1 00:00:00,080 --> 00:00:03,040 Speaker 1: Welcome to how to Money. I'm Joel and I'm Matt 2 00:00:03,360 --> 00:00:06,800 Speaker 1: today or discussing small time real estate investing with money 3 00:00:06,800 --> 00:00:29,440 Speaker 1: pro Cad Carson. Joel, did you see the link that 4 00:00:29,480 --> 00:00:31,560 Speaker 1: I sent to you earlier today. Yeah, I'm fancy he 5 00:00:31,600 --> 00:00:33,879 Speaker 1: looking cargo bike. Yeah. I came across that and I 6 00:00:33,880 --> 00:00:36,519 Speaker 1: thought that was the coolest design. It's currently on an 7 00:00:36,520 --> 00:00:38,880 Speaker 1: Indie Go Go. Uh, some guy in Germany or a 8 00:00:38,920 --> 00:00:41,320 Speaker 1: company is actually making it. But man, when I see 9 00:00:41,479 --> 00:00:43,400 Speaker 1: cool bike designs like that, it just gets me super 10 00:00:43,400 --> 00:00:46,360 Speaker 1: stoked about bike culture. Makes me want to ride my bike, 11 00:00:46,360 --> 00:00:48,280 Speaker 1: get the girls on the cargo bike right around town, 12 00:00:48,640 --> 00:00:50,280 Speaker 1: hang out with you and the girls, maybe hit up 13 00:00:50,280 --> 00:00:52,320 Speaker 1: a brewery. You know what I'm saying. I totally know 14 00:00:52,320 --> 00:00:54,120 Speaker 1: what you're saying. And for our listeners that don't know 15 00:00:54,160 --> 00:00:56,360 Speaker 1: what a cargo bike is, we should explain a cargo 16 00:00:56,360 --> 00:00:58,680 Speaker 1: bike is essentially there. They make them in different forms 17 00:00:58,680 --> 00:01:00,400 Speaker 1: and fashions. There are a lot of fun and they 18 00:01:00,400 --> 00:01:03,160 Speaker 1: can actually cut down on a lot of your car 19 00:01:03,280 --> 00:01:06,600 Speaker 1: driving because a cargo bike oftentimes has a hard tail 20 00:01:06,640 --> 00:01:09,240 Speaker 1: on the back that extends off the bike like an 21 00:01:09,240 --> 00:01:12,200 Speaker 1: extra long bike for for storage. And so you and 22 00:01:12,240 --> 00:01:14,280 Speaker 1: I we can put multiple kids on the back of ours, 23 00:01:14,360 --> 00:01:15,959 Speaker 1: or or we can go to the grocery store and 24 00:01:16,000 --> 00:01:17,880 Speaker 1: load up on stuff and bring it back. We can 25 00:01:17,959 --> 00:01:19,959 Speaker 1: even go to lows and bring home some lumber, whatever 26 00:01:20,000 --> 00:01:22,040 Speaker 1: it is. You can toss that stuff on the cargo bikes, 27 00:01:22,040 --> 00:01:25,080 Speaker 1: trap it down and it's just super versatile, which is 28 00:01:25,120 --> 00:01:27,360 Speaker 1: which is just nice for people, especially if you live 29 00:01:27,800 --> 00:01:30,960 Speaker 1: in town. I would say, cargo bikes can really minimize 30 00:01:31,000 --> 00:01:33,240 Speaker 1: your car trips and and so, yeah, I like this. 31 00:01:33,280 --> 00:01:36,360 Speaker 1: We'll put a link to this indieo go page specifically 32 00:01:36,400 --> 00:01:39,000 Speaker 1: because I want them to succeed. Yeah, yeah, and maybe 33 00:01:39,000 --> 00:01:40,960 Speaker 1: we should put a link to the cargo bikes that 34 00:01:41,040 --> 00:01:42,840 Speaker 1: you and I both ride too. I ride an electric 35 00:01:42,880 --> 00:01:45,600 Speaker 1: one and you ride a non electric one. They both 36 00:01:45,640 --> 00:01:48,640 Speaker 1: just I feel like, been game changers in our lives. 37 00:01:48,720 --> 00:01:51,120 Speaker 1: They're super fun to ride around on. I would say 38 00:01:51,160 --> 00:01:52,760 Speaker 1: that's one of the main reasons, dude, why we have 39 00:01:52,840 --> 00:01:55,320 Speaker 1: been able to maintain being a one car family with 40 00:01:55,480 --> 00:01:59,680 Speaker 1: three kids. We've got three three girls and sometimes skates 41 00:01:59,720 --> 00:02:02,120 Speaker 1: off doing something with her friends, and that means she 42 00:02:02,200 --> 00:02:03,840 Speaker 1: has the van and if I need to get somewhere 43 00:02:03,880 --> 00:02:05,480 Speaker 1: with the girls, I load them up on the bike. 44 00:02:05,600 --> 00:02:07,800 Speaker 1: Oh I just thought something else, Well, have you been 45 00:02:07,880 --> 00:02:10,560 Speaker 1: riding recently? I have. It's been bitterly cold. I trying 46 00:02:10,600 --> 00:02:12,280 Speaker 1: to do it as much as poss it's been super cold. 47 00:02:12,720 --> 00:02:14,440 Speaker 1: But we've talked about one of the reasons we love 48 00:02:14,480 --> 00:02:16,760 Speaker 1: biking is because it slows you down right, because you're 49 00:02:16,760 --> 00:02:18,959 Speaker 1: literally going slower than if you were zooming around in 50 00:02:19,000 --> 00:02:21,360 Speaker 1: your car. And I was riding through the neighborhood. I 51 00:02:21,400 --> 00:02:23,160 Speaker 1: had your daughter on the back of the bike with 52 00:02:23,200 --> 00:02:25,280 Speaker 1: my daughter, getting ready to take them home, and I 53 00:02:25,320 --> 00:02:28,360 Speaker 1: saw these two fence sections over at the neighbor's house 54 00:02:28,680 --> 00:02:30,760 Speaker 1: that have been there. I know I've seen them before, 55 00:02:30,800 --> 00:02:33,360 Speaker 1: but I was never going that slow because it's up 56 00:02:33,360 --> 00:02:35,639 Speaker 1: a big hill, and it clicked in my mind, Oh 57 00:02:35,639 --> 00:02:37,720 Speaker 1: my gosh, they're gonna throw those brand new fence sections 58 00:02:37,760 --> 00:02:41,320 Speaker 1: away to eight foot long fence sections that you buy 59 00:02:41,360 --> 00:02:44,120 Speaker 1: at lows or home depot, and dude, I need a 60 00:02:44,160 --> 00:02:47,400 Speaker 1: section of fence in our backyard. And had I not 61 00:02:47,480 --> 00:02:50,280 Speaker 1: been on my bike slowing down, taking in my environment, 62 00:02:50,600 --> 00:02:52,079 Speaker 1: I don't think I would have ever put it together 63 00:02:52,120 --> 00:02:54,320 Speaker 1: that they were going to toss those And so yeah, 64 00:02:54,360 --> 00:02:56,320 Speaker 1: I went over there after I dropped the girls off. 65 00:02:56,360 --> 00:02:58,399 Speaker 1: She'd been meaning to put it up on next door 66 00:02:58,480 --> 00:02:59,840 Speaker 1: like one of the websites, to get a neighbor to 67 00:02:59,840 --> 00:03:01,160 Speaker 1: come get it because she didn't want to throw it 68 00:03:01,160 --> 00:03:03,360 Speaker 1: away and she was happy to let me have it. 69 00:03:03,440 --> 00:03:05,360 Speaker 1: And I brought this home. I've got I've got a 70 00:03:05,360 --> 00:03:07,560 Speaker 1: fence ready to go. There we go. Man. I love 71 00:03:07,600 --> 00:03:09,639 Speaker 1: that you're you have a really good eye for finding 72 00:03:09,680 --> 00:03:12,320 Speaker 1: stuff on the curb. You're like the curb alert master. 73 00:03:12,639 --> 00:03:14,880 Speaker 1: And uh so I feel like everyone should kind of 74 00:03:14,960 --> 00:03:16,560 Speaker 1: keep their eye out, and it is easier on a 75 00:03:16,560 --> 00:03:19,079 Speaker 1: bike to keep your eye out for stuff on the curb. Right, Yeah, man, 76 00:03:19,080 --> 00:03:20,720 Speaker 1: that's right. Oh man, I want to tell you just 77 00:03:20,760 --> 00:03:22,800 Speaker 1: kind of a funny story about losing my keys the 78 00:03:22,840 --> 00:03:25,800 Speaker 1: other day. Yeah, so I went to meet a friend 79 00:03:25,840 --> 00:03:28,839 Speaker 1: at a coffee shop. Didn't get coffee. Actually, I don't 80 00:03:28,840 --> 00:03:32,160 Speaker 1: know if that's cheaper frugal. We could We're gonna play 81 00:03:32,200 --> 00:03:34,200 Speaker 1: frugal cheap because I think that's a little bit cheap. 82 00:03:34,560 --> 00:03:36,520 Speaker 1: It might be, but I had to I'd already had 83 00:03:36,520 --> 00:03:38,120 Speaker 1: two cups that morning, so that's kind of why I 84 00:03:38,160 --> 00:03:40,360 Speaker 1: avoided it. It It wasn't necessarily that I was afraid of 85 00:03:40,360 --> 00:03:42,120 Speaker 1: spending the money, But you should have ordered a glass 86 00:03:42,160 --> 00:03:45,320 Speaker 1: of hot water. I should have next time. But so 87 00:03:45,760 --> 00:03:47,240 Speaker 1: I got out of the car and my my wife 88 00:03:47,280 --> 00:03:49,040 Speaker 1: had been driving it, and she kind of left some 89 00:03:49,280 --> 00:03:50,960 Speaker 1: trash in there. So I took the trash and I 90 00:03:51,040 --> 00:03:53,280 Speaker 1: tossed it in the garbage and I went in to 91 00:03:53,320 --> 00:03:55,480 Speaker 1: meet my friend and so we hung out for about 92 00:03:55,520 --> 00:03:58,480 Speaker 1: an hour. I had a great conversation, and then I 93 00:03:58,520 --> 00:04:00,760 Speaker 1: head out to the car. I'm feel in the pocket 94 00:04:00,800 --> 00:04:04,160 Speaker 1: for my keys. I don't find my keys, and I'm 95 00:04:04,160 --> 00:04:06,640 Speaker 1: getting a little nervous, and I locked the doors, and 96 00:04:06,680 --> 00:04:08,600 Speaker 1: so I'm looking through the window. We live in the city. 97 00:04:08,640 --> 00:04:11,440 Speaker 1: We locked the doors. Honestly, I don't normally lock the doors, 98 00:04:11,480 --> 00:04:13,560 Speaker 1: so yeah, I don't. Well, I do at night, but 99 00:04:13,600 --> 00:04:15,240 Speaker 1: like not during the day, not during the morning when 100 00:04:15,240 --> 00:04:17,279 Speaker 1: I'm it's right out there in the packed parking lot. 101 00:04:17,440 --> 00:04:19,479 Speaker 1: Heads up. If you're looking for anything that you want 102 00:04:19,480 --> 00:04:22,919 Speaker 1: of Joels, you know where to find it exactly. So 103 00:04:23,400 --> 00:04:24,960 Speaker 1: I was like peering through the windows to see if 104 00:04:25,000 --> 00:04:27,159 Speaker 1: the key was in the ignition or in a place 105 00:04:27,200 --> 00:04:29,400 Speaker 1: like in the seat or in the center console. I 106 00:04:29,440 --> 00:04:31,680 Speaker 1: didn't see a key. So I'm like kind of baffled 107 00:04:31,720 --> 00:04:34,359 Speaker 1: at this point that why wouldn't it be visible, right, 108 00:04:34,520 --> 00:04:36,840 Speaker 1: it doesn't doesn't make any sense somewhere. So I started 109 00:04:36,839 --> 00:04:40,880 Speaker 1: looking under the car and then I realized I threw 110 00:04:40,920 --> 00:04:44,279 Speaker 1: stuff in the trash, didn't I. So I go back 111 00:04:44,279 --> 00:04:46,719 Speaker 1: to the trash can right outside the front door. Look 112 00:04:46,800 --> 00:04:50,240 Speaker 1: in there, pop it open, and the key shining brightly 113 00:04:51,040 --> 00:04:53,240 Speaker 1: on top of everything too. Fortunately for me, man, I 114 00:04:53,279 --> 00:04:55,400 Speaker 1: didn't even have to dig for it. It was awesome. 115 00:04:55,440 --> 00:04:57,320 Speaker 1: So key was right there. I grabbed it and I 116 00:04:57,360 --> 00:04:59,880 Speaker 1: was good to go. But it made me super nervous 117 00:05:00,000 --> 00:05:03,599 Speaker 1: because you know how much locksmiths. Yeah, it could be 118 00:05:03,640 --> 00:05:05,760 Speaker 1: such a difficult thing, right, just trying to find find 119 00:05:05,760 --> 00:05:08,200 Speaker 1: a locksmith for a reasonable price. Man, speaking of you 120 00:05:08,240 --> 00:05:10,600 Speaker 1: not ordering coffee this Barisa's are probably all right. First 121 00:05:10,600 --> 00:05:12,479 Speaker 1: of all, this dude comes in, hangs out for an 122 00:05:12,520 --> 00:05:14,480 Speaker 1: now or doesn't buy a coffee. Now he's thinking through 123 00:05:14,480 --> 00:05:18,640 Speaker 1: the trash. Gross. I promise guys, next time, I'll totally 124 00:05:18,680 --> 00:05:20,600 Speaker 1: get a latte. Okay, I will make it happen, because 125 00:05:20,600 --> 00:05:22,279 Speaker 1: I don't want to mooch off the system for sure. 126 00:05:22,400 --> 00:05:24,120 Speaker 1: I definitely don't want to be that guy. So the 127 00:05:24,160 --> 00:05:25,680 Speaker 1: final part of the story, I went back inside to 128 00:05:25,680 --> 00:05:27,960 Speaker 1: tell my buddy I found found the key. And I 129 00:05:28,000 --> 00:05:29,800 Speaker 1: gave it a kiss and he was like, dude, that 130 00:05:29,839 --> 00:05:33,520 Speaker 1: was in the carbage. That's disgusting. And you know what, 131 00:05:33,600 --> 00:05:35,360 Speaker 1: I was so happy. I didn't really mind. It was fine. 132 00:05:35,400 --> 00:05:38,880 Speaker 1: I'm surprised you didn't get sick. Yeah, lucky me. Right. So, 133 00:05:38,880 --> 00:05:41,160 Speaker 1: so it's kind of funny. Uh, you wanta introduce our 134 00:05:41,200 --> 00:05:43,520 Speaker 1: beer today? Sure? So yeah, Today on the show, we're 135 00:05:43,560 --> 00:05:48,240 Speaker 1: gonna be drinking Cascade Brewing Primordial Noir, which is kind 136 00:05:48,240 --> 00:05:51,640 Speaker 1: of a baller name a bourbon barrel aged Imperial red 137 00:05:51,680 --> 00:05:55,480 Speaker 1: ale with cherries and spices and a listener Alex from 138 00:05:55,480 --> 00:05:58,119 Speaker 1: Oregon sent this our way, so huge. Thanks to Alex 139 00:05:58,120 --> 00:05:59,719 Speaker 1: for sending this beer on the show. And by the way, 140 00:06:00,000 --> 00:06:03,799 Speaker 1: been a while since we've heard this sound. Matt, Yeah, 141 00:06:03,920 --> 00:06:08,960 Speaker 1: fancy beer alert. I am extremely stoked because Cascade is 142 00:06:09,000 --> 00:06:11,839 Speaker 1: one of my favorite breweries. They make some amazing sours, 143 00:06:11,880 --> 00:06:16,239 Speaker 1: and specifically I am in love with their blueberry sour beer. 144 00:06:16,760 --> 00:06:19,400 Speaker 1: That's and the saying no are this is? I guess 145 00:06:19,440 --> 00:06:22,480 Speaker 1: another one of those uh in that line, Oh smells 146 00:06:22,520 --> 00:06:24,400 Speaker 1: so good. I can't wait. All right, so I see 147 00:06:24,400 --> 00:06:26,480 Speaker 1: you taking that sip. I'm gonna take this picture like 148 00:06:26,520 --> 00:06:29,400 Speaker 1: I do every week. Yeah, I just dove in and 149 00:06:29,400 --> 00:06:33,120 Speaker 1: had a sip and Matt, this is the delicious and 150 00:06:33,200 --> 00:06:35,120 Speaker 1: the word I'm gonna use to describe the beer this 151 00:06:35,160 --> 00:06:39,320 Speaker 1: week is bursting. Danga. Dude. Next time, I'm gonna go first, 152 00:06:39,360 --> 00:06:42,679 Speaker 1: because that that one word is probably that was pretty 153 00:06:42,680 --> 00:06:44,920 Speaker 1: close to what I was gonna say. Um, and so 154 00:06:45,120 --> 00:06:47,720 Speaker 1: I will go with acidic. You know what I love 155 00:06:47,760 --> 00:06:50,040 Speaker 1: to do, steal your thunder. Yeah, one of my one 156 00:06:50,040 --> 00:06:51,880 Speaker 1: of my favorite things to do in life. All right, man, 157 00:06:51,880 --> 00:06:53,440 Speaker 1: we'll talk more about this beer at the end of 158 00:06:53,440 --> 00:06:55,839 Speaker 1: the show, but for now, let's get into the subject 159 00:06:55,839 --> 00:06:58,719 Speaker 1: at hand. We're talking about small time real estate investing, 160 00:06:58,720 --> 00:07:01,440 Speaker 1: and we brought on our friend and coach Chad Carson 161 00:07:01,560 --> 00:07:03,520 Speaker 1: to be the money pro today to talk about this subject. 162 00:07:03,800 --> 00:07:05,760 Speaker 1: And I think it's only appropriate that when you and 163 00:07:05,800 --> 00:07:09,480 Speaker 1: I finally met Chad in person, it was at a brewery. Yes, 164 00:07:09,520 --> 00:07:12,080 Speaker 1: exactly right. That was our first hang. We literally drove 165 00:07:12,160 --> 00:07:14,440 Speaker 1: up to a hotel and we said, get in the car, 166 00:07:14,480 --> 00:07:17,080 Speaker 1: we're gonna go get and that was the first hang 167 00:07:17,160 --> 00:07:19,360 Speaker 1: we had. That's very true, and but honestly, that's the 168 00:07:19,360 --> 00:07:21,040 Speaker 1: way a lot of people met us for the first time. 169 00:07:21,600 --> 00:07:23,440 Speaker 1: It's kind of funny too because he is a former 170 00:07:23,560 --> 00:07:26,080 Speaker 1: football player and he barely fit in the back of 171 00:07:26,160 --> 00:07:29,000 Speaker 1: year MAS to five. But Chad, he's a former Clemson 172 00:07:29,080 --> 00:07:32,240 Speaker 1: University football player. Man, he was a starting linebacker, so 173 00:07:32,360 --> 00:07:34,360 Speaker 1: he didn't just sort of play, he legit played, and 174 00:07:34,440 --> 00:07:37,280 Speaker 1: he was the defensive captain there. He graduated college in 175 00:07:37,320 --> 00:07:40,320 Speaker 1: two thousand three with only one thousand dollars in the bank, 176 00:07:40,760 --> 00:07:43,480 Speaker 1: and then he spent the next year scouting properties for 177 00:07:43,560 --> 00:07:46,080 Speaker 1: other investors. He you know, he was doing the legwork, 178 00:07:46,120 --> 00:07:49,360 Speaker 1: doing the research, starting on the ground floor, as it were, exactly, Yeah, 179 00:07:49,360 --> 00:07:51,360 Speaker 1: that's right. And then through that he was able to 180 00:07:51,400 --> 00:07:54,960 Speaker 1: save up enough cash to buy his very own first property. 181 00:07:55,320 --> 00:07:58,760 Speaker 1: And his first place was a quadplex, so it had 182 00:07:58,840 --> 00:08:01,840 Speaker 1: four units in it and he rented three those units 183 00:08:01,880 --> 00:08:07,480 Speaker 1: out for four each, making total and his mortgage was 184 00:08:07,560 --> 00:08:11,360 Speaker 1: even bucks, which means he was living for free and 185 00:08:11,440 --> 00:08:14,240 Speaker 1: only that he was making a hunter bucks every single month. 186 00:08:14,440 --> 00:08:17,440 Speaker 1: And that was right out of school. I love that, man. Yeah, 187 00:08:17,440 --> 00:08:19,520 Speaker 1: getting paid to live, that's where it's at, right. So 188 00:08:19,600 --> 00:08:22,200 Speaker 1: Chad has a lot to teach us about real estate. 189 00:08:22,280 --> 00:08:25,720 Speaker 1: He has purchased over a hundred properties through the years, 190 00:08:25,960 --> 00:08:27,480 Speaker 1: and at this point in his life. He's trying to 191 00:08:27,560 --> 00:08:29,640 Speaker 1: de leverage and take on a little bit less and 192 00:08:29,720 --> 00:08:32,360 Speaker 1: so he is an expert on going big with real 193 00:08:32,480 --> 00:08:35,160 Speaker 1: estate and then desiring something smaller. So I think he's 194 00:08:35,200 --> 00:08:37,440 Speaker 1: got a lot to teach us here and I'm really excited. Yeah, 195 00:08:37,440 --> 00:08:38,960 Speaker 1: he does own a bunch of properties, and so that's 196 00:08:39,000 --> 00:08:41,360 Speaker 1: what kind of interesting is Like he's focusing on the 197 00:08:41,360 --> 00:08:43,600 Speaker 1: fact that you can simplify and still achieve the goals 198 00:08:43,640 --> 00:08:45,640 Speaker 1: that you want to achieve. It doesn't mean that you 199 00:08:45,800 --> 00:08:48,520 Speaker 1: you've got to go big. Instead, you can focus not 200 00:08:48,640 --> 00:08:51,960 Speaker 1: just on getting bigger and growing your business or growing 201 00:08:52,000 --> 00:08:55,280 Speaker 1: your portfolio, but focusing instead on your goals. And that's 202 00:08:55,280 --> 00:08:56,840 Speaker 1: a lot of what he's gonna be talking about today 203 00:08:56,880 --> 00:08:59,840 Speaker 1: is focusing on your goals. Yeah. And Chad actually wrote 204 00:08:59,880 --> 00:09:01,679 Speaker 1: the book on this too, right, So he's yeah, a 205 00:09:01,720 --> 00:09:04,160 Speaker 1: natural book. Right. So he's got a book called Retire 206 00:09:04,200 --> 00:09:06,880 Speaker 1: Early with real Estate and I've read it and it's 207 00:09:06,920 --> 00:09:10,800 Speaker 1: a really, really thorough book. It's so good and fantastic book. Honestly, 208 00:09:10,800 --> 00:09:13,559 Speaker 1: for anyone just wanting to get into real estate investing, 209 00:09:13,760 --> 00:09:16,360 Speaker 1: this is a fantastic read if you just kind of 210 00:09:16,400 --> 00:09:18,600 Speaker 1: want to know more and you want to plumb the 211 00:09:18,640 --> 00:09:21,640 Speaker 1: depths of what real estate investing is. This one book 212 00:09:21,679 --> 00:09:24,800 Speaker 1: honestly will teach you everything you need to know. For me, 213 00:09:25,280 --> 00:09:27,280 Speaker 1: I learned some new things as a real estate investor 214 00:09:27,360 --> 00:09:30,160 Speaker 1: reading Chad's book and identified with a lot of things 215 00:09:30,160 --> 00:09:31,920 Speaker 1: at the same time. And also in this book, Matt 216 00:09:31,960 --> 00:09:35,040 Speaker 1: he profiles like two dozen people that have retired early 217 00:09:35,200 --> 00:09:37,440 Speaker 1: through real estate and that's just kind of nice to 218 00:09:37,440 --> 00:09:40,080 Speaker 1: see all these examples two of how people have done it, 219 00:09:40,240 --> 00:09:42,600 Speaker 1: the different ways that they've done it, and so it's 220 00:09:42,600 --> 00:09:44,600 Speaker 1: a it's an awesome book. Chad also has a new 221 00:09:44,600 --> 00:09:47,680 Speaker 1: podcast which is really good at the same time, so 222 00:09:47,720 --> 00:09:49,480 Speaker 1: he is crushing it. Yeah. What I love about his 223 00:09:49,520 --> 00:09:51,439 Speaker 1: book too, is that he the way he talks and 224 00:09:51,480 --> 00:09:54,320 Speaker 1: the way he explains things, it's just chill like. He's 225 00:09:54,320 --> 00:09:55,640 Speaker 1: able to do it in such a way that it 226 00:09:55,679 --> 00:09:58,360 Speaker 1: connects with you on a real life level. And that's 227 00:09:58,400 --> 00:09:59,719 Speaker 1: what we love. I mean, that's what we try to 228 00:09:59,760 --> 00:10:02,640 Speaker 1: do with our personal finances, and Chad does that with 229 00:10:02,760 --> 00:10:04,760 Speaker 1: real estate. He's able to connect on a level that 230 00:10:04,800 --> 00:10:07,400 Speaker 1: just feels familiar and that feels comfortable. I honestly think 231 00:10:07,440 --> 00:10:10,720 Speaker 1: that he himself will be responsible for turning so many 232 00:10:10,760 --> 00:10:13,360 Speaker 1: people into real estate investors who would not have done 233 00:10:13,400 --> 00:10:15,719 Speaker 1: so had it not been for him. And honestly, he's 234 00:10:15,720 --> 00:10:18,480 Speaker 1: gonna be responsible for turning people into thoughtful real estates 235 00:10:18,720 --> 00:10:22,160 Speaker 1: exactly because there are so many people pitching something asking 236 00:10:22,200 --> 00:10:23,960 Speaker 1: you to come to a ball room to learn a 237 00:10:24,000 --> 00:10:27,040 Speaker 1: scheme or a way of investing in real estate. No 238 00:10:27,080 --> 00:10:29,200 Speaker 1: money of your own right, no, no money down, And 239 00:10:29,280 --> 00:10:31,720 Speaker 1: Chad's not about that. He's talking about a realistic way 240 00:10:31,760 --> 00:10:33,559 Speaker 1: to invest, which you and I talked about on the show, 241 00:10:33,679 --> 00:10:36,000 Speaker 1: which is to save your money and then make a 242 00:10:36,000 --> 00:10:39,320 Speaker 1: substantial down payment, to know your location, all these things 243 00:10:39,320 --> 00:10:41,600 Speaker 1: that we have talked about on different episodes of Real 244 00:10:41,679 --> 00:10:44,440 Speaker 1: Estate Investing. Chad believes those very same things. And honestly, 245 00:10:44,480 --> 00:10:46,120 Speaker 1: one of the reasons we brought Chad on is because 246 00:10:46,360 --> 00:10:49,000 Speaker 1: we have such a similar philosophy and we love the 247 00:10:49,040 --> 00:10:51,160 Speaker 1: way he approaches things and the way he talks about 248 00:10:51,200 --> 00:10:55,439 Speaker 1: real estate investing just completely resonates with our experience and 249 00:10:55,559 --> 00:10:58,240 Speaker 1: with our philosophy. And check out his website as well, 250 00:10:58,600 --> 00:11:01,640 Speaker 1: coach Carson dot com. He has a fantastic online course 251 00:11:01,679 --> 00:11:03,840 Speaker 1: that he offers to a site and personal one on 252 00:11:03,840 --> 00:11:06,760 Speaker 1: one coaching. Yeah, Matt, and ultimately My favorite thing about 253 00:11:06,760 --> 00:11:09,400 Speaker 1: what we're gonna tackle in this episode is the fact 254 00:11:09,400 --> 00:11:11,520 Speaker 1: that you don't have to go big. You don't have 255 00:11:11,559 --> 00:11:14,200 Speaker 1: to build this massive real estate empire. And I think 256 00:11:14,320 --> 00:11:17,160 Speaker 1: sometimes that's the way people think about real estate investing. Well, 257 00:11:17,160 --> 00:11:19,439 Speaker 1: what's the point in just having a couple of properties? 258 00:11:19,800 --> 00:11:22,360 Speaker 1: And Chad says, you know what, No, you can make 259 00:11:22,440 --> 00:11:25,120 Speaker 1: serious money by having just a few properties. You can 260 00:11:25,160 --> 00:11:28,520 Speaker 1: retire early even with just a few properties, in doing 261 00:11:28,520 --> 00:11:30,680 Speaker 1: it the right way. So we're gonna bring Chat on 262 00:11:30,720 --> 00:11:32,560 Speaker 1: the show right off the break, and he's gonna give 263 00:11:32,640 --> 00:11:35,520 Speaker 1: us five awesome minutes talking about why small time real 264 00:11:35,600 --> 00:11:47,280 Speaker 1: estate investing is actually the way to go. All right, Joel, 265 00:11:47,360 --> 00:11:49,559 Speaker 1: let's do this man. We're gonna hear from Chad, and 266 00:11:49,760 --> 00:11:52,360 Speaker 1: right after that we're gonna break it all down. Hey, guys, 267 00:11:52,559 --> 00:11:54,920 Speaker 1: thanks for having me on the show. Have you ever 268 00:11:55,000 --> 00:11:59,200 Speaker 1: heard that expression go big or go home? Sort of 269 00:11:59,200 --> 00:12:01,040 Speaker 1: that macho ex rush and you here sometimes it's a 270 00:12:01,080 --> 00:12:03,640 Speaker 1: sports when I played football, and here in a lot 271 00:12:03,640 --> 00:12:05,880 Speaker 1: in the real estate investing space too, and it's kind 272 00:12:05,880 --> 00:12:08,320 Speaker 1: of like, you know, you haven't arrived until you've made 273 00:12:08,640 --> 00:12:11,280 Speaker 1: you know, hundreds of real estate deals, or until you 274 00:12:11,320 --> 00:12:14,040 Speaker 1: have like ten million dollars saved up and have a 275 00:12:14,120 --> 00:12:16,480 Speaker 1: huge net worth, and you have an army of like 276 00:12:16,600 --> 00:12:20,040 Speaker 1: employees or operations, and you've syndicated a bunch of real 277 00:12:20,120 --> 00:12:22,920 Speaker 1: estate deals and used all these fancy words and fancy titles. 278 00:12:23,280 --> 00:12:26,400 Speaker 1: You haven't arrived, and you can't kick back and enjoy 279 00:12:26,520 --> 00:12:30,679 Speaker 1: life and go live on your yacht until you actually 280 00:12:30,840 --> 00:12:34,400 Speaker 1: have gone big and made it. Obviously, you can tell this. 281 00:12:34,559 --> 00:12:36,760 Speaker 1: This sort of bothers me a little bit. And I'll 282 00:12:36,760 --> 00:12:39,400 Speaker 1: tell you why. Because when I was researching from my book, 283 00:12:39,800 --> 00:12:42,120 Speaker 1: when I was looking back over my own experiences with 284 00:12:42,160 --> 00:12:44,400 Speaker 1: real estate investing and using it to build wealth and 285 00:12:44,440 --> 00:12:47,080 Speaker 1: retire early, you know, just getting to know people who 286 00:12:47,160 --> 00:12:50,880 Speaker 1: actually had flexibility and had time. It's a really big 287 00:12:50,920 --> 00:12:54,840 Speaker 1: contrast because the people I knew had very small but 288 00:12:55,000 --> 00:12:58,600 Speaker 1: very effective portfolios, and some of the people I knew 289 00:12:58,600 --> 00:13:00,679 Speaker 1: who had hundreds and hundreds of properties, who are so 290 00:13:00,760 --> 00:13:04,880 Speaker 1: called successful people, had no time. They couldn't go on 291 00:13:04,920 --> 00:13:06,920 Speaker 1: the same trips and have the same flexibility and do 292 00:13:06,960 --> 00:13:09,720 Speaker 1: the same kinds of things in life that everybody talks about. 293 00:13:09,800 --> 00:13:12,880 Speaker 1: Is so amazing, and so you know, I wanted you 294 00:13:12,880 --> 00:13:14,079 Speaker 1: guys to rip on it a little bit, but I 295 00:13:14,120 --> 00:13:17,280 Speaker 1: wanted to give some numbers just to make this idea 296 00:13:18,000 --> 00:13:21,959 Speaker 1: a little more concrete. So let's say a couple the 297 00:13:22,040 --> 00:13:23,920 Speaker 1: size they want to retire early and they want to 298 00:13:23,960 --> 00:13:25,480 Speaker 1: use real estate, or even if they don't want to 299 00:13:25,480 --> 00:13:27,679 Speaker 1: retire early, they just want to have some flexibility, you know, 300 00:13:27,720 --> 00:13:30,600 Speaker 1: about ten fifteen years from now to do different things 301 00:13:30,640 --> 00:13:34,120 Speaker 1: in life. And so they buy one rental property per year. 302 00:13:34,800 --> 00:13:37,040 Speaker 1: And let's say this is in a decent neighborhood. It 303 00:13:37,080 --> 00:13:39,520 Speaker 1: could be a single family house, could be a duplex, 304 00:13:39,559 --> 00:13:41,800 Speaker 1: but it's in a in a location that they're very 305 00:13:41,800 --> 00:13:45,080 Speaker 1: comfortable managing themselves if they need to. And let's just 306 00:13:45,240 --> 00:13:47,199 Speaker 1: put some numbers on this. Let's say the property has 307 00:13:47,200 --> 00:13:48,880 Speaker 1: a gross rent or a total we're in a fourteen 308 00:13:48,960 --> 00:13:51,640 Speaker 1: hundred dollars per month, and that when you pay all 309 00:13:51,640 --> 00:13:53,720 Speaker 1: of your operating expenses, so like, these are all your 310 00:13:53,720 --> 00:13:56,040 Speaker 1: expenses except for the mortgage, which I'm gonna talk about 311 00:13:56,160 --> 00:13:58,679 Speaker 1: why that's the case in a second. But you pay 312 00:13:58,760 --> 00:14:02,599 Speaker 1: your taxes, your insurance owns your maintenance, your capital expense reserves, 313 00:14:03,000 --> 00:14:06,000 Speaker 1: perhaps some management to help you manage the property. That 314 00:14:06,040 --> 00:14:08,160 Speaker 1: when it's all left over after all those expenses, you 315 00:14:08,200 --> 00:14:10,680 Speaker 1: have about eight hundred dollars per month left over before 316 00:14:10,720 --> 00:14:13,920 Speaker 1: paying your mortgage, so about six hundred dollars and expenses. 317 00:14:14,280 --> 00:14:16,320 Speaker 1: And I'm thinking of some particular properties that I owned 318 00:14:16,400 --> 00:14:18,800 Speaker 1: that had those exact numbers. So this is a realistic 319 00:14:19,120 --> 00:14:21,600 Speaker 1: thing to do. And so they buy those properties, one 320 00:14:21,600 --> 00:14:25,200 Speaker 1: property per year for five years. And after five years, though, 321 00:14:25,200 --> 00:14:28,160 Speaker 1: they decide to take all of their cash flow from 322 00:14:28,160 --> 00:14:30,720 Speaker 1: those rentals, every bit of money money they can save 323 00:14:30,800 --> 00:14:33,359 Speaker 1: up on their own and they start attacking the mortgages 324 00:14:33,400 --> 00:14:35,440 Speaker 1: and paying them off and doing like a debt snowball 325 00:14:35,600 --> 00:14:38,360 Speaker 1: or a debt tsunami, whatever. People call that different different 326 00:14:38,440 --> 00:14:41,080 Speaker 1: names for that, but they're the objective is to get 327 00:14:41,080 --> 00:14:43,680 Speaker 1: those things paid off as quickly as they can. And 328 00:14:43,680 --> 00:14:46,760 Speaker 1: so let's say that takes them another ten years after 329 00:14:46,800 --> 00:14:50,600 Speaker 1: those first five years to have a total about fifteen years. 330 00:14:51,280 --> 00:14:53,960 Speaker 1: They were acquiring properties for five they're paying them off 331 00:14:53,960 --> 00:14:57,160 Speaker 1: and manage them for the last ten years, and fifteen 332 00:14:57,240 --> 00:14:59,640 Speaker 1: years later, which is a kind of amazing timeline when 333 00:14:59,640 --> 00:15:01,200 Speaker 1: you think of out it to get to a really 334 00:15:01,240 --> 00:15:04,360 Speaker 1: cool place in fifteen years. People don't normally talk about that. 335 00:15:04,400 --> 00:15:06,960 Speaker 1: It seems like a really fast and then retirement years 336 00:15:07,440 --> 00:15:10,960 Speaker 1: they have five properties paid off, free and clear, and 337 00:15:11,000 --> 00:15:13,080 Speaker 1: think about what they've done. You know, if my math 338 00:15:13,160 --> 00:15:15,080 Speaker 1: is right, you guys double check me. You know, eight 339 00:15:15,120 --> 00:15:17,960 Speaker 1: hundred dollars per month on each property is about nine thousand, 340 00:15:18,080 --> 00:15:21,880 Speaker 1: six hundred per year, and roughly, if you say five 341 00:15:21,920 --> 00:15:24,480 Speaker 1: times nine thousand six d is about forty eight thousand 342 00:15:24,560 --> 00:15:27,280 Speaker 1: dollars per year. And let's just use fifty bucks. That's 343 00:15:27,320 --> 00:15:29,680 Speaker 1: a nice round number. Maybe it's appreciated a little bit. 344 00:15:30,120 --> 00:15:33,480 Speaker 1: This couple now has fifty thousand dollars per year for 345 00:15:33,520 --> 00:15:36,040 Speaker 1: the rest of their lives, and maybe more if they 346 00:15:36,120 --> 00:15:38,200 Speaker 1: keep going up in value over time. But look at 347 00:15:38,240 --> 00:15:41,120 Speaker 1: what else they've done. Instead of having this big, huge 348 00:15:41,240 --> 00:15:44,400 Speaker 1: monster of a business that that takes over their lives, 349 00:15:44,760 --> 00:15:47,440 Speaker 1: they have something that you guys probably know just like me. 350 00:15:47,520 --> 00:15:51,280 Speaker 1: Managing five properties can be a very, very part time job. 351 00:15:51,880 --> 00:15:53,640 Speaker 1: My wife and I and our two kids went to 352 00:15:53,720 --> 00:15:56,200 Speaker 1: Ecuador with many more properties than that, but you know, 353 00:15:56,240 --> 00:15:59,080 Speaker 1: having some flexibility and time, and we spent seventeen months 354 00:15:59,080 --> 00:16:02,480 Speaker 1: living abroad with rental properties, and so having five rental 355 00:16:02,480 --> 00:16:06,920 Speaker 1: properties can give you an enormous amount of flexibility time 356 00:16:07,360 --> 00:16:09,000 Speaker 1: to start thinking about, you know, what I want to 357 00:16:09,000 --> 00:16:10,160 Speaker 1: do when I grow up, what I want to do 358 00:16:10,200 --> 00:16:12,160 Speaker 1: with the rest of my life, If you're forty five 359 00:16:12,240 --> 00:16:14,560 Speaker 1: or you're fifty years old, like if all sorts of 360 00:16:14,600 --> 00:16:17,440 Speaker 1: things you can do. And that's really the kind of 361 00:16:17,440 --> 00:16:18,720 Speaker 1: the point of what I wanted to talk to you 362 00:16:18,720 --> 00:16:20,800 Speaker 1: guys about with this is that you know, real estates 363 00:16:20,800 --> 00:16:23,440 Speaker 1: the vehicle. The money is the vehicle. You know, what 364 00:16:23,560 --> 00:16:25,680 Speaker 1: is it that people want to do with the rest 365 00:16:25,680 --> 00:16:28,840 Speaker 1: of their life what matters to them. And my contention 366 00:16:28,960 --> 00:16:33,200 Speaker 1: is that a nice, small, simple portfolio that pays you 367 00:16:33,280 --> 00:16:35,880 Speaker 1: the money whatever it is, whe there's fifty hundred thousand, 368 00:16:35,920 --> 00:16:39,200 Speaker 1: whatever the number is, that accomplishes your goals, that keeps 369 00:16:39,240 --> 00:16:42,040 Speaker 1: things simple and lets you do the other things in 370 00:16:42,040 --> 00:16:44,360 Speaker 1: your life that matter to you. So I want you 371 00:16:44,360 --> 00:16:45,720 Speaker 1: guys to rip on that. Let me know what you 372 00:16:45,760 --> 00:16:48,000 Speaker 1: think my off base on that should not not be 373 00:16:48,080 --> 00:16:50,320 Speaker 1: bothered by the go big or go home? And can 374 00:16:50,360 --> 00:16:52,760 Speaker 1: we get a T shirt that says go small or 375 00:16:52,840 --> 00:16:56,080 Speaker 1: go home and start wearing that around? Thanks guys, talk 376 00:16:56,120 --> 00:16:59,080 Speaker 1: to you later. Yeah, I love that, man, the million 377 00:16:59,120 --> 00:17:02,120 Speaker 1: dollar T shirt idea go small or go home? You 378 00:17:02,160 --> 00:17:03,840 Speaker 1: live wearing T shirt? Joel Saw, I know you'd be 379 00:17:03,840 --> 00:17:06,200 Speaker 1: into that. Yeah, if he prints someone, I'll wear it. Yeah, 380 00:17:06,240 --> 00:17:08,240 Speaker 1: I'm glad Chad brought that up right, the go big 381 00:17:08,320 --> 00:17:10,440 Speaker 1: or go home saying right that where you haven't arrived 382 00:17:10,480 --> 00:17:13,240 Speaker 1: until you've made tons of deals, millions and savings. You've 383 00:17:13,280 --> 00:17:16,359 Speaker 1: got like the fancy syndication real estate deals. That is 384 00:17:16,400 --> 00:17:19,520 Speaker 1: the mindset right that keeps everyday people from investing in 385 00:17:19,560 --> 00:17:21,120 Speaker 1: real estate. And that's I guess what I was talking 386 00:17:21,160 --> 00:17:25,320 Speaker 1: about earlier. He's on a mission to destroy that notion, 387 00:17:25,560 --> 00:17:28,639 Speaker 1: because when that notion persists, that's when real estate investing 388 00:17:28,680 --> 00:17:32,400 Speaker 1: seems like it's unattainable, because you hear people talking about how, 389 00:17:32,440 --> 00:17:35,160 Speaker 1: oh I'm into real estate, or you hear somebody say, oh, 390 00:17:35,200 --> 00:17:37,400 Speaker 1: my father he made all his money in real estate. 391 00:17:38,520 --> 00:17:42,080 Speaker 1: Like it's a super boogie, like fancy life. You sit 392 00:17:42,160 --> 00:17:44,760 Speaker 1: back in like this fancy leather chair at this enormous 393 00:17:44,760 --> 00:17:48,080 Speaker 1: walnut desk. You've got the six balls hanging by the 394 00:17:48,359 --> 00:17:50,520 Speaker 1: wires that bounce back and forth, like you know, like 395 00:17:50,560 --> 00:17:52,639 Speaker 1: that whole thing. Actually he kicked up on the desk, 396 00:17:52,680 --> 00:17:55,639 Speaker 1: smoking a cigar, wearing a fancy suit. Yeah, making phone calls. 397 00:17:55,920 --> 00:17:58,480 Speaker 1: I agree. I think Chad's philosophy actually makes real estate 398 00:17:58,520 --> 00:18:02,840 Speaker 1: investing feel more attained, feel more realistic, feel like it's 399 00:18:02,920 --> 00:18:05,160 Speaker 1: less shrouded in secrecy. And I think if we kind 400 00:18:05,160 --> 00:18:08,159 Speaker 1: of take Chad's advice and we decide to simplify the 401 00:18:08,160 --> 00:18:09,959 Speaker 1: way that we invest in real estate by having a 402 00:18:09,960 --> 00:18:14,600 Speaker 1: goal of only owning and operating a few properties between 403 00:18:14,880 --> 00:18:17,600 Speaker 1: five and ten ten at most, I mean, ultimately, that's 404 00:18:17,640 --> 00:18:20,600 Speaker 1: something that feels possible for a lot of people out there. 405 00:18:20,840 --> 00:18:23,240 Speaker 1: And I think what's interesting too about what Chad said 406 00:18:23,680 --> 00:18:26,920 Speaker 1: is that that go bigger, go home philosophy actually ends 407 00:18:27,000 --> 00:18:30,000 Speaker 1: up preventing people from achieving the goals that they initially had. 408 00:18:30,320 --> 00:18:31,879 Speaker 1: And so when we think about the episode that we 409 00:18:31,920 --> 00:18:33,920 Speaker 1: did with Scott, the first money Pro episode we ever 410 00:18:33,960 --> 00:18:37,240 Speaker 1: did creating your mission statement, Well, if we decided to 411 00:18:37,240 --> 00:18:39,879 Speaker 1: take the big, go bigger, go home strategy, it might 412 00:18:39,920 --> 00:18:41,600 Speaker 1: be a part of our mission statement to go big 413 00:18:41,640 --> 00:18:44,080 Speaker 1: and to be the biggest real estate investor of all time. Right, 414 00:18:44,160 --> 00:18:46,360 Speaker 1: that might be it. But that's your goal, then that's 415 00:18:46,400 --> 00:18:48,320 Speaker 1: a part of what you're gonna be doing. Right. But 416 00:18:48,400 --> 00:18:50,080 Speaker 1: there are so many people that say I'd like to 417 00:18:50,119 --> 00:18:52,000 Speaker 1: dabble in real estate. I'd like to kind of figure 418 00:18:52,040 --> 00:18:53,679 Speaker 1: it out and get a couple of properties under my 419 00:18:53,720 --> 00:18:55,720 Speaker 1: belt and become a mom and pop kind of landlord. 420 00:18:55,960 --> 00:18:58,879 Speaker 1: But maybe that's not good enough, Maybe that doesn't cut it, 421 00:18:59,240 --> 00:19:01,239 Speaker 1: and they strive for more and more and more, and 422 00:19:01,359 --> 00:19:03,960 Speaker 1: ultimately what they do is they end up creating a 423 00:19:04,000 --> 00:19:06,399 Speaker 1: goal that doesn't align with their values, and they pursue 424 00:19:06,440 --> 00:19:09,240 Speaker 1: something so hard at the expense of what really matters. 425 00:19:09,320 --> 00:19:11,639 Speaker 1: And Chad's motto when it comes to this is invest 426 00:19:11,680 --> 00:19:15,000 Speaker 1: in real estate, retire early, do what matters. Man. That's 427 00:19:15,040 --> 00:19:17,399 Speaker 1: so simple, that's so easy to follow, and it's so 428 00:19:17,480 --> 00:19:20,520 Speaker 1: helpful for anybody who's thinking about investing in real estate. 429 00:19:20,560 --> 00:19:23,040 Speaker 1: It's not about being the biggest real estate investor in 430 00:19:23,080 --> 00:19:26,880 Speaker 1: your area or owning twenty or more properties. You know what, 431 00:19:27,040 --> 00:19:29,480 Speaker 1: Go small and then you can focus on what matters 432 00:19:29,480 --> 00:19:32,879 Speaker 1: most to you. And like Chad said, he isn't about 433 00:19:32,920 --> 00:19:35,600 Speaker 1: going big just for the sake of going big, because 434 00:19:35,600 --> 00:19:38,399 Speaker 1: the people that he knew who had time, the flexibility, 435 00:19:38,440 --> 00:19:41,120 Speaker 1: they're the ones who had the small And I love 436 00:19:41,160 --> 00:19:44,359 Speaker 1: that he said this. But effective portfolios, right, not the 437 00:19:44,400 --> 00:19:47,719 Speaker 1: investors with thousands of properties. And a big reason for 438 00:19:47,800 --> 00:19:50,080 Speaker 1: that is that smaller portfolios are just easier to manage 439 00:19:50,119 --> 00:19:53,159 Speaker 1: and you can buy better properties, but having fewer of 440 00:19:53,200 --> 00:19:55,280 Speaker 1: them that can make your life so much easier, give 441 00:19:55,320 --> 00:19:57,600 Speaker 1: you a lot more flexibility. It's kind of like mo money, 442 00:19:57,600 --> 00:20:01,400 Speaker 1: more problems, more real estate, more problems, right, and more 443 00:20:01,480 --> 00:20:02,960 Speaker 1: keys that you have to keep up with. And you're 444 00:20:03,000 --> 00:20:06,359 Speaker 1: not very good at that. So that's true, So true, buddy. 445 00:20:06,520 --> 00:20:08,359 Speaker 1: As we know, I'm a bad with keeping up with keys. 446 00:20:08,760 --> 00:20:10,600 Speaker 1: So I wanted to kind of give an example from 447 00:20:10,600 --> 00:20:12,440 Speaker 1: my life. This is kind of the way I've thought 448 00:20:12,480 --> 00:20:15,879 Speaker 1: about it. My goal for a while was to buy 449 00:20:16,119 --> 00:20:18,360 Speaker 1: a home every two years, and the way I would 450 00:20:18,400 --> 00:20:21,160 Speaker 1: approach it was moving into the next home and running 451 00:20:21,160 --> 00:20:24,119 Speaker 1: out my previous home. And that made it easier for 452 00:20:24,160 --> 00:20:26,280 Speaker 1: me to buy a new home for a couple of reasons. One, 453 00:20:26,320 --> 00:20:29,320 Speaker 1: I could put down less of a down payment. Down 454 00:20:29,320 --> 00:20:31,480 Speaker 1: payment on a primary home usually get you the best 455 00:20:31,480 --> 00:20:34,240 Speaker 1: possible rates with a mortgage lender, whereas if you're buying 456 00:20:34,240 --> 00:20:37,080 Speaker 1: an investment property, you're gonna pay higher rates and they 457 00:20:37,200 --> 00:20:39,879 Speaker 1: usually want down So for me, the goal is to 458 00:20:39,880 --> 00:20:42,120 Speaker 1: move into a new house every two years and then 459 00:20:42,200 --> 00:20:44,680 Speaker 1: rent out the previous property, and that's worked out really 460 00:20:44,680 --> 00:20:46,680 Speaker 1: well for me through the years. And so what I 461 00:20:46,680 --> 00:20:49,440 Speaker 1: would do was every time i'd buy a new property, 462 00:20:49,680 --> 00:20:52,320 Speaker 1: I would bank the savings to save up for the 463 00:20:52,359 --> 00:20:55,040 Speaker 1: next down payment for the next property. And at this point, 464 00:20:55,080 --> 00:20:57,840 Speaker 1: I'm working with five doors that I manage, which is 465 00:20:57,920 --> 00:21:00,359 Speaker 1: three single family homes and a duplex, And you know what, 466 00:21:00,400 --> 00:21:02,920 Speaker 1: I'm taking the Chad Carson strategy, and I am so 467 00:21:02,960 --> 00:21:05,520 Speaker 1: happy just to sit where I'm at for the time being. 468 00:21:05,800 --> 00:21:07,240 Speaker 1: And you know what, that's not to say I'll never 469 00:21:07,280 --> 00:21:09,920 Speaker 1: buy another rental property, but I'm really happy to have 470 00:21:09,960 --> 00:21:12,080 Speaker 1: a small portfolio and I think it actually for me, 471 00:21:12,440 --> 00:21:15,000 Speaker 1: it's easier and it's better, and I just want to 472 00:21:15,160 --> 00:21:17,320 Speaker 1: like use that as an encouragement to people. Granted, not 473 00:21:17,320 --> 00:21:18,920 Speaker 1: everyone's gonna be able to do it every two years. 474 00:21:18,920 --> 00:21:21,560 Speaker 1: Maybe your goal is every four or five, right, And 475 00:21:21,640 --> 00:21:23,640 Speaker 1: if you set that goal to buy a home every 476 00:21:23,640 --> 00:21:26,600 Speaker 1: four or five years and to expand your portfolio slowly 477 00:21:26,760 --> 00:21:29,239 Speaker 1: like that, that's okay too. But for me, that two 478 00:21:29,320 --> 00:21:32,800 Speaker 1: year span felt doable in my market. But ultimately, knowing 479 00:21:32,960 --> 00:21:36,119 Speaker 1: my limits and knowing my goals means I don't have 480 00:21:36,160 --> 00:21:38,159 Speaker 1: to be constantly looking at real estate and I can 481 00:21:38,200 --> 00:21:40,560 Speaker 1: actually kind of turn it off now that I feel 482 00:21:40,560 --> 00:21:42,320 Speaker 1: like I'm at where I want to be when it 483 00:21:42,320 --> 00:21:46,119 Speaker 1: comes to having this this small portfolio of like Chad said, 484 00:21:46,520 --> 00:21:49,000 Speaker 1: effective properties. Yeah, I don't know what it says about me, 485 00:21:49,040 --> 00:21:50,800 Speaker 1: but I've never wanted to have like a bunch of 486 00:21:50,800 --> 00:21:54,119 Speaker 1: properties like I've got a few, right, We've got a 487 00:21:54,160 --> 00:21:56,560 Speaker 1: few rentals. I've always known it's a great way, uh, 488 00:21:56,600 --> 00:21:59,280 Speaker 1: specifically for us to bring in alternate sources of income 489 00:21:59,520 --> 00:22:01,560 Speaker 1: with our come being very you know, up and down 490 00:22:01,600 --> 00:22:03,920 Speaker 1: throughout the year. But yeah, man, beyond that, I don't 491 00:22:03,920 --> 00:22:06,000 Speaker 1: know if that just says I'm not very ambitious or 492 00:22:06,040 --> 00:22:09,120 Speaker 1: if I'm just super chill. Part of me doesn't really 493 00:22:09,119 --> 00:22:11,360 Speaker 1: connect at all with the mindset of, oh I gotta 494 00:22:11,400 --> 00:22:13,080 Speaker 1: get more and more, you know, I've got to get 495 00:22:13,119 --> 00:22:15,639 Speaker 1: all these properties, and there are a lot of advantages 496 00:22:15,680 --> 00:22:17,760 Speaker 1: that come with scale. Uh. I don't want to discount 497 00:22:17,800 --> 00:22:20,040 Speaker 1: that at all. But yeah, I'm with you, man. At 498 00:22:20,040 --> 00:22:22,480 Speaker 1: this point in my life, I'm quite content with what 499 00:22:22,520 --> 00:22:25,520 Speaker 1: we've got going on right now and instead really focusing 500 00:22:25,560 --> 00:22:29,000 Speaker 1: in on what are our goals And that's something that yeah, 501 00:22:29,040 --> 00:22:32,320 Speaker 1: we've we've tackled previously. You mentioned Scott's episodes a few 502 00:22:32,320 --> 00:22:34,520 Speaker 1: weeks ago, but I'm so glad we did that one first. 503 00:22:34,720 --> 00:22:37,840 Speaker 1: We didn't really plan on it from like a philosophical standpoint, 504 00:22:37,840 --> 00:22:40,280 Speaker 1: but starting with the mission statement and then from their 505 00:22:40,560 --> 00:22:43,720 Speaker 1: progressing on with these additional episodes. It's so key because 506 00:22:43,720 --> 00:22:46,280 Speaker 1: when you know your mission, when you know what it 507 00:22:46,320 --> 00:22:48,080 Speaker 1: is that you're doing and why it is that you're 508 00:22:48,080 --> 00:22:52,160 Speaker 1: seeking after that it just informs so much and tasks 509 00:22:52,240 --> 00:22:54,760 Speaker 1: that may have seen sort of like the grind or 510 00:22:54,920 --> 00:22:56,600 Speaker 1: things that where you felt like you just had to 511 00:22:56,640 --> 00:22:59,120 Speaker 1: do it are put in a completely different lights, and man, 512 00:22:59,200 --> 00:23:01,719 Speaker 1: that makes all the differ is in the world for me. Yeah, Man, 513 00:23:01,800 --> 00:23:04,440 Speaker 1: I think that Chad strategy likens itself to the story 514 00:23:04,480 --> 00:23:07,160 Speaker 1: of the tortoise and the hair, and going the route 515 00:23:07,160 --> 00:23:09,600 Speaker 1: of the tortoise slow but sure you win the race, 516 00:23:09,760 --> 00:23:12,560 Speaker 1: right and being the hair going as quickly as possible. 517 00:23:12,680 --> 00:23:15,880 Speaker 1: There's so many potential obstacles going that direction that could 518 00:23:15,880 --> 00:23:17,400 Speaker 1: mess you up. And so you know what, I want 519 00:23:17,400 --> 00:23:19,720 Speaker 1: to be the tortoise in that scenario. It's gotta be flashy. 520 00:23:21,200 --> 00:23:23,119 Speaker 1: And so now let's let's talk about the numbers right 521 00:23:23,160 --> 00:23:25,560 Speaker 1: that he gave the example he talks about the couple 522 00:23:25,600 --> 00:23:28,200 Speaker 1: that buys a rental property every year for five years 523 00:23:28,680 --> 00:23:31,160 Speaker 1: and how they each bring in about fourteen hundred dollars 524 00:23:31,160 --> 00:23:33,760 Speaker 1: and rents every month with about six hundred and expenses 525 00:23:34,119 --> 00:23:36,119 Speaker 1: each and that's not counting the mortgage, and really, honestly, 526 00:23:36,160 --> 00:23:38,439 Speaker 1: the mortgage payment doesn't matter because what he's focusing in 527 00:23:38,520 --> 00:23:42,240 Speaker 1: on there is that there are six of expenses regardless 528 00:23:42,359 --> 00:23:44,640 Speaker 1: if the house is paid off or not. He said 529 00:23:44,680 --> 00:23:47,320 Speaker 1: that couple then starts paying off those mortgages as quickly 530 00:23:47,359 --> 00:23:50,280 Speaker 1: as possible, which takes another ten years, so fifteen years total. 531 00:23:50,560 --> 00:23:53,440 Speaker 1: And so fifteen years later they've got five properties paid 532 00:23:53,480 --> 00:23:56,399 Speaker 1: off free and clear and are now pocketing about fifty 533 00:23:56,400 --> 00:23:59,679 Speaker 1: thousand dollars every year. I love that, like it's an 534 00:23:59,720 --> 00:24:03,840 Speaker 1: over amplification of everything at all associated or related. It's 535 00:24:03,840 --> 00:24:05,959 Speaker 1: a real estate and he would admit that the same thing, right, 536 00:24:05,960 --> 00:24:08,199 Speaker 1: he would. It's not quite that simple, but it's a 537 00:24:08,240 --> 00:24:10,439 Speaker 1: good example to look to, and it does help us 538 00:24:10,480 --> 00:24:13,520 Speaker 1: identify the fact that that is possible in a lot 539 00:24:13,560 --> 00:24:15,639 Speaker 1: of markets for a lot of people. I granted, if 540 00:24:15,640 --> 00:24:17,920 Speaker 1: you live in San Francisco or if you live in Brooklyn, 541 00:24:18,000 --> 00:24:20,080 Speaker 1: New York, it's unlikely that you're gonna be able to 542 00:24:20,080 --> 00:24:22,760 Speaker 1: buy a little bit different. But there are ways that 543 00:24:22,840 --> 00:24:25,040 Speaker 1: you can take this strategy and kind of mold it 544 00:24:25,080 --> 00:24:27,840 Speaker 1: to where you live. Chad lives in South Carolina, uh, 545 00:24:27,880 --> 00:24:30,520 Speaker 1: and so it's a little bit easier there, Matt and 546 00:24:30,520 --> 00:24:32,760 Speaker 1: I we live in Atlanta, and it's got a heck 547 00:24:32,800 --> 00:24:34,960 Speaker 1: of a lot harder, a little bit tougher, But it depends. 548 00:24:35,000 --> 00:24:36,600 Speaker 1: And at the same time, you also don't have to 549 00:24:36,640 --> 00:24:39,680 Speaker 1: invest exactly where you live, right, so there are ways 550 00:24:39,680 --> 00:24:42,480 Speaker 1: to invest in other parts of the country where you 551 00:24:42,480 --> 00:24:44,919 Speaker 1: feel like this could work well for you. Yeah, that's right, man. 552 00:24:44,920 --> 00:24:46,400 Speaker 1: And what I wanted to point out too, is that 553 00:24:46,480 --> 00:24:48,920 Speaker 1: so he mentions this as an example, and it seems 554 00:24:48,960 --> 00:24:50,399 Speaker 1: like such a no brainer, like you see it on 555 00:24:50,440 --> 00:24:53,400 Speaker 1: paper and you think, oh, I could totally do that, 556 00:24:53,640 --> 00:24:56,360 Speaker 1: or why doesn't everybody do this? Certainly it's not that easy. 557 00:24:56,640 --> 00:24:59,880 Speaker 1: The fact is it's that simple on paper, right, And 558 00:25:00,000 --> 00:25:03,800 Speaker 1: it's different between it being simple on paper versus you know, 559 00:25:03,840 --> 00:25:05,879 Speaker 1: you living it out in real life. Is that in 560 00:25:05,920 --> 00:25:08,879 Speaker 1: real life fifteen years is a long time, you know? 561 00:25:08,960 --> 00:25:10,720 Speaker 1: And he points out he mentions how like, oh, yeah, 562 00:25:10,720 --> 00:25:13,679 Speaker 1: in fifteen years in the context of retirement, that's no 563 00:25:13,800 --> 00:25:15,440 Speaker 1: time at all. And it's not when you're looking at 564 00:25:15,480 --> 00:25:19,280 Speaker 1: the long arc of saving for retirement, right, But fifteen 565 00:25:19,359 --> 00:25:20,920 Speaker 1: years is still a very long time, especially if in 566 00:25:20,920 --> 00:25:23,360 Speaker 1: your twenties you think, man, I've only been alive for 567 00:25:23,480 --> 00:25:27,040 Speaker 1: fifteen plus five, like, like, that's not that's a long time. 568 00:25:27,480 --> 00:25:30,000 Speaker 1: And that's what's so hard about this is keeping that 569 00:25:30,040 --> 00:25:32,600 Speaker 1: in mind and not losing sight of what your goals are. Right. 570 00:25:32,760 --> 00:25:34,880 Speaker 1: It's easy to say that's this is what we're gonna 571 00:25:34,920 --> 00:25:37,480 Speaker 1: do for the next ten years, Like we've worked crazy hard, 572 00:25:37,520 --> 00:25:39,560 Speaker 1: We've saved up the down payments. Next ten years, we're 573 00:25:39,560 --> 00:25:41,520 Speaker 1: gonna knock this thing out. But that means for the 574 00:25:41,560 --> 00:25:44,119 Speaker 1: next ten years, not only have you saved five years, 575 00:25:44,119 --> 00:25:48,320 Speaker 1: like crazy, saving up dollars I guess every every two 576 00:25:48,440 --> 00:25:51,199 Speaker 1: years for a down payment or more, but you're now 577 00:25:51,200 --> 00:25:54,280 Speaker 1: spending the next ten years paying that off. And also 578 00:25:54,400 --> 00:25:56,560 Speaker 1: during that ten years you're working really hard. You're probably 579 00:25:56,560 --> 00:25:59,919 Speaker 1: saying no to nicer vacations or to like a tesla, 580 00:26:00,080 --> 00:26:01,960 Speaker 1: because man, would be really nice to have a tesla. 581 00:26:02,000 --> 00:26:03,399 Speaker 1: But I'm just gonna have to say no to that 582 00:26:03,480 --> 00:26:06,320 Speaker 1: right now because we're focused on paying off these houses. 583 00:26:06,680 --> 00:26:08,679 Speaker 1: That's what makes it so hard is actually living it 584 00:26:08,680 --> 00:26:11,240 Speaker 1: out and reminding yourself of that every single day. Yeah, 585 00:26:11,280 --> 00:26:13,520 Speaker 1: I think what's key, Matt. You said it's simple, and 586 00:26:13,560 --> 00:26:17,280 Speaker 1: it is simple, but it's not easy. And so so 587 00:26:17,320 --> 00:26:19,920 Speaker 1: many of the best financial concepts are exactly that. They're simple, 588 00:26:19,920 --> 00:26:22,440 Speaker 1: but they're not easy. To actually implement them into your 589 00:26:22,440 --> 00:26:26,439 Speaker 1: life takes some fortitude, takes the ability to say no 590 00:26:26,640 --> 00:26:29,680 Speaker 1: to things today so you can save and invest for tomorrow, 591 00:26:29,720 --> 00:26:34,120 Speaker 1: for the future. And this is a simple strategy, something 592 00:26:34,160 --> 00:26:35,960 Speaker 1: that's easy to track with and you don't have to 593 00:26:36,040 --> 00:26:37,480 Speaker 1: I love what Chad said, you don't have to know 594 00:26:37,520 --> 00:26:40,879 Speaker 1: all the crazy terminology that most real estate investors throw around. 595 00:26:41,080 --> 00:26:43,760 Speaker 1: And you and I we're all about that. We're not 596 00:26:43,840 --> 00:26:47,639 Speaker 1: syndicating deals and we're not buying you know, massive apartment complexes, 597 00:26:47,960 --> 00:26:49,679 Speaker 1: and you know what, we're just fine with that. We 598 00:26:49,760 --> 00:26:52,040 Speaker 1: are more than happy to keep it simple. And it's 599 00:26:52,080 --> 00:26:54,760 Speaker 1: not easy, right, It's not easy to buy a property 600 00:26:54,800 --> 00:26:57,639 Speaker 1: every two years, But it is a simple formula and 601 00:26:57,680 --> 00:27:00,960 Speaker 1: I love that simplicity. That's what we strive for in 602 00:27:00,960 --> 00:27:03,960 Speaker 1: our lives, to keep it simple. And the more complex 603 00:27:03,960 --> 00:27:06,280 Speaker 1: and investment is usually the more questions you have to 604 00:27:06,320 --> 00:27:08,560 Speaker 1: ask about the person that's selling it to you. At 605 00:27:08,560 --> 00:27:10,479 Speaker 1: the same time, and Matt, I have a question for you, 606 00:27:10,840 --> 00:27:14,440 Speaker 1: Chad referred to this as being a manageable part time job, 607 00:27:14,800 --> 00:27:16,640 Speaker 1: and you've got a few properties. I've got a few. 608 00:27:16,680 --> 00:27:19,080 Speaker 1: I'd love to hear your thoughts. Is that accurate in 609 00:27:19,119 --> 00:27:23,120 Speaker 1: your experience? Yeah, man, I don't have five properties, but 610 00:27:23,240 --> 00:27:25,080 Speaker 1: I've almost got five. And it's not even close to 611 00:27:25,080 --> 00:27:26,760 Speaker 1: a part time job. Like what's a part time job 612 00:27:26,800 --> 00:27:29,760 Speaker 1: considered like fifteen twenty hours a week. No. I spend 613 00:27:29,800 --> 00:27:33,399 Speaker 1: maybe two hours a week tops, And certainly that's averaged 614 00:27:33,400 --> 00:27:35,840 Speaker 1: out because during seasons when you're going to be showing 615 00:27:35,840 --> 00:27:37,960 Speaker 1: the property and you gotta get it ready for a listening, 616 00:27:37,960 --> 00:27:39,439 Speaker 1: because you know you've had a tenant in there for 617 00:27:39,520 --> 00:27:42,399 Speaker 1: three years, it's you're gonna spend more time on it. 618 00:27:42,440 --> 00:27:44,960 Speaker 1: But don't forget those three years of that tendan being 619 00:27:44,960 --> 00:27:47,560 Speaker 1: in there, not having moved, and they've paid on time, 620 00:27:47,600 --> 00:27:49,000 Speaker 1: and you just don't have to worry about them. You've 621 00:27:49,040 --> 00:27:51,119 Speaker 1: got the house automated and it's being taken care of. 622 00:27:51,440 --> 00:27:53,960 Speaker 1: It truly is less than a part time job to 623 00:27:54,000 --> 00:27:56,280 Speaker 1: manage this many properties. And and again you and I like, 624 00:27:56,320 --> 00:27:58,640 Speaker 1: we don't have management. This is something that we're doing ourselves, 625 00:27:58,680 --> 00:28:00,439 Speaker 1: where we're the ones making the call we're the one 626 00:28:00,480 --> 00:28:03,000 Speaker 1: making sure rents getting paid and and this is a 627 00:28:03,040 --> 00:28:05,520 Speaker 1: good thing. I think a lot of times people would 628 00:28:05,600 --> 00:28:07,080 Speaker 1: might hear this and they think, we'll shoot, what am 629 00:28:07,080 --> 00:28:08,760 Speaker 1: I gonna do with the rest of my time? I 630 00:28:08,800 --> 00:28:11,560 Speaker 1: need to occupy myself. Well, that's what we're gonna talk 631 00:28:11,560 --> 00:28:13,879 Speaker 1: about after the break. Chad talks about how when you 632 00:28:13,960 --> 00:28:17,400 Speaker 1: have this additional time, you can start really thinking about 633 00:28:17,480 --> 00:28:18,879 Speaker 1: what you want to do when you grow up. You know, 634 00:28:18,880 --> 00:28:21,240 Speaker 1: he's kind of joking around, but I love that connotation 635 00:28:21,280 --> 00:28:22,840 Speaker 1: because it's sort of like what we've done up until 636 00:28:22,840 --> 00:28:24,480 Speaker 1: now is just sort of just kind of messing around. 637 00:28:24,480 --> 00:28:25,800 Speaker 1: You know, you've got to earn some money. You know, 638 00:28:25,840 --> 00:28:28,640 Speaker 1: you've gotta have a job. But now, like, let's dig deep. 639 00:28:28,720 --> 00:28:30,920 Speaker 1: You kind of you're talking about real estate. Earlier about 640 00:28:30,920 --> 00:28:33,080 Speaker 1: plumbing the depths of real estate made me think about 641 00:28:33,480 --> 00:28:36,320 Speaker 1: going to a counselor and thinking about my soul and stuff. 642 00:28:37,359 --> 00:28:39,160 Speaker 1: But like, that's what you get to do once you're 643 00:28:39,160 --> 00:28:41,520 Speaker 1: able to achieve the stable financial footing, because then you 644 00:28:41,560 --> 00:28:43,560 Speaker 1: can truly think about what it is that you want 645 00:28:43,600 --> 00:28:45,760 Speaker 1: to spend the rest of your life doing. I love that, Matt. 646 00:28:45,840 --> 00:28:48,120 Speaker 1: Let's get to the main takeaways for this episode after 647 00:28:48,160 --> 00:28:59,080 Speaker 1: the break, all right, Juel, time for that main takeaway 648 00:28:59,160 --> 00:29:01,480 Speaker 1: hit it. Yeah. I think what Chad is aiming for 649 00:29:01,600 --> 00:29:04,240 Speaker 1: in this episode, like with his five minutes, is to 650 00:29:04,720 --> 00:29:07,120 Speaker 1: tell us to focus on the things that actually matter 651 00:29:07,160 --> 00:29:10,560 Speaker 1: in life and focus less on building an enormous business. 652 00:29:10,600 --> 00:29:12,719 Speaker 1: Because most of us, if we're honest with ourselves, if 653 00:29:12,760 --> 00:29:15,080 Speaker 1: we take the time to think about what matters to us, 654 00:29:15,080 --> 00:29:18,080 Speaker 1: what we actually want to spend our time doing, it's 655 00:29:18,080 --> 00:29:19,760 Speaker 1: not that we don't want to work at all, but 656 00:29:20,000 --> 00:29:21,560 Speaker 1: that it's that we would like to work a little 657 00:29:21,600 --> 00:29:24,160 Speaker 1: bit less and spend more time uh with the hobbies 658 00:29:24,240 --> 00:29:26,640 Speaker 1: that we enjoy, with the people that matter. Chad gave 659 00:29:26,680 --> 00:29:28,960 Speaker 1: the example two of this mini retirement that he took 660 00:29:29,000 --> 00:29:32,640 Speaker 1: to Ecuador with his family seventeen months. He was able 661 00:29:32,720 --> 00:29:35,800 Speaker 1: to leave this country still taking care of those rental 662 00:29:35,840 --> 00:29:38,720 Speaker 1: properties from AFAR, but he was able to go cut 663 00:29:38,720 --> 00:29:41,120 Speaker 1: his cost by living in a cheaper place and at 664 00:29:41,160 --> 00:29:43,000 Speaker 1: the same time spend a heck of a lot more 665 00:29:43,040 --> 00:29:46,920 Speaker 1: time with his family, which was incredibly fulfilling on all accounts. 666 00:29:46,920 --> 00:29:49,080 Speaker 1: From from every story he's told about being an Ecuador 667 00:29:49,120 --> 00:29:50,720 Speaker 1: with his family sounds like it was an awesome time 668 00:29:50,760 --> 00:29:52,880 Speaker 1: for him, and most people can't dream of doing that, 669 00:29:53,040 --> 00:29:54,680 Speaker 1: but this is a strategy to kind of help you 670 00:29:54,680 --> 00:29:57,480 Speaker 1: get there. Ecuador, right, Yeah, Like that was his goal 671 00:29:57,680 --> 00:29:59,880 Speaker 1: for him to take his girls there and to imm 672 00:30:00,000 --> 00:30:02,680 Speaker 1: ast them into the Latin American culture, for them to 673 00:30:02,760 --> 00:30:05,600 Speaker 1: learn Spanish. Is it his wife that's the Spanish teacher? Yeah? 674 00:30:05,600 --> 00:30:07,120 Speaker 1: I think so, And I just think that's amazing that 675 00:30:07,160 --> 00:30:09,200 Speaker 1: he was able to identify that as one of his 676 00:30:09,280 --> 00:30:11,120 Speaker 1: goals and they did it. And that's the kind of 677 00:30:11,120 --> 00:30:13,040 Speaker 1: thing that his family, his kids, his wife, they're going 678 00:30:13,080 --> 00:30:15,600 Speaker 1: to share stories about that for the rest of their lives. 679 00:30:15,800 --> 00:30:17,680 Speaker 1: That's kind of one of those like anchor moments, right, 680 00:30:17,720 --> 00:30:20,160 Speaker 1: the anchor periods of time for his kids to to 681 00:30:20,280 --> 00:30:22,800 Speaker 1: experience a different culture and to be immersed in a 682 00:30:22,800 --> 00:30:25,240 Speaker 1: different language, and that's something that's seriously they will never 683 00:30:25,240 --> 00:30:27,680 Speaker 1: stop talking about. And for those of us who are 684 00:30:27,720 --> 00:30:30,760 Speaker 1: focused on just building the biggest business possible, we're totally 685 00:30:30,800 --> 00:30:32,920 Speaker 1: missing out on stuff like that. One of the things 686 00:30:32,960 --> 00:30:35,840 Speaker 1: I love that Chad mentioned is that real estate is 687 00:30:35,960 --> 00:30:38,480 Speaker 1: the vehicle that can get you to your goals, you know, 688 00:30:38,560 --> 00:30:40,400 Speaker 1: whatever they happen to be. Again, for them, it was 689 00:30:40,440 --> 00:30:43,720 Speaker 1: Ecuador dude, I love that. Right, Money, it's just a vehicle. 690 00:30:44,160 --> 00:30:45,920 Speaker 1: Real estate is just a vehicle to get you to 691 00:30:46,000 --> 00:30:48,880 Speaker 1: where you want to go. It's a means to an end. 692 00:30:49,080 --> 00:30:51,160 Speaker 1: It's not the end itself. And I think that's one 693 00:30:51,160 --> 00:30:53,160 Speaker 1: of the ways that these folks with these massive real 694 00:30:53,240 --> 00:30:56,400 Speaker 1: estate portfolios, maybe they've lost sight of what their actual 695 00:30:56,800 --> 00:30:58,920 Speaker 1: end game is. They don't have that endgame in mind, 696 00:30:58,920 --> 00:31:01,360 Speaker 1: and because of that, they think, oh, well, it used 697 00:31:01,360 --> 00:31:03,040 Speaker 1: to make me happy when I would get another property, 698 00:31:03,160 --> 00:31:04,760 Speaker 1: so I'm going to continue to do that. I'm gonna 699 00:31:04,840 --> 00:31:08,000 Speaker 1: keep growing this empire. And instead, what they're doing is 700 00:31:08,000 --> 00:31:10,440 Speaker 1: that they're on this treadmill and they're just going because 701 00:31:10,480 --> 00:31:13,120 Speaker 1: they've they're going and they don't know when to stop, 702 00:31:13,160 --> 00:31:15,600 Speaker 1: and they're just gonna keep doing what they've done. And so, yeah, 703 00:31:15,640 --> 00:31:17,640 Speaker 1: I think keeping that in mind, that real estate it's 704 00:31:17,680 --> 00:31:19,520 Speaker 1: the vehicle that gets you where you want to go, 705 00:31:20,160 --> 00:31:22,920 Speaker 1: it's not the actual destination. Yeah, man, I think that 706 00:31:23,080 --> 00:31:26,640 Speaker 1: Chad also gives us the ability to see that real 707 00:31:26,720 --> 00:31:29,400 Speaker 1: estate can provide us what we call passive income. But 708 00:31:29,480 --> 00:31:31,360 Speaker 1: at the same time, passive income doesn't mean that we 709 00:31:31,400 --> 00:31:33,160 Speaker 1: don't have to work, right, So there is an idea 710 00:31:33,360 --> 00:31:35,640 Speaker 1: that it is a part time job, like you said, York, 711 00:31:35,680 --> 00:31:37,560 Speaker 1: a couple hours a week. There are some weeks that 712 00:31:37,680 --> 00:31:40,360 Speaker 1: are more involved than others if you've got like a 713 00:31:40,400 --> 00:31:43,240 Speaker 1: tenant turnover, so be prepared for that. Just know that 714 00:31:43,280 --> 00:31:45,880 Speaker 1: it's not as simple as stock investing like we've talked 715 00:31:45,880 --> 00:31:48,480 Speaker 1: about before. There are more things to consider. But all 716 00:31:48,520 --> 00:31:51,640 Speaker 1: that being said, it's so much less involved than a 717 00:31:51,720 --> 00:31:54,120 Speaker 1: part time job, and it it does allow you the 718 00:31:54,160 --> 00:31:58,520 Speaker 1: flexibility that you're ultimately looking for, oftentimes by truly focusing 719 00:31:58,680 --> 00:32:01,400 Speaker 1: on what actually matters and so mad At the beginning 720 00:32:01,400 --> 00:32:03,240 Speaker 1: of the show, we talked about how Chad has a 721 00:32:03,280 --> 00:32:05,760 Speaker 1: podcast and there was an example that he gave in 722 00:32:05,760 --> 00:32:08,000 Speaker 1: a recent show, Oh tell Me I Haven't heard. He 723 00:32:08,040 --> 00:32:10,400 Speaker 1: gave an example of three couples that decided to take 724 00:32:10,440 --> 00:32:12,840 Speaker 1: a vacation together, and they all had different amounts of 725 00:32:12,840 --> 00:32:15,240 Speaker 1: rental properties, and when it came time for their vacation, 726 00:32:15,360 --> 00:32:17,040 Speaker 1: and one of the couple said, hey, you know what, 727 00:32:17,280 --> 00:32:19,080 Speaker 1: this is a lot of fun. Let's keep going. Let's 728 00:32:19,080 --> 00:32:21,480 Speaker 1: extend this for another couple of weeks. And he talked 729 00:32:21,520 --> 00:32:24,520 Speaker 1: about just kind of different scenarios in which a couple 730 00:32:24,600 --> 00:32:27,200 Speaker 1: could or couldn't do it. And I think he's completely 731 00:32:27,240 --> 00:32:30,040 Speaker 1: spot on that if your goal is flexibility, that you 732 00:32:30,080 --> 00:32:32,800 Speaker 1: can have maybe even a little bit less income, but 733 00:32:32,880 --> 00:32:35,480 Speaker 1: you could still potentially afford to extend that vacation. But 734 00:32:35,560 --> 00:32:38,160 Speaker 1: you know what, the more massive your real estate complex is, 735 00:32:38,480 --> 00:32:41,000 Speaker 1: it's unlikely that you'll be able to get away from 736 00:32:41,000 --> 00:32:42,680 Speaker 1: it for very long. And so just know that the 737 00:32:42,680 --> 00:32:44,880 Speaker 1: bigger it is, the more attached at the hip to it, 738 00:32:44,920 --> 00:32:47,000 Speaker 1: you're gonna be all right, man, let's get back to 739 00:32:47,000 --> 00:32:50,120 Speaker 1: this beer. I'm gonna go first. My word was acidic, 740 00:32:50,560 --> 00:32:53,880 Speaker 1: and that's because this beer was so intense, uh, I mean, 741 00:32:53,920 --> 00:32:56,040 Speaker 1: just from cracking it open and pouring it, I could 742 00:32:56,040 --> 00:32:58,360 Speaker 1: smell the the acidity, I could smell the flavor, the 743 00:32:58,400 --> 00:33:01,960 Speaker 1: aggressiveness kind of wafting over the table. And you said bursting. 744 00:33:02,320 --> 00:33:04,480 Speaker 1: As soon as you said bursting, the second world I 745 00:33:04,520 --> 00:33:07,320 Speaker 1: thought of was gusher's like the gusher's candy. You know 746 00:33:07,360 --> 00:33:10,640 Speaker 1: what I'm talking about? This totally, I mean, yeah, completely 747 00:33:10,640 --> 00:33:14,280 Speaker 1: resonates gushers. It has that gusher bursting mouth fields. Yeah, 748 00:33:14,320 --> 00:33:15,920 Speaker 1: but I mean, and so it's got cherries in it, 749 00:33:15,960 --> 00:33:18,360 Speaker 1: but it's age and bourbon barrels and wine barrels, and 750 00:33:18,400 --> 00:33:21,440 Speaker 1: so it gives it this very dark fruit flavor, but 751 00:33:21,480 --> 00:33:24,720 Speaker 1: the acidity, man, it brings it alive, like it adds 752 00:33:24,720 --> 00:33:27,800 Speaker 1: so much zip to it. And that makes this beer 753 00:33:28,040 --> 00:33:30,800 Speaker 1: one of the best I've had in the past twelve months. 754 00:33:30,920 --> 00:33:32,360 Speaker 1: I might even I might even be calling this beer 755 00:33:32,440 --> 00:33:35,240 Speaker 1: right now my favorite beer of twenty nineteen. Wow. Yeah, 756 00:33:35,560 --> 00:33:37,080 Speaker 1: I love it that much. This is the for me. 757 00:33:37,160 --> 00:33:40,440 Speaker 1: This is a five star on Untapped Mike Drop. All Right, 758 00:33:40,480 --> 00:33:43,040 Speaker 1: that's amazing. Yeah, this is completely up my alley. Yeah, 759 00:33:43,040 --> 00:33:44,920 Speaker 1: I mean, I gotta be honest. This was a fantastic 760 00:33:44,960 --> 00:33:47,400 Speaker 1: beer and it had this gusher like quality and it's 761 00:33:47,440 --> 00:33:51,000 Speaker 1: got cherries in the beer and amazing tartness. For me, 762 00:33:51,320 --> 00:33:54,680 Speaker 1: fruited sour beers are pretty much my favorites, and this 763 00:33:55,120 --> 00:33:58,320 Speaker 1: was no disappointment at all. Huge thanks to Alex from 764 00:33:58,360 --> 00:34:01,000 Speaker 1: Oregon for sending this one out. It was delicious, bursting 765 00:34:01,000 --> 00:34:04,240 Speaker 1: with flavor, Juli, Thank you, Alex. All Right, Matt, let's 766 00:34:04,280 --> 00:34:07,240 Speaker 1: move on to our final thoughts. Final thoughts, and ultimately 767 00:34:07,360 --> 00:34:12,000 Speaker 1: Chad's philosophy resonates with me in a major way because 768 00:34:12,360 --> 00:34:15,160 Speaker 1: what I want to do is live simply and focus 769 00:34:15,239 --> 00:34:18,040 Speaker 1: on the things that truly matter and building an enormous 770 00:34:18,080 --> 00:34:20,960 Speaker 1: real estate portfolio just doesn't align with that. But building 771 00:34:21,000 --> 00:34:24,560 Speaker 1: a really small and effective one actually affords me more 772 00:34:24,600 --> 00:34:27,399 Speaker 1: opportunity to do the things that I enjoy, spend time 773 00:34:27,480 --> 00:34:28,960 Speaker 1: with the people that I want to. So I just 774 00:34:29,000 --> 00:34:31,200 Speaker 1: want to encourage anybody out there who has thought about 775 00:34:31,200 --> 00:34:33,920 Speaker 1: investing in real estate, who maybe has one property. You 776 00:34:33,960 --> 00:34:36,200 Speaker 1: know what, this is a really good philosophy to go 777 00:34:36,280 --> 00:34:40,399 Speaker 1: on because it's something that almost anybody can accomplish. It's 778 00:34:40,440 --> 00:34:42,759 Speaker 1: just a simple method to follow, and there is so 779 00:34:42,840 --> 00:34:46,360 Speaker 1: much to be said in this world of complexity for 780 00:34:46,440 --> 00:34:48,520 Speaker 1: a simple method, and so yeah, I love it for 781 00:34:48,560 --> 00:34:51,279 Speaker 1: all those reasons, Edjuel, And this makes me think of 782 00:34:51,320 --> 00:34:53,959 Speaker 1: our episode and old episode episode twelve, where we talked 783 00:34:53,960 --> 00:34:57,080 Speaker 1: about the why behind money. Identify what your goals are, 784 00:34:57,239 --> 00:34:59,759 Speaker 1: and Chad's saying how real estate can get you there. 785 00:34:59,760 --> 00:35:02,440 Speaker 1: It's a vehicle that can get you to whatever your 786 00:35:02,440 --> 00:35:05,560 Speaker 1: goals are. It allows you to design the life that 787 00:35:05,600 --> 00:35:08,760 Speaker 1: you want to live. And so don't be intimidated by 788 00:35:08,760 --> 00:35:12,120 Speaker 1: this sort of mindset of having to amass this massive 789 00:35:12,120 --> 00:35:15,000 Speaker 1: portfolio of a ton of properties. It doesn't have to 790 00:35:15,040 --> 00:35:18,520 Speaker 1: be overcomplicated, and even simple guys like uh, myself and Joel, 791 00:35:18,600 --> 00:35:20,640 Speaker 1: have you used real estate to help get us to 792 00:35:20,680 --> 00:35:23,680 Speaker 1: where we want to be financially? Yeah? And HDTV might 793 00:35:23,680 --> 00:35:26,080 Speaker 1: be fun entertainment, but you know what, it doesn't give 794 00:35:26,120 --> 00:35:28,319 Speaker 1: you principles to invest in real estate by and I 795 00:35:28,320 --> 00:35:30,160 Speaker 1: thought Chad did a great job of breaking it down 796 00:35:30,200 --> 00:35:33,000 Speaker 1: for us on today's episode. Alright, so thanks everyone so 797 00:35:33,080 --> 00:35:35,040 Speaker 1: much for listening. Our home on the web is how 798 00:35:35,080 --> 00:35:37,120 Speaker 1: to Money dot com. You can find all of our 799 00:35:37,160 --> 00:35:39,400 Speaker 1: prior episodes there too. If you're kind of new to 800 00:35:39,440 --> 00:35:41,440 Speaker 1: the show and you're interested in learning more, well, we've 801 00:35:41,480 --> 00:35:43,640 Speaker 1: got a whole backlog of shows, some about real estate 802 00:35:43,880 --> 00:35:46,399 Speaker 1: and some about other stuff like cutting your grocery bill 803 00:35:46,480 --> 00:35:48,839 Speaker 1: and saving on your cell phone. So check those out. 804 00:35:49,280 --> 00:35:52,040 Speaker 1: And if you have enjoyed this podcast, we would love 805 00:35:52,080 --> 00:35:53,480 Speaker 1: to hear from you. You could leave us or a 806 00:35:53,520 --> 00:35:56,080 Speaker 1: view on Apple Podcasts. And we've been doing this new 807 00:35:56,120 --> 00:35:58,640 Speaker 1: show now for a few weeks, the Money Pro episode, 808 00:35:58,640 --> 00:36:00,600 Speaker 1: we would love to hear from you, your thoughts on 809 00:36:01,120 --> 00:36:03,880 Speaker 1: you know, our guests, the format in general. We're always 810 00:36:03,920 --> 00:36:05,839 Speaker 1: looking to improve. To let us know how we're doing 811 00:36:05,920 --> 00:36:08,680 Speaker 1: and leave us a review. Alright, buddy, until next time, 812 00:36:09,120 --> 00:36:10,520 Speaker 1: Best friends, Best Friends Out