We’re excited to announce a new feature on In Good Measure called A Measure of Success. Every Monday, we will feature a Q&A session with a successful blogger from a home-related field like real estate, interior design, and home improvement. Today on A Measure of Success, we’re pleased to have Karen Rittenhouse, a real estate investor and author.
Name: Karen Rittenhouse
Blog: www.KarensPerspective.com
Introduction
My name is Karen Rittenhouse and I’m a full-time real estate investor. Over the past few years, I have bought and sold over 150 single family homes. I am not a real estate agent; all of the deals I’m involved with are my own. I also coach and train others how to buy and sell properties for profit.
How did you get started in the field of real estate and real estate investing?
I studied how the wealthy made their money. Over 95% made it through real estate: railroad tycoons made it from the land the rails lie on; Hearst Publishing owes their family fortune to the fact that William Randolph Hearst bought up the coast of California during the Great Depression; McDonalds owns more real estate than the Catholic Church. If you want true wealth, own real estate.
What is the #1 tip you would give people looking to get started in the real estate industry?
Find a successful coach. Don’t ask your mother’s brother’s uncle or your neighbor for advice. Don’t ask anyone who isn’t making significantly more than you want to make. Get a coach who’s doing what you want to do and is doing it successfully. Guru’s who pass through town selling materials probably make their money selling materials. Often they don’t even own real estate themselves.
What is the #1 mistake people make when house shopping?
They pay too much. They believe it will be worth more in the future. If you want to make money when you buy real estate, you need to make it the day you close on the purchase.
What, in your opinion, is the outlook for the real estate market in 6 to 12 months?
Same as it is today. Expect the next 3-5 years to be flat.
What is your formula for success in the world of real estate investing?
Buy right and hold as much as you can. If you plan to sell, buy so you can sell 20% below market value or it’s just going to sit. This is a great time to be a landlord.
About the Author
Brandon Mercury is a writer for InGoodMeasure.net. He grew up on the beaches of the Deep South before moving to the mountain tops of Salt Lake City. He focuses his writing on home improvement and interior design topics. Brandon is an avid football and basketball fan. You can find Brandon on Google+
