Monick Halm on Why You Shouldn’t Wait to Buy Real Estate

Real estate investing expert Monick Halm is on a mission to help women achieve financial freedom. Her real estate experience ranges from investing to developing and flipping, with multifamily units, RV parks, mobile home parks, industrial properties, and vacation homes. Monick is a TEDx speaker, bestselling author, attorney, designer, and a HuffPost contributor. She loves her family, world travel, Feng Shui, and mentoring others on real estate success. 

We asked Monick a few questions about her journey to achieving success in real estate. She also shared some top-notch advice for others currently investing in real estate or just getting started.

How did you get started in this line of work? What’s your backstory?

I got into real estate investing somewhat by accident. The only thing I was taught about real estate investing is that you should buy your own house. After a few years of working, I decided to do that. I live in Los Angeles, which is a very expensive market. The only way I was able to buy a house was to purchase a small multifamily home. I lived in one unit and rented out the others. My tenants were paying my mortgage! 

After I met my husband, who also owned a duplex, we began to flip houses and eventually got into syndications — bringing in groups of investors to purchase larger commercial properties. 

When I got deeply into real estate investing, I noticed that there were too few women investors. I feel I was given a divine mission to help one million women create financial freedom through real estate investing. 

What is your favorite part about your work?

My favorite part is seeing the success of the women in my community. It brings me so much joy when they get a deal and have financial success. 

What do you wish you had known when you started?

I wish I’d known that I didn’t have to invest where I live. I had the mistaken belief that I had to invest where I could drive to my property, touch it, and self-manage it. This was very limiting in an expensive and exceedingly tenant-friendly (read: landlord-hostile) environment like Los Angeles. When I learned that I could live where I want to live and invest where the numbers made sense, that literally opened up the world to me. 

What do you think is the most important trait a real estate investor needs to have?

I believe the most crucial trait that a real estate investor needs to have is resourcefulness.  Many times people get stuck because they think they lack resources (money, time, deals, etc.). If investors are resourceful, they can always find the money and time needed to get any good deal done. 

What are some mistakes real estate investors make?

One huge mistake is not getting educated. In real estate investing, what you don’t know can often hurt you. There’s a lot of ignorance, myths, and misconceptions out there. Get educated from reputable sources so that you can avoid costly mistakes.

What do you think the real estate industry will look like in five years?

I believe the industry will be more diverse, with more women and people of color entering into real estate. I believe that we will also be using more technology — from blockchain to artificial intelligence to smart homes. There’s no limit to what can shift because of technological advances. 

What advice would you give to new real estate investors?

In addition to making sure to get educated, I would share this advice that I learned from one of my mentors, Beth Clifford: “Work with the best. They won’t cost you money, they’ll make you money.” I used to think that in the cost-benefit analysis of investing, I should go with the most economical choice. I learned the hard way to follow Beth’s advice about working with the best. They’re not necessarily the most expensive, but they’re rarely the cheapest.

Which books would you recommend for our audience?

In addition to my two books: The Real Estate Investor Goddess Handbook and Invest Like a Goddess: Advice from the Most Successful Women in Real Estate, I would recommend these three books that have had a profound impact on me: 

1. Tools of Titans by Tim Ferrris
2. The Go-Giver by Bob Berg and John Mann
3. The One Thing by Gary Keller
   

Where can we find you online?

The best place is my website: www.reigoddesses.com. You can also check us out @reigoddesses on Instagram and Real Estate Investor Goddesses on Facebook.

Is there anything else you want to share with our readers?

In my Real Estate Investor Goddesses Podcast, I always ask my guests: “What was your biggest mistake and what did you learn from it?” I’ve had many answers over the years, but the most common one is this: “I waited too long to start investing in real estate.” So, one last piece of advice is this: Don’t wait to buy real estate. Buy real estate and then wait.

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