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

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

Publish Date: 2021/5/27
logo of podcast BiggerPockets Real Estate Podcast

BiggerPockets Real Estate Podcast
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Shownotes Transcript

    <p><a href="https://nicknicknick.com/"><strong>Nick Lamagna</strong></a> wasn’t planning on getting into real estate investing. When he finished college he knew that he <strong>wanted to go into law enforcement</strong> 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 <strong>suffered a permanent hand injury</strong>, he was <strong>disqualified from working in law enforcement</strong>.</p><p>During a period where Nick didn’t know what he was going to do, his mom forced him to read <a href="http://biggerpockets.com/richdadpoordad"><strong><em>Rich Dad Poor Dad</em></strong></a>, which (like many of our listeners) <strong>changed his view on making money and having a career</strong>. After the initial interest was sparked, <strong>Nick started tackling real estate deals </strong>outside of his native state of New York.</p><p>He <strong>faced challenges with getting mortgages</strong>, so he partnered with other real estate investors. He<strong> needed more cash</strong>, so he started <a href="https://www.biggerpockets.com/blog/wholesaling-60-day-guide">wholesaling</a>. The 2008 housing market crash happened, so he <strong>decided to start flipping</strong>. And now, Nick is going into bigger deals like <a href="https://www.biggerpockets.com/blog/overlooked-commercial-investments-real-estate"><strong>commercial real estate</strong></a><strong> and mobile home parks</strong>.</p><p>Nick’s advice to new investors:<strong> think creatively, get comfortable with being uncomfortable</strong>, be in constant contact with your team, and don’t stick to one strategy.</p><p>In This Episode We Cover:</p><ul>
  • 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

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