Nick Cooley was driving through Texas as part of his medical device sales job. At the time, he didn’t have much money on him. He pulled over to fill up his company car with gas, scraped every nickel and dime from the seats and cup holders, and came up with just over one dollar in change. This was Nick’s meal budget for the night. He settled on an ice cream sandwich before getting ready to spend another night in his car.
This was a position Nick never wanted to be in again. He knew what it was like to be broke and borderline starving due to financial scarcity. Nick then decided it was time to jump into real estate investing and make a change for the better.
As Nick made more money, he saved up everything he could to start buying primary residences, only to rent them out a year later using his coined “nomad strategy”. He’s done this multiple times and has been lucky to buy all of them in the growing Denver market. That being said, this wasn’t a completely smooth transition. Nick had a property that put a $50,000 hole in his pocket right after closing. If you stick around for his story, you too will be able to avoid this type of mistake in the future!
In This Episode We Cover
Developing your “why” behind investing in real estate
The “Nomad” strategy for buying a new primary residence every year
Wholesaling a $2M, 8-unit property as his first wholesale deal
How to get your partner on the real estate investing train
Finding deals in expensive, competitive markets like Denver, Colorado
Whether or not investors should become real estate agents
Losing $50k on a bad deal, but creatively making a profit from it
And So Much More!
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent
Brandon Turner's Instagram
Check the full show notes here: https://biggerpockets.com/rookie109
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