In today’s episode of The Art of Passive Income, Mark and Scott talk to Jake Stenziano and Gino Barbaro, experts in multifamily real estate investing.
Their business, JakeAndGino.com, is a real estate educational company that offers coaching and training in real estate investing. They also co-authored Wheelbarrow Profits: How To Create Passive Income, Build Wealth, And Take Control Of Your Destiny Through Multifamily Real Estate Investing, along with many others.
These Wheelbarrow Buddhas take pride in providing value to their tenants at an affordable rate, which they term as modern affordability. They buy properties from Mom & Pop operations and reposition them, providing value to the tenants.
We discuss the process of DUE DILIGENCE and why it’s the most important factor that will save you time, money, and headaches in the long run!
The key is being patient and persistent but willing to walk away during the negotiation phase.
We also discuss:
- The process of providing value.
- The managing aspect of it.
- And the 3-step process of repositioning!
Listen into this very informative episode as they tell us why they chose multifamily over all the other real estate niches.
TIPS OF THE WEEK
Scott: Read the book, Get Smart!: How to Think and Act Like the Most Successful and Highest-Paid People in Every Field by Brian Tracy.
Jake: Vertical integration. Start from the ground up, brick by brick. Control everything from the lease, acquisitions, on-site management, etc. Start your own managing company, control every aspect of it and grow from there.
Gino: 1. Be able to walk away from a deal. If you’re emotionally attached to anything, you have less power; don’t lose that power.
2. Start with the end in mind. Whenever you do something, start with what’s going to end up at the end. What do you want to accomplish?
3. Get out of your comfort zone and be uncomfortable. It’s okay to be uncomfortable because that’s the only way you grow in life.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?