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BAM CEO Ivan Barratt’s Advice from the 2018 Multifamily Bootcamp

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.

Top 3 Tips from the 2018 Multifamily Bootcamp

  1. There are still exciting opportunities in the marketplace.
    Ivan has said many times that in searching for a good deal, they’ll look through 200 possible deals before finding that one great opportunity. He stresses doing your homework, being diligent, and knowing what to look for. For those just getting started, Ivan recommends underwriting 100 deals to get the feel of what makes a good deal. Don’t despair that all the good deals have been made, but don’t expect finding one to be easy.
  2. Most people need to identify if they’re an operator or an investor.”
    This follows Ivan’s solid advice about focus and targeting your goals. Knowing what your goals are, and how you want to function in the multifamily industry is key to success. In a previous podcast, Ivan also urged listeners to be unafraid to pivot or make a course correction if need be in pursuit of achieving your goal.
  3. Persistently persevere.”
    Perhaps some of the most optimistic advice, Ivan discussed how anyone can do this; however, the caveat is that you’ll need drive, commitment, and work ethic. Ivan consistently urges anyone interested in getting involved in multifamily investing to set a schedule for learning the industry: regularly read industry material, network, and work toward learning whatever you can. Just as Ivan had setbacks himself, you may also have setbacks; hopefully, like Ivan, you’ll be lucky and set yourself up to “fail small” (if you have to fail at all) and learn from the experience. By “persistently persevering” you’ll learn and grow in the industry and keep working toward bigger and better deals. Ivan certainly utilized his strategy of perseverance into his present-day success: continuing to raise capital and a current $150 million in assets under management.

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.

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