156: The Conservative Money Cool Kid: Buying 20+ Houses in Cash with Richard Carey from Rich On Money
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 21 December 2020
⏱️ 84 minutes
🧾️ Download transcript
Summary
Most real estate investors get into real estate to get rich quick. If you’re looking to make a million dollars within your first year of real estate, this is the wrong podcast! But, if you’re looking to build a sustainable portfolio of cash flowing rentals while reaching financial independence in a very lucrative position, this is the episode for you!
Richard Carey, AKA the “Conservative Money Cool Kid'' started out in the military, not knowing that real estate was the place where he would create his wealth. He started with a duplex and slowly began building his real estate empire, even while overseas. He even took a 10 year break from real estate, and was still able to grow his position to an impressive level!
Real estate wasn’t the only way that Richard was investing. He was maxing out his IRAs and employee retirement accounts, investing in index funds and watching them grow more and more as he upped his contributions. Richard is a fantastic example of why you want to start investing as early as possible.
While most real estate investors champion loans and leveraging as much as possible, Richard thinks differently. He finds a position of strength by not overleveraging, owning rentals outright, and having a solid safety net to depend on. Richard now sits in a great position, early in life, with a lot ahead of him!
In This Episode We Cover
- The importance of maxing out your retirement accounts when you’re young
- How to not only pay off your rental properties, but primary home sooner
- Why there is an advantage to not having too much leverage on your investments
- How to test out a property manager when long-distance investing
- Why you should set goals to be in a financial position of strength
- Why you don’t need to be in a rush to invest right now
- And So Much More!
Links from the Show
Check the full show notes here: https://www.biggerpockets.com/moneyshow156
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to the Bigger Pockets Money Podcast, show number 156, where we interview Rich |
| 0:05.2 | Kerry from Rich on Money and talk about financial independence through long-distance real estate |
| 0:10.0 | investing while being deployed overseas. I was always learning, I was always checking real estate |
| 0:16.3 | prices, I was always talking to investors. Unfortunately, I didn't know about bigger pockets, |
| 0:20.7 | I didn't know about podcasts, I didn't know about any of these internet sites, or I read a few books, |
| 0:26.1 | I was just learning the old fashioned way, I guess, but you just kind of have this goal of like, |
| 0:34.0 | I'm gonna make real estate work, you know, this doesn't seem to work, the numbers don't look great |
| 0:38.4 | right now, but I'm gonna find a way to make this work. Hello, hello, hello, my name is Mindy Jensen, |
| 0:43.8 | and with me as always is my newly married co-host Scott Trench. Wow, later bring me in this week. |
| 0:50.0 | Oh, you're hyper-reached, I love it, I love it. Scott and I are here to make financial independence |
| 0:57.3 | less scary, less just for somebody else, and show you that by following the proven steps, |
| 1:02.4 | you can put yourself on the road to early financial freedom and get money out of the way so you can |
| 1:06.4 | leave your best life. That's right, whether you want to retire early and travel the world, |
| 1:10.3 | go on to make big-time investments in assets like real estate, or start your own business from a |
| 1:14.4 | position of financial strength, we'll help you build a position keepable of launching yourself |
| 1:18.6 | towards those dreams. Scott, I'm so excited to bring in Rich Carey today because he has a really |
| 1:34.8 | great story of cautiously investing from a position of confidence and a position of financial strength. |
| 1:43.0 | He didn't get some wild hair and decide that he needs to be a real estate investor with 100 units |
| 1:49.1 | today. He slowly started investing in real estate, and then as he had success, he did it again, |
| 1:55.2 | and again, and again, and again. And the overall message of this episode is don't just jump in with |
| 2:01.6 | both feet and wildly invest and hope it works out, be confident in your decisions and execute wisely. |
| 2:09.4 | Yeah, I think what I admire most about Rich is that he made it so easy, right? I mean, |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.