How to Retire Early with Fewer Rental Properties Than You Think w/Chad Carson

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 14 August 2024

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

You want to retire early, so you come up with a plan. “I’m going to buy ten rental properties and call it quits, then I’ll never have to work again.” Within a decade, you’ve got your ten rental properties, but now you want more. You buy another ten, then a big apartment complex, and now you’re raising money to buy even more. You have zero free time, investors to answer to, and a lot of stress. This wasn’t what you wanted. Let’s take it back to where you are now: how do you actually make it to early retirement? At the height of Chad Carson’s real estate investing career, he was working eighty-hour weeks flipping homes, buying rentals, and dreaming of a financial freedom-enabling portfolio. But when the market crashed, he took a step back and asked, “What do I really want?” Thus, the small and mighty investor mindset was born. Now, Chad is retired early in his forties, working just two hours per week and making six figures in passive income. Want to do it, too? Today, Chad discusses how you can build a small and mighty portfolio with fewer rentals, more cash flow, and ultimate time freedom. We’ll show you how to reverse engineer your goals to build the real estate portfolio you ACTUALLY want to own, why having hundreds of doors isn’t completely worth it, and the “metrics of success” you can use to measure your progress toward financial freedom. In This Episode We Cover: How to retire early (like Chad) with a small real estate portfolio Why “door count” isn’t an accurate measure of success in real estate investing Reverse-engineering your financial freedom and how to start working toward it today Discovering your “why” and how NOT to get stuck in the day-to-day drudgery of adult life Measuring your progress toward financial freedom with the “metrics of success” Knowing when is “enough” and why winners know when to quit And So Much More! Links from the Show Grab Chad’s Book, “The Small and Mighty Real Estate Investor” Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Craft Your Personal Real Estate Portfolio with “Start with Strategy” Property Manager Finder See Dave at BPCON2024 in Cancun! Who Cares About the Number of Doors You Have—Cash Flow Is What Actually Matters Chad's BiggerPockets Profile Dave's BiggerPockets Profile Door count is a terrible metric. Please stop using it. 00:00 Intro 01:56 You DON'T Need 100 Rentals 05:18 What Do You REALLY Want? 09:53 Why Work More? 14:04 Metrics of Success 23:36 Reverse Engineering Financial Freedom 26:42 Does Door Count Matter? 33:13 What is "Enough"? 37:20 The Dish Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1004 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	How many investors tout the doors do you own? People will ask me this question all the time.
0:04.4	You can hardly go to an investor meetup and avoid this type of question.
0:08.8	It seems that many investors tout the amount of doors they have as the ultimate metric of success. But what if doors are just a Trojan horse? Is that actually a good way to measure your portfolio or are there better ways to measure your progress?
0:24.0	Hey everyone, it's Dave.
0:30.0	Welcome to the Bigger Pocket's real estate podcast where we help you take control of your financial future through real estate.
0:37.0	And on this week's deep dish episode, we're going to be bringing on an investor and bigger pockets author and my friend
0:44.9	Chad Carson. Chad has been someone I've honestly looked up to for a really long time.
0:51.1	You may know him as well from the Bigger Pockets forums, his books or his platform.
0:55.3	His books called The Small and Mighty Investor. And I brought Chad on because he, perhaps more than any other
1:02.4	investor I know, has a very unique perspective of what
1:05.6	success means in real estate and I think we can all learn a lot from Chad about his philosophy and how he implements it in his portfolio each
1:15.7	and every day. In our conversation we're going to discuss what your goals should
1:21.3	really be and how important it is to work backwards from those goals.
1:26.0	We're going to talk about if Door Count really matters and how Chad actually measures his success.
1:32.0	And lastly, we'll also talk about what is enough
1:35.8	when it comes to making money and building your portfolio. But make sure to stick
1:40.4	around to the end because we're also going to do a very fun little segment we have drawn up.
1:44.7	It's called The Dish and we're going to ask Chad some rapid-fire questions that reveal a lot about
1:50.0	his personality and his plans for the future of his portfolio. With that, let's his Always good to see you. You. Thanks for having me, Dave.
2:03.0	Good to see you.
2:04.0	I'd like to start our conversation sort of at the beginning for people who aren't familiar with you.
2:08.0	Can you tell us a little bit about how you got into investing in the first place?
	...

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