You can change a situation if it isn’t working for you. There may be consequences, and that’s risk. But you can change the way you do anything.
Joseph Rizzuto is a commercial transportation manager, real estate investor, commercial property investor and entrepreneur who grew up in the New York, Tri-State area. Over the years, Joseph learned a lot about property values, depreciation, commercial lending and real estate investing for long-term investment goals and residual income. This led to the development of Joseph Rizzuto Properties, for continuing to build and scale his portfolio.
Where did the idea for Joseph Rizzuto Properties come from?
Joseph Rizzuto Properties is the natural culmination of all of the work I’ve been doing investing in real estate, specializing in dilapidated homes and improvements. This is an additional opportunity for me to extend my reach and have individuals learn about real estate through my experiences, but also to remain informed on potential partnership opportunities and other ways to grow my portfolio.
What does your typical day look like and how do you make it productive?
A typical day is traveling to many of the businesses or meeting with partners. I’m on the phone a lot and often times have to be extremely disciplined about how I schedule my time. I also have two children, so I’m always negotiating the balance of work and family.
How do you bring ideas to life?
Things have to be clear from the beginning and there has to be a viable goal or ROI that you’re working toward. I try to work with people who are experts in their field, so I can learn from the best and get the best feedback and criticism.
What’s one trend that excites you?
I think that as the tax code continues to change or grow more complex, people will look for more opportunities to grow their income and make good investments. I believe that real estate provides that opportunity and I’m excited that more people are active and engaged in the industry.
What is one habit of yours that makes you more productive as an entrepreneur?
I surround myself with good people and I really love to help people. You have to do things for the right reasons, and people will always support you.
What advice would you give your younger self?
Hard things are going to happen, stay the course and trust your instincts.
Tell us something that’s true that almost nobody agrees with you on.
Taking losses are a part of business. You don’t have to continue doing anything that is not working, though.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
Take time for yourself and have people you trust around you at all times–People you really trust who would do the things for you that you have done for them.
What is one strategy that has helped you grow your business?
Gratitude and honesty are the best strategies to be successful at anything.
What is one failure you had as an entrepreneur, and how did you overcome it?
I have had multiple failures and interruptions to my “best-laid” plans. That’s life. You have to stay grounded and focused. And you have to believe that the right things are going to happen.
What is one business idea that you’re willing to give away to our readers?
Whether it’s real estate or the stock market, it’s never too late to find ways for you and your family to invest. If it is real estate, look into depreciation and other opportunities. If it’s investing for your family, look into 529s. Residual income is a very good way to ensure that you have peace of mind and emergency capital should you ever need it.
What is the best $100 you recently spent? What and why?
I love spending money on entertaining with family and friends, so I also love spending money on tipping well. You always have a good experience at good places, so you should share those places with your loved ones.
What is one piece of software or a web service that helps you be productive?
My iPhone is really like an attachment to me at this point. Everything is in there and it really helps me stay organized. Once that thing can write checks, it’s over.
What is the one book that you recommend our community should read and why?
The Hard Thing About Hard Things
What is your favorite quote?
Doing anything over and over again and expecting a different result is the definition of insanity.
• Be kind to people, be grateful and forgive yourself.
• Keep your friends and family as close as possible, and remove dead weight or bad influences.
• Learn to invest in the way that you feel most comfortable. But it’s never too late. Most people have nothing they can pass down or that they can dip into if there’s a financial crisis.
• You can change a situation if it isn’t working for you. There may be consequences, and that’s risk. But you can change the way you do anything.
Carlyn runs the day-to-day publishing operation here at ideamensch and interacts with our awesome customers and entrepreneurs. She is likely editing this with a cat on her lap.