Podcasts about rand partners

Step into the latest Small Axe Podcast episode! Join Nico Salgado and his special guest, the resilient Mike Taravella, as they unravel his journey from CPA to real estate mogul. From two Michigan single-family homes to a $100 million asset empire with Quantum Capital, Mike shares insights on quick execution and adaptability in today's real estate world. Discover their recent deals, partnerships, and operational hurdles while celebrating the grit of real estate general partners.  Here's a breakdown of what to expect in this episode: Navigating Real Estate Investments in a Rising Interest Rate Environment Strategies for Successful Real Estate Investing in Today's Market The Future of Real Estate: Insights and Outlook Competing with High-Yield Savings Accounts: Real Estate vs. Traditional Investments Living a Fulfilling Life And so much more! About Mike Taravella: Mike is the Asset Manager at Rand Partners where he is responsible for overseeing over $100M assets under management and has acquired over $15M in commercial real estate. Mike collaborates with Rand's vertically integrated property management team to ensure the execution of the portfolio's business plan. Mike is actively pursuing new opportunities within the market and developing relationship with investor basis. Connect with Mike Taravella on… Website: https://www.miketaravella.com/ YouTube: https://www.youtube.com/channel/UC2oWkotBta8A-DabTdwHcVw Facebook: https://web.facebook.com/profile.php?id=100064533706124 Instagram: https://www.instagram.com/valueaddmike/?hl=en Connect with Nico Salgado! Website: www.smallaxecommunities.com Facebook: https://www.facebook.com/nicosalgado456, Podcast: https://podcasts.apple.com/us/podcast/small-axe-podcast/id1528971543 LinkedIn: https://www.linkedin.com/in/nicosalgado456/ Spotify: https://open.spotify.com/show/6edqbvXc6JCXuSg2lbSJeD YouTube: https://www.youtube.com/@nicosalgado1753 Amazon: https://www.amazon.com/-/es/dp/B08K4T9YTH

Join us on a journey with Gino Barbaro, the owner of Rand Partners and co-host of the Julia and Gino Podcast, as he shares his inspiring story of how he transitioned from owning a family restaurant to becoming a successful real estate owner. Discover how the 2008 recession led him to his passion for real estate, and how his encounter with Whitney Sewell led to the inception of Rand Partners and their commitment to building a learning community. Gino also opens up about his family's experience with homeschooling their six children, and the importance of creating an emotional connection with his children over mere intelligence. He also discusses the challenges and blessings of having multiple children, and the power of making different choices to achieve financial autonomy. We also delve into the power of networking and community in growing the Rand Partners community, and the potential pitfalls of personal development. Gino shares his insights into the Multifamily Mastery event, his venture into event planning, and his latest book, 'Pizza with a Purpose'. Additionally, we explore the impact of his children's book series and the importance of investing in education for business success. Follow along for an engaging and enlightening conversation with Gino Barbaro, a true inspiration in real estate, family, education, and personal development! Don't miss out on more wisdom from Gino Barbaro! Click the link below to visit his website, where you'll find a treasure trove of resources on real estate investment and financial independence.We also  have an exciting announcement. We're gearing up for our Charity Golf Outing on August 18th! Not only will it be a day of fun and golf, but also an opportunity to give back.  So join us in making a difference. You can find all the registration details here, Charity Golf Link. Come join us and let's swing for a good cause together!https://jakeandgino.com/about-gino-barbaro/VISIT OUR WEBSITEhttps://lifebridgecapital.com/Here are ways you can work with us here at Life Bridge Capital:⚡️START INVESTING TODAY: If you think that real estate syndication may be right for you, contact us today to learn more about our current investment opportunities: https://lifebridgecapital.com/investwithlbc⚡️Watch on YouTube: https://www.youtube.com/@TheRealEstateSyndicationShow

Join Nick Lamagna as he welcomes guests Jake Stenziano and Gino Barbaro of the famous multifamily investing duo "Jake and Gino."  Jake and Gino are well respected multifamily real estate investors who have a current portfolio of 225 Million Dollars in assets under management.  Gino Barbaro came from a background owning a restaurant with his family and Jake Stenziano came from pharmaceutical sales background and have created amazing success for themselves.  In the true entrepreneur spirit they have extended their successful real estate empire vertically to include Rand Property Management and Rand Capital and Rand Partners as well as found time to become authors and podcasts hosts.  Jake and Gino founded an educational company as well, teaching others to build wealth through commercial real estate as well using their trademarked "Three Pillars System" to safe and effective commercial real estate investing to operators and syndicators looking to start or those looking to scale their business.  Check out their educational programs and live events, podcasts, partnership opportunities and books in the show notes!  Two of the best in multifamily you do not want to miss this one! Topics for this episode include: ✅ The key to long term success in real estate  ✅ What to look for in a good business partner  ✅ 3 pillars to successful and safe commercial real estate investing ✅ Top Mistakes made hiring people  ✅ The truth behind real estate syndications ✅ How to structure creative finance commercial real estate deals ➡️ More! See the show notes to connect with all things Jake and Gino Text Nick today to do some real estate deals together whether you are new or experienced at (516) 540-5733  --- Connect with Jake And Gino: https://jakeandgino.com/ Jake & Gino Podcasts Get Jake & Gino Books and Merch here Jake And Gino on Youtube Jake and Gino on Instagram Jake & Gino on Facebook The Jake & Gino Show Podcast Jake & Gino on LinkedIn Jake Stenziano on LinkedIn Gino Barbaro on LinkedIn Jake Stenziano on Instagram --- Connect with Nick Lamagna www.nicknicknick.com Text Nick (516)540-5733 Connect on ALL Social Media and Podcast Platforms Here FREE Checklist on how to bring more value to your buyers

Start investing in multifamily real estate without conforming to conventional wisdom, as we have one of the experts in this niche Jake Stenziano on the show today! He'll share why cash flow is king, the value of being aligned with your goals and values, and one piece of advice about your first deal. So, make sure you don't miss out on this special episode!WHAT TO LISTEN FORThe power of determination and perseveranceAn overview of Jake and Gino's 3-step frameworkWhy you should focus on cash flow and the profit per unit (PPU)How to thrive and scale during market downturnsShould real estate investments still be considered alternative assetsRESOURCE/LINK MENTIONEDBe a part of the Multifamily Mastery 5 Conference. Register at https://jakeandgino.com/mm5/ and get a $200 discount!ABOUT JAKE STENZIANOJake Stenziano, MBA, is the best-selling author of two books, Wheelbarrow Profits, and The Honey Bee. He is also the co-founder of Jake & Gino, the only multifamily real estate investment education company that teaches investors the three pillars of sound apartment investing; Buy Right, Manage Right, and Finance Right™. Jake is a multifamily investor, operator, and mentor. Jake is also the founder of Rand Property Management and co-founder of Rand Capital and Rand Partners. Rand Property Management is the first property management company with a focus on “modern affordability” and vertical integration. CONNECT WITH JAKEEmail: jake@jakeandgino.comCONNECT WITH USTo learn more about investment opportunities, join the Cityside Capital Investor Club.Follow us on Facebook: Cityside Capital https://web.facebook.com/Citysidecap/Follow us on Instagram: https://www.instagram.com/citysidecapital_tim_lyons/Connect with us on LinkedIn: https://www.linkedin.com/in/tim-lyons-cityside-capital/Connect with us via Email: greg@citysidecap.com | tim@citysidecap.com

In the seventy- eight episode of Collecting Real Estate, we interviewed Mike Taravella.Mike is the Asset Manager at Rand Partners where he is responsible for overseeing over $100M assets under management and has acquired over $15M in commercial real estate. Mike collaborates with Rand's vertically integrated property management team to ensure the execution of the portfolio's business plan. Mike is actively pursuing new opportunities within the market and developing relationship with investor basis.Rand Partners LLC - Buy Right. Finance Right. Manage Right.Before joining Rand Partners,  Mike worked 5 years professionally in accounting. He worked at EY in Detroit and with Dan Gilbert's startup community Rock Ventures such as 100 Thieves, Woodward Original, and Detroit Venture Partners.Mike graduated from Michigan State University with his undergrad and Masters of Accounting.mike@valueaddmike.com

We interviewed Mike Taravella. Mike, a CPA, graduated from Michigan State University in 2014 with a Masters of Science in Accounting. He has worked 5 years professionally in accounting. He started at Ernst & Young in public accounting and then transitioned into Detroit's startup community at Rock Ventures. He began his real estate investing career in 2016 by owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently an associate that is responsible for underwriting deals, investor relations, and asset management. In this episode, we cover several key topics including: How He Collaborates With His Property Managers Pros and Con of Having a Vertically Integrated Property Management Company Strategies to Keep Vacancy Low And more… Connect with Mike: Website - https://www.miketaravella.com/ https://randcre.com/ LinkedIn - https://www.linkedin.com/in/mike-taravella-jr-cpa-80b8143b/ Email - miket@randcre.com Instagram - https://www.instagram.com/valueaddmike/?hl=en Youtube - https://www.youtube.com/channel/UC0Hu7EE8K3rfPc3qR0Xg5VQ?view_as=subscriber Twitter - https://twitter.com/valueaddmike And if you want more tips and guidance, sign up to our weekly newsletter at www.donisinvestmentgroup.com/monopoly. Follow Us: @donisbrothers on Instagram, Twitter, Facebook @Donis Investment Group on Linkedin Website --> www.donisinvestmentgroup.com

We interviewed Mike Taravella. Mike, a CPA, graduated from Michigan State University in 2014 with a Masters of Science in Accounting. He has worked 5 years professionally in accounting. He started at Ernst & Young in public accounting and then transitioned into Detroit's startup community at Rock Ventures. He began his real estate investing career in 2016 by owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently an associate that is responsible for underwriting deals, investor relations, and asset management. In this episode, we cover several key topics including: How He Collaborates With His Property Managers Pros and Con of Having a Vertically Integrated Property Management Company Strategies to Keep Vacancy Low And more… Connect with Mike: Website - https://www.miketaravella.com/ https://randcre.com/ LinkedIn - https://www.linkedin.com/in/mike-taravella-jr-cpa-80b8143b/ Email - miket@randcre.com Instagram - https://www.instagram.com/valueaddmike/?hl=en Youtube - https://www.youtube.com/channel/UC0Hu7EE8K3rfPc3qR0Xg5VQ?view_as=subscriber Twitter - https://twitter.com/valueaddmike And if you want more tips and guidance, sign up to our weekly newsletter at www.donisinvestmentgroup.com/monopoly. Follow Us: @donisbrothers on Instagram, Twitter, Facebook @Donis Investment Group on Linkedin Website --> www.donisinvestmentgroup.com

It's time to nerd out with one of the best asset managers in real estate, Mike Taravella, CPA. Mike started at Ernst & Young in public accounting and then transitioned into Detroit's startup community at Rock Ventures. He then began his real estate investing career owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently the Asset Manager that is responsible for underwriting deals, investor relations, and asset management with acquisition of over $31M! Dive into the episode and grab a ton of wisdom and resources that will help you do asset management right!  Visit us at thequattroway.com Learn how to invest with us at thequattroway.com/invest Getting to know Mike Taravella - [00:01 – 04:03] I introduce to the show Bio  Mike shares a bit of his background Started out as a teacher Transitioned into accounting Helped launch several organizations in joint ventures Got educated in real estate  Asset Management Done Right - [04:04 – 17:16] What to do with an asset after buying  Collaborating with the property managers Layers of accountability You need to come up with creative solutions  Breakdown of the accountability  Ways to keep the team on Capx budget When it's time to let people go  Create a templated term so you don't have to guest  Understanding how you need to be different in your systems when you scale  Use resources as much as possible to not lose track  How turn expenses come into play  L10 meetings - Traction, Principles, Never Split the Difference Grab your ticket to the MFIN Summit at mfinsummit.com Use promo code QUATTRO How NOT to do Asset Management - [17:17 – 22:30] Mike talks about a misstep he experienced in asset management Being too aggressive with a budget Turnover not going well  Make sure to keep your A-players in as you grow  Think through why a deal WON'T work  It takes years to get traction, don't give up  The Quattro Trio - [22:31 - 27:31] What is your superpower? Seeing a T12 and knowing what's going on  Numbers tell a story  What is your biggest failure?  Not believing in himself  Don't compare yourself to anyone else - grow at your own pace How Mike is giving back to the world  Second Harvest Food Bank  How to connect with Mike Links below  Final words   Tweetable Quotes: “The more you systematize it, the easier it is.” - Mike Taravella “As you grow your business, people are a huge component of it… As you grow and scale make sure to keep that level of A-players in.” - Mike Taravella Resources Mentioned: JakeandGino Asana  ClickUp Never Lose a Customer Again Traction  Never Split the Difference Principles  Who not How Second Harvest Food Bank   Want to connect with Mike? You can reach out at miket@randcre.com and find him on LinkedIn, Instagram, and Twitter. Buy, finance, and manage the right way at https://randpartners.com/.      Have you heard about the Multifamily Investor Nation Summit, coming up on January 20th?  If you've never been, it's a three-day information-packed event for multifamily investors, with over 1,000 attendees and over 50 speakers!  Not only will hear from experts about finding deals, raising capital, underwriting strategies, selecting markets, and so much more...But this year our partners here at Quattro Capital are excited to be participating with three speakers at the event. Our amazing Kim Wendland will be speaking on the often neglected subject of asset management, how to make the machine hum, while our “most interesting man in real estate”, Maurice Philogene, will be speaking on how to leave your corporate job for a freedom lifestyle. I personally will even be speaking on the topic of how to perform due diligence on multifamily assets before you purchase them and the not-so-common things to watch out for. Go to mfinsummit.com to grab your ticket and use promo code QUATTRO to get $100 off of your full access pass!  Whether you are new to multifamily investing or a seasoned investor, you do not want to miss this event. Join Team Quattro at the Multifamily Investor Nation Summit.  Visit mfinsummit.com promo code QUATTRO... That's mfinsummit.com promo code QUATTRO.   Check out Syndication Pro and learn how you can raise more capital in less time! https://syndicationpro.com/account-setup?fpr=quattro Join the MFIN Summit and use our promo code: QUATTRO LEAVE A 5 STAR REVIEW + help someone who wants to explode their business growth by sharing this episode. Find out how team Quattro can help you by visiting www.TheQuattroWay.com.  Real Estate Runway Podcast is all about alternative business and investment strategies to help you amplify life, and maximize wealth! Click here to find out more about the host, Chad Sutton.

Mike Taravella Jr. is a CPA turned full-time real estate investor. He went from working with Dan Gilbert's startups to asset managing over $150M in multifamily assets throughout the Southeast.  Over the years, he has acquired over $30+M in real estate.[00:01 - 07:46] Taking Over the WorldLet's get to know Mike Taravella Jr.Wheelbarrow Profits PodcastMike's REI Story[07:47 - 22:17] Keep Adding ValueAll from adding valueBuilding systemsWhy Asset Management and AccountabilityTennessee, Now Insanely Hot!Keep underwritingReward Yourself.New at Rand Partners[22:18 - 30:52] THE FINAL FOURWhat's the worst job that you ever had?Taco BellWhat's a book you've read that has given you a paradigm shift?PrinciplesWhat is a skill or talent that you would like to learn?CodingStandup comedyWhat does success mean to you?“Success is more of an impact.”Putting actions behind your wordsConnect with Mike. Links available belowTweetable Quotes:“Just taking nothing and building that up. And helping businesses scale is like my favorite, my one cut above the rest.” - Mike Taravella Jr.“Feedback is a wave.” - Mike Taravella Jr.“COVID was a catalyst for change but COVID was also a catalyst for investing” - Mike Taravella Jr.Connect with Mike through miket@randcre.com, Facebook, Twitter, Instagram, and LinkedIn. Visit their website https://randcre.com/ and reward yourself with the greatest value-add must-knows!LEAVE A 5-STAR REVIEW by clicking this link. WHERE CAN I LEARN MORE?Be sure to follow me on the below platforms:Subscribe to the podcast on Apple, Spotify, Google, or Stitcher.LinkedInYoutubeExclusive Facebook Groupwww.yonahweiss.comNone of this could be possible without the awesome team at Buzzsprout. They make it easy to get your show listed on every major podcast platform.Support the show (https://www.buymeacoffee.com/weissadvice)

In this episode of the Distressed Real Estate and Note Investing podcast, host Brecht Palombo talks with Gino Barbaro, co-founder of JakeandGino.com and Rand Partners,

In this episode, we talk to Gino Barbaro about how to “Buy Right” and “Finance Right” in multifamily real estate and what that means! Gino Barbaro owned and operated a restaurant for over twenty years before transitioning full-time into MultiFamily real estate. He's been investing in real estate for over 15 years and has grown his multifamily portfolio to nearly 1200 units with his partners. His passion lies in running the client relations for Rand Partners, along with underwriting deals and exploring new opportunities in the national market. He has also created a real estate education company called Jake & Gino, written two best-selling books, one in real estate and one in cooking, co-hosts the number one multifamily podcast on iTunes, and empowers individuals to take control of their lives through his coaching business. Gino is a graduate of Fairfield University and IPEC (Institute for Professional Excellence in Coaching). He currently lives in Florida with his wife and six children. Links to Gino's Information: www.jakeandgino.comhttps://randpartners.com/ Thank you for listening to this week's episode of The No B.S. Real Estate Show! See you all next week! If you want to learn more about passive investing opportunities OR want to invest actively. Reach out to us on our social media or website. Our website: www.thevisioneergroup.com Ethan Neumann:Instagram: @EthanNeumannOfficialFacebook: https://www.facebook.com/EthanNeumann11Linkedin: http://linkedin.com/in/ethan-neumann1Harris Trail:Instagram: @HarrisTrailFacebook: https://www.facebook.com/harris.trail/Linkedin: https://www.linkedin.com/in/harrison-trail-5942211b5/

Podbean HTML Code snippet:    ------------ Mike is the Asset Manager at Rand Partners where he is responsible for overseeing over $100M assets under management and has acquired over $15M in commercial real estate. Mike collaborates with Rand's vertically integrated property management team to ensure the execution of the portfolio's business plan. Mike is actively pursuing new opportunities within the market and developing relationships with investors basis.   [00:01 - 04:26] Opening Segment Get to know Mike Taravella Mike talks about Rand Partners and his experience-filled real estate scaling   [04:27 - 12:59] Insider Look at Asset & Property Management How Rand Works Vertically Integrated Why feedback is like a wave Working together to make the business plan a success every day There is no right or wrong!  Know why you're still going to fail and still find success Being knowledgeable about your own and others' spaces “Just take your time.  It's okay.”   [13:00 - 27:48] Acquiring the Best Team and Products Not knowing what's selling until it's closed Putting People First The Best, Buyer, Seller, and Manager You Can Be Preparing and being realistic during physical due diligence How to be confident that a deal is adequately capitalized Mike shares what he thinks about the future of multifamily syndications   [27:49 - 36:27] Closing Segment Quick break for our sponsorsGroundfloor offers short-term, high-yield real estate debt investments to the general public. Check www.passivewealthstrategy.com/groundfloor/ to get started. What is the best investment you've ever made other than your education?His years of experience in accounting Mike's worst investmentDay trading What is the most important lesson that you've learned in business and investing?“Commit a hundred percent, all in, in whatever you do.  Don't give up until you get there.” Connect with my guest. See the links below.   Resources Mentioned: Principles   Tweetable Quotes: “Feedback is like a wave.” - Mike Taravella “You just have to play to your skill sets.” - Mike Taravella “Patience is the key in any wealth creation.” - Mike Taravella “Keep fighting the good fight and success will come to you.” - Mike Taravella ------------ Connect with Mike Taravella through Facebook, Twitter, Instagram, and LinkedIn.  Visit their website https://randcre.com/.    Invest passively in multiple commercial real estate assets such as apartments, self storage, medical facilities, hotels and more through https://www.passivewealthstrategy.com/crowdstreet/ Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.  LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes                     

Making the transition from the accounting world and going into real estate was not easy but Mike Taravella has all but mastered the game! As Asset Manager at Rand Partners, he is now overseeing more than $100 Million in assets. On today's show we discuss : The undeniable power of mentorship. How to get started as an underwriter in commercial real estate. The truth about cap rates and heavy value adds. Why the barrier to entry to residential real estate is easier to conquer. How to truly provide a world-class service for your residents and clients. Phone closing: the truth and the goldmine that is held within. And so much more!Connect with Mike: mike@miketaravella.comIG: @valueaddmikehttps://www.miketaravella.com/Get your $1 Dollar Trial for THE MORNING MEETUP, If you DON'T like it send me a DM I WILL SEND YOU A DOLLAR BACK!!  You have nothing to lose!Support the ShowConnect with OliverSupport the show

Gino Barbaro is one of the founders of Jake & Gino, LLC – a real estate education company.  He is a principal at Rand Partners, a multi-family syndication company and a certified professional coach as well as an author and podcast host. In this episode, Gino talks about the importance of mindset, how to evaluate a sponsor and some of the metrics he uses when evaluating a deal.Gino talks about the importance of educating yourself and having the right investing mindset – if you think you can do it, you can. He mentions he took life-coaching classes and it helped him understand you need to find your Why and your How will come.Gino talks about how he transitioned from buying multifamily assets without using outside money to building a brand and raising capital.  He discussed the importance of finding a sponsor you know, like and trust.  He also mentions that to vet a sponsor you need to do the work and evaluate their track record, their business model, their reputation and maybe even go visit them and see properties they own. Gino tells the story of the poor vetting he did when investing with a guy he calls Maserati Mike.  He also discusses the Howey Test and explains how that test applies to syndications. He goes on to say some of the metrics he thinks passive investors should evaluate when considering a multifamily syndication investment.Gino talks about how cashflow gets you out of a W2, but appreciation keeps you out. This is an important factor to consider when analyzing a sponsor and a deal.Gino is a reader rather than a listener, but below are the podcasts from the Jake & Gino Community: Wheelbarrow Profits   Movers & Shakers  Rand CRE Show   Multi-Family Zone Books he recommends:Vivid Vision by Cameron HeroldSeven Habits of Highly Effective People by Stephen CoveyMindset by Carol ZweckTo connect with Gino, you can email him at gino@jakeandgino.com.To get a copy of Gino's e-book, How To Share the Benefits of Multifamily Investing to Create Financial Independence,  send him an email to gino@jakeandgino.com.If you would like to contact Jim Pfeifer, you can email him at jim@leftfieldinvestors.com or if you would like to find out more about Left Field Investors go to www.leftfieldinvestors.com.  Our sponsor, Tribevest provides the easiest way to form, fund, and manage your Investor Tribe with people you know like, and trust.  Tribevest is the Investor Tribe management platform of choice for Jim Pfeifer and the Left Field Investor's Community.    Tribevest is a strategic partner and sponsor of Passive Investing from Left Field.   

Gino Barbaro is an investor, business owner, author and serial entrepreneur. He has grown his real estate portfolio to over 1,500 multifamily units. Gino is a Certified Professional Coach. Together with his partner, Jake Stenziano, Gino founded multifamily investing framework, Jake and Gino multifamily educational program that teaches people how to Buy Right, Manage Right & Finance Right. They are also hosts of The Jake & Gino Podcast, founders of Rand Capital and Rand Partners. They co-wrote the best-selling books “Wheelbarrow Profits” and “The Honey Bee.” Hungry for more of the How in real estate investing? Visit www.ezfiuniversity.com for in-depth articles and webinar recordings to start down your own road to Financial Independence. 1. Listen and Learn on our Podcast, "10,000 Roads to Financial Independence": https://bityl.co/4l3z 2. Subscribe to our channel: https://ytube.io/3C4F 3. Check out more about Gino at https://jakeandgino.com/about-gino/ 4. Subscribe to the Jake & Gino Podcast http://jakeandgino.wpengine.com/subscribe/ 5. Get your Free PDF copy of Creative Cash by emailing Gino: gino@jakeandgino.com 6. Find out more about Multifamily Mastery Oct 2021 at https://jakeandgino.mykajabi.com/store/kKXzSrfV About Elisa Zhang: I am an owner and principal of over 1,000 apartment units across the USA. I'm an educator, an artist and a mother of two beautiful children. I am on a mission to help motivated individuals make money while they sleep and retire faster than they dreamed. What makes me so confident that I can guide someone to achieving this goal? It's the exact process I used to replace my annual full-time corporate income of over $200K. I came from the IT world and focused on leveraging the power of real estate investing to form passive streams of income that now funds my family's life, independent from working at a day job. Why keep this all a secret for myself? Sharing the formula for Financial Independence is my way of showing gratitude and adding more value to the world.

Gino Barbaro is a multifamily real estate investor, a mentor, teacher, and BiggerPockets contributor. He is also a podcaster with Multifamily Zone Podcast, and Wheelbarrow Profits Podcast. In this episode, Gino talks about the values he learned from working at his family's restaurant business, and how he got into multifamily real estate with his partner Jake. They eventually expanded their brand Rand Partners into a syndication company, property management company, and education platform. We also learn about cap rates and how they relate to rental income, dual asset strategies with whole life insurance investing, and the future of Airbnb and how it fits into his investment strategy. Reference Links Gino's Email gino@jakeandgino.com Jake and Gino Multifamily Mastery https://jakeandgino.com/

Mike Taravella, an asset manager at Rand Partners, talks about effectively collecting rents during the covid-19. --- Send in a voice message: https://anchor.fm/elevatingpm/message

Mike Taravella talks about how he went from working as a CPA to working as a real estate investor and an asset manager at Rand Partners where he is responsible for overseeing over $100M assets under management. Mike collaborates with Rand's vertically integrated property management team to ensure the execution of the portfolio's business plan. Mike is actively pursuing new opportunities within the market and developing relationships on an investor basis. --- Send in a voice message: https://anchor.fm/elevatingpm/message

Mike began his real estate investing career in 2016 by owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019.  Mike is currently the Asset Manager that is responsible for underwriting deals, investor relations, and asset management. Mike has worked for 5 years professionally in accounting. 

Mike is the Asset Manager at Rand Partners where he is responsible for overseeing over $100M assets under management and has acquired over $15M in commercial real estate. Mike collaborates with Rand's vertically integrated property management team to ensure the execution of the portfolio's business plan. Mike is actively pursuing new opportunities within the market and developing relationships with investors. Before joining Rand Partners, Mike worked 5 years professionally in accounting. He worked at EY in Detroit and with Dan Gilbert's startup community Rock Ventures such as 100 Thieves, Woodward Original, and Detroit Venture Partners.Show Notes: www.tylercauble.com/podcast/episode006

In this clip, Mike Taravella talks about how to increase rent collection numbers during the Covid-19. Mike is the Asset Manager at Rand Partners where he is responsible for overseeing over $100M assets under management. Mike collaborates with Rand's vertically integrated property management team to ensure the execution of the portfolio's business plan. Mike is actively pursuing new opportunities within the market and developing relationships on an investor basis. Before joining Rand Partners, Mike worked for 5 years professionally in accounting. He worked at EY in Detroit and with Dan Gilbert's startup community Rock Ventures such as 100 Thieves, Woodward Original, and Detroit Venture Partners. Mike graduated from Michigan State University with his undergrad and Masters's of Accounting. Connect with Mike: https://www.miketaravella.com/ --- Send in a voice message: https://anchor.fm/elevatingpm/message

Dylan is a principal at The Requity Group, vertically integrated multifamily and manufactured housing community investment company. He has sponsored over $55M in transactions over the last 4 years through joint ventures and syndications and is proficient with many areas of the business. Prior to founding The Requity Group, Dylan joined Rand Partners in 2017 and helped facilitate the growth of the portfolio from 800 units to 1,600 units. He has been featured in dozens of podcasts, public speaking events, and has spent hundreds of hours consulting to real estate professionals in the space. Dylan is an active CCIM designee and currently resides in Tampa FL.

Strategy always matters with Real Estate investing, that's why an Asset Manager plays a big role in the Industry. Providing positive business returns to investors makes while meeting the tenant's expectations is always important to be considered as an efficient Property Manager. It may take a lot of time and effort to reach these goals but your motivation will always bring you to success. In today's episode, Aileen's guest Mike Taravella shares his deep knowledge on how to properly manage properties, building a good relationship with investors and tenants.What You'll Learn From This Episode:Finding the Right Job and Career that Really Works for YouImportance of Establishing Rhythms to Investors and Residents in Asset ManagementEstablishing the Baseline of Occupancy, Identifying Problems, and Adding Value Within the First 30-60 DaysBuilding Communications and Being Transparent to InvestorsWhat is Physical and Economic Occupancy?Things to Prioritize in Terms of Capital Expenditure (CapEx)Importance of Business Planning and UnderwritingChallenges that You may Encounter as an Asset ManagerCommon Mistakes of Other Asset ManagersPossible Impacts of Real Estate Investing in Your LifeWhat Made ASANA a Great Tool for Real Estate Task ManagementGuest Bio:Mike has a Masters of Science in Accounting and worked at Ernst & Young as a Certified Public Accountant. He'd been investing in Real Estate in 2016 by owning and self-managing investments in Michigan. And currently, Mike is the Asset Manager at Rand Partners of over 1,600 units totaling $108M of assets under management where he's responsible for underwriting deals, investor relations, and asset management. Email: MikeT@RandCRE.comLinkedIn: Mike Taravella Jr.To connect with us:Website: www.bonavestcapital.comPlease click here, to leave a rating and review!

In this Quick Hit, Greg and Darren ask guest Mike Taravella about the opportunities for continued growth once you property is stabilized.Mike is the asset manager for Rand Partners and is responsible for overseeing over $100M assets undermanagement. Mile collaborates with vertically integrated property management team to ensure the execution of the portfolio's business plan. Mike is actively pursuing new opportunities within the market and developing relationship with investor basis.Mike is a CPA and before joining Rand Partners, Mike worked 5 years professionally in accounting, His experience ranges from working at Ernst & Young to working with Dan Gilbert's startup community at Rock Ventures.Mike may be reached at miket@randcre.com.Listen to previous episodes HERE or find us on your favorite podcast app.Sign up for our newsletter HERE. Greg ScullyGreg@realwealth.solutions or schedule a call - https://calendly.comDarren LightDarren@realwealth.solutions or schedule a call - https://calendly.comOr reach us on any of the following links:Real Wealth Solutions - Facebook - LinkedIn -YouTubeThanks for listening and, as always, a positive review or share is greatly appreciated.

Greg and Darren sit down with investor, partner, and friend Mike Taravella to talk about all things Asset Management. Getting a deal across the finish line is just the beginning. Each property is unique and will offer unique challenges to match. One size, or solution, certainly does not fit all, but no matter the size the surest way to achieve long term success it through thoughtful and well-disciplined asset management. One great takeaway – The numbers follow, they don’t lead.Resources and Books Mentioned –Asana.comGood Strategy, Bad Strategy - Richard P. RumeltPrinciples – Ray DalioMike is the asset manager for Rand Partners and is responsible for overseeing over $100M assets undermanagement. Mile collaborates with vertically integrated property management team to ensure the execution of the portfolio's business plan. Mike is actively pursuing new opportunities within the market and developing relationship with investor basis.Mike is a CAP and before joining Rand Partners, Mike worked 5 years professionally in accounting, His experience ranges from working at Ernst & Young to working with Dan Gilbert's startup community at Rock Ventures.Listen to previous episodes HERE or find us on your favorite podcast app.Sign up for our newsletter HERE. Greg ScullyGreg@realwealth.solutions or schedule a call - https://calendly.comDarren LightDarren@realwealth.solutions or schedule a call - https://calendly.comOr reach us on any of the following links:Real Wealth Solutions - Facebook - LinkedIn -YouTubeThanks for listening and, as always, a positive review or share is greatly appreciated.

Mike Taravella is a CPA, and he graduated from Michigan State University in 2014 with a Master of Science in Accounting. He has worked 5 years professionally in accounting. He started at Ernst & Young in public accounting and then transitioned into Detroit’s startup community at Rock Ventures. He began his real estate investing career in 2016 by owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently an associate that is responsible for underwriting deals, investor relations, and asset management. In this episode, Mike shares his love for numbers, analysis, single and multifamily deals.  We discuss Ratio Utility Billing Systems (RUBS), Internal Rate of Return (IRR), property management and investment philosophy. Resources and Links: https://randcre.com/ Jake and Gino episode with Mike Connect with Mike

Real estate asset management is a critical role in apartment syndication. This is where the business plan is implemented and execution becomes vital for success. Mike Taravella is the asset manager for Rand Partners and is responsible for overseeing over $100 million in their multifamily portfolio. Mike’s primary responsibilities include overseeing property management, budgets, and communications. With multifamily apartments in Tennessee and Kentucky, Rand Partners manages its own assets, instead of using a third-party property management company. Because of this, Mike has to stay close to the rest of the team to ensure proper communication and execution on all property-related matters.     Before deciding to get into real estate, Mike was an accountant for a major accounting firm. He reached out to me on BiggerPockets and expressed that he was planning to move to Chicago. Soon after that, he joined us at the first-ever Midwest Real Estate Networking Summit. Through his continued analysis and networking efforts, he eventually landed a role with Rand Partners with the Jake and Gino team.    As an asset manager, his main job is to make sure the business plan for each property is being executed properly. In doing this, Mike monitors key figures such as occupancy, delinquencies, and expenses. These three items allow him to understand what’s happening at each property and adjust marketing and other aspects accordingly. In this episode, Mike shares best practices for asset management, creating a community culture at an apartment complex, communicating internally, and delivering returns for passive investors.  Partner: 1 Question Marketing Survey for New Event Key Insights on Real Estate Asset Management  How Mike began his real estate career after a conversation on BiggerPockets and attending the Midwest Real Estate Networking Summit  Understanding an asset manager’s role in real estate investing The day-to-day working relationship between real estate investors and asset managers Putting together an investor relations webinar so investors can understand how their asset is being managed You can’t just raise the rents, you have to rebrand How to structure internal team meetings to build culture and stay on top of challenges  The three key measures to pay attention to in order to monitor the health and trajectory of an asset In the end, it all comes down to your expenses and managing your budget How to proactively address delinquency  Creating community to ensure tenant occupancy  How to analyze multifamily deals in today’s market  The impact that COVID19 has had on the real estate market Understanding the Tennessee real estate market  What you should look for in a property manager    Partner: Download our Sample Deal Package Bullseye Tips:   Apparent Failure: Thought I was going to lose everything with my first deal, but it just strengthened my resolve.   Digital Resource: Asana (free project management tool)   Most Recommended Book: Principles (Ray Dalio)   Daily Habit: Exercise   Wish I Knew When I Was Starting Out: Everythings going to be ok, it takes time to course correct.   What I’m Curious About: The debt crisis   Contact Mike: Rand Partners The Rand CRE Show LinkedIn miket@randcre.com

Want to become financially free through real estate? Check out our book on jump starting a cash flowing real estate portfolio at https://www.therealestateinvestingclub.com/real-estate-wealth-book In this episode I interview Gino Barbaro, principal partner at Rand Partners, LLC and co-founder of the Jake and Gino podcast. Gino is an inspiring person and his story is one for the history books. Follow along as we learn how Gino went from being a burnt out restaurant owner to owning a multifamily apartment investing business with over 1,000 apartments under management. Gino has some great wisdom for anyone looking to escape the rat race and become their own multifamily investor, so strap in, grab your pen and paper and enjoy the show.Want to connect with Gino? Reach out on LinkedIn at https://www.linkedin.com/in/gino-barbaro-03973b4b/ ************************************************************************  GET INVOLVED, CONNECTED & GROW YOUR REAL ESTATE BUSINESS  LEARN -- Want to learn the ins and outs of real estate investing? Check out our course at https://www.therealestateinvestingclub.com READ -- Want real estate book recommendations? Check out our list of the best books on real estate investing: https://gabepetersen.com/2020/06/14/best-books-on-real-estate-investing/ PARTNER -- Want to partner on a deal or connect in person? Email the host Gabe Petersen at gabe@therealestateinvestingclub.com or reach out on LinkedIn at https://www.linkedin.com/in/gabe-petersen/  CONNECT -- Want to join one of the most active Facebook Groups for Real Estate Investors? Click here to join: https://www.facebook.com/groups/2940993215976264 GROW -- Want for us to bring you leads and run your real estate digital marketing? Reach out to our partner agency at https://www.getclientsquick.com WATCH -- Want to watch our YouTube channel? Click here: https://bit.ly/theREIshow LISTEN -- Want to listen to our Podcast? Go here: https://therealestateinvestingclub.buzzsprout.com/ ************************************************************************  ABOUT THE REAL ESTATE INVESTING CLUB SHOW  The Real Estate Investing Club is a podcast and YouTube show where real estate investing professionals share their best advice, greatest stories, and favorite tips in real estate. Join us as we delve into every aspect of real estate investing - from self-storage, to mobile home parks, to single family rentals, to real estate syndication!  If you're a real estate investor and are looking for tips and motivation to grow your business, this is the show for you. This is an interview-based real estate show where I'll be hearing from investing pros from every asset class, niche and geographic area in the US.  Join us as we learn about these REI pro's career peaks and valleys and the lessons they learned along the way!  #realestateinvesting #passiveincome #realestateSupport the show (https://paypal.me/GabrielWPetersen?locale.x=en_US)

Today’s Guest of Movers & Shakers is Jake Stenziano.   In this episode Josh & Gino cover: Being able to choose a profession based on your passion because you know how to make money work for you. How pushing the chips all in can help create success You only live once - the time is going to pass, what are you going to do with it is the question. Why Consistency may be the most important trait for success.   Jake’s Bio: Jake Stenziano, MBA is the best-selling author of two books, Wheelbarrow Profits and The Honey Bee.  He is also the co-founder of Jake & Gino, the only multifamily real estate investment education company that teaches investors the three pillars of sound apartment investing; Buy Right, Manage Right, and Finance Right.   Jake is also the founder of Rand Property Management and co-founder of Rand Capital and Rand Partners.  Rand Property Management is the first property management company with a focus on “modern affordability” and vertical integration.   As a creator of the multifamily investing framework, Wheelbarrow Profits, Jake is a leading expert on investing in and management of the multifamily space and currently owns over 1500 multifamily units.   He currently resides in Knoxville, TN with his beautiful wife Whitney and their two children. If you’d like to find out more about how you can become a part of the Jake & Gino family to work hand in hand with our team to build you business please go to www.JakeAndGino.com/apply to learn more.

Jake Stenziano, is the best-selling author of two books, Wheelbarrow Profits and The Honey Bee. He is also the co-founder of Jake & Gino, the only multifamily real estate investment education company that teaches investors the three pillars of sound apartment investing; Buy Right, Manage Right, and Finance Right. Jake is also the founder of Rand Property Management and co-founder of Rand Capital and Rand Partners. Rand Property Management is the first property management company with a focus on “modern affordability” and vertical integration. As a creator of the multifamily investing framework, Wheelbarrow Profits, Jake is a leading expert on investing in and management of the multifamily space and currently owns over 1500 multifamily units. He currently resides in Knoxville, TN with his beautiful wife Whitney and their two children. Want to achieve MONUMENTAL results in your life and business? Let’s hop on a call! Visit coachwithevan.com to see how we can best help you unlock your full potential, get your start in multifamily investment or development and make massive impact. Leave a review for Monumental on iTunes: https://bit.ly/eholladay Subscribe to the podcast and emails from Evan: https://evanholladay.com/ Follow Evan on Instagram: https://www.instagram.com/evanholladay/ Follow Evan on Facebook: https://www.facebook.com/EvanHolladay/ Follow Evan on Twitter: https://twitter.com/EvanHolladay Contact Evan: https://www.evanholladay.com If you have questions on podcasting and creating a thought leadership platform, shoot me a text at 502-627-0501! I want to help!

Today's guest is a CPA turned real estate investor, Mike Taravella. Mike is the asset manager at Rand Partners LLC. Growing up in a family fixated on a career in teaching or being an engineer at Chrysler, Mike, was the only one who wanted to get into businesses. Mike studied accounting and is a Certified Public Accountant. He started his journey working as an accountant for five years until he transitioned to working for startup companies, and is now also a real estate investor. Let's dive into Mike's story about how "Fat Mike" turned his life upside down and is now using his abilities to help people move the needle on their dreams. [00:01 – 05:36] Opening Segment I introduce Mike Taravella Asset manager at Rand Partners LLC A CPA turned real estate investor Worked professionally as an accountant for five years before joining Rand Partners Mike tells us a bit of his background Mike was the black sheep in their family; he wanted to do business while everyone was either a teacher or worked for Chrysler A Certified Public Accountant Worked professionally for five years in accounting Started investing in real estate in 2016 [05:37 – 16:34] The Game Changer Mike talks about the mindset shift from accounting to working for startup companies. Physically hurting; overweight and stressed. He was called "Fat Mike" at work Boosted his confidence with working out Getting to the same level as the team, making sure to provide value. Why did you choose real estate? Looking for a sense of control while creating wealth Mike talks about the "defining moment" that made him realize he can accomplish even more I share what this podcast is all about Chopping down and taking down dreams Mike gives advice before you go on cutting down on your dreams Listening to podcasts Reading books Take action Sharpening your axe by applying the things you learn day by day [16:35 – 21:15] What Is in Store for Your Future? Mike shares his love for teaching Making an impact Mike talks about one of his core purposes Help a million people become an investor People have different risk thresholds What's risky for you might not be risky for others Mike talks about their plans in Rand Partners heading into the future Growing their investor base Reach a billion assets under management [21:16 – 26:50] Mentoring Mike shares his experiences as a mentee and as a mentor. Lowering barriers and being vulnerable Making sure to connect with your mentee Change the "I can't" to "how can I?" I weigh in on the idea of "I can't." In reality, you can accomplish a lot more than you think Fuel your drive with all of those "you can't" from others [26:51 - 30:25] Closing Segment Imagine it's a hundred years from now, you have grandkids and one of them decides to write a book about Mike Taravella. What would you like the title to be? Or what characteristics would you like to be highlighted? "I think the autobiography would be called ‘Game Changer.’ Just showing the path to evolution from "fat mike" who was in accounting. Who for five years really didn't know what he was doing until now I'm in real estate and I love every day where I'm working 6-7 days a week just trying to move the needle." Get in touch with Mike online. See below for social links. Mike's call to action to learn more about multifamily Final words from me   Tweetable Quotes: "At times, it might be best to take a step back and look at what we can do to better our position. What we should really be focusing on. What specific task would really move the needle." – Nico Salgado "Everyone can listen to a book and read a podcast, but taking that action or how can I help an existing group grow. Well, that's how I got my opportunity by taking that massive action." – Mike Taravella "Every day, you have that opportunity to become what you want to be, and you just gotta remind yourself." – Mike Taravella   Resources Mentioned Dan Gilbert Woodward Original 100 Thieves Wheelbarrow Profits Academy Jake & Gino   You can connect with Mike on LinkedIn or send him an email at miket@randcre.com. Schedule a call, get their newsletters, and see any potential opportunities in the future at https://randpartners.com/. Listen to the Rand Partners Podcast, click here.   LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode. To know more about me and all the real estate opportunities you can find, you can connect with me on LinkedIn, Instagram, and Facebook or check out my website https://smallaxecommunities.com/ and book a call with me. I believe that you only need a small axe to build a lasting empire. Let’s start building yours!

Join Duc and Vince as they chat with Jake Stenziano about scaling through better systems and vertical integration. Jake is the best-selling author of ‘Wheelbarrow Profits” and “The Honey Bee” and the co-founder of Jake & Gino, the only multifamily real estate investment education company. He shares some valuable tips on how to invest in and manage a multifamily space so stay tuned and enjoy the episode!  Multifamily is a Long Game For those who are considering entering this industry, Jake stresses that multifamily is a long game. You have to make sure you are in it for the long haul. For him, it is important to not rush the process especially in the beginning. Jake shared how he and his partner Gino focused on two to three deals a year to make sure that those deals are going to make sense and work for their group. They focused on quality, fulfillment and service, and it paid off!  About Jake Stenziano: Jake Stenziano, MBA is the best-selling author of two books, Wheelbarrow Profits and The Honey Bee. He is also the co-founder of Jake & Gino, the only multifamily real estate investment education company that teaches investors the three pillars of sound apartment investing; Buy Right, Manage Right, and Finance Right. Jake is also the founder of Rand Property Management and co-founder of Rand Capital and Rand Partners. Rand Property Management is the first property management company with a focus on “modern affordability” and vertical integration. Outline of the Episode: - Jake shares an interesting phenomenon that opened his eyes to the potential in real estate. - The beginning of his partnership with his co-founder Gino Barbaro - The reasons behind why they decided to go the multifamily syndication route. - Jake recounts the biggest challenge they've encountered in their business so far. - Multifamily is a long game and you should not rush the process. - Keeping their business going despite the COVID-19 pandemic. - There is a multiplier effect when you bring people with complementary skill sets to work together. - How to determine if scaling vertically is right for you? What questions should you ask yourself first? -Jake talks about the business ecosystem they created which they call The Rand Powerwheel. - Tips and tricks on how to increase the NOI when acquiring a property - Jake talks about his favorite book "Atlas Shrugged" by Ayn Rand - What does Jake consider as his superpower? - The importance of getting clarity through all levels of your business - To win in multifamily, you have to be in the game for the long haul! - Jeff's gives his advice for busy working professionals who would like to achieve financial freedom.  Resources: ·        Jake & Gino ·        "The Honey Bee" by Jake Stenziano & Gino Barbaro ·        "Wheelbarrow Profits by Jake Stenziano & Gino Barbaro ·        "Atlas Shrugged" by Ayn Rand ·        Francisco d'Anconia's 'Money Speech' from "Atlas Shrugged"   Connect with Tri-City Equity Group! ·        YouTube ·        Facebook ·        Instagram ·        Website ·        LinkedIn

In this episode of Ritter on Real Estate, we welcome professional asset manager Mike Taravella who joins us to share his unique perspective on deals. Mike worked for five years as a CPA and began his real estate investing career in 2016 when he bought and self-managed investment properties in Michigan. With an increasing interest in real estate development, Mike joined Rand Partners in 2019 where he is now an asset manager responsible for underwriting deals, investor relations, and asset management. Tuning in, listeners will learn more about the day-to-day functions of an asset manager, the key elements that should be included in a business plan, and how Rand Partners go about executing these plans to ensure good returns for their investors. For Mike and his team, communication and transparency are key, and these values are evident in the weekly meetings between property and asset managers and their frequent communications with investors. Mike also talks about their strategies for driving a property’s value, the importance of paying attention to other income, the use of the ratio utility billing system (RUBS) and surety bonds, and what investors should know about investing in the post-COVID market. Key Points From This Episode:Get a sense of Mike’s career path thus far and what an asset manager’s role is. Hear about the elements in a business plan that should work together to increase income. What Mike does to ensure that business plans are executed and investors get their returns. Hear about their weekly meetings to track the numbers and keep a firm grip on properties. The relevance of the communication between the asset and property manager to investors. Mike describes the core metrics their team looks at to move the business plan forward. The processes involved in compiling a business plan when a new acquisition is made. How they drive value through rent and occupancy increases and effective marketing. What “other income” comprises and the portion of the total income it should make up. Mike explains the use of RUBS (ratio utility billing system) and surety bonds. Views on what investors can expect from a returns standpoint in the wake of COVID-19. Learn how Mike and his team prioritize and approach communication with investors.The value of investing in coaching and good books to gain knowledge quickly. If you enjoy the guests and content please subscribe and leave a review. Your reviews matter and each one has a major impact on the success of the show!Want to get more investing resources?Visit kentritter.com for more free passive real estate investing resources including videos, blogs, and tools visitInterested in Investing alongside my firm? Contact me at kritter@birgeandheld.com.My company Birge and Held Asset Management have a twelve-year track record creating sustainable wealth for over 2,000 investors through high-quality multifamily investments.https://birgeandheld.comThank you for listening!

Will Coleman interviews Mike Taravella of Rand Partners.   Key Information: Accountability: Keep in constant communication with your property management team in order to address any problems as soon as they occur.  Key Performance Indicators to look at: Occupancy, Delinquency, and Marketing. Communicate and be a resource to your residents so that you always have a pulse on how the property is performing.  Establish a budget so you can see when you are under or over your usual metrics for the month. Utilize accounting and property management software in order to keep organized records of the property’s performance. Focus on financial metrics which lenders and brokers will look at in the future.  Key Financials: P&L, Rent Roll, T-12   Expert Pro Tip: “Create Accountability” Contact Information: miket@randcre.com - Mike Taravella   To register to invest with us: https://invest.randpartnersllc.com/invexp/accounts/login/ Rand CRE's Facebook: https://www.facebook.com/randcre Rand CRE's Linkedin: https://www.linkedin.com/company/randcre Rand CRE's Instagram: https://www.instagram.com/randcre

Dylan Marma is a real estate investor and investors relations at Rand Partners https://www.linkedin.com/in/dylanmarma/

Jake and Gino are both experts in multifamily real estate investing and have achieved, in just a few years, the sort of financial freedom they always wanted but weren’t sure was possible.  Gino Barbaro is an investor, business owner, author and entrepreneur. He has grown his real estate portfolio to over 1400 multifamily units. He is the co-founder of Jake & Gino, a multifamily real estate education company that offers coaching and training in real estate founded upon their proprietary framework of Buy Right, Manage Right & Finance Right. Manage Right & Finance Right. He is the best-selling author of two books, Wheelbarrow Profits and Family, Food and the Friars, and graduated from IPEC (Institute for Professional Excellence in Coaching) where he earned his designation as a Certified Professional Coach.   Jake Stenziano, MBA is the best-selling author of two books, Wheelbarrow Profits and The Honey Bee. He is also the co-founder of Jake & Gino, the only multifamily real estate investment education company that teaches investors the three pillars of sound apartment investing; Buy Right, Manage Right, and Finance Right. Jake is also the founder of Rand Property Management and co-founder of Rand Capital and Rand Partners. Rand Property Management is the first property management company with a focus on “modern affordability” and vertical integration. As a creator of the multifamily investing framework, Wheelbarrow Profits, Jake is a leading expert on investing in and management of the multifamily space and currently owns over 1500 multifamily units.  In this episode, Jake and Gino shared their story on how they started in real estate, from investing to educating to syndicating, property management, mortgages, how they do everything at once and how their bond, partnership, professionalism help them to reach their financial freedom and building their $100M Real Estate empire. We also discussed how they manage tenants, properties, their company in this coronavirus time, and many MORE!  Enjoy the show!  Quotes:  “ You as the leader have to show that there's light at the end of the tunnel" "For me, a partnership is somebody who takes it to the next level" “You have one at a time, you learn how to do it, you grow, and you go to the next one” “I'm willing to share what I know and I know in return people are going to teach me a lot”      Resources and Links:  Biggerpockets  Jake and Gino Website  Jake and Gino Honeybee  The Honeybee 

Dylan is the principal at Rand Partners where he is involved with managing over 700 doors worth nearly $50 million at just 25 years old. Dylan dropped out of college to pursue his entrepreneurial dreams at a young age. His pursuits eventually landed in real estate investing, after getting his beak wet in single-family space, he quickly decided to move toward multi family. After teaming up with Jake and Gino he came on as the principal at Rand Partners and quickly went to work expanding the business, bringing in new investors, bringing them into new markets and helping diversify into new business lines. Dylan's drive to live with purpose and intention has contributed to him creating a life for himself that most others only dream of at his age.   This podcast is edited and managed by Derrick Michaud Shelby Row Productions, LLC www.shelbyrowproductions.com

In this episode of the Millionaire Mindcast, our guests Jake Stenziano and Gino Barbaro talk about their entrepreneurial story. They share some tips on how to start with multifamily investing, why you need to be careful with your assumptions, how to accelerate your entrepreneurial journey, what is an ideal culture and community, what are some ways to create credibility, what’s the best investment vehicle, the importance of broker in multifamily investment, how to effectively raise capital, and how to avoid losing some deals! Jake Stenziano is an Amazon #1 Best-Selling Author of Wheelbarrow Profits, currently controls + 1,500 multifamily units, Founder of Rand Property Management, co-founder of Rand Partners, and co-founder of Rand Capitals. Gino Barbaro is a certified professional coach, currently invested in over + 1,500 multifamily units. Jake and Gino are both experts in multifamily real estate investing, educators, investors, syndicators, business coaches, and currently have $100,000,000 in assets under management. They co-founded Jake and Gino, an education platform that helps people achieve their goal of financial freedom. Their mission is to improve the lives of others by creating communities that allow people to become the best version of themselves. Jake and Gino gave up their W-2 jobs and decided to get into the real estate investment business. They’ve started with 25 units of property. At first, they didn’t know how to man it as well as to build credibility with brokers. But they’ve focused on what they want and their whys, and learned the space. It took 18 months until they’ve found their first deal, 3 months on the second and so on until they’ve learned to play with it and closed more deals. How did they do it? In this case, they leverage knowledge and information to accelerate their journeys. According to them, you need to select the market when you start out. Find the money you needed before the deal. How? Pitch what you do, build credibility, create connections, meet people and brokers, reach out and talk to potential investors and know what their goals are. Be flexible. Align yourself with the right folks and with the right community because it’s a team sport. It’s the communities that are so strong that it can make the world different. The community will give you resources and support, and feedback on what not to do to avoid mistakes. Likewise, it’s important that the team members are on the same page. Get really good people in the team, be systematized with values and works, make sure you have a great culture, align and relate with core values of the company and it’s going to work out well. Now, Jake and Gino are financially free and enjoying more time with their loved ones. They are always looking for the path to progress while pursuing their passion to help people achieve their dream of financial freedom. Some Questions I Ask: How did you get into being a multifamily real estate syndicators, investors, and educators? (00:23) What do you see as multifamily real estate such as a safe and great investment vehicle for people to look at and pay attention to grow their wealth and their passive income? (05:01) What does participation look like for people that are looking at this vehicle as an investment? (10:54) What does syndication look like? (13:34) What are the good rules of thumb in participating in Limited Partnership and the red flags that people should be paying attention to? (15:08) What are some of the best lead generation efforts & ways you’re seeing your students and you guys having a great track record to have come across and found deals in the past and in today’s current inclement? (18:10) How lean can you run a multifamily and build the right team for being successful in this space?  (24:58) How do you recommend somebody go about raising capital and funds for their deal? (30:24) What do you think makes you guys in your community different at all? (35:06) What are some of the emerging markets that you guys might be paying attention to? (40:07) The final piece of advice that you guys have for anybody that wants to take that next step in multifamily investing and get started with their first opportunity whether it’s operating indoor or LP. (42:33) In This Episode, You Will Learn: When is the right time to get into something. (02:36) The pros of multifamily real estate investment. (03:48) Why are people renting houses rather than buying their own. (05:57) 2 Parts of Syndication: Limited partner versus General partner. (13:45) The importance of building relationships with brokers in multifamily. (18:36) Credibility book – what is it & how important it is. (19:40) A great way to create credibility and network. (22:26) Reasons why some are losing deals. (28:11) The 3 pillars of real estate investing. (28:55) Matty’s best hacks of tapping or getting into opportunities. (34:32) Quotes: “It’s never the right time to get into it, the only time to get into it is when you’re ready to get into it.” “Think big, start small.” “You’re earning while you’re learning.” “Brokers are the gateway in multifamily.” “It’s a team sport; you’ve got to have those great broker relations.” “If you don’t cash flow let the grass grow.” “We just leverage knowledge and information to accelerate our journeys.” “It’s the community that is so strong that it can make the world different.” “I don’t want to scale just to scale, I don’t want to grow just to grow, revenue is vanity, profit margin is sanity, and cash is king.” “Education times Action will equal your Results. Resources Mentioned: Big Shifts Ahead book by John Burns and Chris Porter Mastering The Rockefeller Pillar Habits book by Verne Harnish Scaling Up book by Verne Harnish

Welcome to the Multi-FAMILY zone podcast, where business meets family. The hosts of the show, Julia and Gino Barbaro, have been married for over twenty years, and have six children.  Julia homeschools the children, and recently became a marriage and life coach to help couples become better communicators and help enrich their lives.  The couple is constantly asked about how they balance their entrepreneurial and real estate journey while raising their kids. The Multi-FAMILY zone was created to address these questions, along with a host of questions from the Jake and Gino community.  In this episode, Gino and Julia talk to Mike Taravella about his college experience and what he thinks about college. He will discuss how his college experience impacted his current job at Jake and Gino and has other life skills.   Mike Taravella is a CPA, graduated from Michigan State University in 2014 with a Masters of Science in Accounting. He has worked 5 years professionally in accounting. He started at Ernst & Young in public accounting and then transitioned into Detroit’s startup community at Rock Ventures.  He began his real estate investing career in 2016 by owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019.  Mike is currently an associate that is responsible for underwriting deals, investor relations, and asset management.

Ep. 43- The RandCRE Show: Always Adapting with Gino Barbaro Dylan and Mike interview Gino Barbaro, the co-founder of Rand Partners and Jake & Gino. Key Information: Have a powerful why to push you towards your goal Education X Action = Results Multifamily hasn't changed as an asset class: investor savviness and more awareness internationally has increased the pricing 1031 Exchanges have resulted in an increase in pricing Gino’s strategy has evolved from buying older assets to newer assets If you are buying in more tertiaries markets, you may have less demand and liquidity when selling that asset Review every deal’s exit and debt strategy based on the current market strategy Buy Right. Finance Right. Manage Right Make sure you objectively review the market you are in Expert Pro Tip: Surround yourself with high level people who push you to learn and grow   Contact Information: www.jakeandgino.com/honeybee

In this episode Dylan walks us through his evolution in to multifamily syndication, how he started with turnkey houses, educated himself, learned while taking action and about multifamily syndication. He discusses vertical integration within Rand Partners, what you can do when you create a fund, goes into negotiating tactics and has some advice for beginners.   visit randcre.com

Gino Barbaro is an investor, business owner, author and entrepreneur. He has grown his real estate portfolio to over 1400 multifamily units worth over $100million. He is the co-founder of Jake & Gino, a multifamily real estate education company that offers coaching and training in real estate founded upon their proprietary framework of Buy Right, Manage Right and Finance Right. He is also the best-selling author of three books Wheelbarrow Profits and Family, Food and the Friars, and The Honey Bee: A Business Parable About Getting Un-stuck and Taking Control of Your Financial Future. Today Gino takes us through how after growing tired of running a restaurant and with his partner Jake Stanziano, a pharmaceutical sales rep, he bought a mom and pop apartment complex with $60,000 and turned it around. They then refinanced nearly $180,000 out of the property to buy another while maintaining ownership of the original property. They repeated this process they call Refi and Roll over and over and where able to build a $100 million portfolio of 1400 apartment units in 5 years. They have since branched out into what Gino calls multifaceted multifamily where they have an education company, Jake and Gino to help teach other investors the business, a property management company, Rand Property Management, a capital company, Rand Capital, a syndication business called Rand Partners and several podcasts. Today Gino shares his journey, the process, the importance of finding the right partners, having the right mindset and his passionate belief that education times action equal results.    This podcast is edited and managed by Derrick Michaud Shelby Row Productions, LLC www.shelbyrowproductions.com

James: Hey, audience and listeners, this is James Kandasamy and you're listening to Achieve Wealth Podcast where we talk about value-add real estate investing and we interview a lot of commercial real estate operators where you can grab a pen and a paper and start learning.    So today we have Jake and Gino from Wheelbarrow Profits. And Jake and Gino own around 1500 units with 1000 of that units were done solely by them without any syndication. And they have another 400 units, which they started syndication and their primary focus is on Southeast market. Right now, the deals are in Tennessee and Kentucky. So, Hey guys, welcome to the show.   Gino: Hey, James. How you doing? Nice to be here.    Jake: Hey, thank you for having us.   James: Yeah. Did I miss out anything in terms of introducing you guys?   Gino: Well, I mean, for me, I've got six kids. I mean that's probably my biggest achievement to date. I live down in Florida. I relocated two years ago from New York to Florida. I'm a certified life coach. I think that's a really big accomplishment for me and I've got a fantastic partner on the other end. So that's what I guess made my success, having an amazing partner, having an amazing person pushing me and telling me, Hey Gino, we need to buy this deal. Hey Gino, you know, we need to write this book. And I'm like, come on, another thing? So having a great partner really will excel you in life. Did leave anything out, Jake?    Jake: We're economic deserters. We left the high tax Northeast for a better life of sunshine and rainbows and I'd [01:54unclear] friend. No, it's been a great ride. You know, Gino and I, back in 2011, started really looking hard at multifamily. We wanted yield. We wanted something that was going to pay us every month. We had very challenging jobs at the time. I was under threat of layoff all the time. Gino was in the back of the kitchen trying to make sure that he could get dishwashers in every night. And ultimately, we knew there was more to life than what we were experiencing and we sought out to make it happen for ourselves.    So we got into the first deal. It was a tough one. It was a 25 unit and we've never looked back. We've done multifaceted, multifamily ever since. We have four core businesses, we have property management, we have education, we have a mortgage brokerage, we have an investment business and over 20 holding companies to go along with that. So we really look at multifamily, you know, being the place to be because we know that it's a basic human need and we've grown our brands all within the multifamily space. And it's been, again, just a fantastic ride. We've focused a lot on culture scale, and growing the business day in and day out. We had an epiphany moment a few years ago that we were working too hard and we're running around doing everything.    We call it the, 'I'm a' mentality. I'm going to do this, I'm going to do that. I'm going to do everything. 'I'm a' could only go so far. So I'm ahead to bring some friends. So Jake and Gino, you know, brought some friends on and we started scaling up. And you know, we've got some really great people on the team and I think that's one of the things, I get so much of the enjoyment out of it. Cause I see these people coming on really with us and they just grow and they excel and then we've created a home for them.   Jake: And James, more importantly, that only started with a 25 unit property with $27,000 from Jake, myself and my brother, Mark. So that's the amazing thing. Talking about where to start. I'm too young, I'm too old, the market's too hot. I don't have enough money. Those are all myths that people want to tell themselves. What they're lacking is they're lacking innovation, they're lacking education, they're lacking creativity and they're lacking mastermind. Those are the things that I lacked when I used those excuses.    And if you want to use those excuses, that's fine. But we have so many Jake and Gino community members that are in their twenties and they're in their sixties and they've gone out and they're doing deals. So if you want to get into multifamily, you need to educate yourself first.   James: Yeah, very interesting. You guys are really, really vertically integrated. I mean, as you've mentioned, you guys own property management, asset management and also have a renovation team. And you also do some agency that representation right to the test lenders, I guess for the agency, which is really good. I mean I have the first three but not the last one. Question is, I mean, how did you guys do this 1000 units on your own? I can tell you there's not many people who have done like even like a what, 300 units on their own, right? Everybody syndicates, right? Including me; I syndicate, I used to own...I mean I still own some single-family, which I'm selling off right now, but all my deals are syndicated and a lot of people I talk to use syndication. But how did you guys go from that 25 units to 1000 units on your own?   Gino: We weren't that smart, first of all. We thought that's how you had to do it, to be completely honest with you. Because we said, Hey, we got to buy a deal. We'll buy the deal. We buy it, right? The three-step framework, if you see the wheelbarrow behind me, it's buy right, manage right and finance right. You need to do all three of those. We were buying them right and we're still buying the assets right.    It's truly important that you need to buy the asset right. So we buy these assets, we refinanced the assets and we wouldn't go and buy Ferrari's. We'd actually repurpose that money into the next deal. What really propelled us was we bought a 281 unit property. It was $11 million. It was owner finance. The owner basically said, here you go, here are the keys. We actually had about $120,000 come back to us at closing.   Now that doesn't happen every day, but that happens when you're ready and when you are integrated and you know the business model and you know, to take advantage of that. That really, really propelled us because we were able to refinance that property. So to date, we've refinanced over $9 million of our proceeds. We've rolled that right back into the business and we continued to grow that way. But James, to be honest with you, if we'd been syndicating through three years ago, we'd probably be at the 5,000 unit mark, which is maybe that's great, that's not great but that wasn't our path.    We started syndicating back in November because we saw we could create another multiple stream of revenue, create the asset management company, that syndication company, for syndication. And I had five or 600 investors on our platform because of the Jake and Gino brand. I just couldn't utilize them. We didn't have the space so we brought on another partner to start that business and that's been a fantastic business. We've done two syndications, we've got another deal in the contract right now and we're continuing to grow that. And James, as you know, they feed each other. It's just wonderful. You go to an event, you speak, you do podcasts, the education can sell education, sell books, and then you know what, you're positioning yourself as an authority leader. And on top of that, you're bringing investors on board and you're teaching people how to do it and you're getting the deal source. And it's just such a symbiotic, beautiful relationship.   James: Yeah, it's very interesting because I mean right now, like for example, I was told once, I mean you can do syndication, but your end goal is to own some of the units. But you guys are going the other way.   Jake: We started backward, James. I'm going to tell you something, and this is what I want your listeners to hear because it's the kind of thing where a lot of people are afraid of nonrecourse financing. And we'll tell you right now, non-recourse financing has made me rich and it's made Gino rich; fortune sides with him who dares. We took a chance on it. We couldn't even get into agency debt back when we first started. We were doing a lot of deals that would have been qualified for what is now known as Freddie Mac SBL. Okay. We took on the recourse debt. We had a lot of battles on the front end with the banks. I say a lot of times, it's just as hard negotiating the deal as negotiating the deal with the banks a lot of these times.    So we went in, we fought some good battles. As Gino said, we manage these assets, right? And then we were able to take the financing and sometimes we'd finance the deal once with a community bank and then sometimes you'll refinance it again and send it out to nonrecourse financing over time. So we just really did, we focused on buying these things, right. Adding a ton of value to them and then extracting the value, holding the assets longterm, not selling them, keeping the cost segregation going. And really my view of these is that we're going to buy them, we're going to manage them right. And the party is going to keep going because we're not going to sell them off if we're buying a deal in house. If we're buying a deal in house, we're gonna keep adding assets to it. Keep the cost SEG going and keep that party rolling.   James: But what's your end goal is syndication. I know syndication can grow very quickly in terms of unit counts, right? But your shared...   Jake: But it's not about just growing the unit counts for us, right? We want to have a tool in the toolbox that fits every deal. And we were talking before we got on the show today that we just bought a very hairy deal. It's 26 per unit. People were not being taken care of. It's 146 units. We have 40 vacancies right now. We didn't syndicate that. That was not a good deal necessarily for us to syndicate, but I know over time that deal's going to pay us back very handsomely. So was that a deal that we want to syndicate? Probably not. We're doing a deal right now. It's very clean. It's going to be a nice cash on cash return, right down the alley for syndication. We just want to, you know, any deal that comes our way, we want to, if it's going to cash flow, there's going to be an opportunity, we want to have a vehicle or tool to take that down. And syndication is just one of those tools. Find it in house is another one.   Gino: And I think the opportunity we have now, to piggyback off of that, as where we are in the market, in the market cycle right now, you just gotta be careful of what you're buying. You have to be buying assets in pretty good locations, with pretty good rent growth because when the economy slows down, you want to be able to continue to have your occupancy and run 94-95%. You don't want to see rents dropping. So you gotta be careful what you're buying. Would we've been buying these assets three and four years ago? No, the opportunity was more of those value-adds. Now there's less of an opportunity for our value adds because those prices are already built up. I mean, we went and bought an asset in November at 45 a door. Two years ago, it would have been 30 a door, but that's where we are in the market.    So with that value add, it's very difficult because you've got to put more loan to value. So you've got to put more money down on these deals and there's more risk, as going out 18 months or 24 months, if you're not able to make those preferred payments, you know, they're going to come knocking at you. And then the investor's going to say, well, why did we make the draw this and this quarter? Well, we were trying to reposition it for the long game. That's the thing with multifamily. Everybody out there, multifamily is a long game. It's number one, but debt and taxes, number two, it's about having a business. If you're not going to run the business, somebody has to run the business. And number three, it's a long game. You're not going to get paid today or tomorrow. You're going to be the farmer planting the seed, watering the seed, and waiting six months or 12 months for it to grow. That's why it's hard to get into multifamily because people love transactions. This is not so much transaction-based business unless you start getting into it and then a year, two years down the road, you can create some transactions by refing or by selling or by trading up. But when you start out, it's hard because it's that instant gratifying.   Jake: James, I want to say one thing that just piggyback on Gino here and what he's saying is many of you out there may be syndicating deals and we love syndicating. We love buying deals ourselves. Just keep in mind the syndicators that are the most successful are that they understand that the work starts after you bought the deal. Just because you're syndicating, you need to have that one on one connection, even if you're doing third party management. James, we were talking earlier that you know, he runs his own a property management group. That's when the real work starts folks. So you know, whether you're syndicating, whether you're buying in house, tee it up, make sure you're financing it right. Make sure you're buying it right. But then that managed piece, just because you know, you may not be running direct property management, you need to be having those weeklies with that property management, making sure you're nailing your KPIs.    James: Yeah. I also think that the managed portion makes the most money. Do you guys agree with that?   Gino: I totally agree with that 100% because that's where you're going to increase your NLI. You're either going to increase the income, decrease the expenses, create systems and be able to scale. But the problem that Jake and I had when we hit 650 units, we were still just telling somebody this the other day, we were still using rent posts and we fumbled upon that folio and that was the biggest aha moment. All of a sudden we said to ourselves, it doesn't matter how many units you add onto your portfolio, if you're not managing them efficiently and extracting as much value from them, that's going to be a big problem. So I think managing is the most important. It's ongoing.    Jake: There's more to it though, to James' point. Here's why. Once you buy the deal, there's no going back. You paid the money, you paid that price. That is fixed. That's why I always talk about the back leg of the wheelbarrow being fixed. If you finance the deal for 10 years, and I don't care if you have stepped down or you have your maintenance defeasance wherever you want to say, you're fixed, what are the levers do you have to pull? It's the management arm of it. That's the piece that you're going to be able to. Exactly. Right. That's a great point.   James: Yeah. Yeah, so that's why I always tell my friends and my followers in my Facebook group and all the people who come to me; the operations where you make the most money because before you buy the deal you are putting a proforma, right? You think it's going to be like that. You think it's going to be like that. You think it is going to be 3% operation. You think insurance is going to be this much. Right? So it's a lot of assumptions, but once you close on the deal, it's avail game, right? You are like, Hey, you know, now you have every tool in the box to really trap. That's where you really make the money and you, if you really work hard on the operation, you can make at least, you know,  2-3% more than if you give it to a third party management. Because third party management, they have a lot of other issues. It's not their baby.   Jake: You're not the only customer. Here, we're the only customer baby.   James: And they have a different profit center that they need to really make sure.   Jake: And we won't take on other clients. We only manage our stuff because it's ours and you're absolutely right. We're managing our baby, we're making sure our babies are doing well. There are little soldiers out there working for us. We want them to keep returning.   James: Yeah. Yeah. And also [13:28unclear] if you look at even your own operation, I can decide to, let's say my occupancy drop, I can reduce my staff today just by a phone call. Right. And reduce my expenses as well because my income is reduced. Right. So, but you can't do that on a third party. Right. You are like at the mercy of them. Right.   Gino: I agree with that. And you're also controlling; you're controlling. You can add on more employees. You can actually say to yourself, Hey listen, I want to implement this system. I want to raise my rents so you can have real-time. That's what's great about it.   Jake: Even think about the marketing piece. They may be using, you know, apartments or they may be using roof or whatever they're using and you tell them, well, I want you to stop using that. Well, that might be two or three emails or a week-long conversation to actually get that pulled out. And they may tell you, fly kite here, we just kill it.    James: Yeah, we just kill it. Yeah.    Jake: Move on. There's no question.     James: I have to give credit to my wife. She runs the property management side of it.    Jake: She must be a strong woman.    James: She's a very strong woman.   Jake: We should have her on the show.   James: She's at the property today. So I do the underwriting and investor relationship and acquisition and she does the construction and property management. And you need a lot of...   Jake: You're taking it easy, then man. Come on, you gotta get hurt...   James: My work is a lot on the front end. Right? But one it's closed, it's her work. And I do help out a lot too. Right? So, let's go back to a bit more details on syndication was owning, right? Because this is something that I've been thinking, right? Because Hey, you know, I was like you guys when in the beginning, I did a lot of short term loan, bridge loan and we make a lot of money for us. I syndicated, but my investor was so happy with it, he made so much money. But now with the market being at peak and there are not many deals out there, you know, we have to still get good cash flowing. We still do value-add deal, but no more deep value add deals. Right. So I presume that's what you guys are doing, right? Still, value-add deal but no more like a deep value add when you syndicate.   Jake: No, even the one we just did, we were talking about that; we did it in December, it was 26 a door and we're going in new decks, all new interiors and we have a ton of vacancies. I'm not afraid of it. The key is though, since we have our own management group, I don't want to take on five of these things at once because it's a resource issue at that point. We have resources to do one real heavy value add at the time so we're fine having one of those in the mix. But if you start stacking them, you know you really got to add team members and that's when it gets even more challenging. So for our size of scale right now, I'm very good with, you know, one at a time, getting it kind of rolled up. And we kind of we're just coming off the tail end of another one and then we ramped up into this one. So it's been working out for us.   Jake: So the problem with this deal, not the problem, the opportunity with this deal is we're using community financing. We've got an 85% LTV with loan to cost. So we've got 80% of the loan proceeds going into doing the cap-ex work. We're going to refi that property and bring it to the agency once it's all done. So there's the value there. And the only thing was when we bought it, we were able to have economies of scale. It's near a couple of our other assets are, we're able to use maintenance guys on that property. So that's another one of the reasons why we're able to do that cause just added to our portfolio. If this was something I was all by itself in, you know, down somewhere [16:30 unclear] assets, maybe you'd think twice. But there's always other reasons for doing the deal. And that was really one of the important factors that we saw.   James: And at what point did you start syndication? What was the timeframe? Was it like last year, two years ago?   Gino: So we started, we actually when we came off of our first event, I signed up like 30 people in our event back in November of 2017. I said to Jake, I've got all these investors floundering and that's the thing, when you're signing up investors, James, you have an important role. You need to reach out to those investors and you need to make substantive relationships. You need to start giving them value or else they're going to fall off. So I felt compelled to say to Jake, we need to start creating these relationships with these investors. We decided to hire somebody on and become a partner of that company. The beginning of 2018, February, March, April, we started ramping up, took us a few months to find our first deal. We find our first deal in August and that period timeframe for us, our first syndication, getting the PPM is soft commitments, emails.  It was pretty overwhelming and daunting but we did a small deal. It was only $6 million. It was 132 units. It was something where you can like consume and do your first deal for us. We raised $2.6 million in two days because we had all the framework, we were ready to go, we had the investors, they were prime, we had the podcast, we had the brand out there. But one thing with syndication that's a little different is things move really quickly, and it's a little nerve-wracking that you have to get everything in order. You have to get your emails out, you have to have your documents down, you have to have everything in order. You have to make sure that, you know, you get your webinars going and everything's spelled out clearly to your investors. And that's why it took us a little bit longer cause we had never taken money from the investors. So when it's your money and cash flows and come into the month, Jake says, Gino, septic fields scrapped out. We're not getting paid this month. I can deal with it.   Jake: Plus there was a demand thing we had people asking for it. And it was kind of like at some point where they're going to do, we flirted with the idea for so long as either we're going to do it or not. So we gave it a shot.   Gino:  And that's the thing we could have bought that deal without syndication. But I think it was just the ideal opportunity. It was a new market. It was small enough for us to say, you know what, we can handle this with the syndication. Let's try it. You just got to commit and then figure it out. And that's what we ended up doing. We committed to doing it. We worked with a great attorney, Kim Taylor. She walks through the process. We had great team members and then we just ended up pulling the trigger and we ended up closing in November of 2018 and we followed up with another purchase in April of 2019. About six weeks ago, we closed on a deal and at an additional 240 units in that market. So it's a great learning plus. Once you do one, you figure it out, you figure out the ramifications, the webinars, adding the investors on the documents. And then it's just 'rinse and repeat'.   James: Yeah. I think you guys are the example of why syndication exists, right? So syndication is not like a get rich scheme, right? Not everybody can do it. Not like somebody who was doing W2 can or can do, I'm not saying they must do syndication, right? So in my mind, syndication is like a mixture of an experienced operator, right? So you guys have proven that operator and there are some passive investors which want to place that money into this experienced operator, right? So if I'm getting some guy who was coming up from a boot camp or a  2-day course and trying to do syndication that he doesn't have the experience, I mean he might be coached by someone who's experienced, but I think that's where the syndication comes very powerful, right? When you marry people who really want to be passive with people who are really, really good at what they're doing that's where you get the beautiful marriage there. Right?   Gino: Also students who want to raise deals for others. So James, let's say you're coming short on a raise and you say, Hey, listen, I need to get some way, maybe you can get somebody to raise money for your deal. Obviously they have to be comfortable with you as the operator, as a sponsor. And Jake and Gina is a sponsor with a lot of students start that way by raising money for other people's deals, getting in the game, putting a little lower skin in the game and learning how the syndication process works. And then learning how much work there really is and saying, wow, this syndicator is not putting any money in this deal. But there's a lot of work and there's a reason why there's no money going on the GP side of the business. It's they're signing under debt and they're doing a lot of work for this and that's a great way for people to start getting in the business. Raise a little bit of money for another syndicator if they need that platform, then learn that process. And that's how you learn the process and then you can move on and succeed in getting your own deals.   James: Yeah, absolutely. What's the structure? Can you guys walk through the structure of your company, right? Because you have property management, asset management, you have renovation team, you do some kind of a mortgage brokering as well. On top of that you have an education platform, right? So how big is the whole team?   Jake: You know, probably and not including vendors and whatnot, it's probably just shy of 60 people,   James: 60 people. And how many people...I mean, property management would be the biggest, I guess.   Jake: Oh yeah. Property management is definitely the biggest. And you know, I'm really excited. You know, we do these weekly meetings. I'll meet with every property manager weekly. You know, we meet with the managers of the different divisions of our companies and we call them weekly L10s and we're just really looking forward to this year cause we're gonna really bring everyone together. I think one of the biggest things is when you start to scale and you start to grow, that culture piece is tremendous. Last year we did this big whitewater rafting trip. We brought everyone out. So we're looking for another event this year, but we're going to break down the barriers. We're going to get the core values going, get the tee shirts, bring everyone together for an event. And it's going to be interesting because what we're trying to do now is even get those synergies amongst the different companies jamming that much better together. Get everyone walking to the same beat and so I'm very excited about that.   James: And how many of the 60 people, like a property management. Do you have a number?   Jake: Well, we're going to be creeping up close to 46-47 on that soon. So, you know, we'll have a couple on the investment side of the business and then a handful on the continue education side.   James: Okay. Okay.   Jake: Okay. Property management and that's including our renovation team called the cap-ex crew. They are the elite Navy seal ninjas of property management and they go in when others can't, they get it done.   James: Yeah. So your renovation crew is supposed to be, I mean it's in house, but it's not really announced in terms of financial, right, because they're not supposed to be part of the P& L right? Is that correct?   Jake: Yeah. So that's basically going through the property management group.   James: Okay. Okay. Yeah. That's very interesting. And how did you guys...   Jake: He wants to see an income statement now, Gino.   James: Because...   Jake: I'm just messing with you man.    Gino: So James, I'll dive into the education a little bit more. We started the education about four years ago. October 2015 we launched the book with our profits behind me and it was just me basically quit my restaurant and said, Jake, I need to do something. I'm in New York. Let's start a podcast. And we didn't know why we started the podcast. We should have probably started it to get investors. But we just started because we wanted to learn. I mean, how many times can you speak to Ken McCroy or you know, Robert Kiyosaki for an hour, right? I mean, it's just amazing. So that's where we started. And then from that, we said, okay, how do we continue to build this? So we started selling, creating educational products. We wrote the book, we have trainings on Kajabi, we have mentorships, we have coaching.   And to grow and scale that business, I can't be doing one on one coaching all the time. So we hired a community director. We've got an operations manager in that business full time. We've got three part-time, we've got three full-time sales guys. We've got four coaches right now. We have two deal review coaches on top of our accountability coaches. So as you start growing, you commit, you figure it out, you start scaling up. But the real thing that you need to do is you need to get really qualified people. You need to get great people. Like Jake talks with the culture and our culture is basically a blue-collar work ethic. It's we don't want to hear 'it's not my job' because I'm still packing books. I'm still doing $5 an hour work when I have to. And Jake's doing the same thing. And I want that to convey those small startups with Jake and Gino and we're going to be able to expand this. We're gonna be doing weekend events to just start selling more products and we're going to start bringing on more sales guys. And as the community grows, I think that culture is going to be pervasive throughout all of the entire organization where it's like customers first, you know, students first. It's not me, it's we and whatever it takes gets done. I think that can permeate throughout all of the layers and all the multifaceted multifamily. And that's really important. So when we first thought about Jake and I, Jake will tell you, he thought culture was crap and it was working corporate because it didn't serve him. But I think as he sees it, it's everything right now. Because when they see Jake and I working hard and doing that, it just, you're the leader, you're supposed to be part. If you're going to put in a mission statement in words, and I got house rules over here, if you're not following your own house rules, how do you think your employees are going to follow the house rules.   Jake: James, nothing fires me up more than 'it's not my job'. You want to see the roof come off this house right now, smoke start coming out of my ears. That's the one thing that I can't handle.   James: My wife and I get upset when somebody said I do not know, I said, don't tell me 'I don't know'. Tell me, 'I'll figure it out'.   Jake: Or you know, let's ask and work on it. You know, it's like I can handle that a lot easier than 'it's not my job'. Cause that's like a moral and a work ethic issue and everyone else is working so hard and you're going to sit there and say something like that.   James: It's a clash between ownership mentality. I mean, especially with the property management, right, with the ownership mentality and employee mentality, right? Because a lot of times in property management, the people are working with employee mentality, but owners, we are more, we want to see the profit. We want to be really part of the profit center. Make sure everything runs as how we want for the investors. At the same time...   Jake: Gino knows about the blue-collar work ethic. We finished up a podcast with who was the guy that used to be in Bigger Pockets, who was the guy there? It was Brandon and Josh. And we got a video. We were out there one day. A tree fell across one of our assets that we just bought and was laying across the sidewalk. You know, we didn't have anybody at the time to do it. So Gino and I went down there, took out the chainsaw, chop that bad boy up, threw it in the back of the trailer and made a day of it. We got a video, I think it's still out there on YouTube, so it doesn't matter. I don't care what job it is, I'll do it all myself if we have to.   That's not how you scale, number one. That's 'I'mma' mentality. But if it comes down to it, if it needs to be done and there's no one else to do it, I'm going in and I'm going to do it. It's just period.    James: Awesome. Awesome. That's the work ethic, right? Sometimes you have to do it.    Jake: It's gotta get done. Somebody has got to do it. And the idea is to build a machine and put the systems in place to make sure it runs fluidly. You know, every day the best work that I can do is help working on the machine and building the machine. But it's not always going to be there. And sometimes, you know, a bolt falls off and if I gotta be the guy to screw it back on, I'm going to do it.   Gino: I think it's important to say that the machine isn't built from the very first day. From the very first day you're going to grow as a person. So four years ago, I wasn't doing the best work of what I had to do. I was just doing whatever work I needed to do. But now as you scale, and as you're able to do that, as you become financially free, you can start thinking about working on the business as apart as the working in the business. And the first three or four years, Jake and I were really working in the business. And we weren't able to create these multiple streams of revenue. We're just surviving and learning. And that's fine. That's what everyone's progression is. But once you get into it, when you start doing it, you can start transitioning out and start like what Jake said, start creating those systems. But if you don't start with a 25 unit property, you're never going to be able to do what you know, what actually transpires after.   James: Awesome. Let's go to some market selection questions. So how did you guys select this market?   Gino: Well, it's funny, Jake was going down in 2011 he moved down there and I had it on one of my other podcasts with my wife. He went to Knoxville, move there for six months without his wife, struggled. I mean, it's not an easy thing. He left New York, he abandoned New York and I'm up there at the restaurant. I had just met him and I'm like, Jake, these numbers work down here. Let's start looking at deals in Knoxville. His metrics for moving was; there were no state income tax, close to New York, decent weather, cost of living is great. So he moves to Knoxville. And ironically, enough, that's what makes it a pretty good market to invest in multifamily, right?    James: Population growth.    Gino: And we got lucky, we got lucky with that one. But we started investing, we started looking at deals. I think, you know, the Southeast is great. So like you said, we're vertically integrated within three hours of Knoxville. So that's what we're looking. I mean, throw a dart, there are so many great cities around there to invest in that market. We don't want to go up in the blue States, we want to stay. Texas is a little bit overbought. I mean, you know why. I mean, you have been an engine of economic growth there. People are flocking there because there are jobs there because there's infrastructure there and because people want to live there. So, that's what's happening. So I think, you know, as far as us, we just got lucky. We picked Knoxville and now we're able to go out into these other markets that mirror what Knoxville is.   Jake: And in addition to that too, we have a specific strategy that we're looking to be the best customer service property management company for C and B apartment complex. We own some A stuff but it's kind of because the deals worked and we bought it, but we see a discrepancy where C and B operators typically do not have that good of customer service. I love what Chick-fillet does with a $7 chicken sandwich. How are you doing today? It's a pleasure to serve you. How can I help you? It's that great customer service and I truly believe that is a blue ocean. That is our blue ocean strategy. It's going to separate ourselves and we rebrand all our properties, brand as our property management company so that when people pull up, they're going to know that these people care. We believe renting is personal and our residents are our number one priority. Okay, that's what we're about and that's the difference in how we run our properties and I think longterm it's not going to happen overnight. That's a longterm strategy is going to take years to fully implement, but that's the separator from us and the other guys.   James: So how do you guys standardize this? You know, the awesome operator experience for class B and C, how do you standardize it across the organization?   Gino: Yeah. Well, first thing you do is you start going on training platforms like Grace Hill, you start systematizing platforms and training. We're creating our own internal training right now for our maintenance techs. And then we're going to transitional to training our leasing techs. That's really important to have something standardized to train them. And I'm doing the same thing on education. So when we were onboard, as a coach, I created a training platform for our coaches to watch videos and show how to coach them. And it's the same way in anything. You want to be able to have something standardized where they're all playing from the same drum.   Jake:  So I'd like to elaborate on that a little bit as well because, so it starts with the basic stuff, like Gino mentioned Grace Hill. Now we also have a product called Kajabi where we've taken the Grace Hill training and we have, it's basically our elevated in house training that we're putting on the Kajabi platform where we're teaching our guys if they don't know how to do something, we're having level one, two, three and four for maintenance techs, for example. And then there's a YouTube page where they can go on and actually from their phone remotely check the video, Oh, this is how I need to change out this garbage disposal or thermostat, whatever the case may be. And so as we're going through, you're talking to us as we're in the middle of launching this entire customer service training program. In addition to that, it started with Grace Hill. We're moving to down to a Kajabi and we're working with Grace Hill on Kajabi at the same time. Once we're done with the maintenance end of it, and we should be done in the next couple of months with that end of it, it's then going to the full-service customer service piece. We have weekend trainings now. I don't want you to think that we're just starting this, but this is how we have the full-on slot of our strategy implementation. In addition to that, we've started working with Petra, they work with scaling up. I don't know if you're familiar with that.    James: No, not Petra.   Gino: Okay. It's Verne Harnish's book, Scaling Up.   Jake: And essentially, they look at people, strategy, execution, and cash. And you know, we've gone through top grading and making sure that we're getting players on the team. But the one piece of that is we fill our funnels up really full. We have all these ideas that we want to implement. So we have a good strategy, we have good people, we have good cash, but it's that execution piece that we need to get better at. So, you know, while we have an education company, we're open-minded and we know we can always grow and get better. So we're bringing in the best of the best. This is, you know, from everything I've seen, the best scale company in the country and they're working on our business as we work on our business to make us the best customer service property management group in the industry. So that's where we're going.    Gino: The cool thing about the whole education platform is we never would have done this training internally if we didn't have Jake and Gino. Because Kajabi is our online training platform for education. So it just bled over. And I've mentioned that, I said Jake, we need to do these videos to show the maintenance tech when he goes in, how to change a toilet, how to fix a hot water heater. This can all be documented by training videos. So if we didn't have the education platform, this never would have been even been a thought in our minds. And I think the other thing when you are going out as a business owner, keep your eyes open to what other businesses are doing.    My son had gotten a job down the street or at a restaurant and I was amazed at how many applications these people were taking in. They had an ADP platform and I said to Jake, this is another scaling up option where we can start onboarding our employees. And it's just a great tool. So, you know, a tip for everybody out there, if you're in multifamily real estate, see what other industries are doing because you can adapt and pull from other industries and use it to your advantage.   Jake: I want to talk about that a little bit though, Gino, because what we're basically getting with that is we've used ADP for years, but they have, I'm going to call ADP plus. It's their, whatever, you know, higher-end product. But they will give us for all our different brands, we will have a very corporate and professional landing page now. So we have something called the ran pride video. It's showcasing our folks, talking about our culture, which, you know, not have a history of the company video. All of these videos will go on these landing pages. So when potential employees want to look at us, Hey, that's what these guys are about. So we're selling ourselves; let's not kid ourselves, we are in the tightest job market in 60 years. So we need to be recruiting the best people in and we're not going to have a good organization.   So we're doing everything we can to make it a great work environment, get great people in the door and keep them. Because once they come in, we have a very low turnover. But you know, from ourselves, marketing ourselves to the outside world, we need to let them know what we're about. And then as they're coming through, they're putting their W2 information all into the ADP. It's all electronically saved in the cloud and that carries them through. It also has the HRS software so that our HR folks can manage that throughout the entire lifespan of their time with us. So we're really focusing, like I said, on scale culture and operations because, you know, the other things, the people, the strategy, the cash we've done very well with. So it's that execution and pulling it through I think is gonna propel us over the next 10 years.   Gino: And James, do you need it when you have 100 units? Maybe not, but if you're thinking of getting bigger, you're going to have to implement all these systems. Don't be overwhelmed with it now at 100 unit market, just think that you know, as you grow as a person, as you grow as a business person, you're going to be able to figure out those ideas and go...   Jake: Yeah, we're laying the framework to go from 50 to 500 employees.   James: Yeah, that's really good because I know Grace Hill, because I use it as well, we use ADP, but I've never heard about HRS and I mean I know about Kajabi, but I didn't know that you guys are using Kajabi as well.   Jake: So we blended the two together and then we're actually using a YouTube page for the videos so that they can get it right from the app on their phone. And it's coming together pretty nicely actually.    Gino: And there are so many app platforms out there. You can use Lightspeed, you can use Kajabi. We are one of the founders on there seven or eight years ago when they launched. So we've been using it for a while and we just got comfortable with it. There are so many different, you know, LMS systems that are out there.    Jake: The executives within our company, they love building this because they see the need for it. So they enjoy it and they're great. You know, there some of the ones out there filming, well not filming uncle Shawn's doing that, but actually, doing the tutorials on the maintenance or the customer service videos. So everyone's getting involved   Gino: And they're creating the assessments too, cause you want to actually have them watch a video and then do the assessments. So they're creating all that also, which is awesome.   James: So let's go into a deal, deal level detail or how do you, I mean, let's say today you get a deal today, right? From broker, off-market, right? So what are the things that you would look at, look at it quickly to either reject it up? Cause I presume a lot of deals, you guys don't even underwrite it, right?   Jake: We do a quick underwriting. So we're looking for cash flow from day one and the opportunity to force appreciation in the future. So what does that mean? You know, if it's a stabilized deal we want to be, I'd love a six and a half cap, you know, if we're a little bit lower than that and you know, six to six and a half cap, I think we can typically make it work if it's in a good location, if we're going to syndicate that deal and we're seeing, you know, 8% cash on cash, we like that. And you know that typically, we'll take it to the next level and start looking a little deeper.   James: Okay. Okay. Got it. Got it. And I presume deep value add, it really doesn't matter on the entry capital, on any of that.   Jake: Let's talk about that. So the deal we just bought, you know, if you're talking about actual is was a, you know, like probably like maybe like a...   James: 2%   Jake: And it was a beat to crap 1970s build. But you know, what are we talking about? Like do we really care what the cap rate is on that deal? No, because we know when it stabilizes the cap rates going to be more like a 12 so it's again keeping your mind open to each deal. What can I do and what's the opportunity with this deal? How do we want to take it down? Is it going to be an in house buy? Is it going to be, you know, a bridge financing, whatever the case may be as an agency? Or is it a syndicated deal? You know, all of these things weave together.  And that's the beauty of this game is that we have multiple things that we can do to extract value and create great things. And so, it gives us an opportunity to have fun with it.    Gino: And James, Jake's speaking up specifically, if we're in the 26,000 a unit, we need to add another four or 5,000. If you're into it for 31,000 a door, I know that that asset in right now is trading over 50 a dor. So I know that that right there is a whole month for us. So that's another way I like to look at the per-unit cost of what we're buying. And I like to look at the expenses. If I'm underwriting a deal, we know that the expense should be 4,200 and the operator is running it at 4,900, you know there's value in there. If there's other income that they're generating, that's only 2%, we know typically we can get 10 to 12% of other income. There's another income, there's another value add right there so we're looking for those.    And you know, you'll hear from brokers every day of the week that you can raise rents, you can raise rents. So I have to spend 10K a door to raise a $50 rent, or can I spend 3 K a door and get that same $70 rent bumps. So you have to really try to analyze the market. And I think the other thing you need to be careful is where you're buying. You know, marginal areas, you're not going to get as much elevation right now and it's a little bit riskier. So, you know, we're just buying an asset right now; if it's in a great location, we'd like it. And Jake likes to say he likes to be your Kroger's Wholefoods and Chick-fillet if you can buy in that location...   Jake: Starbucks, bring it on.   James: You guys do value add, right? So let's say your rehab budget got cut into half, right? 50% of what you have. First of all, let me ask you, what is the most...   Jake: Why did that happen and are we playing the what-if game.   James: You never know. Yeah, that's a good question because I want to, tune your mindset to the question that I want to ask. So what is the most valuable value add that you guys have seen? Jake: What is the most valuable value add? Like what is like did we get the most out of doing flooring? Did we get the most out of...?    James: Correct. Let's say you have a budget got cut. Now you have a small amount of budget.   Gino: That's a great question. It depends on what property you're looking at because some properties may, if you put a dog park and you fix up the clubhouse and you do a good job of the pool, you may not see incremental value on that. But all of a sudden you're keeping the tenants and in your act you have to compete with the property down the street. So on one of our properties, we put a dog park in, we've put a fitness center and we did a nice job in a clubhouse and we actually did a pool and the decking. That didn't translate...I'm thinking, it translate into increased value and increased rents, but it also made be able to compete with other people in the market space. I think landscaping, people don't understand; power washing, landscaping, and painting are three of the most important things.   On our property, when we took over November, we actually had rents at 525; they went to 675. And we saw them in the Google reviews. These tenants were saying, you know what, these people were raising rents, but they care; customer service. That's one of the biggest value adds, customer service. We put out exterior lighting so they feel safe at nighttime. We took care of the landscaping there. We put in a gazebo there. We stripped the parking lot and seal the parking lot. We put in a dog park there. Signage was really important. Not huge amounts of money, but anything to turn the look of the property, the feel of a property, you want to show your tenants and any of your customers that you're adding value and not just going there and raising the prices. At the end of the day, why are you raising the price on me if you're not giving me some type of value?   Jake: I'll dive into it a little bit more too. I mean, the basics that, you know, I feel like that you have to go with a lot of times are, I personally love sheet vinyl. I know a lot of people want to put in the plank and this thing. We have this amazing, it's called nature's trail. If anyone wants to go out and look at it, it's skinny, it's white. So it looks like the barn style flooring, it's beautiful, it's got great, great tones in it. Installed, we're $1.74 a square foot. I mean, that's phenomenal. And it goes in, it looks beautiful. It looks like there's hardware throughout. So if I had to really get down to bare bones and I'm turning a complex, I'm going in with my nature's trail, I'm going in with my proposed gray and I'm going white on the wood. So the woodworks, the trim, and the baseboard, I'm going a nice pure white Sherwin Williams and it gets like a 7004 or something like that.   Jake: And then, in addition to it, the property we did in December, we were like, okay, let's pull back a little bit because we're painting the cabinets. And we saw a little bit of a spike in our available units. So we went back in, we reassessed it, and we said, you know what? It looks too damn good not to, it's an extra 350 bucks. Let's just keep painting the cabinets and then we're back to zero available units. So it's always, I think, and this goes back to what you were saying earlier about being a hands-on operator; looking at these things, looking at your KPIs, saying, what the hell, why do we spike? Oh, it was my fault cause we're being cheap. So we went back in and now we're filling it back up like that.   Gino: At the same time, Jake also, you don't have to spend $170 on a ceiling fan. Maybe you see your supply spiking like they did a year and a half and saying, hold on, this unit doesn't need $170 ceiling fan.   Jake: It's a beautiful $75 ceiling fan. They're beautiful fan blades. You get the multicolor here. So yeah.   James: What do you guys think that, I don't know, this is my experience that I see. I mean a lot of times you can put in Capex and all that, but I think the management itself, just managing it correctly, people are just so happy paying you 50 to $75 more   Jake: But you're talking about customer service then.    James: Yeah, customer service. Yeah, correct. I'm not saying that's the most valuable value add, but I'm just saying in terms of...   Jake: I'll say it. Listen, if you come in and you say it's a pleasure to see you, it's a pleasure to serve you. How may I help you? What can we do to make your unit better? We have this unit today. We're gonna treat you like gold. I'll take that over the new paint.   Gino: Jake also, the other thing is when they call for a maintenance request, don't want to wait six days for hot water heater, you have to get to them.    Jake: You're not going back to the hot water heater on me again; are you? Comeon man.   Gino: I love the hot water heater in my house the other day. 44:20crosstalk] We took over the third property. I remember I was in the restaurant and Jake is sending emails, we're turning units. And we had a client come in and started crying cause we've fixed the stove. He didn't have his stove for how long Jake? It was just like the silliest thing in the world. I mean come on. So, I mean, the customer service is really, when you get a maintenance request, send out the maintenance tech and get it done. You know, that's simple.   James: Yeah. It's just amazing on you to just take care of the tenants or the residents and they are so happy to pay you so much money compared to, why didn't a new ceiling fan you? I mean that's all secondary for me. So it looks like we share the same concept as well. So, let's go back to a bit more personal stuff flow. Maybe, one by one, right? Why do you guys do what you're doing?   Jake: Yeah, I'll get into that. It literally is about control and freedom for me. I am responsible for myself and my family and I was not in a position of control or a position where my family's life was secure. It was in the hands of others and I did not feel good about that. I, ultimately at the end of the day, am responsible for everything that comes into my environment and I need to handle that. Multifamily gave me an opportunity to take control of my destiny. And you know, by adding value to others, I was able to in return receive value. And it's been a phenomenal thing for me because I don't want to be, you know, dependent on Wall Street. I don't want to be dependent on a CEOs decisions. I have a lot of faith and confidence in myself and Gino and I know if we do the right thing it'll come back to us. And again, it's something that I don't ever want to be in a position where my family is worried about, you know, where's their next meal gonna come from. Great thing about all this is we've created abundance in our lives.   And you know, we started something called Ran Carriers last year and we were able to actually feed 10,000 kids for Thanksgiving. And so, you know, we'll see if we can match that or do about 15 this year, Gino. And so it's when you bring abundance into your life, you can't help someone else if you don't have the means to do it. So by us driving the ship, we've been able to create abundance. We've been able to create good homes for folks and we've been able to give back. So it's been pretty special.   James: Awesome. What about you, Gino, why do you do what you do?    Gino: I wouldn't  know what to do if I didn't know what I wasdoing right now. I mean, honestly, I'm pretty much financially secure. If I didn't have Jake and Gino, I could just probably live off of the draws of the property. But that gets to be a little boring after a while. So I'm doing what I really like. I mean, the education, growing a business, I always wanted to grow a business from the ground up. I was wanting to help people out by buying properties and by coaching them in motivating and inspiring them. And if I can monetize on that, it's a home run for me. So I enjoy what I'm doing right now. I mean it took me a long time to figure out, and it's funny cause I feel sad for kids coming out of college. What do you want to do when you get older? If you're an adult and you figure it out by the time you're an adult, you're a little lucky. Most adults can't even figure that out.    So Jake talks about it, you know, don't follow your passion. I mean sometimes if you're passionate about opening a restaurant and that's what you want to do, but sometimes it turns into a job. So you just be careful. You know, if you're lucky enough to become financially free and then figure out what you want to do and do something that you love, I think that's like the most important thing in the world for me.   Jake: He's been humbled right now. The G dad is a giver. He likes helping people and you know, not for nothing. The education has allowed people to buy over 3000 apartment units. And I know that's what Gino gets excited about. You know, it's helping other people and, and it's that giving back piece because it's a tremendous community that we have. And the folks inside the community are all like-minded, hardworking individuals. And I think it's because of the, you know, the sort of persona that we give off and we tell people about the values and necessarily what we're about and people are connecting, they're converting and it's been amazing to watch. And they'll get inside the private Facebook group, Hey, we just knocked out a hundred units today and then everyone gets on and start congratulating, how'd you do it? Let's hear about the deal. And it's become great networking. We'd love to see the continued success.   Gino: The phone calls that you get and the 48:42unclear]  year-round. When a student says, I just left my job, or I'm leaving New York and I'm moving somewhere else. That's really worth a lot, man. Because when you get those emails saying, Hey, you know, you've changed my life. There's something that, you know, you can't replace that; that's something that you can't put a dollar amount on, cause you're helping others and you change somebody's life and you change someone's family's life. And that multiplies in effects of people that they know. So that's really cool. That's one of the cool things about education.   James: Yeah, that's one thing that you bring to your end days, right? So it's not about the money. I mean, you usually forget how much you've made, but the appreciation that people have shown you for you're helping them, it speaks. Second personal question. I mean, this is probably, each one of you can answer it. Maybe you can combine together. Is there a proud moment in your life that you think you will never forget, that that moment really impacted you then and you are really, really proud of that moment and you want to tell their stories to your grandkids?   Jake: Yeah, I got one. I got one coming up now. And it's not about myself. It has to do with Gino as well. We were at the event last year, we had a phenomenal event in Nashville, you know, and Gino calls them the 'do rules'. We had over 500 people there, whatever. And it was all about multifamily for two days and just great speakers. It's our annual event, multifamily mastery. And that it wasn't necessarily anything other than it created an opportunity for my daughter. And she went out there and Gino's kids were there and they were learning business and we had some fun shirts that said like Jake and Gino are multifamily masters or something. But my daughter at the time was three years old, she went out and started networking with people and she actually sold a shirt for like 15 or 20 bucks and then she came over and she was so proud. She hugged me and told me about it and I was able to announce it to the whole room and the whole room like erupted because it was just, you know, it's this little girl going out there and then she was making it happen. So I'll never forget that. And it just is, you know, because of the community that it created that moment for me. So that was very special to me.    Gino: So we'll leave it at that cause I've got so many stories, but that's one story.    James: Take one story.   Gino: I mean one of my proud moments March 1st, 2016 when I left the restaurant and it wasn't because I was leaving a bad situation. It was finally saying to myself that I achieved something that I had been working for forever. I finally was saying to myself, I don't have to do that anymore. I have been there doing it for 20 years, over 20 years, locked in the same job and if I can change after 20 years and having those limiting beliefs and being able to grow and do something different, I think I just wanted to inspire other people that do that. So that was really a proud moment in my life.   James: Awesome. Awesome. We're at the end of the show, why not you guys tell the audience and listeners about how to get in touch with you guys?   Gino: He's the sales guy, so I'll let him shoot.   Jake: Listen, if you can't find this, we're not doing our job very well, but it's really simple. Jakeandgino.com, ranpartnersllc.com if you're looking to invest or rancapllc.com if you're looking into the debt side of things   Gino: and please subscribe to the podcast. We have the number one multifamily podcast on iTunes called Wheelbarrow Profits. We have four shows now. I've actually launched the show with my wife called Multifamily Zone. We have the Movers and Shakers podcast, which highlights a student's success every week. And then we have the Rand Partners podcast on syndication. So we're doing shows, we like going out there as part of our fashion.   Jake: Hold on, Gino, there's more. We're going to give a teaser. So we had the best selling book, Wheelbarrow Profits on Amazon and we're phoning it up this year, right? We've got the honey bee coming out in October. We put a lot of work into this thing. It is a phenomenal book. And it tells a great story and this is not your traditional business book. Gino give a little bit more on that. What would you say about the honeybee?    Gino: It's a parable basically about a gentleman who's frustrated, is very similar to Jake's story. Going around, has a boss, hates his job, and then just stumbles upon an older man who's willing to mentor him and find out that, you know what, there's more to it. How do you have all this? The analogy of a river with little tributaries growing into a big Russian river and it's all about creating multiple streams of income, starting small and making the stakes, and then all of a sudden, five years later, you've created something really great. So we just wanted to translate our success and just have people open up to the idea of that you can start small but create those businesses and then from one little stream of revenue, you can end up having four and five like you do James. And like we do.    Jake: And I'll just leave with this because the one thing that I really picked up from Gino early on in our investing career was to get rid of limiting beliefs. I know it's like a big Tony Robbins thing as well, and people talk about this, but it's so impactful because you know, you'll sit there and say, Oh, I can't do that. Well, you're right, if that's the way you're going to think about it, you're right. I grew up in a super small town on a dirt road out in the middle of nowhere. And that's the truth. And you know, we've been able to grow this business to, you know, over a hundred million in assets and you know, created financial freedom and generational wealth for our families. So there was, you know, literally in the town that I grew up in, you could work at the school, there was a factory that made chairs and you know, my family was like, well, maybe you should be a cop... Gino:  Or a gym teacher.  Jake:  You know, I literally went to school to be a gym teacher because I played sports and that's all I knew. So don't limit yourself because look, multifamily is not rocket science. It really isn't. Get educated. I always say education times action equals results. It's possible for anyone out there to do it, especially a pizza guy and a job rep were able to do it.  James: Yeah, I always tell people, if you think there's no deal out there, you are right. If you think there are deals out there, you're absolutely right too.   Gino: I love that.  James: It's that mindset that you have to get away from. Jake: Listen, look at the deals for two or three weeks and then having them not pencil out, it can be very discouraging. Try two years. That's how long it took this guy and I to get into our first deal. So yeah, I always say, you know, the best thing we ever did, we were pesky. We hung in there. We kept driving.  James: Exactly. All right guys, thanks for joining this podcast. You guys added tons of value and we're happy to have you share.  Gino: Thanks James.  Jake: Thanks James. 

Mike Taravella is a CPA, and he graduated from Michigan State University in 2014 with a Master of Science in Accounting. He has worked 5 years professionally in accounting. He started at Ernst & Young in public accounting and then transitioned into Detroit’s startup community at Rock Ventures. He began his real estate investing career in 2016 by owning and self managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently an associate that is responsible for underwriting deals, investor relations, and asset management. Connect with Mike: https://www.instagram.com/mike_taravella/ https://randpartnersllc.com/ Leave a review for Monumental on iTunes: www.bit.ly/eholladay Subscribe to the podcast and emails from Evan: www.evanholladay.com Follow Evan on Instagram: www.instagram.com/evanholladay Follow Evan on Facebook: www.facebook.com/EvanHolladay Follow Evan on Twitter: www.twitter.com/EvanHolladay Contact Evan: www.evanholladay.com

Nick Chapman of randcre.com discusses financing for multifamily syndication and how the process of raising capital affects the ability to get a loan and what the parameters for qualification is. He discusses his background in the full episode and goes into the creation of Rand Capital. Furthermore, he talks about working with Jake and Gino and the vertical integration of Rand Partners.   visit randcre.com

Nick Chapman of randcre.com discusses financing for multifamily syndication and how the process of raising capital affects the ability to get a loan and what the parameters for qualification is. He discusses his background in the full episode and goes into the creation of Rand Capital. Furthermore, he talks about working with Jake and Gino and the vertical integration of Rand Partners. 

He began his real estate investing career in 2016 by owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently an associate that is responsible for underwriting deals, investor relations, and asset management. Mike Taravella, CPA, graduated from Michigan State University in 2014 with a Masters of Science in Accounting. He has worked 5 years professionally in accounting. He started at Ernst & Young in public accounting as an auditor and then transitioned into Detroit’s startup community at Dan Gilbert’s Rock Ventures. REALEST nuggets from the episode: 1. How to choose a submarket? MAKE SURE the Median Income 35,000 or higher. 2. What to look for? Unit mix, unit mix, unit mix! Make sure you know what unit mix supports what type of tenant in your respected submarket! Other tips and Tricks: Be very careful on our cities rules for property management. Little bit less of the rental for a move in feeAdmin fees. $50. Educate educate educate to get a deal. Traction is the recommended book. Exercise. Read. Write. Everyday. What to reach out?Mtaravella@randpartnersllc.com Website:Randpartnersllc.com

Dylan Marma and Mike Taravella interview Evan Holladay, the President and CEO of Holladay Ventures.   Contact Information: Instagram: @evanholladay https://holladayventures.com/   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Established in 2013, Rand Partners LLC is a privately held, vertically integrated apartment investment and management company focused on B and C multifamily communities throughout the southeast United States. Headquartered in Knoxville, TN, the company has 7 offices throughout the Southeast, offering a full service operating platform containing expertise in acquisitions, financing, property operations, renovations, accounting, risk management, market research and other related support functions. Rand Partners is led by a senior management team with over 20 years of experience, holding real estate through all phases of the real estate cycle. This has helped grow the company to over $92 million in multifamily assets since formation. #multifamily #realestate #investing Watch this episode on YouTube: https://www.youtube.com/watch?v=P8nZh-LyeIc&t=5s --- Send in a voice message: https://anchor.fm/reallysocialestate/message

Dylan Marma and Mike Taravella interview Bruce Wuollet, the founder and the current owner of Bakerson. Growing up in the bakery business in the Twin Cities in Minnesota, Bruce wanted to pay homage to his now late father; hence the name “Bakerson”. After trying his hands in a few different ventures in Minnesota, Chicago and Phoenix, he finally found his passion in real estate. He has a proven track record of success throughout Bakerson’s 16 years in business with thousands of individual units bought, repositioned and sold. Bruce has overseen all aspects of the business including operations, acquisition, project leadership, equity fund management, property specific syndications, legal, finance and more. His focus is finding good deals while his passion is serving the residents by providing them with one of their basic human needs – shelter. Prior to launching Bakerson in 2002, he served on the acquisition team at a Phoenix-based real estate investment company.      Contact Information: Instagram: @   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

In this episode Dylan walks us through his evolution in to multifamily syndication, how he started with turnkey houses, educated himself, learned while taking action and about multifamily syndication. He discusses vertical integration within Rand Partners, what you can do when you create a fund, goes into negotiating tactics and has some advice for beginners.   visit randcre.com

Dylan Marma and Mike Taravella interviews Tyler Cauble who is the Founding Principal of the The Cauble Group.  Tyler started his career as a commercial real estate broker at a boutique firm before becoming an investor This allowed him to understand the entire Nashville market for retail, office, and industrial Allowed him to better understand different investment strategies Landed his first deal as an investor with $0 down after trying to sell as a broker for 3 months There is no blueprint on how to buy real estate, creativity is rewarded Tyler focuses on Class C value-add opportunities within office space Retail spaces have their own risks but have to be creative by figuring out what locals need and want Experience, Market Knowledge, and Relationships help with Community Bank Financing Leverage strategic partnerships to grow your business and your investing career Network is your net worth Wants to put most architecturally significant building on Nashville skyline Expert Tip: Think differently when it comes to taking care of your residents. Instead of cutting expenses provide more value by investing into the property   Contact Information:   Instagram: @Commercial_in_Nashville https://www.tylercauble.com/   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Dylan Marma interviews Chris Grenzig who is the Asset Manager for Toro Real Estate Partners.  Stick to your underwriting and your numbers and deals will follow  Scale responsibility, don’t feel you have to jump to large units Builds confidence with investors, brokers, and the rest of the team Chris started with an 8 unit property and is now looking at 300+ unit deals Partnerships allow you to earn and accelerate the learning curve Have one clear focus  Make sure the deal is the correct fit based on your investing criteria “Pain + Reflection = Progress” - Ray Dalio When a deal is underperforming be transparent and honest Continue “Trial & Error” to find the niche that you love about real estate Don’t dwell because it inhibits your growth going forward Find a way to give back to the community because it provides a bigger why and impact on your day-to-day life “Teaching is the highest form of learning” Dylan Marma Always continue to learn and ask questions Vetting Property Managers What is their track record? Are they in the same market you are investing in? Make sure property managers understand the business plan How flexible is the management team? Asking investors referrals for property managers Expert Tip: Weigh the downside of a property    Contact Information: Instagram: @Chris.Grenzig Chris@tororep.com   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Dylan Marma and Mike Taravella interview Rand Capital’s Nick Chapman to discuss the financing cash flow levers to maximize cash flow with agency debt. Interest Only Allows for more velocity on your capital to hit IRR targets and preferred returns You leverage the interest-only period to reinvest into the property in the form of capital expenditures (Capex) Case Study Loan: $3M Loan Interest Rate: 4.25% Cash Flow Savings of $50,000   Longer Amortization Period Longer amortizations allow for more favorable Debt Coverage Ratios Case Study Loan: $3M Loan Interest Rate: 4.25% Amortization: 30 years Cash Flow Savings of $18,000 Higher Leverage Share the upside with investors by having your lender take on the risk Investors can still have capital to invest in other deals “Let your lender be your biggest partner” - Nick Chapman Expert Tip of the Day: When refinancing out of bridge debt, if you are doing a rate and term refinance you can go up to 80%, if you are doing a cash out refinance you can go up to 75%.   Contact Information: Nick Chapman’s Email Rand Capital Website   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Dylan Marma and Mike Taravella interview Steven McAdoo,Associate Director of Multifamily Investment Sales at Prime Realty Commercial Real Estate, to discuss the Jacksonville market. Steven moved back to his hometown of Jacksonville because he saw the progress in “snapshots” over the past 8 years Jacksonville is a hot market because: Lower cost of living  Warm weather year round  No State income Taxes Low Property Taxes Landlord Friendly The path of progress in Jacksonville includes: Downtown Murray Hill Riverside Avondale Springfield Make sure you have boots on the ground when dealing with a new market Expert Pro Tip: Know your investing criteria before investing in a deal   Contact Information: Phone Number: (904) 574-7400 Email: smcadoo@primerealtyinc.com   Attend Multifamily Mastery 3 and use the discount code “RPFAM” for 20% off!   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Dylan Marma and Mike Taravella interview Daniel Morris, Principal of Senior Housing & Healthcare of Plains Commercial, to discuss the niche of Senior Housing. Senior Housing is treated as a business that has real estate Trend for more specialized senior housing More intensive care Less intensive care - active lifestyle/independent living Operators of Senior Housing are generally specialized in 1 to 2 types of care max Payroll is the number one expense in operations of Senior Living Cap rates increase the more care is offered Preferable Markets: Secondary & Tertiary Markets Less Competition for Labor Primary Markets Being close to young families Expert Pro Tip: Partner with a vetted management company to learn systems and best practices   Contact Information: Phone Number: (405) 445-5799 Email: daniel.morris@plainscre.com   Attend Multifamily Mastery 3 and use the discount code “RPFAM” for 20% off!   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Dylan Marma and Mike Taravella discuss what is required to complete quarterly reporting for your investors Quarterly Reporting Process  Generate Financials Communicate with Accounting team when financials are ready Verify items are properly recorded (Capex vs Repair & Maintenance) Create Investor Webinars and Reports Generate Financials & Webinars Communicate with property managers to understand what is going on at the property level  EX: Capital Expenditures going forward Send Investors the Reports Be available to investors for any questions     Attend Multifamily Mastery 3 and use the discount code “RPFAM” for 20% off!   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Welcome to the Movers and Shakers Podcast. This weeks guest is Mike Taravella. He is a CPA, and he graduated from Michigan State University in 2014 with a Master of Science in Accounting. He has worked 5 years professionally in accounting. He started at Ernst & Young  in public accounting and then transitioned into Detroit's startup community at Rock Ventures. He began his real estate investing career in 2016 by owning and self managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently an associate that is responsible for underwriting deals, investor relations, and asset management.

Dylan Marma and Mike Taravella interview Rand Capital’s Nick Chapman to discuss Fannie and Freddie’s Q4 2019 updates. Fannie & Freddie increases their loan caps $100 B  Allows for more investing to end Q4 2019 Requirement to receive the best possible financing In Market Ownership Ownership Experience Network & Liquidity Healthy T12 and T3 financials High Quality Asset   Contact Information: Nick Chapman’s Email Rand Capital Website   Attend Multifamily Mastery 3 and use the discount code “RPFAM” for 20% off!   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners

Rand Partners own Dylan Marma and Mike Taravella discuss the evolution of preferred equity in the multifamily investing space. Preferred Equity Receives preferred return of cash flow before common equity Doesn’t receive upside  Ideal for investors who want to receive yield This structure has been used in Office and Retail asset classes Common Equity Doesn’t receive preferred return Receives upside  Ideal for opportunistic investor seeking high IRR Expert Tip: Don’t just invest in an Opportunity Zone for the “Tax Benefits” Make sure the deal works first and treat the Opportunity Zone as an added benefit   Contact Information: Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Dylan Marma and Mike Taravella interview Rand Capital’s Nick Chapman to discuss Fannie and Freddie’s lending limits for 2019 and the uptick in alternative funding sources. These alternative funding sources are CMBS and Private Lenders. CMBS: Very common funding source for office space, but becoming more common in the multifamily space Minimum Loan Amount: $3M Loan-To-Value (LTV): 75% Can have higher LTV by leveraging mezzanine debt (85%) Loan Term: 5 and 10 year terms  30 year amortization Less flexible compared to Fannie & Freddie Similar requirements to Fannie & Freddie when it comes to closing Closes just as quickly as agency and in many cases faster Fixed Rates, which are based on Swap Rates Application Fee is $45,000 But you do receive most of that back regarding  Potential for Full-Term Interest Only Mortgage at 65% LTV - From 1-3 yrs at a higher leverage to full term I/O at 65% LTV   Private Lenders: Nondepository bank that is privately held Minimum Loan Amount: $1M Loan-To-Value (LTV): 75% Can have higher LTV by leveraging mezzanine debt (85%) Loan Term: 5 and 10 year terms  30 year amortization Nonrecourse Closing Time: 30-60 days depending on complexity of deal Requirements: Net Worth Requirement: 20% of the loan amount Post-Closing Liquidity: 5% of the loan amount  ~50% half of what agency debt requires Much more favorable for new investors   Attend Multifamily Mastery 3 and use the discount code “RPFAM” for 20% off!   Contact Information: Nick Chapman’s Email Rand Capital Website   Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Key Information: The key for Rand Partners continue success is being congruent with our Goals, Key Performance Indicators (KPIs), and Rhythms Goals Focus on a large Big Hairy Audacious Goal (BHAG) Acts as your “North Star” Chunk that goal into smaller goals (5 year, 1 year, quarterly, and weekly) KPIs Should be activities that help achieve your BHAG Acts as your GPS to the North Star Rand Partners is focusing on the following: Increasing our Investor Base Investor Opt Ins per week Investor Phone Calls per week Increasing Deal Flow Deals received by brokers Deals responded to Rhythms/ Meeting Schedule 1 Weekly Meeting Reflect on last week’s performance Review and edit weekly targets Daily Huddles Quickly discuss Wins from yesterday Today’s targets Stucks and challenges faced when completing your goals Promotes transparency Attend MM3 and use our promo code “RPFAM”    Contact Information: Invest with Rand Partners  Follow Us on Linkedin @Randpartners Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Jake Stenziano and Nick Chapman interview Johnny Joe on how he ended up in all 4 of Robert Kiyosaki’s 4 quadrants before he began investing in real estate. Johnny has worked with Fortune 50 companies helping create operational efficiencies, exit his tech company he launched, and now is invested in over 1000 units as sponsor, KP and LP...  Key Information: Lost 6% of his net worth in one  day and decided he needed to reevaluate his investing Johnny Joe’s criteria for an investment Appreciation Distribution Tax benefits Plan A Team that it can Make it Happen Based on his criteria he realized real estate is the perfect answer  You have to know yourself before you pick a location Willingness to Travel Your Property Management Team Crime Demographics Diverse Job Sector How to Vet Team Members Have Same Core Values Acquiring Managing Take property managers to the property on tours Understand the plan and their capabilities Disposition of Asset This includes vendors and contractors Contact Information www.rpequity.com invest@rpequity.com jjoe@rpequity.com   Invest with Rand Partners  Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Rand Partners Podcast - 3 Tips to Increase NOI: The 3 Most Important Letters in Multifamily Key Information: Net Operating Income (NOI) Other Income Move-In Fees- Non Refundable fee to move-in RUBS - Billback system for utilities Late Payments Application Fees - to screen tenants Expenses Garbage - Negotiate and call local vendors Marketing - Find cost-efficient indicators (Internet ads vs Print Ads) Cable contracts - Remove  Daily Key Performance Indicators Delinquency Vacancy Previous Month’s NOI Invest with Rand Partners  Follow Us on Instagram @Randpartners Follow Us on Facebook @Randpartners

Nikolai Ray is the founder and CEO of the MREX, creating marketplaces for multifamily markets and secondaries market for real estate. Nikolai discusses with Rand Partners how people overemphasize cap rates in value-add deals. Key Information: Cap rate is the annualized return on investment if you purchased a property all cash  The problem with focusing on cap rates with value add deals is that: Debt is used to purchase real estate (leverage) Cash flows aren’t stabilized, but cap rates are based on annualized cash flows Don’t look at averages of exit cap rate, look at ranges    Connect with Nikolai: www.MREX.co Linkedin Facebook   Invest with Rand Partners 

Episode 4 of the Wheelbarrow Profits series: Rand Partners Podcast where we provide a quick hit of Multifamily education weekly!  Jake Stenziano and Dylan Marma host this sub-series which is designed to educate you in a short period of time, whether on the subway, driving to work, or on a jog. We’ve created this series to give actionable content that is quick and to the point.   [0:00:01] Jake Stenziano: All right, dude. You ready?   [0:00:02] Dylan Marma: Ready.   [0:00:04] Speaker 3: Welcome to the Wheelbarrow Profits podcast, Rand Partners edition.   [0:00:16] Jake Stenziano: Hello, everybody. This is Jake Stenziano, host of the Rand Partners Podcast, your quick hit for multifamily education weekly. Today I'm joined with Mr. Rand Partners himself, the D-Dog, Dylan Marma. Dylan, how's it going?   [0:00:25] Dylan Marma: Always making it happen, Jake.   [0:00:27] Jake Stenziano: Hey, we got a good one for you today. We're continuing with the framework. Today we're talking finance right, and we're going to take a deep dive into something that we use all the time, the Freddie Mac Small Balance Loan program, Freddie Mac SBL. You may hear that getting thrown around a lot. This is a fantastic program. I think it was designed to compete head-on with the community banks, and over the last few years, it's really got some traction. I mean, we probably do four or five of these things a year, and it's just a really good program to allow people to scale deals that may not have been traditionally a conventional Fannie deal. I think the key to it is you can take a million to two-million-dollar deal now and get great nonrecourse financing for it, so you're not going to be maxing out your community bank and hitting with their loan requirements. So, I think the first thing that we want to touch on here is what is it going to take to get into one of these deals. Typically, we know that they're looking for a net worth requirement equal to the loan amount, so this can be pooled together amongst yourself and your partners, and liquidity up to nine months of principal and interest. Dylan, anything else in regards to these pieces or just the program before we get into the top headlines here?   [0:01:50] Dylan Marma: Yeah. So, the Freddie Mac SBL program came out just a few years back, and since launching, it's taken a huge market share. It's an extremely attractive financing option for people that play in the space. With the smaller deal size, typically the program maxes out around six million dollars, in some cases up to 7.5 million. For a long time, the conventional loan would not finance in that deal size, so you were stuck looking for alternative options, usually having to take on recourse financing, usually at a higher interest rate. So, you're taking on these risks of your debt options in a smaller field, so since Freddie Mac launched the SBL program, it's became really the staple for this deal size, for something that's stabilized. Today we wanted to share with you just a few of the things to look for to make sure that your deal is right for the Freddie Mac SBL program. I know we've closed on a few of these, in terms of refinances, over the past couple months, and then with Rand Capital, the loan brokerage arm, we actually have two of these that will be closing next month, so we're seeing them left and right, and it's a very common tool in our business.   [0:02:54] Jake Stenziano: Yeah. So, one thing for our group personally in-house that we were facing is there's these thresholds that you'll hit with community banks, and I think our bank can go up to somewhere between 10 and 15 million dollars, but if you're doing the volume that we do, you're going to hit that really quickly, so you're going to have to get maxed out, and keep going and developing these relationships with community banks, and you're getting recourse financing time and time again, so this gives you the ability to get that debt off your balance sheet, and actually have one-stop shop. You can continually go back to your broker and do deal after deal, after deal, nonrecourse, and really build a nice portfolio. The loan size, though, it between one million and seven-and-a-half million, but there's some kind of nuances in there because it's typically one to six, but isn't there something between the six and seven-and-a-half-million-dollar range to get you up, Dylan, at that point?   [0:03:47] Dylan Marma: Yeah. So, if it's less than a hundred units, then often it will go up to 7.5 million.   [0:03:54] Jake Stenziano: So, think about that. That's like your San Franciscos, your New Yorks, if you have some really high-price-per-door units that they're giving some leniency there. Right?   [0:04:03] Dylan Marma: Right. So, a lot of the terms that we're going to cover today are really market-dependent. The debt coverage ratio is market-dependent. The loan-to-value can be market-dependent. So, again, this is stuff that you want to consult with your loan broker on to make sure that when you're looking at a new market, you can properly underwrite to the specific terms that are going to be best fitting for each deal.   [0:04:23] Jake Stenziano: Yeah. So, probably most markets are, especially if you're in the Southeast, you're probably looking between that one and six-million-dollar mark, but check just to make sure. This is loan amount. This is not the value of the property, so keep that in mind. So, you're going to have to look at your loan-to-value when you're calculating this.   [0:04:39] Dylan Marma: Correct.   [0:04:40] Jake Stenziano: Yeah. Go ahead.   [0:04:42] Dylan Marma: So, just wanted to make a minute to talk about the terms and the amortization. So, as far as terms are concerned, when you're looking although Freddie SBL, typical you have either a five, a seven, or a 10-year fixed rate loan, and you can also do up to a 20-year hybrid adjustable rate after your five, seven, or 10-year fixed rate burns off, and then in terms of amortization, it's almost always a 30-year amortization, and you also have the opportunity to receive some interest only, which we always love to take advantage of. So, if you have a five-year loan, you oftentimes can get a year of interest only. With seven years, you can get two years, 10 years, up to three years of interest only.   [0:05:29] Jake Stenziano: Yeah, and what we... The most common deal that you're going to see here is a 10-year terms with a 30-year amortization, and then you're going to have to negotiate, okay, what is the prepayment? Are we going to do a step-down prepayment, or are we going to do something that is referred to as yield maintenance, which if you're going to do yield maintenance, you're really going to want to hold the property and know that you're holding it for the full 10 years so you don't get hit with an owner's prepayment. With the step-down, everything is connected with the prepayment that's going to effect the interest rate. The term is going to effect the interest rate. So, typical again is 10-year term, 30-year AM. If you're syndicating the deal, you're probably going to want to do a step-down, and the loan-to-value we've done up to 80%. Three deals ago it was 65%, and that was just based on where the deal was at takeover. It was a high-evaluate deal. If you're getting into something that's very stabilized, you're going to be able to do better. You're probably going to be able to get up closer to that 80% loan-to-value, but I think even on the website you're seeing they're advertising what, 75% LTV at this point?   [0:06:35] Dylan Marma: Yeah. You see, it says on the website 75% of acquisitions, but we've definitely received on that 80%, so anything, a lot of this is going to be dependent on the market, and that you also have DCR constraints. So, the DCR, if you're in the top SBL market, you're at a 1.2 DCR. If you're in a standard market, more often than not we see a 1.25 debt coverage ratio requirement. If it's a smaller market, could be 1.3, and if it's a very small market, it can be up to 1.4 with the DCR, and on the very small and the small market, you also have the maximum LTV getting capped out at roughly 70%.   [0:07:14] Jake Stenziano: Yeah. So, when it comes to the rates, this is going to be a big point of negotiation, and this is going to be something that you're going to work on with your broker. These are typically updated weekly. I think the rate sheets come out, something like that, on Tuesdays or whatever, so you're going to want to be continually checking these, seeing what the rates are. I think they typically flow around 200 basis points over 10 years or something like that, maybe a little bit less, just depending where things are, but that's going to be something you're going to want to check on frequently. The interest only is another one. If you get less interest only, you're probably going to get a better rate. If you go for-   [0:07:48] Dylan Marma: Yeah. It's 10 basis points, 10 to 15 basis points for every year of interest only.   [0:07:52] Jake Stenziano: Yeah, and if you're going for three years interest only, that's going to have an impact on your rate. So, all of this stuff is connected, so before you're having that conversation with your broker, you're going to want to try to understand what are my goals here, what are my objects, am I holding long-term, do I want to get the yield maintenance, am I going to hold it for five to six years and then sell it, so I want to get the step-down, and I maybe only need two years interest only. These things are all intertwined and connected, so you really got to understand what your priorities are, and what you're going to be doing with the deal over the next five to 10 years so you can structure your debt correctly.   [0:08:29] Dylan Marma: Absolutely. So, one last point here I want to just touch on, which properties will not qualify for the Freddie SBL, and then we'll move onto the next section here. So, as far as ineligible properties, you have senior housing. You have student housing with greater than 50% concentration, military housing with greater than 50% concentration. You have [LayTech] properties with LURAs. A lot of the affordable housing properties will not qualify for this. Then the other thing you have to make sure of is that your property is stabilized on a trailing three-month average, so you have to see at least 90% occupancy to make sure that they're will to finance it with this. So, this is not for the heavy lifting deals that are low occupancy. You have to make sure you're buying a product that's somewhat stabilized in the first place.   [0:09:19] Jake Stenziano: One thing that they've done recently is they've allowed for scattered site communities. Now, what is a scattered site? We own a fair amount of scattered site communities, and it's just been our structure. We may own a 50-unit over here, and then a few miles away we may own another 50-unit. So, what they're allowed you to do is pool these scattered site communities if they have the management stay under one roof, and then actually do a deal with the scattered site communities. We have a few of them that really run out of one management office. It's the same manager, essentially manage them as a larger complex, even though they may be a mile or two apart. That was huge for us because every time you got to do another loan, it's more paperwork, it's more bureaucracy, it's more cost, so the fact that they've allowed us to start doing these scattered sites has been fantastic, and we've really used that well. I think the key is that the Freddie Mac program really is targeting the community banks. They're going after them hard. It's nonrecourse. It's better rate. It's better amortizations, and I think it allows people in this one-to-six-million-dollar loan amount size really scale their business and build a multifamily business with some of these smaller properties, and I'm a big fan of it. We use it all the time, and it's done really well for us. Anything before we move on, D-Dog?   [0:10:36] Dylan Marma: No, that's about it. I think if you want to make sure that you're getting a rate sheet every week, they should release a rate sheet so you can get those once a week. We actually have those available through Rand Capital. If you go to randcapllc.com, you can actually start the conversation there, and you'll be put on the mailing list to receive our weekly rate sheets.   [0:10:57] Jake Stenziano: All right. Let's take a quick timeout to hear from our sponsor.   [0:11:01] Speaker 4: Here at Rand Partners, we believe in partnering with professionals while investing into multifamily. There is a huge learning curve and a lot of time that goes into quality multimillion-dollar apartment complexes. We offer the opportunity to create true passive income through partnership. Earn while you learn through our monthly webinars and detailed quarterly updates. We offer a high level of communication, transparency, and target north of a 15% average annual return on each investment. To partner with Rand through investing with us, visit randpartnersllc.com to register for our investor portal, view upcoming deals, and set up a call with our team.   [0:11:46] Jake Stenziano: All right, and we're back. So, this is the fun part of the show here. We got our weekly question from the listeners. Who do we got today?   [0:11:55] Dylan Marma: Oh, we got a good one here today. We have Mr. Bell. So, his question today is, "Can you explain your eviction policies and procedures?"   [0:12:04] Jake Stenziano: Yeah. We keep it right down the fairway. There's law in every state that we work in, and I think the most important thing is the just always be on the right side of right here, and follow what the law says. So, if we look at Tennessee, for example, it's a 14-day eviction. So, there's a grace period between the 1st and the 5th. On the 6th, the resident will be given a notice, so they'll have 14 days to basically come through and get their debt cleared up, and if not, then after that 14 days, we will file for the actual eviction through... We use something called Nationwide Evict. It actually is a great scale system thing for those out there that are self-managing. I would look at this Nationwide Evict. It ties right in with our attorneys so that the attorneys that actually process the eviction, all we got to do is go on, type it up, they'll send it out, and they'll actually get it posted, and then from there it's very systematized and handled. We still have to have our community manager show up to court and go through the process, but it's fairly efficient, and that's part of the reason also we operate in the Southeast, be they're not... 90 days to evict someone, and they haven't given you money. I firmly believe in the pay-to-stay program where we're providing a service, and we need to be paid for it. It's the same thing if you go to the grocery store and you buy a gallon of milk. You need to give the $1.50 for the gallon of milk at time of purchase. We're actually held up as landlords having to wait a lot of times for this stuff when it is the responsibility of the resident to make sure that they're held accountable and paying their way. So, again, really just try to keep it right down the fairway, make sure we're following to the letter of the law, and then just allowing the system to handle it when it's gone past any reasonable accommodation.   [0:13:54] Dylan Marma: You heard it straight from the operator.   [0:13:56] Jake Stenziano: Straight from the operator.   [0:13:58] Dylan Marma: But yet, same thing. It's just like with the loans, is everything is very market-specific, state-specific, so when we're looking at new markets in new states, we're always making sure to look at what the laws and the policies are for evictions, because we do want to primarily invest in what we consider to be landlord-friendly environments.   [0:14:17] Jake Stenziano: Yep, and again, guys, this is not meant to be any type of legal advice. Make sure you contact your attorney and follow what they say, and typically these things will work themselves out. So, D-Dog, take us home.   [0:14:31] Dylan Marma: All right, guys. Well, thanks for joining us here, today's call. As far as if you have questions and you want to get your questions answered, make sure to visit randpartnersllc.com. You can go and check out the podcast tab, and then you can go click on ask us anything, type in your question, let us know who you are, where you're from, and we'll be happy to follow up on future episodes.   [0:14:51] Jake Stenziano: Thanks, everyone.   [0:14:52] Dylan Marma: Take care, guys. [0:14:53]

Gino Barbaro was an entrepreneur in the restaurant business for 20 years, but it was his real estate partnership with Jake Stenziano that morphed into a portfolio of over 1100 units. More recently, Dylan Marma came on board to elevate the business and drive their first real estate syndication.  On this episode, Gino and Dylan talk about the journey to develop and grow Rand Partners and open up about the limiting beliefs that held them back from working with investors. In addition, they share key details surrounding their focus markets and best practices to have a successful syndication.   Partner: Get Your Early Bird Tickets to the Midwest Real Estate Networking Summit   Key Market Insights In 2013, Jake and Gino started investing in multifamily Jake is the operator, self -managed, vertically integrated Gino was in the restaurant business for 20 years Dylan joined in 2018 after being mentored by Vinny Chopra Jake was a W-2 employee and wanted to leave his job In 1 year, they had almost 200 units with a vertically integrated company Decided to start a podcast to teach others about it Gino became a certified life coach Constantly learning as markets change, people change His dream was to move from NY and live in FL March 1, 2016, Gino left the restaurant business Started investing in 2008-2009 in Rochester – 7 hours out of market Bought cash flowing, older assets, but created another job In 2011, focused on Knoxville and took 18 months to find the first deal Knoxville was growing, is affordable, great place to live and raise families Stable market with reasonable prices and rents Near 5% rent growth with lots of population growth, no state income tax Education x Action = Results Lots of new construction, the market flies under the radar a bit Growth Markets: Jacksonville, Atlanta Value-Driven Markets: Knoxville, Louisville Strong job growth in healthcare, manufacturing, blue-collar workforce Berkadia and Marcus and Millichap are great resources Knoxville Key Stats: Unemployment - 3.3%, Job Growth – 0.7%, Rent Growth - 4.7%, Occupancy - 96% (better for C Class and Workforce), Cap Rates - 6-6.5%, Population Growth - 1%, Median Income – 3% growth now at $54,000 Jake and Gino always wanted to hold these assets and get a good cost segregation Had a limited belief surrounding bringing on investors Only a $6MM, raised $2MM in two days Started with a smaller syndication to make the mistakes Equity hounds, not transaction junkies Legal documents available 10 minutes before the webinar The day after the webinar, spent 20 hours on the phone to discuss the deal The communication is critical when ready to invest Wheelbarrow Profits is the #1 multifamily podcast on iTunes Add articles on Quora, LinkedIn, and BiggerPockets Had 175 investors for the event last year, 475 in Nashville Investor event on October 19th and 20th – Gaylord Palms in Orlando     Bull’s Eye Tips: Winning Your Market: Be active Tracking Market Changes: Talking to people in the market Daily Habit: Go out in the morning   Resources: The Go-Giver by Bob Burg   The Talent Code by David Coyle   Berkadia - https://www.berkadia.com/   Best Business Books: Principles by Ray Dalio    Atomic Habits by James Clear     Digital Resources Google Suite   Appfolio   Active Campaign     Tweet This:   “Education x Action = Results”   “Content is everything, you want people to reach out to you”     Places to Grab a Bite In Louisville: Jake’s House, but you may not be invited, so check out….   Royals Hot Chicken     Connect with Gino and Dylan: Website: Randpartnersllc.com Website: JakeandGino.com Email: gino@jakeandgino.com   Leave us a review and rating on iTunes or Stitcher. Be sure to check out more info at TargetMarketInsights.com.

7 years ago, Jake Stenziano, a drug rep from Rochester, NY moved to Knoxville, TN. Gino Barbaro, a restaurateur in Mahopac, NY was reaching the end of his rope. Both craved financial freedom and were determined to achieve it. Introduced by Ginos brother, Mark they quickly hit it off and in 2013 made their first investment, a 20 unit deal in Knoxville. Since then, they’ve amassed over 1,100 units worth $75M. In 2014, they started the property management business focusing on customer service. The education program, Jake & Gino and the Wheelbarrow Profits Podcast came next in 2015. 2018 has been a banner year as well, eclipsing the 1000 mark, founding Rand Partners the syndication company and Rand Cares, a charitable organization focused on feeding hungry children. And 2019 doesn’t look to be slowing down as we look forward to Rand Capital, the live event in Orlando and much more! In this episode, the guys reminisce about those years, talk about the mistakes they made as well as the wins they had. They talk ideas for the coming year as well as the future at large. jakeandgino.com Register on the investor portal and fill out the investor portal form: Create an Account – Rand Partners Subscribe to our Youtube Channel for lots of great content! Learn More About Our Mentorship Programs Get tickets to our next Multifamily Mastery Event in Orlando!

Download This Awesome Podcast: http://bit.ly/2LGntre Have you ever been on the chopping block at work and unsure of your future job setting. Well how about seven years of avoiding layoffs ? That's what Jake Stenziano faced as a pharmaceutical drug rep and why he decided that he had to take action and control of his financial future. Certain that he wanted to focus on yield he settled on buying apartment buildings and along with his partner Gino Barbaro embarked on the start of what is now a lucrative and fulfilling business  of acquiring multifamily and teaching others those methods along the way. Jake attributes his success to mind set, attitude and self awareness and focuses on serving the customer with a goal of being the Chick-Fil-A of Multifamily Operators. Jake, one part of Jake and Gino, has focused on creating a vertically integrated business which now includes Jake and Gino, Rand Partners, Rand Capital and Rand Property Management to name a few. They are both also very excited to launch Rand Cares which is an organization that helps to feed the children and is making its launch this Thanksgiving! Find out more at here. To find out more about Jake, you can find him at www.jakeandgino.com Happy Monday! See acast.com/privacy for privacy and opt-out information.