152 - Building Wealth Through Real Estate Investing With Nichole Stohler
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On this episode of the Wealthy Wellthy podcast, Nichole Stohler, \\u201cThe Richer Geek\\u201d. Nichole became interested in real estate and real estate investing after reading Robert Kiyosaki\\u2019s book entitled \\u201cRich Dad, Poor Dad\\u201d, 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.\\xa0
In 2011, they really began their concentrated effort on real estate investing, and the rest \\u2013 as they say \\u2013 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 \\u201cretirement\\u201d savings, but most people don\\u2019t 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\\u2019s 401(k) amount and putting the rest of what you would have contributed to \\u201cmax out\\u201d 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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