Income comes into our lives in degrees

Income comes into our lives in degrees

June 16, 2021


By Mike Ruscica

Mike Rus

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Income comes into our lives in degrees.

Let’s start at the beginning where most of us start. Trading our time for dollars, working for a living. This is what mainstream America is taught, get a good job, right?
I can still hear myself yelling at my kids, get out of bed and get a job!

Income comes into our lives in degrees or levels, most never leave the job level even if they are self-employed, if they don’t work they don’t get paid. 

We find out very quickly that we only have so much time to trade. 60 hour work week and we are toast. I had a few friends over yesterday and one friend texted me this morning “sorry Mike I had to work late and came home and passed out. We’ll get together this weekend”.

Next we look at Savers. Savers are folks that have a “good job” and manage to put some money away for some mainstream investments. I am talking about investments that are easy. You open a Robbin Hood account and boom you are making easy investments with the money you saved up from your job.

Now we take a look at investments that are harder, when I talk about easy or hard, I am measuring the degree of education that is behind each investment. You may have put 2 years into your research on several stocks you want to buy before opening that Robbin Hood account or 2 minutes like I did by taking a hot tip from my son about some new blockchain to buy.

Ok Harder investments.
These are investments that you work hard at Once.
I’ll say it again these are investments that you work hard at once and then you go on to the next one.

Let’s look at a website, you work very hard in the beginning to learn how to make this first website generate income, you drive traffic, you build funnels, you backlink and it takes you 12 months to get the momentum to generate $10 a month, then $75 then $250.
Once you reach a desired level it now requires very little maintenance going forward to tweak that site to keep it visible and functional.
Off you go to the next one, now it takes you 4 months to get to your desired number and so on. If you can build 3 a year you are building Passive income, it requires some amount of upfront work, but now you are making money while you sleep and there is no limit to how many you can create. Something else very important happens, you now realize money is just a tool and not something you constantly have to chase.
You take that tool and build out systems and teams if you want. Take it to any level you desire.

I do this with non performing mortgages, I worked very hard at first learning the techniques of the business and then I work hard on one loan at a time to get it generating cash flow, then I work on another and another. 

Now I have teams finding me deals and teams assisting me in getting these non performing mortgages performing, sounds simple and it is once you get good at it.
What I am doing is creating multiple streams of passive income for the rest of my life.
I do not even have to be alive to collect these streams of income.

It’s like learning the piano, at first you are going to sound horrible, that’s just the way it is, over time you get better and better until you can do it without thinking or looking.

Great question, how do you make money from a loan that someone is not paying.
It takes everyone some time to get their head around our process, but once you do, you will realize its full potential.

Let’s just take the first nonperforming note I ever invested in.
This was a Home Equity Line of Credit that was taken out in 2005 by a borrower that had purchased the home in 2002 with a standard 1st mortgage.
By 2005 the home prices had risen dramatically (like you are seeing today) and the borrower qualified for a new 2nd mortgage in the form of a HELOC.
A $56,000 loan was given to the borrower for who knows where the money went, it was all the norm back then to take a loan out to consolidate debt, take a nice Vacation. By 2008 they had fallen seriously behind, and the bank sold this and other non performing loans to my mentor in a bundle.

This bundle had a few hundred loans all bunched together and were sold at a huge discount. Let’s say .07 on the dollar, yes .07 on the dollar. The banks just don’t and won’t go through the bother of doing the work that we are willing to do and in most case are not allowed to do what we can. So this $56,000 loan was purchased for less than $4,000.

I purchased it for .10 on the dollar $5,600 and away I went.

I contacted the borrower and introduced myself, she hired a lawyer to make sure I was legit, the lawyer and I had a nice chat, I told him I could lower the monthly payment, bring the loan current for $2,600 and start accepting $250 per month going forward. I got half of my purchase price back up front and the entire purchase price back the first year.

That was in 2009. As of this writing I am expecting the full remaining balance of $34,200 to get paid off through a refinance in the next few weeks. Over 10 years worth of $250 per month and now a full payoff.
That is the note business from the investment end of it. 
In our next podcast I will be discussing how to work this business with very little money.

Step 2, Note investing with no money
All of the steps I am about to lay out here happened to me by accident, but now I teach them intentionally. 

A long time ago, a few people from my note network were looking to buy some deals. Now I didn’t think of these people as my network at the time but they were just that, people that knew the note business and they all had a few bucks to buy notes and close.

I reached out to forums, Linkedin and any and every group I belonged to asking if anyone knew of other note investors in their area.
 One guy lead me to another guy and boom we were looking hard at 54 notes to purchase!
Myself and another investor performed all of the research to make a sound decision whether we should buy these or not and we came to the conclusion that these were good notes at this price.
We wired $350,000 to a hedge fund and could not sleep for days, I had never done anything like this in my life and I felt responsible for my friends money!
As planned the files arrived at my house in 3 file boxes a few weeks later and hence my first brokering trade and it was all technically “by accident”.
First having a network of buyers, not intentional
Finding a qualified seller, kind of intentional
Being the ring leader on a $350,000 deal totally not intentional
Creating a career for myself totally also not even remotely intentional

My buddy came to me later and said “Mike, that went so smooth, next time we are gonna pay you.” I said I just wanted my friends to have some notes to work he insisted I get paid for the next trade and 12 years later I now intentionally sell notes to my friends.

Looking back had I planned to make money on that first trade I would have screwed it all up!
I now intentionally teach my students how to do this successfully.
I hope you enjoyed this!

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