hello and welcome Gino Barbara one of the co-founders of Jake and Gino and I just got off another amazing show from the real Jason Duncan he shows the root of all success I mean you want to learn how to build a business how to exit a business success leaves Clues tune in the show he's an amazing guest I had some really thought-provoking questions and what I loved most is he's focusing not just on the shiny object but he's talking about success what does it mean to you what does it mean to the the person he draws you into the show and it sounds as if you're just listening to Two Gentlemen having a great conversation welcome to the root of all success with the real Jason Duncan a podcast that explores how the world's most powerful entrepreneurs unlocked success and how their stories can help you do the same a successful educator turned entrepreneur Jason has built multi-million dollar businesses that have been featured featured in Inc magazine and Entrepreneur magazine his life's Mission now is helping entrepreneurs live what he calls # the exit lifestyle introducing tedex speaker mastermind leader author entrepreneur cigar fishing andado motorcycle Enthusiast and host of the root of all success the real Jason Duncan the real Jason Duncan
welcome to another episode of the root of all success I am the real Jason Duncan thank you for being here I've got one of the two guys of the famous Jake and Gino brand the community the podcast I got Gino Barbaro as my guest today and I had a really great conversation with him we talked about how he got involved in multi family uh real estate investing just 10 years ago and he now has over 200 8 million in assets under management with over 1,800 units this episode is going to show you how the secrets of how to make millions in multif family and it's funny because I've been wanting to do multif family for years and was hot and heavy on it before we got into coid Co kind of killed a lot of things um but but now this conversation today has reinvigorated my uh my interest in multif family so let me tell you a little bit about who Gino Barbo is he's an investor he's a business owner he's an author he's an entrepreneur and like I said he's grown his portfolio to almost 2,000 units he actually had over 2,000 units one time he sold some of them but $280 million in assets under management he and his partner Jake teach other people how to do the same thing through their Community Jake Andino um his students their students have over 71,000 units4 billion in Deal volume uh it it this is phenomenal if you want to learn how to do multif family this is your guy plus he has some pretty cool ideas about what success is and how to achieve it he's written three bestselling books will will beel profits the honeybee and family food and friars and he's going to at the end show you how to get a free copy of his book so just listen all the way to the end please help me welcome Gino Barbaro to the root of all success hey Gino welcome to the show my man Jason Duncan how you doing brother I am fantastic dealing only with first world problems we talking
about you know I just got back from a uh Mastermind intensive Retreat that I host four times a year and uh I'm on a high man like I I live for doing stuff like that it was so good just got back yesterday and now I'm like five episodes to record today so life is good I have nothing to complain about love it what about you down in St Augustine man's life good life is very good for me uh same thing with me I was actually actually did a family Mastermind this past weekend I was with some really amazing collaborators uh young guys older guys the group has got a lot of women it's just entrepreneurs trying to figure out how to grow their communities and and how to get better and when you're in a room like that it's a lot of fun to be in that room because all of a sudden you have one or two amazing ideas for yourself you bring them back to your business and you're like huh never thought of it that way and I know one of the things you want to talk about later on is that one thing that you're really need to be successful as an entrepreneur don't live in a vacuum I mean we just said it right now one of the things that we're doing is we're not sitting around by ourselves at home thinking that we need to do everything we're out there collaborating with other people and I think if you can start doing that and shedding that scarcity mindset of saying I need to do everything myself I I don't need anybody's help well you're GNA be the I'm a guy I'mma do this and I'mma do that and I'mma gets burned out don't be the Amma guy that's good so uh so man you you kind of you kind of come into the show with a little bit of uh celebrity is Aura for me right and I'm gonna tell you why and I don't think I told you this I was on your show Jake and Gino show I don't know a couple months ago but um I used to host a multif family investor group at my office in Hendersonville Tennessee I didn't run it I hosted it because I had a training room Dave chers I don't know residential investment adviser do you know Dave brother Nashville man he's got some great assets I love his model man he's a great dude so D Dave and I haven't talked in a long time I all that kind of got shut down during Co we weren't doing Live Events and stuff but the um but I hosted that for couple two three years and my intention of course was to become a multif family investor I own seven companies and I'm a coach like that's the thing I do but I wanted to invest in multif family and so that's why I was doing Dave's thing and they say you got to look at 100 deals for you buy your first one I don't know if that's tongue and cheek or true but I feel like I'm at like 80 so I'm I'm working my way up I haven't invested in a multif family but the first time I ever heard about you was when he was talking about I I don't know if he had you guys at an event or he went to your event I don't remember what happened but I remember Jake and Gino is just a very memorable you know phrase which I'm sure that's why you guys use it as a brand uh but then somehow our our companies got in touch with each other and said hey we need to do a podcast Swap and and now here I am doing a one-on-one convo with g Barbaro on my show dude this is a this is an honor this is an honor to talk to you thank you and isn't it amazing how you start something and you do a venture and all of a sudden it leads to something else and that's why these podcasts are amazing and the collaboration once again we went to Dave's property we did what we call a money mixer we did a one-day tour of his property we brought out all of our students and we toured his properties in Nashville and it was amazing because it elevated Dave all of a sudden Dave's listing property so he has our student base we're walking his deals talking about buy right manage right and finance right and we're looking at his value ads we're looking at his opportunities how he's built his portfolio and it was a really fun day a memorable day because we've only gone to three other people's property so his was the very first it was nervous for me we' never done it before and man it went off without a hitch it was really phenomenal yeah he's a he's a good dude I haven't like I said I haven't talked to him in a while we kind of lost touch um probably need to reach out and see how he's doing but everything I can see from social media looks like residential investment advisor is doing really well yes let me let's go back in time man youo you you you've got as I said in the intro you know 1,800 multif family units uh 280 million in assets under management your students are doing $4 billion doll in Deal volume what uh when did you buy your first multif family Jason it's really funny I'm a late bloomer uh I I bought my first deal with my brother back in 2002 and it was a fored in New York I was the pizza guy Jake is the drug rep and that was a start but then I went off course I bought a mobile home park that I lost a lot of money on I bought a strip mall that I lost a lot of money on and I finally said to myself mentorship I need coaching I I need to figure out what I'm doing and I picked Apartments because it's a basic human need it's food clothing and apartments I didn't understand the value of tax benefits the value of appreciation the value of you know getting debt and having debt go down and get crushed with inflation all the different benefits cash flow I met Jake in 2009 we partnered up in 2011 he moves to Knoxville we start looking for our very first deal together and in 2013 after 18 months we bought our first deal was a 25 unit deal we still own that deal to this day it's an amazing little deal but took us 18 months we didn't have the framework we didn't have the processes in place we just were like the average beginning investor I need a deal well what's a deal for Jake and Gino what's your BuyRight criteria how are you gonna Finance it how the manage look and we don't look at it through that lens and after that first deal we figured it out we want M and Pops let's figure it out 3 months later we got our second deal a 36 unit by no coincidence because we had started already flushing out that processor that framework so you're telling me that Jake and Gino the Legends got their start just 10 years ago bought your first multif family 25 unit deal 10 years ago yes and the even more I think to me extraordinary thing is we've only done three syndications so we've raised Capital we've exited on two of those and we 've been able to refinance out over $20 million and Jason like you know in business you you you get the profits you reinvest the profits and that's what we did and I think people have the misconception of real estate they think that real estate you make the money on the buy you don't make the money on the buy you make the money when you sell or when you exit and we realized that early on obviously you need to buy and you need to buy with cash flow in place but the real crystallization of that Equity 18 months or two years down the road you get that crystallization of the equity you pull pull it out and you buy another deal you start buying up buying up we were able to refy early on in 2015 and 16 that was the velocity for us we kept pulling out refinances and instead of going on vacations instead of partying went into the next deal and into the next deal and then we found syndication which added a little more gasoline to the fire we're starting to raise capital from other people and there's another strategy so there's multiple ways to become successful multif family I just think people over the last couple years all they hear is syndication syndication syndication you can use multiple different ways to become successful in multif family investing today all right so late bloomer Gino how old are you Gino I am 53 years old I am a late bloomer because listen Jason I had a great opportunity I I parents were immigrants I didn't have a lot of debt I had a really nice little restaurant for close to 20 years in 2008 the Great Recession comes almost wipes everything out for me and I just didn't understand the strategies I wasn't a business thinker at the time I wasn't surrounding myself with the right people and it's interesting that your your show is called the root of all success I read the book by T harveer the secrets of the millionaire mind and he talks about the fruits are in your roots and I didn't have a lot of roots I didn't have a lot of value I didn't understand that that's why I was a lay Bloomer at 38 I got struck by the lightning bolt I'm like wow I'm doing it all wrong I'm not I'm the victim here I'm not and I'm not accepting responsibility for all the actions up until that time in my life all the results or for my previous actions in life and once I realize that I'm like I have to double down in this education thing I've got to meet more people I've got to learn how to build a business and that's what I started doing from then on if I had known this earlier and I had been prompted to do this earlier it would have been a lot sooner but that's what it was right for me at that point in time in 2008 when I picked up that that book man so all right well the reason I asked you how old you work so I wanted to put this in perspective for listeners I'm 48 so you're 53 so we're we're five years five years difference from each other but you started Ed you bought your first big deal I I know you bought a four plx back in a long time ago but but you bought your first big deal you and Jake at 43 years old you still on to this day you've developed that into now from 25 units to you at one time out over 2100 units and over seven see $280 million under asset the cash flow from that has to be absolutely astronomical in just 10 years one decade so uh I you can share whatever numbers you're you're comfortable sharing with the audience but when did it when did it go from buying that 25 unit apartment complex to holy crap we're making a ton of money this is unbelievable and it's cash flow and you're doing this velocity thing how long did that take it typically tapes on average I would say for the average person about five years for me I bought my first deal with Jake in 2013 I left the restaurant in March of 2016 So within three years of buying that very first deal I was out I was making enough to you know take over what I was making at the restaurant and and you know put food on the table for six kids in New York so 2016 was like my highlight Jake had left a year and a half sooner because he was living in Tennessee his burn rate was nothing he had no he had one kid at the time and I'm like dude and then all the cost segregation benefits that he got that year which completely wiped out because he became a real estate professional it completely wiped out what he was paying to to the feds he was able to raid his 401k and not pay taxes on that but only pay the penalty so the benefits if you position yourself I would say if you start looking for deals today if you're doing it diligently like Jake and I did you're being successful you're finding other partners you're scaling and reinvesting the profits within five years it's not unrealistic to be completely out of your game and then I would say by year six or seven that cash flow snowball really starts to take effect and on average we focus on what we call profit per unit on our on our entire portfolio most people don't even know what that is most people don't even regard that as a metric because they're syndicating Deals they don't have a lot of equity but for us we control most of that Equity ourselves and we look for between $200 and $300 profit per door in our Market some markets may be higher some markets may be lower so if you do the math 1700 times 250 to 300 every month you know we're doing pretty good and on top of that we've you know this year alone we' refinanced that 4 million bucks from the portfolio That's not including cash flow that $4 million has gone back into the two deals we've done this year so you can see buy refi rinse put it back into the deal buy the next deal with none of your own money buy the next deal with none of your own money then that deal starts producing then the deal next one starts producing and you can see it just like business it takes a few years for really to start snowballing but once it does the ability to create massive wealth is at your fingertips because you control it it's your business you want to raise rents and Jason you are the the ex exit guy we have these 1,700 units we could package this entire portfolio together and go to private equity and say we want to sell this entire thing there's a lot of buyers out there that would want to buy that that portfolio and those assets it'd be very easy to buy a a buyer there the exit strategy is not not difficult to comprehend we didn't think of that early on but when Jake and Gino get tired and they don't want to do this anymore there are a lot of people out there that would love to buy a portfolio like this so your $2 to $300 profit per unit metric that you use is that monthly annually what is it monthly so $360,000 monthly cash or profit per unit profit per unit on on average some may be some months be a little less because there's maybe three payrolls some months may be a little bit more because there's less expenses but that on average is what we're what we're accomplishing with our assets that are that are turned currently yeah all right so you said a couple of things there that I want to key in on so you talked about doing those next deals with no none of your own money and I get that and I think for the a average listener they need to understand and this is what Dave Childers taught me is that when you buy an apartment complex a commercial property doesn't doesn't appraise doesn't isn't value the same way a single family residence single family residence is based on what everything else is selling for but on an apartment complex and you correct me if I'm wrong in this is based on net operating income so if your net operating income is 100 grand for example you know you can get usually 10x value on that net operating income so if you can go in and raise the rents a little bit or do a value ad where you've got the net operating income goes to 50 well now your value went from 10 million to 15 million right and so you can you now have Equity that you can pull out against that that's what you're talking about am I
correct let's take a quick break to thank our amazing sponsors for making this podcast possible sales on a regular basis I mean every entrepreneur does and if you aren't paying attention to sales as an entrepreneur you're not going to be an entrepreneur for very long but I've got a sponsor of this show called dub that helps you bring the personal back to sales if you want to figure out how to improve content creation imp improve client trust uh improve your sales process decrease the sales cycle because we all know time kills deals if you want to increase client bookings and increase conversions you need to take a look at dub there's a special offer for dub for listeners to the root of all success at the real Jason Duncan sdub and that's dubb what dub does I've been using this for years I'm a huge fan and I'm so honored that they're our uh primary sponsor of the podcast but they have helped over 60,000 businesses around the world communicate better to make sales easier to make sales more personal and it's built dub is built for growing teams I mean you can set up video emails you can set up custom onboarding you can can do admin reporting uh anything you need around video and sales and automation dub is there you can try dub now your conversions to sales are waiting all you got to do is go to thejason duncan.com duub and there you're going to get two weeks for free to try dub plus you're GNA get 50% off your first two months of dub you can't you can't beat that so go check it out go to the real Jason duncan.com sdub 40 years ago you weren't in business unless you had your business in the Yellow Pages you remember those things and 30 years ago you weren't in business unless you had a door toor salesman 20 years ago you weren't in business unless you had a website and today you're not in business unless you're doing social media content am I right social media content social media content in the form of like micro content which is 30 to 60 second spots on Instagram reals or Tik Tok or YouTube shorts that's the way business is done as a matter of fact that may be how you found out about this podcaster me as a business coach this medium that we're using today to communicate what we do is vitally important and just recording yourself isn't enough you've got to do it right and my friends over at story do it right and one of the problems with doing it wrong is that you sit around thinking well what the heck am I going to record what am I going to say how am I going to say it like I don't know what to talk about Well story takes all of that away from you stop wasting time trying to come up with content because story will send you a video prompt on what to record you can pick the categories you want to record in whether it's real estate entrepreneurship Finance relationship leadership life insurance it could be anything don't waste time on that and by the way if you're not confident in talking on video or if the video editing portion takes up way too 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able to pull the money that you have in the deal so if you buy a property for million bucks you need to increase that value to about a million two and a half million three so then when you go to refinance it you're pulling out you know whatever down payment you had you'll be able to pull that back out you'll get a new loan based on that new value and that new loan is going to be higher than the loan you have in place that difference is the money you're going to be able to pull out on our very first deal I'll give you an example it was a $600,000 deal we had 10% seller financing so we got a $60,000 note from the bank at seller financing we needed to come up with $60,000 from the three of us plus closing costs it was $83,000 I'll never forget it was our very first deal it was hard scratching together at 83 Grand me Jake and Mike we put the money together like you said we forced the value of that building 18 months later we were able to refinance out $165,000 out of that because it went up in value from 600,000 to a little over 850 so and you're so we pulled out 80% of that value of 850 so the remainder was $165,000 in cash and the great thing about a refinance is it's not what you make it's what you keep it's basically a loan to yourself so you're not paying taxes on a refinance so for those of you out there how many pizzas does Gino need to make to earn to net $165,000 that's a lot of pizzas so I take that 165 Grand I put $20,000 aside to refix the property a little more and that $140,000 net goes into our very next deal and it's amazing and if you continue to do that that's why you don't need to scale up and buy five or six or seven deals a year if you can do a couple really good deals a year by year or year four you're on your sixth or seventh deal the first deal that you've done is starting to come off what we call that imaginary conveyor belt it's starting to fall off you're starting to get that equity and you're using that equity for the third or for the next deal that you have that's the power the tax benefits of refinance I don't know if most people understand how powerful that is we just like I said were able to refinance out over $4 million how much money does a person need to make to be able to net four million bucks is it six well we took that four million we distributed amongst the partners we each got a little over a million we put that into our second deal that we did this year so that deal is basically none of our money when we refinance that deal we'll pull money out of there we have no money left in that deal that money goes into the next deal how many businesses can you do that there are very few opportunities or businesses on this planet that allow you to do that and that's why you know I'm going a little long but for me real estate is one of the best ways to create wealth and to perpetuate the wealth the only mistake that most investors make that I've talked to people in their 70s and 80s there's two they didn't buy enough and they sold too early those are the two mistakes that most investors say they make and and I agree it probably the same thing with the business because you're saying to yourself hey I can make more money today than if I if I run this business for the next five years yeah but you're not thinking about that wealth effect with real estate where our very first deal the rents were 300 bucks they're now 1,00 and 10 years from now those rents are probably going to be two grand so you see the wealth creation and the inflation hedge that you have on this asset along with the benefits and even better your renters are paying down the debt for you yep think about that that's amazing that that is amazing and that's why I think real estate is one of those unique things that we don't that people don't think about it so I have two questions specifically related to that and and one of them is about the difference between investing in businesses and the difference between investing in real estate but I'm going to save that for the second question but don't let me forget I want to do that because that is my personal question sure I wanted to ask you at the on onset of the show but but while we're talking about money like how to get into a deal you've just Illustrated how we can get into the second third fourth and 100th deal without any money out of pocket but it's that first deal that seems to be the biggest problem for most people if I found a 32 unit a complex in Springfield Missouri for example and I want to I'm I want to buy this deal but I don't want to Syndicate maybe I do want to Syndicate I don't know what to do like how the heck do I get into that deal that is I mean how much time do we got I'm going to go back to the framework real quick and that's the problem with most investors it's buy right manage right and finance right and I think when you're buying an asset first of all is it a deal for you can you afford it do you have the experience to take down a 32 unit deal is Springfield Missouri the right market for you the first thing any investor needs to do when they're looking at multif Family pick a market don't pick 17 markets you need to be an expert in one market you need to understand the relationship that you need to create with those Brokers you need to understand the metrics in that City because then one when you're buying that asset well am I buying it in a good area Market is the median income good or is the median income bad am I buying an old asset am I buy buying a new asset is the unit mix going to be two bedrooms or three bedrooms do I want brick what's the age I'm throwing a lot of stuff out at you but you can see right now you need to clarify your buying metrics your buying parameters and it's going to be different for everybody based on your age your skill level how much time you can put to it if you're a doctor out there try to get into multif family and you're performing surgeries four times a week you don't have the time to go out and do it full-time and to be a property manager but if you're a 32ye old who says I want to get into this full time you have different investing goals you're going to get into this business differently you may go into it fulltime and you may need that doctor for his balance sheet and for his equity and that doctor may need that younger person so there's so many different ways to getting into it but to answer your question specifically you need to focus on what your criteria is to buy right because you need to understand is that the right deal that Jason should be investing in and does that fit his BuyRight criteria does that make sense 100% and I and I think that's why people say you got to look at 100 deals before you buy your first one again don't know if that's true really but I think it illustrates your point is you've got to buy right you got to know what you're buying where you're buying it how the Management's going to go Etc so I'm good but but back to my question how do you get the money to buy that first one so for us we partnered it up it was me Jake and and me I was actually me my brother Mark and Jake on that first deal well three of us got together we did a joint venture the second deal I found what who is my partner right now Mike he's a hedge fund Trader Commodities Trader he's got a strong balance sheet and on that second deal I said to Mike you see this very first deal we did a great job on it you want to partner with us he was buying single family homes up in Connecticut for two million bucks he was generating $10,000 in rents well we were buying assets that were 850 Grand generating the same amount so it wasn't easy to convince Mike to come on board really pretty much a no-brainer But to answer your question specifically on that first deal we were in the seller financing area of the market cycle where we're were using seller financing we we've just gotten back into that part of the market cycle use seller financing use creative financing options use Master leases to get into your first deal and the second thing is don't Target something that's huge you don't have to go into a 30 or 40 unit deal on your first deal buy a quad buy an eight unit buy a 10 unit buy something that's distressed that needs work that you can afford find somebody that you can partner with as well and I think the third option is syndication raise Capital learn how to get into the syndication space and if Jason Duncan doesn't know how to get into a market Jason go out and find an operator who's doing it who needs some funds to get into his deal and possibly Jason can raise the money for that operator and partner up in that perspective and get into a deal that way then ultimately the last thing is if you want to start investing passively become a limited partner in one of these deals see how the business Works find an operator who's got experience who has a great track record invest in one of their deals see how the business works from somebody who's doing it put the money in passively and invest passively that's another another way for people to get into the business so how much if if we're looking at just in rules of thumb if I go buy a commercial property which is I think anything over four right if I'm understand right anything over four if I do that how much money am I going to need out of pocket in order to make that happen and when I say out of pocket I realize that it might not be out of my pocket but how much cash is needed to do a deal like that so on average right now Community Banks Credit Unions they're looking at 20 to 25% down so if you're looking at a million dollar deal you may need $100,000 down for that for that for that down payment but if that seller has a lot of equity and he's distressed you may tell the seller hey can I have a seller finance note for 100,000 that knocks down the down payment by 100 you only need 100 to come up with you may ask the seller to go all seller financing I had a student uh last week JP big shot out he did a 10-unit deal his first Deal million three all seller financed 30-year amortization three and a half perc interest rate zero dollars out of his pocket absolute home run how did he do that he filed the framework and he had a seller who didn't want all his money he didn't want a million dollar capital gain tax hit he'd rather get mailbox money every month that's a real big benefit to sellers if there's a ton of equity and they want some retirement money they don't need all that million bucks in day one he'd rather have payments of let's say five or $6,000 a month it's really beneficial if you know how to promote it to the right seller and possibly it may have been hard to finance that property at that price point so JP like hey rents are only $500 they're going to $1,200 I can't go to a bank and finance this Mr seller you're going to have to carry some paper until I'm able to go to the bank so there's so many ways to get into this business but on average let's say 20% let's start with a ballpark 20% figure doesn't have to be your money though go out and raise that money and find people who can invest in that deal for you is JP's deal is that 100% seller financing 100% seller financing wow that's home run quar three and three qus what' he say three and a half% for 30 years I don't even know how he got that I I have no idea how he got that deal I'm like dude can you bring that one over to me next time and everyone's saying oh it's only 10 units and yeah but in two years when that thing is repositioned I'm I'm saying two years it's probably going to take six months but let's say in the next 18 months rates tend to go back down let's say they go back down to uh four and a half percent and he wants to go to an agency government ENT government sponsored entity like Fanny or Freddy and wants to refinance that and the property is's worth million eight right now he can go to them refinance that property out pay off the seller finance Note have no none of his money in the bank and he's got a 30y amortization with a government sponsored entity with a non-recourse loan and think about it and those 10 units probably going to cash FL between two and $300 a month on average so you're saying oh it's only you know 2,000 a month in cash flow yes but he has an asset that's worth a million eight he's done a cost segregation study where he's been able to get that depreciation frontload about 100 50,000 of depreciation day one wipe it off on on his taxes so that property is not going to pay any taxes on that on that cash flow and you've got a nice little annuity printing money every month 2,000 bucks and it's only a 10 unit now that money that they got from the 10 unit let's go find the 20 unit you see how powerful it is it's just a little bit longer of a cycle but there's so much power in this game so here's my question about business so I'm a business guy I I own several different business businesses the the main thing that I do on a regular basis is I I run my coaching company so I work I'm the exit without exiting guys you said I work with male entrepreneurs doing between three and 10 million Revenue minimum about how to get their life back from their business essentially how not to spend 68 hours a week doing their business my my concern that I've got personally is I want to invest in another business for larger cash flow and long-term wealth generation because in this business as a coach it's while not exactly true it is time for money I'm trading my expertise and time for money now I'm an expensive coach there I'm a high ticket coach I'm not a cheap guy like so I don't have to do as much to generate as much but I've been looking at businesses I I looked at a couple motorcycle dealerships I've looked at some other businesses to invest in things that I like because I see that I can get a seller's discretionary earning of between 300 maybe up to $800,000 on some of these businesses but then my thought is well crap should I just look at multif Family forget the business thing just go there like I know what you're going to say because you're the you're the multif Family Guy but like give me the give me the thought process between I'm going to invest some money in either a business that throws off lots of cash flow more than an apartment would throw off year one or two I got right versus investing in a multif family what what would you say about that I'm I'm writing a couple notes down here the first thing I would say is at jino one of our mottos is we create multifam entrepreneurs most people that get into real estate myself included they do two things wrong they never think of an exit strategy they think they're going to buy and hold forever and they don't think of this as a business they think of it as just a collection of real estate the people who are really successful in this business are operators and people who have systems and processes so you would be ideal to be able to join the J Andino Community to go in there and look at it as a business most of us don't do that that's how I was able to scale from the first 25 unit deal to over, 1500 units in less than years we needed scaling up coaching obviously but we learned the systems and the processes to needed to do that that's what most people Miss on they're they're worried about landlording tenants toilets and trash that's absolutely imperative to do that that's property management but you also need Asset Management they work separately but together and the systems and processes and looking at it as a business are so important and for yourself Jason what I would say is what are your what are your ultimate goals you need to find an operator who's doing it like a Dave Childress and say Dave let's partner up I've got this money let's start buying deals I've got this business acument I know my systems and my processes and my Cadence of accountability and my goals and my rocks I've done the EOS all that I can help bring that to the table and I can help with Asset Management I can help that you're the guy who's going to operate this deal let's get together let's form that Union and let's start buying these businesses because each and every single one of my deals I think of them as little mini cash machines many businesses separate and independent and if you look at it from that perspective Everything Changes because you're going to try to really maximize the revenue on every single one of those and minimize the expenses once you start looking at it from that perspective it's game over now whether you buy a 10 unit or 100 unit obviously the 100 units can be more profitable it's going to be a lot easier it's just as much work as the 10 but if you're just starting 100 units can be a daunting task start with something smaller so you can start dialing in the systems and the processes because a 10 unit becomes a a 20 becomes a 60 becomes a 100 and that's really the progression with multif family that's why most people quit because they just say to themselves I need to go big because every guru's told me to go big well the Duru here is telling you to go as big as you comfortably can think big start small and then once you start you're like well the pizza guy and the drug rapper doing it it's not rocket science it's just some kind of framework that I got to follow let me start small let me figure it out and as I figure it out I'll start building my teams and like you know business and multif family me they're team sports there's so many similarities to buying businesses and to buying multif family but most people don't talk about that because it's not sexy they want to talk about buying these deals and they want talk about financing these deals you've got kids you need to raise your kids it's the same thing in business you've got a business you've got to raise that business you got to put effort into it it's called manage right so you've been extremely successful in the real estate space specifically in multi family you've built a tremendous brand around it and a tremendous amount of cash flow and wealth I mean at ,800 units you know $280 million under asset assets under management that's that's not an insignificant sum so what would you say if you look back at all of your success what's the one key if you had to narrow it down to one thing that's allowed Gino to be so successful what is it to me it was finding the right people from my brother early on in business I had the restaurant with him then I you know obviously I married my wife she's just an amazing person she's really helped me throughout this entire Journey then I find Jake then I find Mike then I find the Brokers then I find the Jake and Gino community and it's always finding the right people for me and being able to partner up with them and being able to try to bring whatever value I have to the table and and ultimately working as hard as I possibly can and trying to continue to uh to grow because if we're not growing I mean Dr Chapman said it on my podcast we're regressing and I don't want to regress I want to continue to grow and push myself so how do you personally Define that word success I was thinking about this the last couple of days and it was it was challenging for me because it constantly changes success but if I've got to look at it today I would say I'm living by my personal core values and my my core values are people first uh not just the companies but family family is really important to me and and I've built a business where I can be home every day and if I've got to go on a business trip it's challenging but I'll do it but then they're part of the Jake and Gino brand my wife is doing a podcast with me my kids come to my events so living by that family by the Integrity by those core values has made me feels if I'm leading a successful life so your definition of success is living by your personal core values so yes by that definition do you consider yourself to be successful right now I do and sometimes you feel as if you get TR caught in the Trap of I'm not doing enough deals I'm not signing up enough students and you get caught by that but I was at a Brendon brashard event last week weekend and he said something really profound and he said purpose over popularity and as you know we all want to be popular we all want to get the likes but part of being successful is trying to be on purpose and trying to create value for people who listening to these podcasts and from doing that and from leaning in and from trying to deliver as much purpose and what I'm here for and how can I provide value that will ultimately to becoming more popular so that's part of the Mantra and I wouldn't be learning these things if I wasn't going to these events that's part of going out out feeling awkward feeling dumb not knowing what's going on and and once you feel that way you're on you're on the right path in life because if you're in a cocoon you're by yourself and you don't stretch yourself you're not going to grow you're not going to learn yeah I agree so if you had to now speak to the listeners directly we're going to pull it down as we end the show you're going to speak to the to the entrepreneur listening driving his car walking his dog running on the treadmill working out or uh you know lady who's you know at the coffee shop the person listening to this show as an entrepreneur and they want to know how do I become successful and if Gino Barbaro had to say this is the one thing there one piece of advice to lead you to become successful what would you say it is they're not going to like the answer but I personally think it's it's working hard that word grinding nowadays is is something where people like a you can't grind you have to you have to you know you have to create your sole purpose and just work towards that I think that's a fallacy when you're starting early on there's a lot of work that we don't want to do now as we grow we're going to shed that work find people to help us but we're still going to continue to work hard because it's your business your employees shouldn't be working harder in your business than you are it's not their business as a leader you need to continue to work hard reinvent yourself and don't be afraid of the grind because that's real don't listen to everybody out there saying I'm going to put on auto autopilot that may be the goal one day or you may want to exit one day but if you're continuing to grow a vibrant brand and you want to be true to yourself at least from my perspective I want to work harder than my employees I want to put the effort in I want them to see that I'm here trying to lead that Vision love it man well everybody needs to take a look at Jake and Gino uh you can go on Facebook Twitter Instagram YouTube any one of those four platforms and just look up Jake and Gino and Gino is g i n o so go look up Jake and Gino they've got a great community and uh that if you want to learn how to do multif family this is the guy you need to go talk to he and Jake are going to help you and direct you in the right steps um you've also got a couple of books you've written that are actually bestselling books you've done really really well in that you want to talk a little bit about those books and where we can get them yeah just go to Jake and.com I Jason if they want to email me my email is gooj and.com I'll give you a free copy a PDF copy of whe profits it just talks about the framework that we were talking about today the buy right the finance right the manage right we've also got a book on creative financing it's called creative cash it's going to be a really popular book in the next 12 months it came out a couple of years ago when it wasn't in fashion but just go to Jake and.com you can find the books on the website as well all right so Jake and.com you can emailing Gino Jak and Gino and get a free pdf version of that book so Gino man this is fantastic we need to do some stuff together I've really enjoyed talking to you and Jake on on your show now having you here on mine um I like the energy I like what you're doing and I'm also enamored by your success and and uh wish hopefully that I'll be like you within the next five or 10 years myself I'll be able to catch up to you so congratulations on all your success and I wish you much more in the future thanks brother appreciate it man what a great conversation with Gino um I love his energy I love his enthusiasm I love his commitment to his family you know he talked about his six kids and about how he wants to make sure he spends time with the people that he loves and and one of his keys to success for those of you that have listened to the show for a long time you know that I teach five keys to success and the second or the third key to success is knowing the right people so when I asked him what his keys to success is he said right people and he talked about his brother he talked about Jake he talked about this new investor named Mike and he talked about also his wife and finding the right wife his partner and I think you need to be looking for the right people in your life and I was running through the Rolodex of people in my life who are the right people in my life that can help me get into multif family they can help me continue to build generational wealth through this investment class and I've got a couple of ideas and if you're one of those people and you're listening to the show I'm going to be reaching out to you soon but but I appreciate you listening to this I thank you for for listening to me and Gino have this conversation really do encourage you to go check out Jake and.com look at getting that free download that he offered there at the end and uh enjoy invest in their Community invest in learning about what it's like to be a multif family investor but uh I want to thank you for for subscribing if you haven't done that please hit the Subscribe button and if you haven't you know please leave a review I know everybody asks for that all all the time but it does a tremendous amount of good for the show and gets us further up in the listings so that iTunes and Spotify and all these players can promote us to the Right audience to help them change their lives so if you've liked this and you got value from it please go subscribe and leave a review please tune in again next time on the talk with yet another very successful entrepreneur about his or her journey to success until then as always I'm the real Jason Duncan and in Jesus's King attention business owners attention business owners feeling burnout from running your business uncertain if you're nearing burnout take our free 10 question business burnout test at business burnout test.com to discover where you stand with just 10 quick questions you'll learn how to immediately begin making changes to regain freedom and success cut your daily operations time in half improve your quality of life and prepare your business for your future exit without losing revenue or profit visit business burnout test.com now and take the test thank you for listening to another edition of the root of all success with the real Jason Duncan if you've enjoyed this week's episode visit the root ofall success.com to access the show notes and other helpful resources follow Jason on social media at the Jason Duncan see you again next time here on the rote of all [Music] [Applause]
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