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:
Book Recommendation:
Principles by Ray Dailio
Collusion by Luke Harding
If You’re Not First, You’re Last by Grant Cardone
Digital Resources
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 – https://spokeandsteele.com/
Connect with Ivan:
Website: www.barrattassetmanagement.com
Phone: 317-762-2625
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