Ep. 162: Corporate Dropout to Cashflow King with Jimmy Murray

After getting a degree in finance, Jimmy Murray started studying for the CFA exam, but after failing and receiving less than stellar reviews, he decided to turn his attention to multifamily real estate. Despite the disapproval of his father, he launched Lyon Property Group which is now a 7-figure business based in Rhode Island. He also hosts the Cashflow Kings podcast to connect with real estate investors. In this episode, we talk about investing the Rhode Island market, property management for B, C and D multifamily properties, the 1% rule and how “Juicy” by Notorious B.I.G. allowed him to leave corporate America in infamy.   Partner: The Real Estate Syndication Podcast hosted by Whitney Sewell Key Insights Worked for a financial firm started for the chartered financial analyst exam Scored in the top 10% of failures and decided to pivot into real estate Bought a 4-unit multifamily property in Rhode Island Father was a carpenter and failed investor - was against him investing Sometimes strangers have to believe in you first Rhode Island is a great submarket outside of Boston Many Boston investors are migrating into Rhode Island for better returns Focused on cash flow, but has done more multifamily flips (3-4 units) Targeting owner-occupants looking to house hack Has a great lender that provides 100% of acquisition and rehab - only has to pay holding costs Attract the types of investors, partners, and lenders that he wants to work with Rhode Island is soft on tenants so C and D properties have more evictions and bad debt which impacts returns D properties have programs that assist When he quit, he sent a company-wide email set to Notorious B.I.G.’s “Juicy” about chasing his dreams and leaving corporate America Launched Cashflow Kings podcast to help others and connect with investors Ignore the 1% rule and pay attention to the real underwriting   Partner: Download a Free Sample Apartment Deal Package    Bull’s Eye Tips:    Resource: Cashflow Kings podcast   “Juicy” Email   Apparent Failure: Failing the CFA, when he thought he wanted to be a stock picker   Most Recommended Book: The Wealthy Gardener by John Soforic   Most Recommended Digital/Mobile Resource: Z Inspector   Daily Habit: Affirmations - 25 Written Daily   Wish I Knew When I Was Starting Out: Recognizing all clients are not good clients   Wish I Knew 12 Months Ago: Moving to Propertyware Software would be a major problem   Advice for a Smart, Driven College Student: Continue to work and build your network Current Curiosity: Getting back into wholesaling   Best Place to Grab a Bite in Rhode Island: Olneyville New York System - 3 All the Way with “Coffee Milk”   Connect with Jimmy: IG: @thecashflowkings   Leave us a review and rating on Apple Podcasts or Spotify. Be sure to check out more info at TargetMarketInsights.com.