Transcript
WEBVTT
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Hey nomads.
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Welcome to Digital Nomad Stories, the podcast.
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My name is Anne Klaassen and, together with my co-host, Kendra Hasse, we interview digital nomads.
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Why?
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Because we want to share stories of how they did it.
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We talk about remote work, online business, location independency, freelancing, travel and, of course, the digital nomad lifestyle.
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Do you want to know more about us and access all previous episodes?
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Visit digitalnomadstoriesco.
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All right, let's go into today's episode.
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Hey, hey nomads.
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Welcome to a new episode of Digital Nomad Stories.
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I'm joined today by Michael and Remington.
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They're real estate investors and they help digital nomads and remote workers invest in real estate through their company, Digital Nomad Capital.
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I'm really excited to have them on the show today because I'm super interested in the topic of real estate investing and kind of how that can give us financial freedom and freedom to travel more, not spend hours every day staring at a computer screen and actually enjoy our travels maybe a little bit more.
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So I'm super excited to have you guys on the show today.
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Welcome.
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Awesome.
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We're super excited to be here.
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I'm Michael and Remington is my partner.
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We've been dealing with real estate for a while now and we're excited to share some of the things that we've found.
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One of the biggest challenges that we found is real estate.
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Everybody says it's passive, but then you get into it and now you have tenants and toilets and trash and it's anything but passive.
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And if you go online onto Facebook all the sites you'll see horror stories of how people I was looking at one just the other day a guy was cleaning out his garage because it was full of blood, because somebody had done something crazy in his garage.
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I was like who wants to deal with that?
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right.
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And so I really enjoy how we've come up with ways that people can actually have a truly passive investing opportunity and all they have to do is manage the investment itself and not an asset, and they're not getting a whole other job on top of what their investment.
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Exactly.
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It sounds like there's a lot of time freedom as well that comes with that, which I absolutely love.
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Remington, can you also tell us a little bit more about you and introduce yourself?
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Absolutely.
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Yeah, nice to be on the show, anne, appreciate you inviting us.
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My name is Remington Michael's, my partner, and we're, with the Digital Nomad Capital, happy to be on the show with you and happy to be here, and you know, at the end of the day, we are excited to share what we're working on and we're excited to you know, help in any way that we can.
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So we're happy to be here.
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Thanks, awesome, amazing.
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So, to kick us off, before we go into more of the tips and tricks of real estate investing and really your expertise, I would love to learn a little bit more about you guys and kind of what life looks like for you.
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So, are you digital nomads?
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Do you work remotely often?
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Can you share a little bit more about what life looks like for you?
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Like, what do your days and weeks look like?
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Remington, you want to go first?
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Yeah, mine's less exciting, so I'll start.
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So I right now live in St George, utah.
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So that's in like the southwestern corner of Utah, if you're not familiar with the area Beautiful area, lots to do in nature.
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Here I've got four kids, married with four kids, and so they keep us pretty busy.
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They're between eight is our oldest and almost one year old is our youngest.
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That's kind of the span that we've got and a little bit of background.
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We've lived here for a couple years.
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I recently got out of the Navy.
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That was a couple of yes, it was a couple of years ago, but I was in the Navy for 11 years and so transition from a very not remote, you know, not to you know kind of do your own thing kind of a lifestyle to a lifestyle where you know we choose how we work, when we work and where we work and that was very intentional from the beginning is that we wanted to build a company and an operation together that was going to enable us to work from wherever we wanted.
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So I would call myself a part-time digital nomad, because we do have a home base, but all the work that I do is remotely, so I can pick up and go to California for the week and, you know, go hit up all the theme parks, have some fun.
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Go up to Montana, you know, visit the cabin, get some time in nature, while still not really interrupting any of the work responsibilities that I have, which gives me a bunch of, you know, flexibility, um in, you know, in that lifestyle opportunity, but it typically ends up being limited more by what the kids got going on rather than by me.
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So it's a nice situation to be in from that regard.
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Awesome.
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I love that.
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You also have the flexibility to spend time with your kids, like you said, and go to the theme parks and, you know, work around their schedules.
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That's also definitely such a freedom lifestyle.
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I love that.
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How about you, Michael?
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Yeah, well, I am a full-time digital nomad.
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We sold our house almost exactly a year ago and we bought a Suburban and a small cargo trailer, and so I have my three kids and two dogs and we just travel around the country and looking this year to go more international.
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So we started on the East Coast and made our way over through the country and we've been for the past few months in Washington, so from one end of the country to the other, and so it's been a thrilling adventure.
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We do Airbnbs the whole way.
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It's been a thrilling adventure.
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We do Airbnbs the whole way, staying anywhere from a week to six months at a time place to place.
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A lot of ups and downs along the road, but the one thing that's been steady is our real estate and just being able to do what we do without any hesitation.
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My wife homeschools and I work remotely, and it's been fantastic.
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Most recently, we just got back from a trip to Chiapas, mexico, where Remington was able to go with us.
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On that trip we were able to connect with some of the locals.
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They invited us into their home.
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It was great.
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We got to see a completely different way of life from how we live here in the United States and it was just eye opening to just see how people live differently than we do.
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So yeah, very cool.
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So how did it work with going nomadic especially for you, Michael, but I mean Remington, I'm sure also you have a freedom lifestyle Like how did you get here from a few years ago, when you probably had no real estate investments and or this company, to where you are now, where you have the freedom to just pack up, leave, go to Mexico, come back, travel around the country?
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Can you talk a little bit more about kind of that journey that got you here?
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Yeah, that's a great question.
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I started out with a background in corporate sales.
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I worked at a big Fortune 500 company for a while, got super bored with that, went and worked with a smaller local company that was local to the Carolinas and then got bored with that.
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I found Remington at a Halloween party of all places.
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Then got bored with that.
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I found Remington at a Halloween party of all places and he was telling me about how he was doing this real estate.
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I had been searching for that freedom and how to get into real estate, and he really showed me the way to be able to do that.
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And it's through investing and working in real estate in a way that gives you that freedom.
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And so I'd been looking for it for a long time.
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And then I started working remotely with Remington for a while.
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And then my wife looked at me one day and she's like why are we here?
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She homeschools.
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I worked remotely and I was like I don't know where you want to go.
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And well, we didn't know where we wanted to go, so we decided that we would just go figure out where we want to be.
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In doing that, we sold the house.
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Before we sold the house, we sold all the stuff that was inside the house, put our few remaining belongings that we wanted to keep into storage, left them with some family, packed up everything that would fit in that small trailer I was talking about earlier and we just jumped on the road and started going, found some pretty cool spots along the way.
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Most of our travel thus far has been based on kind of where some of our friends have moved to, so we would go and visit them and some areas that they were at, but a lot of it's just my wife is an adventurous person and she's wanted to go see the Redwoods, is an adventurous person and she's wanted to go see the redwoods, and so we spent a weekend the redwood national forest in california, northern california, um, and it just we're going to whim, she, she says I want to go here.
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I say let's go, and so it's been fantastic, it's had, it's challenging.
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We did learn that you, you kind of need a plan when you're doing the traveling, like you need to know where you're going to stay next month.
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Going month to month doesn't really work, but having a few months out, that your your plan, really gives you some some stability in your life.
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And yeah, that's that's us in a nutshell and what we've been doing this past year cool, awesome.
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Yeah, I'm.
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I'm actually in in a stage now where I'm kind of rethinking how much I want to plan, because last year I planned the entire year up front and then I was like, okay, well, I kind of want to see friends and I can't because I have all this stuff planned now.
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So you want some room to be spontaneous there yeah, exactly, but then now I only have a plan for the next eight weeks and then I have no idea where I'm going to be after that, which also kind of feels weird.
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I'm not sure if I like this.
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Maybe I want to plan a little bit more, but I don't know.
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I'm just kind of rethinking my travel style again for the millionth time.
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It definitely adds an element of stress.
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Yeah, absolutely yeah.
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I feel like now, oh, I have to think about where I'm going next and when.
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That's booked.
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It's booked and I don't have to think about it anymore, so I don't know.
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It's interesting to hear what works well for you.
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What about you, Remington?
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Well, you're just talking about that.
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I want to share this real quick.
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I feel like it's a good example of where you really change your lifestyle and you might think that you're getting rid of a lot of problems, but really you go from having a certain set of problems to just a different set of problems and you're like, okay, well, turns out there's always going to be problems that you've got to figure out, but it's just nice to be able to choose what problems you have, right.
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True, definitely true.
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Yeah, I was talking with some Nomad friends the other day about kind of the pros and cons about Nomad life and the amount of life admin that we have to do as nomads is insane.
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It's a lot more life admin than what I had to do when I just had an apartment and just lived a traditional lifestyle, but then, on the other hand, there's a lot less of the kind of mundane housework that you have to do, like I rarely have to clean my own space because I, you know, stay in airbnbs or co-living where cleaning is done for me and you know stuff like that.
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So then I don't know, it's just different.
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Yeah, absolutely agree with you yeah, that's, that's cool.
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sorry, I just wanted to share that because you think that you'll get rid of the problems, but it's, they're just so.
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Michael, you forgot to mention the fact that you know it helped want to partner with me because you lost your work opportunity.
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They're like, by the way, you're miserable, so we're going to fire you because you're a high performer, but you're miserable.
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That was yeah, I did.
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They gave me 30 days.
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They gave me 30 days to figure out what I wanted to do and luckily I had remington to give me some direction.
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It was like, well, we wanted to work together.
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Anyway, let's go figure this thing out, and launched it so I was, I was, uh, I was pushed towards real estate.
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Yeah, it's kind of those nudges that you get, that you don't always expect.
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But it was like we had met just like a month before Michael got that word and had started working together on a small level, got the word and he's like well, what if we turn this up a little bit?
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What if we did that?
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So that was interesting.
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But to get back to your question of like really, how did, how did I get here?
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I, I I served in the navy so I was on submarines and the big allure to that community within the military is that when you're done serving, you have so many job opportunities.
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For when you get out, the challenge with most job opportunities that are available is that you kind of go from one effective corporate job, which is like that's what the military is.
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It's one big corporation, one big structure that you happen to wear the same clothes that everybody else is wearing and talk the same way.
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The idea is that you're going from one really rigid structure organization to another.
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And I realized I'm like okay, I got in thinking that that'd be great to have a great job in the civilian sector when I got out.
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But I realized I don't want that.
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I don't want to be handcuffed to that kind of a job and a lifestyle.
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And I had started this company a couple years before I got out of the military.
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So I was doing them side by side and I realized I'm like, okay, I'm ready to make a decision where I would rather choose my own destiny and either it be great or it turned out not so great, but at least I was able to be happy about it and choose along the way.
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So I kind of like took that leap of faith to.
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Actually I got out of the Navy a little bit early because of this opportunity that I had.
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I was like you know what?
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I'd rather start living the life I want to live sooner rather than later, even if it means that I give up all these perks that I have waiting for me in the military.
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Cause I had a couple of years worth of a, a cush job.
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It was like two years of a super easy job that I could have kept doing in the Navy and got paid really good money for it.
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But I was like I'd rather not have that and spend those two years doing the things that I really wanted to be doing and was excited about.
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And so I made that decision and was like I'm getting out.
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I know I'm throwing away this good deal at the end, but it's worth it.
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So I made the commitment.
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I happened to partner with Michael along the way, and we've just been growing things since then.
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Awesome, that's a scary decision.
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It was, it was but it felt good to make a decision yeah, absolutely, yeah.
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No, I definitely recognize that.
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I, um, went to law school, got all the degrees and everything and then last minute I was like I don't actually want to be a lawyer oh, wow that's, that's a big, that's a big deal yeah, yeah, yeah.
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but, like you said, it felt really good to make the decision and everyone looked at me like you are insane.
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Just do the job for a few years, you know, pay off your student loans, get rid of all the dads.
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And I was like no, no, I'm just, I can't, I'm not going to do that.
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I won't suffer longer than I have.
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Yeah, exactly Like the freedom.
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Right, the freedom is also what you chose and it's also it's it's definitely what I chose as well.
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So, yeah, I know, I definitely know how how scary a decision like that can be and it's so cool to now see where you are now, with all that freedom and the company that works so well and, yeah, that's really awesome.
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So now I also want to learn a little bit more, of course, about the real estate investing that you talk about, that you teach digital nomads and remote workers.
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Can you tell us a little bit more about what it is?
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So it's not the kind of quote unquote passive investing that some other people promise you, but it is actual passive investing, right.
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Can you tell us a little bit more of, like, how that works?
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It's all you, michael Sure sure, yeah, when Minn Remington started, we started with one business and the goal of that was to buy and sell recreational land, and we were doing it and we were having great success.
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But the thing that was keeping us from moving forward was access to more capital.
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So we were doing all the work, we were finding, we had systems in place and routines and processes and could really establish a good connection with that business, but we hit the ceiling.
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We couldn't get beyond that because we just didn't have the funds to do so, and so we decided that it was time to create another business, because that's what entrepreneurs do, right.
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And so with that we created a business where we could get our friends and family to passively invest into our business and we would be able to use their money to help us grow.
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And then we got to the point where our friends and family I mean we were getting them a great passive investment.
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They were doing well, receiving at or above what we had promised them, and everybody was happy.
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And then we decided why would we stop at just our friends and family when this thing could help so many more people?
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And so we've used those systems to build out a full-fledged company, digital Nomad Capital that anybody can get involved with and they can find that passive opportunity to be able to fund their lifestyle.
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And we really focused on the digital nomad portion of it because, well, we're digital nomads.
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We know the struggles that digital nomads are dealing with.
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We understand that you can either spend that money on a really good nice trip and some time in Mexico or wherever that is, or you can invest that and then live off of the funds that are being created from that investment.
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Now, to do that, you can't just take your money and put it into a savings account that's going to give you a half a percent.
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I think you can get up to 4% now in some of the accounts that you can get your money back out some of the high growth, but those are temporary while the market's being kind of crazy.
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So we're able to offer a much larger return on investment.
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Because of the business and the systems that we build out within that land company, we're able to to put that money to work in a much higher use to give you really good returns that can provide a stable cash flow from those investments I got a couple things to add to that, too that I think would help.
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So you asked, like you know, how do we get from that, what some people might call passive, versus like, hey, this is a true passive situation here, which is what most people want or think of when they think of passive investing is that they don't have to manage it, or think of when they think of passive investing is that they don't have to manage it.
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And the way I like to describe it is that with any real estate opportunity, there's three main parts to it.
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You've got the deal itself, you've got the team and the people behind the deal, and then you've got the capital to make the deal happen.
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To make the deal happen.
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And the confusion that often gets put into play is that people think real estate investing, they hear that it's passive and then they think like, oh, I'll go buy maybe an Airbnb or I'll go buy a duplex or something like that, maybe I'll rent out some homes in my house.
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But what they don't realize is that they've picked up all three of those parts.
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They've picked up the deal, they've picked up the team and they've picked up the capital needs for that opportunity.
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What we've done is we've identified a strategy that works and so we find the deals, we've put the team together and then all that have to be involved in finding the deals, managing the deals and putting together the team to help do that as well, and so that's where we've separated the two things where, like hey, we are actively doing this so you don't have to and you can focus on the passive side and keep doing the things that you want to do.
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As you know, as a digital nomad, asad, as whatever thing is that you get excited about, that probably is not managing that tenant that's in the house that you bought, kind of a thing.
00:21:19.211 --> 00:21:20.375
Exactly.
00:21:20.375 --> 00:21:25.166
That can be a helpful way to understand that and what we've done to separate those things.
00:21:25.894 --> 00:21:27.096
Yeah, no, that definitely makes sense.
00:21:27.096 --> 00:21:40.281
So that also means that as an investor, you don't pick a project or a deal, but you just, if I would want to invest, I just say, okay, here's, this is, this is the money.
00:21:40.281 --> 00:21:41.223
Here you go.
00:21:41.223 --> 00:21:45.758
Good luck with it, thank you and see you later for the return.
00:21:46.199 --> 00:21:50.865
Yeah, your big role is as far as like an investor is.
00:21:50.865 --> 00:21:55.113
You find people that you want to work with and that you trust.
00:21:55.113 --> 00:21:56.875
Right, you've heard the phrase you know people.
00:21:56.875 --> 00:21:59.243
Work with the people that they know, like and trust.
00:21:59.243 --> 00:22:11.451
And that's really where your responsibility comes in, or really that you're going to be involved is finding people and opportunities that you think make sense and then you partner with them.
00:22:11.451 --> 00:22:21.028
They do the work, they put your money to work and make it work, you know, or put your money to work and make it grow, and then you don't have to worry about the.
00:22:21.028 --> 00:22:23.756
You know the day in, day out, the nuts and bolts of things.
00:22:24.096 --> 00:22:42.795
You just kind of vet the team, you trust the team, put some you know, formalize it and go to work awesome so that also means as a digital nomad, you don't have to go to a project like look at buildings at the real estate.
00:22:42.795 --> 00:22:45.867
You don't have to do any of that because that's also handled by you guys.
00:22:45.867 --> 00:22:48.940
Right, are all the investments?
00:22:48.940 --> 00:22:51.990
Is everything in the united states, or is it also international?
00:22:51.990 --> 00:22:52.692
How does that work?
00:22:53.714 --> 00:22:59.500
Yeah, so all of our projects are stateside and we do work in a variety of states.
00:22:59.500 --> 00:23:07.726
We're probably in about a dozen states right now that we have projects that we work in and that we're familiar with, and that's also.
00:23:07.726 --> 00:23:11.128
Most investors are really highly concentrated in one area.
00:23:11.128 --> 00:23:15.112
But really, to get back to your question, we're just stateside the actual investments.
00:23:15.112 --> 00:23:28.866
That doesn't matter for as far as where the investor is involved right, so we can work with international investors, but all of our projects are stateside and that's where we put our strategy to work, is within that model.
00:23:30.675 --> 00:23:31.337
Okay, that makes sense.
00:23:31.337 --> 00:23:39.281
So as an investor that's not in the United States, but also not a US citizen, I can still invest with you guys.
00:23:39.742 --> 00:23:40.423
Correct Yep.
00:23:41.185 --> 00:23:51.156
Amazing, very cool, okay, so what if I'm listening to this now as a digital nomad, I'm like, okay, this is really cool, I would love to do something like this someday.
00:23:51.156 --> 00:23:53.220
Right, like, this sounds amazing.
00:23:53.220 --> 00:24:04.682
How do I kind of start Like, do I need to I don't know save an amount of money so that I can then knock on your door and say, here you go, good luck with it.
00:24:04.682 --> 00:24:09.102
Or like, how can I kind of prepare to invest in real estate?
00:24:09.102 --> 00:24:10.486
Or do I need to prepare, I don't know?
00:24:11.615 --> 00:24:23.898
I think before you invest in real estate, you need to understand some of the terminology and the concepts behind it, and so doing some research on that.
00:24:23.898 --> 00:24:27.276
Well, first off, you do have to have something to invest, right?
00:24:27.276 --> 00:24:31.026
You can't just pull an investment out of thin air.
00:24:31.026 --> 00:24:39.896
So you have to have an access to capital so that you can invest, and then you need to also have a way to better understand the terminology.
00:24:39.896 --> 00:24:47.102
One of the things that, in building out this company, we realized is like there's a lot of people out there who are really good at what they do.
00:24:47.102 --> 00:24:54.955
There's a lot of pretty good digital nomads who have their roles, their businesses that they run and they're focused on that.
00:24:54.955 --> 00:25:04.663
They're very smart people, but they haven't taken the time to really get to know real estate, and so we've actually put together a mini course that we're going to give you guys access to.
00:25:06.016 --> 00:25:07.261
What's the URL on that?
00:25:08.756 --> 00:25:22.161
That is digitalinvestor101.com, and so you can go to that site and just put in your information and it'll give you full access to this mini course.
00:25:22.161 --> 00:25:41.718
It's got some small videos in there that's going to help you understand the terminology, so that when we're talking about IRR, you know what that means, and when we're talking about cash on cash, you'll know what that means, and so you'll understand some of these words that are used within the real estate industry.
00:25:41.718 --> 00:26:03.657
And then you can also use that to formulate better understanding and opinions of who you're working with, so that you can be sure that you're making a good, sound decision when you're making an investment, because the last thing that you want to do is go invest with somebody who doesn't know what those are, and the only way that you can know if they know what those are is if you know what those things are.
00:26:03.657 --> 00:26:13.423
And so, yeah, if you go to digitalinvestor101.com, you can get that course, that mini course, for absolutely free.
00:26:13.423 --> 00:26:15.387
Just check that out.
00:26:16.028 --> 00:26:16.710
Just check that out.
00:26:23.355 --> 00:26:30.599
The other thing that we really like to work through our clients with and that is also covered on that course is getting to understand your financial situation and actually what you're looking for in investment.
00:26:30.599 --> 00:26:39.667
Regardless of who you invest with or what strategy you use, you want to take a couple steps back and think not like, oh, who am I going to pick?
00:26:39.667 --> 00:26:43.702
But more of like, how much money do I realistically have to invest?
00:26:43.702 --> 00:26:51.825
You might have $100,000 in the bank, but are you going to invest all of that $100,000 and be broke?
