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From A Pizzeria To 1,500 Units With Gino Barbaro

From A Pizzeria To 1,500 Units With Gino Barbaro
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Table of Contents - From A Pizzeria To 1,500 Units With Gino Barbaro

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George El Masri [00:00:00] Ladies and gentlemen, I am George El Masri and this is the Life podcast, thank you for joining as always. I interview General Barbero today. Jeno is actually in Florida and he invests mostly in Tennessee with his partner, Jake. So they own multiunit buildings. They started off buying by Saari, started out buying a 25 unit building and eventually scaled up. And they currently have more than 1500 units as a group. So we talked all about the first property that he bought, some of the things they did to reduce expenses, some of the operational inefficiencies. We talked about how he's finding deals today, being proactive. We talked about all sorts of stuff, all relating to multiple units and delegating and buying out of state and doing all sorts of stuff. So I know a lot of the listeners are Canadian, but I think it's really cool to see the mindset of how to delegate and how to make sure that even if you're not close to your investments, if you have the right team, you can make it work. So I hope you'll enjoy the content. And as always, if you guys want to reach out to me, you can go to well-off Nazia and you can contact me there. There's also some free reports you can download while off duty for its last report and always working on new projects multiunit units in the Naggar region. Well, in St. Catherine's in Hamilton. If you are interested in investing there, I encourage you to reach out to me. I can share with you some of the opportunities that I'm working on, so I look forward to connecting with you. Enjoy the episode. Welcome to the podcast, where the goal is to motivate, inspire and share success principles. Today, I am here with Gino Barbro. So Gino and his partner Jake started their business back in 2013 with a desire to create long term wealth in multifamily. Gino was working running a pizzeria, which is really cool. I'm actually curious to ask about that. And he felt like he was stuck in the business rather than being able to work on the business. So obviously things have changed quite a bit. Now there are there multifamily investors? You know, welcome to the show. I appreciate you being here.

Gino Barbaro [00:01:58] George, thank you for having me on. I appreciate it.

George El Masri [00:02:00] All right. So what I like to do is I like to start off by asking you about your childhood, where you grew up, and just a couple of things you remember from that time.

Gino Barbaro [00:02:09] I love my childhood. Not going to lie to you. I grew up in New York back in the 70s where it seemed like we had a lot of snow back then. Don't know what happens to the snow, but there was a lot of snow. I love snow days. It was great. I had one brother. My parents are both immigrants. They both emigrated from Italy. My dad was in the restaurant business. So when I was seven years old, my father went into business for himself. And I remember that because I thought every seven year old would go to work with their dad at a restaurant. That's that was my paradigm shift. That was my thought at the time. And he just instilled the hard work ethic. And that's what we're all about, was just working hard. Got my first job at, you know, with him at eight years old, got a paper job when I was 12 years old. And I thought I was heading on to the entrepreneurial world and I loved working. He loved working hard. I love the family, had great to great parents. They were, like I said, hard workers. My mom is still alive. She's in her late 70s. My dad passed away several years ago. And, you know, we can get into when my dad passed away back in 2007, that's when I started questioning why I still want to be in the restaurant business. You know, things changed. I changed. I grew older. I had bigger goals. And, you know, when I was working with him, I loved working with him. I love the space. You know, 30, 40 years ago, the whole economy was structured a little bit differently. George, there was your middle class family. You have one little location. You can really do really well 30, 40 years ago. Right? I mean, you didn't have to lever up and create these other streams of revenue like you do today. The dollar was worth more. You know, back and back then, he had one place for partners and he did really well. So that's what I wanted to do, went to college and I graduated college and I bought my own restaurant with my family, with him and my mom and my brother. And that is how we started in the restaurant business.

George El Masri [00:03:55] Awesome. OK, so you were I'm assuming you did that for a little while. You're running the business. The restaurant business

Gino Barbaro [00:04:01] I did when I was twenty two years old, graduated college, was very unhappy work for AIG, which was a great company at the time. I just didn't want to get stuck in a cubicle. And I'm sure a lot of a lot of the people listening to this podcast can really, you know, relate to that. You're getting stuck in there, going to work nine to five in New York City at the time. This is pre Giuliani. So it was not the New York City that we have now. It just I didn't like it. I didn't like being on the train. I didn't like the commute. I didn't like somebody telling me what to do. I like, you know, working and not really feeling I was accomplishing anything. So I said, Dad, we got to buy something. We have to do something. So we ended up buying something when I was twenty four years old. And from that period up until, you know, for the first ten or twelve years, I love the business. I worked hard, made it, made really good money. But, you know, when I look back at it, it's still a little business is still Robert Kanzaki cause you're still self-employed, but you're not on the you know, the I and the B side. You're really on the you know, the E and the side of his cash flow quadrant. And that's when it dawned on me back in 2007, 2008, the Great Great Recession comes George. That's my pandemic. That's when I said to myself, I'm working harder, I'm making less. There are people out there that are doing extremely well. What are they doing that I'm not doing? And that's when I started diving into personal development and started diving into, you know, learning another skill set. I had dabbled in real estate previously. To that, I bought a fourplex which actually did really well. Then I diverted my efforts, went into a mobile home park deal that didn't go well. Then I bought a strip mall up in New York that didn't go well. And I sat down. I said, well, what do I need to do? I'm taking this massive action. You know, what is missing? I needed the education. I went out and I sort of mentor. I bought a couple of coaching programs and I learned how to invest because I never did it before. I never knew what a cap rate was. I never put a cash on cash return was. I was winging it. Like a lot of the big investors out there think that you can do it by yourself, jump on YouTube and watch a couple of videos. It's not the reality. The reality is success leaves clues. Go out there and find someone that is doing what you want to do and level up, either pay to play or you seek to serve. I paid the play because I was working at the restaurant. I couldn't do it part time. And that was one of the, I guess, you know, turnarounds in my life that I went there. I got a framework and I started, you know, investing in multifamily.

George El Masri [00:06:14] Awesome. So can you tell us a little bit about your starting multifamily? You had a coach at that time, I'm assuming. And you also you found your partner, Jake. So can you tell us a bit about that story?

Gino Barbaro [00:06:25] Sure. Well, what happened? Was back in 2002, while ago, I bought my first fourplex with my brother parents, like I said, we're entrepreneurial. My mom owned the building on the restaurant and that was where the first seed was planted. I'm like, she's got three apartments upstairs that are paying every single month rain, snow or shine. And, you know, when we lose a day at the restaurant, I don't get paid that week. But she's still getting paid as as a landlord and like, how do I do that? We bought that first building up in New York. But, you know, as most New Yorkers know, it's not really a cash market. It's more of a capital appreciation market. And I wanted to invest. I wanted a little bit of both. Right. When you're out there just by uncap appreciation, you're more of a speculator. I wanted some cash flow. So I said, you know, I can't invest in this market. My first venture was out of market in Rochester, New York. I bought a couple of small duplexes. I worked with rock property managers and that's how my education came into play. I learned how to actually, you know, go out there and research a market outside my backyard, leverage third party property management. And that's what was great, right? I only bought a couple of assets in that market. I couldn't leave her up. At the time I met Jake, who was a pharmaceutical rep. He would come into my restaurant. He had the same dilemma that I did. He was working harder at the time. The sunshine that comes in Obama's are changing health care. All these medical groups come in his salary and his compensation package are getting cut every year. He's on the chopping block. He's like, I got to do something different. His first thing was he moved down to Knoxville, Tennessee. And I'm like, Jake, when you get there, settle in and let's start looking at deals together because I thought I know what to look for. I will teach you you are boots on the ground for me. So when he moved down there in 2011, we got together. It took eight months. That first deal I mean, even though back then there was a lot of deals back then there was a little bit of money and we didn't have the credibility and we thought the brokers were doing us a favor. Right. The brokers are the gatekeepers. We are treating them and posturing up to them when in reality we should've been going to them and saying, please, any deals, what can we do together to get this deal over the line? We weren't doing that. That's why it took us 18 months to find that first deal. And from that first deal, I mean, everything was only a 25 unit property, small little property. But we made the relationship with the broker. We made a relationship with a bank. We started building our team of, you know, whether it was a title company, whether it was the CPA out there, the inspector. And three months after that first deal, we closed on our second deal. Another deal came by thirty days after we closed on the one. And then, like I said, three months after that, we're in our second deal of thirty six unit deal. So we've got, you know, eighteen months takes that first deal. But then after that, within three months we have sixty units, we're off to the races. And it was a great feeling because I knew we were onto something but I had never experienced something. You know, this is an entrepreneurial venture to me at this time because it is out of my market. I can't touch it. Right. I'm used to being at the restaurant every day. I'm used to doing everything. It's the I'm a mentality. I'ma do this. I can do that. I have to wash the dishes. I have to sweep the floors. And this real estate thing was, wow, I'm doing it differently than what I thought it was. I thought, you have to go in and collect the rents from all the residents. I thought you have to do all the bookkeeping, everything, when in reality, you know, Nelkin, multifamily, it's a team sport, number one. And number two, it is an entrepreneurial venture. You get into multifamily because you want to scale up. You have economies of scale and you're able to employ other people. We had property managers. We had I'm sorry, we had resident managers on those first two deals. Our third deal came a year after we closed in the first one, which brought us to over 200 units, you know, hurray, we can finally start hiring property managers and full time maintenance techs. That's what you want with multifamily because it allows you to scale up and it allows you to create a business instead of having one restaurant. It's really ironic, George. I had one restaurant for over twenty years, right on hard working in real estate. Within seven years I had over 1500 units. What changed? I mean, I think more than anything, my mindset change and my my willingness to look at real estate as not just landlords, but as an asset and to treat it as an asset and to grow it and to look at every single deal we do as an investment and from there, start scaling that out and add complementary streams of revenue to every single one of those assets. So that mindset took a little while for us to set because you start doing it, you buy your first deal and all. It is, like I said, I'ma do this. I'ma do that. By the time you realize I can't do this all by myself, I don't want to become the mom and pop. How do I scale up? That's when you get to the next inflection point in our lives where you know what, all of a sudden we have to go into to do some serious business coaching, whether it's systems and working out core values and culture that comes later. I mean, the first part is let's start doing a few deals. Let's start building that pot where we can say, you know what, I want to quit my job. That's where I got to the point where I was able to leave my job. Once I left the restaurant, went into real estate full time, like, OK, now we have to figure out how to really create a business with systems.

George El Masri [00:11:13] Yeah, for sure. So at the time, with your first deal, you so it sounds like you were in New York and you were investing it through your partner Jake in Tennessee.

Gino Barbaro [00:11:22] Yep.

George El Masri [00:11:23] So what were you doing? What were your day to day tasks? Associated with that investment, were you involved or were you more of, like the money partner and kind of on that end of things?

Gino Barbaro [00:11:33] I'm going to expand on that because it's a great question. And everyone says, well, I don't have the time. Well, I didn't have the time either. I had four kids at the time. I've got six kids now. We were home schooling our kids at the time. The restaurant demands were 50 hours a week plus. So my day was get up in the morning, do a little school. The kids get to the restaurant by o'clock, have lunch at two from two to three. I'm working real estate at that time. When I first started, we didn't have Jachin yet. So for me it was all about underwriting, all about learning two to three real estate, three to nine restaurant gohome and nine o'clock and continue the business. Right. That's what my focus was. I'd get up early in the morning. I do personal development. I was I was really, you know, diving into it. And I was finding as much time as possible. And I would trick myself in the beginning to say, you know what, I don't have any time. During the week, I actually did a time blocking exercise for 24 hours. For seven days. I did it for a month. I documented every single hour of my day. I'm like, wow, I'm really wasting a lot of time here, you know, watching half an hour of TV here, being on the computer for thirty minutes, you know, doing you all of a sudden you start seeing hours a week that you can recapture. Now, what I had to do was I had to focus on what my wife was. My wife was I didn't want to be stuck at the restaurant, being 64 years old, washing dishes. I didn't want to do that so that I associated that pain of, you know, that long term with the pleasure of, oh, I can sit down and do nothing right now. So that's how I motivated myself into saying, I've got to get ready for this. So when Jake and I bought our first deal, my responsibilities were basically I did the bookkeeping. I actually helped underwrite the deal. As far as tenant problems, resident problems, we managed that very first property. We manage our entire portfolio. But that first property, I actually, you know, taught me how to manage. I had all the management documents. I really helped them out through that. And I was I would say, you know, a long distance I would be more of a long distance third party property going through him. He was the boots on the ground. He'd go on the property sewer problems there where he would address the rent collections and all that. And then we worked together as a partnership. And that's great. The first couple deals, two, three deals. That's the way it worked. But then, as we saw, holy crap, there's a lot of stuff to do you with 200 units now all of a sudden, you know, segmenting those responsibilities. Jake took over property management day to day. I helped them on that aspect of it because we continue to scale. But at that point unit level, we decided, let's write a book, let's document our journey. And we created Jake and Gino. And the great thing about the Jake and Gino education is you start teaching stuff and you start doing these podcasts and you start meeting other other people in the business. You start building up your vendors. All of a sudden I need an inspector. What the inspector just decides to show up. I need to talk to other brokers. Well, other brokers come on your podcast. And for us, it was that dynamic of working in the business property management day to day and having the education day to day. And, you know, Jake Althing was great about Jake is as he's doing, the property manager were able to underwrite more deals, visit more markets, buy more deals. And we're intimately involved in that entire process together.

George El Masri [00:14:28] Yeah, for sure. And it's so I heard you say at one point that you've got to two thousand plus units, is that right?

Gino Barbaro [00:14:35] Not we. Where we are up to fifteen hundred units are first thousand. Yeah. The first thousand units that we purchased, we purchased by ourselves no syndication. It was just me, Jake and a partner Mike. We're able to refinance all proceeds out and go into the next deal. And then about a thousand units. Everyone's talking. The buzzword was syndication, you know, five or six years ago, all of a sudden syndication became the buzzword. And we never really wanted to dove into it. I don't know why. I don't know what the limiting beliefs were like. You know, we have our own capital. We don't need to. But we, you know, bit the bullet. And two years ago in November, we bought our first syndication. I love the model. It's a tool in the toolbox. Not every deal fits the syndication. It's just like owner financing. It's just like partnering up or buying deals by yourself is just one strategy. But it's an amazing strategy because you can get into a deal. You can control a deal with less of your capital. Right. The only problem that I see, it's typically lends itself to where you have to end up ultimately selling that deal. Right. That's your exit strategy normally with the syndication, whereas a partnership that Jake and I have, we have most of our units that we've we've bought back in the day. We still own those. We still want to hold as long term because we'd like to have a little portion of our portfolio just churning out cash every single month where it pays our bills. And then there's a there's another portion of the portfolio, which may be the syndicated portion, where there's more liquidity events, where either you want to refine the deal out or you just sell a dog and get that cash and purpose into another deal.

George El Masri [00:15:55] Yeah, for sure. Now, if we dove into the strategy a little bit. So you're buying these places and Tennessee, can you tell us a little bit about the market in Tennessee? And can you also tell us about how what you were able to do to refinance and pull out your equity?

Gino Barbaro [00:16:10] Yes, capital, the the market in Tennessee. I mean, sometimes, you know. God makes you lucky. I mean, there's no other way to say, why did Jake move to Knoxville, Tennessee, one of the one of the most emerging markets in the country? Even back then, it was like they think the third or fourth city to get out of the recession back in 08. Right. So he goes down there. Tennessee is a growing state. There's a lot there's a lot to grow. You want to see where jobs are going. So when you're talking about multifamily, one of the biggest drivers of multifamily is job growth. Right. And Knoxville has nice, diverse jobs, whether it is Rubbermaid, whether it's Denso Manufacturing, whether it is University of Tennessee, they have got health care jobs. You want a market that's plentiful in jobs, right? You want a market where there's the ability to raise rents. You know, Knoxville's, it was a very affordable market to buy a home, and it still is, although retail prices is year rose to seven percent. And I'm assuming this year is probably another 10 percent rise in prices because people are fleeing from the north, coming down south and pushing prices on top of having next to zero percent interest rates. So money is cheap, but when you're looking at a market, that's what you want. You want some type of population growth or at least population being steady. You want a diverse set of jobs, right? You don't want to end up being where I was in Rochester, New York, where you have Kodak, Kodak goes out of business, you lose your entire employment base. You don't want that. So you want that. So for us, we love Knoxville from that perspective. We got lucky. We didn't know. But as we started buying a couple of deals, we saw this pattern. We're like, you know what? People are moving here. The city is expanding. I mean, these old buildings that were old or being turned, these newer buildings, there's a lot of stuff coming online. So that's what we liked about it. And all throughout the state, I mean, Nashville is one of the top, you know, multifamily markets in the country because you've got country music, you've got the state, you got state capital there, you've got capital jobs, you've got industry there. I mean, everyone wants to go there. So it's another amazing market. So we're lucky with picking Knoxville. So if anyone's listening to this, when you're selecting a market look for a market that really has a diverse job growth, it's got people moving there. And it's also, you know, business friendly. I mean, Tennessee is a business friendly state and, you know, there's no state income tax. So you couple all of that. The weather is actually pretty good. You couple all of that and you see where people are moving. I can rattle off five or six cities right now that people will be like, yeah, you got Phenix, right? You've got Austin, you've got South Florida. You know, you've got, like I said, Nashville, you've got Huntsville. The list goes on. And what they all have favorable business conditions, people moving there and the affordability factor. There's still markets where it's affordable to live in. So that's what I like about Knoxville. It's an affordable market and we have the ability to continue to raise rents in that market.

George El Masri [00:18:47] Absolutely. And in terms of these properties that you were buying, so the first one you bought, twenty five units, I believe you said, is that was that something that needed a lot of attention or was it already or was it already performing well?

Gino Barbaro [00:19:02] Yeah, it was not what we call momentum play. It was definitely what we call the back end was distressed, what you call it nowadays in this part of the market cycle. It's called a value add. It was distressed, right? I mean, we had weekly rentals on there. It was like, you know, you you blow into a mirror. If you have a heartbeat, you are in. Right. And it was a total mom and pop were they were just renting to everybody that had massive turnover. Their expenses were high, their income was high. They were collecting weekly, but their turnover was really high. So for us in this type of the market cycle, we are right now, you may not be able to find properties where you can raise rents. Right? So right now it's more of a valuation through operation. You're looking for operational inefficiencies. And that's what this property had. It had both it had valuation through renovation also. Where you going in there? You're fixing up the units and you're able to raise rents. We did both of those on this property. And what ended up happening was, you know, back then it was it was relatively inexpensive, I think was we paid six hundred thousand dollars, a twenty five twenty five units. I think that's twenty five. Twenty four twenty five thousand dollars per unit was very cheap. But we have to remember when we take a walk down memory lane back in 2013, rents were three hundred bucks a month. That's what rents were for one bedrooms. Now they're more than double. So that's why prices have doubled and tripled and cap rates have compressed. So back then, you're looking at the whole economy as a whole. There was a lot of risk back in 2013, 14 and 15. You know, GDP was still at one percent. The business sentiment wasn't there. And, you know, it was a risk. Again, at the multifamily, there were other assets that were performing better. We were just fortunate to get into that market. And what we did on that property, we're able to really within 18 months clear out the tenant base. We're into monthly renters, really, because we had much better stable base. We made it a safer environment. We had cut down on the turnover. We cut expenses and the valuation. Eighteen months later, we were able to, you know, refinance out over one hundred eighty thousand dollars on that deal. And what we did, we took that money and we rolled it into the next deal. And, you know, anyone wanting to look to refine a deal, we call it refind roll. You have to look at the property. If you can increase the property's value by 30 percent, then you will be able to refinance up all of your proceeds. That's what you need to do. You need to, you know, at least get the value up by 30 percent of what you paid for it. So that that means, you know, the cost of capital. That means your purchase price plus any CapEx that you're putting in. Once you put those two numbers together, 30 percent increase in that value, you'll be able to verify that your money out of the deal.

George El Masri [00:21:20] Yeah, and at some point you mentioned operational inefficiencies because you may not be able to increase rents in certain cases. What are some examples of these inefficiencies that you mentioned?

Gino Barbaro [00:21:31] So for us, it's not a long term strategy. Where are you going to cut costs and run these costs at a bare minimum where you're like, I'm getting of the property manager, I'm going to do it myself. I'm talking about stuff like, you know, you're paying seven thousand dollars a year for garbage when you can cut the garbage bill down to two thousand bucks. Well, why do you have phones for the place where there's nobody there with phones or Internet service? Right. All of a sudden, contracts, you know, landscaping, landscaping was exorbitant. They were paying cable for the for the residents. They thought they needed to pay a cable bill. Six thousand bucks. I still remember the six thousand dollars a year. I mean, when you talk about you're cutting down a 10, six thousand dollar cable bill and a five thousand dollars in garbage, that's ten thousand dollars a year. I mean, if you take that at a five cap, the valuation that you created by cutting 10000 dollars in unneeded expenses is enormous. They weren't billing back to residents for water. That was another huge value add components. Right. Utilities were really high. So they had they were not being proactive utilities. If there was a leak, they wouldn't go check the leak, which was huge, which was a big mistake. I remember them having four garages on the property. Not only were they unkept, and they were just they were just unsightly. There's so much crap in them. We pulled it out, clean them up all for renting them out for fifty bucks each other. Two hundred dollars a month in income. When you're looking at your expenses, really want to tighten up the expenses. You want to audit of everything that you're looking at. You're looking at your insurance. Go out and get three quotes from every, every vendor you have, whether it's landscaping. Like I said, even your accountant, they had no they had terrible accounting. They're paying so much for their LLC preparation. So when we got on, we figured out we need to figure out what other expenses we can cut. So you're talking garbage. Let me say it again, garbage, landscaping. The insurance bill is exorbitant. There was a lot of expenses that they're overpaying on when you factor all of that in one dollar of expenses saved goes directly to a dollar increase in A.I.M. So that was really, really huge for us.

George El Masri [00:23:22] Yeah, absolutely. So that coupled with increasing rents and so kicking out the weekly tenants or the tenants that are on a weekly contract and putting in monthly tenants to reduce turnover, that probably reduces your vacancy rate.

Gino Barbaro [00:23:36] And that's right. You're right. So that's the other thing. The repairs and maintenance dropped dramatically. Thank you for reminding that, because all of a sudden you're not turning units every two months. Right? You actually have a tenant in there. They're probably there for twenty four months now. So that those turn costs, you know, paint and flooring, we like to say, are the bane of any multifamily existence. The two biggest costs when you're turning a unit. So if you can, you know, push it off every twenty four months instead of every three or four months, that saves you a ton of money. And not even that the cost of having an empty apartment for thirty days is it's becomes exorbitant when you break it down because a multifamily you're selling time. When that airplane lifts off, those seats are empty. You're not getting that money back. If you have a vacant apartment for twenty or thirty days, you're not getting that money back. That money is completely lost. So there's a there's a hidden costs right there that no one really sometimes they don't factor that into it, into the equation.

George El Masri [00:24:25] And at this time. So you've obviously acquired a lot of units. How were you able to find all of your deals? Do you have someone that's constantly looking for you or is it a combination of factors?

Gino Barbaro [00:24:36] Well, right now we're doing a texting campaign where we skip tracing and we're getting out there. We got a list of owners. You need to be proactive in this part of the cycle. Right now, it's January of twenty, twenty one. I think things and to start opening up right now, there are deals have not been hitting the market and the ones that have the IRS are just low. The sellers know we've spoken. There's a big delta between what sellers are looking to, to sell it at what buyers are willing to pay. That's going to have to that's going to have to compress at some point what you need to do. If you're in multifamily, you need to get out there and you need to start talking to the brokers in the market, get on their lists, start doing property tours and be in it for the long term. And if you're in the business right now, if you're not doing that, that's going to haunt you, because everyone always says to me, you know what, I'll get into multifamily when the deals come or the market crashes. You're not going to know when that happens because you're not going to be educated on it. You're not going to have those those relationships. It takes time to build these relationships. Right. Brokers want to do business with people they know, like and trust. Can you close a deal? Are you saying what you're going to say you're going to do? So there's a lot there's a lot of things that need to be done. In the meantime, if you're not looking for deals right now, you can't find deals. There's other things that you can do multi-family right now, work on your systems, work on your website, work on creating some content, becoming a thought leader, write a book, write right, e-books, great resources. Go out there and do investor webinar, start creating your base of investors. So you need to find you know, you need the capital in your syndicated deal. You have that list right now. I think most people just focus on doing deals. They'll say, OK, yeah, the money will come when when I find the deal. No, you need to be doing both at the same time. And I think now is a perfect time because I think people understand the stock market's a Ponzi. You look at the Tesla. And you look at Krypto, that's just it's just called a zero rate inflation, that's what is going on when you have zero zero percent interest rates, that money has to flow somewhere. And I think people intuitively understand that when that stops, man, someone holding the bag on that they're going to get really hurt. So, hey, listen, multichannels here, inflation's coming. We're a hard asset. We're a basic human need, food, clothing and apartments. Come look at what this asset class can do for your portfolio.

George El Masri [00:26:38] Yeah, absolutely. Well, that's great. We covered a lot of ground here. I think there is tons of content for people to digest. I wanted to jump into the next section, but before I do so is there any final thoughts on what we've been discussing?

Gino Barbaro [00:26:51] I think, George, only what I would say to everyone listening. As we all know, everyone on this podcast listening is in multifamily. We all know it's the right place to be now. And long term, figure out why it's the right thing for you. For me, it was the right thing for me because I wanted my lifestyle to run my business. I didn't want my business. The restaurant running my lifestyle and multifamily allowed me to have a great lifestyle. I moved from New York down to Florida. I've got my family working in the business now. We're educating, doing podcasts and writing books. So why is multifamily right for you? And if you think it's the right vehicle and you have a big enough, why, you will figure out how to do it long term. And I think, George, the other thing think of this is a long term venture. It's not that instant dopamine hit. Where are you going to do a transaction every 30 or 60 days? It's hard work. I mean, you're going to get in there. You're going to put a lot of work on the front end. You're not going to see results and putting more work and not see the results. Trust me, I've been there and I'm still there all the time. I sometimes I have to remind myself Rome wasn't built in a day. You know, you have to slow down. Things will work out. But if you continue to persist and put in that effort, the results will come.

George El Masri [00:27:55] Oh, I agree with you. Hundred percent multifamily, especially when you're talking about twenty plus units, it takes a long time to see the results. You've got to work hard, hard, hard, and then after a long time, that's when you see it. So I agree with you on that. So let's jump into the next section, which is the random five. I'm going to ask you five random questions and you just tell me the first thing that comes to mind. And these are totally random. So some of them might be a little bit funky. But anyways, so, number one, if you had unlimited funds to build a house that you would live in for the rest of your life, what would that finished house look like?

Gino Barbaro [00:28:29] It's crazy. I don't have the desire to do that. But the house with that house would look like it would probably be on the beach, would probably be a thousand square feet, four car garage. I've got six kids, so each kid has their own bedroom and I have my own studio where I can have my own beautiful office and just walk in, flip a switch. Lights go on, camera goes on. That's my

George El Masri [00:28:49] dream girl. That sounds great. Right on the water to what's the best way to spend your money.

Gino Barbaro [00:28:56] That's way to spend my money. Give it to my wife and kids.

George El Masri [00:28:59] Yeah. Well, what would be the funniest thing to fill a pinata with.

Gino Barbaro [00:29:08] Well, if my kids were hit and I like to put a little fireworks crackers in when they hit, it explodes on them.

George El Masri [00:29:14] I like to put in there. All right, cool. Number four, what's the grossest food you can't get enough of?

Gino Barbaro [00:29:20] And. That's a great question. I like octopus. I don't know the building, it's gross. They might look it does the gross, but I love octopus. Yeah, yeah,

George El Masri [00:29:33] so do I. So do I. That's awesome. And number five, what success principle do you live by?

Gino Barbaro [00:29:41] Success principle, I like I'd say, like I said, I'm reading the seven seven Habits of Highly Effective People, an amazing book, and I just started rambling, you know, page 40 of it. But he talks about character traits, right? Instead of personality, I think we need to build our character up first. We don't need to be falling in love with this image that we need to be portraying. We need to work on ourselves first, work on our why, work on our integrity, work on our humility and work on the person that we need to become inside. So then when something happens, something's hard, we can deal with it. It's not about blaming others. It's about taking responsibility for ourselves. And then once we take that responsibility, once I started taking responsibility back in 08, everything changed. I didn't blame Obama as the president. I didn't blame the economy. I didn't blame the weather. There was nothing to blame but myself. I was there and my results were from what I had put into my life. Once I realized that everything changed. Once you realize that you're responsible, being responsible means you have choices, means there's hope. Game over everybody 100 percent.

George El Masri [00:30:40] Well, that's great. And we pretty much covered everything. Yeah. So I guess to finish things off, how do people treat you and what services do you provide.

Gino Barbaro [00:30:49] What are they going to do is just go to Jake and China.com. We have a great website we do for weekly for weekly shows on our podcast. You go to the Jake and Gino channel. If they want to reach out to me, just email me at Jeno, at Jake and dot com, and I'll give them a free PDF copy of Honeybee creating complimentary streams of. It's a great book. It's a business parable. It's easy to read it just sound principles about business. Sometimes you're you're you're there thinking to yourself, you know, how do I do something? Well, the book will tell you, you know, maybe it's not how, maybe it's who who can help you. All those different principles. We need to start scaling up a business and adding other streams of revenue. And I just I love being part of the community, creating that because multifamily is a team sport. If you're out there trying to do it by yourself, he talks about it in the book. You know, you can't you can be independent, but being interdependent in this world is going to make you so much more successful.

George El Masri [00:31:38] Definitely. Definitely. You know, I appreciate everything you shared today. Thanks for sharing your story and sharing so much great content. And I wish you all the best.

Gino Barbaro [00:31:47] Thanks. I appreciate you having me on. And everybody, let's go out there and let's just make it happen.

George El Masri [00:31:52] All right? Take care, Gino. Thank you. Thanks once again for listening to another episode of the Well Off podcast, just want to remind you that if you do appreciate the content, all I ask is that you comment, maybe like it if you can, on the platform that you're listening to it on and finally share it with friends and family. I'd love to get the message out there and it would mean a lot if you can share it. And finally, I just wanted to offer you as a valued listener, a free copy to the roadmap to real estate investing, which is a document that I've put together which helps you identify what strategy would best suit your needs at this current time. You go over certain things that are included in this document step by step, and it'll hopefully provide you with some clarity. So have a look. You can go to w w w well off Dasia Forward Slash Guide to download your free copy.

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