BiggerPockets Real Estate Podcast

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548: How to NOT Get Scammed on Your Next “Real Estate Opportunity” w/Mike Nuss & Tyler Combs

Dec 23, 2021

Mike Nuss, a seasoned real estate investor and appraiser, teams up with Tyler Combs, a flipping and sales expert, to share their journey of unexpected partnership. They delve into the vital aspects of vetting capital-raising partners and maximizing growth through a unique blend of flips and rentals. Their success is built on strong investor relationships and creative financing techniques like seller financing. Expect insights on avoiding scams, land banking strategies, and fostering resilience in the ever-evolving world of real estate.

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ANECDOTE

Early Flipping Challenges

Tyler Combs flipped houses after the market crashed, finding resources on Craigslist.
He later realized that his Craigslist-sourced contractors were stealing from him.

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ANECDOTE

Partnership Origin

Mike Nuss and Tyler Combs met through a Craigslist ad and later discovered they were both involved in a real estate Ponzi scheme.
They decided to partner after this experience, starting their own business.

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ADVICE

Vetting Investors

Get references from people who have completed deals and can testify to their experience.
Audit the books and look for inconsistencies, especially if you have an accounting background.

Get the Snipd Podcast app to discover more snips from this episode

Maximizing Real Estate Success

01:44 • 3min

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Creative Financing for Real Estate Ventures

04:57 • 3min

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Lessons from Real Estate Ventures

07:55 • 10min

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Strategic Growth in Real Estate

17:51 • 7min

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Understanding Seller Financing

24:59 • 15min

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Smart Strategies for Wealth Building in Real Estate

40:02 • 3min

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Real Estate Insights and Personal Growth

Simon Sinek's "Infinite Leadership" explores the concept of leadership as a continuous journey of growth and development. The book emphasizes the importance of building strong relationships, fostering trust, and creating a culture of purpose. Sinek argues that true leadership is not about authority or control, but about inspiring and empowering others. He provides practical strategies for developing leadership skills, including self-awareness, empathy, and effective communication. The book encourages readers to focus on long-term vision and creating a positive impact on the lives of those they lead.

The Multifamily Millionaire

Brandon Turner

The Compound Effect

Darren Hardy

The Compound Effect by Darren Hardy is based on the principle that everyday decisions shape your destiny. The book emphasizes the importance of small, seemingly insignificant actions that, when repeated consistently over time, lead to significant results. Hardy provides practical advice on creating good habits, eliminating bad ones, and leveraging the compound effect in various areas of life such as finance, health, relationships, and spirituality. The book stresses the need for a new plan of action rather than more information, and it offers tools and strategies for tracking progress, building momentum, and achieving long-term success.

Personality Isn't Permanent

Break Free from Self-Limiting Beliefs and Rewrite Your Story

Benjamin Hardy

In 'Personality Isn’t Permanent', Dr. Benjamin Hardy draws on psychological research to challenge the popular belief that personality is fixed. He provides strategies for intentional self-transformation, including how to design your current identity based on your desired future self, reframe traumatic experiences, enhance your subconscious, and redesign your environment to support future goals. The book includes true stories of self-transformation and emphasizes the importance of action in kindling confidence, motivation, and passion.

Thinking in bets

Making Smarter Decisions When You Don't Have All the Facts

Annie Duke

In this book, Annie Duke teaches readers how to make better decisions by treating them as 'bets' on uncertain outcomes. She emphasizes the importance of distinguishing between the quality of a decision and its outcome, acknowledging the role of luck, and avoiding biases such as 'resulting' and hindsight bias. Duke draws on her experiences as a professional poker player and combines these with insights from cognitive psychology and other fields to provide tools for making more objective and thoughtful decisions. The book encourages readers to get comfortable with uncertainty, seek truth through diverse opinions, and learn from outcomes to improve future decision-making.

Crucial Conversations

Tools for Talking When Stakes are High

Crucial Conversations provides tools and strategies for handling difficult conversations where stakes are high, opinions vary, and emotions run strong. The book focuses on creating a safe environment for candid discussions, using techniques like STATE (Share, Tell, Ask, Talk, Encourage) and CRIB (Commit, Recognize, Invent, Brainstorm) to ensure productive and respectful communication. It underscores the importance of shared understanding, mutual purpose, and active listening in achieving successful outcomes in crucial conversations.

Your real estate partnership may be closer than you think. Maybe it’s that seller you’re talking to on craigslist, maybe it’s your home appraiser, or maybe it’s someone you meet at a sketchy real estate investing company. Mike Nuss and Tyler Combs never planned on becoming partners when they linked up to discuss a potential sale of a property. But, when fate put the two together again in the same company, they decided to split off and use their complementary skill sets to build a real estate empire.

Mike brought the acquisitions and property management side to their business, while Tyler focused on managing and selling flips. Together they brought the rocket fuel of profit and cash flow to their growing business. Now, they’ve acquired more than eighty units and aren’t planning on stopping any time soon.

Mike and Tyler built their business on the back of strong investor relationships, truthful and honest work, and the ability to find seller finance deals. With the combo of creative financing, marketing, and hard work, they’ve become real estate leaders in their area with an expanding portfolio, team, and strategy.

In This Episode We Cover:

How to vet someone who’s raising capital for a real estate investment

Combining flips and rentals to maximize growth in real estate

Using seller financing to acquire more units with less money upfront

Creative financing options like subject to, raising private capital, and more

“Land Banking” and using it to set up your portfolio for future success

Becoming a master in your field and going a mile deep on your strengths

And So Much More!

Links from the Show

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