Dec 16, 2019
In this episode of the Millionaire Mindcast, we have a great millionaire guest today, Bobby Castro who shares his story of hardships as a young entrepreneur, how he get out of from the struggle, maximize and create $300 million net worth and portfolio of apartments talks about different criteria, and trends of investing in multi-family real estate, his favorite markets he is investing in, and how the power of thank you and relationships served in his entrepreneurial journey!
Bobby Castro is a self-made business mogul, exemplifies the transformation from entrepreneur to leader. With only a ninth-grade education, Bobby founded Bankers Healthcare Group in 2001 with an investment of just $25,000. Through stable and correct information Bobby has built a company that was valued at $1 Billion and created a $300+ Million Dollar Apartment Portfolio.
In addition, he has created a community of happy, loyal employees and has been awarded nationally for that rare accomplishment. He was the recipient of the prestigious Ernst & Young Entrepreneur of the Year Award in 2012, led BHG to be included on the Inc. 500/5000 list 13 times and has been recognized by Fortune, Forbes, Entrepreneur, Hispanic 500, Crain’s and more. He was a keynote speaker at 10X, and has been featured numerous times in the WallStreet Journal, Bloomberg, Smart Business Magazine and CNBC, among others.
This $300 million dollar man has grown from a poor but a hospitality world. His positivity affected by seeing the financial struggle going on with his mother who was a waitress and a tenant. In order to help financially, he was working as a waiter and valet parker at a young age and realizing that he’s in love with cash flow and real estate where he sees the brightness in it. Bobby knows that real estate is in his DNA. Therefore, he stocked pennies to lead up a point where he can starts and working his way up and figured out how to get in the game.
To Bobby, you don’t need to have a huge amount to start with real estate because he started with a single-family apartment type of asset that is cheap. He learned the ABC and numbers from the mistakes and learned never to repeat the big one. Every time he got dividends he would not run to buy Porsche but run to buy apartment buildings and rocks them into real estate.
Bobby sees the market now as fruity with tons of opportunities. At the heart of Bobby’s business, philosophy is a commitment to the community and social responsibility so giving value to the masses. Currently, he is looking to touch people's lives and lift them up a little bit. He wants to teach others how to scale their businesses so they too can achieve better results.
There’s always opportunity in every cycle so stock, stock so when the opportunity comes you’re ready to pounce.
Some Questions I Ask:
- How important has thank you and building rapport and relationships been to your journey specifically? (04:52)
- How did your entrepreneurial journey start? (07:23)
- How did you find this path of real estate and why you stay there? (10:09)
- How many times in your entrepreneurial journey did you have those ‘financial hardships’ and how did you get through them? (14:36)
- Let’s talk about those 5 fundamentals of Scale for real estate entrepreneurs or just entrepreneurs in general. (18:07)
- What is your core belief in the vehicle you’ve chosen in real estate to build your wealth? Why did you choose multi-family? (23:19)
- What’s your advice for starters who want to go bigger? Where should they start? (30:38)
- What are some of the information outlets that you loved to plug in to? (33:03)
- What are some of the trends that you’re paying attention to? How are you seeking out opportunities and deals? (36:38)
- How you have been able to protect and compound your energy and how is that tied into wellness or spiritual practices? What does your routine look like in keeping that high energy level? (42:26)
In This Episode, You Will Learn:
- Why Bobby decide to finally go on social media (00:42)
- Bobby’s first fundamental – Stock on Rack. (11:27)
- Technology and multi-family real estate. (13:58)
- How to increase your urge for success. (16:16)
- Positive Mental Attitude (PMA). (18:53)
- How to get not distracted. (19:16)
- What Value-add is. (25:32)
- Tips to avoid bankruptcy in real estate investing. (27:31)
- How to leverage relationships. (32:44)
- Tips on how to be exposed to opportunities. (35:00)
- Why you should be careful with real estate. (38:19)
- Bobby’s favorite markets in real estate. (40:41)
Quotes:
- “The power of thank you has made me a lot of money.”
- “I’m a real estate guy in my heart.”
- “At least 50 times I have failed measurably.”
- “You are your most powerful asset.”
- “We are all different, we are all unique.”
- “Every minute you don’t get back no matter what.”
- “Start where you are at.”
- “This little information is better than no information.”
- “I see the market very expensive, there’s always opportunity out there.”
- “Stock is savings and the rack is the investment.”
Connect with Bobby Castro on: