Hello, my friends and welcome to another episode of Ask Marco where I answer your investing related questions.

Today's question comes from Phil and today's episode, I titled Ready but Slightly Hesitant to Invest. Phil says, Hey, Marco, love your podcast. My primary goal is to invest in real estate to earn passive income. Just finished reading Rich dad, Poor dad, great book by the way. I feel like I'm ready to go. But taking action is the hardest part. My wife and I live in San Diego. We own one rental property worth about $550,000 we only owe 250,000 excuse me, 215,000 on this property. So my plan is to do a cash-out refinance and potentially sell within two years to avoid capital gains tax. We moved this past year in 2019 I hope to start an LLC, a limited liability company this month, and obtain the cash to start investing. I would like to use Norada as a turnkey property provider if the resources and properties you offer are as advertised. I'd love to invest between a $100 to $150,000 using Norada. Generally speaking, I'm slightly hesitant to fully trust anyone who's trying to sell me something. No offense, any advice for me with my plan? Anything you'd say to someone like me who was on the verge of picking up the phone to call Norada. I'm a huge fan of yours. Thanks for your time - Phil.





Phil, thank you for the email and thanks for your trust and thanks for being a podcast listener. I'm glad you're a fan. Um, that's very flattering. So here's a number of comments and thoughts for you. So first of all, action is the hardest part. You know, you mentioned that it's taking action. It is, it is for a lot of people, especially for something new and something that is as big of an investment or purchase as rental property. So my suggestion, at least this is what I do for myself and I know it works for a lot of people, is there's that old saying, how do you eat an elephant?One bite at a time.

Just take whatever that project or task is however large, and just break it down into smaller and smaller and smaller pieces. I call them bite-sized pieces. Something that is ridiculously easy to take action on because that tiny little step builds some confidence and momentum. And then once you have that momentum, even if it's literally just taking a pad of paper and a pen and just jotting some stuff down, but just taking that baby step if you will, helps to build a little bit of forward momentum. And that's what you need because that will allow you to take that next tiny little baby step. And I know it sounds ridiculously simple and oversimplified. But trust me, starting is the hardest part is that step even of journey of a thousand steps starts with that first step. So if you take that first little step, it will help.

Secondly is related to that is to take small steps. Don't try to jump or leap. You know, you can't run before you walk and you can't walk until you crawl and you can't crawl until you start making these little, you know, motions to start moving forward at least in the right direction. So next is build a team. Now you can do this on your own. You could do the vetting and due diligence on your own, but one way or another you're going to have to build a team. You're not going to do this by yourself or solo. So you have to understand that you're going to need to rely on people and build the trust with the people that you are going to be working with. So when you feel comfortable and you've been building trust with the right team, what's going to happen is you're going to have the team that's going to help you succeed.

Now, whether that's us or us and a combination of other people or just other people all together, you need to build that team so we can be a starting point for you. We already have all the resources and the people that you would need. They're already vetted and many of them, in fact, most of them we've worked with for years. So why reinvent the wheel? And I'm just saying it's on the table.