Hi Bigger Pockets Community,
We've waited a while to find a deal. Last one we closed was on March 2106. That brought us to 675 units. It took us almost 18 months to find our next deal. During that time, we were able to expand the company and shore up our management systems.
I think it was a blessing in disguise that it took us so long to find another deal. We were able to focus on the business.
We also did not waver in our buying criteria. One of the deals was a 64 unit foreclosure that we paid 20,000 per unit. It took 8 months to close from start to finish.
The other deal was 110 unit B+ asset that was purchased at a 7 cap in Knoxville, TN and there is huge upside in rents.
Moral of the story:
You have to take what the market gives you. I can't buy 8 and 9 caps in my market anymore, at least it will be difficult. Look for value or problems to solve
NO deal is so much better than a bad deal (I learned the hard way)!!!
Patience, Persistence and willing to walk away.
Wish you all a Happy New Year, and if people tell you there are no deals out there, don't believe them like I did. We almost stopped looking.
You create your reality and always look to challenge your limiting beliefs.
Gino from Jake & Gino
Nice work @Gino Barbaro ! Great take-aways for us all to learn from.
Congrats @Gino Barbaro ! What a great way to end the year.
Congratulations!!!! Patience is a virtue. I hope 2018 is a blessed !!
Congrats keep on grinding and growing in 2018!
Thanks Neal! Just have to keep grinding.
Thanks. Hope to start the new year the same way. Just finished this year's goals!!
I am a really lucky guy and have been blessed. Gotta work on the patience even more! Hope you're safe up there with the weather.
It doesn't feel like grinding! I just want to focus on the growing part!
@Gino Barbaro ! If I learned anything in real estate it’s patience. Keep up the good work.
Snow days are the only time I can truly work from home focused but nevertheless we are safe thank you
@Gino Barbaro Boom! You're following your own advice (very hard for some people to do) and making it happen. Your patience, persistence but, most of all, discipline is continuing to pay dividends.
Would love to know the #s and additional commentary on the deal/valuation/thought process.
@Gino Barbaro Congratulation on growing your portfolio to 675 :)
Patience is key especially when finding and underwriting these larger deals. Also, how is the long-distance management of these assets? Is this a major challenge for you guys or are you pretty solid in terms of boots-on-the-ground personnel?
Thanks! - Ola
We began self managing, and have not looked back. We are vertically integrated and control all aspects of the business. Both have challenges, we have over 20 employees and are scaling up
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