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 GuamTips for flipping new constructionWhy you should consider switching investing style after a flopWhy you shouldn’t buy a house, unless…Advice on long-distance house flippingWhat you should know about partnerships and trustHis experience investing in properties in military basesA discussion on leveraging propertiesThe importance of having a frugal lifestyleHiccups on his first property and valuable lessons from itHow he manages his properties out-of-stateAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Money ShowIntroduce yourself to the forumLeading LandlordBiggerPockets Podcast 230: Real Estate Investing as a Side Hustle with Grammy-Winning Producer Seth MosleyBiggerPockets Landlord FormsBiggerPockets Podcast 223: How to Become “Set for Life” Through House Hacking, Frugality, and Maximizing Your Income with Scott TrenchBiggerPockets Podcast 035: Quitting Your Job, Lifestyle Design, and Being a Traveling Landlord with Paula PantBooks Mentioned in this ShowThe Total Money Makeover by David RamseySet for Life by Scott TrenchLong Distance Real Estate Investing by David GreeneRich Dad Poor Dad by Robert KiyosakiFooled by Randomness by Nassim Nicholas TalebFire Round QuestionsWhat extras do you add to your leaseRecourse against property manager for fraudulent repair billing?Tenant wants to buy my houseTweetable 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 RichRich’s Personal BlogEmail Rich