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 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.
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
Bull’s Eye Tips:
Resource:
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
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