What is Nomad?

In its simplest form, the Nomad investing model has you buy a home as an owner occupant, move into the home and live there for a year, then buy another home and convert the first home into a rental property.

Repeat this process until your desired number of homes. We usually use 10 when we discuss plain vanilla Nomad.

It sounds so simple and it is. But, the financial results are nothing short of amazing.

  1. People behind on what they need for retirement. We call them Catch Up Nomads.
  2. People interested in passing on wealth to their kids or grand kids. We call them Legacy Nomads.
  3. Parents saving for college with young children. We call them College Nomads.
  4. People who have limited down payment and want to get started investing in real estate. We call them Little Down Nomads.
  5. Young professionals looking to build massive wealth. We call them Young Nomads.

There are several other variations of Nomad. For example, there is a very detailed book on the Nomad investing model you can read for free on how to do the entire Nomad process with very little down payment.

Nomad Process Overview

what-is-nomad

Nomad, in slightly more thoroughly explained form, is to buy a home as an owner occupant.

Then, live in that property for at least a year. Sometimes more.

After living there for at least a year, buy a new home (again as an owner occupant).

Convert the previous home to a rental property. Sometimes you offer the property as a rental; sometimes you offer it as a rent to own.

Repeat the process until you reach your financial goals.

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Read the "What is Nomad?" blog post on

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

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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/

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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.

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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/

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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/

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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

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