Join Vince as he talks with Tony Castronovo about choosing entrepreneurship as his path to financial freedom. Tony is the founder and managing partner of Novo Multifamily Group, a multifamily real estate investment and asset management firm. He has been in the real estate space for over seven years, with financial freedom as his prime motivator. Today, he tells how he found out he was going down the right path that eventually gave him control of his life. There’s a lot to unpack, so stay tuned and enjoy the episode!
Take a Path to Traverse
In a world run by money, everyone has a common goal: financial freedom. That is primarily why Tony walked down the road to real estate. Living life on one’s own terms is the dream, and Tony saw real estate as the way to achieve such. In addition, real estate was something that would give him more control of his time, control of where he spends his energy, and see the fruits of his labor. Tony has been influenced by his father, who had run a business and always worked for himself throughout his career. In addition, his mother was there to support his father through the pros and cons, which is why Tony believes entrepreneurship has been embedded in him. Being able to drive his day and time on his own terms is what he wants, bringing him happiness.
Tony traces back to 2001 how he got the bug to do real estate. He had been doing construction in the 80s and 90s, and he was told by a coworker 20 years older than him that he had to find a better way to make money because they both earn the same amount. Because of that, he got started in real estate in 2001. Tony hustled in that business but had to stop when he found a new job. Fortunately, the spark got him back in 2014, and he has been in the industry since then. Tony knew what he wanted right from the start, which pushed him to take that path. Taking matters into his own hands eventually brought him the life he envisioned for himself and his family.
About Tony Castronovo:
Tony Castronovo, founder and managing partner of Novo Multifamily Group, is a multifamily real estate entrepreneur with over seven years of experience in acquisition, underwriting, contract negotiation, due diligence, syndication, capital raising, construction and renovations, operations, asset management, and overall asset strategy implementation.
Tony is currently invested in over 650 units, including a combination of general partner, limited partner, co-GP, and independent ownership.
Tony is also a seasoned business management consultant, utilizing 25 years of experience advising clients on project portfolio investment management. He holds higher education degrees in Engineering and Construction Management.
Outline of the episode:
- [01:26] How Tony got down the path of real estate
- [08:55] Tony’s first real estate deal using the BRRR strategy
- [16:23] Skip the conventional route
- [17:33] Lessons learned and progression out of single-family real estate
- [23:07] Tony’s jump from single-family to multifamily
- [31:43] The experience working with lenders and going through refinancing
- [36:11] Why exterior overhaul and curb appeal matter in a property
- [41:18] What the future holds for Tony
- [44:51] Tony’s advice to his 20-year-old self and his book recommendations
- [48:04] What superpower Tony has and the greatest lesson in his career
- [50:33] Advice for people working their way to financial freedom
Resources:
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The Cashflow Project
This is for busy professionals who are looking for financial freedom through passive income, with a focus on cashflow assets in Multifamily Real Estate. We will be covering a variety of topics such as buying, managing, and selling real estate assets, specifically apartments.
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