Multi-Family Mastery: No Secrets, Just Strategy
Multi-Family Mastery: No Secrets, Just Strategy
How can business owners effectively scale their real estate business?
I'm a slow learner. I struggled with this podcast and with scaling our business. At around 600 units, we were using outdated property management software, lacked enough maintenance technicians, and didn't have enough property managers. We were getting burned out. At that 600-unit mark, we realized we needed a regional manager to help out, and that was a key turning point.
We were a bit slow to catch on, but that moment was pivotal. We had grown quickly—from a 25-unit property to a 36-unit, then 136, back down to 22, and then jumped to 281 units through seller financing. We hit 600 units in about three years, which was a huge leap for us. It was a shock to my system, especially coming from running one restaurant for 20 years.
That’s when we knew we needed to scale up and get organized. We started working with a "Scaling Up" coach, which changed everything. We worked on our mission statement, core values, and implemented what we call ‘a cadence of accountability.’ This shift helped us realize that real estate isn’t just about buying assets and generating cash flow—it’s about treating it as a business.
That’s what I want to emphasize to our new students: treat it as a business from the start. Your first deal will be life-changing because you’ll create metrics and KPIs for that deal. Then, you can scale up to multiple deals. You don’t need thousands of units to be significant in the real estate space. If you start using KPIs and property management software early on, and think of it as a business, everything changes.
How can business owners implement core values and improve communication?
When I ran my restaurant, I had no core values and no mission statement. Every time there was an issue with an employee, I blamed them. It was never my fault. I was hiding in the kitchen, doing menial $12-an-hour work like washing dishes, when I should have been delegating. I focused on how much money I was making each week instead of thinking long-term.
The turning point for me came when I was in the shed at the restaurant, putting away containers and bags of flour. I had my phone pressed to my ear, negotiating an 11-million-dollar, 281-unit deal, while doing $12-an-hour work. That’s when I realized, "This isn't a part-time gig anymore."
Looking back at the mistakes I made with the restaurant, I realized I started that business to provide for my family. If I had focused on providing for the customers, they would have provided for my family. That shift in thinking made all the difference.
When we started Jake and Gino, the real estate side was already providing for my family. So, the education company wasn't about us—it was about providing value for our students and employees. The more value we provided for them, the more successful we became. That was a big mindset shift for me.
Another key change was implementing core values, something we didn’t have at the restaurant. By year three at Jake and Gino, we created our core values: people first, make it happen, extreme ownership, unwavering ethics, and a growth mindset. It took months to refine these, and they now guide everything we do, from property management to syndication.
We also learned the importance of having quarterly priorities and regular communication. Early on, we had no clear priorities, just a "What do we need to do this week?" approach. Now, we have dedicated touchpoints—daily or weekly calls with team members—and we’ve realized how crucial communication is. Team members need to feel heard, and that’s been a big part of our growth.
What tasks should business owners outsource to focus on growth?
Identify tasks or duties you can outsource. Early on with Jake and Gino, Jake was editing our podcasts, but he wasn’t good at it. Back then, that was $10 or $15 an hour work. So why was he doing it? We just didn’t know better. By the time you think you need to hire someone for a task, you're already past due—you should have hired them sooner.
Take a deep dive into your business and don’t fall into the trap of thinking, "I can do everything better than anyone else." Even if that’s true, you can’t do it all. Don’t waste your time doing tasks like washing dishes, bookkeeping, or taking out the garbage, like I did. There are qualified people for that. Bookkeeping, for example, isn’t rocket science. If you don’t enjoy it, why are you doing it?
In real estate, you don’t need to be managing properties, renting units, or fixing toilets. Hire someone for $40k to $50k a year to do that for you. The key in real estate is to build your portfolio and grow equity, not get bogged down with small tasks. Outsource these minimal jobs.
Take a deep dive into your business, identify the areas where you’re not excelling, and outsource those tasks. As an entrepreneur, you should focus on anything that generates revenue. If you want to scale, get on more podcasts, do more virtual events, and get on stages. Let your team handle operations and backend tasks. Imagine me editing a podcast—it would take me three hours, and I wouldn't even know how to turn it off! Be honest with yourself about what jobs you're doing and whether they’re really worth your time. There are so many virtual assistants and companies available now, so hire for your weaknesses and focus on revenue generation.
What should real estate investors focus on to consistently find deals and raise capital?
For a real estate investor, there are two main tasks: sourcing deals and sourcing capital. Whether you’re in multifamily, single-family, or self-storage, you need to focus on finding deals. In Stephen Covey's quadrant, this falls under "not urgent, but important." As an entrepreneur, when you're attending events, talking to brokers, or connecting with property management companies, it may not generate immediate income, but these relationships could pay off in three months or more.
To maintain deal flow, you need to meet brokers, connect with community members, and attend live events regularly. Networking is key. The point is to consistently go to live events and meetups.
As for raising capital, you must always be sourcing it. If you find a deal you can’t take down alone, you need the ability to bring in investors. Early on, we didn’t focus much on raising capital because we relied on refinancing deals. But it’s a luxury to say, "This is a $22 million deal. Where will I get $4 million?" If you have 72 investors in your database, you can go to them.
Having more options in life creates more opportunities. Most people don’t even consider large deals because they lack investors. If you have the luxury of considering them, that's a game-changer. Deal flow and capital are everything.
How can business owners prioritize personal development and responsibility?
I don’t want to say I’ve been in someone else’s shoes because I’ll never know anyone else’s exact experience. But in 2008, I had four kids, my dad had passed away the year before, and I had been working with him since I was seven. I found myself at the restaurant, asking, "Am I living his dream or mine?" I felt stuck, like I was in survival mode.
Then I read The Secrets of the Millionaire Mind by T. Harv Eker, and it changed everything. The book emphasized responsibility. Up until that point, I had been blaming everyone for my circumstances—why I wasn’t making more money, why the president or the economy was doing what it was doing. The shift came when I realized I needed to take full responsibility for my life.
I’d challenge anyone listening to focus on personal development. I became a life coach to improve myself, working on all the skills needed to guide others. It gave me clarity, helped me manage my emotions, and allowed me to think long-term about my goals beyond just money.
When I met Jake, I got even more clarity and chose to focus on one thing: multifamily real estate. I went all in—no distractions like crypto, mobile home parks, or RVs, even though they were popular. We’ve only done a couple hundred units in the last two years, but we stayed in our lane.
So, I encourage you to work on personal development. Listen to Zig Ziglar, Jim Rohn, Tony Robbins, and T. Harv Eker. From 2008 to 2012, I was deep into their teachings, and it helped me tremendously. Turn off the news—what’s happening in Ukraine or with political figures doesn’t affect your personal economy. If you fix your own economy, you’ll show up better in the world. And when you do, you can make a difference in your community, which can have a ripple effect globally.
Pull back, think about yourself and what you want to accomplish, and start working on your personal development.
*This interview has been edited and condensed for clarity.*
