• John Casmon

Scaling with Investors with Gino Barbaro and Dylan Marma, Episode 95


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

  • 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

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.