Welcome to episode 91 of my podcast The Executive Edge with Carl Fischer
Carl began his career at the Kennedy Space Centre as a rocket scientist, putting shuttles together and on launch teams and then moved into real estate. He is now the principle of CAMA Self Directed IRA, LLC (dba CamaPlan). He has implemented plans and managed over 20milllion dollars in real estate and uses his unique background, education and experience to support clients to control their own financial future.
From an economic standpoint, by renting a house you are in essence supporting someone else to buy their house. Carl believes this is less viable and discusses how owning property can be the most cost-effective way to build wealth. That is whether you are working or not.
What else did we discuss?
We went on to discuss what happens when someone new goes to see him for support and poses the question of how to get started in developing and furthering their wealth. He feels that when we focus on investing, it increases the likelihood of consistent positive cash flow even with hiccups along the way.
Carl explains that his primary goals were not just to make money but to give himself time. Giving himself more time in his life by investing in property, allowed him to increase his wealth, but still focus on his job and his family. Owning and renting property out, enabled him to receive a secondary income. He feels this is best achieved when completed without having to invest extra time and money doing up and selling real estate – otherwise called ‘flipping’. This he feels, would have become a full time job.
For some people such as Carl’s son it may be beneficial to invest in this practice. It involves selling when the market prices are high and buying when they are low. Carl chose not to focus on this but he does mention the rewards of doing so.
The benefits of investing in property are clear. For us to emulate this success and investment practice, Carl suggests using real estate investment associations. These help us to understand buying and selling real estate. They include support from online and deciding which area of real estate you want to invest in, weighing up the pros and cons of each.
Carl has invested in a diverse range of real estate to build his wealth. You can find out more about him here https://www.camaplan.com