All Forum Posts by: Marcus Lawson

Thanks for this. I was looking for a list of books earlier this week. 

I too am interested in Note Investing. I'm actually starting out with your book on Amazon. I'm looking forward to diving into the Note World

I live in New Jersey and we get destroyed in this tax bill every way. Property taxes above 10K is normal, Houses above 500K is also normal, and state/local income taxes are high.

@Kameron Patterson

My reason is because you are a realtor and need a reliable car to get around. Also, clients do pay attention to what kind of car you drive. Also you'll spend much more time in your vehicle than the average person, so you better enjoy what your drive.

Now, this is off the top of my head, a car loan shouldn't affect your ability to do what you need to do. You are doing a BRRRR so your properties are distressed and don't require an abundance of financing due to lower purchase price. Does a 30K car loan really prevent this????

You already put a down payment in the car, so you would take huge loss. Plus, in 5 years you have a vehicle completely paid off and will probably last you another 5 years. You could also just hold the car for 2-3 years until its value and what you owe are equal and then sell it. 

Third, and it's just me but I am a car person and for me it is part of life experience. I drive an Alfa Romeo Giulia (i know i know), but that feeling i get when I drive or the stares on the road is priceless. It is something I'll remember forever and tell my grandchildren. 

But since you described buyer's remorse I'm assuming your not that much of a car person. Once again, an aggressive goal of financial freedom requires an aggressive way to get there. So I think you just have to cut that loss and just see it as positive cash in your pocket

@Kameron Patterson

Why kind of car is it btw?

I love this thread btw. So in February (3 weeks after the car came out) I got the 2017 Alfa Romeo Giulia Ti. She drives like a dream and it looks exotic so I get many stares and compliments while driving. (and no one else has it) I'll tell you the truth, my Giulia has truly been an experience and something I'll always remember.

Your main goal is to get out the rat race in a short amount of time. In order to accomplish that you must live SIGNIFICANTLY below your means. I personally would keep the car for other reasons. But with your goals, you MUST get rid of it. It's really that simple.

I think you should look into Turnkey properties. A lot those companies are in the MidWest which requires a much lower entry point into owning a house that cash flows. The maintenance is very little, a good company should take care of that.

Now it does offer a lower return. But you can't have your cake and eat it with ice cream

@Solomon Ganz

I admire your determination as an RE Agent. But I also think you need to consider the HIGH opportunity cost of diving straight in. Hopefully, you make it as a top RE Agent, but even that takes many many years to become great. Every year you make under low-six figures is money lost. Every year you don't make low-six figures is money you do not have to invest. Working at your W2, investing properly can yield great returns you will miss. Also, you plan on spending the next year researching thus depleting your emergency fund. You might be over 500K behind before your business really kicks off. 

Personally, and this is as a six-figure income earner myself, would be to go part-time as a RE Agent to the point where you are generating a livable income. I met another pharmacist on this site who did something similar. His wife was generating so much business as a RE Agent that she needed help and he walked away from his profession because the RE Agent business was sustainable.

@Patrick Desjardins:

 You make an interesting point with the importance of having a local team. Besides, making sure a vacant property doesn't become a meth house (lol). What other reasons why having a team on the ground is important when it comes to a performing note? To answer my own question, I can only think of keeping an eye on the property to see if it looks like it's going into non-performing again (based on house appearance?). 

I see a lot of good information on this thread. I'm currently mulling between Note Investing vs Multifamilies. I wanted to thank @Chris seveney (who actually spoke on the phone with me for almost an hour). I've heard great things about Scott Carson and have been looking more detailed into his program. Any further help from anyone would be much appreciated. I've sent some of you, Pms already lol.