Women as landlords and flippers
Rental Property Investor · Member since 2018 · 9 posts · 4 votes
I love connecting with other women and empowering each other. One of my big business goals is to help empower other women to also get started in RE investing.
Hi Amy,
We all face hurdles, but there are a few that are specific to being a woman.
For my first deal, I had a mortgage broker that wanted to explain to me how APRs work, how a mortgage payment includes escrow and other very basic financial concepts. I reminded him several times that not only am I a CPA, but I also worked (at the time) as a Financial Analyst for a publicly held firm. I assure him over and over that he could just talk about the mortgage product and not pause to explain everything and that I would ask questions if I was unsure on a something.
This happened 3 or 4 times. Each time after the first time, I would interrupt him and say "no need to explain that, please move on" and he would reply with "oh, that's right - I forgot - you're such a smart girl" or "oh! Right! My Smart Girl Client".
Let me explain that I was 45 years old at the time and nowhere close to a girl.
We were 12 days out from closing when he pulled it again. I hung up on him, called my real estate agent and told him to get me a new mortgage broker. He did. I told the new mortgage broker what I was up against and asked him if he could close in 11 days. He said he could and he did. I have since done something on the order of 5 or 6 mortgage with him. The original broker is apparently selling used cars now after my agent told the story of how I was treated in an all-hands meeting later that month.
The other hurdles I have personally run up against (as a woman)
1. The appliance salesman trying to sell me on color instead of quality. Then asking if my husband needed to approve my decision.
2. Contractors treating me like an idiot. While I don't know everything about my HVAC system, I do know what the thermostat does, thankyouverymuch.
Basically, the main issue that we face as women in an industry that is dominated by men is that we are very frequently pushed aside, particularly if we have a male partner. We are treated like we are flighty, stupid, fiscally uninformed (oooo....you sure you can afford this sweetie?) and have little to no understanding how a house is put together, how to calculate financing or really how to do much of anything.
I solve that problem the same way others of you have - I fire people who treat me like that and move on. Occasionally I leave a scathing Yelp review if I really feel like they deserve it. I'm to the point now where I have built an amazing, smart, customer service oriented team from partners to bankers to contractors. They all, without fail, assume I am knowledgeable until I tell them I'm not.
Successful business people know what they don't know and fill in the gaps with people who do. "Team" members who treat me like an idiot from the outset, simply because of my genitals, are much the poorer for it.
Hi there!
I’m a female investor, manager and remodeler. My husband is a full-time working partner with me. We get dirty at our projects together, but I’m the one there 30-40 hours a week, not him.
I repair plumbing, light electrical, drywall, replace doors and windows, manage contractors, write contracts, make offers, write deeds to file with the county, and manage all our leases and tenants.
I get a great deal of respect because I pull on my work pants and get to work. More than one contractor working with me has called me a ‘bada$$.’ Their words, not mine.
It doesn’t take much time or mechanical knowledge to learn about mechanical systems in this industry. My first piece of advice would be to learn as much as you can about electrical, plumbing and HVAC as a woman. When a man knows that he can’t ‘out-gun’ you on knowledge you gain his respect. When he sees you crawling around in a crawl space doing work or inspecting his work, that respect goes to another level entirely.
As a woman, demand respect and aim for the wildest success you can think of... then don’t let anything stop you.
The only hurdles you have in this industry are the ones you allow to remain in front of you. Believe in yourself and you have unlimited potential. Anything is possible.
Hey Amy,
Love this thread. I'm just getting started myself but I've preemptively been thinking about ways to make sure I'm taken seriously. In my experience as a manager I've found that not budging from policies sets a tone of mutual respect. We both know what to expect, and what will happen if someone doesn't adhere to the policy. I plan to take this approach with leases/other agreements.
I've definitely dealt with vendors and contractors that are less than respectful. Working for a large company, I don't usually get to choose my vendors and I've found that you have to think long-term. "I'm going to be dealing with this plumber as long as I'm in this building, so demonstrate your knowledge and see if there's anything you can learn from them." Easier said than done when they talk down to you or try to get away with things.
As a property owner, you get to decide who you work with, so I'd refuse to do business with someone that doesn't share my values.
Beth
@Stephanie Trevizo, out of curiosity have you found the reverse to be true? That women push back harder with you than with your husband?
Unfortunately, a lot of contractors don't take women seriously. I have had plumbers, electricians, handymen, etc that respond or call back if my husband is the one leaving the message but then when I call I can't get a response.
I think most builders will decide how seriously to take you based on 1) How much do you know about building? and 2) Do you have money?
I was an independent tradesman for many years. Most of the time I worked for women, because they were the ones who had strong opinions about how the home should be, and they were around more to interact with. Some of them were very knowledgeable about their houses.
Any builder who doesn't want to work for women is going to miss out on a lot, and leave a lot of money on the table. That's especially true of women in REI. When I go to RE meetups, usually somewhere close to half the people there are women.
I've definitely dealt with vendors and contractors that are less than respectful. Working for a large company, I don't usually get to choose my vendors and I've found that you have to think long-term. "I'm going to be dealing with this plumber as long as I'm in this building, so demonstrate your knowledge and see if there's anything you can learn from them." Easier said than done when they talk down to you or try to get away with things.
I think it's hard to unravel whether a plumber is talking down to you because you're female, or because he knows more about plumbing than you do. I think sometimes it is a little shocking to a tradesman to see how little the average intelligent, educated person knows about, say, how to vent a drain system.
As far as them getting away with things, that's a tough one, because there are only two ways to prevent that. One is to know about as much as the guy who's doing the work, and oversee him. The other is to hire only guys who don't want to get away with anything, who pride themselves on their work. And those guys tend to be hard to find, and not cheap.
@Odie Ayaga, funny you mention that, recently one of my female tenant's called my husband to tell him she thought I was rude. I think it had a little more to do with the situation than me being a woman though.