466: Buying “Lottery Ticket” Investment Properties with Alan Corey

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 6 May 2021

⏱️ 77 minutes

🔗️ Recording | iTunes | RSS

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Summary

Alan Corey has had an interesting career to say the least. He’s been an IT worker, a comedian, an author, a real estate investor, and even a reality TV star. Alan has always been fascinated with making passive income in a frugal, but very intelligent way. He’s so frugal in fact, that he made up a crazy story to be on the Jerry Springer show, just to get a free trip to Chicago out of it. Talk about being committed! Alan’s real estate story starts off with buying a 1 bedroom apartment in Brooklyn, New York, hanging up a curtain in the living room, and house hacking. He then repeated this strategy over and over again, becoming a millionaire before 30 years old, with a lot of property and “good debt”. Alan is part of the FIRE (financial independence retire early) community, but instead of investing mainly in stocks, he does so in real estate. His strategy is simple: buy a rental property for every bill you have, then start inventing “fun bills” as excuses to buy more rental property. Whether you’re looking to pay off your phone bill every month, or finance your brand new Tesla, this strategy will work for you. Alan also “hides money from himself” so he can be better off in the future. Right now he’s sitting on around $8,000,000 of real estate solely from his own investments. His new book House FIRE teaches you everything you need to know about retiring early with real estate! In This Episode We Cover: Chasing financial independence and early retirement with real estate Taking on “good debt” so you can grow you real estate portfolio faster Thinking of each property you buy as a “lottery ticket” Alan’s books: A Million Bucks By 30 and House FIRE The danger of high-interest consumer debt (like credit card debt) Seller financing and zero cash-flow triple net leases And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Youtube Channel Alan Corey's Video Sampler Dave Ramsey BiggerPockets Podcast 344: “No Money” Real Estate Investing with Gabriel Hamel BiggerPockets Business Podcast 13: 3 Rules for Crushing It in Business with ‘Shark Tank’ Star Barbara Corcoran Shark Tank Check the full show notes here: https://www.biggerpockets.com/show466 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the bigger pockets podcast show for 66 and it's easier when you're like,
0:05.1	Hey, what bill do you want to pay?
0:07.2	Okay, you found a house that cash flows to $200 that's going to cover your phone and your water bill or whatever it is.
0:12.4	Then yeah, hold the trigger, make the offer like that it made the criteria that much easier.
0:17.0	And then you just just go through your next bill like, okay, well, this one pays for your electric bill.
0:22.1	And the next one's going to pay for your water bill.
0:23.5	But hey, we made progress.
0:25.3	And let's just keep the ball rolling the momentum going, the flywheel, you know, it's just sort of feeds upon itself after a while.
0:31.3	You're listening to bigger pockets radio, simplifying real estate for investors large and small.
0:38.3	If you're here looking to learn about real estate investing without all the hype, you're in the right place.
0:44.3	Stay tuned and be sure to join the millions of others who have benefited from bigger pockets dot com.
0:50.3	Your home for real estate investing online.
0:53.3	Let's go to everyone. It's Brennan Turner host of the bigger pockets podcast here with my co host, Mr David Green.
1:00.8	David Green, I got no good nickname for you today. What's up, man? How you doing?
1:03.8	There is no better nickname than your best friend and your co host.
1:07.3	I love this.
1:08.3	Okay. My bestie best friend in the entire world, David Green here on the podcast again.
1:14.3	Man, it has been a crazy few weeks. I know for you on closings and me.
1:19.8	I'm closing like next week on my condo here. So real estate's real estate's rocking right now.
1:23.8	I closed on two condos in Hawaii. I'm closing tomorrow on a retail center in Minnesota.
1:29.3	I am hiring an office manager for my real estate team. I've got like 10 agents that are already to crush it.
1:34.3	And we just need someone with a little bit of experience to help train them.
	...

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