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I mean, it was discipline, and it was frugality, and it was building a rock solid financial position the slow way, taking a few more years than maybe he needed to get there, but completely having control over every aspect of his financial position, having a monster surplus, and being able to really do every once now a 20-year career. Mindy:Rich Carey from Rich on Money, welcome to the Bigger Pockets Money Podcast. By again, I mean, I was the fill-in cohost on the bad credit short term loans Bigger Pockets Real Estate Podcast, where you first shared your story back on episode 268. I have a lot more free time, but I certainly stayed busy since retirement a few online payday loans california months ago. Rich:So, I joined the military in 2000, and did a 20-year career. So, at that point, it had been 13 years in the military with most of it being overseas. Can you walk us through what your journey with money look like over those first 13 years? How did you get to that point where you had enough cash and a paid off home? We did that in quick loans bad credit same day about a year and a half with both of us doing extra jobs and hitting it hard. Another thing that we did, though, was paid off my primary residence.
I bought a townhouse in 2003 in Alexandria, Virginia, which is near D. Rich:Another thing that I did while overseas was I flipped houses with a partner. Then we get to 2013, I have how can i get cash now a paid off primary residences in Alexandria, Virginia.
Rich:online payday loans california So, I bought six houses while I was in Montgomery, Alabama, and I was only there for 10 months. Eventually, I sold that primary residence, took all the cash, and used that to continue purchasing houses in Montgomery. Starting back at the beginning, you said you have a frugal spouse. Did you and your wife talk about money before you got married or did you just know because she was online payday loans california as frugal as you were? So, we had been dating for I think just maybe two or three months, and she asked me how much money I had in the student loans. I would just pay it back when I was rich in a few years.
Rich:I literally had no idea how much I had in student loans. So, I had to call four or five different phone numbers. I think this was even before this stuff was easily accessible on the internet.
So, I was just about to join the military in my last year of college. She was already graduated a year ahead of me, and she was working full-time.
Did you just go to college and then decide afterwards? Rich:Actually, interesting, in my case, I had a full scholarship.
This is what makes sad that I had 32,000 in debt because I had a full scholarship, and I was installment loans direct lenders only even an RA in the dorm, so I lived for free, but I just kept borrowing money whenever I could. Honestly, it was just to keep up with my friends who were going out and traveling and having fun all the time. He was my neighbor when I lived in Alexandria, Virginia, so that townhouse that I bought in 2003. We come all the time to headquarters to do business trips. I knew that he had worked for Habitat for Humanity in New York City before, and he built a bunch of houses. I mean, we flipped eight houses, and I think the first five made between 15,000 and 25,000 each. Then I think I lost 15,000 and then I think I maybe made five, and then I lost 10 again. I believe he easily could have in a number of ways. I would have loved for you to be very confident and make confident decisions, but it can be really scary to online payday loans california do this. Did you do one flip with him first or did you do more than one flip at the same time? The cool thing was he owned houses in this neighborhood. They were like the worst houses in the neighborhood. So, we kept taking houses in our own neighborhood and making them from the worst property to the best, raising the value, raising all the values in our neighborhood by fixing up these houses.
I just liked that, and I liked that that was his attitude toward it as well. Rich:I think that these are ways to expand your portfolio.
Once you have experience, then you can manage this risk. Scott:I do want to know going back to the position that you built up over those first 13 years. I know that you paid, you basically had a philosophy of avoiding debt and paying off your house, for example. I think she worked in maybe 2001 and she tried to work at the beginning, but she really never had an income.
Then the second question here is what was your defense or discipline?
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By 2013, I was surprised to find the position I was in. Now, I could have leveraged these properties, and maybe controlled a lot more, but to be honest, again, I was scared to death. So, once I left, I just bought more as fast as I could and as prices went up. The reason I waited till 2003 to buy was because I was in Guam and we had earthquakes and typhoons all the time. All I was trying to do ever since 2003 was find more ways to invest. I tried to buy more houses and it was too expensive.
Rich:When I got to Montgomery, Alabama in 2013, I ran into another military member on the first day of class. It sounds like this was a pretty deep interest for you during that period.
Can you walk us through what that was, if you have anything to say on that? Last question on this state or this moment in time where you changed into this Montgomery real estate investing path. I know that the military offers both advantages and disadvantages when it comes to time being able to allocate to side hustles. How is your situation setting you up for success with how you managed your time and putting that into real estate? In my mind it was like, "Well, I can test drive this property manager. So, I was like, "I want to make sure I trust these people, and I want to make sure that I also have other people like plumbers, and roofers, and electricians. I wanted to have all these important pieces in place, real estate agent that I trusted, basically boots on the ground once I was gone so that I can continue doing things. So, I payday loans for people with bad credit had a trusted team in place, and I understood the area in Montgomery, Alabama.
The neighborhood that I was investing in very well are neighborhoods. Once I was overseas, it was just a online payday loans california matter of combing through properties on the MLS or however else we could find them or sending letters, and making offers on houses and buying them. Rich:At that time, I was turning them over to my property management company to get them remodeled even if they were in really bad shape.
I knew that they were trying to keep my expenses low. Rich:To be quite honest, once we had all these pieces in place from needing loan to pay bills overseas, this was very easy to do with emails and texts and Skype. You said you bought six and it worked out, so you bought more even as prices went up. Was it just six all at once or did you buy one and then another one, and then another one? A lot of bad things happened while I was getting this property ready. To payday loans waco tx be honest, again, I thought it was the worst mistake of my life and I thought that I was going to go bankrupt because of this thing. I mean, the copper got stolen out of the house when it was vacant. Another thing that happened was after I bought it, there was a huge pile of trash in the middle of the floor in one of the rooms. When I cleared the trash, there was a huge hump in the floor because something was growing up through the ground and pushing the middle of the room up. Rich:So, just dealing with these really random scary things when I really had no experience with stuff like this, I just had no contractor experience. I think I had two accept my contract on the same day. Then I just went one by one, then four, then five, then six. Scott:I do want to point out that, well, those are great numbers. Scott:The capex is going to be very similar in price. The utilities are going to be very similar in price, those types of things. It also allows you to maybe be able to compare investments to each other at first.
So, you said something that I found very interesting. Actually, it was before retirement, had that long pause, pandemic hits, and then all online payday loans california of a sudden, I went out and bought a bunch of stuff, which obviously is probably a decision worth explaining to everybody.
What were you backing what are the current interest rates for small loans into, basically, between 2013 and 2020 in terms of your plan about your life and your financial goals?