The Art of Passive Income

Latest Episodes:

Creating True Wealth In Real Estate—Time Wealth Oct 03, 2019

Show notes

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 in the business about 20 years ago.

His philosophy is, 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.

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.

Listen in as we also delve into:

Mark’s 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.

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Land Geek Pro Tips—Shedding Light On Bad Advice Oct 01, 2019

Show notes

We see and hear a lot of misconceptions about the land business, especially when it comes to giving advice to those who are just starting out, but what is some of the worst advice we have seen?

Listen in as Mimi Schmidt takes over the helm and leads the team this week into a discussion that will shed some light on some of the worst advice they have seen given.

Joining Mimi are:

Erik Peterson
Mike Zaino
Scott Bossman

So what is some of the worst advice we have seen?

You need a website to get started
Parcels have to be a minimum of 10 acres

Plus, advice that you give to yourself—You’ve seen the success of others, but you just want to try it on your own first for your own proof of concept.

Find out why the team says this is all bad advice and what you need to be considering instead.

Scott also brings up a couple other things that really makes him cringe.

Setting up land buying websites
In order to find a good area, mail to one area in large volumes over an extended period of time

Track your response rate. If you’re getting a 5% response rate and you’re able to buy one percent, one for every 100, your pricing is good and adjust otherwise.You can learn if an area is good after a month of mailings at 20 a day. Then you’re not investing thousands of dollars to learn about that one county. -Mimi

Don’t Be Afraid to Come to Bootcamp - There is No Wrong Time

Another misconception that Scott often hears surrounds Bootcamp and the investor level you need to be at before attending. Bootcamp is for everybody at any level of the business. From complete newbie to seasoned pro, you will always walk away with something new for your business.

Bootcamp gives you what you need, when you need it.

Bottom line—There is a lot of great advice out there also, but we want to make sure you're starting your land investing journey out on the right foot by taking advice from someone who has been doing the business for a long time.

This model is easy if you follow the recipe. Don’t try to complicate it by following bad advice, it may set you up for a lot of frustration and frustration can lead to burnout.

TIP OF THE WEEK

Mimi: Check out the Netflix documentary—Inside Bill's Brain: Decoding Bill Gates.

QUOTE OF THE WEEK

Mike: It’s not enough to be busy, the question is, what are we busy about? by Henry David Thoreau.

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

How To Win At Business Transformation For The New Economy Sep 26, 2019

Show notes

With all the advancements in business technology, does your business have what it takes to survive in today’s high tech world?

Business transformation expert, Steven L. Blue joins us today to talk about what businesses need to do in order to survive in this new economy.

Steven is in the business of transforming failing and fading companies in the global powerhouses with 40 years of leadership experience.

He is a proponent of changing the thinking, culture and product lines of established companies to help them survive and thrive in the new economy.

Steven is also an author, speaker, and is a regular contributor to Fortune and Entrepreneur.

Listen is as we delve deep into what it takes for companies to go through a business metamorphosis and not only survive, but thrive.

The first step to going down the road of transformation is accepting the fact that you have to do so.

Steven answers in great detail:

What do companies need in order to make a successful transformation into the new economy?
Can we compete in this new economy and if so, where do we make this metamorphosis?
How do you transform something like a steel mill that's done the same thing forever into something with current proprietary technology?
How as a leader of your business do you get everyone on board to adapt to new technologies?
What is the number one reason most companies fail when they try to make this transition?

Plus, Steven shares the anecdote that helped him personally get his own team on board for this radical metamorphosis of change and why he had to replace most of his leadership team!

All of this and more on today's episode of The Art of Passive Income!

TIP OF THE WEEK

Mark: Learn more about Steven at StevenLBlue.com, and pick up his book, Metamorphosis: From Rust-Belt to High-Tech in a 21st Century World.

Scott: Check out the free auto text expander, PhraseExpress.com.

Steven: Read the books:

Disrupt or Die: What the World Needs to Learn from Silicon Valley to Survive the Digital Era by Jedidiah Yueh
The 21 Rules For The 21st Century by Yuval Noah Harari

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Negotiating Prices With Your Buyers Sep 24, 2019

Show notes

Typically, there are two prices when it comes to pricing parcels—the discounted cash price and a higher terms price. But, how negotiable is the terms price?

Joining Mark in this week’s discussion are:

Mimi Schmidt
Erik Peterson
Tate Litchfield

Erik shares a recent situation where a buyer came to him and wanted to pay the cash price on terms. This person is also an investor who has worked with others in the industry before who have given him the discounted rates. Erik wouldn’t make the same returns but by selling to him now, it could open the door to future business. Should he do the deal? After all, a sale is still a sale. Or, should he tell Joe Investor to move along?

There are a lot of different variables that come into play. Listen in as Team Land Geek go over those variables that leaves them considering, and reconsidering what they would do.

Also, Tate talks about the challenge he presented to the Mastermind call last week which he is now extending to anyone who wants to participate.

Find out all the details along with Erik’s final decision in this week’s Round Table!

TIP OF THE WEEK

Mimi: Check out the website LandGrid.com. You can click on a county and find out interesting information about the county itself. And, you can actually make lists and important/export data from it.

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

The Playbook Secrets Of A Top Realtor Sep 19, 2019

Show notes

Get ready to get your real estate game on as we go into GSD Mode with Joshua Smith on today’s episode of The Art of Passive Income!

Joshua is in the top 1% of realtors worldwide and was voted the 30th top realtor in America by The Wall Street Journal. He has sold over 5000 homes, more than 1+ homes daily!

He is also the host of the number one most dominant real estate agent podcast, the GSD Mode Podcast and he has coached and mentored thousands of realtors all over the world!

Real estate isn’t Joshua’s passion though… it’s his obsession.

Today, Joshua is going to tell us how his true passion for fitness unintentionally led him to real estate which he soon fell in love with and his obsession grew from there.

With a total of five companies, four real estate related, Josh has 82 agents working for him. How did he go from being the real estate agent who has to get out there and buy, list, and sell properties for a paycheck to building an agency of 82 agents?

Listen in to find out how Josh crossed the threshold from solo-economic dependency into creating passive income.

Also, get the details on:

How he runs his operations
His hiring philosophy
Creating a team playbook

Plus, so much more!

Joshua proves that with hard work, a vision, and the mindset of thinking long-term you can accomplish anything if you are in it for the right reasons.

It was such a slow, methodical growth of getting the systems and processes and identifying the right people in place where you could eventually exit. You've got to have that vision of what that looks like and build it right from the ground up.

Listen in now to hear how Joshua went from dropping out of college to becoming a real estate rock star!

TIP OF THE WEEK

Mark: Go to GSDMode.com and listen how Josh gets it done. It’s a great podcast.

Scott: Check out Bluetick.io to automate responses for follow-up email.

Joshua: Learn to be patient. Learn to play the long game. If you want to create true wealth and true passive income, you've got to be patient and you've got to be willing to invest in that long game.

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Land Geek Pro Tips—Getting The List Sep 17, 2019

Show notes

When you’re a land newbie, getting a list can be daunting—where do you go? How do you find one? Do you pay or not pay? It’s the first barrier in this business that you have to learn how to manipulate, but once you do it becomes second nature.

After reading a post in the Motivation & Wealth Creation Group this week that was asking for options and tools available for getting a list, Team Land Geek decided to Round Table the topic in this week’s discussion.

Joining Mark are:

Scott Bossman
Erik Peterson
Mimi Schmidt
Mike Zaino
Tate Litchfield
Scott Todd

Listen in as the team delves deep into the options available for you to obtain the lists and offers pro tips on how to make this process as painless as possible. Plus, they review the paid subscription websites, more specifically Agent Pro 247, and let you know if they are worth using.

The data is out there. The important thing is to get 20 names and make that your target day-to-day to get up and running. -Scott Bossman

A few options mentioned are:

GIS systems where you can download data
Through the county—website or call
Outsourcing

Paid subscription websites:

Agent Pro 247
Data Tree
List Source

You have to stop focusing on the expense of it and realize it is an initial investment you are making. -Scott Todd

Today’s episode is full of value and if you’re someone who is serious about land investing but is getting frustrated with finding a list, you won’t want to miss it!

If you’re going to be an entrepreneur, you’re the conductor. You’re the one setting the strategy, this is how we get the list. How much money are you making from getting a list? ZERO. You make nothing getting the list. So if you hire someone to get you the list, great. If you’re going to pay for a list, great. If you’re going to be the technician and build your own list, great. What’s not great is throwing up your hands and saying "oh well, I can’t get a list." -Mark

The After Talk

In short:

Apple versus Rolex
Surface versus Mac
Who is the better host
$500 lunches

Scott ends the show with a mic drop...These guys!

TIP OF THE WEEK

Mimi:Here’s a hack around the location glitch in Facebook Marketplace—if your ad isn’t getting views, delete it. Then, when posting new ads, do not put a zip code in the location. Put a big enough city that when you type it out, there’s a thumbnail picture of the city. If there’s no thumbnail picture, then don’t use that location, find a larger city.

QUOTE OF THE WEEK

Mike: An investment in knowledge pays the best interest. When it comes to investing, nothing will pay off more than educating yourself. Do the necessary research, study, and analysis before making any investment decisions. - Benjamin Franklin

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

How To Escape The Corporate Matrix—Creating Your Escape Velocity Sep 12, 2019

Show notes

Paul Thompson wanted to break free of the chains holding him to his corporate job. He found himself in middle-management feeling unfulfilled, unrewarded, and a little depressed.

It was a family vacation that ended too soon that was the driving force that sent him looking for a change. He says that he never wanted to have to ask for permission to spend more time with his family again.

I didn't want to be controlled by some corporation that I am just a cold equation to.

Paul is now a full time real estate investor who lives to help others to find their way also by turning his personal story of screening 20 deals in his first 18 months of investing into an inspiration to others.

Now doing about three deals per month Paul is able to help himself as well as help others build wealth with passive income.

Paul delves into his real estate strategy of single family, buy and hold, along with:

How he broke free with commitments such as a wife, kids, and a mortgage
The right mindset to escape the matrix
The worst advice he’s heard given regarding buying and holding single family homes

Paul, who found himself climbing the ladder on the wrong wall, created his escape velocity. And today, he’s here to show you that by having a big enough purpose and by changing the mindset of time is equal to money, you can also create yours.

Listen in now to The Art of Passive Income...

TIP OF THE WEEK

Mark: Learn more about Paul at PaulDavidThompson.com.

Scott: To bring different types of chat into one dashboard, check out the service called Live Agent. It brings multi-communication channels all into one.

Paul: If anybody else is having trouble thinking big enough, check out the book, The Big Leap: Conquer Your Hidden Fear and Take Life to the Next Level by Gay Hendricks.

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

How To Prevent Building A One-Legged Marketing Stool Sep 10, 2019

Show notes

Do you put all of your marketing eggs into one basket? What happens when that basket gets a hole in it because of changes to the algorithm, do you have to hit the pause button while you adjust and fix that hole?

In this week’s Round Table discussion, Mark and the team put the emphasis on diversification in the marketplace.

Joining Mark are:

Scott Bossman
Mimi Schmidt
Tate Litchfield
Scott Todd

The team delves into:

Omnipresence in the marketplace
Lead generation
Platforms
Leveraging the buyers list

There is no great one solution, you can get a lot of leads from great places, however the goal is to find ways to generate leads. -Scott Todd

Scott also talks about the incredible value you receive when you sign up with the Platinum Plan at Landmodo.com. For less than a small cup of coffee a day, literally, 1.36 a day gets you unlimited posting and ultimate exposure through the website, re-targeting, the buyers list, and more!

Listen in as the team offers solid advice on building a bullet-proof marketing campaign that will keep your business running seamlessly in the ever changing world of marketing!

TIP OF THE WEEK

Scott Todd: Check out Krisp.ai—FREE software to get rid of background noise when on calls.

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Doing Real Estate In A Big Way—From Market Crash To Mogul Sep 05, 2019

Show notes

Lee Kearney has done over 7500 flips and over a half-billion in sales and today he is on the podcast to tell us how he became one of the biggest and best house flippers in the country.

Rewind the tape to 2003—Lee did his first flip, by accident, but it was that accidental flip that gave him the real estate bug.

Fast forward to 2007—Lee has now done 50 deals and has made over $2 million and has a million and a half in equity. Then the world came crashing down with the financial crisis. In just 12 months his net worth went from $2 million to negative $1.5 million.

How did he come back from that?

“I'm not going to dig my way out of this hole by just sitting and doing nothing…”

Lee did not just count his losses and walk away like so many others had, he knew there was money in real estate he just had to find the right strategy... and he did.

Listen in as Lee talks about the mistakes he made in his earlier days of flipping and how hiring a mentor and asking a lot of questions helped navigate him in the right direction.

He delves deep into:

How he made a comeback through the wholesale strategy
How he went from being a real estate investor to a real estate business
The importance of building processes, using the right tools, and hiring the right team
Lessons learned in scaling quickly
How he leverages market cycles
The importance of due diligence and data collecting

Plus, find out why Lee says that building a rental portfolio at the peak of the market is some of the worst advice he has seen, and so much more!

Lee didn't make his fortune by focusing on one just strategy, his success was the result of grit, tenacity, and his knowledge and ability to leverage the market cycles.

Listen in as Lee shares the details of how he became successful in real estate, in a big way!

TIP OF THE WEEK

Mark: Learn about Lee at FlipYourIncome.com. He will walk you through his seven-step process.

Scott: Check out RealTimeBoard.com—now Miro.com.You can create a virtual whiteboard where you can coordinate your team.

Lee: Become more efficient with your time. Don't waste time on things that don’t create revenue.

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Cash Sales Versus Terms—Quick Nickel Or Slow Dime Sep 03, 2019

Show notes

When selling a property do you go after that quick nickel and flip for cash to solve a short-termed money problem or the slow dime to create long-term wealth?

In today’s Round Table discussion, you are going to hear the argument for both sides.

In the past Mark has made it known that flipping for cash is one of his biggest regrets when he first started out. So, when he recently ran across a survey in a real estate group on Facebook pertaining to cash vs. terms and the majority of the vote was for cash, his frustration took over.

Listen in as Mark challenges the team to poke holes in his argument and asks them, why on earth would you ever take cash?

Here to answer that question are:

Scott Bossman
Aaron Williams
Erik Peterson
Mimi Schmidt
Tate Litchfield
Scott Todd

Mark’s passion on the subject becomes quite evident in today’s show as he makes a strong argument for selling on terms in order to create long-term wealth and against flips that only creates another J.O.B.

Listen in as #TeamLandGeek gets into a weighty discussion over this topic. Can the team come to a happy medium or is the room left divided?

Plus, we leave you with a little food for thought—how long would it take you to save up $3 million, doing what you are doing?

TIP OF THE WEEK

Mimi: Check out the Chrome app, Messages Saver for Facebook.

Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?