On the show today we talk about how to… Retire Early with Real Estate! Meet Coach Chad Carson!
Show notes for Retire Early with Real Estate! Meet Coach Chad Carson
The Vantastic Life is…
– is in Rome Italy
Chad Carson – Do more of what matters!
I did pretty well in my upbringing. And my father was an entrepreneur that didn’t always go great, but he had real estate and some rental properties.
Back when my dad was buying education it was like tape sets of Carlton Sheets, so I had that available to me.
I thought that I was going to go the med school route, but they decided it wasn’t for me, and actually went to school to play football. Where I thought I was going to go to the NFL, but that didn’t pan out.
At some point I decided that I wanted to get into real estate.
I’m in the buy and hold business. And lived for 17 month in Ecuador.
Who did you learn from back in the day?
John Shawb (Building Wealth One House at a Time), Jack Miller, Carlton Sheets.
Generating leads was his first seminar. One was finding landlords that had recently evicted tenants, and I remember taking in that info and going through the steps.
I was too green to know that wouldn’t work, so I started trying it. I didn’t have the money, or the know how. I was like a bird dog. I didn’t know what to do with it, but I could bring people deals.
And that was my strategy. Finding deals is a really important part of the business.
How long did it take you to find a deal?
It took 12 months to find a deal, and I didn’t make any money in my first 6 months.
We actually went to a professor as a private lender, who said he’d do a deal with him.
After that they went to local banks to load the money.
When did you clue into creative real estate and that type of thing?
Actually from the start, and it was out of necessity. Also, one of my first private landers was my grandma. I think she was worried about me. I went through and explained to her how it works, and told her I was paying someone 10% interest, and she couldn’t believe it.
I would tell stories to people and position it as making money together. I even did that with sellers to make deals happen, and that’s how I bought some of my first rental properties.
The truth is that we don’t know what people will agree to, and we don’t ask because we are afraid of what they’ll say.
That was the good thing about being a beginner. I didn’t know enough to know what people should do.
As soon as you become an expert that knows so much, you start to think you have it figured out, but no body has it figured out.
We are actually doing something called My First 3 Deals where we interview someone about their first 3 deals on the podcast.
Our small group masterminds are absolutely magic!
Back in the day what was you best source of marketing?
Everything worked at one point in time. I go back to door knocking a lot. I always tell people to go out and walk their dog (and you get some exercise and you mind starts working better).
I think that Property Radar has an app that will tell you if it’s a rental.
It’s become so much easier these days!
I always tell people that they forget to open their mouth in their daily life.
That was actually my 2nd thing. The best return on investment… over time I was deliberately building my network of people that would send me leads. I had a print newsletter that I sent out monthly to a group of people telling them what they were doing and what they were looking for.
That is a ninja tip! This could be the biggest nugget that you get out of this whole podcast!
Money life manifesto. Can you tell us about that?
Yeah! I want to set the stage for people. Money is this thing that we’re trying to solve.
Courage is a good thing, right… but you could have too much, or too little.
Money is kind of the same way… if you emphasize it too much, you become a rat on a wheel and there’s never enough. But I have other friends that think that money is evil, and that’s not good either.
Somewhere in the middle is where we should be. The magical middle ground of money. Where you’re earning a middle ground from your investments.
I want to have enough for my family to go on these trips, and sometimes when I’m on the trips I think that I could be back doing more deals. But I do the deals so I can go on the trips.
We have all of this social media fluff going on where people are really playing their highlight reel, and we don’t know what happened with their other deals.
I have been real hardcore trying to focus on that for myself as well, and I think I’m succeeding.
For all of you listening… success is individually defined. Figure out what you really want to do.
You know what I’ve noticed… going back to the word courage. What I’ve found over the last 6 months with our small group mastermind. Courage also comes from support and community.
Plug in to your local real estate investment club and find the people that you identify with, and sit and talk and have conversations. And you’ll get a boost of courage.
We have the guy Jack who’s a new wholesaler, and each week we ask him what’s happened. We can’t wait to hear what Jack tells us. He got a deal in his first 90 days, and I think that some of it is the courage to keep pushing through.
I’ve been apart of my local group as well for many years. Where I teach some classes and attend others.
We are social creatures and do better in teams, and it’s how we learn and grow.
CoachCarson.com and on there you offer a real estate investing tool box where you offer like 85 tools for investors.
My dad is a retired pharmacist, and people used to go to him to get their health kit, and that’s reminded me of that.
Are there a few tools that you feel like everyone should have?
Let’s start with people who are going to buy rental properties… I would say it’s able to screen and evaluate my tenants well. So we have a nice online property management software. It’s become so easy these days.
That’s a game changer tools! I use Cozy.co and Buildium.com (a lot more bells and whistles).
Going back to buying properties. I think of finding properties like fishing. If all you have is one fishing line, like the MLS… you’re not going to get enough fish on your line.
Some things could be direct mail, or social media, or your blog. You could start your Facebook page, or I would do a local news podcast, I would interview the mayor or someone on the street. Then I would say the show was brought to you by ChadBuysHouses.com.
Social media is so incredible because you can communicate for free.
I couldn’t agree with you more, and I think that Tucker Merrihew does that as well in the Portland area.
Out here we have My Ballard . com.
You’re a blogger out here… what is feedly?
I think it’s a way that I get all of my media out to everyone. I use WordPress.
You had radio, TV, and magazines. Those were the 3 things that you had.
These days that’s totally transformed, and newspapers don’t make money anymore. The point is that we all need to think of us as a media company. You can be your own advertiser.
That’s the cutting edge right now, and how people are cutting though the noise. That’s a marketing idea that gets you in the door with people.
The blogging strategy is a ton of free info, and a lot of people don’t make money, and I use mastermind type groups for mine.
What is your favorite topic to teach or talk about?
I like to take complex topics and break them down for people. I recently did a few articles and videos for people on cap rate. Breaking it down and giving people a take away.
I’ve also been creating a course on lead generation. I think my interests change. I like to read a lot of different topics. If you open your mind up to different disciplines sometimes it will come back to your real estate business.
I would encourage everyone to just be a learner!
If you’re really into flips and following houses and HGTV, go for that. Or whatever you’re into.
Make yourself valuable to people around you?
How do people get involved more with your coaching?
I have a weekly newsletter. CoachCarson.com/newsletter, and that’s where I communicate with people. I also have a course called Real Estate Start School for people that are brand new, or pivoting in their business. And I open this up twice a year.
In the school we go through the fundamentals, and get to have office hours, and scratch my coaching itch.
When you built your website, it just flows so well. I love it so much! How did you build your website?
It starts back ugly, and then each iteration gets better and better.
Do you have a mentor or coach?
My dad and mom. Louie Stone (professor that got me started).
It’s hard to find your mentor right off the bat. I actually wrote about Louie in my first book, and he asked if I wanted to learn how to become rich. If you want to learn how to be rich you have to learn how to earn 30k a year and live off 30k a year, and then earn 60k a year and live off 30k a year, and then earn 120k a year and still live off 30k a year.
I’m having a flash back to Good Will Hunting!
You and I both have two girls… have you thought about how you are going to educate them about money?
Good question! My daughters are 8 and 6, and my hypothesis is to let them be present with me. Looking over my shoulder. Where you’re acknowledging them, and you have a window where they want to be with you.
I love business and entrepreneurship, but I also want to be present with my family. So, I’m trying to create an intersection there.
I’ve hear that kids will listen to only 1% of what I’m saying, but they are learning from 90% of what I’m doing. So, I need to live my life in such a way that I make my wife and kids feel proud.
That’s my best answer.
What’s your book called?
Retire Early with Real Estate, and it’s a partnership with BiggerPockets. It’s a blueprint or a map to financial independence. Debt snowballs and the BURR strategy, and how you can use this to retire a whole lot faster than you really though you could.
Let’s talk about 5-10 years instead of 20-30 years.
You can get the book on Audible.com or Amazon.com