Bon Maison Real Estate, Residential Sales and Income Property in Sonoma County, North & East Bay Mention the word “investing” to a few people and the reactions you’ll get are sure to be as distinct as the individuals themselves, and just as there are many different ways to invest, so too, are there many different opportunities available. This article touches on why owning investment real estate makes excellent financial sense for women looking to secure their future.
Women today are generating more individual wealth than ever before, as they put their minds to succeed at the highest levels in all areas of business and finance. My own experience and success has been built over 38 years of being an active investor, and now I want to help others with the knowledge I’ve acquired.
To begin with, I’d like to share a brief snapshot of some of the most notable milestones of my career, and then bring up a few key points to examine so you will have a fair idea of what to expect – and if you’re well-suited for the unique challenges that investing in real estate will throw your way.
My first investment purchase dates back to 1980—a single-family home in rent-controlled Berkeley, arguably one of the toughest locations in which to be a landlord— and it was here that I began what has been a most rewarding, and often challenging, journey.
The following year I stepped up and purchased my first condominium property in Oakland. During the next 25 years, I added various properties to my portfolio in partnership with a few select investors, and purchased my office property in 1992. A few years later, I acquired a property through the probate process, followed by acquisitions of income and commercial properties that were in foreclosure. Then, in 2000, I sold a rental home through a 1031 Tax-Deferred Exchange for four units in Alameda. Just as every experience was different – what I learned from every acquisition and sale went on to help me do even better when the time came for my next purchase.
Here are a few things to take into account if you’re considering building your own portfolio of investment properties.
Investment properties create a steady source of income that provide dependable support.
They are a means to become financially independent and secure.
You can create and depend on retirement income and money in savings that may not have been possible otherwise.
Personally, I truly enjoy being a landlord – no two tenants are ever the same.
My business is local, easily accessible, and it supports the communities in which I live, play and shop.
I find satisfaction from, and take pride of ownership in, my properties.
And I ALWAYS have a ready supply of quarters for parking meters, thanks to the laundry machines.
Not the thing to do if you're not willing to put in some level of physical effort.
Crisis management skills are not only helpful – they are essential.
Dealing with tenants who feel entitled, or who believe they are being wronged, can be very frustrating and requires outstanding patience (and sometimes a good legal representative).
Dealing with unexpected situations is a common occurrence - like renting to one person, only to have their entire family move in.
For further information, contact Bon Maison Real Estate, Owner/Broker Carole Jeanne 707-800-5404 BonMaisonRealEstate@gmail.com