My Worst Investment Ever Podcast
Business:Investing
BIO: Gino Barbaro is the co-founder of Jake & Gino. He is an investor, business owner, author and entrepreneur. As an entrepreneur, he has grown his real estate portfolio to over 2,120 multifamily units & $280,000,000 in assets under management.
STORY: Gino invested and lost $172,000 in mobile home parks that he didn’t even know what they looked like or where they were.
LEARNING: Know your values before you form a business partnership with anyone. Do due diligence to understand what you’re investing in.
“A person with money needs a person with experience. The person with the experience gets the money. The person with the money gets the experience.”Gino Barbaro
Guest profile
Gino Barbaro is the co-founder of Jake & Gino. He is an investor, business owner, author and entrepreneur. As an entrepreneur, he has grown his real estate portfolio to over 2,120 multifamily units & $280,000,000 in assets under management.
Gino and his partner, Jake, are teaching others how to do the same through Jake & Gino, the premier multifamily real estate education community. Their students have closed over 71,000 units and have $4 Billion in deal volume!
Gino is the best-selling author of three books, “Wheelbarrow Profits,” “The Honey Bee,” and “Family, Food and the Friars.” He currently resides in St. Augustine, Florida, with his beautiful wife Julia and their six children.
Worst investment everIn 2005, Gino had $172,000 sitting in the bank. His friend and accountant told him of an investment from a gentleman he’d been investing with for years. The gentleman was doing mobile home parks.
Though Gino knew nothing about mobile home parks, he was interested in the investment. He met the gentleman, who came driving a gold Maserati. He pitched him this syndicated deal. The parks were in Florida, but Gino never went to see them. He believed the gentleman’s word.
The first six months were great, and Gino was getting distribution checks. Six months later, the checks stopped. Gino and his accountant decided to find out what was happening. They searched the parks online, and what they saw was awful. The parks were in the middle of nowhere. No one would want to buy them.
Lessons learnedGet on the plane and fly down to the property. Take some pictures, then make your decision whether to invest or not.
Gino’s recommendationsGino recommends listening to podcasts on his website to listen to interviews of thought leaders, people who think outside the box, and entrepreneurs. The website also has a ton of other valuable resources.
No.1 goal for the next 12 monthsGino’s number one goal for the next 12 months is to close another 300 real estate deals. He also hopes to continue to scale the education company and bring more students on.
Parting words“Continue to listen to this podcast because you’re going to hear a lot more horror stories in the weeks, months, and years to follow. It’s only beginning.”Gino Barbaro
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Connect with Gino Barbaro
Further reading mentioned
Chris Ball - If They’re Not 100% Right, Don’t Hire Them
Vivek Raina - Nobody Can Beat You at What You’re Good At
William Cohan - Power Failure: The Rise and Fall of An American Icon
Tony Fish - Be Brave to Ask the Unsaid Questions
ISMS 40: Larry Swedroe – Market vs. Hedge Fund Managers’ Efficiency
Chris Kendall - Don’t Underestimate the Funding Needed to Go Big Time
Riggs Eckelberry - Don’t Go into Any Industry Unprepared
ISMS 39: Larry Swedroe – Don’t Choose a Fund by Its Descriptive Name
Lark Davis - Take Your Profits and Run Away
Sam Primm - Be Intentional About What You Invest In
Marc Faber - The Value of True Diversification
Coach JV - Diversify Inside and Outside the Asset Class
ISMS 38: Larry Swedroe – The Self-healing Mechanism of Risk Assets
Solomon Thimothy - Give Yourself Permission to Fail
Anthony Greer - Be Patient and Willing to Get Rich Slow
Kevin Sutantyo - You Have to Back the Right Founders
Dan McClure - Understand Who You Are and What You’re About
Bryan Kramer - Be Human and Build Relationships
Andrew Stotz - 8 Benefits of Increasing the Profits of Your Business
Nathaniel Harding - One Risk at a Time
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