All Forum Posts by: Gino Barbaro

@Edwin Ortiz

I have a book called Creative Cash. DM me and I'll send you a pdf. Great place to start if you have limited funds.

Gino

@Lance Turner

Hey Lance

That is a great question. I personally think it is a function of the market cycle, and real estate is where money is currently flowing. Think back to 03-07, there were no deals. I think if Covid and all this stimulus had not happened, we would have had a correction.

It will take some more time, but that's why I think now is the time to get in. Your sister's story isn't sexy, but that is how wealth is built. It's boring, it's disciplined, it's focused, and you need to become good at what you do.

The easy money that is made is quickly lost, as you are currently seeing. We have bought three deals this year, and closing on a fourth next week.

I'm also a life coach, and limiting beliefs have held me back. Your behaviors are belief driven, and if you think all the opportunity is gone, then your behaviors will mirror those beliefs.

Hope that helps

Gino

@James Sills

Private money may be difficult for multifamily because the asset you are repositioning may need seasoning, a period of time to show that income/expenses have stabilized. It isn't uncommon to need 18-24 months to fully reposition an asset.

Fins out what terms you are getting, and see if the debt works in your underwriting. Private money is great for short term, fix and flips, small multifamily, but is much more challenging for larger deals.

Gino

@Mikhail Pritsker

thanks for sharing your post. Very thoughtful and insightful. My feeling of using Pref Equity is that you'd better know what you're doing and confident that you can deliver. If not, you may be out of a job and an investment

Gino

@Jim Johnson

Welcome to real estate and multifamily!

Let's connect

Gino

@Jared W Smith

The words trust but verify ring very true with those stories. That's why the lady should have had her own representation telling her to check it out.

Gino

@Jared W Smith

You're putting it mildly. It's a cluster, with months of uncertainty, and in my case 10s of thousands of dollars, because we had to upgrade the septic to accommodate the fourth unit, as if it wasn't working already.

@D Kirk

An inspector can save you more than what they're worth. If you're syndicating deals, then it's a cost that will be billed to the syndication.

Even after 2,300 units transacted, we pay an inspector to go into each unit and give us a report of the condition, along with pics. At this point, we bring our cap ex team, our AC head, scope the lines ourselves. But, we still hire outside to make sure we don't miss anything.

If we had not hired an inspector when we first started, we would have not caught countless items, and would have overpaid on every deal.

If you're going to hire a property manager, and expect them to give you an objective analysis, good luck. You need an objective report by someone who has nothing to gain other that getting paid

Goo luck

Gino

@Karin Recalde

That happened to me. I bought a what I thought a 4 plex, and everyone was happy. They were taxing as a fourplex, but the CO said it was a triplex.

I found out when I went to try to refi with the bank. They found it out, andI had to go to the planning board and zoning board, hire an engineer and architect to make the fourth unit legal.

In my opinion, the realtor should have verified the zoning, and if you used bank financing, it's pretty rare for the bank to miss it as well.

You are probably going to have to hire an architect to draw plans and to get it approved as a triplex.

I wish you luck. Find an architect who specializes in this type of work, and who is very familiar  with the building department

@Mike Campbell

You can DM me and I can intro you to the attorneys that we and our community uses. Every one has their own unique situation, so the real answer is it depends (I sound like an attorney).

It depends upon what you are trying to accomplish, is it just asset protection or do you have estate planning in mind, and how complex do you want to get, and how big do you foresee yourself getting.