Real Estate Investing with Coach Carson
#369: Should I Buy More Rentals or Pay Off Debt? (Here’s What I Did)
Nov 11, 2024
In this discussion, real estate investor Erion Shehaj shares his insights on the dilemma of acquiring more rental properties versus paying off debt for financial freedom. He reflects on his own journey starting from the 2008 foreclosure wave and emphasizes the importance of having a solid investment blueprint. The conversation explores the balance between growth and financial responsibility, the transition to multifamily investments, and the need for adaptability in strategy amidst personal changes. Erion offers thoughtful advice on navigating the complexities of rental investing.
49:54
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Quick takeaways
- Investors typically navigate three phases: starter, growth, and harvester, each requiring distinct strategies and mindsets for financial success.
- The growth phase encourages calculated risks to expand portfolios, but maintaining alignment with long-term financial goals is crucial to avoid burnout.
Deep dives
Transitioning Through Investment Phases
Investing in rental properties typically follows three distinct phases: the starter phase, growth phase, and harvester phase. In the starter phase, individuals focus on gaining knowledge, acquiring capital, and developing the courage to make their first investments. During the growth phase, the emphasis shifts to leveraging opportunities to expand one's portfolio significantly. By the time investors reach the harvester phase, they begin to shift their priorities towards cash flow and debt reduction, reflecting a need for stability and the enjoyment of their financial achievements.
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