Richard Thornton - Why did you create your Avatar for Note Business?

Richard Thornton is a master at raising Burnt Out Landlord Capital which he uses to buy notes and then sell “partials”. He is building his “Private Bank” one deal at a time. Click on this link and see the complete episode to learn more: https://youtu.be/2gLnQbzqryc

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Listen to our Podcast:

https://noteschool.libsyn.com/richard-thornton-why-did-you-create-your-avatar-for-note-business

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Brian Lauchner:

People want to better understand this avatar thing you mentioned at the beginning. Like, why did you create this avatar? I know you said that you, you've NoteSchool's the one that kind of trained you in how to figure out who that is, but why is this avatar the way it is? How did you come up with that?

Richard Thornton:

Hmm. Well, it was the lowest hanging fruit in a way. And I was of that category. So, it was people that I could deal with. I have to say that I've had to spread it a little bit more or increase it, Brian. The more I've gone online, but what does that mean? That means that the income requirements have stayed the same in the savings requirements, but the crowds are becoming younger. I'm getting more and more 35 and 40 year old investors who are just calling me because they see my stuff on YouTube and they have,

Richard Thornton:

They come to me educated, which I think is interesting.

Brian Lauchner:

Yeah and one of the things that's really fascinating about that comment is there's a whole new group of investors who just got an education in what owning a rental property is really like. And this burnout landlord category that we've been talking about for months now is just, it's that perfect person that's going to fit that avatar. Right? And so our audience is actually growing as well, as this situation develops in our country. Right? Joe, are you going to say something?

Joe Varnadore:

Yeah, go ahead.

Richard Thornton:

Well I was just going to say is, one of the things I like to ask people in a nice way is, how long did it take you to determine that your passive income wasn't? It wasn't passive. You were doing a lot of work to generate that income from your rental. Go ahead ,Joe.

Joe Varnadore:

Well, and you know, I hope everybody got the point of all of this. So Richard buys a note for $31,000. He sells a piece of it and makes $3,000 in today money, but, and he's got all of his money back, right? He's got every dime of his money back $3,000 in his pocket. Then he has 126 payments, almost 12 years out that he has $0 in of $348 a month that you know, that in itself is amazing. And I just want to make sure everybody got that. And our good friend Melvin is on today with us as well. He's a good friend of you, a brand new NoteSchool student Mel.