To me, property management is literally the hardest, most thankless part of real estate investment. Lousy property management can wreck a great deal. Excellent property management can turn around a...
The weekend of August 24-26 saw BAM’s founder and CEO, Ivan Barratt, attending the Rod Khleif Multifamily Bootcamp in Chicago. The Multifamily Bootcamp boasted industry insiders of all different kinds: sponsors, brokers, property managers, syndication attorneys, and more.
Ivan sat as part of the on-stage panel and shared his thoughts and experience with the industry crowd. Over the course of several hours, Ivan dispensed with his own personal insight into the multifamily investing market, and we look at his top three take-aways from his time as a panelist.
As background, Ivan Barratt got his first taste of real estate doing landscaping and other manual labor for rental properties his father owned when he was young. Ivan later graduated from Indiana University where he’d completed their prestigious real estate program.
After earning his degree, Ivan took a job where he essentially worked for free, earning only commission on what he sold – first condos and later land. In 2008, he had a front row seat to the Crash – which he credits as a huge learning moment. Ivan began his own investment career by living in one side of a duplex and renting the other; and despite some early missteps that he also credits with teaching him what not to do, he consistently kept moving forward and finding bigger and better deals.
Although investing was what he wanted to do, Ivan also realized he needed a solid vehicle to get him where he wanted to go: in 2010 Ivan formed a property management company and was able to continue pursuing investments through his continued success with Barratt Asset Management. Ivan has also noted in several podcasts that he realized that simply chasing “the next big deal” to flip wasn’t the path to success; instead being diligent, patient, and finding good deals with a focus on cash flow is a better strategy.View More Articles