Sign New Mexico Banking Rental Application Later

Industry sign banking new mexico rental application later

welcome to the from broke to badass masterclass series i'm your host jennifer griffith and i'm collaborating with a network of successful women to learn how they live their best lives the badass women in this master class series share business life and spiritual advice and provide you with inspiration guidance and practical tips to help you achieve financial freedom juggle the demands of home family and careers and fulfill your purpose without sacrificing your dreams tune in and gather powerful guidance on how to be broken open transformed and go from broke to badass on today's from broke to badass master class i'm joined by monique hamm the founder of real estate investor goddesses monique is an educator and advocate for women to create passive income streams through real estate with a mission to help one million women find financial freedom through this pathway during our time together monique shares her seven step formula to real estate investing encourages us to live where we want to live and invest where the money makes sense and advises us on the difference between assets and liabilities listen in and be inspired monique thank you so much for joining me today for individuals who don't know about you can you tell us a little bit of who you are and how you got to where you are today sure um so i am the founder of a company called real estate investor goddesses i'm a real estate investor myself um but i'm primarily i'm an educator and advocate for women to create passive income streams to real estate investing and my big hairy audacious goal is to help one million women find financial freedom through real estate and i got here in a very um convoluted and accidental way it was never part of the plan to do real estate investing i never i didn't know anything about it as a kid my parents um were super supportive i'm a first generation american like my family's from haiti and my mom always my dad always said you can be anything you want and um in parentheses was as long as you're a doctor lawyer professor engineer that's all they that was success for them and so i being a dutiful daughter uh chose one of those and i became an attorney and uh hated law i was actually super super miserable um but i was you know i had kind of done everything quote unquote everything right i was on the partnership track in a big law firm and um but i was i was pretty miserable so i you know and just to give you a short antidote to illustrate how miserable at one point i found myself in the emergency room and the doctor told me that my appendix had ruptured and that i would be in the hospital for several days ended up being in the hospital for nine days and then it would take at least 30 days afterwards for me to recover and my first thought was because it was a tuesday morning oh thank god i don't have to go to the office and after at least 30 days and then my next thought was oh god that's really bad so i didn't know how miserable i was until that moment i knew i was unhappy i didn't quite get it until being in the hospital with a life-threatening excruciating illness was preferable to being at work uh so i i needed another plan but i i had no idea what what that could be i owed a lot in law school loans and i uh i had a lifestyle to which i'd become accustomed so uh fast forward a few months later i started looking for a house to live in because the only thing i'd ever been taught was about real estate was that you should buy your own home and so i went to do that and that was 2005 in los angeles you're from southern california so you you understand how expensive it can be um in la the house semi-decent house in a semi-decent neighborhood was upwards of 600 700 800 000 and even though i had a pretty decent six-figure salary i couldn't afford to buy anything by myself and a friend of mine who was in a similar boat suggested that we buy a duplex together he would live on one side and i would live on the other and i i figured i could buy half a house so i said yeah sure let's do that but instead of buying instead of finding one house with two equal sides we ended up finding this beautiful 1915 craftsman that had a downstairs that was bigger more spacious and then i had a separate upstairs bedroom that was a beautiful views but much smaller and it also had a converted garage in the back and we decided instead of each taking a unit we would share the bigger one each take a bedroom and then we ended up renting the upstairs we rented the back house we even rented our basement and uh before i knew that was a thing i had i was house hacking so i had all of my that my our tenants were paying our expenses and i went huh this is cool very nice um this totally worked out and not and and then when i met my husband he had a duplex we ended up getting a house together a single family rental and then after the market crashed we got into flipping and then um also through meeting meeting as someone who became our mentor we learned about bringing groups of investors together to buy bigger properties so now we invest in apartment buildings and we have office parks and a mobile mobile home park and um we just have different different investments larger investments that we purchase with our investors and we have since acquired over 1200 units in six different states wow that is amazing so at what point did you decide to make the shift from an attorney into real estate as an actual profession um so it was a it was a combination of me being kind of a combination so i practiced for about 10 years um it took me a long time to realize that misery how much mystery i could handle um and i was probably going to stay in it longer even though i i hate i hated it and i did i didn't end up staying in that same that initial job i tried different different jobs within law so i was moving around trying to find something that that um was not horrible and i in 2008 i was um i was pregnant with my with my daughter and i ended up uh getting fired i was not expecting i was i got called in by my boss i was thinking he was going to give me my bonus and instead he gave me my walking papers i was five months pregnant and i decided that i would wait until after i gave birth and then had a short maternity period and then maybe i would look for another job at that point um and and i probably would have stayed just because i i was the main breadwinner at that point and um i still wasn't thinking about real estate as something to do full-time it was just it was just there and then um when i got fired uh and then i i gave birth in august late august of 2008. so you may remember what happened in the fall of 2018 right so september october you know with our economy just went into free fall and it was not a particularly good time to be looking for a job and um and that was a blessing it was a blessing in disguise because and it also it was a devastating time for us financially my husband was self-employed he worked for uh he's a graphic designer and his business went down 90 at that point as well and um it was it was tough but we had our real estate to fall back on we ended up selling one of the duplexes and then we started to flip when uh houses were on sale so after the economy crashed people a lot of people were terrified to go back in and buy but if you had some cash it was a wonderful time to be purchasing um because the yeah houses were on sale so uh we were we were flipping at that point and um and i discovered how much we we both really loved it and and it became and then when we you know then we got into different different types of real estate but i just i just loved it and i loved that it gave us um time freedom because we were started creating these passive income streams and i was able to replace my law income um and but without having to work the law hours and do things that were miserable and it just yeah it was um it was part it was partly getting kicked out that allowed me this freedom or necessity to uh to move into into real estate i love that because you you know in a sense you mentioned i mean it was a tough time especially in 2008 when the market crashed things just weren't going well but at the end of the day you were able to see that as a blessing in disguise and it's interesting when you're not truly aligned with what you're supposed to be doing but you tend to have signs of unhappiness misery you know whatever it is burn out you're unhealthy but you don't really know it when you're in the thick of it and then things sometimes happen that make you open your eyes and realize oh wait a second i'm unhappier than i thought i was or i didn't realize how unhappy i was and then things oftentimes fall in your in your lap in some cases yes in some cases no in this case you had some investment properties that you were working on but at that point when you first started you probably didn't think this was going to be a way for you to make your living right it was just something that you were doing yeah so and you did it and you did it very well and you are now what is known as a real estate investment goddess so can you tell us a little bit about one of your missions is as you mentioned you want to educate a million women to gain financial freedom through real estate and i really love that you help busy professional women who want to create that passive income right you want to teach them educate them you want to get them to achieve this big goal and this mission of yours so can you tell us a little bit about your seven step formula and what that is sure uh so i my the formula is wealthy and each letter of that word stands for a different um different aspect of building wealth through real estate as a woman and i focused on women because as i got more and more into the real estate world i would go to all these conferences and i'd look around and i'm i'm going this is amazing this is how you build wealth in this country you know 90 of millionaires um become so through real estate and i would go to these conferences and there would be so few women it was not unusual for me to be the only woman in the room maybe one of you know a handful uh we were often we were often less than 10 percent of the room and i thought okay i want to i want to change that i want to bring women into this room i want to bring women into this game because i see the benefits that it has especially that flexibility that can provide for women um that because it can give you it gives you time freedom financial and and time freedom so i went you know i started uh focusing on women and i came up with this formula and the first letter wealthy w is womanly we as women are different from men you know on a on a chromosomal level but in a lot of other ways too we are different in how we approach money and investing we're different and how we we learn we're different and how we achieve success we're often taught a masculine model for doing that which is you know you have to man up and muscle through and no pain no gain and that doesn't work very well for women and so the you know there's that womanly it's what i call it's partly the goddess secret sauce and it's a combination of you know tapping into your desires and then adding in pleasure so for for women we don't do well what we muscle through we do better if we pleasure through intuition um tapping into our women's intuition abundance mindset and sisterhood all of those are really important for women and then the e is education so i stumbled through a lot of real estate myself without getting a good education first and uh once i started to get educated i was kicking myself for not just the things that i did wrong and that i could have done better the mistakes often expensive mistakes i made but also because of all of the missed opportunities i didn't even know were there because i i wasn't educated to it i i didn't i couldn't even see it so um that education piece is huge um to prevent costly mistakes to collapse time frames and to open up your horizon a is assets and the asset has to do with all the different types of assets that you can invest in from single-family homes to land to student housing vacation rentals to apartment buildings to retail um and everything in between to and it also encompasses investing strategies so a lot of people think that they think of real estate investing they think of flipping like those shows on hgtv which is one strategy but it's not definitely not it's one of very many many strategies and then they also think of you know just you get a single family home you put in a tenant and you buy and hold and that's it um and then but you have to deal with the tenants toilets termites you know the three t's yourself but there are actually a lot of other strategies that don't require you to do um they're pretty passive they don't require you to deal with the three t's they'll require you to have to deal with that um level of work in construction and rehab so uh it can be everything from tax liens and deeds and notes and passively investing and syndications and there are a lot of different strategies and then asset also has to do with asset protection because you not only need to you want to buy but you want to be able to keep especially in this litigious society that we live in and so that will encompass how you buy it so not necessarily buying things in your name but buying it in an llc or other entity corporation um also how you you know making sure you get the right insurance and then even using business lines of credit instead of your personal credit so all of those things can help protect you not only from litigation but also from uncle uncle sam losing a lot of money to taxes so that's assets and a and then l is location so um market is really important i used to think i i i live in l.a which is a super expensive market and i felt really stuck because i was like i can't find anything that makes any financial sense here and one of my mentors told me this um he said you know i always say he said that ellie's a tough market always say live where you want to live invest where the numbers make sense and i went huh i never thought of that it's very obvious when you after you hear it at the time i always thought you had to invest where you could drive to your property and touch it and manage it yourself i didn't realize that it was possible to invest outside of where you live and there are markets where the numbers make a lot more sense with a lot of different factors where certain markets you can get in for less money and you can make a lot more um and other markets that are just really tough and you're not likely to make money uh i had a this poor one of my poor goddesses sent me a message after i'd uh we just bought a couple apartment buildings in albuquerque new mexico and she said you know hey can you help me because i got this land and um and part of mexico is outside new mexico is outside of albuquerque about 30 miles and you know back in the 80s this guy came and said you should buy this land in belen new mexico it's the it's albuquerque's bursting at the seams it's the next greatest thing and so she ended up buying 50 acres she spent 250 000 5000 maker and um this was 30 some years later all this time she was waiting for that big boom and growth that had been promised by this guy and she's like i'd really like to sell this land can you help me see if there's anybody that can i would be interested in buying it and i asked my broker to check into it for her and he came back and told me that she would be lucky if she got 1 000 per acre and she spent 5 000 per acre 30 years earlier um and that's that's the thing you know sometimes you people can buy um the middle of the desert and it's not going to be profitable um even if it was this beautiful mansion in the middle of the desert it would be hard to make money whereas in other markets you can have a little shack in new york city and somebody's going to pay you lots of money to live there so um it's just about finding the right market um that makes sense what you're trying to do so location uh t is team um and real estate is not a solo sport it's for sure a team sport so you need um you need different team members that will support you and the better the another mentor told me work with the best they won't cost you mon y they'll make you money and that's for sure been true so um you know everything from your agent broker lender general contractor insurance cpa attorneys and mentors and um and on and on there's a list of people that you need for depending on what you're doing but it's important to know who you need on your team and how to get the best to work with you um h is how you pay so there is a lot of um a lot of people understand conventional mortgage for um a single family house you know you they get a mortgage or you uh you can pay all cash if you have the money but there are a lot of other strategies so um it's important to understand how you um like private money and hard money lending and the difference between a commercial loan and a residential loan and and seller financing and all of these different options off many of which don't require your own money and allow you to use opm or other people's money to invest so there's always ways to get deals done when the numbers make sense but the more you know about that the more creative you can be and last but not least is the why and that is you so because real estate investing is not one size fits all so you need to create a plan that makes the most use of your current resources and will get you from where you are to where you want to be get you to your goals in the best way possible so that's the wealthy formula in a nutshell i love that that is very con kind of concise and it is based on your experience and i love that you're you created that based on what you've learned what your struggles have been and one of the things i like that you said is location because for me i living in southern california as you mentioned it is so expensive here it's hard enough to afford the property i live in and one property so when you think of investing it's like there's no way possible that i would be able to do it here because i just can't afford it so i love that you say that you really look at places you know you you live where you you where you want to live and then you invest elsewhere now if you're living in california and you have property somewhere else you have to be there to manage it are you traveling back and forth or how do you manage those properties yeah that's such a great question so um you use third-party property management you factor that into the numbers that there's going to be somebody else that will be managing your property they're going they find the tenants they deal with maintenance issues they'll receive the calls at 3am if there's a toilet backing up they'll um you know they will collect rent and they'll send you send you your um your profits every month so um it's it's awesome and for with the exception of one duplex we still have in los angeles everything else that we own is managed by somebody else so i don't have any keys i don't have no no for the most part i've never met any of my tenants i don't know who they are that's our property managers take care of that and so you don't have to travel in fact uh quite a few of our properties i've never actually seen in person we've just had uh pictures and you know we communicate with our property managers we know what's happening with our properties and we see the numbers but i you don't have to be there at all interesting yeah that opens the door of possibilities right yeah absolutely that's awesome so now let me ask you this because i know a lot of people who invest in time shares invest in time shares do you recommend it is that a good investment option oh i love that you've asked that question yes so time shares are not an investment an investment is something that will pay you back it gives you money um consider that the difference so if any of you've read rich dad poor dad the one of the main takeaways from that book is that it's knowing the difference between an asset and a liability an asset is something that puts money into your pocket every month the liability is something that takes money out of your pocket so under that definition your your house that you live in is not an asset regardless of what the bank says it is a liability um your car is a liability unless you're using it for uber or you you know your your airbnb in your house or something like that but generally those take money out of your pocket and a timeshare for sure is a liability it does not pay you anything you're not getting any money and um regardless of what they'll tell you there is no resale value to that thing um you can't give it away my my parents got um gone in time share a while back and they were trying to give it away and nobody wants it because it requires you to pay a substantial amount of money every year or every month i don't remember how it goes but it definitely takes money out of your pocket so if you happen to invest in a timeshare because you it's in a place that you love so much that you would love to go to visit there and you would like to pay for that ability to do so then um then then do it but understanding it is not an investment regardless of what they say very interesting so it's a bit overwhelming right especially for individuals who like myself i really don't know anything about real estate other than when it comes to the property that i own that's really it yeah for individuals like me for newbies or you know people who are just now wanting to learn more what would be three practical takeaways to help us kind of better understand um how to invest in real estate where do we get started sure that is a really good question so um one thing to to think about in terms of getting started is how you want to be investing in real estate so if it's really just about making money um and you'd like your money to work better for you and um not have it sitting in the bank making 0.25 or you know or basically you're paying the bank to hold your money um or you're you don't want it in the very volatile stock market and you'd like to diversify um if it's just about making money or or do you get super excited about the thought of renovating a property and um you know and being more hands-on so the first thing to to think about is how how do you want to be in real estate because there are different ways if it's the if it's the first one if you're just really just about getting your money working better for you i would say look into um passive investments like turnkey buying a turnkey property turn keyhouse or um or investing in syndication so basically that um so a turnkey pro a turnkey house you would buy a house but the house already has a tenant in it and it already has property management and um so you're buying this property all done ready to go making you money but there's nothing for you to do every month as a property manager does their work they send you a check and that's it um the syndications are similar except you are one of many investors buying into a bigger property like an apartment building or um you know it generally will be something like that or a retail center and again the syndicators will do the work you just are receiving a check you have ownership you have tax benefits you have all of the benefits of being a real estate investor but without having to do that work so that might be a really great place to look to start if um you know for those who want to get in the game but don't necessarily want to do all the heavy lifting um or the all the education that you need in order to invest in other properties so that's the first one if you are interested in the second route right when you want to you're like you just get really excited about um a good rehab project and doing all that which i get because i love that too um then the then it's it's either way it's important to get some education to just learn um enough so that you can get into into that type of real estate investing um and and then one other practical takeaway that i would i would give to people is to um to just go to to uh your local real estate investor association meetings most most um cities have at least one groups for people that are interested in real estate investing and that will serve two purposes first it'll um it will introduce you'll be around other people who are doing it and it's i always like to just be around people who are successfully doing what i want to do and that's a good place to meet them but it'll also be a place to meet team members and people who can support you as you go um into real estate investing so remember i said real estate is a team sport so you're going to need uh team members to to help you so that's where that's another place that i would um guide people towards to go to their local real estate investor association meetings that'd be great because you can not only find maybe potential partners but potential mentors as well right people who have been in it who have been doing it you can bounce questions off of them and hopefully have them lead you in the right direction so to find those does someone just google like local real estate investment association how does one find that yeah that would you could just google that yep perfect nice and easy so this is awesome i feel like it gives me a little bit of hope to better understand real estate in a sense i mean i think i really love your wealthy formula because that just breaks it down so nicely and easily i mean you can almost just use that as a checklist right if it's something you want to get into just kind of go through is to you know for me it's who what woman out there is doing it who's doing it well and can i reach out to her and then i'm educated and then really learn all of the other things even though it can be overwhelming i think by having this kind of nice blueprint it really does help to kind of gear someone in the right direction so thank you for all of this i think this is helpful especially for those of us who just don't really know a lot about this topic so yeah you're welcome oh and i forgot one other place i i would love to send your your ladies so we have a we have a virtual real estate investor association group um on facebook it's real estate investor goddesses there's a private community so if you look up real estate investors private community you'll be guided to that one and we have um you know the thousands of women from all all the states and quite a few different countries that are there and are super generous in their expertise and answering questions and uh you can definitely go go on there and and join our virtual real estate investor group that's awesome so that has a kind of a combination of everyone then newbies people who have been doing this and succeeding for a while and that's a great place to meet potential partners or mentors it is and people have yeah that is so good and how many people do you have currently in that group um i think we're about 1100 right now oh my gosh that's wonderful yeah they've been better than going to your local real estate kind of association meeting just hop on there and if it's eleven hundred powerful women why the heck not just for this yeah doing it right and bouncing ideas off of them that's awesome especially if you're not investing where you live because you're enough you're not in the best market then that's a good place to find uh women that are in the markets you are interested in interesting so that's a that's a good question that i have for you actually so if one decides okay i have a little bit of money to start investing somewhere i live in california i live in new york city i live in seattle wherever in a really expensive place i want to look elsewhere what's the first step in becoming i guess educated on good places to invest in like up incoming places or just good investment locations yeah so i to to answer that it depends a little bit on what type of investment you want to do um if you're just looking at single-family homes or if you're wanting to invest in um something different so i i if you're let's say you're looking at residential i look at um seven factors that are you know and whether that's residential multi-family or residential single-family these factors will be will apply so it has to do with being landlord and business friendly because you are going to be a landlord and you have a business um you're looking at places where there's population and job growth so there'll be plenty of tenants and plenty of people who have jobs and are able to pay your rent you want to look at um the uh that it's a diverse economy so you don't want to you know we've all heard about that single factory town right and then the factory closes down and then what happens to all the jobs and all of the auxiliary businesses like um real estate they all get devastated when that single that factory closes down so you definitely want some place that has multiple companies but even more than that you have multiple industries right you don't want to just be someplace where steel is hurting and then there might be several steel companies but if steel goes down or coal or you know then it's hard so you want to be someplace that has different industries as well as plenty of companies and then then you're going to what's really important is you want to look at some place that has where you are or somebody that you truly trust on your team has a familiarity with that market there are a lot of markets where you know you can think okay well dallas hits all of those points and then um it's like okay so i'm going to buy in dallas but they may not know that there's certain neighborhoods in dallas that are really bad great neighborhoods you know you know might be a little nervous walk walk around there at noon on a weekday uh or in the middle of the day and whereas um another neighborhood is super she she might be a little too nice for what you're looking for and um and won't work in a different way so you need to have that type of familiarity with it some neighborhoods so we invest in jackson mississippi we have single-family homes there and that that area can be blocked by block um so you really need to have somebody needs to have that familiarity uh and if you and then um lastly so it's that familiar and the right sub-market so understanding which neighborhood to buy in if you can do all of that then that'll be a great a great name a great market and it's something that i teach in my in my course so um you know helping people to figure out okay where do you go to find that information how do you assess fully the right market to invest in that's so good and i'm assuming that's part of what you can also kind of bounce off ideas with in your virtual real estate group as well right kind of understanding if you're not familiar with a certain place but somebody else is what a great way to kind of ask questions and get feedback from them to decide if it's a good opportunity yeah so wonderful of you to kind of create that group and share your knowledge and your wisdom with others especially based on your experience and your success which is truly a gift for us and all of our listeners so thank you for that now i do have a random question that doesn't have anything to do with with real estate um just because we do find that most successful people have a morning and or evening ritual do you have one and if so do you mind sharing that with us sure and absolutely i do so every my my morning ritual is inspired by the miracle morning by hal elrod and um so the miracle morning the acronym is saber so silence affirmations visualizations uh exercise reading uh and then scribing or or journaling so i i kind of i do all of those so not necessarily in that order i i wake up and i will listen to i generally will do a guided meditation um that incorporates some um visualization and affirmations and then i will journal i i do three pages uh morning pages three stream of consciousness pages and then i do some planning of my day i'll read for 15 minutes of a book that is either personal development or business and then i will exercise so that's my morning ritual and then at night i i like to wind down and i do gratitude and um what i what i have to celebrate from the day and then my desires for it um the next day oh and that's so good i love that you kind of celebrate what you've done during the day because i think a lot of times as women and i've said thi before but i feel like we just don't celebrate our successes regardless of how big or small they are you know so whatever that is you know the gift of a new day health a new account you know the fact that you and your husband or kids got along well that day little things to celebrate so i think that's important to do that i love that you do both a morning and an evening ritual so monique thank you so much for everything if individuals want to work with you if they want to attend your courses if they want to follow you on social media or be a part of your virtual group where can they find you so the best place is to go to my website which is rei goddesses.com so that's plural rei goddesses.com and there you can find um from there you can get to the facebook group you can join our community you can um click on investor club and find out about passive investing opportunities and you can get a gift that i have for um for everyone which is the real estate success blueprint several crucial steps to be a successful real estate investor it's a guide that i've created and and that is available on on the website as well for free that's awesome and we will also include a link to that free gift just above where individuals downloaded this interview series just to make it as easy as possible for everyone so monique thank you so much for taking time out of your vacation in bellis to join us i hope you are able to go and enjoy the rest of your time and those beautiful waters but thank you for sharing everything especially your wisdom with us it is greatly appreciated thanks for having me thank you for listening to me from broke to badass masterclass series i hope you're feeling inspired to take control of your finances create balance and live your best life to continue your journey of transformation be sure to join the in the life of zen tribe where for only 5.55 cents a month you'll receive weekly guidance inspiration and tools to make you even more badass than you already are for less than the cost of a cup of coffee you'll have access to weekly powerful mantras meditations tapping sessions tip sheets and articles to help you live the life of your dreams visit www.inthelifeofzen.com to join this badass tribe and if you know other women who will benefit from these interviews please spread the love by sending them the link to this masterclass series and stay tuned for more from in the life of zen visit us at in thelifeofzen.com and follow us on social media at in the life of zen you