268: Acquiring 20 Long-Distance Rental Homes (on a Military Salary!) with Rich Carey
Many people feel that because their local market isn’t great for rental property cash flow, they can’t invest. Don’t tell that to today’s guest, who for the past decade has been doing just that—even while working full-time in the U.S. Military! Today’s guest is Rich Carey, who shares with us his strategy of buying rentals in one location, despite living in many different places across the world. Rich also discusses his strategy of NOT using leverage, instead choosing to buy properties with cash instead, which has allowed him to maximize his cash flow and has given him true financial independence. Rich’s story is inspiring and highly educational, so set aside time today to listen to the whole interview. We think you will really like this one!
In This Episode We Cover:
- How he bought his first property while assigned in Guam
- Tips for flipping new construction
- Why you should consider switching investing style after a flop
- Why you shouldn’t buy a house, unless…
- Advice on long-distance house flipping
- What you should know about partnerships and trust
- His experience investing in properties in military bases
- A discussion on leveraging properties
- The importance of having a frugal lifestyle
- Hiccups on his first property and valuable lessons from it
- How he manages his properties out-of-state
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Money Show
- Introduce yourself to the forum
- Leading Landlord
- BiggerPockets Podcast 230: Real Estate Investing as a Side Hustle with Grammy-Winning Producer Seth Mosley
- BiggerPockets Landlord Forms
- BiggerPockets Podcast 223: How to Become “Set for Life” Through House Hacking, Frugality, and Maximizing Your Income with Scott Trench
- BiggerPockets Podcast 035: Quitting Your Job, Lifestyle Design, and Being a Traveling Landlord with Paula Pant
Books Mentioned in this Show
- The Total Money Makeover by David Ramsey
- Set for Life by Scott Trench
- Long Distance Real Estate Investing by David Greene
- Rich Dad Poor Dad by Robert Kiyosaki
- Fooled by Randomness by Nassim Nicholas Taleb
Fire Round Questions
- What extras do you add to your lease
- Recourse against property manager for fraudulent repair billing?
- Tenant wants to buy my house
Tweetable Topics:
- “You can pay off a mortgage pretty fast when you put your effort into that.” (Tweet This!)
- “I don’t believe that you have to wait for things to crash then invest everything.” (Tweet This!)
Connect with Rich
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