IMPORTANT: This class is primarily local Northern Colorado real estate market knowledge. Nomads in other markets should connect with your local real estate agent for local market stats.
Once every six months we pause and go over the state of our real estate market in detail. We look at a variety of charts and metrics to see what our real estate market has done historically over a long period of time, what it has done recently and what we think it may be doing in the future. We cover a variety of charts including sales price, sales price per square foot, days on market, discount (or premium) from list price, appreciation and, one of my personal favorites, months of inventory (also known as absorption rate). You’ll know more about our local market than a lot of local real estate agents after attending this class (and we tend to see quite a few real estate agents attend too for this reason).
We will walk through the steps required to get your first deal done. This class is part motivation to get you to take action and part step-by-step action plan. You'll immediately find yourself in gear and ready to get your first deal done. We'll cover the steps for buying a Nomad home and some of the basics of the Nomad plan plus much more. This is a great primer or first exposure to Nomad and the buying process for first time home buyers and especially first time Nomad home buyers.
Learn the strategies for financing 10 or more Nomad properties including information on nothing down loan programs in this special financing focused class. Learn about the recommended priority of loan types when implementing Nomad. We'll go into detail about the characteristics of each loan type and how best to utilize those loans as a Nomad. We'll cover USDA, VA, FHA, conventional and portfolio loans as well as special rehab loans. We'll go over the importance of making a loan plan especially when you're going to do Nomad. We also provide a list of Mortgage Broker Interview Questions and much more.
Dig deep into the buying process from the first meeting with your real estate agent through post closing. Learn what you should do before you start looking at homes and what to do during showings. Plus, we'll discuss the offer writing process and what happens once your contract is accepted and you're heading to closing. It is like a first time home buyer class on steroids with an emphasis on buying as a Nomad.
In this special Nomad class we will talk about the types and characteristics of properties that make good Nomad properties. We'll go into detail about these traits and why we tend to prefer the traits we do. Then, we will drill down into how to find these specific types of properties with these special characteristics. We'll go into where you tend to find them and the process for finding them including some special search tools for selecting properties that would make exceptionally good Nomad properties.
Attend a special class of frequently asked questions and answers about Nomad. We’ll go over the most popular FAQs about the Nomad model that others have asked and encourage you to bring your own questions to get those answered as well. This is an excellent overview of the Nomad process, but we’ll also go deep into some of the nuances of implementing Nomad as well.
When selecting a property to buy as a Nomad, the importance of cash on cash return cannot be over emphasized. In this special class, we will go into step-by-step detail on how we analyze properties for cash on cash return on investment. Plus, we will cover how and why we do this for Nomad properties (which is a little different than buying traditional investment properties) including what you might expect to see for cash on cash return on investment.
Nomads should be concerned with cash flow produced after they convert their primary residences to rental properties since they're often putting little or nothing down. A key factor in cash flow is the monthly payment you are making on your loan. So, in this special class, we will go into detail on a proprietary checklist James created for clients along with his Lowest Monthly Payment Guarantee™. Using the Lowest Monthly Payment Guarantee Checklist™ will help you minimize your monthly payment and therefore maximize your cash flow to help make the Nomad model easier and more profitable to implement.
One of the key benefits of the Nomad investing model is that you can do it with little or, in some rare situations, nothing down. But little down still means you need to come up with a down payment. That's why we have an entire class that goes into detail on how to get down payments for Nomad. We will look at a variety of traditional and creative strategies for coming up with a down payment to purchase your first Nomad or subsequent Nomad purchases.
Learn about the process and best practices when looking at possible Nomad homes. In this special class we will dive into scheduling showings, the buyer tour, MLS sheets and actually looking at homes plus much more.
What are the factors that affect you getting your offer to buy a home accepted? In this special class, which is especially helpful for buying in very strong seller’s markets, we will go into the details you need to know to make the strongest offers that are most likely to be accepted by sellers.
Do low ball offers get accepted? You know that some do, but how frequently? What are the characteristics of the properties that have low ball offers accepted? In this special class we will look at detailed, data-backed information about low ball offers. Then, we will look at a handful of case studies of actual properties that closed with a price that was significantly below list price to find out what about the properties may have contributed to them accepting low ball offers. Prepare yourself to be amazed at what you learn.
Congratulations! You've had your contract accepted to purchase a Nomad property. Now what? That's what we will cover in detail in this class. Everything from earnest money through inspection, loan approval and much more.
What do sellers typically disclose to buyers when selling a property? What might you expect to see on a typical seller’s property disclosure on a home you’re buying? Join us for a special class where we look at some unusual and rare seller property disclosures and some of the more common varieties as we look through a handful of actual seller property disclosures as case studies.
So you've had your home inspector go out and inspect the property and you've found some things that you did not know about when you wrote your offer. Now it is time to negotiate the items you found on your inspection. How do you negotiate a win-win inspection, but still get the maximum benefit? In this class we'll go over the inspection objection and inspection resolution process in detail and discuss some of the best strategies when negotiating win-win inspections.
You’ve made an offer, got it accepted, managed to negotiate a win-win solution to your inspection and have navigated your way successfully to get your loan… are you ready to close on your purchase? In this class we will cover what is involved with closing a real estate purchase and what to expect at closing itself. Be prepared to close by learning about it in this class first.
You wake up one morning at age 40-50 and realize that you don’t quite have enough saved for retirement. What do you do? The Nomad investing model can help you get caught up. We cover this model and special considerations for Catch Up Nomads in this special class. Learn about the Nomad model in general as we teach it based on a person catching up for retirement. Plus, we will share some strategies for speeding up Nomad, including paying off properties early to improve cash flow, which many catch up nomads prefer.
“Tell me, and I will forget. Show me, and I may remember. Involve me, and I will understand." - Confucius, circa 450 BC
Join us as we walk through analyzing a deal using Brian's spreadsheet. We will take you step-by-step through the deal analysis process for Nomads. We will cover what each of the input fields on the spreadsheet means and what we recommend using as we analyze properties for Nomad. We will show you which calculations we primarily look at to make investment property purchasing decisions and specifically what to look for with Nomad properties. This class goes from nodding and bobbing as I explain how to analyze a deal to actually doing it yourself. Plus, much, much more.
RECOMMENDED: It is recommended that you download a copy of Brian's spreadsheet ahead of time and make sure you have Excel installed on your computer before attending this class.Bring a fully charged laptop with you to this class with the spreadsheet downloaded and Excel installed.
There are only a couple electric outlets in the room and not enough for everyone to charge their laptops so please charge your laptop ahead of time.
Roofs, furnaces, kitchen and bathroom remodels... oh my! Making capital improvements to properties can be expensive. In this special class we will go over in detail what capital expenses (cap ex) are, how we calculate for them in the spreadsheet and strategies to mitigate cap ex or eliminate it completely with variations to the Nomad model.
Analyzing Nomad purchases (and exits) is different when considering a lease option. This is the class where we cover the differences between buying houses using the traditional Nomad model and buying when you're going to use a lease option exit. You'll leave this class with a better understanding of lease options and how to analyze a lease option exit using the spreadsheet.
A variation to the plain vanilla Nomad model is to convert your properties to lease options. This means having tenant buyers rent the property with the intent to buy it from you instead of converting them to straight rentals. There are many benefits of this model and some significant downsides to consider. We cover them in detail in this class plus much, much more.
We strongly recommend that you start marketing for tenants to find your next tenant or tenant buyer at least 60 days prior to moving out if it is your Nomad owner occupant property or before your current tenant's lease is set to expire. This class covers in step-by-step detail the entire process for marketing for your tenants. You'll learn about what to include in your ads, where to post ads and much more.
Once you have your ads running and tenants are calling, you’ll need to screen potential tenants to find someone who is qualified enough to “borrow” a several hundred-thousand-dollar asset from you by renting your property. As Nomads we take this process very seriously and have very detailed processes and systems for screening tenants legally and thoroughly. This class covers this process in detail including modifiable evaluation checklists to make your life easier and keep you out of legal trouble with fair housing laws.
“Tell me, and I will forget. Show me, and I may remember. Involve me, and I will understand." - Confucius, circa 450 BC
It is one thing to hear me explain how to screen tenants in the Tenant Screening class, but something else entirely when you have an application in front of you and you need to evaluate the tenants on your own. So, we give you some sample tenant applications and allow you to work through the process on your own. Then we go over them in detail so you can see how we think about them together. This is a hands-on workshop that will make you much better at screening tenants.
This is a special class that peers inside the mind of tenant buyers. If you plan to use lease options with your Nomad model, this is a critical class for understanding strategies for finding tenant buyers, talking to tenant buyers on the phone and in person and understanding tenant buyer psychology. It is an advanced class, going beyond just normal tenant screening, focused on dealing with tenant buyers who are going to be renting your property with the intention of buying it from you.
Since 2000 my clients and other local real estate investors have asked me repeatedly to share my lease with them. It was a lease I personally purchased from an expensive real estate course and then modified to fit my personal business. As you could probably understand, I did not feel comfortable sharing it with others. In 2016, after being worn down by clients and other local investors, Brian, Tammy and I decided that we would take the lease and submit it to our attorney with a laundry list of changes we wanted to see, and then make it available to my local Nomad and investor clients for free. We do still insist that each person using it have it reviewed by their own attorney before using it themselves. Between the initial course purchase and the attorney fees to have the modifications made this is my $5,000 lease which I will go over with you in detail during this class.
IMPORTANT: Attending this class live or buying access to the video recording of this class does NOT include a copy of my $5,000 lease. I give away this lease to clients once they've bought or sold a home with me or clients that have bought or sold a home with a real estate agent in another market where I have been paid a referral fee for referring them to work with that real estate agent.
Once you've placed a tenant in your property, you must remain diligent and manage the property. In this class we will walk you through the process to prepare your property for a tenant moving in. We will also cover the best practices for move-in and move-out with the tenant or tenant buyer. Plus, we cover what happens the first week and first month after the tenant moves in. We discuss how frequently and what to do during property inspections while the tenant is living there. Then, we cover what happens the last 90 days of a tenant's lease including preparing to rent the property to another tenant, damage deposits and much more.
In a previous class we've gone over my $5,000 lease, but what if you're wanting to do a lease option? This class covers the additional paperwork we use for lease options. You should have gone through the lease class and ideally one or more classes on the lease option strategy as a prerequisite for this class.
IMPORTANT: Attending this class live or buying access to the video recording of this class does NOT include a copy of my $5,000 lease or the option paperwork. I give away this lease and option paperwork to clients once they've bought or sold a home with me or clients that have bought or sold a home with a real estate agent in another market where I have been paid a referral fee for referring them to work with that real estate agent.
Despite our best laid plans and best efforts, not every renter will be the perfect tenant we hope and screen for. Challenges with rental properties happen. This class covers checklists and processes for dealing with tenant challenges like late rent, evictions, lease term violations and much more.
The Nomad model, in its most basic form, has you buying pretty houses that you move into, live there for a year then convert to rental property. We are often doing this with minimal money out of pocket. People in the past have asked about finding fixer upper properties to move into, fix up and then convert to rentals and I had, for quite a while, suggested that putting in the extra money and time to fix up a property wasn’t the best strategy for Nomads since you’re often not able to get that money back out quickly. However, there are some exceptions where finding fixer uppers works amazingly well with Nomad. In this class I cover what fixer upper Nomad is, some special tips for financing fixer upper Nomad properties, and when I recommend using this strategy.
Cash flow is probably the most important of the four areas of return from rental properties. And while sometimes we intentionally choose to accept less cash flow in exchange for a lower down payment (essentially paying our down payment over time from cash flow), we would all be wise to focus on maximizing cash flow whenever possible. With that in mind, may I introduce to you... CASH FLOW EXPLOSION!... a systematic, step-by-step approach to looking at each factor that impacts cash flow on your rental properties and all the different ways to improve it.
Leave your abacus at home for this special class on keeping track of your books for your rental properties. In this class we will be covering some of the best practices for keeping track of your income and expenses while doing the Nomad model. We will cover our recommendations for keeping your property files organized, up to date, and ready to send to your accountant (or for you to use yourself). This will prepare you for year-end tax prep and will position you to get the maximum tax benefits of owning rental properties as a Nomad.
In most classes and discussions about Nomad we focus on talking about what is the return on our initial–often very small–investment. In this class we go over what return on investment is, how it typically works over time and how it works when buying multiple properties as a Nomad, but we don’t stop there. We go on to talk about another important metric for Nomads: return on equity. What happens to your equity over time as you own multiple Nomad investment properties and what could (and probably should) you do about this phenomenon?
In this special Nomad class on leaving a legacy for your loved ones using real estate, I share information about doing Nomad and specifically about using Nomad to positively change the financial health of your family and friends. Unlike other Nomad models where we personally are moving into properties then converting them to rentals, with the Legacy Nomad investing model we are gifting money to our kids, grand kids and/or loved ones and having them move in to the properties as Nomads. It is a way for us to get money out of our estate early in a tax advantaged strategy that also educates and prepares them for managing multi-million dollar real estate portfolios while we are still here to assist them with acquiring that knowledge. This is the model I am doing with my own kids.
Boom! You’ve been hit by a bus! Is your business ready to be run by someone else in your temporary or permanent absence? In this workshop, you’ll leave with an emergency plan for someone to take over your real estate business. We will walk you through a series of exercises to document what you’d like your backup to know and do if you suddenly and unexpectedly are unable to run your real estate empire.
For most Nomads you'll be focusing on single family homes, but for some special cases we recommend that Nomads buy duplexes, triplexes or fourplexes as their first properties. This class will review the criteria for those unusual situations and then we will use the spreadsheet to analyze multi-family properties.
In this class we will discuss the importance of asset protection and what one possible suggested plan for asset protection might be for your own personal Nomad real estate empire and why we suggest this setup.
Once you’ve gone through the Asset Protection 101 class and understand the strategy we suggest and why, then this follow up class will walk you through some of the paperwork that you will want to have your attorney prepare, discuss and review to implement the strategies we suggested.
Young Professional Nomads are usually recently graduated from college with professional careers and know that they want to work toward financial freedom. By utilizing the Nomad model they can invest a minimal amount of money and acquire a multi-million dollar real estate portfolio which will give them the passive cash flow they need to be able to choose to continue working or retire young and rich. This class goes over the Nomad model assuming you’re just out of college and talks about concepts like having roommates to live without a mortgage or accumulate down payments, tax rates and cash flow from depreciation, retiring early and much more.
In this class (which James has written a book on with a very similar title) James will walk you through the entire model of doing the Nomad model with a single one-time $3,000 up front down payment. He'll show you the detailed math behind parlaying your initial down payment into future down payments for additional Nomad properties. We will discuss using lease option exits to mitigate or, in some cases, completely eliminate capital expenses while improving cash flow. We will model cash flow, down payments, depreciation, appreciation and debt paydown plus much more. You'll walk away with a clear plan on how to acquire a multi-million dollar, cash flow portfolio of rental properties starting with just a single $3,000 down payment for markets that have starter homes priced around $300,000 or less.
We typically model Nomad and assume that the interest rate remains the same for the entire 10 year period that we are acquiring properties. But what happens if our interest rates change over time? And, what is normal for interest rates anyway? Can we expect interest rates to stay the same or are they likely to change? We cover a variety of interest rate related questions and run interest rate scenarios on the Nomad model in this class.
Calls from tenants with clogged toilets at 2 AM and all sorts of problems and perils... what are the real dangers and risks of investing in real estate? We systematically and methodically go through every conceivable danger and risk of investing in real estate, look at what the worst case scenarios might be and come up with a plan to eliminate or, at least, mitigate those risks. While it is possible you could leave this class swearing off real estate investing for good, most leave the class with a clear understanding of the risks and dangers with clear plans to address those to keep the risks minimal. Prepare for the worst and have a plan!
Many real estate investors are interested in little or nothing down investing strategies. Many gravitate toward Nomad once they see the benefits that Nomad offers including the ability to acquire a large portfolio of rental properties with little or nothing down. This class goes over the Nomad strategy for real estate investors looking for a way to get involved investing in real estate with little or nothing down.
“Isn’t Nomad just speculating on properties appreciating?” I hear that question all the time and the answer is: no. It is true that even a modest appreciation assumption in our modeling of Nomad makes the Nomad model look amazing, but this class goes beyond that and walks you through a variety of appreciation related topics. We discuss what appreciation has been historically both quantitatively and qualitatively. Is it likely to continue and at what pace? Plus, we show what Nomad looks like if we have no appreciation in either home price or rent and much more.
Learn how to use the Nomad investing strategy to pay for college. In this class I cover both using it to save for your kids to go to college AND how recent college graduates can use it to pay for student loans to pay off college debt.