House FIRE

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Business, Investing

4.8 • 5.2K Ratings

🗓️ 12 December 2022

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most real estate investors obsess over cutting costs — but Alan Corey grew his portfolio to over 300 units by flipping that approach entirely. Alan, an Atlanta-based real estate investor who fat-fired at 42, joins Brad to break down his business-first mindset for building wealth through rental properties. Alan emphasizes viewing real estate as a business driven by spreadsheet decisions, not emotional preferences. He explains key concepts like "doors" (rental units), the difference between cash flow and appreciation, and when to outsource property management. The conversation covers scaling strategies, the 2% rule for evaluating properties, and advanced tactics like 1031 exchanges and commercial real estate investing. Introduction to Real Estate Investing [00:00:00] Alan Corey's background and experience owning over 300 rental units Understanding Property Metrics [00:03:00] Definition of "doors" in real estate and assessing investment success Investment Mindset [00:06:10] Viewing real estate as a business and avoiding emotional decisions Scaling Your Investments [00:11:00] When to manage properties yourself versus outsourcing to property managers Cash Flow vs. Appreciation [00:09:36] The 2% rule and its implications for property investment decisions Advanced Strategies in Real Estate [00:22:58] 1031 exchanges, tax benefits, and advantages of commercial properties Conclusion and Insights [01:08:40] Summary of key concepts for listeners' investment journeys Key Quotes: "Invest based on spreadsheet decisions." [00:08:11] "Every property you buy comes with imaginary lottery tickets." [00:57:03] "Marry the property, date the rate." [00:22:24] "All of this is just spreadsheet decisions, not lifestyle choices." [00:19:10] Resources: House Fire by Alan Corey Real Estate Maximalist Podcast: https://www.realestatemaxi.com/podcast

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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