REI085: You Should NOT Pay Off Your Debt w/ Alan Corey

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Education, Investing, Business

4.6 • 592 Ratings

🗓️ 30 August 2021

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

Robert Leonard speaks with Alan Corey about why he chose to approach FIRE using real estate instead of the stock market, how he deals with labels or stereotypes of being “different” and “too cheap” and how he manages not to be bothered by them, his definition of “good debt” and how to use that to achieve one’s financial goals, and much, much more! IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 05:45 - Why Alan chose to approach FIRE using real estate. 16:39 - Alan’s definition of FIRE and what exactly it stands for. 25:31 - What Alan means about thinking of each property one buys as a lottery ticket. 26:43 - Alan’s definition of “good debt” and how to use that to achieve one’s financial goals. 40:49 - How to balance the dynamic of what's right from a financial perspective versus what makes people feel good. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Learn more about house hacking. Get a FREE audiobook from Audible. Read the 9 Key Steps to Effective Personal Financial Management. Alan Corey’s book House FIRE. What does going against the crowd mean? Robert Leonard's book The Everything Guide to House Hacking. Michael Blank’s book Financial Freedom with Real Estate Investing. Chad Carson’s book Retire Early with Real Estate. Brandon Turner’s book How to Invest In Real Estate. All of Robert’s favorite books. NEW TO THE SHOW? Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle’s favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Robert: Website | Twitter | Instagram Connect with Alan: Website | Instagram | Youtube Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.3	Everyone's like, oh, Alan got lucky in real estate.
0:04.5	And it's like, well, I put myself in his position to get lucky.
0:07.4	And it wasn't that I was buying it because I saw this payday.
0:10.9	It was I wanted these little small ATM machines.
0:16.0	On today's show, I chat with Alan Corey about why he chose to approach fire using real estate
0:22.3	instead of the stock market, how he deals with labels and stereotypes of being quote unquote
0:27.2	different and too cheap, and how he manages to not be bothered by them, his definition of good
0:33.0	debt and how to use that to achieve one's financial goals, what he means by buying lottery tickets,
0:39.3	and a ton more. Alan Corey is an Atlanta-based realtor, real estate investor, and author of the book
0:45.9	Housefire. This is one of my personal favorite episodes to date. Now, I do want to admit that
0:52.7	the strategies we talk about in this episode are not
0:55.9	for everybody, but for those who are really trying to maximize their potential and grow their
1:00.7	wealth the most they can, Alan and I believe what we talk about today to be the way to do that.
1:06.6	In this episode, we talk a bit about RVs and how I'm getting into the RV investing and
1:13.2	RV rental business.
1:14.7	And we actually recorded this a couple weeks ago.
1:16.6	And at that point, I had purchased the RV, but I hadn't actually listed it for rent
1:20.5	anywhere.
1:21.7	As of today, the RV has been rented four or five times.
1:25.5	It's actually doing really, really well.
1:28.8	I'm excited to share more about this with you guys, maybe in a future episode. If you want to learn a little bit more,
	...

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