Investing is for all types of people, from many backgrounds and schools of thought. You may find similarities among other investors, or learn something new!
Herewith tips and insight, is Megan Duma, Real Estate Broker & Investor
Q: Who was your first business mentor?
A: Honestly? My ex husband! I grew up with the Midwestern mindset of "work hard, study hard, get a good job, and you'll live happily ever after." It wasn't until I was working for the world's biggest law firm as the only female associate in the San Diego office that I realized the rat race wasn't for me. At about the same time, I met my ex, who I am still dear friends with. He was an internet entrepreneur, and got me started thinking "outside the box" about how to create pipelines of money, instead of trading your time for the dollar... There's really no turning back from there.
Q: Who was your first mentor in real estate?
A: Robert Kiyosaki and Andrea Wardell. In 2014, I read Ken McElroy and Robert Kiyosaki's book the ABCs of Real Estate Investing. I LOVED it. Then I read The Real Book of Real Estate, Loopholes of Real Estate and Tax Free Wealth. I couldn't put the darn things down! With just enough information to get into trouble, I applied these principles in my hometown of Kansas City. My first point of reference was reaching out to my dear friend, Andrea Wardell, who I knew was making it rain for all kinds of investors in Kansas City. She sold me my first two buy-and-hold properties in the Midtown area of KC, and in addition to having great cash flow, they both doubled in value in three years. So, I was a good start!
Q: What is your favorite book?
A: For a real estate, see above, but a book I've read multiple times, and can never put down is the Count of Monte Cristo. Jonathan Livingston Seagull is a close second.
Q: What is the best lesson you have learned in real estate?
A: Everyone always thinks that THEY have the weaker hand. Remember that. And always be willing to walk away from a deal.
Q: How many properties do you own?
A: Depends on the day. At this very moment, six. Three operate as AirBnBs, two flips, and my primary. But I've done five other flips this year.
Q: When did you start investing?
A: August 2014
Q: Why do you Invest?
A: Security: for myself and my family. Passion: I LOVE taking something old and "ugly" and making it beautiful again, or breathing new life into projects. I also love the tax benefits of real estate.
Q: What is the best advice you have received?
A: Grab the bull by the horns.
Q: Do you have a favorite podcast?
A: Well, this is embarrassing.... I don't really listen to podcasts. You'll find me jamming out to old country or bluegrass in my big truck. I specialize in singing songs by Reba.
Q: Any hobbies?
A: I taught yoga in the Caribbean for three years, and still practice at least 3x a week. And I'm pretty down with doubles beach volleyball.
Q: What is the best advice you could give someone else?
A: Listen to your intuition. If your gut says it's wrong, don't do it.
Q: Is there a place for you where time slows down?
A: At a little bar made out of a bus called Karakter, on the beach in Saint Maarten, with a nice French Rose in hand.
Q: If you were a member of a music group, it would be _________?
A: with Reba. As a back-up dancer.
Q: I was introduced to Auben ______.
A: just recently!
Q: If you weren't investing in real estate you would be_______.
A: owner of a vintage furniture shop with a wine bar and a yoga studio