Nomad 101

Watch the recording of the live presentation of Nomad 101 FAQs with special guest Jassen Bowman from February 7, 2017.

Watch the 2 hour and 15 minute video and see the class outline here:

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Class Outline

These are the questions answered on the video recording above.

Nomad Basics

  • Do you invent Nomad? How did it come about?
  • Do you have to move in?
  • What are the different Nomad types?
  • Does it work in all cities?
  • Do I need to buy properties at a discount?
  • What is the end goal of Nomad?
  • Do I have to do 10 properties?
  • Where do you get down payment from?
  • I’m overweight, under-employed and not funny, can Nomad help?

Financing Nomad

  • Can you do Nomad with nothing down?
  • What loans do you recommend and in what order do you recommend them for Nomad?
  • If I have more than 5% down, should I put more down?
  • What if I can’t get a loan?
  • What if interest rates go up?

Cash Flow

  • Will I have positive cash flow?
  • How can I improve cash flow?
  • Will this work in cities where I’d have negative cash flow?
  • What if I need cash flow now?
  • Can you speed up getting better cash flow?
  • Are you speculating the rents will increase?

Appreciation

  • Isn’t the entire Nomad model just speculating on appreciation?
  • What do you assume for appreciation when you model Nomad?
  • Is appreciation inflation?
  • What if property values go down?

Equity

  • How do I get equity in the Nomad properties?
  • What do you do with the equity in your properties?
  • Do property values or rents need to go up to get equity from Nomad?

Tax Benefits and Depreciation

  • Do you get tax benefits from doing Nomad?
  • How much is the Depreciation benefit?
  • Why do you say the cash flow from Depreciation?

Selling

  • Do you recommend selling Nomad properties?
  • Do you do a class on selling?
  • Do you recommend using an agent to sell them?
  • Why might you want to sell your properties (and replace them with new ones)?

Renting

  • How do you know what rent to charge?
  • Do you have a lease I can use?
  • How do you screen tenants?
  • What if I can’t get enough rent to support the property?
  • How early do you recommend I start looking for tenants?
  • Do you recommend doing lease options (rent to owns)?
  • Can I use the income from one property to qualify for future purchases?

Asset Protection

  • Should I consult with an attorney?
  • Should I worry about asset protection with Nomad?
  • What do you recommend for asset protection for Nomad?
  • Do you have the paperwork?

Nomad Calculator

  • What is the Nomad Calculator and what does it do?
  • How do I access it?
  • What assumptions should I use for the calculator?
  • What do you have planned for the new calculator?

Nomad Investor Clubs

  • What are the Nomad Investor Clubs?
  • What is your vision for the clubs?
  • How often are classes and meetups?
  • How long does it take you to prepare a presentation?

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Read the "What is Nomad?" blog post on

https://LearnToBeRich.com/what-is-nomad/

Mark this task as complete when you're done.

Nomad BasicsUltimate Nomad ChecklistWeek 1

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Read "Nomad on $10 Per Hour" blog post:

https://LearnToBeRich.com/nomad-on-10-per-hour/

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Nomad BasicsOptional

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Watch the recording of the live presentation of "Get Your First Deal Done" available on:

https://LearnToBeRich.com/get-your-first-deal-done/

Mark this task as complete once you've watched it.

ASAPBuying Process OverviewClassesGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1

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Watch the recording of the live presentation of "Buying Process Overview for Nomads" available on:

https://LearnToBeRich.com/buying-process-overview/

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ASAPBuying Process OverviewClassesGet Your First Deal DoneNomad BasicsOptionalUltimate Nomad ChecklistWeek 1

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Watch the recording of the live presentation of "Financing Nomad 101" available on:

https://LearnToBeRich.com/financing-nomad-101/

This class covers the different types of financing available and which ones we consider for Nomad. It goes into detail on Down Payments and much more.

Mark this task as complete once you've watched it.

ASAPClassesFinancingFirst Meeting: FinancingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1

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Watch the recording of the live presentation of "Analyzing a Deal with Brian's Spreadsheet" available on:

https://LearnToBeRich.com/how-to-analyze-a-deal-with-brians-spreadsheet/

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Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealsGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 4Week 56

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Watch the recording of the live presentation of "Looking at Houses" available on:

https://LearnToBeRich.com/looking-at-nomad-houses/

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ClassesGet Your First Deal DoneNomad BasicsPre-ShowingsUltimate Nomad ChecklistWeek 3

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Watch the recording of the live presentation of "How to Get Down Payment for Nomad" available on:

https://LearnToBeRich.com/how-to-get-down-payment-for-nomad/

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ASAPClassesDown PaymentFinancingNomad BasicsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

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Review the recording of the live presentation of "Looking at Houses" available on:

https://LearnToBeRich.com/looking-at-nomad-houses/

Mark this task as complete once you've watched it.

Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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Discuss the following tips for when you go on Showings with your Real Estate Broker:

  • Wear easy to remove shoes
  • WARNING: Sellers can easily record audio (and video) of you while inside their home... don't say anything inside the home that you wouldn't say right in front of the Seller. This is especially true of offer price and strategy.
  • Arrive 5 minutes early. Some Showing windows are very strict time ranges.
  • There may be others present at the Showing.
  • If Tenants are present, we typically will ask them questions about the property.
  • Drive/walk around the neighborhood especially if you're interested in the property.
  • Consider using the +/- system to make property notes.

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Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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Discuss the following with your Real Estate Broker when you you're out on a Showing and considering making an offer:

  • Meet the neighbors... tell them you're considering making an offer on the property and ask them how they like the neighborhood.
  • What appliances are included? Which are excluded?
  • What school district is this in?
  • Is the AC included? What type of heat is used in the property?
  • Where is the water disconnect located?
  • What is the age and likely need to replace or update the major, expensive items like:
    furnance, AC, roof, carpet, paint, hot water heater. You'll also check these during inspection.
  • Where are the property lines?
  • Is there adequate parking? Is it owned? Is there adequate garage spaces? Is it owned?
  • What does the HOA cost? What is included?
  • Is there anything from the current "Seller's Property Disclosure"?
  • Is there anything from previous "Seller's Property Disclosure" from past sales?
  • Where is the sewer cleanout?
  • Are there smoke/CO detectors within 15 feet of each bedroom doorway?
  • Does the house already have a radon mitigation system? Is it passive or active?
  • Will you be having a property inspection (it is recommended)? Will you be testing for radon? Mold? Meth? Termiates? Sewer scope?
  • If this is a condo, is it a warrantable or non-warrantable condo?
  • What are the secret broker comments on the "MLS Sheet"?
  • What due diligence documents are you going to want to see?
  • Are there any additional documents provided by the Seller's agent in the MLS?

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Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

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Watch the recording of the live presentation of "Nomad 101" available on:

https://LearnToBeRich.com/nomad-101/

Mark this task as complete once you've watched it.

ASAPClassesNomad BasicsOptionalUltimate Nomad ChecklistWeek 5Week 57

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Watch the recording of the live presentation of "Closing Real Estate Deals" available on:

https://LearnToBeRich.com/closing-real-estate-deals/

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ClassesClosingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 61Week 9

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Read the "Catch Up For Retirement Nomad Overview" blog post on

https://LearnToBeRich.com/catch-up-for-retirement-nomad-overview/

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Catch Up NomadNomad BasicsUltimate Nomad ChecklistWeek 14

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Read the "Nomad with Lease Option Exit Book" for your city:

https://LearnToBeRich.com/book/

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ASAPLease OptionNomad BasicsTenant BuyersUltimate Nomad ChecklistWeek 17

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Read the "Legacy Nomad Overview" blog post on

https://LearnToBeRich.com/legacy-nomad-overview-2/

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Legacy NomadNomad BasicsUltimate Nomad ChecklistWeek 24

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Read the "Young Nomad Overview" blog post on

https://LearnToBeRich.com/nomad-overview-for-young-professionals/

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Nomad BasicsUltimate Nomad ChecklistWeek 24Young Nomad

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Watch the recording of the live presentation of "How to Acquire a Multi-Million Dollar Real Estate Portfolio with just $3,000" available on:

https://LearnToBeRich.com/nomad-just-3000/

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ClassesGet Your First Deal DoneLease OptionNomad BasicsTenant BuyersUltimate Nomad ChecklistWeek 15

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Watch the recording of the live presentation of "Little Down Nomad Overview" available on:

https://LearnToBeRich.com/little-down-nomad-overview/

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ClassesLittle Down NomadNomad BasicsUltimate Nomad ChecklistWeek 27

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Read the "Save For College Nomad Overview" blog post on

https://LearnToBeRich.com/save-for-college-nomad/

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ASAPCollege NomadNomad BasicsUltimate Nomad ChecklistWeek 29

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Check to see if we have local Nomad Investor Club meetups near you to connect with other local Nomads, real estate agents, lenders and other dream team members:

https://LearnToBeRich.com/meetup/

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ASAPNomad BasicsUltimate Nomad ChecklistWeek 1

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Take a moment to look at the Nomad Class Schedule to see the live classes we have coming up near you.

https://LearnToBeRich.com/schedule/

You can also get links to previously recorded classes.

Nomad BasicsUltimate Nomad Checklist

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

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