Ivan Barratt, CEO and founder of Barratt Asset Management, was recently featured in a podcast on Old Dawg’s REI Network online. Old Dawg’s REI Network is dedicated to providing tips and guidance for those interested in real estate investment as a way to provide income at retirement age. In the podcast, BAM’s CEO, Ivan Barratt, discusses his background, philosophy, and gives advice on growing and scaling a real estate investing business. You can enjoy the podcast in its entirety below:
Ivan discusses his early history and growing up working at his father’s investment properties. This early manual labor, mainly consisting of outdoor landscaping work, helped to spark Ivan’s motivation for higher education – but also lay the groundwork for his interest in real estate investing. Despite having grown up experiencing some of the real estate investment world, all was not immediately smooth sailing. Ivan also shares some early missteps, including some rough years that saw him digging his way out of some six-figure debt before finding his winning formula.
In the podcast, Ivan talks about his current recipe for success at BAM, which includes finding the right people for the team and making sure they’re well-compensated and treated like family. He also advises to take care of the maintenance team members because they provide such vital services to the overall investment. Taking care of the maintenance team is something we’ve written about before, including in our recent post on winning an award at this year’s Indianapolis Apartment Association Maintenance Mania event. He also references his partner, and BAM COO, Adam Ehret and discusses how having a balanced skill-set between partners benefits the firm.
Ivan also gives plenty of information about BAM’s current portfolio, including Indiana and other nearby markets. He discusses the growing competition in the Indiana-area market, and how it’s necessary to examine many potential deals in order to find one good, solid investment. One interesting side note is that Ivan says most deals are actually off-market and come via referral. Ivan offers plenty of advice about financing, and gives great details on the type of financing that has worked best for BAM, including FHA and HUD. While many people may not always realize it, he mentions how HUD backs a variety of asset classes, for example. He cautions would-be investors that these solid forms of financing do require a lot of “hoops” to jump through. Ivan includes advice like education being important, but so is action. He also advises to buy and hold property and to try and see available opportunities and use real estate to solve problems, like helping people in distressed housing, etc. Ivan Barratt reveals his goals for the future, which include managing 20,000 units and growing two companies from the asset management firm.
BAM’s founder and CEO offers insight and wisdom gained from a career in the multifamily industry and learning from both success – as well as from failures. From successful investment strategy to property management and team building, Ivan Barratt gives his unique perspective in this podcast those interested in growing their real estate business will appreciate.