Replica evening Investment Properties with Alan Corey online sale

ByElle Pop

Replica evening Investment Properties with Alan Corey online sale

Investment Properties with Alan Corey Alan Corey has had an interesting career to say the least. Alan has always been fascinated with making passive income in a frugal, but very intelligent way. He’s so frugal in fact, that he made up a crazy story to be on the Jerry Springer show, just to get a free trip to Chicago out of it. Talk about being committed! Alan’s real estate story starts off with buying a 1 bedroom apartment in Brooklyn, New York, hanging up a curtain in the living room, and house hacking. He then repeated this strategy over and over again, becoming a millionaire before 30 years old, with a lot of property and “good debt”. Alan is part of the FIRE (financial independence retire early) community, but instead of investing mainly in stocks, he does so in real estate. His strategy is simple: buy a rental property for every bill you have, then start inventing “fun bills” as excuses to buy more rental property. Whether you’re looking to pay off your phone bill every month, or finance your brand new Tesla, this strategy will work for you. Alan also “hides money from himself” so he can be better off in the future. Right now he’s sitting on around $8,000,000 of real estate solely from his own investments. It helps with analysis paralysis because I got a lot of clients and friends who sort of just freeze. And it easier when you like, what bill do you want to pay? Okay. You found a house that cash flows you $200 that going to cover your phone and your water bill or whatever it is? Then yeah, pull the trigger, make the offer. Make the criteria that much easier. And just go through your next bill. Like okay, this one pays for your electric bill and the next one going to pay for your water bill. But hey, we mad progress. And let just keep the ball rolling and the momentum going. The flywheel just sort feeds upon itself after a while. You listening to BiggerPockets Radio. Simplifying real estate for investors large and small. If you here looking to learn about real estate investing without all the hype, you in the right place. What going on everyone? It Brandon Turner, host of the BiggerPockets Podcast here with my cohost, Mr. David Greene. David Greene, I got no good nickname for you today. What up man? How are you doing? There is no better nickname than your best friend and your cohost. I love this job. Okay. My bestie, best friend in the entire world, David Greene here on the podcast again. Man, it has been a crazy few weeks I know for you on closings and me I closing like next week on my condo here. So real estate rocking right now, huh? I closed on two condos in Hawaii. I closing tomorrow on a retail center in Minnesota. I am hiring an office manager for my real estate team. I got like 10 agents that are all ready to crush it and we just need someone with a little bit of experience to help train them. The loan business is going well. It frankly just a good time to work in real estate. You got to make hay when the sun shines because it won always be that way forever. Let me ask you a question though completely unrelated, then we get into today show which was phenomenal by the way. I can wait to bring you guys this show. But what do you think of crypto right now? It crazy. It all over the news. It all everyone talking about is crypto. What your crypto thoughts in 30 seconds or less? Go. My thoughts are they have more with the way that the government just creating stimulus. They not printing dollar bills but they buying bonds and it pushing money in the economy and it like pushing water under the surface of the earth and it has to bubble up somewhere. So people are losing confidence in the dollar and you seeing asset based inflation is kind of running rampant. So real estate obviously is going up in value. But you also see NFTs, crypto, baseball cards, kind of weird stuff you wouldn normally expect to see this being influenced by this water as it bubbles up and it has to find somewhere to go. So I think that as long as there a scare of the overall strength of the dollar, things like crypto are going to do really well and if that shifts you see that stop really fast. Very smart. Very smart. I did buy $5,000 worth of bitcoin back when it was much lower and now it worth, I don know, like 20,000 or something like that. But I literally bought it as a lottery ticket. Like I was like, this is fun money, this is like play money. I might lose the whole thing. It might go to zero. But it might go to a million so it was an What the word? Asymmetric bet. It was kind of like it could go really significantly higher or not. That said, speaking of lottery tickets, today show Our guest today is Alan Corey. And Alan brought up a really great term in today show. I want you guys to listen for it when we get to that point, where he talks about the imaginary lottery ticket I think is what he called it. Is that right? And that whole concept was so good. We talk a lot about that. We talk a lot about risk. We talk about paying off debt. Should you pay off credit card debt, student loan debt before investing? We talk about that. We talk about, should you become a real estate agent to get started? We have a lot of good stuff there. He made a million dollars on one Actually, I think he told me three times in his life and we cover two of those stories today, where he made over a million dollars on one deal. So you going to learn about a couple of those today. And they not that crazy. It stuff that anybody here could probably pull off. That and more to come. But first, let get today quick tip. Today quick tip is nice and simple. I put together a I don have a title for it yet. We have one here shortly. But I put together an interview with a CPA who specializes in taxes for real estate investors and an attorney who specializes in asset protection for real estate investors. And I put together this a little over an hour long It like an hour and 15 minute sit down and we cover everything on this video. That is a new BiggerPockets Pro perk. So if you are an existing Pro member, make sure you go into your Pro membership. I think it like go to your picture on the corner, drop down and you find all your Pro perks in there. That a perk in there and also if you become a BiggerPockets Pro member in the future, you get that video as well. So that your quick tip. Check it out. And remember if you watching this video on YouTube right now, don forget to like this video. Hit the little thumbs up button. Subscribe to the Bigger Pockets Channel and leave a comment below. If you have questions for us or the guest specifically, Alan Corey, ask him down below in the comment section. We love to see the YouTube channel growing so if you watching this here, let us know. All right, with that said, I think it time to get into today show. Anything you want to add before I introduce the man, the myth, the legend, Alan Corey? Anything? No, but this was a good one. I had a lot of fun with this recording. I think we got into a lot of life stuff. Not just real estate but the real estate stuff we talked about absolutely applies to the life stuff we talked about. I thought this came out great. Yeah. Agreed. Without further ado, let get into the interview with Alan Corey. All right, so today show we have Alan Corey. Alan was a huge inspiration in my life for real estate investing. I read one of his books early on and that really spurred me on toward the financial independence. And in fact, the book was called A Million Bucks By 30. I was like all right, that a good goal. So I set a goal of a million bucks by 30 and at 30 years old I crossed the million dollar mark. So that was cool. Interesting enough, he has been on I think six reality TV shows. We probably talk about that today. Including Queer Eye for the Straight Guy. He was one of the people being looked over there. Longtime investor, real estate agent, started in Brooklyn, over 100 deals, once had dreadlocks and a lot more. So you going to hear more about Alan today. But that said, let bring him in. Alan Corey, it is an honor and a long time coming. Welcome to the show. Hey thanks. I appreciate it. This has been a goal of mine is to be on your show. So I feel like I achieved something. It like buying a new house. Also I told way too many people that I was the hermes hac 50 replica best guest you ever had. I really kind of 10Xed my appearance today so I got to live up to that. Yeah. This is great. I like your prophesying. You just know it going to amazing so we got this. We got this. All right. So I want to start with the most important question of all. Really like get to the heart of who you are. Reality TV. What the heck was that about? You did Jerry Springer, Queer Eye for the Straight Guy. Where did this stuff come from? Like where that life come from? I moved to New York right after college. This was 20 years ago. A different lifetime ago. I don even really recognize that person that I saw on TV. But I wanted to be a standup comic and that sort of like when reality TV was sort of a new thing. And so they go cast real people is what they call it. But really they just cast comedians to be on the show if you a male and then if you a female they go to the modeling agencies and cast from there. That sort of my way onto TV. And I got to tell you, I make way more money real estate investing than I did as a reality TV show guest. Yeah. Yeah. I can definitely see that. So check it out there. We put a link. Also you can just go to YouTube and search Alan Corey. But it pretty amazing man. That was fun. Yeah. One of the times they filmed two shows. I was on The Restaurant with Rocco DiSpirito as a waiter, immediately followed by being made over on Queer Eye for the Straight Guy as a real estate investor. So I got a lot of hate mail when they had two shows back to back. So how did that lead into For those who haven read A Million Bucks By 30 or the new book which is I got it right here. House Fire, So You Can Achieve Financial Independence and Retire Early, which is phenomenal. Like how did you get into real estate? Why real estate? What was your first entrance? Yeah. And then during the day I was working as a tech support guy, nine to five. And I was just wasn sleeping. I was just always working, either at my day job or in the clubs. I was like, I got to focus on comedy full time. I just I never be able to live this dream. And so I bought every single book that I could on financial independence and retiring early and wealth creation and working for yourself. And I just gravitated to the real estate books and just kept reading those. And like oh, this makes sense. If I buy a couple properties If I a landlord I have some cashflow and then I can quit my day job and then I can focus on comedy full time. By then end of the hour here you understand why my comedy career didn work out as you get to know me. But I fell in love with real estate more than comedy so I kept my day job and then I started doing real estate at nights and the weekends and eventually made the switch to doing that full time after acquiring a few properties and haven looked back. Yeah. So what was the very first deal that you did? The very first one, I bought a property in Brooklyn, New York for $99,000. I was living in Spanish Harlem at the time. I had never been to Brooklyn. I had $10,000 in my account and I was like there a 10% down payment. I need to buy something for $100,000. And there was zero apartments for $100,000 even back in 2001, 2002 when I was looking. But there was one property for $110,000 and I said, know what, I got to get them down to $100,000 or below and I buying this property. I go over there. I show up for the first time, get off the subway. There a guy sleeping on the doorstep asking me for money, telling me some story about he just got out of jail. Most people would be like, maybe this is not the best primary residence or the best neighborhood. But to me I like, this is all I can afford. I buying it. And it was a one bedroom apartment. I hung up a very heavy curtain in the living room and I called that a second bedroom. Got a roommate and house hacked my first apartment. And then I started house hacking every 12 months after that and bought a duplex down the street. Eventually after that.

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