The His and Her Money Show How Rich Used Real Estate To Get Out Of Debt and Build Wealth
Are you looking for a way to get rid of debt? You must be open to possibilities, have the willingness to give up some things and learn new ones, continually updating your knowledge, and possessing the guts to conquer your fears. No one knows what will happen in the future. You have to take the first step towards your ultimate goal, try your best with strategies, and stay focused on your way to financial freedom.
On today’s episode of The His & Her Money Show, we have a very successful real estate investor and blogger, Rich Carey, to share his debt freedom journey and give you some hope and inspiration! Rich grew up fascinated by real estate and still thinks it is the coolest thing to do. Later, he ended up being drowned by student loan debt of $32,000. His wife, who was his girlfriend at the time, encouraged him to be responsible for his obligations and helped him craft a plan to pay off the debt. They did side hustles and started his journey of real estate investing.
Afterward, they acquired a home mortgage worth $280,000. The family decided to live a very frugal life; eating out and having fancy vacations was not on their to-do list during this time. They chose to live on the smallest income possible and put everything else into savings and investments. With the combination of this unique approach and the power of real estate, plus his income from the Air Force, he found his way out from under. The mortgage was paid off quickly in just 6-7 years instead of the standard 30 years.
Rich pursued his real estate investment career despite working overseas. He purchased another rental property in cash to avoid the hassle and flipped it, earning a significant profit. The success of this idea led him to own 20 properties in one location. He proved that a real estate investment is not a nightmare but a vehicle for financial freedom and a more promising future.
WHAT YOU WILL LEARN IN THIS EPISODE• How Rich shifted his mindset and became motivated to get out of debt • How he ended up being a real estate investor • Why he settled his 20 properties in one place • How he bought 6 properties in just 10 months • How he continually upgraded his knowledge • The difference between buying things in cash or creating debt • The benefits of having investments in one city • Advice on choosing property managers • How he decides if it’s a good buy or not
RESOURCES- Rich's Blog - Rich On Money
- The Total Money Makeover - by Dave Ramsey
Today’s show was sponsored by Teach Me How To Budget. If you are ready to gain freedom in your finances once and for all then enroll in our brand new personal finance course Teach Me How To Budget.
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