Ep. 59: Find Deals and Stop Chasing Returns with Ivan Barratt

Growing up in a family of investors, Ivan Barratt had a taste of real estate during his formative years. Since then, he had set his goal of becoming an investor himself. He studied about the industry and even worked a commission-based job just to gain experience. At his lowest point, he started a property management company Barratt Asset Management out of his spare bedroom and slowly began acquiring properties.  Fast forward, he became a multifamily owner, manager, and syndicator, who specializes in an agency and FHA finance project. Based in Indianapolis, he focuses on strong Midwest markets with a long-term strategy. On this episode, he shares his thoughts on managing properties, finding deals that work, growing markets, and financing opportunities.     Key Market Insights      Grew up in a family of real estate investors, influencing his vision    Graduated from one of the top real estate schools, Indiana University    Worked on commission-based as an in-house salesman for a local developer    Started Barratt Asset Management (BAM) out of his spare bedroom in 2010    Leveraged BAM as a vehicle to acquire assets and generate cash flow    Manages over $150 million of real estate    Recently closed a 163-unit apartment community    Property Management Company - provides relevant and honest information regarding your chosen market and expected type of tenants    Current underwriting strategy: Does not chase internal rate of return and cap rates    Indianapolis Market is gentrifying economically: New developments & constructions, and diversified job growth    Other Markets: Suburb Northeast of Indianapolis (McCordsville), Southwest Ohio, Kentucky    Good Location: Strong school districts, diversified employment, new developments    HUD Financing: Long-term financing for ABCD assets with 85% LTV for acquisition, replacement reserves and renovations    Currently writing his book and redoing his website   Bull’s Eye Tips:   Winning Your Market: Persistence   Tracking Marketing Changes: Be curious every day. Read a lot of information. Be diligent.   Daily Habit: Keep God and family first. Work out in the morning.   Resources:   HUD Financing     Book Recommendation:   If You’re Not First, You’re Last by Grant Cardone    Principles by Ray Dalio   Collusion by Luke Harding      Digital Resources   Evernote Slack     Tweet This:   “Instead of focusing on how much you could earn, focus on how much you could learn.”   “Get on a team with a track record, if you know you need help.”   “Take small steps on a daily basis to cultivate relationships.”     Places to Grab a Bite: Spoke & Steele     Connect with Ivan:   Website: www.barrattassetmanagement.com/ Phone: 317.762.2625       Leave us a review and rating on iTunes or Stitcher. Be sure to check out more info at TargetMarketInsights.com.