The Conservative Money Cool Kid: Buying 20+ Houses in Cash with Richard Carey | BP Money 156

TL;DR

Richard Carey builds wealth through cautious, strategic real estate investing.

Transcript

welcome to the bigger pockets money podcast show number 156 where we interview rich carey from rich on money and talk about financial independence through long-distance real estate investing while being deployed overseas hello hello hello my name is mindy jensen and with me as always is my newly married co-host scott trench wow way to bring me in t... Read More

Key Insights

• Richard Carey emphasizes the importance of financial independence through cautious real estate investing, focusing on long-term stability rather than quick wealth.
• Carey started investing in real estate while in the military, gradually building a portfolio of paid-off properties, demonstrating the power of disciplined saving and strategic investments.
• He highlights the benefits of investing from a position of financial strength, advocating for paying off debt and building a solid financial foundation before diving into real estate.
• Carey managed to grow his real estate portfolio even while living overseas, showcasing the potential of long-distance investing with the right systems and partners in place.
• He contrasts his conservative investment strategy with the high-leverage approach often seen in real estate, promoting the security of owning properties outright.
• Carey's disciplined approach includes maxing out retirement accounts and investing in index funds, reinforcing the importance of diversified investment strategies.
• Despite the pandemic's challenges, Carey continued to invest, demonstrating confidence in his strategy and the resilience of his financial position.
• Carey's journey underscores the value of patience and strategic planning in achieving financial independence through real estate and diversified investments.

Questions & Answers

Q: How did Richard Carey start his real estate investing journey?

Richard Carey began his real estate investing journey while serving in the military. He initially purchased a duplex and gradually expanded his portfolio by saving diligently and investing strategically. Carey's disciplined approach and focus on financial independence allowed him to build a stable foundation for his investments.

Q: What is Richard Carey's investment philosophy?

Richard Carey's investment philosophy centers around conservative real estate investing. He emphasizes the importance of investing from a position of financial strength, advocating for debt elimination and disciplined saving. Carey prefers owning properties outright and maintaining a solid safety net, contrasting with high-leverage strategies often seen in real estate.

Q: How did Carey manage to invest in real estate while overseas?

Carey managed to invest in real estate while overseas by establishing a trusted network of partners and systems. He relied on property managers and local contacts to handle day-to-day operations, allowing him to focus on strategic planning and decision-making from afar. This long-distance investing approach enabled him to grow his portfolio despite geographical challenges.

Q: What role did retirement accounts play in Carey's financial strategy?

Retirement accounts played a significant role in Carey's financial strategy. He consistently maxed out his IRAs and employee retirement accounts, investing in index funds to ensure diversified growth. This disciplined approach to retirement savings complemented his real estate investments, providing a balanced and robust financial foundation.

Q: How did Carey handle the challenges of investing during the pandemic?

During the pandemic, Carey continued to invest, leveraging his strong financial position and confidence in his strategy. He purchased additional properties, including a six-plex and a four-plex, demonstrating his ability to adapt and seize opportunities even in uncertain times. Carey's cautious yet proactive approach allowed him to navigate the challenges effectively.

Q: What is Carey's view on leveraging in real estate?

Carey takes a conservative stance on leveraging in real estate. He prefers owning properties outright and maintaining a solid safety net, contrasting with the high-leverage strategies often championed by other investors. This approach provides long-term stability and reduces financial risk, aligning with Carey's focus on sustainable wealth building.

Q: How did Carey's military background influence his investing approach?

Carey's military background instilled discipline and strategic planning in his investing approach. The stability of a military income allowed him to save diligently and invest strategically, while his experiences overseas taught him the importance of having a reliable network and systems in place for long-distance investing. These lessons shaped his conservative investment philosophy.

Q: What advice does Carey offer to aspiring real estate investors?

Carey advises aspiring real estate investors to focus on building a strong financial foundation before diving into investments. He emphasizes the importance of eliminating debt, saving diligently, and investing from a position of financial strength. Carey advocates for patience and strategic planning, encouraging investors to prioritize long-term stability over quick wealth.

Summary & Key Takeaways

• Richard Carey, a former military officer, shares his journey to financial independence through conservative real estate investing. He built a portfolio of paid-off properties by saving diligently and investing strategically over the years.

• Carey emphasizes the importance of investing from a position of financial strength, advocating for debt elimination and disciplined saving before diving into real estate. His approach contrasts with high-leverage strategies, focusing on long-term stability.

• Despite the challenges of investing while overseas and during the pandemic, Carey continued to grow his portfolio. His story highlights the power of patience, strategic planning, and diversified investments in achieving financial independence.