Lots of women want to get involved in real estate, but there’s one big thing holding them back – fear! They’re terrified of losing their panties if they invest.
If you’re one of those women who is resisting jumping into the real estate game because of fear of losing money, don’t worry. We’re here to share with you 5 ways NOT to lose your panties in real estate.
- Be Clear about your Desires
This is a big one. It’s really important that you understand what desires you want to gain from real estate. This will help steer you in the perfect direction for an investment that’s right for you.
Some things to think about:
-Do you desire to invest for cash flow so you can have passive income right now?
-Do you desire to increase your money available for retirement (you don’t need to access the money for many years)?
-Do you desire to invest to lower your tax burdens?
-Do you desire to leave a legacy for your children?
There are many reasons why you may want to invest, so why do you desire to invest?
Why is it important to know your DESIRES before you invest?
Let’s say you desire to invest in something that gives you cash flow right away and will give you back all of your initial investment within 2-3 years. If you tie up your money in a real estate development that doesn’t cash flow and won’t make money for 5 to 10 years, that’s a bad investment for you. If you pull your money out earlier than the investment requires, you’ll lose money.
The more clear you can get about why you want to invest and what benefits you desire, the less likely you’ll be to invest in a property that’s a mismatch and where you’ll lose your panties.
- Be Resourceful
The main resources you need to invest in real estate are time, money, and experience.
You need time to find and manage your investment property.
You need money to purchase it, renovate it (as needed), and maintain it.
Lastly you need experience to find the right property and manage it effectively.
Get very clear on how much of each you personally have.
You can ask yourself questions like:
-How much time can I put into finding and managing a property?
-How much property management do I personally want to do?
-How much renovation am I willing to take on?
-How much money do I have to invest and how much debt are I comfortable with?
-How much experience do you I in finding, financing, renovating, and/or managing a property?
All these questions will help you figure out what kind of investment will work for you.
Many people lose money in real estate because they don’t dedicate enough money, time, or requisite experience for the investment property they have chosen.
The good news is if you’re lacking in any of these areas, you can partner with other people that have the time, money, and/or experience you are seeking.
A real estate investor goddess knows she doesn’t need to personally have all the resources at hand, she just needs to be resourceful enough to partner with others who do.
- Have a great team.
Successful real estate investors know that this is a team sport. You want the greatest team members as possible around you.
Who are some of the team members you need? Brokers, property managers, lenders, accountants, and more.
Your team will be big part of the resources that you rely upon. You can leverage their time, experience, and in some cases their money (e.g., lenders or investment partners), to get you successfully invested in a property.
- Know Your Market.
Many investors fail because they buy in the wrong market or sub market.
Successful investors buy in areas where people want or need to be – areas with strong job and population growth.
They also buy where they and/or their partners team members are very knowledgable and familiar. The difference between a successful investment and a failed investment can be as little as one city block.
To not lose your panties make sure you know your market well and/or have trusted team member(s) who do.
- Buy the Right Property
Last, but not least, you can avoid losing your panties in real estate by buying the right property.
What’s the right property? It depends upon your clear DESIRES. The right property will deliver the benefits YOU desire.
If you want to buy a property that will provide you cash flow and will appreciate in value, then you should look for a property that:
(a) cash flows from day 1. In other words, from the beginning after you pay all expenses you still have income; and
(b) has value-added potential. A good property is one that is an ugly duckling – it could use some sprucing, but isn’t in such bad shape that fixing it up will take all the profits.
A great ugly duckling could have good plumbing, electrical, foundations and roof, but have outdated apartments. If you give the apartments a new paint job, new flooring, and some new appliances tenants the tenants will pay more rent. You’ll have added to the income and therefore the value of the property.
You can also find value-add potential through a property that hasn’t been managed properly.
By putting in better management you can: find ways to bring in new income streams, find ways to decrease costs, and have happier tenants.
All this adds value to your property and increases the bottom line.
Those are 5 ways to get into real estate investment without losing your panties. If you follow these 5 steps you will not only get to keep your panties, you’ll have enough to get yourself a whole new wardrobe … or 10. 🙂
WANT TO KNOW MORE?
To find out more information about:
-the different benefits of real estate,
-all the team members you need on your team,
-how to pick the right market for you, and
-how to choose the right property
register for our 75 minute – “How to Get Started in Real Estate Investing Like a Goddess” webinar.
Also request an invitation to our private Real Estate Investor Goddess community – where we help women pleasurably build massive wealth through investing in real estate. Click here to get started.