When Dan Zitofsky was 18 years old, he got a 30% FHA loan and bought his first condo with it. While in the Navy, he was making more money on his condo than on his salary. This is when things really started to click for him. When he got out of the military, he jumped into real estate.
However, it slowly became more and more a job for him and not the freedom lifestyle he wanted for himself. On today’s show, Dan talks about his real estate journey, why he prefers paying off his debt straight away, and why notes have really helped him develop the REAL passive income lifestyle we all desire.
Key Takeaways:
- Truth be told, there isn’t a lot of passive income from just being a landlord.
- Who is Dan and what does his business look like today?
- After nearly having a breakdown from stress, Dan knew there had to be a better way to do his business.
- Dan only holds notes on properties he’s willing to own.
- What’s the difference between an active investor vs. passive investor?
- Anytime you own debt, you also own risk. If a downturn happens, things can really go south for you.
- Dan shares a case study and explains a bit more how he creates long-term wealth.
- Dan got an 85% return on his money.
- Dan does recommend buying some rental properties. Once you’ve bought them, focus on paying those mortgages off as fast as possible, and then selling those properties to investors on a note.
- The best part is Dan doesn’t deal with a high-volume of investors. Last year he did 182 properties with only 18 investors. They were high-quality and easy to manage.
- How does Dan usually structure his deals?
- Dan talks about why he doesn’t like selling partial notes anymore.
- How can a wholesale beginner get into this note space?
- Get out of debt as quickly as possible.
- Remember, invest in yourself first.
- Check out Dan’s training! Link in the show notes below.
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Mentioned in This Episode:
Check out Dan’s Building Real Wealth Video Course (Note: Enter “Alex” into the Promo Code section to get $50 off!)
Connect with Dan on Facebook
Let Dan help you with your investments, check out Zitofskycapitalmanagement.com
Email Dan: Dan@Zitofskycapitalmanagement.com
Watch this quick video of Dan breaking down how he became the bank on a deal and created TRUE Wealth.
Leave us a review here: Flip Empire on iTunes
Email Alex: Alex@FlipEmpire.com
Interested in joining The Flip Empire Inner Circle (Small Group Consulting Program), Apply Here
Tweetables:
“Create long-term wealth by becoming the bank.”
“I’ve been three downturns around. If it happens again, I don’t want to be leveraged out.”
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