Closed on 2 deals in December 2017!

12 Replies

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 

Congrats keep on grinding and growing in 2018!

@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 

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