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SHOW NOTES EPISODE #009 WITH SUSAN LASSITER-LYONS
In part two, Susan Lassiter-Lyons, a successful real estate investor , financing expert and author of Getting the Money: The Simple System for Getting Private Money for Your Real Estate Deals wraps up the discussion on a more personal note – failures, successes and how monetary goals are not always the the goals that will make you happy.
You Will Learn:
- Making quick, emotionally charged buying decisions can come back to bite you
- Success can sometimes surprise you
- Money is not always the best goal for long-term happiness
- The importance of leaving a legacy
- Mixing business with pleasure makes the things we have to do much more fun
Susan Lassiter-Lyons
Susan Lassiter-Lyons is the #1 Amazon Best-Selling author of Getting the Money: The Simple System for Getting Private Money for Your Real Estate Deals. She began investing in real estate in 1994 by forming a small syndicate, the Lien Lords, to pool $2,500 in capital to purchase tax liens at auctions. Since that modest start, she has participated in more than 600 transactions as an investor, broker, lender, syndicator and advisor.
Biggest Mistake
- The triplex – deed in lieu of foreclosure with the bank
- Paid too much for it because she got caught up in the irrational exuberance of the market
- Went into it without the funds necessary for rehab and did poor job of rehab
- Desperate to get tenants so settled for “below par” tenants
- Made more mistakes than she could have imagined
Biggest Success
- 300-unit Apartment complex in Stone Mountain, Georgia
- Met all criteria
- B class
- Good cash flow
- She got both monthly cash flow and equity
- She grew up as a child in an apartment complex in Stone Mountain, GA and having an apartment there has sentimental meaning from “poor kid growing up in an apartment in Stone Mountain, GA” to owning an apartment community
The Future of Her Business
- Early in her career she set a monetary goal of $1 million a year in revenue. She hit $1.5 million in revenue in 2013 but it took its toll on her and she was exhausted.
- She went on to set a new goal of $5 million and she got more tired just thinking about it and just couldn’t get motivated about it. Started to get lazy, blowing things off. Not being the hard charging person she was
- She began to reaccess her goals and shifted from dollar goals to “lifestyle” goals and asked the question, “What do I want my life to look like?” And what do I need to do to make my life like that? She now refers to this as “One Life” finding balance between work and personal life:
- No more separation between work and life – she wants it all to be her life
- Work no more than 25-30 hours per week
- Passive income exceeds living expenses
- Put plenty of money in retirement account
- Travel frequently
- Have the things she wants
- Downsized Her Goals For Piece of Mind:
- $800,000 in revenue (with large margins)
- Retirement will be more about net worth and legacy
- Wants to have a business that she can hand over to nephews and nieces
Personal Insights
- When “doing business” she seeks to make it fun when and where she can
- As she’s moving into a new season of life, the quality of life becomes more important
- She seeks to automate and offload and delegate more
Rap-It-Up
- Favorite Real Estate Book: The One Thing by Gary Keller
- Favorite Business Book: Choose Yourself by James Altucher
- Favorite Web Site: Fiverr and Tim Ferris’s Blog and James Clear.com
- Favorite App: Scanner Pro and Mint
- If you had to start over and you only have $1,000 – Put together a multifamily syndication
Best Way to Reach Her
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