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This course will teach you how to acquire a valuable multifamily asset at the right price. You will learn what a “Mom and Pop” apartment is, a term that we invented to describe underperforming multifamily assets. It is our niche within a niche.
Multifamily properties are where you should be investing to create wealth and generate passive income, and mom and pops are that niche within a niche.
In this course, you will learn how to locate one, how to analyze one, how to create value with a mom and pop and how to reposition a mom and pop into a cash machine.
You will learn how to implement our three-step repositioning framework:
Finally, our case studies will show you how this underutilized niche can create wealth for you by outlining our successes and failures.
Learn from Jake and Gino, who exploded their mom and pop portfolio to over 600 units in only three years utilizing these same strategies. You can do the same with relative ease, and this course will show you every step you'll take to get there.
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|Section 1: Changing your paradigm to "Mom & Pop" to discover assets with profit potential|
Introduction to discovering the best possible multifamily propertiesPreview
|In this lesson, you are going to learn what a “Mom & Pop” is and how to recognize opportunities in these properties. You will also learn to identify how the owners are running their properties ineffectively and what you can do to solve the problems. This is your first foray into the realm of mom and pops. So let’s get started.|
|Lecture 3||12 pages|
|Discover a newly defined niche in real estate investing and how you can cash in on this overlooked market. Mom and Pop apartments create the biggest opportunities for value-add investing, period!
We have coined the phrase to describe a property that is being run inefficiently by small business owners. Learn how to identify a mom and pop property, how to purchase a mom and pop and create massive value, and ow to reposition a mom and pop property into a cash flowing machine!
|Section 2: Case Studies, learn the exact steps we used to discover and monetize properties|
|Learn how your first mom and pop property can change your life and how you can discover value where everyone else sees disaster. Find out how you can acquire property for a great price with owner financing. We are going to outline the steps we took to reposition this multifamily property and restore it to its former glory for you, so that you can do the same. We want you to avoid the tremendous amount of grief we went through, but still get massive value from the lessons we learned the hard way. Finally, learn how you can potentially get all of our money back and then some, like we did. We'll show you every step we took.|
|Let’s move onto the granddaddy of mom and pops, a 281 unit multifamily property in Jefferson City, TN. This property also displayed characteristic mom and pop traits and had enormous potential. Listen as to how we were able to secure owner financing to close this deal with no money out of our pocket. We will discuss how we found this deal and how we were able to score with owner financing.|
|On our third deal, we were able to acquire a one hundred and thirty six unit mom and pop. Find out what made this property extremely attractive and what we did to increase the value from $4.075 million to $6.3 million in only eighteen months. Listen as to what we fixed on the property and how we began to run the property as a business. We will show you how we were able to increase revenue from $53,000 per month to over $85,000 per month in only twelve months.|
Trait 1: Partnership Traits
|We will list all of the business traits to look for when investing in mom and pops. Such traits include vacancy rates, deferred maintenance and below market rents. Learn how to spot these traits and come up with a solution. Check out how we run our properties efficiently and market our properties on the internet.|
|A very powerful testimonial from Gino on performing due diligence. Many mom and pop properties are not in compliance with the local building codes. Make sure you perform your legal due diligence to see if the property has any violations, such as illegal apartments, improper fire safety protections or zoning issues. Once you purchase the property, these issues become your issues.|
|Find out all the different circumstances that create a motivated seller in a mom and pop property. You may encounter an individual who inherited a property, a person who is ready to retire or an individual who is dealing with health issues. These traits are important to observe because they will allow you to find motivated sellers.|
|Section 3: First steps to Manage Right, following your acquisition|
Now that you’ve purchased your first mom and pop at a great price, what do you do? It’s time to implement our three-step repositioning framework: Fill vacant units, implement RUBS and raise remaining rents to market. Learn our recipe when we take over a property and how we attack the problems that we encounter. Renovate the exterior of the property and start your improvements to the individual apartments.
Buy Right Wrap Up
What started out as a conversation between friends has exploded into a thriving real estate investment and consulting business that continues to grow in size and profitability. Jake Stenziano and Gino Barbaro are now considered two of the most sought after experts in real estate investment and have achieved, in just a few years, the sort of financial freedom they always wanted but weren’t sure was possible. And while a certain amount of timing, coincidence, and luck brought them together, through their courses they will be your partner, bringing that same luck, and years of experience, right to you every step of the way.
Financial freedom isn’t just a dream, it’s something everyone can find for themselves. While you’ll be responsible for finding the properties, within these lessons you’ll discover not only tips and best practices for uncovering that first opportunity, but a framework that will allow you to grow your portfolio from a single property to multiple revenue generating investments.
"I'm not going to kid you, it takes work. But having the right partnerships and people with the experience to guide you through those challenges you will face ... that's what gets the results you never dreamed possible. You can do it - and we'll be here for you every step of the way" - Gino
Gino Barbaro graduated from Fairfield University in 1992 with a degree in finance, and subsequently struggled to locate a job in the terrible economy. He was fortunate to locate employment with AIG, though it was only through a bit of lucky networking that he was able to do so. He worked in the reinsurance accounting department, and quickly realized that watching paint dry was more pleasurable than working in insurance. Gino’s father owned a restaurant where Gino had worked since he was eight years old and he returned there, rather than languish in a cubicle.
Gino still runs the restaurant to this day, but he realized years ago that, while running the restaurant was a great job, it would not allow him to accumulate wealth. That dream of financial freedom was ever present, but it seemed like it would always be just out of reach.
In addition to the restaurant, Gino’s parents had also owned a number of investment properties, something which intrigued him. Following their example, he purchased his first multi-family property in 2002. The property consisted of a three-family home with a detached garage and office. The home was next to the restaurant and he could use one of the garages to store supplies and merchandise for the restaurant. The problem was, he wasn’t quite sure what to do next. He began studying, learning more about the real estate industry and waiting for the right opportunity to come around.
Jake Stenziano was working in sales for a top three pharmaceutical and vaccine manufacturer. The job paid well enough, and helped he and his wife get by, but as with most jobs in that field it would never be enough for them to truly be comfortable. In trying to get ahead and make those dreams of financial freedom slightly more attainable, Jake pushed for a transfer from Westchester, New York to Tennessee, where the cost of living was lower.
At the same time, he knew that his career was far from secure no matter where he went. The pharmaceutical company he was working for had six layoffs in eight years, resulting in thousands of lost jobs. Feeling like it was only a matter of time before his number was called, Jake began thinking about how he might secure a future for himself where he wasn’t at the mercy of a corporate axe.
The one solution that stuck out to him came from one of his clients, a doctor he met with frequently through work. The doctor told Jake that the secret to attaining wealth had nothing to do with finding a great job or getting lucky. The secret was in real estate. It was an attractive idea, but Jake knew nothing about the market. He began doing some research, and resolved to see if he could find property in Tennessee to begin his investment portfolio.
What he found was that, much as the cost of living was lower there, so too was the cost of investing in properties. What’s more, he identified a potentially lucrative market that seemed virtually unnoticed by the investors in the area: multifamily properties. Jake realized that these were self-sustaining, in that they could literally pay for themselves, and that there would always be a need for these apartment and condo complexes. It seemed too good to be true. He was moving someplace where he could live more comfortably and, potentially, start experimenting in real estate. Still, he wasn’t totally comfortable with the idea of risking so much, and he too found himself debating what to do next.
Jake happened to frequent Gino’s restaurant, as he was friends with Gino’s brother Marco. On one of his last trips in before moving, he found himself at a table talking to Marco about his plans. It turned out that Marco had begun investing in real estate with Gino.
“Yeah, you should talk to my brother about that,” Marco said. “He knows all about it.”
Marco wasn’t kidding. Gino had come a long way from a guy who didn’t know what to do with his first multifamily property. When Gino and Jake sat down, they instantly found that they had the same goals. What’s more, Jake had the perfect opportunity for them in multifamily real estate, and Gino knew the ins and outs of the business already. With Jake on location in Tennessee and Gino ready to share everything he knew about investing in real estate, they founded their partnership right there and never looked back.