More articles from Chad Carson to read

I will read this when I am tired or bored or have to spend some time sitting and waiting for something. This is from Coach Carson, one of my favorite writers on BiggerPockets.com

Your Team: The Main Ingredient of Real Estate Stardom

Wednesday, October 19Entrepreneurship, investing, and life can become lonely roads. It’s easy to feel like we have the weight of the world on our individual shoulders.That’s why I love reminders from great teachers like hall of fame basketball coach John Wooden, who said “The main ingredient of stardom is the rest of…

Subject-to the Mortgage: A Simple & Profitable Explanation

Monday, April 14[This is part 7 of 7 in a series about creative financing] This article is about buying investment properties subject-to an existing mortgage. Because this particular strategy is a little nontraditional, I recommend watching my video to really get the concept. But first, if you want

Credit Partners – How to Do Deals With a Partner’s Credit and Cash

Monday, April 07[This is part 6 of 7 in a series about creative financing] This article is about buying properties with a credit partner. If you’re a visual learner, I sketch out the moving parts in more detail in my YouTube video. First, if you want to review my previous articles in the creative

When to Use Lease Options For Purchases

Wednesday, April 02[This is part 5 of 7 in a series about creative financing] This article is about buying properties with lease options (my YouTube video also breaks the topic down further). Some of my most profitable deals of all time have come from the combination of leases and options, so I’m excited to

How to Create a Private “IRA-Bank” For Your Deals

Tuesday, March 25[This is part 4 of 7 in a series about creative financing] This article is about my most-used creative financing tool: self-directed IRA loans. If you want to review my three previous articles about creative financing, check them out here: 6 Reasons I Prefer Creative Financing to Bank

How Seller Financing Really Works

Sunday, March 16[This is part 3 of 7 in a series about creative financing] My last two articles have introduced the concept of creative financing: 6 Reasons I Prefer Creative Financing to Bank Financing My Creative Financing Toolbox (And Why You Need It Too). In this article and short video

More Options or More Money? My Personal Struggle.

Wednesday, March 12In Oliver Stone’s iconic movie, Wall Street, Charlie Sheen plays a young hotshot in the stock market. At one point he confides to his girlfriend a personal dream. “I think if I can make a bundle of cash before I’m thirty and get out of this racket

My Creative Financing Toolbox (And Why You Need It Too)

Monday, March 10[This is part 2 of 7 in a series of articles about creative real estate financing.] In my last article, I gave 6 Reasons I Prefer Creative Financing to Bank Financing. Bank financing isn’t bad, of course. There are many times when it’s very appropriate. My main problem with

6 Reasons I Prefer Creative Financing to Bank Financing

Monday, March 03[This is part 1 of 7 in a series of articles about creative real estate financing. Each installment will include an article and a short, 10-15 minute YouTube video] I graduated from Clemson University in 2002. Soon after graduating I began real estate investing full-time with a busines

How to Win Game #2 – Create Passive Cash Flow

Thursday, February 27In my last two articles I shared that we are all playing two financial games and I shared How to Win Game #1: Cash Now (Survival). In this article I will share a two-part real estate game plan to win Game #2 – creating passive cash flow. First, a definition. My idea of

How to Win Financial Game #1 – Cash Now (Survival)

Thursday, February 27In my last article I shared that we are all playing two financial games. For review, the two games as I see them are: Game #1 – Cash Now: The game of active income and of survival. Success is earning more than you spend. Game #2 – Cash Flow: The game of passive income and of freedom

The Two Financial Games You Play (and How to Win)

Sunday, February 23Whenever I think about the big picture of real estate investing, I like to remember a very important reality before getting into the nuts and bolts. The reality is this: We are trying to win two different financial games. Just like basketball and baseball, these two financial games have

How to Get What You REALLY Want: The 3 Currencies of Life

Monday, February 10[Part 1 of an ongoing series about my big picture wealth and real estate game-plan] “[I]n spite of the fact that America is famous for its unhappy rich people, most of us remain convinced that just a little more money will set life right. In this way, the messianic metaphor of modern

My Sprint up the Real Estate Mountain

Monday, February 03Out of the Starting Blocks: When I first started my real estate investing business, I studied a few different successful investors whose business models really intrigued me. These investors were buying, fixing up, and selling 50 houses per year! The investors were also averaging $20,000

My “Go or No Go System”: How I Decide to Do a Deal (or Not)

Wednesday, January 29Real estate investors seem to gravitate to one of two extremes when it comes to doing deals: Analysis paralysis: frozen in fear of making a mistake Emotional exuberance: being too aggressive, too optimistic, and irrational. I am not exempt. I have visited both of those places from time

10 Lethal Mistakes to Avoid on Your First Real Estate Investment

Your first investment will be a learning process. While you’ll definitely make a few mistakes along the way, there are a few common pitfalls that can be avoided if you educate yourself beforehand.

REI – conclusions for today

Rumi quotes

After spending literally whole day on BiggerPockets.com I came to two solid conclusions:

  1. Buy and hold may be a questionable strategy for me at this time because I do not have the cash reserves yet to put up for downpayments and all that good stuff, and the rental income alone may not be able to give me enough of a margin to save for the new downpayment
  2. To build the cash reserves, flipping properties seems to be the most common path, and the one I have most advice on. I will spend the first 2-3 years of my REI career becoming a good flipper that does not need a constant hand-holdng, and then start using some of that cash to hold some of the units I flipped through refinancing after the flip.

After reading Chad’s article on quitting the 9-5 and starting a 24/7, I think that I will use the next year to get my real estate license, find brokers who could use my skills, start connecting with people who will become my team mates, do “go alongs” with real estate agents, brokers, flippers.

I will use Chad’s plan and proceed with all his prep steps while my husband and I pay off our debt from credit cards, which will take 14-16 months in itself to happen. But at least now I have a very detailed plan from Chad, and whenever I have a plan, I can execute.

Today was meant to be. It was meant that I would find Chad’s article, and all the reading I have done for 9 hours before-hand allowed me to narrow down my choices to his suggested path.

How to quit your job and invest in real estate – by Chad Carson (Coach Carson)

Two absolutely astonishingly informative articles published on BiggerPokets

This is just a small excerpt of his extensive Article #1

Here are my initial sources of education:

Here is his article #2 about building the team, starting to review listings, and trying to make offers


Here is Chad’s blog on DeeperPockets: https://www.biggerpockets.com/blogs/4712-chad-carsons-blog

REI books to read

The Book on Estimating Rehab Costs

How much does it really cost to renovate your investment property?

Learn detailed tips, tricks, and tactics to accurately budget nearly any house flipping project and investment property renovation from expert real estate investor and fix-and-flipper J Scott. Discover the tried-and-tested steps of his professional framework and methodology for precisely evaluating renovation costs in hundreds of his own successful rehab projects. Determine how to accurately estimate all the costs you are likely to face during renovation—and get all of your rehab questions answered in a single place!

Whether you are preparing to walk through your very first rehab project or you’re an experienced home flipper, this handbook will be your guide to identifying renovation projects, creating a scope of work, and staying on budget to ensure a timely profit! You don’t need to be a contractor to flip houses, but you do need to know the fundamentals of budgeting and pricing your renovation—including everything from cosmetic renovations to complex installations and upgrades. This book gives you the estimation tools needed to produce the income you desire on your first—or next—investment deal! 

Money People Deal: The Fastest Way To Real Estate Wealth By Stefan Aarnio

The Five Million Dollar Book is a guide to raising capital and putting together real estate joint ventures. This book was a tool used by the author to raise over five million dollars of cash to build his fortune in real estate

REI articles

On finding opportunities

On finding the first deal properties: https://www.biggerpockets.com/renewsblog/new-investor-simplified-first-deal-guide/

Evaluating opportunities

The 8 most important evaluation formulas to understand and memorize: https://www.biggerpockets.com/renewsblog/2016/01/13/top-8-real-estate-calculations/

Multi-family investments for 1st timers: https://www.biggerpockets.com/renewsblog/multifamily-first-investment/

On putting the margin of safety into every deal: https://www.biggerpockets.com/renewsblog/the-surest-way-to-destroy-your-real-estate-investing-career/

Miltifamily market seems to be cooling off – strategies for this period: https://www.biggerpockets.com/renewsblog/multifamily-market-cooling/

Possible upcoming multi-family crash may resemble the subprime crisis. Very interesting graphs on market cycle analysis: https://www.biggerpockets.com/blogs/6082/79792-how-the-multifamily-market-may-crash-like-the-subprime-crisis

More advice on how not to overpay for miltifamily: https://www.biggerpockets.com/renewsblog/stop-overpaying-for-multifamily/

On saying “no” to wrong opportunities

The guide to due diligence: https://www.biggerpockets.com/renewsblog/due-diligence-ultimate-guide/

https://www.biggerpockets.com/renewsblog/dead-lady-succeed-real-estate/

Interesting step-by-step due-diligence walk-through for an apartment building: https://www.biggerpockets.com/renewsblog/doing-due-diligence-example-apartment-complex/

Biggest discoveries during due diligence: https://www.biggerpockets.com/forums/311/topics/669931-what-have-been-your-biggest-discoveries-during-due-diligence


“Sometimes it’s the deals you don’t do that make you rich!” JD Martin

Common mistakes in REI

6 common mistakes new investors make: https://www.biggerpockets.com/renewsblog/2015/10/19/6-common-mistakes-investors/

On investments in self-storage

https://www.biggerpockets.com/renewsblog/high-demand-continues-self-storage/

On various negotiating tactics

Make deals fearlessly: https://www.biggerpockets.com/renewsblog/2014/11/26/real-estate-negotiating-101-make-deal-fearlessly/

Investment strategies

Buy and hold vs flip and go – https://www.biggerpockets.com/renewsblog/2014/10/21/buy-and-hold-real-estate-is-the-ultimate-investment-heres-why/

How to start as a hustler, even some 1st-year hustle suggestions: https://www.biggerpockets.com/renewsblog/2014/11/19/hustle-the-single-most-important-factor-to-finding-real-estate-deals/

Calculating how many rental properties I need to retire: https://www.coachcarson.com/how-many-rental-properties-to-retire/

The Shiny Strategy Syndrome: https://www.biggerpockets.com/renewsblog/2016/02/28/shiny-strategy-syndrome/

 

On your investment philosophy

On how to set your investment philosophy by establishing clear goals: https://www.biggerpockets.com/renewsblog/new-investor-simplified-first-deal-guide/

Adopting the screw it, let’s do it attitude for newbies – https://www.biggerpockets.com/renewsblog/screw-it-lets-do-it/

Focusing on Why before focusing on What and How- https://www.biggerpockets.com/renewsblog/2016/06/08/real-estate-investors-learn-apple/

Buffet-ology applied to REI: https://www.biggerpockets.com/renewsblog/2014/10/15/how-to-use-a-margin-of-safety-to-avoid-financial-disaster-the-buffett-series/

A little bit more of Buffet-ology thinking: https://www.biggerpockets.com/renewsblog/ignore-principle-youll-destroy-real-estate-career/

I guess, sometimes you do not mind overpaying for a multi-family property? An interesting discussion here: https://www.biggerpockets.com/renewsblog/why-are-so-many-overpaying-multifamily/

Current RE market conditions

Study showing that currently US is not in a bubble situation overall, although some cities are an exception: https://www.biggerpockets.com/renewsblog/2015/07/16/housing-bubble-7-us-markets/

Strategies to succeed in the cooling market: https://www.biggerpockets.com/renewsblog/succeed-in-a-cooling-market/

How to recognize signs of the housing bubble, and what to do to make money during the bubble: https://www.biggerpockets.com/renewsblog/2015/11/18/invest-property-fear-bubble/

Pivoting to real estate

In 2019, I am pivoting to real estate. I do not know how soon I will be able to start investing myself, but at the very least I can start learning and looking for friends within that industry.

I am starting a new category of links that will deal with this topic