tenant, advising him on the NACA program to minimize his out-of-pocket costs.
- Extensively researched apartment syndication; began structuring one with a friend in 2023 before he pursued a different business — one that Tyler is now a part owner of.
- Currently in talks with another friend about partnering to launch a syndication.