EP 42: Joseph Bramante

Today on the Real Estate Lab Podcast, join our host Vee Khuu and his guest, Joseph Bramante as they talk about his story of being a newbie who got scammed to a successful CEO working with family offices. Joseph is the CEO and Co-founder of TriArc, a real estate investment company based in Houston, Texas. They acquire and develop multifamily properties.

Outline of the Episode:

• [01:06]Joseph Bramante got into Real Estate by accident. How did he get scammed?
• [04:28] One of Joseph’s ambitions is to build the tallest building in Houston.
• [06:19] The first deal Joseph bought is a 26-unit property. 
• [08:35] What were the books Joseph read before he decided to buy a property? 
• [12:05] The mistakes they made when buying the 26-unit property. 
• [17:40] Did they do any financial due diligence checklist? 
• [20:34] Joseph’s job at ExxonMobil got terminated, found out his insurance was a scam and was notified that the property he bought that was undergoing renovation had asbestos.
• [23:03] The importance of having a good network. How did Joseph meet his two partners?
• [26:17] What did they do to solve their problem with the property?
• [32:15] Joseph went against what everyone was saying in his mentoring group about what he should do with the property and succeeded with his plan.
• [35:19] With all the experience he has now, what are the things he would do differently with the 26-unit building?
• [37:42] What will happen to syndicators with overpaid deals especially now with the pandemic?
• [43:44] Abuse of the eviction moratorium can severely hurt the real estate industry. Building a good community and staying in touch with your tenants is important. 
• [48:40] Examples of states that are pro-tenant and pro-landlord.
• [50:50] What’s the most important thing you need to know before accepting a deal? 
• [54:15]Limit the size of joint ventures because it can cause a lot of miscommunications. Join smaller groups that are established.
• [57:38] What is Joseph and his team doing that is better than 90% of people in the Real Estate industry?
• [58:39] Accountability in business or company is critical.
• [01:01:45] What market and unit size is TriArc’s forte?
• [01:03:36] Joseph shares the markets you should avoid.
• [01:07:18] What are the problems that can make apartment management extremely difficult?
• [1:11:41] What's the hardest thing about being an owner-operator?
• [01:20:12] How has Joseph’s background with working for Exxon helped him with dealing with the institutional field?
• [01:23:54] The pitfall of being a passive in a deal with a family office.

Resources:

• Joseph Bramante’s LinkedIn: https://www.linkedin.com/in/josephbramante/
• Email [e-mail]
• Twitter: https://twitter.com/joseph_bramante?lang=en
• Facebook @TREP.Bramante
• Website:  https://www.triarcrep.com/ 
• Schedule a call: https://calendly.com/jbramante 
• Vivid Vision by Cameron Herold https://www.goodreads.com/book/show/38922562-vivid-vision
• Meeting Suck by Cameron Herold https