Season 1, Episode 18: A Former Cop and Real Estate Expert Tells Us How to Create Sustainable Passive Income with by Investing in Real Estate with Anthony Grosso of Grosso Properties
At first glance, Anthony Grosso is an enigma: he quit his stable law enforcement job and gave up his pension to start his own business. When you learn more, you start to realize that he's kind of a genius: he worked really hard during those years to set up a sustainable and ever-growing real estate empire of rental properties, and realized he could make more money with his real estate investments than he would working 16 hour days as a cop for the next fifteen years. He opened up his own brokerage, helping over 100 fellow cops find homes before putting in his notice and going full-time with Grosso Properties.
How did this hilarious and no b.s. guy from Long Island with no trust fund or fancy family connections build such a successful real estate business? On this episode of the Cup of Ambition podcast, he tells you exactly how he did it. No sales techniques, no pyramid schemes: just smart-but-common-sense moves and a lot of elbow grease with his wife Janet (as Anthony tells us, "I've worked really hard to not have to work hard anymore.")
We talk about how he and Janet got started investing, the best and worst states to buy an investment property in, why he will NEVER flip a house, the scariest part about leaving his 9-5 job, and everything you ever wanted to know about real estate investing.
00:07:00: Anthony tells us his genius elevator pitch and what his current job is.
00:10:00: Anthony tells us about the first business he opened when he was in his early twenties - he fixed people's PCs and found a LOT of weird stuff on them.
00:14:00: Anthony tells us the story of when he graduated the police academy... right into a recession. The new recruits were told they might lose their jobs before they even started - those so-called "stable" jobs aren't always as stable as they seem! He tells us how he got started in real estate.
00:18:12: Anthony tells us how he and Janet got started in rental properties and why multi-family properties are the best investment.
00:24:14: NO FLIPPING! We have a great discussion on why house flipping is the worst investment move you can make. We talk about why smart, sustainable real estate investing is such a good long-term investment move: it can pay for your retirement, your kids' college funds, and the lifestyle you want.
00:31:02: We get real and talk about the scariest part of leaving your 9-5, and how Anthony decided to niche down into law enforcement and first responders.
00:36:00: Anthony tells us about how he trains his team - no sales training or techniques, and if someone walks in saying they love to cold call he kicks them out the door.
00:44:04: Anthony tells us about the networking events and charity events he works with, and why his competition will never be able to edge into his unique market.
00:50:07: We talk more about the challenges of self-employment, especially when you have kids.
00:58:00: Anthony tells us the biggest mistake he sees homeowners make.
01:03:00: We get real specific and discuss the specific challenges that Long Island homeowners face.
01:07:00: Anthony tells us about his consulting business with his wife, Anthony & Janet.
01:13:00: We talk about the maintenance required for rental properties - can you actually do most of it yourself?
01:16:00: Story time! Anthony tells us his best landlord stories (apparently everyone takes the toilet seat when they leave), and the craziest fellow brokers he's dealt with (hint: she answered the phone while getting a wax. Seriously.).
01:30:00: Back to the Future: What advice would Anthony give his younger self:
01:35:00: What's the biggest business mistake he's made?
01:38:00: What's a day in the life like for an entrepreneur with three kids?
01:45:00: Listener Questions and Quick Answer