All Forum Posts by: Dominique Palmer

@michael Leeson and other members who acknowledge there a problem and are offering solutions to it. 

This is a little bit of a difficult topic to discuss over a computer and would be better if it was done as an in person conversation. I apologize in advance if it gets lengthy or isn't presented in a good format.

I'm a 29yo AA male and I own or co-own two duplexes, one 8 unit complex and a commercial warehouse. I think I'm doing well but still aspire to grow. With where I am and what I've accomplished and the knowledge I have of psychology and the subconscious mind I would never be arrogant enough to say that I made it here on my own. Majority of the decisions we make in our lives are because of what was programmed into our subconscious minds during childhood. I come from a middle class family, single mom of 2 but had a dad that was active in our lives and happened to invest in real estate. Like @Rebekah Keller pointed out, my brother and I would see him collect rent, would watch him screen tenants at showings and would earn money helping him or his handyman renovate vacant units, so it was ingrained into our minds that we would be real estate investors. 

One of the most important ways that I think someone can fix systemic racism is to show young AA that they can be something other than the current beliefs they have. Getting a mentor is preached a lot on the BP forums and for the same reasons mentoring young AA would be a huge way to help. 

I've personally helped by mentoring 2 single Black mothers on credit and financial literacy and because they are close friends I even added them as authorized users to one of my credit cards. One of them purchased a duplex this year and became the first real estate investor in her family. By her daughter seeing this there is a higher likelihood of her becoming a real estate investor when she becomes an adult, thus changing the trajectory of their lineage for generations to come. The other is still learning and improving her financial situation and has a goal of also owning a duplex in the near future. 

In the future I'd like to provide housing below market rents to impoverished AA families. There would be rules to stay there like it would only be 3-5yrs of the housing provided, financial and credit classes they must attend, showing bank statements to show saving towards a house purchase. Just something I think would help.
 

https://www.consumerfinancemon...

These are a couple and don't even begin to shed light on the cases that haven't been brought to the light.

I'm 29yrs old and I have 12 residential units and 1 commercial building. All rented out and cash flowing. I bought my first duplex at 23. I partnered on a deal last November and purchased an 8 unit property and a commercial warehouse with a mechanic renting it out. Then in April my girlfriend and I closed on another duplex.

Yes, on new tenants coming in and on one tenant that was renewing their lease.

My partners and I have an off market deal under contract in New Orleans. We are looking for a private money lender interested in lending or partnering with us on the deal. If you are interested or know someone that may be interested please send me a private message.

Again I think the point that is being missed is RK's simple definition of an asset(things that cashflow) is for people looking to switch their mentality and get out of the rat race.

The traditional definition of an asset is something that has value and can be sold to cover debts. Financial institutions will let you list things like collectibles and artwork as assets on your financial statement.

So lets say a young couple who is renting an apartment decides they want to buy "assets" to help them get out of the rat race. They save up and go to local art galleries to buy paintings from and up and coming artist and get on ebay to buy trading cards they think will be worth something in the future. After 10yrs the cards and paintings that they have sitting in their garage haven't helped them get any closer to exiting the rat race. Those "assets" havent brought them any closer to financial freedom. This traditional definition of an asset misled them.

Let's say they follow RK's simple definition and bought cashflowing assets. They are moving closer to financial freedom and exiting the rat race.

My mom, grandmother and many other Americans fall victim to the "your house is an asset school of thought". They buy houses continue living pay check to pay check so the maintenance isn't kept up as it should so the house isn't in the best condition. They reach retirement age and need to sell because they cant keep up with the maintenance, increasing taxes and insurance. Depending on how long they've owned the property they may make a little profit but it's nowhere near as much as the flipper or BRRRR investor is going to make off of it.

@Anthony H.

The Sheraton

@Anthony H.

October 5-6

Here is the message I received from the director of the conference.

"Due to the uncertainty of COVID-19, there is of course a chance the conference will be postponed. We want to make sure the event is as safe as possible for attendees and we're in the process of working with the venue to ensure that. If we do have to postpone, yes, we will give people the option to have a refund or credit to the 2021 conference!"

@Jourdain Francine

Every cost that Starbucks has, every customer pays for it. Delivering coffee nationwide, renting the building, utilities, employees wages, a d coffee makers. All of those costs are factored into the price you pay for your coffee.

If he charged $50 for 45mins + $30 in additional fees(itemized) it equals the same thing as if he told you $80(overhead not itemized) for 45mins.