Coach Chad Carson’s Top Real Estate Tips
If you're a fan of Coach "Chad" Carson, here are some of his top real estate tips.
If you were to hear the name Coach Carson, what would be your first thought? That he was perhaps a famous football or baseball coach? Or perhaps some influencer in the fitness industry? Some of you may recognize him as who he actually is – a real estate entrepreneur and mogul who offers sound investment advice. So, he is a coach, just not in the sporting sense. He is here to coach you on your way to financial freedom using real estate. If you were looking for some sound real estate tips and advice, then Coach Carson is one to listen to.
So, who exactly is Coach Carson, and what are is top real estate tips? Read on to find out.
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What is Coach Carson and what does he do?
Coach Carson’s real name is Chad Carson, and he is a real estate entrepreneur who is well known in the industry for offering a useful toolkit and other training resources to help people become educated in the world of real estate investment. According to Mad Fientist he bought his first investment property at the tender age of 23. Since then he has grown a portfolio of over 90 properties. He has learned real estate the hard way, through trial and error, and feels that there is no reason why others should make the same silly mistakes that he did when he was starting out.
Coach Carson feels he has so much knowledge to share, which is why he started his own website where he offers courses, information, knowledge and even a free toolkit to help new investors. His motto is ‘invest in real estate. Do what matters’, and this really highlights that he believes in the importance and benefits of real estate investing. He also has a hugely popular YouTube channel where he shares information and experiences.
So now that we know who he is, let us take advantage of his wealth of knowledge. Here are Coach Carson’s top tips for real estate.
Tip 1. Consider BRRRR Investing when starting out
If you have not heard of BRRRR investing, then you are not alone. Firstly, it has nothing to do with the climate, rather it stands for Buy Remodel Rent Refinance Repeat. Coach Carson rates the BRRRR investment strategy very highly as he claims on his website that when done carefully, it is an excellent way to build a rental portfolio without running out of cash. It is also a good strategy for those just starting out in real estate because it is lower risk.
The way that it works is that you would buy a fixer-upper that is undervalued. Then you fix the property up to raise its value and use the appreciated value to refinance with a longer-term mortgage. If done correctly, you should be able to pull most of all your original capital out for your next purchase. Which is the ‘repeat’ phase. It is perfect for those not willing to risk a larger purchase and is a good way to get your feet wet in the real estate world.
Tip 2. Hack your current property
House hacking is somewhat of a buzz word in the real estate field, but it has proven success, and is perfect for those who are just starting out. There are different levels of house hacking. The most basic and low risk is to rent our part of your current residence to earn some rental income. It could be that you rent out a room, a level or even a storage space such as a piece of land or your garage. Then if you want to go bigger, you can purchase a multi-unit real estate property, live in one unit, and rent out the others.
House hacking is one way for you to live cheaper or even for free, as the rental income you earn will pay for your living expenses. Coach Carson explains on his website that he himself lived in free in a small multi-unit property for several years before he moved out and turned it into a rental.
Tip 3. Choose a specific real estate investment strategy
While it can be tempting to try all the different types of real estate investments that are available (and there are a few), Coach Carson like so many successful real estate entrepreneurs advise against it. In his website he states that in the future once you become more confident and grow your portfolio, you can branch out. But until then your goal should be to choose ONE real estate strategy to help you move from your current financial stage to the next. In other words, to concentrate on a single strategy and use it as a stepping stone to gain more knowledge and experience.
Coach Carson stresses that choosing a single investment strategy in the beginning does not mean that you are locked in to that one strategy for the rest of your life. Flexibility later in your real estate career is important. But starting and concentrating on one will help you focus. You are much more likely to be successful if you are able to devote your energy properly on managing a single strategy, rather than trying to juggle too many at once and fail at all of them.
There is no denying that Coach Carson has made quite an impact in the real estate world, and the fact that there are over 18,000 people who subscribe to his online newsletter is a testament to that. His success largely draws on his wealth of knowledge, and thankfully he has decided to share it with you. If you are looking to have even a fraction of the success of Coach Carson, then these tips should be high on your to do list. It can be hard to know what to trust when it comes to information on the internet, but because Coach Carson writes the information on his own website, you can trust what is written.
Charles is the founder of infoSpike.com. His real estate investing experience started in 2004 and he is currently focused on rental property projects. He enjoys learning about real estate investing, personal finance, and marketing. Read more about Charles here.