Dominate your Real Estate Market and create unlimited growth in Business and Life by surrounding yourself with people who have been where you are going. The HyperFast Agent Podcast will give you access to top business leaders like Gary Vaynerchuck & Grant Cardone, along with Top Real Estate Agents, coaches and industry leaders all eager to share their knowledge to help you achieve success at your highest level. If you are ready to join eXp realty and would like Dan Lesniak Tom personally sponsor you so you have access to two nationally recognized coaching programs text 703-638-4393
Episodes
Wednesday Mar 18, 2020
Episode #121 Get Started in Multi-Family Investing with Gino Barbaro
Wednesday Mar 18, 2020
Wednesday Mar 18, 2020
During this HyperFast Wealth segment, host Dan Lesniak speaks with Gino Barbaro, a big-time multi-family investor and the Co-Founder of Jake and Gino. They discuss how to get started in multi-family investing and what you need to know to buy right, manage right, and finance right.
Episode Highlights:
- Gino Barbaro became a multi-family investor back in 2002 when he bought his first triplex.
- He is the father of six kids and wanted to get out of the restaurant business.
- He advises us to buy right, manage right, and finance right.
- If you look at real estate as a business, you'll have a lot of fun in this business.
- Gino used syndication as an investment strategy for the first time in 2018.
- Start scaling up, create great systems, and start hiring great people.
- Going to life coach training school gave Gino his clarity and gave him his why.
- Podcasting helped Gino create an amazing community with like-minded individuals.
- When you become a teacher, you're pushing yourself to learn more.
- Real estate is all about your network and relationships.
- Gino thinks the biggest challenge is shiny object syndrome.
- Building and buying multi-family properties is like having a big family.
- You don't know what you don't know and that's why you need coaches.
- If you dabble, you won't be successful. You must commit.
- The first time you do anything it's scary.
- He was never ready for his first child or his sixth child. It's the same thing with multi-family.
- If you want something and feel ready to do it, make it happen because it's never the right time.
- The limiting belief in multi-family is that you need a lot of money. You need education, you need to know what you're doing, and you need a plan.
- Invest in your education.
- Focus on what type of market you want to get into. Focus on a specific city and specific sub-market.
- Focus on the broker relationship and you will get deals.
- Start sourcing for capital.
- When picking a market, look at where jobs are migrating.
- Dan and Gino discuss the Jacksonville market.
- Gino shares that he has over twenty-five different income streams.
- It's about trying to see your highest and best use of time.
- You need to leverage people's time. That can be even more valuable than money.
- Learn more about cost segregation.
- Gino's biggest real estate mistake was not doing due diligence on a mobile home park he bought.
- His biggest success was buying 281 units for 11 million dollars, all bank-financed.
- His biggest advice to a new real estate investor is to surround yourself with like-minded people.
- He sees himself still on the beach in Florida in ten years doing deals and continuing to learn and educate others.
3 Key Points:
- It will never feel like the right time to invest in multi-family properties. Do it when you feel ready.
- When researching markets, look at where people are migrating and where jobs are going.
- When building revenue streams, start with one piece and then add on.
Resources Mentioned:
- Learn more about Hyperfast Academy; HyperFast Wealth
- Dan Lesniak bio, Facebook, Twitter
- Gino Barbero website
- Jake and Gino website podcast
- Honeybee (book)
- Bigger Pockets
- Big Shifts Ahead (book)