Sometimes you just have to trust your gut and act on your initial instincts. If you wait, you could find yourself with more obstacles to overcome than if you had taken immediate action.
Think Realty shines a light on some of the many women who are making waves in the real estate investing industry.
Carrie Cook with Ignite Funding has 15 years’ experience in the real estate investment industry. In a time when many in the industry were getting out, Cook stuck with it. Her perseverance has paid off, one property at a time.
“I took over the company in the trenches of a recession. Many people were abandoning ship, but I came in with the mindset that we have something to salvage, so we are going to ride this storm out. And we did. This resilience taught me to learn from past mistakes, which made it easier to rebuild a more sustainable foundation for the future of the company,” she said.
What’s your greatest investment success story?
I believe that your first investment, whether it was successful or not, is your greatest investment success story. Buying properties that someone else pays off through rental income, having only outlaid 30 percent of your own capital, and then selling the property at the height of the market whets your appetite for real estate investing forever. I profited more from what I learned from this experience as it opened my eyes to the potential the world of real estate investing held for me.
What are two characteristics you exhibit that have made you a successful investor?
The ability to evaluate and mitigate risk, and the patience to allow an investment to run its full course and see its full potential.
Best advice for new investors?
Know your tolerance for risk. Take time to conduct due diligence on the investment and the company before making a commitment. Then have patience. Returns aren’t always going to be instantaneous. Pay attention to when it’s the right time to get in and out. Most importantly, no investment should be off limits because just being invested in the stock market and real estate isn’t adequate diversification for your investment portfolio.
Best advice for seasoned investors?
Don’t become complacent in your investment strategy. Real estate has ever-changing demands in every market so make sure your investments are nimble. Knowing the demands of a community will make you a well-rounded real estate investor. Who knows, you might find something that’s even better than what you were investing in before!
What can more women do differently to achieve greater success in real estate?
The real estate industry tends to move quickly, yet many women take too much time analyzing everything before making a decision. Sometimes you just have to trust your gut and act on your initial instincts. If you wait, you could find yourself with more obstacles to overcome than if you had taken immediate action. Women are also natural communicators. Use this to your advantage because open communication with your investors and your employees will be the key to your success; when times get tough you have already built that layer of trust.
What do you do to alleviate stress?
It seems counterintuitive, but I like to keep myself busy. In doing so, I don’t really have time to get stressed. I also make a list every night of everything I need to accomplish the next day.
What three strategies within the real estate investing industry have helped you the most?
- Learn from others.
- Don’t let history repeat itself.
- Build a foundation based on a long-term strategy to be able to sustain the next real estate market correction.
Connect with Carrie: