Air Force Vet Scales to 30 Doors with Rich Carey

Passive Wealth Strategy Show - Real Estate for Busy Pros

How Can Investors Build Wealth From Afar?

This episode of The Passive Wealth Strategy Show features Air Force veteran and real estate investor Rich Carey, who shares how he built a sizable rental portfolio while serving overseas.

Rich started with a single rental property in Washington, DC which he turned into his first investment. He then bought several properties in Montgomery, Alabama, before relocating abroad. From Germany and other overseas postings, Rich continued purchasing rentals in Montgomery by relying on a local team he had built.

Rich and his family currently live in Seoul, South Korea, while he serves in the US Air Force. He and his wife own 20 single-family rental properties in Montgomery, Alabama which are completely paid off. They have no debt, and are a single income (aside from their rental portfolio) household.

(00:00:00 - 00:06:00) Opening Segment

• Rich bought his first investment property, a townhouse in Washington DC, in 2003 when he was first stationed there.
• He turned it into a profitable rental when he was relocated two years later.
• This gave him the confidence to continue investing in real estate.

(00:06:00 - 00:09:00) Buying Rentals From Overseas

• While stationed abroad, Rich bought several rental properties in Montgomery by leveraging a local team.
• The team included a real estate agent, property manager, inspector, and contractors.
• His property manager took on rehab projects while keeping costs low.

(00:09:00 - 00:15:00) Managing Logistics and Risks

• Rich's biggest mistake was not getting insurance immediately on a new purchase.
• A small fire broke out before he switched on the policy, costing him $8k out of pocket.
• Overall the overseas investing process worked well, with his trusted team vetting each deal.

(00:15:00 - 00:22:00) Deciding to Self Manage

• After retiring, Rich took over managing his rentals instead of using a property manager.
• He found he could better control expenses and choose higher-quality tenants this way.
• Rich leverages technology like electronic leases to remain hands-off.

(00:22:00 - 00:34:00) Closing Segment

Best deal: His first Fourplex

Worst deal: A townhouse in Alexandria, Virginia

Best lesson learned: Don't be afraid to miss out.

"You don't need to be scared of [using leverage]. Responsibly leveraging debt can build wealth faster." - Rich Carey

"It took 13 years of preparation to be an overnight success." - Rich Carey

"Nobody cares more than you do. They're your properties." - Rich Carey

Connect with Rich:

TikTok: @richonmoney

Apply to Invest with Taylor at www.investwithtaylor.com

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