Listen to the Podcast Here:
Watch on YouTube Here:
[updated 10/14/2022]Below is an EARLY draft outline of the book’s title, subtitles, target audience, and table of contents. It may look a lot different before it’s done!
But feel free to read it over, and I would LOVE your comments about:
- what you like
- what you don’t like
- what else you’d like to see in the book
If you or someone you know would make a good featured profile in the book, please let me know more in the comments below.
Thanks for being a supporter and part of the book writing process with me!
Chad / Coach
Rental Property Analysis
A course by Coach Carson that teaches you how to run the numbers so that you can confidently analyze and buy profitable rental properties. It also includes Coach’s rental analysis spreadsheet. Get the CourseTitle and Subtitle
Title: The Small & Mighty Investor
Subtitle: A Guide to More Freedom With Fewer Properties
Alternative Subtitles:
- The Guide to More Freedom With Less Hassle in Real Estate Investing
- A Guide to More Freedom With Fewer Properties
- A Guide to More Freedom & Free Time With Fewer Properties
- More Freedom, More Time, Fewer Hassles
- Small Real Estate, Big Freedom
Target Market:
- In mid to late 30s. Married.
- Starter or Builder (not Ender, although they might also like book)
- Active investor (5+ hours per week available)
- Wants to directly own real estate (vs passive syndications, REITS, etc)
- Loves the idea of real estate investing but is overwhelmed and/or intimidated by the “bigness” of typical real estate investing advice.
- Doesn’t relate to the examples they often see online and they’re seeking a role model and a system more in alignment with their goals and life priorities.
Pain/Desire of Target Market:
- Frustrated by lack of time and control over personal life.
- Feels stuck. Trapped. In worst times, a little hopeless.
- Really wants more time, more freedom, more flexibility, more options
- But scared of changing things up & making a big mistake. Scared it’s too late. Risk averse.
- Also scared of economic changes, of being left behind, of missing out on opportunities and unfulfilled potential in their life.
- Not opposed to work, per se, just doesn’t like the status quo trading hours for dollars
- Looking for a clear, trusted real estate/financial guide and process. Not over-the-top. Grounded, real, workable, understandable, doable.
BOOK OUTLINE:
Part 1: The Small & Mighty Manifesto
1. The Myth of the Big Real Estate Empire
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- Couple #1
- Couple #2
- Couple #3
- Let’s Extend the Trip
- The Three Currencies of a Good Life
- The 17-month trip of a lifetime
- [DRAWING/IMAGE]
- Big dog (“big business”) dragging the business owner
- Well behaved, smaller dog (S&M) sitting at business owner’s side
- [DRAWING/IMAGE]
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2. The 7 Small & Mighty Rules For Investing Success
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- 1. Life first, business second
- 2. Real estate tortoise (not the hare)
- 3. Just start with four properties
- 4. Be a craftsperson
- 5. Debt is a tool, not a religion
- 6. Don’t Defer Life
- 7. Measure success differently
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3. How to Become a Small & Mighty Investor
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- A small & mighty investor, defined
- Your Financial Independence (FI) Number
- An Income Floor Using Real Estate
- How Many Rental Properties Do You Need to Be Free?
- Financial Peace Using Real Estate (Karen and Bob story)
- Lean FI & Freedom earlier in life
- Freedom in their early 30s BEFORE financial independence
- The small & mighty entrepreneur
- EXERCISE: Your small & mighty investor plan
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Part 2: The Best Real Estate Strategies For the Small & Mighty Investor
4. How to Find Your Focus
5.Hack Your Housing to Live For Free
6. Wholesale For Fast Cash
7. Fix-and-Flip for Big Chunks of Cash
8. Short-Term Rentals for Big Cash Flow (include mid-term rentals)
9. Long-Term Rentals for Steady Cash Flow & Growth
10. Turnkey Investing for Those With Less Time
ACTION EXERCISE: Write down your desired real estate strategy. Keep it in mind throughout the rest of the book.
Part 3: How to Buy Right
11. The Right Location
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- Local or long-distance (Growth vs Cash Flow Markets)
- Big picture & local criteria to look for
- Short-Cut to pick the right market for you
- ACTION EXERCISE: Market study worksheet
12. The Right Team
13. The Right Property
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- My Ideal Rental Property
- Remember Land Goes Up in Value (Not the Sticks & Bricks)
- Property Types for S&M Investors (with pluses/minuses)
- Single Family Houses
- 2,3,4-unit Apartment Buildings
- Small Apartment Buildings (5-100 units)
- Condos & Townhomes
- Mobile Home on Land
- Small Mobile Home Parks
- Land
- Red flags checklist
- Insist on value, be flexible on property type
- My Ideal Rental Property
14. How to Run the Numbers
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- Two core return drivers
- Income
- Growth
- Key Formulas
- 1% rule
- NOI
- Unleveraged yield (~cap rate)
- Simple spreadsheet
- Internal Rate of Return
- ACTION EXERCISE: Run the numbers on 3 properties
- Two core return drivers
15. How to Find & Negotiate Good Deals
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- Low-cost lead sources that work:
- MLS
- Driving for dollars
- Networking
- Other options to grow into
- Low-cost lead sources that work:
16. How to Negotiating For Good Deals
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- Making an offer
- Negotiating tips
17. Contracts, Due Diligence, & Closings
Part 4: How to Get the Money
18. Traditional mortgages
19. Creative/Alternative Financing
20. Creative strategies if you don’t have down payment funds
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- BRRRR Strategy here
- HELOC, deal partner, lease options, master lease, 401k loan,
Part 5: Guide to Small & Mighty Property Ownership
21. Property Management Tips & Best Practices
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- Self or 3rd Party Management – How to Decide
- Best Properties Attract the Best Tenants
- Tenant Screening 101
22. Maintenance & Upkeep
23. Bookkeeping & Administration
Part 6: How to Win the Financial Game
24. Freedom in Phases (Starter, Builder, Ender)
25. Optimization, Debt Payoff, & Exit Strategies
Appendix:
- Case Studies (15-20 — some in book, some in bonuses on BP)
- Common objections/FAQ
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This is a terrific idea. I will definitely buy this book. I think that speaking to the need for finding the sweet spot and keeping balance in your investing life will be valuable to many small investors and is the biggest strength of this book. I really like the anti-fragile and manage risk aspect because I want to keep it small and not have to sell off too many non-yielding properties. I think you can also add that you are helping communities be safer and more prosperous through good tenant choices, so you are serving the community. Much of the part 2 nuts and bolts information is available in other books already, but if you bring the small and mighty angle into each discussion that makes it fresh and specific. I think that part 1 of the book is what I’ll be reading for the most because it’s exactly what I want to do with my investing.
Thank you for the feedback and support, Julie!
Thank you for presenting the idea about helping your community. That’s something I don’t emphasize enough, but it’s really at the heart of being a small & mighty investor. I feel like small businesses in general serve their communities with more passion and loyalty than big huge businesses. Real estate investors are no different. So, thanks to you I’m going to definitely try to find a way to weave that into the story.
Also good point about keeping the nuts and bolts parts fresh with the small & mighty perspective.
I’ll keep you up to date and really appreciate your help!
I have been trying to reach this point for a long time, I had my house in Miami with 2 efficiencies rented out but my husband always wanted to help people out even when my neighbor told me that was a bad idea, we ended up having to sell. Moved back to North Tonawanda and bought 2 houses, had to sell one before having finished because we ran out of money. We lived in the other and I got a job in Walmart so it took us 7 years to finish that house with life getting in the way. After following you we have been getting the education we needed along with jumping in and doing it. So we bought another house, Airbnb the first one lived in the 2nd while we fixed it up, did 3 flips and bought 2 more. One is a duplex we are holding moved into the new house and we are now renting out the 2nd house we had to fix up. Now since one was a 1031 we need to pull money out to continue to work and the other one was also a cash deal, we wanted to win the house, crazy market but I also want to pull money from that house. What do you recommend?
Norma, thank you for the comment and for sharing your story. It sounds like you’ve been on an incredible journey to get where you are. Congratulations on your progress.
I’d have a hard time making a recommendation without really talking longer and digging into the details. Unfortunately I’m not doing any 1-1 coaching right now either. But I will be teaching some live online courses in 2023. I hope to have the opportunity to work with you then.
I also want to say that I love the idea for this book, it seems like something I need now but I have to wait till your done writing it. I want to stay small, have enough for retirement, I did pull money from my 401k during Covid for my investments and now it’s a duplex so I’m happy with my decision.
Thank you for the feedback, Norma. I’ll be sharing snippets of ideas from the book on my podcast, email newsletter, and social media channels along the way. So, if you follow me there you’ll get some of the info now!
Hi Chad!
Great idea! I loved your first book. I really enjoy how you provide a bridge between the real estate investing community and the financial Independence community.
Since your video said you are looking for case studies, I would like to volunteer.
I started pursuing financial Independence through real estate investing in 2016 by investing in small and medium-sized mobile home parks.
At the time I was working 60 to 80 hour weeks as an engineer never and felt like I never got to see my two-year-old son or my wife. I was stressed and depressed and knew I had to do something to change my situation.
We are not quite financially independent yet, but very close! We were able to retire my wife, and I’ve been able to scale back to part-time at my day job. Most important, I’m 100x happier than I was 6 years ago.
There have been a lot of ups and downs along the way…
I’m sure you’ll get a lot of volunteers so no worries if it doesn’t work. Either way I’m looking forward to reading your new book!
Cheers!
Cory
Thanks so much for sharing your story and for the support! I sent you an email a few weeks back, but just wanted to thank you publicly as well.
Hi Coach,
I’m an active duty Navy guy and think the portfolio my wife and I have made would perfectly fit in your book. We have 3 properties but because one is paid off (and we’re working down the line to pay off the rest) we are able to bring in thousands of dollars each month instead of hundreds. Would love to tell you more and maybe inspire other service members and investors to achieve their financial goals without a ton of properties/leverage.
Thanks!
Brooks
Thanks for service in the Navy, first of all. And thank you for your support and feedback. I love your story! Sent you an email.
Hello Coach,
I am looking forward reading. It seems to cover a lot of my questions/fears.
I hope this will give me the last push I need to take action.
Good luck in the writing and enjoy the process.
Good the great job.
Hey Dan! Thanks for the comment and for the support. I hope you’ll find the book helpful. Working hard on it every morning right now!
Looking forward to the book coach! The outline looks good to me, maybe include a bullet on things not to do or short comings you have learned which slowed you down from achieving your goals. Like in hindsight If you did a few things differently etc
Thanks for the comment, Pat! That’s great feedback. I’m taking notes!
Hi Chad,
I am a 35 year old SC native and live in Charleston,SC (Daniel Island). I have been a full time investor for the last 6 years. I flip homes and have a rental portfolio of 6 houses. I completely agree with your small and mighty mindset and have actively built my business with this mindset. I have had unfortunate interesting life circumstances unfold at a young age which gave me a drive to build a sizable net worth. I met my wife while we were both studying abroad in France and we now have two daughters and have begun spending the summers in France. I have passed the accumulation phase and I am focusing on freedom, happiness, health and reduction of risk in my life. Feel free to reach out to me if you think my story may fit what you are looking for in your book.
Nick
Love your story! Thanks for sharing, and I appreciate the support. Sent you an email.
Hey Chad,
I’d be loved to be featured in the book as well. The elevator pitch on my story is that I always had this idea of retiring early even before there was a catchy marketing term for it. I started buying Real Estate back in 2005 when things were crazy and you could actually buy with no money down. Then I went broke in 2008 when the bottom fell out and I was upside down on all my properties. Bank took them all and I was broke. I started over again with the goal of buying one property every year. After 5 years I reached FI. I moved to the Virgin Island and thought I was going to work here but basically just ended up being retired. I’ve been here 3 years and my portfolio has doubled in value. I have 6 doors in Florida and I bought a house in Puerto Rico 2 years ago that I just started renting out. Now I’m looking at moving to Spain to lower my cost of living and make sure the money will last forever.
Jeff (The Retirementality)
Hey Jeff! Thanks for the comment and for sharing your story. I’ve sent you an email.
Hi Chad. As a small real estate investor this definitely speaks to me. So far your topics look good but they seem to focus on analysis for one individual property (which is essential). Related to this, one of the most difficult aspects I have when buying a property is determining what renovations / upgrades need to be done and estimating their costs. Resources and tips for this would be great. I would also love a chapter (or two) on REI portfolio goals / development and management. There are tons of resources online for analyzing individual properties but less so for overall portfolio management (esp for the small investor). For example, we have 3 detached properties, one of them our principal residence (with a registered bsmt suite that I keep for friends / family and maybe STR), then two others with a total of 5 doors. What I want to figure out is how many doors (or properties) do I want to end up with? (I’m thinking 5 detached homes). Do I use some of the strategies to eventually pay them all off? etc. If you’re looking at targeting markets outside the US, you might also want to consider some of the fundamental differences between Canada and the US. Anyways, would love to give your draft a read and happy to provide detailed comments from a small scale REI who is passionate but just figuring things out (and learning some valuable lessons along the way). I’m not sure if I’m comfortable being in your book but happy to review and provide feedback.
Hi Cindy! Your comment and feedback are so helpful. Thank you!
I will probably not have room to cover the estimating rehab costs part, but I can highly recommend a book by my friend J Scott on the topic. It’s called “The Book on Estimating Rehab Costs” (https://amzn.to/3d9seaL). I buy it each year for all of my Real Estate Deal School course students because it’s so good!
Your point about info on portfolio goals, and not just property goals is great. I’m definitely going to include that in the book in at least 1 or 2 chapters. You confirmed by choice!
And I may need some early readers so thank you for the offer! I’ll keep your name and email in mind.
Thanks so much!
I love the idea for the book and will definitely be purchasing the book when it becomes available! I definitely identify with not having the desire to be a real estate mogul and scale to huge portfolio. I do value freedom in my life and believe real estate can help me in that. Thanks for all the time and energy you put into educating and motivating people to take part in real estate investing!
Thank you for the support and for your comment, Jacob!!
This book idea is very well thought out and packed with good topics! I do have a unique approach myself as my wife and I have gather a few rentals properties! Id love to have the opportunity for my niche to be exposed in your book. We started with a house hack that lead to us buying our first rental, moving into it for 5% down, fixing it up, and then moving from it to our next rental! We have been moving every year paying only 3-5% down on properties that once we move we have rented out the very next day! We have 2 dogs and 2 young kids so all this moving has not been easy but it has been well worth it! We don’t make enough to acquire properties with 20-25% down so moving over and over was the only way we could start building our financial freedom and quickly! Even if you would not like this idea for the book I would be honored to tell my story that’s still developing to you as it could break down a barrier for a lot of people. Thanks in advance and I love all your content!
Thank you for the comment and the support, Phillip! I dropped you an email.
Hi Chad,
First of all thank you for all you do. I found your podcast a few months ago and have become a fan.
I believe my real estate strategy is a little different than the ones above (mine is not better just a little different)
I have a job I really enjoy (at least for now) So I am not racing to leave the workforce. However, just 6 yrs into my professional career I have survived 5 rounds of layoffs.
My why for buying real estate is:
1) A backup plan in case I ever get laid off. I sleep much better knowing that my family and I will not starve due to an unfortunate job loss
2) Good return on my investment with tax advantages
3) While I love my job today that could change in the future.
What is different about my strategy? I buy my properties in all cash. In my market the down payment for an 8-plex will buy a duplex in cash. The duplex cashflows as much or more than the 8-plex (because of the mortgage payment) and I have fewer tenants to manage. Yes of course in 15 years the 8-plex would cash flow more. But I want peace of mind now. Real estate is the safety net in my financial formula not the risk.
I currently have a paid for home, a paid for duplex and am actively looking for my next deal.
Thanks, Chad Carson for the kind information that you will provide in this Book.
Chad,
I love this idea and holding up an alternative to owning hundreds or thousands of rentals like other influencers focus on. This makes it feel more achievable and is encouraging to those of us who may already have a job they like but are looking to Real Estate as some insurance and another income stream. Focusing on just getting those first few properties makes it a realistic vision vs looking at someone who has 100 or 1,000 doors and being discouraged. Thanks for encouraging us and keep up the good work!
I am looking forward to reading the book,
Frank
Thank you for the feedback and the support, Frank! I’m working hard to get the book done so we an get it published next year. I’ll keep everyone updated!
– Coach
LOVED your first book! Thanks. I think this is a great idea for another book and think I might fit the mold of a “small and mighty real estate investor”. Would be happy to chat more if interested.
I like the idea and I’d definitely buy the book. I fit your ideal demographic. I’ve read your first book as well.
I would focus a lot on fewer units but running them extremely efficiently. Two other great books like that are LANDLORDING ON AUTOPILOT and THE TIME WEALTHY INVESTOR.
Definitely can’t wait to read this book. I really love the seven (7) Small & Mighty Rules For Investing Success. It keeps me focused and grounded.
Hi Coach! The outline looks wonderful, these are all topics I’m looking for a deeper dive on. I consider myself a starter. I have a very unique Short Term Rental. Two years ago my father and I rehabilitated a one room schoolhouse. I followed federal guidelines for rehabbing a historic property and took a 20% tax credit (yes credit) on the rehab costs on my state and federal taxes. I received almost $20,000 back in tax credits! The short term rental is booked almost every weekend a has a 5 night minimum in summer. My husband and I are planning to use it in about 10-15 years as a home base when we hopefully FIRE. But here is where I’m stuck. I know an investor that was less risk averse would pull the equity out of the schoolhouse for their next investment. I can’t quite bring myself to do that. So…..hoping your book will provide some of the confidence and knowledge that I need to take the next step! Thanks again! Jill
I was one of your students during the pandemic, and am encouraging my children to follow you to get them started with their RE journey.
You’re the real deal Chad. Love your posts … always straight to the point. Keep up the good work.
Hi Chad, thank you for your work. I really appreciate the way you share your knowledge.
I’m writing this comment to provide feedback on your question “what else you’d like to see in the book”. Now that you live in Spain. It would be great if you can also add real estate leanings for the European market (especially Spain and the UK). This will expand your target group and it will be very interesting for both US and European readers to read about specific learnings/differences you might experienced.