Listen to the Podcast Here:
Watch on YouTube Here:
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 Course
Title 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.
- New or newish (1-3 properties) investor
- 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
- Scared of economic changes, of being left behind, of missing out on opportunities and unfulfilled potential in their life.
- Also scared of making a big mistake. Scared it’s too late. Risk averse.
- Feels stuck. Trapped. In worst times, a little hopeless.
- Really want more time, more freedom, more flexibility, more options
- 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
-
- The Myth of More
- 3 investor trip
- The business beast (may eat you alive)
- My sprint up the mountain
- Growth puppets (Investors, lenders = puppeteers, entrepreneur = puppet)
- Enough
- Simplicity and less mental clutter
- Space to do what matters
- John Schaub: Minimum properties needed to satisfy $-goals
- 7 Small & Mighty Rules
- Life goals 1st, business goals 2nd
- Happiness: Intrinsic vs extrinsic goals
- More Freedom > More Gold
- Relative wealth – Time, money, mobility (4HWW)
- Stories/examples
- Relative wealth – Time, money, mobility (4HWW)
- Don’t Defer Living Life
- Plateaus & Mini retirements
- Rekindle hobbies and passions
- Cash flow biz vs big paydays “someday”
- Question growth, scale, & speed (Outgrow the Growth Mantra)
- Relationships tough to scale
- Use creative solutions (vs growing your way out)
- Organic, patient growth vs forced timelines & leveraged growth
- Biz sweet spots
- Debt = a Tool (not a religion)
- Be anti-fragile (manage risk, not just growth)
- Season for every tool
- Be Better, not bigger (Be a Craftsman or Craftswoman)
- Mission/purpose/craft-driven → profit is just fuel
- Excellence = true north
- Bigness dilutes your craft, role changes, less time on passion
- Career capital
- Don’t Take Yourself So Seriously
- Identity = biz??
- Growth FOMO (“Envy is ignorance” – Emerson)
- Life goals 1st, business goals 2nd
- A Picture of an Ideal Small & Mighty Investor
- My story & others (traveling with family)
- Other stories (examples of what’s possible as a Small & Mighty Investor)
- 3 examples/portfolios of Small & Mighty (2 properties, 10 properties, 50 properties, — short-term rentals, apartments, …)
- ACTION EXERCISE: What’s your FI number? How many properties do you need? (hang up visible)
- The Myth of More
Part 2: How to Start
- One Property at a Time
- Hack Your Housing
- Low Cash Strategies
- Passive Investing Strategies
- Just Buy 4
ACTION EXERCISE: Write down your short-term property goal
Part 3: How to Buy Right
- The Right Location
- 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
- The Right Property
- 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
- How to Run the Numbers
- 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
- How to Find & Negotiate Good Deals
- Low-cost lead sources that work:
- MLS
- Driving for dollars
- Networking
- Other options to grow into
- Negotiating tips
- Due Diligence & Closing
- Low-cost lead sources that work:
Part 4: How to Get the Money
- Down Payment Strategies
- House Hacking Mortgages
- Investor Mortgages
- Creative/Alternative Financing
Part 5: How to Manage Rentals
- Self or 3rd Party Management – How to Decide
- Best Properties Attract the Best Tenants
- Tenant Screening 101
- Must-Have Landlord Technology
- Maintenance & Upkeep
- Bookkeeping & Administration
Part 6: How to Win the Financial Game
- Freedom in Phases (Starter, Builder, Ender)
- When (& How) to Pay Off Debt
- [Optimizing / next moves with portfolio / exit strategy]
- What to do When You Grow Up (aka Filling the Void)
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.
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?
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.
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
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
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.
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
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
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)
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).
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.
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!
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!