If investing in real estate sounds like an enticing way to earn additional income to you, we learned some excellent tips on how to get started from Monick Paul Halm, founder of Real Estate Investor Goddesses. Monick visited us on the From Broke to Badass Masterclass series where she shared great ways to get started with real estate investment.
Monick explained that before you get started you need to understand how you want to invest in real estate, because there are different ways. You will want to determine whether you are interested in investing money or if you are passionate about renovating a property and being more hands-on.
If your primary focus is to simply invest, you should consider passive investments, such as buying a turnkey house or looking into syndication. A turnkey house is already occupied by a tenant and includes property management. Since the property manager is the one doing most of the work, this option allows you to make money without doing much else. Syndications are similar except you are one of many investors buying into a bigger property, such as an apartment building or retail center. The syndicators will do the work while you receive a check. Both passive investments and syndications provide you with ownership and the benefits of being a real estate investor.
However, if the thought of renovating a home appeals to you, it’s important to educate yourself and understand potential options and markets. A great place to learn more is at your local real estate investor association meeting, which allows you to meet individuals who are already successful investors. Women who are interested in learning more can also join the Real Estate Investor Goddesses (Private Community) on Facebook, which includes over 1,100 women from different countries who share their expertise, answer questions, and provide encouragement.
If you reside in a city or state with higher costs of living, you will want to invest where the money makes sense, which may mean you will need to consider investing in a city or state where you do not live. If you take this route, you need to familiarize yourself with the following:
- Residential, multi-family, single-family home options
- Job growth opportunities in the area
- Diverse economies and business options (avoid towns with one primary source of income)
- Knowledge of the area, i.e. safe neighborhoods, good schools, etc.
Additional resource: Wealth Management & Investment Strategies
For more information on this topic, listen to the Where Money Meets Soul podcast Episode 19: Real Estate Investor Goddess with Monick Paul Halm.
*Podcast transcription edited for your reading pleasure.*
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