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Today on the Real Estate Lab Podcast, join our host Vee Khuu and his guest, Joseph Bramante as they talk about his story of being a newbie who got scammed to a successful CEO working with family offices. Joseph is the CEO and Co-founder of TriArc, a real estate investment company based in Houston, Texas. They acquire and develop multifamily properties.
Outline of the Episode:
[01:06]Joseph Bramante got into Real Estate by accident. How did he get scammed?
[04:28] One of Joseph’s ambitions is to build the tallest building in Houston.
[06:19] The first deal Joseph bought is a 26-unit property.
[08:35] What were the books Joseph read before he decided to buy a property?
[12:05] The mistakes they made when buying the 26-unit property.
[17:40] Did they do any financial due diligence checklist?
[20:34] Joseph’s job at ExxonMobil got terminated, found out his insurance was a scam and was notified that the property he bought that was undergoing renovation had asbestos.
[23:03] The importance of having a good network. How did Joseph meet his two partners?
[26:17] What did they do to solve their problem with the property?
[32:15] Joseph went against what everyone was saying in his mentoring group about what he should do with the property and succeeded with his plan.
[35:19] With all the experience he has now, what are the things he would do differently with the 26-unit building?
[37:42] What will happen to syndicators with overpaid deals especially now with the pandemic?
[43:44] Abuse of the eviction moratorium can severely hurt the real estate industry. Building a good community and staying in touch with your tenants is important.
[48:40] Examples of states that are pro-tenant and pro-landlord.
[50:50] What’s the most important thing you need to know before accepting a deal?
[54:15]Limit the size of joint ventures because it can cause a lot of miscommunications. Join smaller groups that are established.
[57:38] What is Joseph and his team doing that is better than 90% of people in the Real Estate industry?
[58:39] Accountability in business or company is critical.
[01:01:45] What market and unit size is TriArc’s forte?
[01:03:36] Joseph shares the markets you should avoid.
[01:07:18] What are the problems that can make apartment management extremely difficult?
[1:11:41] What's the hardest thing about being an owner-operator?
[01:20:12] How has Joseph’s background with working for Exxon helped him with dealing with the institutional field?
[01:23:54] The pitfall of being a passive in a deal with a family office.