Alan Corey | 💸 From a $45k Salary to a Real Estate Mogul: Alan Corey's Unconventional Path 📈

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Hey RE Rockstar,

Rich here from RE Riches. Are you ready to be inspired by a rags-to-riches tale? Dive into the journey of Alan Corey: a self-made millionaire who started from a technical support job and built a massive real estate empire.

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WHAT WILL YOU GET TODAY?

INVESTOR SPOTLIGHT OF THE DAY

At 22, Alan was just another young lad, finding his way out of his mom’s basement in Atlanta.

Moving to Manhattan's housing projects and earning a modest $45k…

Many scoffed at his dream of getting rich via real estate.

Fast forward to today, at 45, Alan boasts 366 units in his property portfolio, making him a testament to perseverance, strategy, and shrewd investing.

HERE’S THE BREAKDOWN

Embarking on his real estate journey in the heart of Manhattan…

Alan Corey was not one to be bogged down by his modest $45k annual income.

His vision was clear,

Channel a significant portion of his earnings into strategic real estate investments.

Alan's early years saw a consistent and disciplined approach.

Assuming he invested 25% of his income annually, that’s an initial investment of $11,250 per year.

As the years progressed, his portfolio's value began to show exponential growth,

Fueled by both the booming real estate market and his innovative strategies.

LET’S BREAK IT DOWN FURTHER

1. Initial Investments: By consistently investing a quarter of his salary, Alan potentially invested upwards of $112,500 over a decade.

2. Leveraging Residential Mortgages: With an average down payment of just 4.25% (averaging the range of 3.5% to 5%), Alan could have potentially acquired properties worth over $2.6 million in his initial years.

3. Maximizing Cash Flow: With his “shifting strategy” and listing all units on platforms like Airbnb and VRBO, let's assume an average nightly rate of $150 and an occupancy rate of 75%. With just one property, that's an annual revenue of approximately $41,062. Multiply that with several properties, and the numbers skyrocket.

4. Achieving Zero Housing Costs: By 2022, the average renter was paying 30% of their income towards rent. By eliminating this cost, Alan was not only saving but also reallocating these funds. On his initial $45k salary, that’s a yearly saving of $13,500.

Given these figures and the continued appreciation of real estate value over the years…

It's no wonder that Alan's net worth soared, culminating in a portfolio of 366 units.

BACK TO ALAN'S JOURNEY

Starting in Manhattan's housing projects, many doubted Alan Corey's vision for real estate success.

From his modest beginnings in Atlanta…

To navigating New York's dense property landscape, Alan's journey symbolizes perseverance and a bold vision.

Today, as a podcaster, entrepreneur, and author, Alan didn't just amass properties and wealth;

He became a beacon of hope for aspiring real estate investors.

His story serves as a poignant reminder that with the right mindset, strategies, and persistence…

Anyone can overcome their circumstances and achieve monumental success.

LESSONS FROM A SELF-MADE MILLIONAIRE

LESSON #1: LEVERAGE RESIDENTIAL MORTGAGES

While many view mortgages merely as a necessary evil of property buying, Alan saw them as tools.

Taking advantage of low down payment requirements and interest rates,

He illustrated that residential mortgages can be pivotal in building a rental portfolio.

It's not just about acquiring a property;

It's about maximizing its financial potential from day one.

LESSON #2: FLEXIBILITY OPTIMIZES PROFITS

Alan's "shifting" strategy is not just about short-term rentals.

It's a testament to the power of adaptability in the real estate market.

By being flexible and maximizing occupancy, he ensured consistent cash flow,

Highlighting the importance of thinking outside the traditional landlord box.

LESSON #3: ELIMINATE YOUR BIGGEST EXPENSE

Housing is often the most significant monthly expenditure.

By achieving zero housing expenses…

Alan could funnel more funds into investments.

This lesson underscores the significance of innovative thinking.

Whether it's renting out a spare room or leveraging your yard as a dog run.

Small adaptations can lead to substantial financial freedom.

LESSON #4: LEARN BEFORE YOU LEAP

Before diving headfirst into real estate…

Alan emphasizes the value of learning from experienced players in the field.

Whether it's partnering with a landlord or managing a rental, hands-on experience can provide invaluable insights.

It's a reminder that in real estate, knowledge isn't just power — it's profit.

EMBRACING THE COREY BLUEPRINT IN 2023

1. NICHE SELECTION: High-demand zones. College towns? Growing suburbs? Pinpoint. But, how do you get these? TRY THIS.

2. NETWORK. NETWORK. NETWORK. Agents. Investors. Tenants. Grow your circle. If only we could have the perfect Real Estate circle, right? Don’t worry, WE GOT YOU. 

3. STAY AHEAD: Market changes. Be two steps ahead. Always. That’s why you should follow: MAILING N1, COURSE N2, SMTH ELSE N3.

Alan Corey’s journey, filled with innovation, persistence, and a vision, provides a roadmap for anyone aiming to make it big in real estate.

Stay tuned for more tales from the world of real estate, where dreams turn into towering assets, and success stories inspire the next generation.

To more incredible journeys, shrewd strategies, and towering real estate successes,

— Rich, RE Riches