This is mentoring session #10 with Nick. He and his young family have been in Austin for 5-6 months, wrapping up a flip and possibly moving back to New Hampshire. I have the opportunity to chat with Nick about my first loss, which we are about to close on.
Show Notes
- 3:35 – Nick’s parents looking at a property on a lake in New Hampshire for him
- 4:28 – Checking out a property in South Carolina near Myrtle Beach
- 5:11 – Why Nick’s considering the property in New Hampshire on the lake
- 6:15 – Living for “free”
- 7:36 – The new position Nick is starting at work
- 8:30 – The importance of family and forming tight bonds with your kids
- 13:52 – Homeschool vs. public school
- 17:02 – Nick’s plan for his next flip
- 18:18 – A recent change to mortgages with new income restrictions
- 20:23 – The numbers that’ll come out in the end of Nick’s flip and a possible $15k – $20k profit on the backend
- 24:17 – Jay accepting an offer that’ll be his first loss on a property
- 27:21 – Nick’s first property
- 28:53 – How Jay justifies taking a loss on his property
- 30:07 – Staying laser-focused
- 30:43 – Jay’s lesson from Joe Fairless
- 32:02 – Getting your finances right to go on the offense later
- 33:00 – Different ventures Jay tried out before sticking with buy-and-hold
- 33:55 – What Nick’s wife thinks about moving back to New Hampshire
- 36:43 – Upgrading your social circle
- 39:16 – The Zillow Zestimate story from Nick
Links:
- 5 Hour School Week
- Aaron Amuchastegui
- BiggerPockets
- MLS
- Joe Fairless
- Zillow
- EARN. INVEST. REPEAT. T-shirts
- Real Estate Investing for The W2 Employee Facebook Group
- Join the W2 Capitalist Mastermind
- W2Capitalist.com/Resources
Quotes:
- “You never know who is going to be your boss, so attack it like it’s your own.” – Jay
- “I’m willing to take the hit, get some of my money back, and then take that and redeploy it somewhere else.” – Jay
- “We just sold one, we made $93,000, if I’m ever going to take a $12,000 hit, now is a good time.” – Jay
- “Try earlier – you can recover faster.” – Jay
- “It’s just crazy how some people grow and pursue things and others’ worries are the same as they were 10 years ago.” – Nick