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Real Estate Investing with Coach Carson

#301: How to Pay Off Rental Debt in 5 Years (A Case Study)

Real Estate Investing with Coach Carson

Chad Carson

Investing, Business

4.9613 Ratings

🗓️ 24 July 2023

⏱️ 35 minutes

🧾️ Download transcript

Summary

Episode #301 - Debt is not a religion, it's a tool. Once you're done using those tools, it's time to put them into the tool box. I'll share powerful strategies to reduce risk and increase income, keeping things simple and measurable along the way.

📑 COMPANION ARTICLE/SHOW NOTES: https://www.coachcarson.com/payoffrentaldebt/

🔗 LINKS:

🎬 TIMESTAMPS:

0:00 - Pay off in 5 years

1:27 - Reduce your risk

3:05 - Increase your income

3:58 - Being simple

6:40 - How to measure progress

14:26 - Strategic refinancing

20:06 - Pay cash

22:27 - Debt snowball

26:22 - Buy more than you need

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🧰MY FAVORITE REAL ESTATE & MONEY TOOLS:

- Deal Machine - software to help you buy more real estate deals  https://www.coachcarson.com/dealmachine

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💰CREATIVE FINANCING COURSE🏘

Learn to finance your deals successfully, even with high interest rates. My online course teaches you how to use non-traditional funding sources for real estate, like private money, self-directed retirement accounts, seller financing, lease options, subject-to, and more. Includes paperwork!  coachcarson.com/creativefinancing

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🎧SUBSCRIBE to the podcast for more episodes about how to achieve financial independence and do what matters using real estate investing!  https://coachcarson.com/podcast

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WATCH my YouTube channel - Coach Carson TV - for tutorials, tips, strategies, and interviews https://www.youtube.com/user/CoachChadCarson?sub_confirmation=1

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📋 GET MY FREE REAL ESTATE INVESTOR TOOLKIT   https://coachcarson.com/reitoolkit

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Transcript

Click on a timestamp to play from that location

0:00.0

I want to talk to you about the strategy of how to do that.

0:03.2

Like, how do you actually implement that in a way that makes sense?

0:06.5

And in some cases, you could even pay this a property off or properties off in five years or less.

0:11.5

It's definitely possible.

0:16.7

Welcome to the podcast, Real Estate Investing with Coach Carson.

0:23.7

I'm your host, Chad Carson.

0:25.2

You can also call me Coach Carson.

0:26.8

And this is a show to help you build a profitable and passive rental property business

0:30.5

so you can get out of the financial grind and do more of what matters.

0:34.1

Whether you're a brand new listener or a long-time listener, thank you for being back for another episode. The title of this episode is How to Pay Off Rental Property Debt in Five Years.

0:43.4

So this is a follow-up to an episode we had recently. It was episode number 293,

0:47.2

where a friend of mine, Arian Shi Hai, and I talked about the four reasons you should consider

0:52.3

paying off rental property debt.

0:54.5

And this is also a big topic in my new book, The Small and Mighty Real Estate Investor,

0:58.4

which is now available.

0:59.5

If you want to go check it out, I'll have a link in the profile and also in the show

1:02.9

notes for this episode.

1:04.1

But this is an important topic in the book because keeping your investment portfolio,

1:08.2

your rental properties as a small and mighty portfolio,

1:11.9

sometimes means at some point in your career reinvesting your cash flow, reinvesting your

1:16.2

savings into paying off debt. Now, I'm going to review real quickly why that might be something

1:22.0

you want to consider. We talked about this more extensively in that episode that I referenced earlier,

...

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