Meet Alan Corey of The House of AC

Good morning,

Did you know the Fed raised rates this week? For the first time in three years cost of borrowing is going up – albeit by 0.25%. The days of free money are (slowly) coming to an end.

The reason I bring this up is because some of us (myself included) have only invested in a falling interest rate environment. With the ground beginning to shift (again slowly) I thought it warranted to bring on an investor with a long track recorded of investing (22 years to be specific).

It is my pleasure to introduce you to Alan Corey of The House of AC

Alan Corey
Alan Corey

How many doors do you have?

Currently I have 350 and counting.

What got you into real estate investing?

I had a day job in NYC and I wanted to focus on stand-up comedy full-time, but being in the clubs till 3 am and getting up at 7 am to get to work made me terrible at both.

I knew having an alternative source of passive income would allow me to focus on my passion. Little did I know real estate investing would quickly replace comedy at the top of my passion list.

What market(s) do you operate in?

Atlanta, GA, Huntsville, AL, and Chattanooga, TN.

How would you describe your portfolio?

I just sold my 50 single family home portfolio and I’m slowly replacing all my small-multifamily holdings. I’m replacing them all with larger apartment building holdings and focusing on the larger apartment space.

What are you currently buying?

I only try to acquire properties with 20 or more units now and have started bringing in partners to pull off some really big deals.

Tell us about your biggest mistake in real estate?

Trusting a contractor with upfront cash payments. Then he kept finding “new problems” with the home as he was doing work on a different part of the home.

I finally caught on he was creating all the new problems himself so he can raise the bill on me. Then he ghosted me, which at that point I was completely fine with. Even the veteran real estate investors make mistakes, so don’t beat yourself up if you make a mistake as well. Every day is a learning experience for me, even 22 years into this career.

Tell us about your biggest win in real estate?

Three times I made a $1 million profit on a sale of a property.

First I time I held for 8 years, second time I held for 4 years, and the third time I held for 2.5 years. I teach that each property you buy comes with an imaginary lottery ticket called rapid appreciation that you have no control over. And the more imaginary lottery tickets you own and the longer you hold them, the luckier you will get.

All three times I made my original offer while telling myself I’d be happy to sell it for what I’m buying it for as the monthly cash flow was the main reason for each purchase. I still have that same thought process on everything I’m buying today.

Outside of real estate what else do you invest in?

Cryptocurrency is very exciting to me as I see it as a huge disruptor in REI as we will see capital fundraising, lender financing, and the transacting of real estate in Bitcoin and Etherium become the norm. Further, the use NFTs to transfer title and buy/sell fractional debt in the coming years will bring a wave of new opportunities. I encourage all real estate investors to learn all you can about it now.

Books people should read before investing

I am a real estate agent, realtor, author, and I do a daily livestream on real estate education. I get every question under the sun working with new investors, so I wrote a book that aims to answer them all called “House FIRE [Financial Independence, Retire Early]”.

I put my comedy writing chops to the test on this one by trying to make an entertaining, but educational, book on real estate investing. At the very minimum, I made myself laugh (which has parallels to my stand-up career.)

What advice would you give to a new investor?

Every investor says they wish they started earlier. So get started yesterday.

Enough business

Today is March 18th (unless you’re reading this sometime in the future) which means spring is a mere two days away.

For those of us living up north we get the privilege of leaving the house without freezing out face off. Sorry southerners – your time for temperate weather is quickly fading…

My point is that we need to take advantage of the nice weather and enjoy nature. Step away from those spreadsheets for gardening or getting lost in nature.

See you next week

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