Seattle-based Pinnacle's latest recruit, John Carrosino, is no stranger to the numbers game—he is a certified public accountant with 26 years of financial management experience. A Seattle native, Carrosino earned a bachelor's degree in business administration from Seattle University. His first job was with New York-based accounting firm Ernst & Young as a staff accountant, where he worked in the audit and tax departments for 11 years. Carrosino found his way into multifamily when he had an opportunity to work for Seattle-based company R.D. Merrill, which was investing in real estate, and he ended up working in senior housing for 10 years.
Hired in September as Seattle-based Pinnacle's new CFO, Carrosino will provide quantitative and qualitative analysis for major projects, supervise internal financial controls, and cultivate relationships with outside financial sources. He also will be a key advisor to the principals of the company's affiliates.
Q: What appeals to you about the multifamily industry?
A: I think the industry is very challenging. I find it very energetic. It has a significant amount of items that need attention from an investor perspective and also from an operations perspective—no shortage of items to stay active with.
Q: How hard is it to achieve your business goals in the present economy and market?
A: There are two different answers to that. From a property manager's perspective, dealing with the challenges of cash flow from the tenants can be a challenge when you have the type of economic environment we have right now. People are juggling their personal finances, and with the high cost of food and transportation, it puts a lot of stress and strain on families and individuals. On the other hand, as a positive, I think with the slowdown in various industries there should be a group of high-quality people who are looking for employment, and the industry should have an opportunity to have a strong group of people we can draw from to fill a lot of important positions in various aspects of property management.
Q: What do you think the challenge for the industry will be in the coming years?
A: In the current situation with the credit woes facing the United States, I think liquidity and credit functionality are going to be a challenge for at least a couple of years. The underwriting and the liquidity that were once present has changed, and that's obviously going to be a challenge for people who want to sell properties and [also] for people who might want to buy properties.
Q: What is the best career advice you ever received?
A: Two things. First, enjoy what you do everyday. And keep growing as an individual.