Beginner Real Estate Investors Jake Stenziano & Gino Barbaro grew their Multifamily holdings to 675 units & $32 Million in 3 years.
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Jake & Gino joined forces and in 2010 looking for a way out of their jobs and into real wealth building and a secure future for their family.
After two years of rejection, and temptation to give up, they found a deal on a 25 unit property that had been listed for two years, and they were on their way.
Finally – They were Real Estate Investors.
The first property was a crash course lesson in Landlord 101. They learned how to:
Collect rent
Create systems necessary for scaling up
Adapt quickly
Scale up
Professional up
Ask the questions to help them buy the property right
The property had multiple issues:
Weekly renters
No leases
Vacancies
Regular visits from local police
The turnaround took almost a year, but the efforts continue to be pay dividends. The problem tenants are gone, the tenants that stayed are grateful they have a safe home. The mail lady is no longer afraid to deliver the mail.
Jake and Gino found that the real acceleration for growth comes from networking. Relationships are the keys to getting the first look at deals from Commercial Real Estate Brokers. To establish this relationship, they first had to prove themselves.
The only way to prove yourself in Commercial Real Estate: get the first deal done.
Once you have proven you are a buyer, and are clear on what you are after, brokers recognize you as a buyer and will bring you deals that fit your acquisition strategy.
The Keys to their success:
Buy Right
Manage Right
Finance Right.
These are the principles behind Wheel Barrow Profits, their number one book on Amazon.com.
Value of partners: allows scalability, and the opportunity to get into bigger properties and be more of an Asset Manager than a Landlord.
Strategy they use for real estate investing:
Value Add
Look for vacancies of 20% or more
Rents below the market
Be Creative
Look for stale listings; properties that have been on the market for over a year
Ration Utility Billing Systems
To contact Jake or Gino go to:
Email: jake@jakeandgino.com
Or look for them on BiggerPockets.com.
