|NET WORTH:||$295 Million|
|Source of Wealth:||Author, Sales Trainer|
|Born:||March 21, 1958|
|Birth Name:||Grant Cardone|
|Height:||5 ft. 9 in. (1.75m)|
Grant Cardone is a popular sales trainer and is also popular as a bestselling author. He is the owner of Cardone Training Technologies and the company provides training related to sales to many companies. He is also popular because he has built a huge empire in the field of real estate. The business has touched the turnover of $900 million. Cardone Capital is his investment vehicle that deals with many transactions related to real estate. These transactions have the turnover of $800 million. This project covers multifamily properties and the number of these properties is around 4700 units. Let us have a look at the life and success of Grant Cardone.
About empire of Grant Cardone
There are many reasons that Cardone went into real estate business. Some of these reasons are as follows.
- Property evaluation is very stable.
- Cash flow is great in terms of rents that people get from tenants.
- Amortization benefits that people get in the form of rent from tenants.
- Benefits in wealth tax
- Tax benefits for long term
Cardone raises funds with the help of public equity funds, as there are many investors who take interest in purchasing shares. Cardone uses this money in order to purchase properties for generating income. The investors share this income and get monthly distributions on a regular basis. Investment in real estate is made easier by Cardone as he did it with the help of tangible assets.
The equity fund earned by the company will help him in making investment in multifamily properties in three states, which are Texas, Alabama, and Florida. He has also allowed his manager to invest in single-family properties but this has to be done occasionally. Cardone has the capability of managing all types of properties. Besides this, he also deals in taking care of operational overheads, which are linked to various types of dealing in real estate. The operational overheads also deal with maintenance of the property. Common investors are free to use from all types of issues related to operational overheads. They get monthly income and property value increases with time. Cardone has also allowed the investors to create a passive income, which helps in cash flow regularly.
Side business of growth of capital
There are many businesspersons who make their career in a particular field but this is not the case with Cardone. His dealing in real estate business has expanded slowly and he started doing it as a side business. He started this business so that his sales business can grow with the earnings of real estate. He has stated in an interview that he uses all the income in the real-estate business.
He has also said that he is an entrepreneur and not an investor in real estate. Cardone has a belief that his wealth will be preserved if he deals with real estate business continuously.
Early life and career
Cardone showed his interest in the real estate market since the age of 15. He always used to study various things related to the real estate market. One of the activities of his family was visiting various types of properties. All these outings developed the mindset of purchasing various properties. Today also, he enjoys visiting and purchasing different properties and he goes out in search of properties with his family.
Cardone completed his graduation in 1981. The graduation stream was accounting. He showed keen interest in buying properties but he did not do it in a hurry. He waited for a few years. In this period, he earned a lot of money so that he can invest it in purchasing properties. He also studied many things that were related to real-estate business.
He started practicing real estate investment when his age was 29 years. He started his investment by purchasing a single-family property, which gave good performance. The tenants left the property after a few months and this led to a stop in the cash flow. He has to look for new tenants to occupy the property and he was unable to focus on the main business. In order to get some cash, he has to sell the property. From that time, he decided that he would never purchase any single-family property.
After selling the single-family property, he did not make any investment for the next five years in purchasing any property. He focuses on earning more and more cash. The second investment that he did was in purchasing a multifamily property. This complex was of 38 units. The cost of the property was about $1.9 million. He bought another property within a month.
Cardone started purchasing more and more properties. First, he started purchasing son property at a time but later, his speed of purchasing increased. Cardone Capital was being considered as a largest real-estate business. There are around 1016 apartments whose cost was around $58 million.
Financing of the property
Cardone told in an interview that his partners own 2% of his real estate property. These partners included his family and friends. The personal cash of Cardone is used in financing all these properties. He also takes bank loans for the management of these properties. There are many places in the USA where he has bought properties and some of them include Alabama, Florida, California, Arizona, Texas, North Carolina, and many others.
Grant Cardone always says in interviews that he is an entrepreneur but he is a very successful businessman in real estate and in sales. He showed his interest in purchasing properties since childhood as he used to go with his father to check the properties. He attained his college degree and started acquiring cash to purchase properties. His first investment was in a single-family property but it went into loss as the tenants left the house after a few months of acquiring it. He waited for five years and acquired cash. He started purchasing properties and this time he dealt in multifamily properties. He is a very successful business and people can take inspiration from his ups and downs.
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