Mark Dolfini—The Landlord Coach and author of The Time-Wealthy Investor joins us on The Art of Passive Income to talk about how he created true wealth through time-wealth.
Mark is a veteran of the US Marines who owns several million dollars in real estate properties and has actively managed over $40 million in real estate since starting 20 years ago.
True wealth is not the simple accumulation of personal wealth. The pinnacle of wealth is time-wealth, and the ability to control your calendar.
After four years in the Marine Corp, Mark decided to follow an entrepreneurial path. He was accepted into Purdue University where he got a degree in accounting and a minor in finance.
His real interest was in real estate though so he started buying rentals after that first year and by the end of his fourth year, Mark had acquired a dozen rental units which amounted to about half a million dollars and he says that’s where his real education began.
On today’s show, Mark talks about one of the biggest mistake he made as an investor and that was trying to do it all himself! He did not treat real estate investing as a business.
I made the fundamental mistake that just because I had a good work ethic did not mean that I should be doing all the work.Mark Dolfini
Mark talks about the life-changing breaking point that came in 2008. With 92 rental units, $65,000 a month in revenue coming in and working 17 hours a day to keep afloat… he found himself in the hospital and nearly lost his life.
2008 just sped up what was inevitably going to happen with me because this house of cards that I had built was all based on one signal point of failure, which was me.
Listen in as we also delve into:
- The transition going from being self employed to business owner
- Determining what your time is worth
- His role in his business today
Plus, Mark breaks down his VIP paradigm concept—Vision, Infrastructure, Process, and how it helps investors get their businesses on track!
TIP OF THE WEEK
Mark: Mark has a generous offer for The Art of Passive Income listeners which you can find at LandlordCoach.com/LandGeek.
Scott: Check out Nizo.co to create cool cinematic effects in your videos.
Mark D: Put a value on your time. Find out what your true worth is per hour. Come up with a number and really start to get very intentional about the things that you are doing that are of the highest and best use of your time.