I’m pleased to say that I’m finally getting a copy of Kim Kiyosaki’s book Rich Woman: A Book on Investing for Women. I was in college when I read Robert Kiyosaki’s Rich Dad, Poor Dad and If You Want to Be Rich and Happy Don’t Go To School.
It was reading his books (along with No Money Down, by Robert Allen) and an interest in passive income, that led me to fall in love with real estate. My first step was to study for my real estate license in order to feel competent. I passed the Department of Real Estate test, but never registered my license in order to avoid the liability that having “higher knowledge” can bring. When you have your license, you also must state that on every offer you make. Instead I signed up for every real estate workshop I could find.
No seminar in the world could have prepared me for what becoming an investor is really like. When I made my first offer on a duplex in Ohio, I must have made 8 mistakes on the form. I’m sure the seller’s agent knew I was an amateur. When my first offer was accepted, the process of finding a lender (oh the joys), getting an inspection, knowing what to do with the inspection report, and the 1,000 pages of closing documents left me wondering if real estate was even for me.
When my propety management company sent me the first rental income check…well that made it all worth it.
Now I can’t pass a For Sale sign without collecting a flier. I find potential deals through out of state agents, websites like craigslist, and investment group meetings.
Investing is not just a man’s game, but many women seem to shy away from it. There is nothing special about me, I just dove in after getting educated. A person can read all the books they want, but nothing substitutes running the numbers and making offers.
I’m so excited about the idea of women becoming more involved in real estate investing. Instead of talking just about TV and movies, it would be awesome to discuss lease options, shelf corps, and assignments with a group of my closest gal pals.
My real estate goal for 2007 is to add a property to my portfolio every three months. My 5 year goal is to have a diverse portofio that includes commercial property and subdivided raw land for development. Because of the disturbingly high foreclosure market, I just started looking at REOs and short sales in California. I think it is entirely possible for a diligent investor to pretty much own a neighborhood with how things are going.
It is interesting to see how men and women invest differently, which is why I’m so interested in Kim’s book. My husband does his deals with a partner, while I prefer to work alone. He is always willing to talk to seller’s agents, while I will play detective to find out how to contact the seller directly. One thing we have in common is that we are excited about exploring real estate in other countries. It seems smart to not have all your eggs in one economy.
I encourage all women reading this to buy Kim and Robert’s books and start investing in real estate. Nobody can (or wants to) work forever. The tax implications and passive income make it worth the initial tears and fears. It is more than possible. If a 24-year old who ditched class in high school (and college) can do it, why can’t you?
P.S. You don’t have to be rich to start investing! My first deal was a “no money down” deal!
Resources:
http://jamesorr.com/ - great site, taught me to “run the numbers”
Cashflow - amazing game! Have some friends over, open some wine, and avoid the doodads!
http://www.robertgallen.com/ - Robert Allen, author of No Money Down and Multiple Streams of Income
This entry was posted on Thursday, June 21st, 2007 at 12:29 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.5 Responses to “Women in Real Estate: Kim Kiyosaki, Me, and You”
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June 21st, 2007 at 6:44 pm
Very interesting… I shall get that book in the next week or so !
June 21st, 2007 at 7:02 pm
Great Lauren, it is on Amazon. If you start investing now, you could have a real estate empire to go along with your media empire! Why not?
June 23rd, 2007 at 9:34 am
Cool I didn’t know Kim Kiyosaki wrote books I’ve read some of her husbands books. I’m going to get a copy. I’m always looking for a place to invest outside of the web design pursuits.
June 25th, 2007 at 7:37 am
I am proud to know that you are a woman and you are esculating and prospering. i am glad to learn that Kim write books also, i have read her husband books. thanks this will be a new read for me.
July 3rd, 2007 at 8:11 am
How do I find a real estate course to begin my knowlegdge of the real estate field?