466: Buying “Lottery Ticket” Investment Properties with Alan Corey


Manage episode 291778015 series 2536670
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Alan Corey has had an interesting career to say the least. He’s been an IT worker, a comedian, an author, a real estate investor, and even a reality TV star. 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.

His new book House FIRE teaches you everything you need to know about retiring early with real estate!

In This Episode We Cover:

  • Chasing financial independence and early retirement with real estate
  • Taking on good debt so you can grow you real estate portfolio faster
  • Thinking of each property you buy as a “lottery ticket”
  • Alan’s books: A Million Bucks By 30 and House FIRE
  • The danger of high-interest consumer debt (like credit card debt)
  • Seller financing and zero cash-flow triple net leases
  • And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/show466