Most real estate investors get into real estate to get rich quick. If you’re looking to make a million dollars within your first year of real estate, this is the wrong podcast! But, if you’re looking to build a sustainable portfolio of cash flowing rentals while reaching financial independence in a very lucrative position, this is the episode for you!
Richard Carey, AKA the “Conservative Money Cool Kid'' started out in the military, not knowing that real estate was the place where he would create his wealth. He started with a duplex and slowly began building his real estate empire, even while overseas. He even took a 10 year break from real estate, and was still able to grow his position to an impressive level!
Real estate wasn’t the only way that Richard was investing. He was maxing out his IRAs and employee retirement accounts, investing in index funds and watching them grow more and more as he upped his contributions. Richard is a fantastic example of why you want to start investing as early as possible.
While most real estate investors champion loans and leveraging as much as possible, Richard thinks differently. He finds a position of strength by not overleveraging, owning rentals outright, and having a solid safety net to depend on. Richard now sits in a great position, early in life, with a lot ahead of him!
In This Episode We Cover
- The importance of maxing out your retirement accounts when you’re young
- How to not only pay off your rental properties, but primary home sooner
- Why there is an advantage to not having too much leverage on your investments
- How to test out a property manager when long-distance investing
- Why you should set goals to be in a financial position of strength
- Why you don’t need to be in a rush to invest right now
- And So Much More!
Links from the Show
Check the full show notes here: https://www.biggerpockets.com/moneyshow156
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