Newbie Question #10: Being a Woman Investor

[Elisha Keller]

Hi All,

So I was listening to Podcast #2 and it's something that has been on my mind:

What is it like being a woman investor? What are some challenges? What are the rewards? What about being the key person in a real estate couple?

[Karen Murphy]

Hi Elisha! I don't know whether it is all that different from being a male investor :) Like everyone, you use the talents and knowledge you have, and you ask alot of questions to learn about and understand everything you don't know. There is no such thing as a dumb question! I surround myself with professionals, but they make mistakes as well -- so always make sure you understand and get in writing every detail, and never hesitate to question the process, the contract, the materials, the math ..whatever you don't understand, ask for clarification (and get second opinions, if you feel they're warranted.)

I love rehabbing houses. I find my male contractors willing to discuss and explain, and I ask alot of questions. I always know what I want, and I rely on them to make it happen (on time, on budget, and in a manner that meets all codes and regulations.) I also find that the predominantly male inspectors and zoning and code officers have patience with me -- they are probably nicer to me than they are to my contractors, so if there is a problem or error, I go in and address it personally. (I used to let my contractors handle permits and inspections; the more I do, the more I understand this is my responsibility, and since the area where I concentrate my holdings is very particular, I get personally involved.) My husband thinks I'm doing a great job, but after five years, he doesn't really want to talk about every deal and every rehab -- so I would say it's important to find a few mentors, fellow investors or friends who will talk to you in depth. If you don't wish to build an actual business with employees, it can be a bit of a solitary job.

My advice to a female is the same I'd offer to a male:

1) Study the market and only buy what you know,

2) Have short and long-term goals and revisit them often (weekly?) -- if your goals are crystal clear to you, and frequently measured, you're going to achieve them.

3) Make your money going in and you can't lose (only buy below market value; have a plan b and a plan c; and make sure all of them are acceptable for you.) THERE WILL ALWAYS BE ANOTHER DEAL, and one that does meet all your criteria!

I'm not sure if this is what you meant... ? Best of luck to you! I love what I do, and have found it to be relatively easy, and incredibly rewarding -- hope you find the same!

Best wishes!

Karen