#155 with Richard Carey: How to Pay Off 20 Properties While in the Military and Investing Completely Out of State

Millennial Millionaire Real Estate Podcast

English - January 14, 2021 18:35 - 49 minutes - 90.6 MB - ★★★★★ - 56 ratings
Investing Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed

Previous Episode: #154 with Monick Halm: Helping People Leave Their Jobs to Achieve Financial Freedom & How to Get Your First Syndication

Next Episode: #156 with Jonathan Farber: Embracing the 12 Week Year to Take Massive Action

In this episode, Jonathan Farber interviews Richard Carey on his journey from trying on real estate as a retirement solution to paying off 20 properties from overseas while on deployment. Richard is a long distance investing specialist who focuses on avoiding debt. In this episode, we get into topics like: impressions of an early investor, tips for new investors, long distance investing strategies, and more!

Top Takeaways:

Lessons learned from a stumbling start - 14:00 - 17:00

Find a cheap market and apply whatever advantage you have to get through the first few

Offering cash and quick closing can be an in to sellers with flaky buyers

Note what needs to be set up so you can operate the business remotely

Advice for a real estate newbie - 18:15 - 22:00

Leverage is useful but it can be a tempting trap to get out of a bad spot

Don’t believe all the hype until you can double check the numbers for yourself

Give yourself enough time to do your first deal on a traditional 20% loan

Best strategies for long distance investing - 24:00 - 28:15

Back when it was there for the taking, a consistent 80:1 all in to rent ratio was a safe bet

Finding a management company that you can trust with your best interest at heart is vital