I had the pleasure of speaking with Joseph Bramante. He is the co-founder and CEO of TriArc Real Estate Partners, a wholly integrated multifamily investment company. He purchased his first multifamily property in the US in 2011, sight unseen, while working as a business team lead for ExxonMobil in Papua, New Guinea. Today, along with his business partners, he has grown a portfolio of over 1100 units, increasing NOI (net operating income) by over 80% on average within 48 months post-acquisition.
Let’s jump into Joseph’s story and get expert advice from a real estate pro!
Things you will learn in this episode:
[00:01 - 04:29] Opening Segment
- How to get in contact with Joseph
- Joseph talks about his career background
- Joseph shares the beginning of his journey in real estate
- The ‘take action’ mindset
[04:30 - 22:59] Idea of Lose and Losing
- Joseph talks about his first deal with 26 units
- It took 6-9 months to find the deal
- Didn't have any experience with multifamily before
- He partnered up with a friend that did not have any experience as well
- Leading himself and his friend based on the information he got from books
- Do the same due diligence as buying a house
- Joseph talks about some missteps that he took
- Did not have the detailed plan upfront before he closes the loan
- Had some scope growth
- If you are interested in getting into multifamily or scaling your current business;
- hop over to our website myersmethod.com to grab your free four-step guide on how to get the ball rolling!
- Joseph talks about the AC process of getting a permit
- Missed the submission of environmental
[23:00 - 38:19] Fixing it with the Right People
- Joseph talks about the local rose group that he joined
- He got a mentor and got some help
- He cashed up his 401K
- Doubled his original investment
- Still on the mindset of saving his money and making real estate as a side job
- Almost lost everything with loan
[38:20 - 42:44] Closing Segment
- What are your words of wisdom to our listeners?
- “You never gonna know or be ready until you do it.”
- Joseph talks about the Cap rate compression he got on his first deal
- Part of his success was getting the right team around him
- Final words from me
Tweetable Quotes:
“Make sure you at least 80-90% of your detail plan before closing the loan .” - Joseph Bramante.
“Make sure to distribute some of your savings to make an artificial paycheck to yourself .” - Joseph Bramante
“It is not a one-man show; you have to bring in people to partner with you.” - Joseph Bramante
You can connect with Joseph on LinkedIn, and you can also visit the website at www.triarcrep.com or email him to info@triarcrep.com
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