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Every Sunday, Tyler sends interesting finds and strategies relevant to commercial real estate lovers - come along for the journey.

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Tyler Kastelberg

Founder & CEO, Bullpen

Catch up on the latest newsletters


Holidays are a special time for me. They’re some of the few times of year that work slows down enough for me to get quiet.


Major news that you probably missed

Depending on your opinion of web3, you’re going to either LOVE or HATE this week’s letter. If you’re in the latter camp, take a deep breath, and try to keep an open mind.


Is iBuying Dead?

iBuying has been all the rage, as companies like Zillow, Redfin, and Opendoor use artificial intelligence to actively acquire, improve, and flip homes in hot markets of the US. In total, ibuying accounts for less than 1% of total home sales in the US. However, in Phoenix, it accounts for more than 5% of all transactions.


Thoughts on my last letter

Happy Sunday! Thanks for all of your replies to last week’s letter! We hit a massive milestone at Bullpen in October – more than $1 million in


MASSIVE opportunity in RE market

Public markets are supposed to be more efficient than private. However, in times of fear and uncertainty, public REITs can trade below, and sometimes far below, the private-market value of their assets.


Not In Distress

Ivy League universities such as Harvard, Princeton, Yale, and MIT quietly run some of the most successful endowment funds in the world. Fueled by donations from wealthy alumni, the endowments are not beholden to limited partners like most investment managers, allowing them to take unique risks. In recent years, endowments have been growing their positions in natural resources like farmland. 


In Distress

Most commercial real estate investors have benefited from the government and fed’s response to covid — stimulus and cheap borrowing costs. However, this story isn’t consistent for all asset classes … senior housing is in distress.


1 way to invest forever … at scale

Family offices typically (1) buy quality assets (2) in good locations with (3) little debt and (4) an infinite investment horizon. They also (5) choose metros where rent growth is expected to exceed inflation over the long term. It’s not sexy, but it works.


$300B Screw Up

This week, we’re shining a light on a MASSIVE story unfolding in China, the $300 billion (with a B) implosion of homebuilder Evergrande. Big shoutout to Max Shedlosky from our team who is keeping a pulse on Evergrande and contributed to this week’s letter.


3 Things

Happy Sunday! Last week I foreshadowed a discussion on the marketing strategies that have (and haven’t) worked at Bullpen. However, I’m going to punt that discussion


You’re asking the wrong question …

Sales and marketing without a product that solves a problem that a lot of people have (and value) is akin to starting a dumpster fire with cash. The flames might grow quickly, but they’ll burn out when the cash is gone.


THE top fundraising strategy for real estate

How do you create a good brand? This is a million-dollar question, and it evolves constantly. I haven’t found a scientific formula, but I’ve observed top brands have a decent product and are exceptional at the one or more of the below.


I had a bad idea …

Every bad idea must come with a problem. No matter how cool a bad idea is, if it isn’t solving a problem, then it’s a worthless bad idea.


Keep your deal pipeline full like the pros

Before working on this piece, I thought that institutional real estate firms exclusively sourced their deals from brokers. However, I was wrong. In addition to brokers, institutional firms leverage relationships with other firms and public auctions to keep their deal pipeline full.


We’ve gone rogue – burn the ships

You’re getting this email because at one point or another, you signed up to be a part of Bullpen’s blog email list. However, you’ve probably noticed that we haven’t been sending out very many marketing emails. Frankly, marketing emails suck, and I don’t like reading them.