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Real estate is the golden key to passive income. How can you use it to reach FI?
Chad Carson got started with real estate right out of college. Him and his business partner started flipping houses and securing good deals on houses. Now he owns 90 properties and does amazing mini-retirements (in Ecuador!) while teaching others about real estate on his blog.
You’ll how interesting his story is.
We also chat about…
- Why and how you should treat real estate like a business
- How Chad picks houses
- How he got to FI
- What he manages currently
- Chad’s 17 months in Ecuador
- Medical costs overseas
Enjoy this chat with Chad, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today’s episode
- Chad’s website: Coach Carson
- Chad’s Real Estate Start School (the course closes on the 18th, but you can get on the waitlist)
- Chad’s 7-day free real estate course.
- Realtor app
- Retire Early with Real Estate <- Chad’s book
- The E-myth <- book we talked about in the episode
- Our YouTube review of Chad’s Course
Key takeaways from our chat with Chad
1 – Getting out into a neighbourhood is a great way to search for houses
Chad’s favourite way of looking for house deals is to go for a walk in a neighbourhood for 2/3 hours. He takes notes, asks neighbours and has his Realtor app to see how much the property is selling for. He looks for something interesting and then does some following up to see if it could be a good deal, many times before the house is even on the market.
2 – Treat real estate like a business
You need start building it from the beginning: have an operations manual, test the metrics and keep account of all the numbers. Chad says you need to act as if you’re going to teach someone else to do the job. Not only does that create efficient systems but it removes a lot of stress and work.
3 – Should you get into real estate?
As Chad says, you should get into the aspect that you’re good at and that you’re passionate about. He says he’s terrible at designing and fixing up houses himself, so he outsources all that. What he loves is negotiating and seeing the transformation. He’s also good at implementing systems and management, which is what he does most when managing all his properties.
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snowcanyon says
Re: the Ecuadorean health care system (and many others around the world)-
It’s almost impossible to judge a healthcare system until you’ve actually been sick. It’s great to get sick kid house calls that reassure parents and great that there’s more transparency in pricing and that the MRI machines are the same. But that’s really not what defines good medical care (and I find it telling that patients are referred to as “customers” in this interview).
Sure, most docs in most countries can deal with routine, or even routinely complex, issues, but what happens if you get really sick? Is there a hospital with a NICU, ICU, and cath lab? Does, for example, their NICU do ECMO? Does the ED have board-certified physicians staffing it 24 hours a day? Is there an integrated trauma system? Is there a comprehensive cancer center? What is the organ transplant system like? How safe is their blood banking system?
I can’t speak for Ecuador never having been there, but a health care system isn’t just about nighttime visits for sick kids- it’s about taking care of really ill people in the best way possible. While no country is perfect and every country has its strengths and weaknesses, these are the questions one should be asking to assess the system.
A friend who ER’d to Ecuador and became very ill needed an organ transplant. She hopped the first plane back to the US and signed up for Medicaid and got her transplant here. The care she needed was simply not available there.
I just don’t know how someone who hasn’t been ill and hasn’t formally studied health care systems can judge such complex issues.