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NOTABLE! How to Buy A McLaren for $20K

Discussion in 'General Entrepreneur Discussion' started by biophase, Dec 7, 2018.

  1. PizzaOnTheRoof
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    PizzaOnTheRoof 1% Better Every Day Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Why not? Math is math...
     
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  2. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Just an update on the insurance. I got the insurance down to $2200/yr with $500/deductible comprehensive (no glass), $1500/deductible collision. I lowered my coverage limits too because I had umbrella insurance also, so I was double covered and paying too much for no reason. Dropping the glass was the biggest change as it went down from $3500 to $2200 just for that.
     
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  3. JokerCrazyBeatz
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    JokerCrazyBeatz Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Do you have any tips for using social to build your business organically ?

    It's a new challenge I'm facing
     
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  4. D_Benga
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    D_Benga New Contributor

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    Congratulation on the car, it's a beauty.
     
  5. Stevee2K
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    Stevee2K PARKED

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    wonderful car!:thumbsup:
     
  6. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Make sure you stay off the 101...
     
  7. Striver
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    Striver Bronze Contributor Read Millionaire Fastlane

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    Jesus. How are you driving that your tires only last that long?! haha

    Congrats, Biophase! Great logic.
     
  8. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Most high performance low profile tires don't last very long on cars like these. The tires are usually softer for more grip and the cars usually have aggressive alignments. This combo makes tires wear down quickly.
     
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  9. David 964
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    David 964 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Great thread Biophase, inspirational with facts and down to earth. Thanks for good post. And BTW good choice with McLaren. You probably did plenty reviews but, if you haven't see this one with Chris Harris

    View: https://www.youtube.com/watch?v=v2JVR0mAzjQ
    or donut media check them out, they are but fun and educational :)

    View: https://www.youtube.com/watch?v=nvJHZ6x31hk
     
  10. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Just a quick update, the business I started to pay for the Mclaren made about $9k in its first 2 months on 2019. So it’s easily covering the payments now.

    So if we extrapolate this out assuming nothing changes, the business is on track to do $54k in 2019. If this happens I could list the business for 2.5x and sell it for $140k.

    So you can see the huge upside in starting a biz vs. just writing a check.

    Let’s say everything goes perfect and in Dec 2020 I sell and pocket $140k plus the $54k I made in 2019. That’s $194k in 2 years, or $64k + Mclaren.
     
    Last edited: Mar 2, 2019
    MattR82, vitality11, Davidla and 19 others like this.
  11. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    You meant 2X, right?
     
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  12. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Yes, fixed, thanks!
     
  13. MoneyDoc
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    MoneyDoc Gold Contributor FASTLANE INSIDER Speedway Pass

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    Hey Kenric, is that a reasonable multiplier for amazon based eCommerce businesses? Currently projected to do $150-180k/year in profits with only 2 products. Trying to get this brand to 4-5 products doing $300-$500k/year in profits before I think about selling it. Obviously I'll be expanding off of amazon as my brand grows. But, it would be good to know the multiplier ahead of time to plan things.
     
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  14. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Yes that’s reasonable. If you do $500k profits you would be asking for more like 3x-4x.
     
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  15. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Today I switched over to Allstate from GEICO. When the agent asked why, I told him that I got a much lower rate. So he pulled up the Mclaren no deductible glass and quoted my $800/yr. I told him that it was $1300/yr 6 months ago. He said that rates may have changed and that he had access to better rate packages since he was in the retention division. So WTF? can we negotiate insurance quotes with GEICO? It sure seems like it.

    My insurance went from $3500/yr no glass on Mclaren to $2700/yr with Allstate, with no deductible glass and lower all around deductible.
     
    Xeon and vitality11 like this.

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