David:
That is the BiggerPockets Podcast present 809.

Corey:
I graduated faculty. You get to jot down on high of your commencement cap. For me, I wrote, “By no means made a resume” as a result of I went to highschool with the mentality of I’m going to study as a lot as I can and I’m going to community and I’m going to simply taking life expertise. For me, I used to be taking in ammunition to jot down songs. I knew that’s what I needed to do. And I needed to have an schooling, however I didn’t wish to have a backup plan. So I went and acquired an schooling after which I went and chased my dream. That was positively a results of being raised with an open thoughts of like, “I can go and begin a enterprise.” It took fairly some time, however I used to be in a position to do fairly nicely.

David:
What’s happening, everybody? That is David Greene, your host of the BiggerPockets Podcast. And in case you forgot, we’re the most important, the perfect, and the baddest actual property podcast on the planet each week, bringing you tales, how-tos, and solutions that that you must make sensible choices in actual property now on this present market underneath these present situations, which is the place you bought to make your choices.
At the moment, we’ve acquired an superior present for you. Rob and I are joined by Corey Kent, a rustic music singer whose profession is exploding. Take a look at his album Blacktop. He’s going to be touring with Jason Aldean and we talked somewhat bit about his music profession and rather a lot about his actual property portfolio. Corey has an unbelievable story from beginning off sleeping in trundle beds, sharing a $250 room with another person and consuming nothing however hen and rice to being one of many greatest stars in nation music at present and utilizing actual property to complement a few of his wealth together with the household that he’s creating. I imply, we get into all the things from dwelling within the nation, shopping for uncooked land, negotiate, what to search for in these offers, partnering with different individuals, short-term leases. There’s a whole lot of stuff. Rob, what do you suppose individuals ought to hold a watch out for to assist them with their very own portfolio success?

Rob:
I feel this can be a very inspiring episode for a lot of causes, however I feel the primary purpose is that Corey actually reiterated all through the episode that actual property has not been his fundamental factor. It’s all the time been considerably of a aspect… Now, I wouldn’t even say aspect hustle as a result of he’s been so profitable at it, nevertheless it hasn’t been the primary focus of his life. And even then, even the truth that it has not been the main target, it has actually helped him create wealth. It has helped him by sure monetary conditions that he confronted throughout COVID. And it simply goes to indicate that investing even in small methods and doing it persistently, you all the time have a plan B by actual property if you happen to can maintain onto it. And I assumed that was simply actually cool.
Lots of people listed below are similar to, “We’ve a whole lot of actually inspiring friends that come on and speak about their mega portfolios and all the things like that,” however I additionally suppose it’s good to listen to some individuals which might be like, “Yeah, I do that on the aspect and I make an amazing earnings from it and it helps complement my fundamental job,” which for him occurs to be like a mega profitable music profession.

David:
Yeah, Corey talked about how actual property really acquired him by a few of the hardest occasions of his profession to get him up to now proper now. So hear all the best way to the tip of at present’s present since you’re going to wish to hear Corey’s full story.

Rob:
You’re going to wish to how?

David:
You’re going to wish to hear it. However earlier than we get to Corey, at present’s fast tip is if you happen to like Corey’s album, Blacktop, hold a watch out for my subsequent album, Greentop. It’ll be even higher. Simply kidding. The actual fast tip goes to be, all the time take a look at the varsity system the place you’re going to be shopping for. In the event you don’t know the place to start out, probably contemplate fascinated by uncooked land. There’s much less competitors for these property. And if you happen to’re a price add investor, there’s a lot of methods which you could purchase uncooked land, enhance it, after which promote it to a developer for fairly the good-looking revenue. Talking of good-looking income, Rob, do you wish to predict the longer term?

Rob:
Do I wish to predict the longer term? No. However I’ll say that on the barbershop, my haircut is known as the Rob Prime. So for these of you which might be asking like, “Hey, what did I inform my barber?” I simply name it the Rob Prime.

David:
That’s really very humorous. Tell us within the feedback what you concentrate on Rob’s hair, my potential for a Greentop album, and Corey’s interview. Let’s convey him in.
Corey Kent, welcome to the BiggerPockets Podcast. Good to have you ever on at present. For many who don’t know Corey, he’s been investing for a complete of six years. He began on the ripe previous age of twenty-two. Very spectacular. Rob, I don’t know what you have been doing at 22, nevertheless it in all probability wasn’t shopping for a bunch of homes and being cool.

Rob:
Nope.

David:
Previously three years, you’ve finished six offers. You’ve finished long-term leases, short-term leases, invested in land and home hacked all whereas being a musician by day. And that’s form of downplaying what you’re really doing right here. We’ll allow you to speak about your profession in a minute. You’re a father of three youngsters. Don’t know the way you probably did that. I might barely handle three homes. You’re additionally doing this whereas being a dad. And enjoyable reality, you simply relieved an album referred to as Blacktop. All people ought to go verify that out as you’re listening to the present. Google Corey Kent Blacktop and get that. Thanks for being right here with us, Corey.

Corey:
Man, so excited. A fan of the present and clearly have some actual property pursuits. Every part’s form of culminating. My music profession led me right here, so it’s fairly cool.

David:
Yeah. And shout out to your supervisor, George Corey, who reached out to me years in the past. He was additionally a fan of the present and met Brandon Turner after which met me. He’s been a really cool man in a whole lot of methods. So earlier than we get into your backstory right here, music is without doubt one of the jobs that takes a lot time and a spotlight. I think about that you simply’re pursuing a extra passive actual property technique. What number of hours every week are you spending in your actual property portfolio at the moment?

Corey:
Yeah, so I’m a really passive actual property investor, that means I don’t have a whole lot of time to provide to it. There was some extent the place I used to be somewhat extra… Within the tremendous schooling, I knew nothing, and I needed to educate myself. In order that was a time frame the place I used to be spending much more time per week on it. I’d say now, if it’s not just about an autopilot funding, if I don’t really feel like I can get it to that time, then it’s in all probability not a match for me simply because my music profession has exploded during the last two years. And I’d say a tough estimate, I’m spending perhaps two hours every week on my actual property investments. I’ve sacrificed some revenue only for the sake of not having a headache. So I’ve property managers in place and I’m taking a extra long-term strategy to a whole lot of these properties, whereas early on I used to be making an attempt to wheel and deal somewhat extra.

Rob:
Positive. Positive. I imply, clearly being a musician form of at your stage, your schedule have to be form of loopy. So what does a typical week appear to be for you?

Corey:
Oh, man. A typical week proper now could be as hectic because it’s ever been. Clearly, you stated I acquired three youngsters at dwelling, they’re 5, three, and one. I’m married, so I’ve a whole lot of private relationships to maintain up with and to maintain in a wholesome standing that take time. However my music profession is insane. Proper now, we’re taking part in 120, 130 reveals yearly, plus journey days on both sides of these. So we’re gone a pair hundred days a 12 months.
A typical week for me seems like perhaps if I’m fortunate, I’ve two or three days at dwelling in every week. We’re about to go on tour with Jason Aldean for the subsequent 5 months. I’ll get to go dwelling, I don’t know, perhaps 20 days whole throughout that 5 month stretch. So it’s fairly loopy. A typical day is like we simply went to a tour bus, which has been life-changing. Every part I do has been business-centered, proper? So we needed to go to a bus, however we didn’t wish to go into debt to go to a bus. So we put it to a band vote a handful of occasions.
Even after having a primary hit, even after having a platinum file, we nonetheless have been in a van and trailer as a result of we have been constructing it long-term and we needed it to be sustainable. And so we simply now went to a bus, and that has been life-changing as a result of my days, as an alternative of driving ourselves by the midnight after a present in a van and sleeping in a bench seat and taking shifts driving, we now have a bus and a bunch of bunks and a driver. So we play the present, get off-stage, bathe, hop in a bunk, after which eight hours later we get up within the subsequent city and we do it once more. So there’s comparatively no routine, however we’re making an attempt to make some routine out of the loopy life-style that we’ve.

Rob:
Man, that’s actually cool. Effectively, everybody stick round till the very finish as a result of Corey’s really going to be performing. No, I’m simply kidding. Think about if we simply dropped that on you. Okay, in order that’s superior, man. I really like to listen to it. You’re a really right down to earth man, dude. We have been simply chatting earlier than this for a bit. Are you able to inform us somewhat bit about your life earlier than you discovered actual property? What was your loved ones like and any classes that got here from their affect?

Corey:
Completely. I come from an extended line of entrepreneurs. I feel the primary lesson that I’ve realized from every of them is you get out of it what you set into it, proper? I’ve seen lots of people in my household hustle their manner into an amazing life. My grandfather has an enormous cattle operation and 1000’s of acres. He’s the one which taught me spend money on land and what to search for, what he seems for when shopping for property, and that’s the place the true property bug appeared in my life. I simply noticed what he was in a position to construct for himself.
He purchased some property when he was simply beginning a household. The checklist value he tells me was like 300 bucks an acre, and he needed it as a result of he knew the man, his father-in-law owned the piece subsequent door and he stated, “If that man desires that property, then I would like the property subsequent to it as a result of I feel he’s clever.” He over bids on this property as a result of there’s a number of provides on it. He finally ends up shopping for it at $1,000 an acre, and all people thought he was completely insane. And now frontage on the street within the city, it’s going for 120,000 to $250,000 an acre on this city. Now, granted that’s 50 years later, however he purchased up 1000’s of acres. So he was the man that opened my thoughts to, “Wow, there’s issues that I can do outdoors of my day by day job that may assist present for my household. I may be clever with what I create and I generate to reinvest to additional my life and my household.”
After which outdoors of that, simply seeing the liberty that comes together with being your personal boss in no matter capability that could be. My mother owned a clothes retailer, a girls’s boutique for 20 one thing years. My dad has his personal legislation agency. For me, I turned a musician and I simply approached it like a enterprise. Despite the fact that it’s not essentially the most businessy factor that you can do, it’s what my skillset was, and I’ve loved the liberty that comes together with controlling my very own time.

Rob:
Yeah, man, that’s actually cool. Yeah, I imply, having a household of entrepreneurs develop up in that atmosphere, I’m positive it actually influences rather a lot for you, proper? So, would you say that entrepreneurial mindset influenced your option to pursue music?

Corey:
Yeah, completely. Truly, I noticed a photograph. I graduated faculty 2016 from Oklahoma State. You get to jot down on high of your, your commencement cap. It’s form of like a factor there. Effectively, for me I wrote “By no means made a resume” on high of my cap as a result of I went to highschool with the mentality of I’m going to study as a lot as I can and I’m going to community and I’m going to simply soak up life expertise. For me, I used to be taking in ammunition to jot down songs. I knew that’s what I needed to do. And I needed to have an schooling, however I didn’t wish to have a backup plan. So I didn’t apply for jobs, I didn’t make a resume. I went and acquired an schooling after which I went and chased my dream. That was positively a results of being raised with an open thoughts of like, I can go and begin a enterprise. I can hustle. I can dwell merely till I get the place I wish to go, till I get my enterprise off the bottom. And it took fairly some time, however I used to be in a position to do fairly nicely.

Rob:
Man, that’s so cool. So you actually didn’t give your self a plan B?

Corey:
No, I positively knew what I needed to go after. My mentality and my character have all the time been, I suppose, excessive danger tolerant. I simply turned 29, so I see myself as I’ve a place the place I can swing for the fences and strike out and lose all the things and nonetheless by 35 rebuild all the things. I see the benefit of my age, and due to this fact it makes me somewhat extra apt to take some large swings. And particularly popping out of faculty, I used to be like, “Man, I don’t have any cash anyhow. I’d as nicely go after what I wish to go after. The roles are all the time going to be there. I acquired my enterprise diploma, however I didn’t wish to accept something lower than what I used to be obsessed with.” And that’s the place this podcast and actual property, and that’s why I’m right here, is as a result of actual property enabled me to maintain chasing that dream even when the dream wasn’t paying for itself. And so it has a extremely cool place in my journey of simply preserving my dream alive.

David:
Yeah. So music generally is a notoriously fickle enterprise. Do you bear in mind something that you simply did earlier than your profession actually gained some traction to avoid wasting cash, like what you have been consuming or the way you simply survived?

Corey:
Oh, man. Yeah. I’ve a horrible instance for you, however really it was so prevalent. We had a home. A bunch of my buddies and I had a home in faculty and the rooms have been like 250 bucks a room, so it’s already low-cost. Effectively, me and my finest pal who now lives seven homes down from me in Texas, and he’s elevating his household proper subsequent door, we determined 250 bucks wasn’t low-cost sufficient so we break up the room. So we have been each dwelling or sleeping on trundle beds. So one mattress folded underneath the subsequent. And whereas I used to be dwelling in that home, day-after-day I ate canned hen and rice for lunch and dinner.

David:
I really feel like I’m speaking to a younger me. That is my complete life, man.

Corey:
I bear in mind I had a mentor that was like, “Reside like no person else lives now so as to dwell like nobody else lives later.” And that simply caught with me. I simply bear in mind going, “Okay, after I’m married, when I’ve a household, I don’t wish to have to actually scrimp and simply get by. I would like to have the ability to do the issues that I’ve all the time envisioned doing with my household. And so I’m going to dwell actually merely now in order that I can set myself up nicely later.” My mentality has advanced since that time, however I feel there’s one thing good about being uncomfortable and making your self be inventive. To the extent that my roommates from that home of just about 10, nicely, seven years in the past now, the roommates from that home texted me after I signed my file deal, and so they have been like, “Congratulations, man! We’re so joyful for you. Does this imply you’re not consuming canned hen and rice anymore?” It was such a humorous second, man, however I worth these days. It taught me rather a lot.

David:
So that you moved to Nashville at 17, and that was the primary time that you simply tried to purchase a home. This was your preliminary foray into actual property, which is loopy that you simply’re doing that at 17, man. I’m nonetheless in highschool at 17. What occurred on that deal?

Corey:
Yeah. So I used to be driving round Nashville, and East Nashville was form of the place that I felt like I might afford to purchase a home at 17 years previous. I don’t know why I assumed I might afford that. It simply appeared fairly priced, I suppose. However mainly, I went to the financial institution and stated, “Hey, I discovered this home. It’s $120,000. I feel I should purchase it. I can hire a room out. I can positively deal with this fee.” And so they checked out me and so they have been like, “Completely not. We’re not supplying you with any cash.” And I went, “Why not? I do know I could make this fee. Take a look at my earnings.” Now, it wasn’t nice, nevertheless it might cowl the fee. And the response was, “Effectively, you don’t have any credit score.” And I used to be like, “Effectively, how do I get credit score?” And so they have been like, “Effectively, you don’t have any, in order that’s going to be powerful to do.”
And so I went to my dad and mom, I stated, “How do I get credit score? How do I set up credit score as a 17-year-old child?” And my dad and mom actually didn’t have an amazing reply for me both. So I mainly walked again into the financial institution and I stated, “Right here’s 500 bucks. Are you able to give me some type of credit score and simply take this. If I don’t pay it again, you possibly can hold the five hundred bucks.” And so they have been like, “Oh, a secured line of credit score.” It’s like no matter you wish to name it, proper? And that’s the first time that I actually even knew what credit score was. That sounds horrible. I knew what a bank card was and what it did, however I didn’t know go get one. So I simply began there. Clearly, I didn’t get to purchase the home. And wouldn’t you already know it, that very same home, I watched it promote for 400 one thing thousand {dollars} a pair years in the past. So my sniffer was working, however I didn’t have the means to do it, nevertheless it despatched me down a path of like, I’ve rather a lot that I must study.
And I feel that’s why I’m so obsessed with… In the event you speak to my associates in my band, I’m obsessed with serving to individuals make their first buy in actual property as a result of there’s no person that had much less data or useful resource than I did simply on the onset. I simply needed to begin from absolute scratch and go work out get able to purchase one thing. And I’m tremendous glad that I’ve, as a result of like I stated, it set my household up rather well. However that’s the place it began.

Rob:
Yeah. So that you begin increase the credit score aspect of issues. You clearly get rejected on this home, however what’s that second like? Are you defeated and are you want, “Okay, this isn’t for me”? Or have been you simply keen to undergo the method to get you to the primary home? What was that mindset at the moment?

Corey:
Man, I imply, I used to be 17. I used to be tremendous naive. However the world was an enormous journey to me. I graduated highschool a 12 months early to maneuver to Nashville, to chase a dream of writing songs. And after I acquired there, I spotted, “Hey, it’s in all probability cheaper if I purchase a home than to hire one from any individual, so let me attempt to go purchase one. Oh man, there’s an entire nother world that I do know nothing about. Now I’m intrigued. And this looks as if a problem.” Which if you already know something about my character, I really like that. So I simply felt prefer it was wholesome problem and I didn’t suppose something of it actually apart from, “I wish to attempt to determine this out.” Yeah.

Rob:
Yeah. Cool. So for context, what was your family earnings at the moment?

Corey:
Oh my gosh. At 17, dude, I used to be actually consuming subway $5 footlongs and having them break up into thirds. On the store, I’m going within the morning, I’d be like, “Are you able to make me bake an egg and cheese $5 footlong and break up it into thirds?” as a result of that’s breakfast, lunch and dinner. I imply, perhaps, perhaps if I used to be fortunate I used to be making like $20,000. That was simply aspect hustles, like singing demos and crashing on pal’s couches. I used to be sleeping in my truck at this level. After I overstayed at my welcome on my pal’s sofa, there was no cash available. And that’s a part of why actually the financial institution was like, “Completely not. We’re not going to mortgage you any cash. You’re a 17-year-old child that may be a freelance musician.” So I get it, however yeah, you bought to seek out methods to navigate round your circumstances. And some years later, I used to be shopping for land and simply stored going.

David:
So your first official actual property deal wasn’t really a property since you couldn’t get the mortgage. So what did you find yourself doing?

Corey:
Yeah, so my first property was a uncooked piece of land in Williamson County, Tennessee that we nonetheless should at the present time. It’s stunning. Actually, it’s like a 5 and a half acre subdivided, rolling hills, stunning bushes, property. Principally, I knew that we couldn’t go journey out and purchase a home at that time, however I knew that I needed to get my ft moist in actual property. My spouse and I, have been dwelling actually merely and we knew we had somewhat bit of cash that we might both allocate in direction of financial savings or we might allocate in direction of one thing like land. And so, I simply form of clearly talked by this with my spouse and we reframed our mindset to, “This land goes to be our financial savings.”
And that opened up our minds somewhat bit, way more than it was to the opportunity of having the ability to put ourselves able to go buy one thing. As a result of I feel lots of people, not less than individuals my age, their barrier to entry is like, “I’ve to have a ton of cash saved up. I’ve to have extra rolling so as to make my first buy. Or I acquired to have rather a lot sitting in an account someplace.” And actually what it got here right down to is I had made a relationship with a financial institution and so they took an opportunity on me and I purchased this land, and I had it paid off inside two years, even on tremendous low earnings. I simply put each spare greenback that we had in direction of that with the mentality of, “That is our financial savings account. It’s okay if there’s not rather a lot left over on the finish of each month as a result of that is our financial savings.”

Rob:
And so, inform us about that piece of land. What did it value? Did you may have any companions on it? Was it simply yours?

Corey:
Yeah, so no companions on the land. I don’t suppose we had a co-signer. Yeah, the truth is, I do know we didn’t have a co-signer or something. It was listed at, I wish to say $135,000 and we acquired them to 119,000. And I used to be actually feeling defeated by that. I bear in mind going, “Man, if I can’t get this at $100,000, then I really feel prefer it’s simply too costly.” However I knew we might make the fee. I simply was on precept desirous to “win the deal,” win the negotiation. And so I bear in mind my grandfather telling me like, “Hey, every bit of land that I’ve ever bought felt somewhat too costly. And in hindsight, it’s all the time been transfer.” And so inside my parameters, I used to be like, “This suits the outline that I’ve heard my grandpa preach.” And so I pulled the set off on it.
Even at closing, I used to be like, “Man, did we simply get taken?” After which a pair years later, that property’s doubled in value. So it’s been an amazing transfer, nevertheless it was a… I don’t even know what we might really get for it. I’ve simply seen what different properties round have bought for, and it’s greater than doubled what we bought for. What it did was it gave me instrument in my instrument belt. And what I imply by that’s now two years after shopping for this piece of land, I had it paid off after which I used to be ready to make use of it as collateral to go transfer rapidly on different offers even after I didn’t have the money reserves to maneuver rapidly.

Rob:
So inform us what modified about your monetary scenario? Was the music aspect of your profession beginning to take off? As a result of rewind a bit, and simply the financial institution mainly stated no, proper? And so they’re like, “No, thanks.” After which now we fast-forward to this land buy that you simply purchase, after which not solely did you purchase it, however you paid it off in two years. Was it all the time a plan to pay it off in two years?

Corey:
I used to be very, very afraid of debt, extremely afraid of debt, very a lot so like Dave Ramsey, “You need to by no means purchase something which you could’t pay for in money” and all that type of stuff. And so this was an actual danger for me, and so I needed to pay it off as quickly as doable as a result of I felt like there was a monkey on my again. And that’s how I realized about fairness jail, proper? I’m tying up all of this cash into one thing. I’m undecided it was the wisest use, however the one manner that I’ve actually ever been in a position to study is firsthand. That was an amazing studying expertise for me.
However what modified was I met any individual at a financial institution, a president of a small financial institution, and it form of opened the dialog to, “Look, I don’t have the everyday earnings, however let me present you all the things that I’ve.” They have been keen to do an in-house mortgage, and we did an adjustable charge mortgage. It wasn’t a standard mortgage of any kind. They have been in a position to simply take an opportunity on a child from Oklahoma, and it was a small Oklahoma financial institution. I didn’t actually understand it on the time, however what paying off that land in two years did was it constructed their religion in me, proper? They went, “Oh, shoot, this 22 12 months previous child simply knocked out his land mortgage and now he’s asking to purchase a rental property. Yeah, perhaps we’ll take one other swing on him.”
And so, if I’m speaking to my friends and my associates about their actual property funding, I’m saying, ‘Hey, look, I didn’t have rather a lot after I began. I didn’t make rather a lot after I began. And crucial factor I can let you know is construct relationships, as a result of that’s what opened the door for me within the first place.” And so, I form of measure all the things now in my life by, “Can I decide up the telephone and name or textual content any individual?” Whether or not that’s my lender or whether or not that’s my supervisor or whether or not that’s any a part of my enterprise, I wish to have them at a fast response. And that has made all of the distinction in each buy and sale that I’ve made since then, is simply having a private contact and relationship with every workforce member.

Rob:
Yeah, that’s an necessary ability and arguably crucial ability to have as a result of it’s a must to perceive who to name as an alternative of making an attempt to determine resolve the issue your self. And so yeah, you stated this piece of land was about 100,000 bucks. Had been you making more cash at that time and that’s the way you have been in a position to repay that land in two years?

Corey:
No, probably not. Principally, the best option to put it’s we discovered this program the place we have been dwelling in an house in downtown Nashville, my spouse and I. This house had a place the place if you happen to hosted three occasions a month, you bought 75% off your hire, that means you placed on socials for the house complicated to construct neighborhood. And so, we took that place and I used to be writing songs, so I had a extremely small wage from Warner Chappell, the songwriting firm that I used to be writing for, and we lived actually merely and we didn’t have youngsters. We had one on the best way at this level.
We simply lived so minimally, however not cheaply. I don’t know clarify the distinction actually, nevertheless it wasn’t like we have been consuming canned hen and rice nonetheless, proper? We have been dwelling regular life.

Rob:
You spent cash on what was necessary, however you didn’t splurge on the issues that weren’t necessary.

Corey:
Completely. We’re nonetheless going out to have a good time issues and we’re dwelling a standard life, however we have been discovering a manner creatively to do it actually affordably. And so, as an alternative of spending 1,500 bucks a month on hire, we’re spending 650 I feel is what we have been paying, which is tough to consider now as a result of all the things’s so costly. However we simply acquired inventive after which took the surplus. And as an alternative of upping our life-style, we put it into this glorified financial savings account referred to as uncooked land.

Rob:
So, you talked about that it checked a whole lot of the bins that appeared to line up with what your grandpa’s standards when he purchased land. Are you able to simply speak about a few of that? What have been a few of the bins you have been checking with this piece of land once you made the supply?

Corey:
Yeah, I imply the primary… That is form of one thing that I’ve realized, one thing that was talked about, however I’ve discovered actually helpful is following the varsity programs. That was the layman’s time period, tremendous easy manner for me to determine an space that I assumed was going to do nicely over the subsequent 10 years, proper? And that was the one barometer I had for shifting to a special state and shopping for actual property. I didn’t know the areas like I do in Oklahoma. So I adopted the varsity system and I knew that Williamson County had nice faculty programs and there have been cities in that county that have been nonetheless fairly undeveloped and had a whole lot of room for development. And that’s form of how I recognized Fairview. After which as soon as I recognized the city, I had a pair conversations with my grandfather. Fairly easy issues that rang true was like he all the time checked out shopping for properties which have hardwood bushes on them like immediate rebates virtually, as a result of you possibly can have these bushes thinned and make some cash on that, and any individual will are available and purchase these. In order that was one tip.
Clearly, this piece of property wasn’t sufficiently big for that to actually play an enormous issue, nevertheless it did have some hardwoods on it. In order that’s what caught my eye initially. After which it was in an space that the roads are good and all the things is beginning to… You possibly can inform that there’s some youthful {couples} shifting out that manner, nevertheless it was very early on. So between like, “All the time bought the mineral rights” and simply stuff that I’ve heard rising up from grandpa coupled with following the varsity system, that was sufficient to get me on this piece of land. After which I regarded round on the those who have been shopping for properties on both aspect of me and speaking with them. Like one of many properties on the left of us bought. I went and talked to this man. He was a fairly profitable man in actual property. And actually, simply being naive and asking a bunch of dumb questions, he form of gave me his rundown on why he was buying this piece of land, and it simply added to my confidence within the property.
So I feel doing all of your due diligence of who’s within the space. It all the time helped me to speak to the neighbors and get a really feel for the realm too.

David:
As soon as you purchase this land, what do you do with it?

Corey:
I’ve finished completely nothing with it. Truthfully, we purchased it as a result of my spouse and I needed to maneuver to the nation. We have been dwelling in downtown Nashville. However my spouse is from Coppell, Texas, which is a suburb of Dallas. And I simply bear in mind going, “Man, earlier than we transfer out to the nation and attempt to go construct a home or purchase a home or no matter, let’s guarantee that we prefer it first.” So to at the present time, we really haven’t finished something with the land. It’s the final remaining vacant lot. There’s like 10 or 15, 5 and a half acre tracks of land, and so they all have model new stunning properties on them. After which there’s our piece.
Our plan has form of modified. We purchased this land pondering we’d keep in Tennessee for a very long time, and that wasn’t what ended up taking place. Even earlier than we had the funds to construct a home, that was the dream on that piece of land, we didn’t have the flexibility to go construct a customized home. So the subsequent buy was we purchased a main residence on the outskirts of city within the nation and came upon… I’m glad we did that as a result of we came upon that my spouse didn’t love dwelling within the nation as a lot as we thought she would. It’s Chip and Joanna Gaines, make it look very interesting on TV, nevertheless it’s not all the time what it appears.
So we nonetheless have that piece of land, and I feel we’re approaching a section of life the place our youngsters are 5, three and one, and as they become older, they’ll be rather less excessive upkeep, proper? Most of them are fully dependent proper now. So I feel we’re approaching a season of life the place we might transfer somewhat additional out and be on some acres and actually take pleasure in it. However on the time, we had our first child and we didn’t have any household within the space, and so dwelling within the nation was form of isolating. So we simply form of set it apart. The property taxes on that piece of property relative to rental homes and Airbnbs and people type of issues, it’s simply so low. And as soon as it’s paid off, it’s simply the best, most low upkeep factor to carry onto.

David:
So failed desires manufactured from shiplap and what you realized.

Corey:
Precisely. And don’t belief HGTV.

David:
Typically, sure. Each single individual that desires to grow to be an actual property agent sees it on HGTV, those who take a look at renovating homes, it’s nothing, nothing like that in any respect. And everyone knows that it’s nothing like that, however but we nonetheless get sucked into pondering it. So, that’s humorous. You really transfer out to the nation and also you’re like, “Oh, there’s a septic tank. There’s mosquitoes in every single place.” When I’ve to go to the grocery retailer, it’s like 35 minutes every manner, proper?

Rob:
That was the worst half.

David:
There’s no Chipotle’s wherever.

Rob:
Oh my gosh. Yeah. So we lived on 52 acres in Gatlinburg, and so I used to be like, “It’s land. We’re on a mountain, we’ve views of the mountains.” After which it’s like an hour away from the closest large metropolis Knoxville, and that was coming proper off of COVID, so it was somewhat bit… We have been already corn heating for a 12 months, after which we moved out to 52 acres and it form of felt like we have been secluded once more. And so I really feel you, man. It’s powerful. It’s powerful for positive. It’s stunning, nevertheless it’s powerful.

Corey:
It jogged my memory a whole lot of properties, so I really beloved it, the city that we have been dwelling in, however… And that is primarily a section of life factor. My spouse would thrive within the nation given the precise circumstances. However a brand new child, remoted, no household, no associates, new metropolis, it was simply powerful.

David:
Yeah. You want components, you want diapers, you want Robitussin. That’s an entire occasion to should go decide up that stuff. I might completely… Versus when your youngsters are older and so they might go journey a horse or journey a dust bike round or go fishing someplace shut.

Corey:
Yeah, you simply kick them out and also you say, “Go play.”

Rob:
Driving in a car with a new child for 30 to 60 minutes can also be… Wooh!

Corey:
Yeah, we realized that one firsthand too. Yeah, that was an fascinating season.

David:
So that you talked about short-term leases in there. What did you find yourself shifting on to after this land?

Corey:
Yeah, so dwelling in Nashville, we purchased the land. Then we examined out dwelling within the nation by shopping for our main in Dixon, Tennessee. Then the subsequent buy that we made was a rental property in downtown Nashville. I used to be mainly going forwards and backwards. We have been transitioning to dwelling in Texas, so I’m coming forwards and backwards from Nashville to Texas and Texas to Nashville, and I don’t have a spot to remain. So I’m, once more, again to sleeping on associates’ couches. We had rented out our main residence in Dixon, in order that turned a rental. The land’s nonetheless sitting there.
I’m staying at a pal’s home one evening crashing on their sofa, and it’s a tiny little place, perhaps 700, 800 sq. ft. They beloved the place they lived, however they needed extra space. And so I used to be speaking with them and mainly stated, “Okay, nicely if you happen to don’t thoughts me asking, how a lot do you pay in hire?” And so they advised me and I used to be like, “Man, that looks as if a bit a lot for the tiny spot that you simply guys have right here. Would you guys be keen to maneuver?” And so they have been like, “Yeah, really we’re looking for a spot that’s larger. We simply can’t discover one.” And so, I made a cope with them. I stated, “In the event you transfer into the home that I purchase, I’ll allow you to decide the realm. If we each agree on an space, we’ll purchase the home. I’ll allow you to dwell there. I’ll match your hire. And then you definately simply let me have a room to remain in after I’m on the town, which was each month.” And so they have been like, “Deal.”
So after just a few months of purchasing round, we ended up shopping for a home somewhat bit north of Nashville, contained in the river although, contained in the Cumberland River so on the downtown aspect. Purchased somewhat home, and that was the primary time that I by chance walked into home hacking. It was nice. It served a function for me. It helped them. It was similar to a mutually helpful factor that since then I want that I’d’ve realized about that previous to being married, as a result of that’s an entire completely different dynamic when you may have a partner concerned in that. However I additionally, that’s one factor that I hold telling all my buddies is like, “Man, simply purchase a home and fill it together with your buddies and have them pay hire. After which transfer out and fill it with that third pal to take your spot after which go do it once more.’ It’s simply so easy and also you get the good thing about dwelling there for a few years as your main and shifting on, and tax implications are all completely different.

David:
There’s one thing I feel actually highly effective about you splitting a $250 room, sleeping on a trundle mattress, consuming hen and rice that lights a fireplace underneath you to go work onerous since you’re not snug. Ache is like essentially the most highly effective motivator anybody might have. So everybody wakes up with a dream of their coronary heart of some kind, however you went and chased it as a result of sleeping on a trundle mattress, listening to a different man loud night breathing fart all evening isn’t essentially the most enjoyable expertise to have, proper? There’s one thing that’s compelling you to go work tougher that really in all probability if you happen to look again, helped you in your investing journey, helped you in your music journey, you bought to have some form of struggle in you. And once you’re too snug, you get a W2 job, they put the golden handcuffs on you, all of your cash’s going to hire on this house complicated, you simply get right into a rut of doing the identical factor on a regular basis.
After which once you get out of the home hacking the place you’re sleeping on the trundle mattress, now you present that to any individual else. Now another person will get that fireside that they’re getting to economize. They’ll transfer out of the home at 20 as an alternative of staying at dwelling till they’re 30 as a result of they will’t afford housing and so they simply complain about it on Twitter all day. It’s a greater mannequin to construct. And that’s what I simply love about what you’re saying. You appear to be you have been going to remark there.

Corey:
Yeah. What you’re saying about ache being a… Or perhaps discomfort is even a greater phrase for it, being a motivator, yeah, I imply each in actual property, however primarily in music. We must always simply put an enormous disclaimer on this complete factor. Actual property is one thing that I do fully on the aspect, and that’s one other level that I simply wish to share with associates and friends, is like, this doesn’t should be your main ardour so as so that you can succeed right here, to ensure that it to be value your time.
However music, I’ve been discomforted so many occasions and it’s led to the most important breakthroughs. For instance, throughout COVID, my spouse and I have been shifting to Texas, 2019, and I acquired dropped from my publishing deal, which is basically getting fired. I’ve by no means been fired from something in my life. I acquired dropped from my publishing deal, and the one factor that was preserving us in Nashville was that contract. And so, we had our first child and our second one was on the best way and we simply determined, “ what? We wish to elevate our household near grandparents and aunts and uncles and cousins. We’re going to maneuver to Texas.” And all people within the music subject was like, “Hey, the worst factor you can ever do in your music profession is to go away Music Metropolis.”
We determined we’re going to work twice as onerous from Texas, we’ll let God work out the remaining, and we moved. And as quickly as we acquired there, the entire world shuts down for a few years and music is not a viable option to make an earnings. So I acquired confronted with a few various things. One among them was I acquired to decide on between unemployment or taking a brand new job and studying do one thing new. So I ended up going to work at a few completely different locations, labored at a bike store, finally ended up touchdown at a pavement firm, which is why I referred to as my file Blacktop. There’s an entire backstory there. However what ended up taking place was in a season of life the place I had little or no earnings and our financial savings was simply fully depleted, I had a property that I used to be in a position to promote. And the day that my second daughter was born, we closed on this property and it was the primary time I’d ever bought something. And I simply bear in mind going, “This saved us. This put us able to outlive.”
I hope that an period like COVID by no means occurs once more. And I hope {that a} bunch of individuals which might be listening to this weren’t affected in ways in which drastic, nevertheless it fully totaled all the things for us and took us again to sq. zero. And if it weren’t for actual property, my primary hit, my debut file on a serious label, my touring profession, the best way that I’m in a position to present for my household would’ve been lifeless within the water. So it actually opened up some alternatives for me to simply hold my dream alive throughout a extremely powerful time. And a pair years later, issues begin opening up once more and I’m in a position to hustle and we’ve some rental earnings that complete time, nevertheless it positively was the factor that stored issues doable.

David:
All proper. So let’s recap the portfolio that you simply’ve constructed, by the best way, as a aspect challenge together with your music profession exploding. So what’s it appear to be now?

Corey:
Yeah. So so as of purchases, we purchased that uncooked land at like $112,000, paid that off in a pair years. That factor’s roughly doubled. We ended up utilizing that in a while down the road, like I stated, on that to collateralize the down fee on the Airbnb that we simply bought. We purchased a rental property in downtown Nashville for 319,000, and that will go for upwards of 425,000, 450,000 now. We’re persevering with to hire that as a result of we’ve rate of interest on it and we’ve a few of the finest tenants ever. That’s a totally hassle-free, worthwhile, non headache property, which is what I’m going for at this level in my profession.
I feel there’ll come a time the place I’m open to and have extra time to actually make investments and tackle some tougher initiatives. However we’ve our main residence in Frisco, Texas we purchased at 505,000. And Frisco continues to blow up, so who is aware of the place that one will find yourself? I’ve already acquired out of order, apologies. However we bought a property in Dixon, Tennessee. We bought it at 269,000. Did nothing to it. A pair years later, bought it at 325,000. A few of that’s luck of the timing, however once more, we adopted the varsity system. We discovered a model new home that wasn’t promoting for some purpose, went in and put in a suggestion, acquired it underneath asking after which acquired to exit. That was that sale that got here by throughout COVID that we simply actually wanted. In order that was excellent timing.
After which what I’ve realized lately right here in actual property is since our music profession has grown and we’ve began to earn more money, we’ve needed to search for some alternatives to seek out some tax breaks. And so, we purchased a cabin in Damaged Bow, Oklahoma, which is the place all of my household’s land and cattle operation is. We purchased that for $675,000. It’s a short-term rental cabin. It’s stunning. It’s model new. What we did was we did a value seg evaluation on this property and so they discovered far more deductions. And for individuals like me, like layman’s phrases, a value seg evaluation mainly permits you to depreciate the cupboards and the issues which might be going to depreciate and deteriorate sooner than 30 years. So, we have been ready to do this with a few of the extra earnings that we’ve coming in now, and it builds our actual property portfolio, nevertheless it additionally lightens our tax burden and it simply helps all the things general.
After which the final piece is we’ve a extremely passive funding in downtown Nashville the place we put… What was it? We put $25,000 into a purchase order of three and a half acres on Demonbreun, which is without doubt one of the fundamental roads in Nashville and downtown. There’s a bunch of bars and industrial buildings there now. They’re going to basically let the leases expire and go up and construct multi fam. And so then we’ll have the chance to purchase into that once more on the multi fam aspect, or we will exit, or we will simply let our preliminary funding journey.
We’re studying. I simply hold getting my ft moist and all of those completely different little sectors of actual property. I feel the subsequent factor I actually wish to strive is my buddy and I that purchased that Airbnb, we wish to go into some multi-unit, multi fam, one thing collectively, as a result of we’re simply studying. It’s actually onerous to purchase particular person properties proper now that cashflow with out being very, very hands-on. And that’s not a place I discover myself able to in the intervening time. So we’re trying to study extra and simply take one other swing in another space and continue to grow.

Rob:
That’s superior, man. That’s fairly the journey. I imply, I do know you consider it as type of a aspect factor, however given the success and all the things like that, I feel it’s actually encouraging for lots of people at dwelling to take heed to this and perceive that you simply don’t should do actual property full-time to construct wealth and use that wealth to get you out of powerful monetary factors if you happen to ever want it. So it’s actually cool, and I recognize you approaching to the present and sharing that with us, man.

Corey:
Yeah, man. Effectively, thanks guys for having me. I do know that I’m positively an outlier on this present, however I’ve listened to a whole lot of these and thought to myself like, “Man, these individuals have constructed these wonderful portfolios.” However I don’t really feel like I’ve something that’s relatable when it comes to my life stage or what I’ve. And so hopefully, it simply encourages any individual who’s on the fence about taking a swing and going for his or her first deal. Hopefully, it encourages them to understand that you simply don’t should be as far alongside as you suppose you may to tug the set off the primary time.

David:
Effectively, there’s this cookie cutter components that usually will get bought to individuals who don’t wish to spend money on actual property. And it actually fashioned, I really feel like, in 2010 after the final crash when all people was afraid. So they might painting actual property in a manner that was much less scary, the place we might say, “Purchase a property, get a pair hundred bucks a month of cashflow. Purchase one other one, do the identical factor. Get 50 of them, and then you definately’ll have monetary freedom.” You’ve taken benefit of most of the ways in which actual property builds wealth and match it into your life, which is profitable in different areas outdoors of that cookie cutter mannequin. To procure land, which most individuals would by no means even contemplate doing as a result of land doesn’t cashflow until you’re utilizing it to lift cattle on or pump oil out of or one thing like that. Effectively, that land is doubled in value. So regardless that you haven’t made cashflow each single month, you’ve made some huge cash from that actual property.
Effectively, if you happen to’re creating wealth out of your music profession, you don’t want the land to cashflow. You simply must have it in space with good faculties the place it’s going to understand. Then you definitely purchased a short-term rental, which supplied some cashflow to make up for a few of the different properties that weren’t doing as nicely, however they have been appreciating in worth. You labored it into an general monetary image and took benefit of a whole lot of the fairness development that comes from shopping for properties beneath market worth and in areas which might be rising with out being reliant on the cashflow since you’re on the market being an entrepreneur within the enterprise sense. That’s what I really like concerning the story that you simply’re telling right here. You additionally included onerous work and saving money in order that you can spend money on actual property moderately than saying, “Effectively, I’m not keen to sacrifice my life-style. I would like the deal to simply seem at my doorstep and cashflow for me. And if I can’t discover that, nicely then I’m going to maneuver on investing in crypto or one thing.”
So everybody listening, A, observe your dream. Corey’s an amazing instance of that. B, don’t be afraid of being able of ache. That’s okay. It will probably really assist inspire you in some ways and create a richer life, which I’m positive helps in terms of your music writing, which you probably did for a very long time, in order that noticed within the C, deal with constructing abilities and never simply in search of the simple manner out. You wrote music for different artists for a very long time earlier than you have been writing your personal songs that have been well-known. And D, take a look at the best way that actual property does become profitable and make the most of that. As a substitute of making an attempt to power it to work for what works for you, mildew your life round how one can make a few of these issues work and you’ll have related outcomes. A terrific story.

Corey:
Man, yeah. And simply cherry on high, man, fantastically stated, this doesn’t should be your primary ardour in life, proper? It will probably have an amazing supplemental spot in your life that lets you chase no matter that main dream is. And it has made all of the distinction on the planet for me. I imply, even lately simply promoting this Airbnb whereas I’m closely reinvesting in my very own touring enterprise and going to tour buses and hiring workers. And as I’m constructing a enterprise fully impartial of actual property, it’s permitting me to reinvest and hold issues lean on that aspect. And I take a few of the wins from actual property and I fund my private life. So it’s simply going to open doorways and it’s going to gas these different desires that you simply might need in ways in which a whole lot of issues can’t. In order that’s the very last thing I had so as to add to that. However man, David, that was stunning.

Rob:
Superior, man. Effectively, hey, once more, thanks for sharing your story. And I hope you already know if you happen to ever want a sofa to crash on, David’s sofa is all the time open, my pal.

Corey:
Stunning.

Rob:
If individuals wish to study extra about you, the place can they join with you? The place can they give the impression of being you up, discover all of your stuff? Give us the rundown.

Corey:
Yeah, so my socials on each platform are @CoryKent, C-O-R-E-Y. Each Starbucks barista ever misspells my identify, so ensure you get the E. After which, yeah, so it’s @CoreyKent. After which coreykentofficial.com. You discover tour dates, you discover merchandise, all of the music’s there too. After which clearly, we’re on all of the streaming platforms as nicely. Yeah, outdoors of that, I’m simply tremendous grateful that you simply guys took the time to listen to my story as a result of I simply hope any individual on the market that’s on the fence, that is form of that differing issue, that defining issue that will get them to make their first transfer.

David:
One different factor that you simply and I’ve in frequent along with consuming boiled hen and rice and sleeping in different individuals’s rooms is we’ve an pointless E in our names that throws everybody off. I don’t know why there’s an E on the finish of Greene. It doesn’t imply it’s greeny. Cease asking me that. Nevertheless it’s brought on me-

Rob:
[inaudible].

David:
Sure, it’s brought on me a whole lot of grief as nicely. The freaking English throwing pointless vowels to phrases.

Corey:
Effectively, I’ve 1,000,000 questions for you, guys. I do know that the podcast was such as you guys internet hosting, however I’ve 1,000,000 questions off digital camera that I’m going to be sending you as a result of I really feel like I can study a lot from what you guys have finished. And clearly the present’s superior, so thanks for having me.

David:
Superior, man. We’ll see if we will get your characteristic right down to Seeing Greene episode. We’ll do this too. We’ll have you ever ask some questions on there and everybody can see. So please go try Corey’s Blacktop album. Purchase that. Assist him there. And tell us within the feedback what you concentrate on Corey’s story, which occurs to rhyme. Possibly I’ve a songwriting profession in my future as nicely.

Rob:
There’s an Ian story as nicely simply in case anyone’s questioning.

David:
Rob, the place can individuals discover out extra about you?

Rob:
Oh, yow will discover me over on Instagram @robuilt or on Threads if you happen to’re fashionable. In the event you’re up and up on the previous interwebs, yow will discover me on YouTube primarily over @robuilt. David, if individuals wish to obtain your demo, the place can they do this?

David:
Yeah, you possibly can look me up in every single place @davidgreene24 if you happen to want a ghost author. The actual property market is somewhat powerful. Charges are excessive. It’s onerous to seek out offers, so I’m making some additional earnings there. And go try my YouTube @davidgreene24. I’m dwell each single Friday evening. So, we recognize you guys being right here. Thanks for following the podcast. Ensure you like this and share it. Go try Corey’s album, Blacktop. Corey, any final phrases earlier than we allow you to get out of right here?

Corey:
No man, simply grateful. Nice to speak with you guys. Thanks for rescheduling. That’s all I acquired.

David:
Oh, superior. All proper, that is David Greene for Rob y’all Abasolo signing out.