In observing financial habits in my own family, and in observing the financial habits of other families,
I’ve come to the conclusion that people are always looking to:- Save money
- Make money
- Invest money
The third item, investing, is what allows families to build wealth over the long term. But how that money is invested can cause problems or lead to success. I recently invested in a fixer-upper home in western Pennsylvania to fix and either flip or rent out. It looks like renting it out will be our best option.
What’s an attraction to real estate? The thought of passive income or building future wealth.
Is building a passive income possible? Yes. Now the more passive income you want to build the more knowledge and study of different methods may be required.
I recently did an email interview with Naomi Trower of Southern California.
She and her husband own a real estate business,
http://mypremierloan.com and online businesses:
I came across Naomi’s profile on http://hubpages.com/profile/nctrower and I was intrigued and asked to interview her.
Don: Your bio on Hubpages states you were in engineering. What type of engineering and what made you decide to pursue real estate?
Naomi: My degree is Industrial & Systems Engineering with a focus in Manufacturing Engineering and Facilities Project Engineering. I worked for The Boeing Company for 10 years.
I've always had an interest in real estate and investing and believe it's a great investment. I'm an advocate of Robert Kiyosaki and his principles and enjoy learning from successful people.
Don: What are the greatest challenges in starting your real estate business and what advice do you have for other people wanting to start their own company -- especially if they have families such as yours?
Naomi: The greatest challenge in starting our real estate business is getting our name out there and promoting ourselves. Once we overcame that hurdle, the business just poured in mostly by word of mouth because of our expertise. Another challenge is keeping and maintaining qualified people in our business organization. We have had agents for extended periods of time but it's rare to find those who are fully committed and dedicated on a consistent basis.
Don: What should a business owner know about cash flow in order to be successful?
Naomi: Cash flow is key and there are so many avenues to use other people's money to grow and build your business. Research your particular need whether it's collecting invoices, issues with inventory or the need for a loan to expand.
Don: Do you feel "passive income" is possible? If so, how and why and what amount?
Naomi: Yes passive income is totally possible. We have passive income from our rental properties and from our internet business. There are various ways to earn passive income via the internet whether its from affiliate marketing or direct sales. We earn various amounts from $20/month up to $2500/month.
Don: What have you learned from your internet business and what tips do you have for others?
Naomi: We have learned that there is so much information on the internet to earn money and it's growing daily. The internet is one avenue that is recession proof. If anything there are more and more people turning to the internet to find ways to work for themselves.
Our tips would be to research out any new business and do your due diligence. Once you decide to move forward, make sure it is something that you are passionate about because it will help you to get up in the morning with hope and determination. We highly recommend interviewing different people who would be your mentors in your future business. It is vitally important to know how available they will be to you and what kind of training is in place to ensure your success.
Don: Thank you, Naomi, for your interest in helping others with their family cash flow and income needs.
By the way, if you’re in Southern California and want to learn about real estate in the Santa Clarita Valley contact Naomi’s company http://mypremierloan.com
1 comment:
Great post, great interview. I love Kiyosaki's material, and I really enjoy reading about someone who is really making a difference using his principles. I am acting and planning to be in the same boat. My business partner and I just bought our first investment property, an estate sale, and it is our first rental property, although more break even than positive cash flow, but with appreciation built in!
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