Podcast Summary
From Music to Real Estate: Corey Kent's Inspiring Journey: Investing in real estate consistently can lead to wealth creation, financial security, and additional income streams. Hold onto investments during challenging times, consider raw land and school systems, and be persistent.
Real estate investing, even as a secondary focus, can lead to significant wealth creation and financial security. Corey Kent, a country music singer, shared his inspiring journey from humble beginnings to success in both music and real estate. He emphasized the importance of holding onto real estate investments during challenging times, such as the COVID-19 pandemic. The episode also provided practical advice, including looking into raw land investments and considering school systems when buying properties. Ultimately, the message is that consistent investment in real estate can provide a safety net and additional income streams.
Passive Real Estate Investing Strategies for Monthly Income: Invest in new construction properties, join private real estate funds, or find off-market inventory to earn passive monthly income in real estate.
There are various ways to invest in real estate passively and earn monthly income without the hassle of property management or tenants. Rental Retirement offers opportunities to invest in new construction properties at discounted prices or with no money down. For accredited or high net worth investors, private real estate funds like PPR Capital Management provide a steady source of passive income. Additionally, looking for off-market inventory through resources like PropStream can help investors find motivated sellers and close deals efficiently. Overall, these strategies allow investors to build wealth in real estate with minimal time and effort.
Growing up surrounded by successful entrepreneurs: Entrepreneurial upbringing instills high-risk tolerance, belief in self, and inspires pursuit of dreams without backup plans.
Having a supportive and entrepreneurial family background can significantly influence one's decisions and mindset in life. Cor, for instance, grew up surrounded by successful entrepreneurs who instilled in him the valuable lesson of putting in effort to reap rewards. This mindset led him to pursue his dreams, whether it was in real estate or music, without a backup plan. Cor's grandfather's wise investment in land inspired him to look for opportunities beyond his daily job, while his parents' entrepreneurial endeavors showed him the freedom and control that comes with being one's own boss. This upbringing instilled in Cor a high-risk tolerance and a strong belief in his ability to rebuild if necessary. Overall, Cor's story highlights the impact of a nurturing and entrepreneurial family environment on an individual's personal and professional growth.
Living frugally and pursuing dreams: Passion and determination can help overcome financial struggles and build credit, while living frugally and being resourceful can lead to financial stability
Passion and determination can help individuals overcome financial challenges and keep their dreams alive, even when the dream isn't paying for itself yet. The speaker shares his experience of living frugally during his struggling music career and how real estate played a role in enabling him to chase his dreams. He also emphasizes the importance of building credit and being resourceful to achieve financial goals. Despite the hardships, the speaker values those experiences as they taught him valuable lessons and shaped his mentality towards financial stability.
Starting small and staying persistent in real estate: Determined 17-year-old bought raw land, paid it off in 2 years, and set himself on a path to real estate success
Starting small and being persistent can lead to significant gains in real estate investment, even when resources are limited. The speaker, despite being a 17-year-old freelance musician with minimal income, was determined to buy a house and refused to let his circumstances define his potential. He was rejected for a loan on his first attempt but didn't give up. Instead, he bought a raw piece of land and paid it off within two years, using it as a savings account. This mindset shift opened up new possibilities and set him on a path to future real estate success. The speaker's story highlights the importance of staying focused on long-term goals and finding creative solutions to financial challenges.
Personal relationships lead to business opportunities: Maintaining personal connections can unlock investment opportunities, even when traditional financing seems impossible. Quickly paying off debts and avoiding 'Equity Jail' is also crucial.
Building strong relationships can open doors to opportunities, even when traditional financing options seem unattainable. The speaker shares his experience of purchasing a piece of land despite feeling defeated by the high price, but later realizing it was a wise investment as the property's value doubled. He emphasizes the importance of paying off debts quickly due to his fear of debt and learning about "Equity Jail." However, it was a relationship with a small bank president that allowed him to secure an in-house loan and build their faith in him, leading to further investment opportunities. Therefore, the speaker encourages building and maintaining personal connections in all aspects of business and real estate investments.
Networking and following advice can lead to financial success: Building relationships and seeking guidance from knowledgeable sources can lead to affordable investments and achieving financial goals.
Building a network and understanding who to turn to for advice and opportunities can be more valuable than trying to solve problems on your own. The speaker shared an example of how they were able to affordably live and invest in land by taking advantage of a rental discount and living frugally. They identified a promising area based on good school systems and followed the advice of their grandfather, who emphasized the importance of mineral rights and hardwood trees. By doing their due diligence and talking to successful neighbors, they gained confidence in their investment. This story highlights the importance of networking, following sound advice, and being resourceful in achieving financial goals.
Accessing high-quality real estate data and streamlined platforms: DealMachine provides unlimited access to reliable real estate data, NetSuite streamlines business management, and Redfin simplifies home buying/selling. Careful consideration is key when investing in land.
DealMachine simplifies the process of accessing high-quality, reliable contact information for real estate investing with their unlimited plan. This data, which includes over 150 data points and is fully compliant with the federal do not call list, can help investors generate leads more effectively. Additionally, businesses can reduce costs and improve efficiency by implementing NetSuite, a unified business management suite. Meanwhile, Redfin's real estate platform offers a streamlined home buying and selling experience, allowing users to find their dream home or sell their property for the best price. Finally, investing in land requires careful consideration, as discovered by one speaker who learned that his wife didn't enjoy living in the country as much as they had anticipated. Overall, these tools and insights can help individuals and businesses make informed decisions and optimize their real estate strategies.
From shiplap dreams to house hacking realities: Networking and mutual benefits are crucial in real estate investing, especially when starting with house hacking
Real estate investing, especially in the form of fixing up old houses, can be much more complex and challenging than portrayed on TV. The speaker learned this firsthand when they moved to the country with dreams of shiplap and a simpler life, only to encounter unexpected expenses and challenges. After giving up on that dream, they transitioned to investing in rental properties, starting with a house hack in Nashville. This experience taught them the value of networking and mutual benefits in real estate investing. While they wished they had learned about house hacking earlier, they now encourage their friends to consider this strategy as a way to get started in real estate investing and build a community.
Embracing discomfort leads to growth and success: Discomfort and pain can motivate us to work harder, learn new skills, and seize opportunities. Embracing them instead of seeking comfort can lead to growth and success in various pursuits.
Discomfort and pain can serve as powerful motivators in achieving goals, particularly in real estate and creative pursuits. The speaker shares how his experience of living frugally and sleeping on a trundle bed motivated him to work harder and eventually succeed in real estate investing. He also recounts how being dropped from a publishing deal during a difficult time forced him to move and learn new skills, ultimately leading to the sale of a property that saved his family during a financial crisis and allowed him to continue his music career. While comfort may seem appealing, the speaker emphasizes that it can lead to complacency and missed opportunities. Instead, embracing discomfort and using it as motivation can lead to growth and success.
Starting small in real estate leads to big rewards: Buying raw land, rental properties, and tax-reducing assets can lead to debt payoff, rental income, and tax breaks despite a busy schedule or limited resources.
Starting small in real estate investments, even as a side project, can lead to significant growth and financial security. The speaker shares his personal journey of buying raw land, rental properties, and even a tax-reducing cabin, all while pursuing a successful music career. Through smart investments and strategic planning, he was able to pay off debts, secure rental income, and even take advantage of tax breaks. This story serves as an inspiration for those who may not have the means or time to invest full-time in real estate but still want to build wealth and secure their financial future.
Follow your dreams in real estate: Start early, learn, work hard, and adapt to build wealth through real estate investment, opening doors to new possibilities.
Real estate investment can be a valuable supplement to other passions and financial goals in life, even if it's not the primary focus. Corey's story highlights the importance of following your dreams, being open to learning and hard work, and taking advantage of the unique ways real estate builds wealth. He encourages listeners not to be afraid of starting early or facing challenges, but instead to build skills and adapt to the opportunities that come with real estate investment. By sharing his experiences, Corey shows that real estate can open doors to new possibilities and fuel other dreams, even as you pursue other areas of your life.
Connect with Corey, Rob, and David: Find investor-friendly agents on BiggerPockets Agent Finder, prioritize time in the market for financial freedom, and check out Corey, Rob, and David's work for insights on real estate investing.
If you want to connect with Corey Kent, you can find him on social media platforms under the handle "Corey Kent" with an "e" at the end. He also has a website, atcoreykent.com, where you can find his tour dates, merchandise, and music. Rob can be found on Instagram as "Rob Built" and on YouTube primarily under the same name. David's YouTube channel is also called "Rob Built," and he live streams every Friday night. They all expressed their gratitude for the opportunity to share their stories and encouraged listeners to check out their work. For those interested in real estate investing, they recommended using BiggerPockets Agent Finder to find investor-friendly agents to help navigate the market. The podcast discussion also touched on the importance of time in the market for financial freedom and the challenges of the current real estate market.
