Big thanks to Dan Zitofsky for taking the time to give us a little more insight into his latest book, “Passive to Prosperous”. He says that his podcast coming out soon is off his book which describes his life and how he was able to build a passive income portfolio. He says the book is all about your personal mindset, business vision, thinking ability, limited thinking, scarcity beliefs, and so many to it. Part of his podcast will be how to do the deals, how to be an architect on deals, and how to structure them.
To listen to Dan Zitofsky’s Alchemist Nation Podcast: #34 Alchemist Insights – “Passive To Prosperous” with Dan Zitofsky
Dan has a pretty amazing story and has been earning multiple 7 figure incomes for most of his 30 years in real estate. He talks about how he got into the real estate due to the fact that he was chasing money. He continues to narrate that he was feeding his ego back then, he was driving the nicest cars, wearing the nicest watches, and operating the nicest boats on the water which was all about the money back then not his vision. He was flipping 40 – 50 properties every year netting 50,000 per property and he was making multiple 7 figures over, again and again, working 100+ hours a week and literally hating life. In 2008/2009 he made a switch to passive income by building a rental portfolio and seller finance portfolio. He further states that the biggest business model is to become the bank and his business models are like to raise capital, raise private money to buy distressed debts from the bank or from sellers providing a better average return for my investors and he does it by providing passive income with turnkey rental opportunities in emerging markets to investors.
He says that if you lose money on the deal, learn from it, move to the next one, and make more money to cover your loss. He further elaborates that you get so upset with a bad relationship in business, you can be pissed off that it ruined your business then you have to just move on. He says that if you haven’t lost money in real estate, then you aren’t a real estate investor. Unfortunately, this is going to happen too much due to diligence and how much you trust somebody. The real estate game is a game that you can’t do it by yourself, it has moving parts. For example, if you’re a real estate flipper, you have to have contractors, realtors, appraisers, buyers, sellers. So many moving parts to make everything go on smoothly. He says that this is what he teaches people how to mitigate their risk though don’t be scared to screw things up.
He says that there are a lot of moving parts and issues in the real estate business. He says that 10 – 20 percent are ethical, really good, and do good business. He says that the real estate industry has no entry barriers, you can walk in become a wholesaler, a flipper, or a part-time flipper. You are going to ask someone to invest $ 100K and take all the risk on your deal with no experience on rehab, buying, selling, code, inspection because you’re not willing to invest in your business. His recommendation for any business is to have a mentor to help you on how to set up the business, how to raise money the right way, how to legal docs the right way, how to form an LLC the right way.
In the end, Dan gives his 3 big pieces of advice that you MUST implement to be successful.
1) – Stop selling your properties.
2) – If can start earlier, look at the building as infinite wealth and legacy.
3) – Start focusing on your actual goals and vision
Important Contact and Social media account links for Dan
YouTube page is: https://tinyurl.com/wulnsae
Social Media Follow me at:
Free Cheat Sheet is:
His Free Facebook Group Page is: https://www.facebook.com/groups/becomearealestateinvestorwithdanzitofsky
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To listen to Dan Zitofsky’s Alchemist Nation Podcast on Anchor: #34 Alchemist Insights – “Passive To Prosperous” with Dan Zitofsky