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.”
