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.
P.S. Need software to manage your rental properties? Collect applications, screen tenants, and collect rent online with Cozy.co/Paula.
- Rich Carey’s blog
- @richonmoney – Twitter
- Rich Carey on Facebook
- Podcast Interview with Emma Pattee
- Podcast Interview with Dr. Wade Pfau
- The Simple Path to Wealth, by JL Collins
- The One Percent Rule – Afford Anything Article
Thanks to our sponsors!
Beachbody On Demand
Have any fitness goals this year? Then check out Beachbody On Demand, an online streaming service that gives you unlimited access to over 600 highly effective, world-class workouts. I’ve been using Beachbody On Demand for a few weeks now – the core workout from the T25 program is my favorite. To get a full-access free trial membership, text Paula to 303030.
ShipStation is a centralized platform where you can process shipping orders. They have shipping labels for all the top carriers, and they offer deep discounts on shipping! Try ShipStation for free for 30 days and get an additional month free if you use my promo code Paula. Just click this link, then click on “heard our ad?” on the top right of the screen, and type in Paula.
Save time by using Freshbooks, an easy-to-use, cloud-based accounting system that takes the stress and hassle out of bookkeeping and, especially, invoicing. You can create an invoice in a few seconds, and Freshbooks’ automated system will handle the rest. Visit Freshbooks.com/paula for a free 30-day trial. Please mention this show when they ask how you heard about them.
Love reading, but can’t find the time for it? Audiobooks are a great solution, and Audible helps you listen to more books by letting you switch seamlessly between devices. You can keep yourself immersed in a book no matter where you are: commuting to work, road trips, at the gym, or running errands. Start a 30-day trial and get your first audiobook for free by going to audible.com/affordanything, or by texting affordanything to 500-500.