Hello friends and welcome to another episode of Ask Marco where I answer your investing related questions.
Today’s questions from Max. Max says, hi Marco, great podcast, the latest Ask Marco episode, which actually dates back a few weeks, resonated so much about the same position with me. The episode was Should I Buy a Home in California or Invest Out of State? That was episode one 183, he said, I am also 30 years old single living in the Bay area in Northern California. I also do not own a house now, but still shopping and waiting for the foreseeable economic cycle downturn and in (which may or may not come). That’s why I’m holding some cash at hand and waiting for the good entry point. After listening to the episode, the analysis you gave comparing 20% down payment on an expensive single-family home in the Bay area or investing in four properties out of state cashflow positive from day one opened my mind.
I’m fairly new to the housing market and never been a landlord before. But after listening to the episode, I started to get interested in investing out of state properties and earning cash flow. That’s why I’m writing this email to you. Before I forget, what service could you provide to help me get started?
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Well Max, sounds like you’ve already started. The fact that you are thinking about it is putting you on the right track and opening your mind and getting the right mindset. The other thing you’re doing is educating yourself. I don’t know if you’re reading any books, which I highly recommend, but you’re listening to at least my podcast and there are a few other good ones. I know a lot of people tend to listen to Robert Kiyosaki, although that’s not always about real estate, but there’s over 500,000 podcasts today. It’s a lot, thankfully. And fortunately we rank very highly when it comes to investing and real estate investing podcasts, but you’re doing the right thing.
So my suggestion is continue to educate yourself, continue to listen to this podcast and audiobooks, which are fantastic. There’s a ton of good as well as bad, but a ton of good information online that you can tap into. And of course, as I mentioned, there are a lot of great, great books out there on everything from real estate investing to creating wealth, financial freedom, passive income, all that kind of stuff. I would probably stick to, you know, the major books from some of the more well-known authors like the rich dad series of books. That’s a great start. Gary Keller’s millionaire real estate investor. It’s a blue and white book. That’s a very, very good one. There is a number of books from the bigger pockets library. Just go to Amazon or somewhere like that. Do a search for one word, bigger pockets, and you’ll find the books that are published under that label.
That’s what I would continue to do. In fact, you should always be a lifelong student. So never stop learning. You know, my recent acronym is able A. B. L. E and that’s Always Be Learning. Just always be learning. But as far as what services we provide to help you get started, if you don’t already have a team built around you to help guide you and get you started or investing further in the markets that are good for you, then you need to build that team. Now, of course, you know, shameless self-promotion, but that’s exactly what our company at Norada Real Estate Investments does. We’ve already created those teams in all the markets and you know, we as a team member on your acquisition and financing side and even on the insurance and inspection and management side, we’ve put it all together for you.
So when you talk about services that we can provide, it’s really almost a done for you. But I’d like to say it’s done with you, model and service and there’s no cost. We provide a lot of that education that you need as well as the resources and the properties at no cost. You really just need the willingness and desire, the cash and the credit. The cash would be the down payment and closing costs and then just work with your investment counselor here and we’ll figuratively, hold your hand and walk you through the process and after you’ve done that a couple of times, it’ll be very, very second nature for you. It won’t be foreign at all. In fact, you’ll be very comfortable with it. There’s no rocket science here. It’s actually a pretty simple process. It’s just knowing the process itself, the methodology, what to avoid, what to look for, the things that you should be and must be doing.
When you start out, you tend to make a lot of mistakes. I know I did and my goal here in having created the systems that we’ve created is to help you avoid those same mistakes and the likelihood of you making those same mistakes are slim to none because we know the mines that you could step on and we’re going to make sure that you don’t step on those same mines. Not to say that there’s a lot of them, but the saying is you don’t know what you don’t know. So when you have a team and you’re working with the right people that can help you achieve the level of success that you’re after, then you essentially have a compass in your hand. You have a guide to guide you through doing the things you need to do and avoiding the things you shouldn’t. So hopefully that answers your question of the services we provide.
And it doesn’t have to be us. You could do this on your own and build your own team, but I don’t understand why you would want to try to do that when we’ve done it for you, and there’s no cost in using the resources and the knowledge that we’ve already banked for you. Anyway, I’ll get off my little soapbox on that so I, that helps Max.
Feel free to reach out or fill out the form on our website at noradarealestate.com, one of our investment counselors will be assigned to you and they’ll reach out to schedule a time to have a strategy session. Okay. Hope that helps and that’s it. So if you have a question about real estate investing or finance, just click Ask Marco at the top of passiverealestateinvesting.com, submit your question and I will put it in the queue. I am trying to get to more of these as soon as I can, but just remember to subscribe to our podcast. If you haven’t done so already, share it with likeminded people and visit us on iTunes to leave us a rating and review. I greatly appreciate it. Thank you for listening and we’ll see you on our next episode.
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