In a hot market, acing out-of-state investing is definitely an advantage. There are many ways you can achieve this with the technology that we have today. Our guest today, Nick Lamagna, details how he’s investing in different asset classes in different states.
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Nick details how he was able to invest in different asset classes in the real estate space. He also talks about how masterminds have helped him personally, how to screen your mentor, and how he puts up a team to help him grow his business successfully. He then shares how he was able to invest out-of-state and communicate with his teams across the country. Click the play button now and learn out-of-state investing today!
Key Points From This Episode:
- Nick shares his background and his focus in the real estate industry.
- How does Nick manage to invest in different asset classes?
- How did Nick gain the confidence and the skillset on managing his investments in various asset classes?
- Attending masterminds has played a huge role in honing Nick’s ability to adapt to many challenges in the real estate industry.
- Why do you have to screen your mentor?
- Nick talks about having a non-binding letter of intent.
- How does Nick screen his team members?
- How to effectively communicate with your team across the country?
- How often does Nick go to the property he’s investing in?
- Nick’s predictions in the real estate market over the next six to 12 months.
- How does Nick prepare for a downturn?
- Nick’s best source for meeting new investors right now is attending masterminds.
- The daily habits that help Nick achieve success.
- The number one thing that contributed to Nick’s success is tenacity.
- How does Nick like to give back?
“I think, [the] focus is important. But, as long as I’m focusing on my real estate, I have structure to make sure that I’m on top of the deals that I have, and I make a commitment to myself and my business partner to not take on more than I can handle, I think that is really the key.”
“I think you get the confidence from just getting multiple people to stress test your deal, to poke holes in your deal, and to make sure you have something like a really deep enough discount.”
“Now I’ve learned that you have not to only screen the deal, but you have to absolutely screen the mentor as well.”
“I try to set things up because I generally want to set people up for success, not failure.”
Links Mentioned in Today’s Episode:
About Nick Lamagna
Nick has been investing virtually across the country since 2006. He helps investors transition from small to midsize commercial deals. He is a Jiu-Jitsu Black Belt, Golden Gloves Boxer, amateur MMA fighter, and host of The A Game Podcast.
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