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JOSEPH BRAMANTE
INSIDER CLUB
Engineer | Investor | CCIM | Podcaster
INVESTING like the elite...
If you don't find a way to make money while you sleep you will work until you die.
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.
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