CFD 457 – Generating Wheelbarrow Profits with Multifamily Investing

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Gino Barbaro is an investor, business owner and entrepreneur. He has been investing in real estate for 15 years and has grown his multifamily portfolio to over 900 units in 5 years. He has teamed up with Jake Stenziano to create JakeandGino.com, a real estate educational company that offers coaching and training in real estate investing. He is the best selling author of “Wheelbarrow Profits”.

Gino is a graduate of IPEC (Institute for Professional Excellence in Coaching) and is a Certified Professional Coach. He is also the author of the best-selling cookbook “Family Food and the Friars”. He currently resides in Florida with his beautiful wife Julia and their six children Gabriella, Michael, Sofia, Veronica, Cecilia and Laura.

Jake Stenziano is the best-selling author of Wheelbarrow Profits and co-founder of JakeandGino.com, 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 and Chief Operating Officer of Rand Property Management, the first property management company with a focus on “modern affordability.” As creator of the multi-media, multifamily investing framework, Wheelbarrow Profits, Jake is a leading expert on investing in the multifamily space and currently owns over 900 multifamily units.

Podcast Highlights

● Who are Gino and Jake?It doesn’t take winning the lottery to find success in real estate. Jake and Gino got started with $30,000 and now they control over $55 million in their portfolio. After discovering the technique they’ve dubbed “refi and roll” they have really begun to see incredible results.

All the wealth that Jake and Gino have generated has been reinvested into their business instead of buying toys and gadgets. Their main focus is in creating the income spokes of the wheel of their business, something they have named the multifamily investing framework.

All businesses should be diversifying their offerings and extending their income streams. Entrepreneurs need to constantly grow and evolve in order to compete.

If you start teaching, you have a fiduciary responsibility to learn. Teaching forces you to better understand what you already know.

The average millionaire has seven streams of income, which is one of the things that wealthy people tend to focus on. Jake and Gino have eighteen streams of income at the moment and they credit their success to that.

● How did you get to where you are now?Gino started off just needing to make some extra money and got together with Jake for their first deal where they had total control and no investors. Getting your first deal is about creating momentum and credibility. Transactions will pay the bills but equity will make you rich.

A partner is someone you want to speak to, find someone you really want to work with that has a similar work ethic.

Very few real estate investors really like real estate as much as they enjoy the benefits that come from it.

● Why would you change what you’re doing?When Jake and Gino got started they were working with strictly community bank financing but they began opening up the operation to working with Fannie Mae and Freddie Mac which has changed the way they work. This is one of the reasons why they have started to consider syndication. They are not doing one exclusively over the other, but working with the agencies gives them access to deals they wouldn’t have been able to otherwise.

Syndication is a tool in the toolbox, not a one size fits all solution.

Agency debt is essentially where you borrow money from Fannie Mae and Freddie Mac instead of a bank. It’s a challenge to access and not right for everyone.Working with a community bank is a great place to start where you can build a relationship with someone that has a similar vision to you. Your resume and experience has to be in place before you can really consider agency debt.

Jake and Gino created a credibility book that outlines their investing criteria and vision and lists their portfolio in its entirety. Getting financing or meeting a potential partner or investor is about being prepared.

● What kinds of projects are you looking at now?Their next deal will put them over a thousand units and in the next two years they plan on opening a brokerage. In the next year, Jake and Gino plan on starting a project called Rand Cares that will help feed hungry kids.

Reference: Wheelbarrow Profits, Jake Stenziano, Gino Barbaro

● Gino and Jake’s Takeaway

Education times action equals results. You need to get out there and take action, education is great but action is what is going to make you wealthy. Bite the bullet, it’s not rocket science and you can figure it out. If all you do is listen and learn, nothing is going to change.

When you focus on your why, the objections start disappearing. Focus on what you want, not on what you don’t want. Multifamily is the right vehicle to make you financially free. Life is finite, you have to make something happen or it never will.

Links:jakeandgino.comrandpartnersllc.comThank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

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