007: Want to own 20 rental properties DEBT FREE? Here's how Rich Carey did it.

007 rich 20 rental properties debt free

When I was at FinCon 2017, I had the good fortune of meeting a guy named Rich Carey.

Rich has a unique story, because he has managed to build up a rental portfolio of 20 properties, without any debt… and he has amassed most of this rental property portfolio (all of which is in the southern United States) without being physically present in the U.S.

This is something most people would say simply isn't possible, but one could easily make a case that if Rich can do it, you probably can too. The question is – are you willing to do what it takes to make it happen?

In this episode, we talk about what it took for Rich to amass this kind of rental portfolio while working overseas, and how he's able to run this kind of business WITHOUT being physically present to see any of his properties or tenants.

Check out Rich Carey's blog at RichOnMoney.com

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About the author

Seth Williams is a land investor and residential income property owner, with hundreds of closed transactions and nearly a decade of experience in the commercial real estate banking industry. He is also the Founder of REtipster.com - a real estate investing blog that offers real world guidance for part-time real estate investors.

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  • Dixie says:

    Ugh, I can’t believe how simple this is. This is so inspiring.

  • Josh T says:

    This episode really hit home for me. Like Lt. Col. Carey, I too am an active duty service member currently stationed overseas. I am new to investing and have been very concerned that it just was not possible to run a real estate business while living in a foreign country. So it was very encouraging for me to hear that he was able to find a way to do it and be successful at it. I do have a question. How does Colonel Harney go about completing all the paperwork necessary for buying his houses while living in Korea? I am especially curious about how he deals with documents that needs to be notarized. I have considered assigning a power of attorney to a trusted family member to act on behalf of my LLC, but am not sure if there is a better/easier way?

    • This is way overdue! I’ve gotten so many documents notarized at the base legal for free and then mailed or fedexed. It’s easy. I’ve given limited power of attorneys to people, usually my real estate agent, to sign at closing on my behalf. It’s all pretty simple. One time I was in China and had to go to the embassy to have it done. I’ll never go to a closing again, even if I was a mile away. It’s a formality.

    • I can’t speak for Rich, but I do know that with services like DocuSign, most document signature issues can be made MUCH easier than they used to be. As for finding a notary, I have to imagine there are notaries stationed somewhere on most U.S. military bases – and even if not, you have a point about the power of attorney option as a last resort. Where there’s a will, there’s usually a way.

  • Pinaki says:

    Really enjoyed the interview with Rich. Seems like a great guy and with some solid advice. My situation is kind of same as Rich’s when he started out buying houses, so I can relate quite a bit. Great questions from Seth. Love your materials. Everything you do for us subscribers add tremendous value. Thanks!

  • Rich says:

    Seth – Thanks for the interview with Rich. I enjoyed it thoroughly! I had a similar conversation with my Aunt in California a few years back (how she got involved in Real Estate). I always like to talk to people like this and pick their brain. Thanks again!

  • Marc Troilo says:

    Hey Seth, Just listed to your interview with Rich Carey. Really great stuff. I loved the simplicity and discipline based process of Rich’s RE and overall financial model.
    In a time of complicated and sometimes what seems to me as unattainable RE goals set by others Rich has had great success with the simple single family home rental. No need to buy multi family, or commercial or syndicate or even maybe even get loans. Thank you for sharing this. I’m inspired and my head feels de-cluttered of my next RE deal direction. Please keep up the great work and keep the info coming……..

    • Absolutely Marc! I’m glad you got some good inspiration from this interview. I agree – it’s refreshing to see that simple still works. It may not be as popular or compelling as some other approaches, but there’s something to be said for this approach.

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