Joseph Rizzuto has spent time investing in commercial real estate, specializing in purchasing distressed properties/dilapidated houses for improvement projects and for returns to the marketplace. His work has improved communities, property value and provided access to housing all over the Tri-State area. He also is a property owner and commercial landlord, with expertise in commercial transportation. It was after some challenging times and misfortunes that I was able to get a second chance and to offer others second chances. It’s important to pay it all forward,
How did you get started in this business? What inspired you to start this business?
I’m from New Jersey and have become a national real estate investor with a focus on service industry properties. I began reinvesting earned income from my commercial transportation businesses into the real estate market, where I saw significant opportunities. I learned about depreciation and taxation on real estate in the United States.
How do you make money?
I have multiple investments on properties and in industries that allow me to earn residual incomes. I also own and operate my own commercial transportation business, which allows me to work with shippers and distributors around the world.
How long did it take for you to become profitable?
Not very long. I’ve been fortunate to have good investments and to be able to turn those opportunities into long term projects and relationships. A lot of profitability is about who you know, who you’re helping, and the quality of your service and your help.
When you were starting out, was there ever a time you doubted it would work? If so, how did you handle that?
I cut losses or things that are not working the way they should quickly. It’s an important skill to know. You cannot do the same thing over and over again and expect a different result, that’s the definition of insanity.
How did you get your first customer?
Word of mouth goes a long way, whether it’s positive or negative. You have to be able to respond to demands on your time, your business or your services. Every opportunity can lead to a bigger one or a new relationship that is worth your energy. Anyone can be your first customer.
What is one marketing strategy (other than referrals) that you’re using that works really well to generate new business?
Incentivizing the customer, especially if you already have them in the door is as important as it ever was. You want to keep the customer happy and satisfied and engaged. You must be engaged with them on a personal level to understand their pains and their needs. That is the way that you establish a relationship that is more than transactional. It’s a partnership, and you can support each other and value each other in a way that is different.
What is the toughest decision you’ve had to make in the last few months?
Whether or not to get involved in a business that was out of my comfort zone and areas of expertise. It’s a challenge and it’s a big investment of my time and energy, and it’s pulling me away from my other businesses. But I want to help and I want to try to make it a successful business because it means a lot to a lot of people.
What do you think it is that makes you successful?
I am motivated by fairness and success. I do believe that if you’re a good person and you do the right things, good things will always happen to you. That doesn’t mean bad things won’t happen… It means you have to work twice as hard to get the good things.
What has been your most satisfying moment in business?
I enjoy continuing to succeed because it affords me the opportunity to help people.
What does the future hold for your business? What are you most excited about?
I think all commercial real estate investors will tell you that they want to own a high-rise/skyscraper in Manhattan. It’s one of the real estate capitols of the world.
What business books have inspired you?
Not really any. I’m inspired by people who have learned from life experiences and taken some bad luck and been able to turn it around.
What is a recent purchase you have made that’s helped with your business?
I have a service industry property in Nevada that has helped me understand the financials of the service industry and the benefits and difficulties with managing large properties across the country.
What’s most remarkable about this moment (of being successful)?
I didn’t graduate high school. I didn’t go to college. And yet, I’m the American dream. I am a family man and a man who has experienced really tough times that might have crushed a lesser person, But I never stopped working hard and believing in myself and the people around me. I care about people and their success and the ability to provide for my family while still doing things the right way is the most important/remarkable part of this entire life.