109: From Sleeping in His Car to Multi-Unit Landlord & The "Nomad" Strategy

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 1 September 2021

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Ashley's Instagram Tony's Instagram BPCON2021 Rookie Bootcamp BiggerPockets Podcast MLS Real Estate Rookie Facebook Group Rookie Podcast 81: David Greene on Where Rookies Go Wrong When Looking for an Agent Facebook Marketplace Airbnb Brandon Turner's Instagram BlackRock Check the full show notes here: https://biggerpockets.com/rookie109 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, episode 109er.
0:05.0	One of the things that I do is take massive action really, really,
0:13.0	and then I kind of figure out how to fly once I've already jumped out of the airplane.
0:17.0	My name is Ashley Care, a huge comic book fan,
0:28.0	and I am here with Tony Robinson, who is also now a Tommy Boy fan.
0:33.0	Hence the liner.
0:34.0	Huge Tommy Boy fan.
0:36.0	Yeah.
0:37.0	Well, Ashley, what's going on with you?
0:40.0	What's going on? How are things?
0:41.0	I'm actually going camping this weekend.
0:43.0	We're taking a couple boats and taking some tents,
0:46.0	and we're boating out to our campsite.
0:49.0	So it should be fun.
0:50.0	No cell reception, no internet.
0:53.0	So it'll be great.
0:54.0	Sometimes it's a good thing, though.
0:56.0	All right, it's disconnecting a little bit.
0:58.0	The worst part is just packing.
1:00.0	Packing?
1:01.0	Yeah.
1:02.0	So are you guys saying like intense the whole time in travel?
	...

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