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674 Multifamily Units in Three Years with Jake & Gino – [Corrected]

The BiggerPockets Podcast
4 min read
674 Multifamily Units in Three Years with Jake & Gino – [Corrected]

(The previous version of this show had some small errors in the editing so we uploaded a new version here! If you don’t know what we’re talking about… good!)

Whether you own a single property or 1,000 units, systematizing your business is the key to growth. That’s why we’re excited to introduce you to Jake Stenziano and Gino Barbaro, a real estate partnership that’s scaled to 674 units in just the past three years. In this explosive interview, Jake and Gino share their story of building a sizable portfolio using a variety of creative methods. You’ll learn about the “hard lumps” they took on their first deal, the mindset changes they needed to take to transform their business, how they financed a 200+ unit apartment for no cash down, and a lot more. This incredible show will not only change your business — it might just change the way you look at life.

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We just waRealtySharesnted to give a shout out to our podcast sponsor on today’s show: RealtyShares. RealtyShares is a crowdfunding platform that allows you to invest in professionally managed properties without leaving your living room!

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In This Episode We Cover:

  • How RadioShack changed Jake’s life
  • How Gino was investing for several years before they met each other
  • Why they chose multifamily over single family
  • How Gino and Jake got into a partnership
  • The importance of giving a good customer service experience
  • The story behind their very first deal
  • Thoughts on knocking on doors
  • Why you should manage yourself in the beginning
  • The importance of a good elevator pitch
  • How to create systems
  • A discussion on mom and pop landlords
  • How to nail down the right rental rates
  • Why they like to read books and give back via life coaching
  • What you should know about cost segregation
  • How many hours they work
  • What’s next for these two
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “Everyone should have a customer service or some type of sales job because you learn how to interact in the public.” (Tweet This!)
  • “Get your first deal. Get your momentum. The little snowball starts snowballing a little bit more.” (Tweet This!)
  • “The more uncomfortable you can get, the more quality you’re going to have in life.” (Tweet This!)
  • “It’s not what you make, it’s what you keep.” (Tweet This!)
  • “I’m still working hard, but I work a little bit smarter now.” (Tweet This!)

Connect with Jake & Gino

Cutting the Pine Tree

Cleaned Pine Tree

Leadership, I’ma, and the Chainsaw (by Jake and Gino)

My definition of a leader is one who sets the tone for his organization and is willing to work harder and sacrifice more than his peers. He is willing to get the job done and issues no excuses, only solutions. Every problem that is encountered has to be viewed as an opportunity for growth, and leaders are not born, only created. They embrace the “I’ma” mentality — “I’ma” do this, “I’ma” do that. Yet they soon learn that building an all-star team is the only way to grow the business and achieve personal growth. For some of us, it takes a bit longer to realize you can’t do it all yourself.

After our entertaining podcast with Josh and Brandon, Jake and I immediately drove out to one of our properties to inspect the damage from a fallen tree. I was ready to fly back to Florida, but my partner had his sites set on saving a few bucks.
We had just gotten a quote for $1,000 to remove the fallen tree, and our “I’ma” mentality went into overdrive. We were determined to make it happen and get the job done. Josh wittingly poked fun at us for owning a large portfolio, yet still going out and trying to save a few shekels.

When we arrived, Jake quickly got to work, while I admired his chainsaw skills. As lady luck would have it, one of our maintenance techs drove by and offered to give us a hand. At this point, Jake was about to call another tree company for a quote, when our employee asked us if he could remove the tree for us. He was willing to remove the tree for only $300, and we happily agreed.

What I admire about Jake’s leadership is his willingness to get the job done at any cost. He sets the tone for the entire organization by his actions, and employees follow his lead. In this situation, Jake created a win-win with his chainsaw. He saved the partners $700 and our employee earned an additional $300. Only a true leader has the ability to create win-win scenarios by inspiring his team and taking personal responsibility. I’m just glad that I didn’t have to use the chainsaw!

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.