RG 143 – Become a Time-Wealthy Investor, Not a Busy-Wealthy Investor with Mark Dolfini
- Mark is known as the landlord coach
- Mark is a published author
- Mark teaches based on his past mistakes
Nuts and Bolts
Mark is often known as the landlord coach, he’s a real estate investor, national speaker, author and investment coach. Mark has been in business for over 20 years and teaches using his past mistakes as examples. Mark has also written a book The Time Wealthy Investor about setting up cost effective systems to build a work life balance. He grew up in upstate New York where his family had a large vegetable garden and made his first dollars selling the vegetables to passing cars on the road. Mark started in the marine corp where he was for 4 years. His first real estate transaction was buying 40 acres in North Arizona which he held and then sold when he left the marines. He then went to college in Indiana and built a portfolio of rental properties so by the time he graduated he had 12 units. He grew these to 92 units but explains that this was a complete disaster and he made every mistake possible as his business was an unorganized mess. He had set himself up for failure so when the 2008 recession hit his business would have failed regardless of the crash.
Mark explains that his past mistakes can help new investors know what to do and what not to do and to help with this he’s taken top lessons from his biggest mistakes;
- Just because you have a good work ethic, doesn’t mean you should be the one doing all of the work. You cost yourself money because your time is worth more.
- Learn to value your time and find something that can do the work for you.
- A bad mindset of ‘more is better’ is detrimental to success. You shouldn’t think about the numbers of units that you want, rather it should be about your capacity.
- Look after your health. Mark got a cold in 2009 that turned into double pneumonia and he almost died.
Mark has built the VIP paradigm, which stands for Vision Infrastructure and Process, to help people setting up their businesses. Vision is all about coming up with what you want in life, identify what you want beyond business for example family, cash flow or time. Infrastructure explains that you need to build a system that aligns with your vision for example a website, office furniture or hardware. Mark describes Infrastructure as the railroad tracks of your business. Process is the final step and is the train that runs on the railtracks, for example your standard operating procedure or protocols, like the day you collect rent. The problem with instrastructure is that you won’t notice when it’s done well and the problems often show in communications issues with your customers. It’s often hard to see your own problems so it could be beneficial to get a coach or someone external to come and have a look.
- Most important habit – Writing his vision each morning and night
- Most influential person – Dad
- Most important tool – Property management software – Property Boss
- Biggest failure – Not valuing his time and trying to be too much in control
Contact – FB landlord coach
Website – landlordcoach.com