How Real Estate Saved Corey Kent's Music Career

TL;DR

Corey Kent, a country music artist, used real estate investments to support his music career during challenging times. Despite starting with minimal income and resources, he strategically bought properties, including raw land and rental units, to create a financial safety net. This approach allowed him to pursue his passion for music without financial constraints, even during the COVID-19 pandemic.

Transcript

this is the Bigger Pockets podcast show eight zero nine in a seasonal life where I had very little income and uh our savings was just completely depleted I had a property that I was able to sell and the day that my second daughter was born we closed on this property and it was the first time I'd ever sold anything and I just remember going this sav... Read More

Key Insights

• Corey Kent used real estate to stabilize his finances while pursuing a music career.
• His real estate journey began with buying raw land, guided by his grandfather's advice.
• Corey managed to pay off his first land purchase in two years despite low income.
• He leveraged relationships with small banks to secure unconventional loans.
• Corey employed house hacking by renting out rooms to cover mortgage costs.
• His portfolio includes rental properties and a short-term rental cabin in Oklahoma.
• Real estate provided a financial cushion during the COVID-19 pandemic, enabling him to continue his music career.
• Corey's story illustrates that real estate can be a successful side venture while pursuing other passions.

Questions & Answers

Q: How did Corey Kent start his real estate journey?

Corey Kent began his real estate journey by attempting to buy a house at 17, but was turned down due to a lack of credit. He then focused on building credit and later purchased a piece of raw land in Tennessee. Guided by his grandfather's advice, he strategically invested in properties that aligned with his long-term goals.

Q: What strategies did Corey Kent use to manage his real estate investments?

Corey Kent used several strategies to manage his real estate investments, including house hacking, where he rented out rooms to cover mortgage costs. He also focused on buying properties in areas with strong school systems and growth potential. Additionally, he maintained relationships with small banks to secure unconventional loans.

Q: How did real estate investments support Corey Kent during the COVID-19 pandemic?

During the COVID-19 pandemic, Corey Kent's real estate investments provided a financial safety net. He sold a property at a critical time, which allowed him to sustain his family and continue his music career despite the economic challenges. His portfolio's passive income also helped mitigate the impact of the pandemic on his finances.

Q: What role did Corey's grandfather play in his real estate journey?

Corey's grandfather played a significant role in his real estate journey by imparting valuable advice on land investments. He taught Corey the importance of buying properties with potential for appreciation and the benefits of owning land with hardwood trees. This guidance helped Corey make informed decisions in his early investments.

Q: How did Corey Kent's approach to real estate change over time?

Initially, Corey Kent was cautious about debt and focused on paying off his land purchase quickly. Over time, he became more comfortable with leveraging debt strategically, using his land as collateral for further investments. His approach evolved to include short-term rentals and passive investments, aligning with his growing music career.

Q: What types of properties are included in Corey Kent's real estate portfolio?

Corey Kent's real estate portfolio includes a mix of property types, such as raw land, rental properties, and a short-term rental cabin in Oklahoma. He also invested in a passive real estate project in downtown Nashville. This diverse portfolio provided him with both appreciation and income opportunities.

Q: How did Corey Kent balance his music career with real estate investing?

Corey Kent balanced his music career with real estate investing by treating real estate as a side project that complemented his primary passion. He focused on passive investment strategies, such as hiring property managers and investing in hassle-free properties, allowing him to concentrate on his music career while still benefiting from real estate.

Q: What advice does Corey Kent offer to aspiring real estate investors?

Corey Kent advises aspiring real estate investors to build strong relationships with banks and lenders, as these connections can provide opportunities for unconventional financing. He emphasizes the importance of starting small, learning from each investment, and using real estate to support other life goals. Corey also highlights the value of being adaptable and open to different investment strategies.

Summary & Key Takeaways

• Corey Kent's real estate investments played a crucial role in supporting his burgeoning music career. By starting with raw land purchases and expanding into rental properties, he created a financial safety net that allowed him to focus on music. His journey highlights the power of strategic real estate investing as a side project.

• Despite initial setbacks, Corey Kent leveraged relationships with small banks to secure financing for his real estate ventures. His approach included house hacking and investing in properties with growth potential, which provided him with passive income and financial stability during uncertain times.

• The COVID-19 pandemic tested Corey Kent's financial resilience, but his real estate portfolio offered a lifeline. Selling a property during this period allowed him to stay afloat and continue pursuing his music dreams. Corey's story demonstrates the versatility and benefits of real estate investing.