THE LAMBORGHINI THAT PUT ME OVER MY HEAD IN DEBT...
ฝัง
- เผยแพร่เมื่อ 10 มิ.ย. 2024
- In 2018 I bought a brand new Lamborghini Huracan and went into major debt and I explain why I did it and how it changed my life forever! Buying a Lamborghini has its pros and cons. So make sure to make good decisions when financing cars and getting loans and managing your finances!
Shout out to @goonzquad for bringing this car back to life!
Join this channel to get access to Member Only PERKS:
/ @willmotivation
Beats by SlugWurf - / @prodslugwurf
MY FULL ONLINE REAL ESTATE INVESTMENT COURSE:
willmotivation.com/invest
NEW WILL MOTIVATION MERCH!
ShopWillMotivation.com
SUBSCRIBE TO REAL ESTATE 101:
willmotivation.com/subscribe
SUBSCRIBE TO WILL MOTIVATION:
th-cam.com/users/willmotivation?su...
INSTAGRAM: @willmotivation
EMAIL: get@willmotivation.com
WEBSITE: willmotivation.com
This is the same Lamborghini that the goonsquad purchased after it was wrecked by a lady in Florida...
I remember 💪🏾🏁
Man I tried to win that mug, was hurt when I didn't, but lambo is still coming soon
@@jb_optnz that's a different lambo foo. They didn't do a giveaway with that first lambo
@WDChevyMan My guy, GS bought his lambo after a lady in Florida wrecked it, they fixed it up and turbo charged it and did a giveaway with it. Do yourself a favor and do your research before you lead off trying to insult someone
@WDChevyMan, and to make this worse, you're literally replying its not when @willmotivation literally is saying it's the same lambo, smh
You are happy with that debt because you have a plan and the ability to take care of it. People who are in that much debt usually are responsible enough to take care of it. No need to stress if you got a plan.
That "debt" pays for itself, and things like cars, fun and other bills etc. (Since ur collecting rent, and putting equity into the property) + the property is likely in developing areas that will go up in value over time.
Good debt 💸 And digging the time capsule throwback video. When Jay M was still in good graces lol
Man I really needed to see this video 💯🙏 Thank you Will 💪🏾
Was that your first huracon. It's crazy that u can look back and u sold it and person totalled it and then goonzsquad bought it fixed and but turbos on it and then gave it away.
I'll say ya happy cause your able to do it. your dreams came true (grind never stops)
This is literally my dream car bro. Like you I'm in the IT business, by myself and working my ass of to make that dream happen. It's hard sometimes to keep focus as I also have a familly to care for, but I think that dreams are what motivates us to go forward. Cheers from Japan.
Long time no see bro!
@Will Motivation I'm hoping it's because all the properties you have been buying are starting to generate serious cashflow. I told you a couple years ago I was about to buy an Audi R8, but I didn't (and I'm glad I didn't). Instead I figured it out, with the wonderful world of assets 😊
Motivation!
Love mustang my favorite is the 1995/96 model so fast and fun to drive!
Love mustang and it is a fun car
I just completed my annual full debt analysis for my business and I have some work to do but i am in a better position than last year. Still in the range of under 30% utilization.
Your equity and your assets far wxceed the debt on them because they are constantly increasing in value.
Bingo
throwback video
Live life enjoy yourself!
Bro 5 years ago you buy a lambogini hurricane and it cost up to 200-300k how will you able to afford the debt
I’m sure your properties are worth 1-2 million dollars. (Maybe more maybe less) And you only owe 500K~ so your equity is huge and you can always pull money out of the houses if you need too! You’re up! Smart man
The only time I get a loan from the bank whether it is an auto loan or mortgage is because those assets I’m acquiring will make me money. You’re probably wondering how does an auto loan for a car which is considered a liability make me money? I rent my cars out, now my liability is an asset which creates me positive cash flow. Same with my properties
#Classic!
Sounds like I need to get into more debt!
Your country allows to manage easily many things at the same time 5 6 houses 10 cars ,taxes , fast car parts delivery , repair service .. things that in eu are different
To leverage your money
Digging in the crates on them with that good debt.
💯💪Will
I know because what u have (business debt) can pay off the debt if you was to sell and totally put you in the black while keeping your personal assets.
You are happily in debt because there’s a difference between good debt and bad debt. Based off this video it seems like the majority of your debt is good debt, meaning it makes you money or (cash flow) where as your credit card debt is bad debt as it makes you no return. Boom.
Facts
Know the difference between good debt and bad debt and your life will be so much easier
Debt is kind of like diving on a tank. Debt gives you the ability to do more, and if your rate of return is greater then the payment then of course you are making more and better yet you are making more on a greater base. 5% on $100K is whatever, 5% on $1M is $50K - debt could allow you to do that. ALL companies leverage debt, ALL governments leverage debt, but just like warren buffet said when the tide comes in you can see whose swimming naked. Or like diving on a tank, if something messes up, you're fucked. The US government has an out. Companies have out's. People have much much less out's if something fucks up. Debt management is the key and its VERY easy for economic conditions to change and for you to be caught. But if you feel like you can handle it, more power to you. As antithetical as it sounds, I only trust someone whose been broke before or failed before - because they truly know the dangers.
I remember one video about 2 or 3 Xmas ago you was mentioning how you was gonna pay off all your rental properties
Yep. 👍🏽
As always….. knowledge
I’ll comment based on the knowledge I have.
- debt/expenses are used to offset tax liabilities based on write offs
- real estate offers depreciation and many write offs as well. They’re worth the expense because the value of the asset stays high which later becomes equity
The old school way of thinking about real estate is buying and holding forever, only benefitting from the cash flow.
Cashflow is great but the bigger bag comes with equity when you sell.
I’ve been able to buy a home, run it as an airbnb for 3-4 years with great cash flow but I sold it as functioning business (Airbnb) which yielded $140k over the appraised value. This is a great strategy because most people do not want to do the legwork or do not know how to setup and automate a high performing Airbnb. The $140k over appraised value was in top of $200k the property gained in equity (FL). Florida is a special market where it’s easy to gain equity year after year.
I thought most markets were like this but apparently not.
Long comment but I forgot to Thank Will for the video. I’m looking forward to your answer as it’s an opportunity to learn from someone putting in the work in realtime.
You’re absolutely right bro this is the answer
I can put my money in a government bond and earn 5%. That way I won't have to worry about getting sued when someone trips over furniture in my house lol.
However, if you don't have $500k+ laying around then I guess your only option is to leverage debt to purchase real estate, risky but ok. For me, there are better opportunities out there that offer better returns that don't come with the added risk.
@@deadcell1 give us a few examples.
Carrying a 30% balance on high interest credit cards is dumb.
Will you have talked about your real estate investments. Some of those will be sold like the houses you bought and renovated . When those houses sale for a profit that debt will no longer be debt. The rental income is paying your mortgage.
Facts
if you where to look at the total amount of interest you have paid toward your debt, and contrast it with how much the asset you went into debt for as appreciated in total dollar amount, you would find the amount the asset as appreciated in value is more than the total amount of interest you have paid...so far at least, but then again the real estate market by go bad soon, so your in the green technically for now at least, again correct me if im wrong.
this is good
Will you only live once . Might as well go out in a bang and enjoy the toys life has to offer
You need to be on the Dave Ramsey show lol.
On some Robert Kiyosaki stuff
Actually, for a going business 600k debt ain't bad Will.
Sounds like it’s “Good Debt”. When debt is leveraged to acquire/run income producing assets I would say that’s a good debt. And Good Debt can afford you a very comfortably lifestyle.
As long as you’re not over leveraged.
Debt is not taxed
Because you have assets to balance it.
Brother which state you are living
Ohio
I’m on my way to being rich !!
You have good cash flow ?
If I was to assume your net worth it far outways the debit you carry.
You have good debt and bad debt but in your case it is good debt that cash flows every month lol I see your point but most people don’t understand
Am i the only one who realizes this is an old video?
Classic
Are you over 6 ft tall and are you comfortable sitting in the Aventador?
Yep
Let your cash work for you.
You are rich in access
Simple my brotha, Tax write off. Stay blessed.
$500k Real Estate debt, but worth more than $1m...
Bro how old is this video?
I think this video is about 5-6 yrs old
Hmmm it's been a minute haha like 4 years or so
Jay Morrison comment did not age well.
hahaaaaaaaaaaaa
You're happy Because you're tenants are playing the debts
The reason why you have happy debt is because you have a good debt to income ratio where your income exceeds your debt.