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Afford Anything | Make Smart Money Choices

How I Bought 20 Houses, Debt-Free, While Serving Overseas in the Military - with Rich Carey

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 25 June 2018

⏱️ 76 minutes

🧾️ Download transcript

Summary

#136: Rich Carey is a military millionaire. He's spent his career in the U.S. Air Force; he's currently stationed in Seoul, South Korea. He was stationed in Germany before this. He'll retire after this. Most of his fellow servicemembers, upon taking a military retirement, start a second career. But Rich doesn't need to. He's financially independent, thanks to his 20 rental properties. He bought most of these properties while stationed overseas. He's renovated them from afar. And he's bought everything with cash. To say his story is impressive is an understatement. Every week, I get emails and messages from readers who say things like: *"I'd like to buy a rental property, but everything in my city is expensive!"* *"I'd like to buy a rental property, but I'm not handy. I can't do any of the work myself."* *"I'd like to buy a rental property, but I only make a middle-class income."* *"I'd like to buy a rental property, but we're a one-income household."* *"I'd like to buy a rental property, but we have two kids, and they're expensive."* Rich's story illustrates how someone with a middle-class income can invest in rental properties from out-of-state. He earns a military salary. He lives in Korea. He's the sole breadwinner in his family. He supports a wife and two children. He's definitely not taking 2 a.m. toilet-fixing phone calls. In fact, he hasn't even seen several of his properties. As you'll hear in the interview, my friend Emma and I visited Montgomery, Alabama about a year ago. Rich's properties are located there. During our visit, I sent Rich an email, saying "Hey, I'm in Montgomery!," and he replied with, "Cool, I just bought another house there! You're welcome to drive by and see it from the outside." This means I've seen houses that he hasn't. *His* houses. ____ How did Rich start investing in rental properties? How did he grow a portfolio of 20 rentals? How could he build this free-and-clear, without taking out any loans? And how does he manage this from Germany and Korea? Find out in this interview. ______________________________ For more information, visit the show notes at http://affordanything.com/episode136 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything but not everything.

0:10.9

Every decision that you make is a trade-off against something else and that's true, not

0:14.3

just for your money, but also your time, your focus, your energy, your attention, anything

0:18.6

in your life that's a scarce or limited resource.

0:21.4

And so the questions become twofold.

0:23.4

Number one, what matters most?

0:25.8

And number two, how do you align your daily behaviors to reflect that?

0:30.0

Answering these two questions is a lifetime practice.

0:32.6

And that is what this podcast is here to explore.

0:35.6

My name is Paula Pant.

0:36.6

I'm the host of the Afford Anything Podcast and founder of AffordAnything.com.

0:40.5

And today we have a real estate-focused episode.

0:43.2

Now the vast majority of our episodes are not about real estate investing, so if that's

0:47.5

not your jam, don't listen to this one.

0:50.3

Search for our archives.

0:51.3

We've got a ton of great episodes about other topics, everything from starting businesses,

0:56.2

to investing in the stock market.

0:57.8

Check out any of those.

0:59.2

If you are into real estate investing, you're probably going to really like this one because

1:02.9

joining me is a guy by the name of Rich Carey, who, and I am not making this up, this is

1:08.2

totally true, he owns 20 houses, all completely free and clear, totally debt free, and he

1:17.7

bought all of those while serving overseas in the military.

...

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