Bobby Castro was born in the Bronx, New York City. His family later moved to Miami, where he was raised. His mom worked three jobs to put food on the table. To help her out, Bobby dropped outta school in the ninth grade and went to work as a busboy.
Slowly he made his way up the ranks: waiter, valet driver at a golf course. “I was always waiting on people and serving people,” he recalls. When he met his future wife, Sofia, at age 22, he told her he would own his own business one day.
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Several months later, with Sofia pregnant with their first child, Bobby convinced her to quit working and open up a business with him. Problem was, they had no money, no plan, and they were trying to get rich quick. Which didn’t happen. They failed. A lot. So they both went back to work at regular jobs.
Till one day Bobby starts selling for this new company that basically paired lenders with healthcare professionals who needed money for equipment. Whenever one of his loans went through, he’d get a commission. Bobby became a top producer and eventually, when the owner retired, he took over the company.
But it wasn’t until Bobby learned to replace himself as the star salesman that things exploded. That was the pivotal point. He had to be willing to hire more A-players and thus go down in income, temporarily, in order to unlock higher levels of growth.
“You can’t be the control freak,” Bobby explained. “You gotta let go. You gotta bring people in to help you scale, and show that the company is scalable without your leadership.”
Well, Bobby and Sofia did just that. Soon, they were taking home $10 million plus per year. They took the profits and went all-in on real estate. When the market crashed in ’08, they lost a small fortune. Luckily, their business was there to save them from bankruptcy.
But they learned from it, regrouped, and started again in 2011. One property at a time, they built a portfolio that was cash-flowing $400k or so per month. Today, that portfolio is valued at roughly $450 million dollars.
Of course, as you probably know, Bobby and Sofia would go on to sell their business, Bankers Healthcare Group Inc. (or BHG for short), for $1 billion in cold hard cash.
In addition to doing whatever it takes to hire top talent, Bobby said investing in data was critical to their success. It helped ’em find customers that not only needed, but could afford their service.
From there, it’s about not getting distracted by all the shiny stuff you see (aka using your “non-refundable minutes” wisely), doubling down on your strengths, delegating your weaknesses, and keeping a positive mental attitude. The last of which was so key to Bobby’s business achievements that he trademarked the term Positive Mental Attitude and can often be seen wearing his own custom PMA swag.
Anyways. When it’s all said and done, Bobby Castro’s net worth is estimated at $305 million dollars. For more inspiration and insights from Bobby and Sofia, check out this interview they did with Omar Elattar.