About
Hello my friends. Welcome back to Passive Real Estate Investing where we dive into the world of real estate investing among other related topics. To help you with your real estate investing journey, today we’re doing something a little different. We’re going to take a trip down memory lane and showcase an important episode from the past on what we call our throwback Thursday episode. Now, whether you’ve been with us since the beginning, which goes back to 2015, or you’re tuning in for the first time, this episode is a must listen, we are revisiting one of our more popular episodes from the past, and believe me, what we discussed back then, whether it’s six months ago or six years ago, is just as relevant today. So sit back, relax, and let’s rewind the clock for this great episode. Enjoy.
Today's question comes from Phil and today's episode, I titled Ready but Slightly Hesitant to Invest. Phil says, Hey, Marco, love your podcast. My primary goal is to invest in real estate to earn passive income. Just finished reading Rich dad, Poor dad, great book by the way. I feel like I'm ready to go. But taking action is the hardest part. My wife and I live in San Diego. We own one rental property worth about $550,000 we only owe 250,000 excuse me, 215,000 on this property. So my plan is to do a cash-out refinance and potentially sell within two years to avoid capital gains tax. We moved this past year in 2019 I hope to start an LLC, a limited liability company this month, and obtain the cash to start investing. I would like to use Norada as a turnkey property provider if the resources and properties you offer are as advertised. I'd love to invest between a $100 to $150,000 using Norada. Generally speaking, I'm slightly hesitant to fully trust anyone who's trying to sell me something. No offense, any advice for me with my plan? Anything you'd say to someone like me who was on the verge of picking up the phone to call Norada. I'm a huge fan of yours. Thanks for your time - Phil.
Throwback Thursday Episode (The episode originally took place in the year 2020)
Get your FREE copy of The Ultimate Guide to Passive Real Estate Investing.
If you missed our last episode, be sure to listen to TBT: Ask Marco – Getting Clear on Investment Goals
Give us a Rating & Review
Phil, thank you for the email and thanks for your trust and thanks for being a podcast listener. I'm glad you're a fan. Um, that's very flattering. So here's a number of comments and thoughts for you. So first of all, action is the hardest part. You know, you mentioned that it's taking action. It is, it is for a lot of people, especially for something new and something that is as big of an investment or purchase as rental property. So my suggestion, at least this is what I do for myself and I know it works for a lot of people, is there's that old saying, how do you eat an elephant?One bite at a time.
Just take whatever that project or task is however large, and just break it down into smaller and smaller and smaller pieces. I call them bite-sized pieces. Something that is ridiculously easy to take action on because that tiny little step builds some confidence and momentum. And then once you have that momentum, even if it's literally just taking a pad of paper and a pen and just jotting some stuff down, but just taking that baby step if you will, helps to build a little bit of forward momentum. And that's what you need because that will allow you to take that next tiny little baby step. And I know it sounds ridiculously simple and oversimplified. But trust me, starting is the hardest part is that step even of journey of a thousand steps starts with that first step. So if you take that first little step, it will help.
Secondly is related to that is to take small steps. Don't try to jump or leap. You know, you can't run before you walk and you can't walk until you crawl and you can't crawl until you start making these little, you know,
Today's question comes from Phil and today's episode, I titled Ready but Slightly Hesitant to Invest. Phil says, Hey, Marco, love your podcast. My primary goal is to invest in real estate to earn passive income. Just finished reading Rich dad, Poor dad, great book by the way. I feel like I'm ready to go. But taking action is the hardest part. My wife and I live in San Diego. We own one rental property worth about $550,000 we only owe 250,000 excuse me, 215,000 on this property. So my plan is to do a cash-out refinance and potentially sell within two years to avoid capital gains tax. We moved this past year in 2019 I hope to start an LLC, a limited liability company this month, and obtain the cash to start investing. I would like to use Norada as a turnkey property provider if the resources and properties you offer are as advertised. I'd love to invest between a $100 to $150,000 using Norada. Generally speaking, I'm slightly hesitant to fully trust anyone who's trying to sell me something. No offense, any advice for me with my plan? Anything you'd say to someone like me who was on the verge of picking up the phone to call Norada. I'm a huge fan of yours. Thanks for your time - Phil.
Throwback Thursday Episode (The episode originally took place in the year 2020)
Get your FREE copy of The Ultimate Guide to Passive Real Estate Investing.
If you missed our last episode, be sure to listen to TBT: Ask Marco – Getting Clear on Investment Goals
Give us a Rating & Review
Phil, thank you for the email and thanks for your trust and thanks for being a podcast listener. I'm glad you're a fan. Um, that's very flattering. So here's a number of comments and thoughts for you. So first of all, action is the hardest part. You know, you mentioned that it's taking action. It is, it is for a lot of people, especially for something new and something that is as big of an investment or purchase as rental property. So my suggestion, at least this is what I do for myself and I know it works for a lot of people, is there's that old saying, how do you eat an elephant?One bite at a time.
Just take whatever that project or task is however large, and just break it down into smaller and smaller and smaller pieces. I call them bite-sized pieces. Something that is ridiculously easy to take action on because that tiny little step builds some confidence and momentum. And then once you have that momentum, even if it's literally just taking a pad of paper and a pen and just jotting some stuff down, but just taking that baby step if you will, helps to build a little bit of forward momentum. And that's what you need because that will allow you to take that next tiny little baby step. And I know it sounds ridiculously simple and oversimplified. But trust me, starting is the hardest part is that step even of journey of a thousand steps starts with that first step. So if you take that first little step, it will help.
Secondly is related to that is to take small steps. Don't try to jump or leap. You know, you can't run before you walk and you can't walk until you crawl and you can't crawl until you start making these little, you know,