The Value of Starting Without a Backup Plan with Nick Cooley
On the latest episode of Zen and the Art of Real Estate Investing, Nick Cooley joins Jonathan to share his approach to real estate investing. Eschewing the comfort of a backup plan, Nick opted to dive into real estate without a parachute, believing that sometimes, taking action requires leaving the safety nets behind. Nick is a licensed real estate agent, investor, and co-founder of Jericho Capital based in Denver, Colorado.
Jonathan and Nick delve into Nick’s story and his belief that you should have your personal finances in order before becoming an investor. You’ll also hear what he learned from his mistakes with his second property and the hesitations he overcame to obtain his real estate license. They also explore Nick and his wife’s strategic shift from single-family properties to out-of-state commercial assets, driven partly by Nick's unique zone of genius and a commitment to invest only in markets where he holds a competitive advantage. The conversation wraps up with what Jericho Capital offers investors and Nick’s advice for new investors eager to take action.
Jonathan and Nick discuss in further detail:
Nick's two mistakes with his second property were using a real estate agent who wasn’t an investor, buying a property at a lower price point, and assuming it was inherently less risky.
While he was initially against getting his real estate license, Nick ultimately decided it was a good move for him.
The two things Nick and his wife did to prepare for becoming investors were voraciously consuming as much information as they could get about investing and getting their personal finances under control.
Single-family real estate offered a lot of equity but not the income he sought, which was behind Nick’s decision to pivot to out-of-state commercial properties.
Nick Cooley is eager to help others learn about investing in real estate, and taking the right steps with your personal finances can help you start investing more quickly.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out http://www.trustgreene.com/podcast/zen/106.