The Legacy Wealth Code Podcast
Welcome to the "Legacy Wealth Code" podcast, where we unravel the secrets of real estate investing, tax strategies employed by the uber wealthy, and the art of building a lasting legacy. Join us on this captivating journey as we explore the pathways to wealth creation, uncover powerful tax-saving techniques, and feature interviews with successful business owners who have mastered the art of building generational wealth.
In each episode, your host Michael & Andrew, will guide you through thought-provoking discussions, insightful interviews, and expert advice from renowned investors and financial gurus. Together, we will dive deep into the world of real estate investing, examining various strategies such as property flipping, rental properties, commercial real estate, and syndications. Discover key principles, practical tips, and industry trends that can help you make informed decisions and maximize your returns in today's dynamic real estate market.
But that's not all. "Legacy Wealth Code" delves into the fascinating realm of tax strategies, unveiling the closely guarded secrets of the uber wealthy. Learn how they employ legal techniques to minimize their tax obligations and explore the intricacies of tax planning, entity structuring, 1031 exchanges, cost segregation, and more. Unlock the power of tax optimization and gain insights that could potentially save you significant amounts of money.
Additionally, we bring you exclusive interviews with highly successful business owners and entrepreneurs who have mastered the art of wealth creation and legacy building. These captivating conversations will provide invaluable insights, personal anecdotes, and actionable advice on overcoming challenges, seizing opportunities, and leaving a meaningful impact on the world.
Whether you're an aspiring investor, seasoned entrepreneur, or simply curious about the world of wealth creation, the "Legacy Wealth Code" podcast will empower you with the knowledge and inspiration needed to embark on your own path to financial success. Join us on this transformative podcast as we decode the secrets of real estate investing, reveal powerful tax strategies, and guide you towards building a remarkable legacy that will endure for generations to come.
Tune in to the "Legacy Wealth Code" podcast and unlock the blueprint for financial freedom, tax optimization, and the creation of a legacy that stands the test of time.
The Legacy Wealth Code Podcast
Building a Real Estate Empire in Commercial Real Estate
Our guest has accumulated a massive portfolio of cash flowing commercial properties that has allowed him to live life on his terms. David shares with us some great insights on how he got started, what kinds of things to look for when considering a commercial property purchase, and the outlook on what opportunities he sees in the future as our market is shifting.
Onward!
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THE LEGACY WEALTH CODE PODCAST SHOW NOTES
Episode #2: Building a Real Estate Empire in Commercial Real Estate
Hosts: Michael Notbohm & Andrew Hoek
Guest: David Donofrio
Episode Summary
Welcome to this episode of the Legacy Wealth Code Podcast, a platform aimed at helping you build long-term wealth and a lasting legacy through real estate investing, tax strategies, and motivational stories from successful people. Meet our hosts, Michael & Andrew.
Our guest today is David Donofrio, a real estate investor with a multi-million dollar portfolio of properties, who got into real estate in 1988 and had a development company starting back in 1992. David started out working for Whiteman Realty for about a year and later started brokering for clients like Chevron who he represented on the disposition of their excess properties.
In this episode, our hosts sit with David Donofrio as he describes an early passion for real estate, and his systematic intentional entry into the space with specific insights on how to identify good deals and practical tips that helped him grow successfully in his career.
Episode Topics
[00:34] Meet today's guest, David Donofrio.
[01:01] Getting into real estate from senior year
[05:04] About David's investment approach; develop and hold.
[08:08] Metrics to determine a good deal; Focus on the site
[10:07] Structuring a deal
[13:03] David's advice to new investors.
[15:30] What properties have you let go of, and why?
[16:48] How David handles his biggest challenge over a 30-year career; local governments.
[18:41] How do you go about tenant management?
[20:48] Vetting construction workers and the efficiency of their work.
[23:42] What has been your best investment so far?
[26:20] Is there any investment people should currently be considering?
[30:51] Being semi-retired, do you see yourself doing more projects?
[37:10] What real estate opportunities are you excited about on the horizon?
Notable Quotes
"Let's face it, you get a lot of 'No's in real estate, especially on the commercial side" - [David Donofrio]
"What is value; value is your time and your health, especially the older you get those are the two most important assets you have" - [David Donofrio]
"If you buy the site right, you buy the land right, you'll be okay" - [David Donofrio]
"You have to look at the fundamentals, you've got to love the dirt, you've got to love the site, you've got to love the real estate; if that component isn't there, don't do it" - [David Donofrio]
"Scared money never makes money" - [David Donofrio]
"Die with zero because you can't take it with you" - [Michael Notbohm]
"You make money on the buy, not on the sell" - [Andrew Hoek]