Jul 7, 2021
Today’s guest followed LeanFIRE principles before the FIRE (Financial Independence, Retire Early) movement existed. After 20 years of sound investments in real estate, he is now a multimillionaire with 100 rental properties under his belt.
Joining me on the podcast today is Alan Corey. Before he got into real estate, he was a comedian who made appearances on multiple reality TV shows. He is also the author of “A Million Bucks by 30” which was published over a decade ago.
In this episode, Alan will walk us through his transformation from comedian to real estate investor. He will also talk about his newest book “House FIRE”, sharing practical advice on personal finance and managing rental properties.
Create a diverse real estate portfolio to
reduce risk, learn to overcome “first-timer freeze”, and trust the
math.
Key Takeaways
[02:20] Alan’s background and foray into real estate
[07:40] Why he wrote “House FIRE”
[10:00] His approach to buying rental properties
[13:03] Disassociate real estate investing from primary residency buying
[15:30] The 2 causes of “first-timer freeze”
[16:15] How Alan tackles house
FIRE
[21:08] Let your assets pay for your
expenses
[25:37] On getting a 30-year fixed mortgage to hedge inflation
[31:53] Take the time to understand how money and the financial system works before you start taking high leverage
[33:20] How the flywheel concept works in real estate
[37:45] Hire property managers for your rentals
[42:00] Alan’s advice on screening property managers
[43:58] The hardest lesson he learned
Links
A Million Bucks by 30 by Alan Corey
House FIRE by Alan Corey
Living Off Rentals YouTube Channel - https://www.youtube.com/channel/UCRpWXe2mWqBm5vvbO2R2AdA?sub_confirmation=1
Living Off Rentals Facebook Group - www.facebook.com/groups/livingoffrentals
Living Off Rentals Website - www.livingoffrentals.com
Living Off Rentals Instagram - www.instagram.com/livingoffrentals