The Wealth Elevator Podcast: Real Estate, Taxes, Investing SPC084 - Interview with Mark Walker
Mark is founder of Luxmana Investments, which focuses on residential and multifamily investments. Mark quit his corporate job and is now a multifamily investor.
1) How much simple passive Cashflow are you making today and how are you doing it?
(You don't need to give a number if you would like privacy. You can be vague such as halfway to quitting my job, cover my mortgage, make 25% of my expenses, over $10k, although people like when people open up the kimono):
My passive income is more than 200% of my expenses. I have a portfolio of 22 SFR’s in Denver, Colorado, and a 64-unit apartment complex in Dallas, Texas. I also have a small equity position is another 96-units in Dallas, TX, but I am not the managing member of that.
2) What is your Han Solo moment - Han Solo and his buddy Chewbacca from Star Wars were cruising around the galaxy as lowlife smugglers but then cross paths with Luke and Leia and his life took a pivot point. Describe the resistance that was the catalyst for change:
I met a general contractor in 2010, and we decided to do a couple residential development deals together. Through that relationship I was introduced to several people who were instrumental in me taking the next steps to build my passive income portfolio from there. Combine this with the fact that I was becoming increasingly frustrated with the corporate world, and that drove me to become even more focused on escaping the rat race.
3) Did you "burn the boats" or did you let it happen naturally? Was there an internal (you decided to make a change on your own – what was thought process?) or an external trigger (ie got fired from your job)?
I decided to make the change on my own, as I desired financial freedom and to spend more time with my family. The external factor of becoming frustrated with the corporate world was not the primary driver, but it did add to my motivation.
4) What was your worst life/business moment and what did you do after? Lesson learned?
In the 2005/2006 timeframe, I moved forward on a real estate opportunity which turned out to be fraud. I can certainly elaborate on this, but long story short: I testified to the Grand Jury to help get this indictment, and I was the second person they put on the stand at the official trial. The offender received a 130+ year prison sentence, which was the largest sentence ever given in the State of Colorado at the time for fraud. I learned about the importance of “trust, but verify.”
5) Current 2-week experiment and 6-month project? (90-180 day goal) A mark of a high performer is to put your ego aside and accept the help of others and mastermind maybe folks can help you by you asking.
My top two goals in 2017 are around family and health. If I can find and do one 50+ unit multifamily deal in 2017, that will be icing on the cake.
6) What is your simple passive Cashflow number? Now imagine you had 2x that amount... Describe your ideal day, detailed routine, and what projects you are working on.
Simple passive cashflow number is $20K/month. If I had $40K/month, it’s full retirement in Central America. It would be lots of days in the sun with my wife and daughter, plus exploring this region of the world. We would, of course home school our daughter.
7) Something that you have recently thought about “burning your cash” on for time savings or an improvement in quantity of life.
Tesla P100D – so incredibly impractical, but really cool.
8) Tony Robbins identifies two large concepts that we are continually struggling to gain perfection at: #1-Art of Fulfillment and #2-Science of Achievement. If you died tomorrow and I were to email this to your kids a couple decades later… this is what they would hear.
a) What is your secret/hack for the "Science of Achievement?" Any secret habits to share?
Never stop learning. Learning leads to action, and action leads to success.
b) What is your secret/hack for the "Art of Fulfillment?". How you do contribute back?
There should always be a reason other than money for why you do anything. For example, I didn’t build a passive income portfolio because I wanted to buy a fancy car, bigger house or a Tesla. I did it because I wanted to be financially free so I could spend more time with my family and positively impact other people. So, I contribute back by giving people a great place to live, but I am also able to give more of my time (e.g. Salvation Army, etc).
9) Anything we missed and contact info if you would like anyone to get a hold of you. URL?
I would like to give the listeners a free gift as a thank you for listening: 10 “Not So Obvious” Ways to Boost Your Multifamily Property NOI. You can get it at: http://www.luxmana.com/simplepassivecashflow
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