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MJ DeMarco
I followed the science; all I found was money.
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FASTLANE INSIDER
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He's on the Fastlane
LOL, I wholeheartedly disagree.
In 2009, Ivanov put down $80,000 on a $400,000 condominium in San Diego, which he rents out for a $36,000 a year (he nets about $12,000 a year after making his mortgage payments). Today he estimates the property’s value is well over $600,000.
Since then, Ivanov has added another property to his nascent housing empire. He purchased a $430,000 duplex earlier this year. He collects $21,000 a year in rent ($12,000 net after his mortgage is covered) renting out one of the apartments, while he and his fiancee live in the other.
The guy has liabilities of $500,000+ and is cash flowing a measly $24k. So he's return on leverage is 1.2% or worse. The math doesn't add up.
None of this is Fastlane... in fact, it's classic Slowlane ilk. If the market goes south like it did in 2008, he's toast. The bank owns his properties. And if this is the standard by which "millionaire" is measured, I must be a billionaire.
In the end, I give him credit for being way ahead of his peers and having the discipline to do it. Not sure how this is even news though.
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