All Forum Posts by: Gino Barbaro

@Nicholas Patrick

Hi Nicholas

If you are interested in real estate, learn how to run a business and be able to understand financial statements, income statement and balance sheet, cash flow.  

Then choose a real estate strategy such as fix and flip, buy and hold and then consider working for a brokerage firm.  It is a great experience working with buyers and sellers.

Stay connected with BP and always post questions when you aren't sure of a topic

Great decision to enter the business

Good luck

Gino

@Onita LaFebre

Hi onita

Have you just thought about moving out?  It must be difficult living in that environment.  I would at least tape the confrontations and if you decide to go to the authorities, you have proof

You are in my thoughts 

Gino

@Denny Kisner

I did a rich dad coaching program several years ago.  It was pricey but had a lot of good information and the coaching environment is favorable for beginning investors, the coaches hold you accountable and give you a framework.

People that complain about the programs are the ones that don't apply any of the knowledge and then blame the guru.  You can be led to the well but the guru can't make you drink.

There are many different programs out there.  Choose one that fits your investment strategy and fully immerse yourself.  

Everyone has their own tolerance for risk.  The ideal scenario would be to live debt free on your personal balance sheet and creat debt on the business end. The businesses service the debt and anything left over is cash flow, profit.  It is difficult in this economy to create wealth without accumulating debt, the type that allows you to grow your business and expand.   Once we went off the gold standard, the rules changed

The fed keeps printing money, devaluing currency and in effect inflating asset prices.

Gino

@Alex Gaw

Hi Alex

Now is the time to start calling brokers and trying to establish relationships and asking them questions.  They are looking for investors also.

I was fearful when I first started out, but I just bit the bullet and picked up the phone.  You can always call brokers in different markets and practice speaking to them. Just make sure you pick a specific type of real estate strategy, such as buy and hold, or fix and flip.

Try to draw up a list of questions that you want to ask, and follow it.  Have the list on you  in case a broker calls.

You will be amazed at how quickly you will get the hang of talking to brokers.

Good Luck

Gino

@Douglas B.

Hi Douglas,

Your market is ideal for these types of properties.  I am just selling my last holding in Rochester where there is also a plethora of properties selling in that range, from 10,000 to 30,000 per unit, if you concentrate in the city.  

Contact brokers and let them know your strategy.  The key is to find a good management company.  If you are interested, contact me and I can refer one to you

Good Luck

Gino

@Michael Volek

Hi Michael,

As you are departing from Florida, I will be moving there from New York,  I wish you all the luck overseas.  Reach out to me if you ever have any questions.  Stay locked into BP.  Tons of smart and experienced investors who are sharing and who will tell it to you straight

All the Best

Gino

@Account Closed

Your goal is definitely achievable. I would tackle multi families. More economies of scale, and the cost per unit is a bit less than SFH. If you don't have enough capital to buy a large asset, consider partnering up with someone who is looking for a return on their capital. You can buy a larger property that can sustain a team, such as maintenance crew, leasing agent, etc. You can always manage the asset and charge the partnership a fee.

I think buy and hold is the way to generate cash flow and create wealth.  I would start by investing in a smaller apartment complex, learn to manage and then once you've gotten experience, try to acquire a larger property.

I am impressed that you have specific goals you want to achieve.  You are ahead of 97% of people in this country

Good Luck

@DJ Cummins

Hi Dj

Try to shoot for terms favorable to you. It seems you may be in luck if they like you.  Remember, everything is negotiable.

First, if you are going to refi, get no prepayment penalties if you decide to pay them off before loan expires.

Try to get either 25 or 30 yr. amort.  I like 30 yr because your payment will be lower and you will cash flow more

Ask for 10 year term and then go to 7 years.  The seller may want 5 years

Interest rates for these deals are around 4.5%.  Start at 4% and work your way up.  You may get lucky and see if they will do interest only.  It doesn't hurt to ask.

This is a great way to explode your wealth, controlling more property with less capital.  Make sure that you cash flow and all the bills are paid.

Good Luck

Gino

@Nerea Cuevas Polo

Hi Nerea, 

What part of Italy did you move from.  My family is from Abruzzi, L'aquila, and I live about an hour north of Brooklyn.  Great market, expensive but lots of opportunity.

Good Luck and welcome

Gino