37 min

Escaping the W-2 by Cashing in his 401(k) with Tony Castronovo Passive Wealth Strategy Show - Real Estate for Busy Pros

    • Investing

In this episode, Tony Castronovo discusses how real estate investment allowed him to escape the W2 world. In addition, he described his first deal, how he completed it, how he found the time, and how he expanded into multifamily.
 
Tony Castronovo, Founder & Managing Partner, is a multifamily real estate investor with over 8 yrs experience in acquisition, underwriting, contract negotiation, due diligence, syndication, capital raising, construction & renovations, operations, asset management, and overall asset strategy implementation. Utilizing 25 yrs of experience advising clients on project portfolio investment management. He holds higher education degrees in Engineering and Construction Management.
 
 
[00:01 - 10:33] Opening Segment
Tony shares his background and how he got his start in real estate
Convincing his wife to withdraw their 401k and invest it in real estate
Finding inspiration from by his client to invest 
 
[10:34 -15:59] Cashing Out the 401k
Understanding your risk appetite 
Walking into a real estate brokerage wanting to buy a house 
Learning to invest in a property
Buy a single family home as a first investment
 
[16:00- 31:37] Going Into the Details of the First Deal
Doing the rehab work by himself
Learning not to buy in retail
Making time to invest and balancing work and family life
Understanding what deals you want and having a checklist
 
[31:38 - 37:59] Closing Segment
Quick break for our sponsors
The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor. Learn more about Personal Capital at escapingwallstreet.com 
What is the best investment you've ever made other than your education?
First multi-family deal 
Tony Castronovo’s worst investments 
Second multi-family deal bought right before covid
What is the most important lesson you’ve learned in business and investing?
Don’t cut costs but focus on revenue
 
 
 
Connect with Tony Castronovo:
Website:https://novomultifamilygroup.com/
Email: tony@novomultifamilygroup.com
 
Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/
Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.
Join our Passive Investor Club for access to passive commercial real estate investment opportunities.
LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes          
 
Tweetable Quotes:
“Sometimes we've gotta stop trying to cut our expenses to the point where we're down to the bone. And you just can't cut expenses anymore. The better option is to focus on revenue, because revenue solves a lot of problems.” - Tony Castronovo

In this episode, Tony Castronovo discusses how real estate investment allowed him to escape the W2 world. In addition, he described his first deal, how he completed it, how he found the time, and how he expanded into multifamily.
 
Tony Castronovo, Founder & Managing Partner, is a multifamily real estate investor with over 8 yrs experience in acquisition, underwriting, contract negotiation, due diligence, syndication, capital raising, construction & renovations, operations, asset management, and overall asset strategy implementation. Utilizing 25 yrs of experience advising clients on project portfolio investment management. He holds higher education degrees in Engineering and Construction Management.
 
 
[00:01 - 10:33] Opening Segment
Tony shares his background and how he got his start in real estate
Convincing his wife to withdraw their 401k and invest it in real estate
Finding inspiration from by his client to invest 
 
[10:34 -15:59] Cashing Out the 401k
Understanding your risk appetite 
Walking into a real estate brokerage wanting to buy a house 
Learning to invest in a property
Buy a single family home as a first investment
 
[16:00- 31:37] Going Into the Details of the First Deal
Doing the rehab work by himself
Learning not to buy in retail
Making time to invest and balancing work and family life
Understanding what deals you want and having a checklist
 
[31:38 - 37:59] Closing Segment
Quick break for our sponsors
The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor. Learn more about Personal Capital at escapingwallstreet.com 
What is the best investment you've ever made other than your education?
First multi-family deal 
Tony Castronovo’s worst investments 
Second multi-family deal bought right before covid
What is the most important lesson you’ve learned in business and investing?
Don’t cut costs but focus on revenue
 
 
 
Connect with Tony Castronovo:
Website:https://novomultifamilygroup.com/
Email: tony@novomultifamilygroup.com
 
Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/
Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.
Join our Passive Investor Club for access to passive commercial real estate investment opportunities.
LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes          
 
Tweetable Quotes:
“Sometimes we've gotta stop trying to cut our expenses to the point where we're down to the bone. And you just can't cut expenses anymore. The better option is to focus on revenue, because revenue solves a lot of problems.” - Tony Castronovo

37 min