Building Time Wealth In Your Business
Hey, real estate investors, I’m Gary Boomershine, and I’m back with another REIvault Huddle. In today’s video, we are addressing how many people new to REI often feel a little overwhelmed and short on time as they establish and grow their business. After all, if you work in REI, you started in this business full time for the passive income lifestyle and wealth of free time. Today we are consulting an expert on this topic, author of The Time Wealthy Investor and REI entrepreneur Mark Dolfini. Here’s an overview of our chat about building “time wealth” and not just financial wealth.
Interview with Mark Dolfini
1:44-2:33 The Importance of Time Management
I open up the video by talking with Mark about how I have freed up vast amounts of my time to take it easy, and how I used to be a workaholic and put in too many hours. You can’t run a successful business when you’re stressed out and unhappy all the time. Mark responds by filling me in on his background and what he’s all about.
2:33-4:00 All About Mark Dolfini
Originally from upstate New York, Mark Dolfini graduated from high school at the bottom of his class. While attending community college, he felt he needed his “tail jerked straight” to get his life in gear and on track to where he wanted to be. Mark went straight to the professional “tail jerk straighteners” and joined the United States Marine Corps. His time in the Corps taught him a lot about what mattered most in life, and after four years he left to continue his education.
He spent the next four years at Purdue University, where he got his start in real estate investing. By the time he graduated, he had owned 12 rental units or about half a million dollars in real estate. Unfortunately, Mark wasn’t managing his affairs in the best way, and he freely admits he wasn’t running things like a business.
4:00-8:50 Making Mistakes and The Tipping Point
Mark talks about his errors when he was first starting out, especially the “frenetic busyness” that seems to plague most real estate investors. For Mark, hustling is addictive and can be difficult to get away from, and it was one of the greatest struggles he had when he was starting out. He was running his dozen rental units, working a full-time job and attending classes full time while at Purdue, and Mark talks about how that life is just pure unsustainable madness.
The tipping point for him was when the real estate market crashed in 2008-2009. Mark had built up around six million in real estate assets across 92 rental units. His monthly revenue was cut in half, and he was struggling to keep his business together.
Mark had not yet come to the realization at this point that just because he had a good work ethic, it did not mean he needed to be the one doing all the work. He started putting in even longer hours and ended up developing double pneumonia because he was working so hard. Mark had to be hospitalized, and the illness nearly claimed his life. This forced Mark to make a plan for survival, not just for his business but for himself.
8:50-11:00 Planning Out Your Vision and The Birth of VIP Time Management
Not only was his health in serious jeopardy, but Mark lost over $4 million in real estate assets virtually overnight. He needed help, and he needed to get well. That’s why he started out with a vision of getting out of the hospital and how he was going to make that happen.
Mark acknowledges he had set himself up for what had happened, and he started to pull himself out of the hole he had dug for himself. He managed to avoid bankruptcy, and it was during this time that he had more free time than he’d had when he was busy running himself into the ground.
He started writing a book about his Vision Infrastructure Process method of managing his time. In the video, he outlines what this looks like and what it means.
11:00-20:00 VIP In-Depth and The Need for Coaching
We talk more about the development of The Time Wealthy Investor, and about the importance of coaching and how it’s integral to Mark’s process. We also discuss how to seek out a coach and mentors for your business. Part of our discussion revolves around the mentoring and coaching available to members of REIvault, and how we help investors new to REI build their company the right way so that others can run the business, and we enjoy the wealth of time that is the vision for owning a successful REI business.
20:00-34:00 The Precious Commodity of Time
We round out the discussion with more talk about how time is what real wealth is all about, and that building wealth primarily involves developing a lifestyle and schedule that has as much free time as you want. Mark details more about how to achieve that goal using the methods described in The Time Wealthy Investor.
Are you a real estate investor? Is building wealth about passive income and more free time for you? Visit REIvault today to see if you are eligible to join our organization. We are dedicated to helping real estate investors achieve their goals and grow their business the right way, so they can enjoy the freedom that comes with building a passive income stream business that runs itself. Visit our site today for more details.