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House FIRE
Episode 414

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Episode Guide

Episode Summary:

Alan Corey, a successful real estate investor and author, shares his wealth of knowledge about navigating the real estate market effectively. He emphasizes the importance of viewing real estate as a business rather than a lifestyle choice, recommending that investors focus on spreadsheet decisions over emotional ones. With over 300 rental units, Alan explains key concepts such as the significance of 'doors' in real estate, the need for property management, and the mechanics of cash flow versus appreciation. He advocates for starting out with manageable properties and scaling, leveraging the power of cash flow, and the value of diversification. Additionally, he touches on advanced strategies like 1031 exchanges and the benefits of commercial properties, which can simplify ownership and management. Alan's approach encourages listeners to adopt an investment mindset that prioritizes financial growth and risk management.

Episode Timestamps

In this episode: the value of a door, the hour FIRE method, tax breaks, focusing on income, and return on hassle.

Many of our listeners have tuned in to hear our guests discuss the real estate market, mortgages, and taxes related to obtaining property. However, many of us on the road to FI may not realize how scaling your properties can act as a mutual fund-like portfolio. On this week’s episode, we are joined by our new in-house real estate expert, author, and podcaster, Alan Corey. Alan sheds light on what expanding your real estate portfolio can look like from a larger standpoint, and how approaching investment from a spreadsheet rather than a lifestyle point of view can ultimately offer greater returns in the long run. While we know many listeners may be apprehensive to consider investing in multiple or larger real estate properties, or how this may not seem like a feasible option, this episode is available to you to educate and offer the mental framework on how to approach real estate in a way that it can be achievable!

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Alan Corey:

Timestamps:

  • 1:57 - Introduction
  • 2:48 - The Value Of A "Door" And The Business Behind It
  • 8:21 - Navigating The Sea Of Options
  • 16:35 - Reducing Vacancy Impact/Maximizing Potential
  • 23:37 - Tax Breaks
  • 29:54 - The House FIRE Method
  • 39:33 - Focusing On Income
  • 49:59 - Selling 50 Doors
  • 61:19 - Return On Hassle/Million Dollar Value Properties
  • 67:50 - Conclusion

Resources Mentioned In Today’s Episode:

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