Aliexpress replica Here’s What You SHOULDN’T Do When Long for sale online

ByElle Pop

Aliexpress replica Here’s What You SHOULDN’T Do When Long for sale online

Here’s What You SHOULDN’T Do When Long 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 birkin hermes replica 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. We talked about ju jitsu, where you get put in a tough spot and you go, what do I do? Do I roll over or do I find a way to get out of this and get back on top? I always prided myself on like, don care what happened, it was my responsibility. People, they don really know anything about the property, they invested in me because they trusted me, so I have to find a way to get out of this and turn this around. You listening to BiggerPockets Radio, simplifying real estate for investors, large and small. If you here looking to learn about real estate investing without all the hype, you in a right place. What going on, everyone? It Brandon Turner host of the BiggerPockets Podcast, here with my cohost, Mr. David Greene. What up, David? I didn have a good nickname for you. Sorry. That okay, because I having a really good day. I think I found someone that I going to hire to be the portfolio manager for my properties and I going to start scaling up short term rentals, so I be getting into that game a little bit. If you listening to this show when it comes out, it coming out in the spring time, which means there are probably a number of preventative maintenance things you should be doing on your rental properties, if you own rentals. And I know a lot of you going, cringing right now because you know you need to do it and you haven done it. I want you to take that list, I want you to print it out, and I want you to go through and do a half of them right now over the next couple weeks. You don have to personally do them, you can hire someone if you want to, but get it done because that is going to extend the life of your property. And a lot of us just go years without thinking of this stuff, but it better to do it a little bit at a time. So there you go. Today guest is Nick Lamagna. It like lasagna, he told me to say, but not quite. And he is an awesome dude. He got a podcast, but he also a legit real estate investor. He done over 100 deals, routinely makes six figures on a single deal, like on a wholesale or a wholetail. You learn more about that later. So he talks about how he done that. He talks about investing at a distance. We spent a long time talking about how to invest at a distance, whether it flipping, BRRRR, rentals, wholesaling, you can do all that at distance if you just follow some of the key principles he brings up today. We talk a lot about failure, some of the problems that he had where he lost money, and the lessons he learned that can make sure you don make those same mistakes. So that and more to come. And with that said, I think it time to get into our interview with Nick. Hey, real quick, if you watching this on YouTube, do me a favor, don forget to click that little thumbs up button to let the world know this is a good video. Leave a comment below for Nick if you have questions so we check in the comments. And subscribe to our YouTube channel, that helps us reach more people. The more people subscribe, the more YouTube is like, they a good channel. And we want you to be aware of all the good content coming out on our channel as well. So hit that Subscribe button. I think that all I got. So with that said, let move on. Nick, welcome to the BiggerPockets Podcast, man. How you doing? Doing great, man. I really excited to be here. A big fan of both of you guys. And I appreciate everything you guys do. Thanks for having me on. Well, thanks man. Well, I got to tell you, I was on Nick podcast. What your podcast called? Give it a shout out. Yeah, there you go. All right. Well, with that said, let get into your real estate. We could talk MMA, black belt ju jitsu, all that all day long, but I want to know about how you got into real estate investing. What was your life before that and how did you decide, I going to do real estate Like most things in my life, I think it all fell by accident. I was screwing around, just went to college to hang out and drink and party with my friends. And then I didn really have much of a purpose. And then after September 11th, I went upstate to college, to SUNY Albany in upstate New York and I decided I want to switch my major to criminal justice and I want to do something that going to serve some purpose, like David, be a police officer. I wanted to be an air marshal, do something federal, something with counter terrorism. So I tested for everything you can think of with three or four letters, FBI, DEA, NYPD, ATF, anything like that. And when I graduated, there was a process to go in, so I started doing construction, hoping that I would get into the Corps of Union and help rebuild the Freedom Tower at that time. And while I was doing construction, I suffered, it was on faulty machinery, a permanent hand injury and it sidelined everything. And I went through about a year, two years of physical therapy, occupational therapy. And then all of these jobs started calling me back and they said, your numbers up. I scored pretty high on most of these, so it should have been like an easy thing to get in. And then because of my hand injury, they made me retest. And then after all that, they disqualified me saying that there was like a 0.01% chance because of my injury, I was a liability on paper, so I would never get a job in law enforcement. At that point I was just bumming around and depressed. I had lost my identity, I had lost what I thought my path in life was, my purpose. I had no money coming in. I felt like a physical and emotional and financial failure. And then my mom forced me to read the book, Rich Dad, Poor Dad, which is how a lot of people just start out. And I saw that you can get into real estate with no experience, no money, no credit. I didn have any of those things. So I started just going into different classes and seminars and dug right in. And I accidentally decided that real estate was the way I wanted to go. Because when that happened, everything was taken away from me and I really just got it beat into my head of, if I want to do something with my life, I never want to put myself in a position that if something happens to me, it up to somebody else how I going to make my money, and wound up just digging in full time and never looked back. Let me jump in real fast. Nick, do you feel like your hand injury had a big role in that feeling of, I don want to leave my life up to chance? 1,000%. It interesting because looking back, there definitely a lot of things in my life that I feel like I would have changed, and I think most people think that that would be one, that I could be like, I wish I didn use that machine that day. But I think the amount of doors that it opened for me, the way it shifted my mind. And even looking back, I wasn really happy with who I was as a person and how I acted and where my morals were. I feel like it was obviously a very important lesson, but I feel like it was necessary. And because of that, it shifted things and changed things that weren even about me. You fast forward six, 12 months after I started getting into real estate, both my parents lost their jobs and there was no income coming in except for what I was doing, so there been a lot of other people along the way that my real estate journey has helped with whatever, inspiring them or helping them financially or helping them get them into it. So that 1,000% was responsible for, I never would have met the people in my life that are some of the most amazing people, some of my closest friends, some of the greatest experiences I ever had. I don know if I would gotten into ju jitsu. I probably be just be a cop in New York City, miserable. Who knows. It really responsible for everything that I about today. Everything good in my life has come from that terrible experience. A powerful reminder too that sometimes the things that we go through in life that we thinking, that going to hold me back, or, something that going to hurt me, those are the things that actually lead us toward the future we were meant to have anyway. So it a good picture of that. So what was real estate like? What was the first deal? What you do? Again, no money, no credit, no experience and I was trying to get involved in real estate in New York City and it was super competitive and very expensive. So for me, I felt like it was a little less risky, a little more possible if I started going to these other markets. So I started investing virtually before it was like the cool thing to do because from my own mental belief, I said, know what? I don feel like I can do a $600,000, two bedroom home on Long Island, but I do feel like I can buy a $45,000 home in Atlanta and put $25,000 and then sell it for 150, or I could buy a $30,000 home in Detroit, put 25 in and then refinance out. So I was trying to do the BRRRR strategy a lot when I first started out, but I couldn get approved for any loans because I was on disability, so I had to go and find other people. It was interesting because I always trying to find the way to use things to a positive, which I think any successful person does. But I had a couple of friends that were bragging. They were the big mouse at the bar all the time, got money, I got credit, I got this, I got that, like they were members of The Sopranos, and I was like, know what, I should see if they want to fund one of my deals. And I kind of like trapped them. And I was like, you got this credit, you got this money, you not scared of anything, right? You should sign on this deal and we partner and I do the whatever and I pay you. So I wound up starting LLCs with people that did have money and they did have credit, and then the hard money lenders would give us loans based on the LLC, because now that it was part of that, it wasn really about me, it was about the package as a whole.

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