Many real estate investors see “house flipping” as a rapid path to wealth. As seen on popular reality shows such as Flip This House, Flip Or Flop, and First Time Flippers, the business model involves finding distressed homes that can be purchased at a steep discount, fixing them up and then quickly selling or “flipping” them for a significant short-term profit.
Though Dan Zitofsky has flipped over 1,000 properties over the past 20 years, and made as much as $100,000 on a single flip, he has come to the conclusion that flipping is not the path to a life of true prosperity. Why not? Because flipping is a difficult, time- and capital-intensive business with high risks and an income stream that stops the minute the flipper stops flipping. In his upcoming book, Passive to Prosperous, Zitofsky stresses that creating multiple income streams through buy-and-hold properties and seller financing is the true path to long-term wealth and happiness.
“I have flipped as many as 40 houses a year and made tens of thousands of dollars in profits on each one,” says Zitofsky. “During that time I was generating a seven-figure income while working 100-hour weeks. I was never home with my family and, even when I was there physically, I wasn’t present emotionally. I was always on my phone managing deals and rehab projects.”
The situation came to a head one evening several years ago when Zitofsky’s wife confronted him about missing yet another family event. “She told me I was a terrible father and husband,” he remembers. “I said ‘Look at everything I’ve given you; the house, the cars, the boat, private schools for the kids.” Mrs. Zitofsky’s response caused his knees to buckle, “We never wanted any of that. You were the one who wanted that. We only want you.”
At that moment, Dan Zitofsky knew he had to make a significant change to his business model. He committed himself then and there to focusing exclusively on generating long-term passive income streams by building a portfolio of rental properties and notes, rather than short term profits from house flipping. “Getting $200 or $300 per month on an individual property may not seem very exciting,” Zitofsky says. “But when you multiply it by 600+ properties, it gets pretty sexy!”
Now that Zitofsky has proven this model in his own business, he is turning his attention to educating others in the real estate industry. “Flipping houses is not as easy or as fast as it appears on the TV shows,” he said. “Veteran flippers understand the long hours, stress and risks involved. I am committed to showing them a better way to create a prosperous lifestyle, not just a profitable business model.”
In addition to his book, due out in late August or early September, Zitofsky has also launched an online education resource called Passive Wealth Academy, and launched the Passive To Prosperous podcast. His goal over the next 36 months is to help as many real estate investors as possible through his educational content.
Frank Felker of Powerhouse Publishing first learned of Dan Zitofsky’s unique and seemingly contrarian message in the spring of 2018. “As an outsider to the world of real estate investing, house flipping always looked like a pretty tough way to make a living to me. But all the reality television shows made it look doable,” said Felker. “When Dan explained his concept to me and I learned of his depth of knowledge and reputation in the industry, I knew his book was going to be a winner. I’m very proud to be a part of bringing this message to the world.”
“I’m very excited about Dan’s new book,” shared real estate veteran Jeremy Bowers. “Within two weeks of completing his online training course, I began batting 1,000 when asking investors to come into my deals. Just as he shares in his book, Dan’s course showed me how to communicate with my investors, by looking at the deal from their perspective and giving them the information they need to make an intelligent investment decision. With the publication of this book, thousands of real estate folks across the country are going to have access to Dan’s wisdom and guidance as well.”
For more information, contact:
Passive Wealth Academy
Frank Felker, Publisher
Powered by WPeMatico