Today we’d like to introduce you to Davit Gharibyan.
Hi Davit, it’s an honor to have you on the platform. Thanks for taking the time to share your story with us – to start, maybe you can share some of your backstories with our readers.
I am originally from Armenia. I moved to the U.S. in 2001 as a student. If I remember correctly, I had $250-300 in my pocket. I came to work at Valleyfair (food service). Then I got admitted to UofM to study English. At the same time, I started working odd jobs like shoveling snow, painting, flood cleaning, etc. I did not have anyone to support me; I was by myself. My parents and sister were back in Armenia. As years passed by, I worked at all kinds of jobs. Back in Armenia, I was attending University as a Business Administration major, but I never really graduated.
So after not seeing my parents for 10 years, when they moved to the U.S., they pushed me to finish and graduate from Metropolitan State University with Bachelor’s degree in Business Administration. After graduating, I started working at Menards as Assistant Manager in the Building Materials Department; then, I joined the banking world. I worked at U.S. Bank as a personal banker. While working many jobs, the Idea of owning my company and being my boss was on my mind 24/7. I looked into many different businesses but was always attracted to real estate. So I studied it on the weekends and listened to many podcasts on my commute to work.
If I remember correctly, in 2012 or 2013, I wholesaled a fourplex by sending direct mail to owners. The wholesaling is when you find/negotiate a property at a discount and sell your contractual right to purchase the property to another investor for a fee. From this deal, I made about $5,000. Then I kept calling and sending direct mail on and off while working at a corporate job. In 2019 I acquired a 17-unit property in Farmington, which I sold in 2021 for around $300,000 profit. Also, a couple of years ago, I wholesaled another townhouse for a $35,000 profit. But as the market heated up, I switched gears to multifamily 100%. I used my savings and $300,000 profit to buy another 17-unit property in South Minneapolis. I have been working on it since December, and I am getting close to stabilizing it and exiting the deal for a bigger and better one. As of now, I run the property by myself, which takes its toll on me. Simultaneously I work on building systems to bring more people on board to work and thrive with me.
What I am building is essentially a vertically integrated real estate company that handles property sourcing, acquisitions, management, asset management, investor relations, etc. As you can see, there are many seats to fill. To fill these roles, I need to acquire more properties as they will provide the revenue to fund all these positions. I am working on expanding my network and attracting more investors for future acquisitions. I hope I didn’t go into too much business mechanics.
On a personal side, I am married to my beautiful wife, Lusine, and we are blessed to have a 4-year-old daughter and a 1-year-old son. My wife is keeping the house together while I work on the business.
Where from here? As I wrote above, the goal is to grow the company into something big where our investors and team members can get financial freedom from real estate investments. Our team members can work and grow with the company while providing a great living for their families.
I can be found on Instagram: @davitgharibyan , Twitter: @davitgharibyan, LinkedIn at https://www.linkedin.com/in/davitgharibyan/ I also have a website and newsletter: davitgharibyan.com (it’s still work in progress)
We all face challenges, but looking back, would you describe it as a relatively smooth road?
You know how “gurus” pitch flowers and roses of owning a business. I can assure you it’s nothing like it. Every day there’s something to handle. You learn from tenant issues to vendors and many nuances from operating a business. The main advice when going into any business is to have the realistic expectation that things won’t go the way you plan, and that’s how it is. This way, you are ready and expecting the issues head-on. You will solve them and move forward without frustration and desire to quit.
We’ve been impressed with DG Residential, but for folks who might not be as familiar, what can you share with them about what you do and what sets you apart from others?
DG Residential is the in-house property management company that manages our own properties. This company is just part of the whole stack. There’s DG Media (social media, marketing, branding) and DG Acquisitions (Real Estate Investments). What sets us apart is we do the right thing, are punctual, and strive to provide the highest levels of service when we promise something will get done. Brand-wise, the company will have a great culture where people will be proud to work here. The brand/company is still in its infancy. However, it will grow in the next few years.
How do you define success?
When your team members can provide abundant lives for their families and your tenants can call their residence “home,” and you send a ton of money to your investors, this is what I call success.
Contact Info:
- Website: https://davitgharibyan.com
- Instagram: https://instagram.com/davitgharibyan
- Facebook: https://facebook.com/davitgharibyanfan
- Twitter: twitter.com/davitgharibyan
