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)