414 | House FIRE | Alan Corey

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 12 December 2022

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: the value of a door, the hour FIRE method, tax breaks, focusing on income, and return on hassle.

Many of our listeners have tuned in to hear our guests discuss the real estate market, mortgages, and taxes as it relates to obtaining property. However, many of us on the road to FI may not realize how scaling the properties you own can actually act as a mutual fund-like portfolio. On this week’s episode we are joined by our new in-house real estate expert, author, and podcaster, Alan Corey. Alan sheds light towards what expanding your real estate portfolio can look like from from a larger standpoint, and how approaching investment from a spreadsheet rather than lifestyle point of view can ultimately offer greater returns in the long run. While we know many listeners may be apprehensive to consider investing in multiple or larger real estate properties, or how this may not seem like a feasible option, this episode is available to you to educate and offer the mental framework on how to approach real estate in a way that it can be achievable!

Alan Corey:

Website: realestatemaxi.com
Podcast: Real Estate Maximalist
Book: House FIRE: How to Be a Red–Hot Real Estate Millionaire with a Wealth of Time and Money

Timestamps:

1:57 - Introduction
2:48 - The Value Of A "Door" And The Business Behind It
8:21 - Navigating The Sea Of Options
16:35 - Reducing Vacancy Impact/Maximizing Potential
23:37 - Tax Breaks
29:54 - The House FIRE Method
39:33 - Focusing On Income
49:59 - Selling 50 Doors
61:19 - Return On Hassle/Million Dollar Value Properties
67:50 - Conclusion

Resources Mentioned In Today’s Episode:

More Helpful Links and Resources:

Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
Keep learning or start a new side hustle with one of our educational courses
Commission-Free Investing with M1 Finance

Transcript

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0:00.0	Hey, it's Brad, I wanted to let you know about an incredible offer one of our community members just made.
0:05.2	Their family offered to anonymously make a 100% matching donation for every contribution made to the
0:11.6	ChooseUpI foundation up to $5,000 from now until the end of the year.
0:16.7	The generosity blew us away and I wanted to make certain I spread the word on this because we need
0:21.6	your support. We started the ChooseUpI foundation in 2018 and last year alone are two main programs
0:28.4	FI 101 and the pre K through 12 curriculum helped just over 9900 people improve their financial
0:36.3	lives. This was accomplished on a five-friendly shoestring budget as it costs us just a $1.58
0:42.4	to bring financial literacy to each of these nearly 10,000 people. The foundation is a 501 C3
0:48.5	organization so donations are tax deductible and with the matching contribution a donation of even
0:54.2	$5 would be matched to 10 which would help us reach 6 people. So we set up a page to make donations
1:00.8	via PayPal or Card so if you're interested please head to ChooseUpI.com slash donate or if you want
1:07.4	to make a donation through your donor advice fund or via check but want to get counted for this
1:12.1	matching program shoot me an email at feedback at ChooseUpI.com so that's either ChooseUpI.com slash
1:18.6	donate or send me that email at feedback at ChooseUpI.com and thank you very very much.
1:26.0	All right hello and welcome to ChooseUpI. Today on the show we have a real treat we have Alan
1:30.5	Corey who is a Atlanta-based real estate jack of all trades with really the most interesting
1:36.8	background and real estate that I've seen in a long time and I knew I had to get them on the show
1:41.6	as really an in-house ChooseUpI expert on real estate. I'd love to have them back. I suspect
1:47.7	this is going to be the first of many episodes with Alan and in Alan's own words and he is the
1:52.4	author of the book House Fire how to be a red hot real estate millionaire with a wealth of time
1:58.0	and money to burn and I love this passage he said why am I the real estate expert I currently
2:03.2	own over 200 units of real estate I'm a top producing realtor I own a property management company
	...

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