Adam Torres and Joseph Bramante discuss multifamily passive investing.
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Show Notes:
Multifamily passive investing is the route many have taken to achieve financial freedom. Have you considered how this strategy may fit into your overall investment portfolio? In this episode, Adam Torres and Joseph Bramante, CEO of TriArc Real Estate Partners, explore Joseph’s new course on how to be a great passive investor.
About Joseph Bramante
Joseph Bramante landed in the multifamily real estate industry by accident. In 2010, two years after the US housing market collapsed, he was working as a business team lead for ExxonMobil in Papua New Guinea. His colleagues were investing in real estate, and Joseph’s interest was piqued. With a bachelor’s degree in Civil Engineering and 4.0 in mathematics, he had always been a numbers guy. He developed a spreadsheet and estimated he would need a loan for $3M to buy 80 rental houses over a two-year period. Bank after bank laughed as he tried to secure a loan from the other side of the world to finance the acquisitions, but one lender said, “Why don’t you buy an 80-unit apartment complex instead?” In 2011, he purchased his first multifamily property, sight unseen, while still living in Papua New Guinea. It was supposed to be a private investment, but it morphed into a business.
Six months later, he was back in Houston with his property at 25% vacancy and four units under renovation when he was notified the insurance he’d purchased was a scam, his property had asbestos, and his job at ExxonMobil was being eliminated. The next day, he paid for a membership at a local real estate education club where he met his partners, Carrie Breneman and Deborah Newsome, 30-year property management veterans. The club advised Joseph to sell his property and take a loss. Instead, he and his partners leased it down to zero, executed a massive $30k/unit renovation, and then leased it back up. It was the most stressful nine months of Joseph’s life, but it was the right decision, as it paid out over a 200% return. In 2013, they partnered and acquired three more multifamily properties, spent $5K to $30k per unit on renovations, and increased the NOI across all by over 80%. In 2016, they rebranded under the name TriArc, establishing the foundation on which to build a wholly integrated multifamily investment company with the goal of acquiring over 20,000 units in the next 10 years.
About TriArc Real Estate Partners
TriArc Real Estate Partners is a full-service investment management firm focused on the acquisition of compelling multifamily real estate assets with untapped value to deliver market-leading returns to our investors. TriArc was established in 2013 by the principals of The Atlas Company and Kindred Residential as a full-service investment vehicle to leverage the operational platforms, industry networks, and skill sets of each respective firm to successfully execute on a yield plus and value add investment strategy in the multifamily real estate asset classes.
Our vertically integrated team brings expertise in all aspects of real estate investing and management to each of our investments, thereby maximizing operating capabilities. Our endeavors are supported by a team of 30 real estate professionals based in Houston, Texas. Our owned and third-party managed portfolio includes approximately 1,100 conventional apartment units spread across the Houston Metropolitan and surrounding areas with assets under management totaling over $100 million.
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