Closed on 2 deals in December 2017!
12 Replies
Gino Barbaro Investor and Professional Coach from St Augustine, Florida
posted 4 months agoHi 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
Neal Collins Investor from Portland, Oregon
replied 4 months agoNice work @Gino Barbaro ! Great take-aways for us all to learn from.
Jessica Frasier Real Estate Investor from Fairfax, Virginia
replied 4 months agoCongrats @Gino Barbaro ! What a great way to end the year.
David Michael Real Estate Agent from Closter, New Jersey
replied 4 months agoCongratulations!!!! Patience is a virtue. I hope 2018 is a blessed !!
Brian Garrett Real Estate Investor from West Palm Beach, Florida
replied 4 months agoCongrats keep on grinding and growing in 2018!
Gino Barbaro Investor and Professional Coach from St Augustine, Florida
replied 4 months agoGino Barbaro Investor and Professional Coach from St Augustine, Florida
replied 4 months agoThanks. Hope to start the new year the same way. Just finished this year's goals!!
Gino Barbaro Investor and Professional Coach from St Augustine, Florida
replied 4 months agoHi David,
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.
with gratitude
Gino
Gino Barbaro Investor and Professional Coach from St Augustine, Florida
replied 4 months agoDavid Michael Real Estate Agent from Closter, New Jersey
replied 4 months ago@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
Omar Khan Real Estate Investor from Irving, Texas
replied 4 months ago@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.
Ola Dantis from Baltimore, Maryland
replied 4 months ago@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
Gino Barbaro Investor and Professional Coach from St Augustine, Florida
replied 4 months agoHi 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
Gino
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