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Episode Summary
I had the privilege of talking with Nichole Stohler, “The Richer Geek”, on this episode of the Wealthy Wellthy podcast, and I greatly enjoyed our conversation. Nichole became interested in real estate and real estate investing after reading Robert Kiyosaki’s book entitled “Rich Dad, Poor Dad”, and she and her husband started their journey in the industry in 1999. Their first attempt failed, but through that experience and over the next several years, they learned a lot from their mistakes to prepare them for future endeavors.
In about 2011, they really began their concentrated effort on real estate investing, and the rest – as they say – is history. In her W2 job in the tech industry, Nichole notices a lot of people relying on their 401(k) plans as their main or sole source of “retirement” savings, but most people don’t realize that real estate investments have a much higher rate of return and provide much more flexibility and personal choice along the way. By simply matching your company’s 401(k) amount and putting the rest of what you would have contributed to “max out” that retirement account each year into real estate investments, you are diversifying your portfolio for the future.
Additionally, real estate allows you to generate multiple income streams and reap the tax benefits that come along with owning multiple properties. Nichole recommends that people really evaluate their goals and capacity before jumping into a real estate investment. Crucial considerations are location, how much capital you have to work with, how much time you are able to commit to real estate, and whether you are planning to use a property manager or manage the property yourself. Create a worst case scenario set of your numbers to determine if you could still make money in the worst of times and reach out to your network or real estate investors in your area for their insights into the market.
Nichole is involved with a group in the Scottsdale area that is focused on women who want to get into real estate investing, some of which want to be a part of the beautification process involved in flipping a house and some of which have decided to stay at home with their children and they want to have a project on the side. She and I agree that this mindset of building both income and wealth is a great one to have and we applaud women and men alike who are choosing to take control of their finances and become more well-rounded.
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You can also click on the timestamps below to jump to those specific points in the conversation.
What We Covered
- [1:18] – How building wealth through real estate investing uses a different mindset.
- [3:16] – The catalyst that took Nichole’s life in this direction.
- [5:45] – What does it mean to “get ahead”?
- [7:22] – The potential and opportunities in real estate.
- [16:07] – Advice to those considering getting into real estate investing.
- [20:31] – Running the “worst case scenario” numbers.
- [21:21] – Nichole’s lessons learned.
- [24:02] – Coming into real estate investing from another industry.
- [25:59] – Setting women up to succeed in real estate investing.
- [31:11] – Thinking of your financial life in 3 segments.
- [33:37] – Nichole’s mythbusting.
Tweetables
[Tweet “If you don’t have that business that is generating income for you whether you put in hours or not, then you’ll never get ahead. You will always be working to make money to pay for your lifestyle.“]
[Tweet “We found that the growth in real estate investing was significantly – multiple times – higher percentage return than the 401(k).“]
[Tweet “Real estate investors tend to love talking about real estate and love helping others.“]
[Tweet “Can you still make money at the worst possible time?“]
Links Mentioned
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