You claim you are an 'older' lady and with your working history and trade skills if you was my mother I would recommend that you stay away from any type of investing. When it comes to finding a real estate broker or agent, you can find millions of them who will tell you that every house they have for sale is super great for you. It is nearly impossible to find a real estate agent who will do the research to find you a good investment property. Every property on the market is great for the sellers, seller's agents and your personal brokers.
There is an old saying, "Don't believe anything you hear and you limit what you believe to only 2% of what you actually see."
The very most-important factor you have to consider before investing in real estate, the stock market, entering into a partnership, or starting a business is you need to be able to understand and calculate the risks because every type of investment has inherent risks and it is the risks that cause you to lose some or all of your money.
Not many people who invest in real estate lose money, but some do. Many people purchase the wrong properties and then can't afford repairs, vacancies and they don't have a clue regarding how to manage properties and don't have a clue regarding what to do when the tenant from hell destroys the property and does not pay rent for 6 to 9 months while you are paying the mortgage and an attorney.
If you a gambling woman with huge suitcases full of money then jump right in and take your chances not with real estate, but take your chances trying to find an honest and competent person who will guide you in the right direction like you are their mother. Slim chance!
Throughout my entire life, I heard stories from thousands of people who claimed they were making thousands, or millions of dollars. When I hear those stories I always think about Kenny Rogers, "Don't Do The Counting Til' The Dealings Done".
I never count someone else's money in my mind because so many people are so full of B.S. and they tell you they are getting rich, but they don't tell the truth and after time passes I find that most of these people's business ventures didn't pan out and these people made either very little money when compared to their effort, or they actually lost money.
Here is an example. I just made $50,000 on a house I flipped in 3 months. I purchases the house for $400,000, spend $50,000 for expenses and repairs and sole it for $500,000. The problem with people making most of the videos is they have ego problems and they don't tell the whole story. If you told me you made $50,000 flipping this house, or any other house, I would say you are full of b.s and you did not tell the whole story nor are you telling the truth because I can do the math in my head quicker that you can with a calculator and I know you left out a lot of your costs, did not include your 20% to 25% income tax and you probably did not even do the math, yourself.
It is not that everyone is dishonest. The problem is; it is difficult to find someone who will watch your back and by the time you realize you picked the wrong mentor you already invested and lost a portion of your hard-earned money and the only thing that was guaranteed before you invest your money based on another person's advice is that person will not refund your money.
I sort of have a hatred for people have the titles Financial Advisors, Investment Specialists and my biggest hatred is for Stock Brokers. These people have a lot of brass when it comes to risking Other People's Money and then when their clients lose money they have no conscience. In 1980, my CPA recommended that I invest $1 million in two K-Mart properties. I lost my entire $1 million. Do you think my CPA felt bad about my loss.
In 2001, I had $650,000 invested with Dean Witter. My portfolio dropped to $350,000 when our great government broke up Microsoft. My broker kept changing (trading) my stocks and every time he made a trade he made a commission and still lined his pockets as my portfolio dropped to $250,000.
Who was this Dean Witter trader? He was my uncle's son and did trading for many members of my family. I guess you could say, "it was luck" when he got fired from Dean Witter (don't know why), but at least, he is not losing any more money for any of my family.
It takes a very special type person to risk their clients' money and still get paid when their clients lose money. About 25 years ago, a young woman asked me where she could invest $50,000. I referred her to my CPA's wife and she worked for New York Life. The NY agent sold my friend an A T & T annuity for $50,000 (if that is what you call it. Can't think.) About one week later, the $50,000 dropper to $35,000. Seven years later, the annuity was still worth $35,000. The agent told my friend she had to keep her money in the annuity 'long-term' to make money. Wow! She has to wait more than 7 years just to break even.
This is the kind of person I am and this is how every person should be if they are going to tell other people how and where to invest their money. I told my friend to close out her annuity and I paid her the $15,000 she lost just because I felt bad for being the person who gave her bad advice. Still, after 7 years, my friend still had only the $50,000 and lost out on the opportunity to make 3% to 5% for 7 years. So, she was still at a loss. At least, I am not most brokers or business advisors with no conscience.
Still think you want to trust others with your money? I call it writing blank checks. Just come on board with me, but be prepared to write some blank checks so we can make your business venture work. And...stay away from those investors who tell you that passive investing is safer and better. Passive investing is where you write checks and let someone else purchase properties and manage them for you. Always control your own money. When you do passive real estate investing you give someone else full control of your money.
Put another way. After you give a person (or company) your hard-earned money for passive investing you have to cross your fingers, hope the person is competent, honest and can give you the return (profit) promised. Unfortunately, you did not consider the risks and poop happens.
It takes a long time and hard work to earn money. It is super simple and quick to lose what took you a lifetime to earn.
