#306: Real Estate Through the Years, Investing During Recessions, and Much More! -with Larry Lieberman
Larry Lieberman is the president and founder of the Barrington Group. For more than 40 years, The Barrington Group's company philosophy has been to provide excellent quality maintenance service, good clean, well-manicured grounds, well-prepared apartments, friendly courteous professional staff members, and a genuine real concern for the health, safety, and well-being of their residents.
The Barrington Group believes in long-term ownership. They do not “build and sell” or “flip” their properties; in fact, they still own and manage most of their original portfolio.
An excerpt from their website, which I think will provide some additional context to the type of company Barrington is - “We know our residents, they know us…. we strive to have the same staff at a property year after year. Our residents are not subject to “new management” with changing rules and fewer quality standards. Because we are long-term owners, we must pay attention to keeping our properties in excellent physical condition…. to prevent them from aging… we spend considerable resources on keeping our properties beautiful.
“There were companies out buying everything in sight, but we couldn’t compete because we wanted cash flow absent of the tax benefits. We weren’t players. We weren’t out building and developing and buying because we couldn’t compete with the tax credit mentality.”
“The basic components that we adhered to, to turn properties around in the ’60s, was I believe in giving a good, well maintained and clean apartment for a reasonable price. And for which, I expect my rent, and I expect it on time. We adhere to that, and we’ll do our part first so that you’ll do your part second.”
5:22- Larry tells us about his background and how he found his way into real estate
13:39- Larry shares how prior to 1987 he kept from falling into the trap of bad deals due to inflation
18:53- Larry tells us about changes in his property management style that helped him manage his business more efficiently in the 60s after acquiring 2000 assets
21:23- Larry shares the struggles he has faced in his career and how he has overcome them
27:04- Larry tells us how he makes determinations in large rehab projects as to not over renovate
30:40- Larry talks about the best-valued lifestyle commodities in communities
32:27- Larry tells us about shifts and changes he’s made due to COVID
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