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March 7, 2022

24 | 1031 Exchanging Single-Family Units to Multifamily with Tony Castronovo

24 | 1031 Exchanging Single-Family Units to Multifamily with Tony Castronovo

Tony Castronovo is the Founder and Managing Partner of Novo Multifamily Group.  He is a multifamily real estate entrepreneur with over 7 years of experience in acquisition, underwriting, contract negotiation, due diligence, syndication, capital...


Tony Castronovo is the Founder and Managing Partner of Novo Multifamily Group.  He is a multifamily real estate entrepreneur with over 7 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 has invested in over 650 units, including a combination of general partner, limited partner, Co-GP, and independent ownership.  He is also a seasoned business management consultant, utilizing 25 years of experience advising clients on project portfolio investment management.

 

Let’s tune in to his story!

 

[00:01 - 05:16] Opening Segment

 

  • Welcome to the podcast!
  • Get to know our guest Tony Castronovo
    • Bio
    • 7 Colorful Years in Real Estate

 

[05:17 - 15:32] 1031 Exchanging Single-Family Units to Multifamily

 

  • Packaging 10 Single Family Properties into One
    • A five-month long process
  • What is a 1031 Exchange?
    • Facts Tony wished he knew about 1031
    • Capital Infusion with the Lender
  • 650-Units in Ownership
    • Tony shares how they started with 20-units
    • Gearing up on marketing, capital raising, and due diligence

 

[15:33 - 25:03] Exploring New Asset Types and Classes 

 

  • Proximity is Power
    • Multifamily is a team sport
  • Raising private money and finding Limited Investors 101
  • What Constitutes a Good Deal for Tony?
    • “What I'm looking for, is not what I have at all.”
    • Tony likes to have fun
  • The Legacy Round
    • A 20-Unit Life-Changing Multifamily Property
    • Three Free Refinances 

 

[25:04 - 32:05] Slice of Knowledge

 

  • Tony’s Last Words
    • “You have a choice, you can throw in the towel, or you can use it to wipe sweat off your face”
  • One Slice of Wisdom
    • “Don't be afraid to trust your instincts and go for it.”
  • Real Estate Multifamily Vocabulary
    • NOI
    • T-12
    • Cash on cash return



Tweetable Quotes

 

“I love the idea of taking something that's been dilapidated, and then trying to bring life to it and provide some fantastic housing for people who really want to stay at our properties.” - Tony Castronovo

 

“Sometimes what you're reaching for may not be readily apparent. But if you trust your instincts, you'll figure it out.” - Tony Castronovo

 

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Connect with Tony on tony@novomultifamilygroup.com, LinkedIn (Personal, Business)!  Check out Novo Multifamily Group and build communities that offer affordable living at higher standards.



Thanks for listening to Multifamily by the Slice!  

 

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