Storage Wins EP228: Jon Carcone: The Ultimate Goal is Cash Flow
Jon Carcone has been a real estate investor since 2009. Last year, he closed on 40 deals, but his ultimate goal is to generate $10,000 a month in a cash flow from rental properties. Jon shares his experience with low-end rentals and why he decided to make the switch to high-end rentals despite the additional costs. Jon stresses the importance of creating a lifestyle business that matches your needs.
Key Takeaways:
- What kind of challenges has Jon faced so far?
- It's definitely gotten harder to secure deals over the last few years. A couple of years ago, Alex could make a decent living with just him and his VA.
- What type of business do you want to develop? It's important to get clear on that.
- Jon has been intentional in trying to develop a lifestyle business, not a corporation.
- What is Jon's business model today and how does he structure his team?
- Last year Jon did 43 deals. 23 were rehabs and 20 were wholesales.
- Jon's ultimate goal is to try and get to $10,000 a month in cash flow.
- Jon shares his interesting experiences in being a landlord so far.
- What was Jon's biggest takeaway when it came to buying low-end rentals?
- How did Jon get into the high-end rentals?
- Jon shares a case study of a high-end property and the process it took to go from vacancy to full.
- Did Jon ever consider going into commercial real estate?
- The wholesaling business helps out a lot because you can make a lot of money. It's a simple business, but it's not always easy.
- A bad hire can be deadly in your business.
- Pay attention to the data! Your marketing will tell you the real story.
- If it was easy, it wouldn't be satisfying!
- What advice would Jon give his younger self?
- There's nothing wrong with starting later in life!
Mentioned in This Episode:
Connect w/ Jon Carcone on Facebook, and/or visit him at Brothersbuyhouses.com
Tweetables:
"No one's life is perfect. Doesn't matter what you're doing. Everyone has things that they're not happy with."
"Most people, when they think rental property, but they don't think high-end."
"The wholesaling business is awesome because you can make a lot of money. It's a simple business, but it's not easy."
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