Meet Marcus Marshall, a 30 -year old investor from the inner-city streets of Washington DC; raised by a single mother who worked tirelessly to provide a better life for him. His relationship with his father was a bit unstable and although his mother tried her best to provide for him, she was absent because she was always working. Marcus grew to become very frustrated with his life at home and decided that he needed a positive distraction. He found solace in sports and started playing ball at Rosedale Recreation Center in Northeast, DC. where he was mentored by Craig Hughes, John Cotton and other great men in the community. From there, Marcus was able to spin that negative energy into something more constructive and positive.
Growing up without all of the materialistic things that his friends enjoyed (nice clothes and shoes) really gave Marcus the motivation to desire more out of his life which drove him to work 10x harder than everyone else. At the age of 13, Marcus moved in with his grandmother where he was placed in a better environment to succeed. At the age of 20, Marcus worked 3 sales jobs to get ahead and overworked himself to rethink what he wanted to do with his life.
After a few hard lessons hanging with the wrong crowd and run-ins with the law, Marcus deepened his relationship with God, took a leap of faith and enrolled himself back in school. He moved to the Midwest and received his degree in business with an accounting option from Western Nebraska Community College. With that very same degree, Marcus pursued his dreams of running his own business and got an offer to work for Verizon. From there, he started a party bus company which opened up doors for him to purchase his investment properties.
With the support of his fiancé, Marcus purchased 3 properties in just 2 short years with hopes of growing his portfolio by much more. When interviewing Marcus, he quoted “In life, you’ll always have critics and those that will judge you but you have to let their words be the wood that you put into your very own fire. Their words have to drive you and motivate you to become better.” Michael Jordan said it best “Never say Never. Because limits, like fears are often just an illusion."
Q. What caused you to move away from the DMV?
A. I moved away from the DMV to better myself and my future. I was hanging around the wrong people and living the fast life and needed to bring change to my life. I had to go back and get a degree to set myself up for success and I know I couldn’t focus being in the DMV. Moving out of the city was the best thing I could do because it allowed me to meet people of other cultures and ethnic backgrounds and experience alternate ways of life that many from my community don’t get the chance to experience at all.
Q. At what age did you get started with real estate investing? How old were you when you purchased your first home?
A. I was 27 years of age when I started investing in real estate and I was also 27 years old when I purchased my first home.
Q. What led you to begin investing in real estate?
A. My grandmother would always make me watch shows on HGTV and I was amazed at what you could do with different properties. I've had my fair share of slumlords and I believe in practicing good business. I remember how it felt to have someone mistreat you so I vowed to myself that when I went into business for myself, I wouldn’t let that happen to my tenants. You want to leave a legacy for your family and something that will take care of them for the rest of their lives. One has to be a great leader for his family and strive to be better.
Q. How many properties including your primary home do you currently own?
A. I currently own 3 properties with a potential of 2 more coming in 3 months.
Q. Can you tell me more about your very first deal?
A. With my very first deal, I got cold feet because I was scared of the price. I didn’t go through with it. I had business meetings the next month in the next town over and I stopped pass the property to go take a look and it was filled with cars in the parking lot. It opened my eyes about FEAR. Going into my next deal, I was prepared and ready to get the deal done but my fiancé started to get cold feet and the seller started to back out because he was having second thoughts about selling since he owned the property for so long. He got up from the table & was about to walk away until I calmed everyone down and told him to sit back down. The seller was able to keep the security deposit and we ended up getting the deal done. The loan officer was in shock and asked how I was able to keep my composure and applauded for a job well done. We got the house and the rest is history.
Q. Do you have to rehab any of your properties or are they turnkey?
A. I usually try and get turnkey properties so there is no issue with getting them rented. I let my tenants spruce them up if they want with by painting and things of that nature. Turnkey properties are what I look for & not money pits. I usually have them rented before the agreement is done if they are turnkey.
Q. Did you face any challenges? If so, can you elaborate on what they were?
A. I faced many challenges along my path, but you embrace the adversity in life because it makes you better. Every new investment property I purchased, required at least 20% down so saving money and budgeting money was a challenge. Working a full-time job that needs a lot of attention while also being a landlord is a challenge too and I wasn’t going to pay a property manager when I can do it myself. I always joke around and say that "I feel like I'm always broke because as soon as I save up some money, I’m investing in more properties."
Q. How many homes do you see yourself owning in the next 5 years?
A. In the next 5 years, I would like to own 15 homes or more. At least 3 houses every 2 years is the goal.
Q. What's the average price point of your investment properties?
A. The average price point of my investments is around $80,000,
Q. What type of financing did you use when you first got started? What type of financing do you use now? I
A. I used conventional loans when I first started and I still use conventional loans now.
Q. How long did you save up for your down payment/closing cost on your first home?
A. I saved up for about 3 to 4 months to come up with the down payment/closing on my first home.
Q. What advice would you give potential first time home buyers who have no clue where to start?
A. Don’t go big on your first purchase; consumers need to live within their means. You don’t need the biggest house on the block but instead a house that would fit your family. Don’t GIVE up and always weigh your options. i.e. don’t pull all your eggs in one bucket.
Q. What advice what would you give first-time investors who have no clue where to start?
A. TAKE RISKS!! Often we let fear control what we do. Do not let this control you or you will live with regret and become stuck. Think long term and see yourself 10 years down the road. I would also suggest alot of self-help reading. Do you want to retire early or keep working your entire life? Do you want to spend time with your kids or be away from them? NOW = No Opportunity Wasted. Make wise decisions and don’t be afraid to invest because your money is going to yield you even more money while not even have to lift a finger. Your ROI (Return on Investment) should incerase over the years. Think about it, people will always need a place to stay.
Q. What do you think is the biggest misconception about first time home buyers regarding homeownership? What do you think is the biggest misconception about first time home buyers regarding homeownership in millennial communities?
A. I think the biggest misconception in today’s generation is that people think pricing is too high, or interest’s rates are too high. I was one of those people at one point of time. We don’t learn about homeownership in junior high or high school which fails our community because then we sends our kids out into the world blind. Especially in the African-American community we aren’t taught how to make our money work for us. We'd rather spend our money on what’s fake instead of investing. When I say we spend our money on stuff that’s fake I mean partying, buying table service bottles at clubs, clothing, all materialistic things that hold no value in our lives and that resonates mainly with the millennial population as well. We have to stick together and help each other whether it’s giving back or investing in our communities. As a young African-American male, I had to set myself up for success and think long term. I had to read and educate myself and then turn around and apply that education towards bettering my people with investments. People get scared to take risks which all you have to do is JUMP!!
Q. What are some of the biggest mistakes you've made or seen others make?
A. Some of my biggest mistakes I've made were letting FEAR overpower my mindset and control me in making reasonable business decisions. Anything you do in life requires you to take risks in order to be successful. If you want to be successful, you should not let negative fears control your mindset or you will not get anywhere.
Q. What would your dream investment deal be?
My dream investment is to purchase a house in Puerto Rico I have been looking at a few houses there just to be able to have the option to get away from everything and revitalize my mind on a beach would be nice.
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Interview by Jumoke Akiosi.
If you are intrested in a free consultation contact me today (240) 438-9465 or email me for details jumoke@mynorandassociates.com
