A friend from In Good Measure sent me a list of great questions. I decided to include our Q&A here.
Give a 2-3 sentence introduction about yourself:
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 do 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 percent 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 often make their money that way and don’t even own real estate themselves.
What is the #1 mistake people make when house shopping?
What, in your opinion, is the outlook for the real estate market in 6 to 12 months?
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 percent below market value or it’s just going to sit. This is a great time to be a landlord.