Nick Legamaro talks about his back story, how he started in the real estate business, and what helped him achieved his success.
Nick Legamaro a.k.a “Nick The Note Guy” has been investing in real estate since 2001. He has done just about everything there is to do in real estate. He even experienced the crash firsthand in 2008 and lived to talk about it!
He has bought, fixed, rented, sold, flipped, or been a lender on 1000+ properties. He has personally looked at over 10,000 deals. He has built companies for profit and recently sold one to a 100-year-old Federally Chartered BANK! He has done lots of “HEAVY LIFTING” but in moving forward I have made a HUGE shift!
This is where investing in Performing and NPL Real Estate Notes comes in. With his expertise and technology, he can “control” not “own” millions of dollars of assets nationwide. Now he is ready to show how you too can “Be the Bank” and invest in High Yield, Low Risk, Securitized Real Estate Mortgage Notes.
For more valuable information click on this link and watch the complete episode: https://youtu.be/NlD3O9B8rc0 – “Notes & Wholesale Deals With Nick Legamaro & Jay Conner”
Private Money Academy Conference: https://jaysliveevent.com/live/?oprid=&ref=42135
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Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.
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Jay Conner:
What’s your backstory, how did you get into real estate, and what took you from where you were to where you are today?
Nick Legamaro:
I started on an early 2000s, Jay, and back then as you probably know, there was not a lot of education available. I think there might’ve been one REI club. Where we do meetups. All the data and information that’s readily available to us today, you have to go down to the courthouse if you want to get anything. I think even back then the Foreclosure Listing Service, I was in the Dallas Fort Worth area. I came in you had to print it off on a piece of paper. It was really inefficient and very time-consuming to say the least. I started out doing low-end fix and flips because I didn’t know really anything else, no one was there to teach me.
When the crash starts, I was very fortunate to get out fairly unscathed. I took a little bit time-off and when I came back around 2010, there was plenty of information available now. There’s educators and influencers, their social media was starting to become more prevalent, and data was just so much more readily available. I knew that I wanted to be in real estate because it was fun even though I had a little bit of setback. I knew that’s really the place to go to generate wealth. I wasn’t sure how I was going to do it, who I was going to follow, and listen to because now I was under the mindset of going back to really square one and make a determination on what the best fit was moving forward after we came out of the crash.
I started on wholesaling because that made the most sense to me for a lot of different reasons: low cost of entry, very doable especially back in 2010 and 2008. One of the very first deals that I got was from a seller that called me. She had a property for sale, I went out and I looked at it. I called somebody that I saw on the sign and I asked, “Was it a Vende Casa sign?” and they said, “It was.” I knew what Vende Casa was because I live in Texas from Arizona. I go, “I know what that means. Let me call them and see if they may know somebody that would want to buy a house.”
So I called them and she answered the phone. She says, “Ola” and I said, “Hello, do you speak English?” She goes, “Yeah, I speak English.” I go, “Hey, I got this house for sale.” Now I understand you, I did not have an under contract. All I did was drive by and go, “Oh, okay. That’s what a $25,000 house looked like 10 years or 15 years ago.” Now in that market, that same house is over a $100,000 but that’s not the point. I say, “I have a house for sale and I’m looking to sell it. Would you be interested?” She goes, “What’s the address?” and I gave her the address and I go, “You can’t go inside though because there’s tenants in there and the seller said, I don’t want anybody disturbing the tenants because they don’t even know I’m selling it.'” So I go and I call her and she goes. I gave her the information and I didn’t think anything. She goes, “What do you want for it?”
I did everything wrong, Jay, I said $35,000 thinking, ‘Well, if I get it for 25, maybe it is gonna make a little money.’ I had no idea what I was really doing at that time. I’m literally driving home in less than 30 minutes after I had made that phone call, she calls me back and says, “Mr. Nick, I got buyers their outside the house.” I’m like, ‘Oh crap, here we go.’ I go, “Don’t. They can’t bug the tenants.” and she goes, “They are not. They are just looking around the outside.”
She added, “Since they can’t even get inside, they want to make you an offer for $32,000.” And I said, ‘$32,000, like I was offended, right? and it’s not even my house yet.’ So I said, “Well, let me see what I can do.” So I called the seller back and I told her what I would be willing to pay. Long story short,I sold that house for cash — for $32,000. I paid the person that brought me the deal, I gave her another $2000. I made $5,000 and those ratios were pretty good not knowing what I’m doing. I get another phone call, Jay, from the same list that I had sent out to and this one’s a little bit better house and it’s worth probably $50,000.
It was in better shape and the lady had a divorce. She couldn’t afford the payments anymore and she owed $23,000. Almost the same deal numbers. Why? I guess because I mailed to the same type of list — that makes sense. So I call Lydia up on the phone again. I go, “Hey, Lydia, I got another house. Do you have another buyer with $25,000 now? I’m going to sell it for fifty, but I’ll carry back the note.” She goes, “I think I do.’ I go, “Great! Well, I’ll give you another $2,000.” I didn’t make any cash on that deal, Jay, and I wrote a stellar 5% note for 20 or $25,000. Now I go, “Man, what was I thinking back then?” And that’s sort of how I got into the creative deal structuring.
Since that point, we continue to do all kinds of creative financing deals. We buy notes, we create notes, we fix notes and we help others write notes. What I’ve learned from this is, “everything starts with the deal”. That’s why I wanted to bring this up and go back to the wholesaling side because there’s a lot of wholesalers out there right now, people that want wholesale, but I think they’re missing a huge opportunity to come in and be a little bit more outside-the-box and create their own notes with somebody else’s asset that they can control. That’s really what we do. We want them to learn how to control real estate, not own it because that’s exactly what the banks do. That’s what we’re working on right now.
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