meta_pixel
Tapesearch Logo
Log in
ChooseFI | Financial Independence Podcast

Rich Carey Real Estate | Building a Rental Real Estate Snowball Machine without Debt

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Business, Careers, Investing

4.8 β€’ 5.2K Ratings

πŸ—“οΈ 3 September 2018

⏱️ 79 minutes

🧾️ Download transcript

Summary

Twenty rental properties, all owned free and clear β€” and most people think you need a high-paying tech job to reach financial independence. Air Force Lieutenant Colonel Rich Carey proves them wrong by turning frequent military relocations into a cash-flowing real estate empire. Rich shares how he combined extreme frugality with strategic property acquisitions across lower-cost markets to build wealth on a military salary. Despite the conventional wisdom that frequent moves are a barrier to real estate investing, Rich used geographic mobility as an advantage, identifying opportunities in markets most investors overlook. Key Topics: Introduction to Rich Carey [00:02:07] Air Force officer's transition into real estate investing Frugality and Financial Independence [00:04:16] How a frugal lifestyle created the foundation for real estate success Rich's First Rental Property [00:13:17] Lessons from the first purchase in Alexandria, VA The 1% Rule in Real Estate [00:28:44] Why monthly rent should equal 1% of purchase price β€” and what happens when you ignore this rule Property Management Strategies [00:48:35] Managing properties from abroad using property management companies; leveraging cash offers in negotiations Rich's Future Plans [01:05:22] Retirement planning and dedicating more time to real estate Hot Seat Segment [01:08:36] Rapid-fire questions on favorite resources, biggest mistakes, and advice for beginners Key Insights: Max out retirement accounts (IRAs, TSPs) before investing in properties Always perform due diligence to ensure sound financial decisions Cash offers provide significant negotiating power A supportive partner accelerates progress toward financial goals Notable Quotes: "I was a fan of financial independence without knowing what that word meant." [00:02:43] "Save and invest and be frugal." [01:06:28] "Don't try to buy a house unless it makes sense financially." [01:07:56] "Cash offers provide great negotiating power." [00:37:20] Resources: Rich's Blog: Rich on Money [01:08:12]

Transcript

Click on a timestamp to play from that location

0:00.0

Your listening to Choose Appi Radio.

0:09.6

The blueprint for financial independence lives here.

0:20.4

If you're looking to unlock the secrets to financial independence and early retirement,

0:25.4

you're in the right place.

0:27.3

Stay tuned and join a community of like-minded people who are getting off the answer.

0:32.2

And taking control of their lives in the pursuit of financial independence.

0:36.3

Choose FI, your home for financial independence online.

0:41.7

Hello and welcome to the Choose Appi Radio Podcast.

0:53.0

Today on the show we are going to be talking about forced geoarbitrage, which is a slightly

0:57.4

different way of looking at the situation.

0:59.2

We are going to be speaking with Rich Kerry who is in the military, Air Force Lieutenant

1:02.5

Colonel has traveled all over the world.

1:05.0

And as his chosen lever to financial independence, he is crushing the real estate game.

1:10.7

And to be honest with you, this is something because it's a blind spot for Brad and myself.

1:14.8

It's something that we don't spend a whole lot talking about how you can use real estate

1:18.7

to totally crush this game.

1:20.7

We're going to try to rectify that situation today.

1:23.5

And to help me with this, I have my co-host Brad here with me today.

1:25.8

How you doing buddy?

1:26.8

Yeah Jonathan, I'm doing great.

1:28.2

I had the good fortune of meeting Rich at a Fincon in San Diego a couple of years ago.

1:33.8

And just a really, really nice guy.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright Β© Tapesearch 2026.