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

Episode • May 27, 2021 • 1h 21m

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 Show

Check the full show notes here: http://biggerpockets.com/show472

Learn more about your ad choices. Visit megaphone.fm/adchoices

Activity

Switch to the Fountain App

Open in Fountain