WS1548: How to Start A Multifamily Business | Ivan Barratt

Starting a multifamily business, or any business, is not a walk in the park. There are many things to learn, unlearn, and even relearn. There are many hardships and obstacles that will surely come your way. Often, these are called birth pains. But, once you have established your business, there’s no other way but to go up.

In the first episode of our three-part series with Ivan Barratt of BAM Companies, he tells us how he began his real estate business and grow it to how it is today. Ivan kicks off by sharing about BAM Companies and how vertically integrated the company is. He then shares that he started the company in his spare bedroom and doing it all at first. He also talks about the importance of having a coach, the people you are working with, and getting your family’s support. Listen now and be inspired by Ivan’s journey!

Key Points From This Episode: 

• Ivan talks about BAM companies and how they are vertically integrated.
• Ivan shares that he started back in 2010 by running his own property management.
• Why did Ivan start property management first?
• When did Ivan realize that he can scale his business and do a large apartment building community?
• Why is building relationships with your clients important?
• What were the difficulties that Ivan faced when closing his first deal?
• Ivan shares how he and his wife overcame the struggles of getting their first deal done.
• What would have Ivan done differently knowing what he knows now?
• Ivan emphasizes the need of having a good coach.
• What helps Ivan and his business not fall apart?

Tweetables:

“We don't go to big institutions, we democratize real estate for the individual investor.”

“I've realized that one of the secrets for me (is), this is my journey, everybody's got a different one, but one of the secrets for me was I had to first do what I hate in order to one day get to do what I love.”

“I had this idea that if I could figure that out on the small stuff first, that that would aid me in the future when I started doing bigger deals.”

“The real key is action, no matter how small the step is.”

“I'm a huge proponent of having a coach in my life in any area that I want to improve.”

“My best assets are the people that work alongside me that bought into our vision.”

Links Mentioned in Today’s Episode:

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