—Guest: Rich Carey
—Topic: Buying and Selling Real Estate
Bethany and Ellie start the show off defining the term “Military Brat” and how many houses Bethany lived in growing up as a child of a military member. They talk about the three bedroom house they had called “the dorms”, and when Ellie and her husband bought their first house in New Mexico. Bethany remembers what it was like to live in that house, and then what a dream house would look like for her.
Rich Carey joins the conversation discussing the Real Estate business he has developed as a side hustle while also being in the military. Ellie tells Rich about her son looking to buy a home at his next assignment. Rich gives the secret to wether you should buy or sell in the area you live using the 1% Rule, and why it is difficult to do in high cost of living areas. He gives one of the common mistakes military members make when buying houses and exposes the myth of buying a home in each location and still coming out on top of rent. He also talks about the reasons buying overseas can be very difficult, and the most opportune time to buy houses as a military member or civilians. He also gives a specific message to Ellie’s son, Jonathan.
Rich Carey is a Lt Col in the U.S. Air Force. He has been in the military for 18 years and is currently serving in South Korea. While serving in the military he paid off $32,000 in student loans in a year, paid off their $280k mortgage in 6 years, flipped several houses in Washington D.C. to help build income for real estate investing, purchased 20 rental properties with cash. Rich says that dealing with his properties takes very little time and almost no work. He did almost all of this on one salary while living overseas. He has been interested in real estate and investment ever since he was a child. Rich worked at Fidelity Investments as a stock broker in college and has a wife, an eleven year old boy and a seven year old girl.