809: How 1 Rental Property Saved Corey Kent’s Financial Future

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 24 August 2023

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Just six years ago, Corey Kent was a broke college graduate, renting out half of a room to save money, eating the same meal every day of the week. His dream was to make a living as a musician without selling out. Now, most country music fans know Corey's name and his platinum record speaks for itself. But what you don’t know is that Corey fueled his music career thanks to a handful of properties he bought years ago. Corey’s side project real estate portfolio allowed him to launch his music career, make passive income when times got tough, and fall on his feet when the world was shut down. Corey was looking to invest in property at just seventeen years old, but when a bank turned him away, he had to change his entire mindset and learn the personal finance game from a very early age. After his grandfather taught him the do’s and don’ts of buying raw land, Corey slowly built his real estate portfolio. At this time, Corey was below the poverty line, sleeping in his truck and saving whatever money he could to invest. He continued to buy property, EVEN when times were tight, successfully using his passive income to help him leapfrog into later becoming a chart-topping musician who now can follow his one true passion. In This Episode We Cover: Investing in real estate when you have low (or no) credit Buying land and the rule of thumb that Corey ALWAYS follows before he invests Corey’s “side project” passive real estate portfolio that helps pay for his lifestyle How one rental property saved Corey’s family when the lockdowns began Why real estate DOESN’T need to be your passion to build passive income And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Dave's BiggerPockets Profile Dave's Instagram Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter Rob's YouTube 12 Ways To Make Passive Income From Real Estate Investing The Risks and Rewards of Investing in Raw Land Is Raw Land the Most Underrated Asset of 2023? Connect with Corey: Corey's Facebook Corey's Instagram Corey's Website Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-809 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. 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 809.
0:05.6	In a seasonal life where I had very little income and our savings was just completely depleted,
0:12.3	I had a property that I was able to sell and the day that my second daughter was born,
0:18.0	we closed on this property.
0:20.0	And it was the first time I'd ever sold anything.
0:22.5	And I just remember going, this saved us.
0:25.7	This put us in a position to survive.
0:29.8	What's going on? Everyone is David Green, your host of the Bigger Pockets Podcast.
0:33.5	And in case you forgot, we are the biggest, the best and the baddest real estate podcast in the world.
0:39.0	Every week bringing you stories, how-tos and answers that you need to make smart decisions in real estate.
0:44.2	Now in this current market under these current conditions, which is where you got to make your decisions.
0:49.4	Today, we've got an awesome show for you. Rob and I are joined by Corey Kent,
0:54.7	a country music singer whose career is exploding.
0:57.7	Check out his album, Black Top. He's going to be touring with Jason Aldin.
1:01.2	And we talked a little bit about his music career and a lot about his real estate portfolio.
1:05.2	Corey has an incredible story from starting off sleeping in Trundle beds,
1:09.2	sharing a $250 room with someone else and eating nothing but chicken and rice
1:14.7	to being one of the biggest stars in country music today.
1:18.0	And using real estate to supplement some of his wealth along with the family these creating.
1:22.7	I mean, we get into everything from living in the country, buying raw land,
1:26.7	how to negotiate what to look for in these deals, partnering with other people, short terminals.
1:31.2	Like there's a lot of stuff Rob, what do you think people should keep an eye out for
	...

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