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472: Here’s What You SHOULDN’T Do When Long-Distance Investing

472: Here’s What You SHOULDN’T Do When Long-Distance Investing

FromBiggerPockets Real Estate Podcast


472: Here’s What You SHOULDN’T Do When Long-Distance Investing

FromBiggerPockets Real Estate Podcast

ratings:
Length:
84 minutes
Released:
May 27, 2021
Format:
Podcast episode

Description

Nick Lamagna wasn’t planning on getting into real estate investing. When he finished college he knew that he wanted to go into law enforcement to help with counter-terrorism. He scored well on all the tests needed to be a great candidate for his dream job, but when he suffered a permanent hand injury, he was disqualified from working in law enforcement.During a period where Nick didn’t know what he was going to do, his mom forced him to read Rich Dad Poor Dad, which (like many of our listeners) changed his view on making money and having a career. After the initial interest was sparked, Nick started tackling real estate deals outside of his native state of New York.He faced challenges with getting mortgages, so he partnered with other real estate investors. He needed more cash, so he started wholesaling. The 2008 housing market crash happened, so he decided to start flipping. And now, Nick is going into bigger deals like commercial real estate and mobile home parks.Nick’s advice to new investors: think creatively, get comfortable with being uncomfortable, be in constant contact with your team, and don’t stick to one strategy.In This Episode We Cover:Long-distance real estate investing when your local market is too expensive Building a buyers list for wholesaling and networking Partnering with others who can finance real estate purchases Why communication is key when doing long-distance renovations Turning your weaknesses into your greatest strengths And SO much more!Links from the Show27 Interior & Exterior Preventative Maintenance Tasks for Rentals (Article)BiggerPockets Youtube ChannelBrandon's Guesting on Nick's PodcastLoopNetBiggerPockets Podcast 461: Defeating the “Enemy of Success” with Steven Pressfield (The War of Art)Check the full show notes here: http://biggerpockets.com/show472See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Released:
May 27, 2021
Format:
Podcast episode

Titles in the series (100)

Imagine you are friends with hundreds of real estate investors and entrepreneurs. Now imagine you can grab a beer with each of them and casually chat about failures, successes, motivations, and lessons learned. That’s what The BiggerPockets Podcast delivers. Co-hosted by Brandon Turner and David Greene, this podcast provides actionable advice from investors and other real estate professionals every week. The show won’t tell you how to “get rich quick” or sell you a course, boot camp, or guru system; instead, the BiggerPockets Podcast will give you real strategies that work for real people. Start listening and join the over one million members who are learning to invest so they need Bigger Pockets! Visit biggerpockets.com, and follow Joshua Dorkin @jrdorkin, Brandon Turner @BrandonAtBP and David Greene @DavidGreene24.