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

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 27 Interior & Exterior Preventative Maintenance Tasks for Rentals (Article) BiggerPockets Youtube Channel Brandon's Guesting on Nick's Podcast LoopNet BiggerPockets Podcast 461: Defeating the “Enemy of Success” with Steven Pressfield (The War of Art) Check the full show notes here: http://biggerpockets.com/show472 Learn more about your ad choices. Visit megaphone.fm/adchoices