If you feel like your money isn’t working for you and that you’re trading time for money try going into real estate. In real estate, there’s more than one way to make money. It’s the industry that can give you the most control and freedom. And if you’re a woman who’s getting ready to get a baby or get married, things can get stressful. You’d definitely need to stop trading time for money so that you can really enjoy life. Join Dr. Patty Ann Tublin as she talks to full-time real estate investor, coach, and author Tamar Hermes (@tamarhermesintl) about how she helps women earn financial freedom through real estate. Tamar is also the founder of Wealth Building Concierge, where she serves to empower women in real estate. Discover how she got into real estate and started her own company. Find out the many ways to make money in real estate. And learn how she is empowering women to do what they really want. Start taking control of your money today.
—
Listen to the podcast here
Empowering Women In Real Estate With Tamar Hermes
I have an incredible powerhouse woman that I know you are going to love. Make sure you like, comment, share and subscribe to this show. I’m not going to spend a lot of time telling you about this wonderful woman because she will speak for herself. She is a full-time real estate investor, a coach, an author, and the Founder of Wealth Building Concierge company that guides women to financial freedom through real estate investing. Anybody that knows me knows that I am passionate about empowering women. When I met Tamar Hermes, I knew I had to have her on this show. Buckle up because she is about to take us for a ride. Welcome, and thank you so much for being a guest on our show.
Thanks so much for having me. I’m looking forward to sharing and getting into a great conversation that will be of interest and value to all the readers.
It will be awesome because I know I’ve spent two minutes talking to you. I feel like I have to go away and start taking notes because the information is powerful. Tell us a little bit about how you got to where you are now. I don’t think any little girl wakes up or grows up thinking, “I want to be a powerhouse real estate investor, helping women create wealth.”
No, I don’t think that happens. I wish I did, though. Would that be a great world if we started? Some kids do. They are nurtured in such a way that they understand that the world is their oyster and can create anything. Most of us like myself are stopped at the gate, being told no and fearful of things that could, might, and probably will never happen but things that we start to believe will happen. I did start as a child. I grew up in Los Angeles. I was the child of a Holocaust survivor, a pioneer in Israel, and my parents, suffice to say, did not have an easy upbringing.
I did not have a lot of training in parenting skills. I had to search for ways to create the life that I wanted and even understand what was possible for me. Where I am now is a huge evolution from one chapter to the next chapter, going to college and still not knowing what I wanted to do. I ended up in entertainment and realized that jobs were an exchange of time for money, which didn’t sit well with me.
When you said, “Ending up in entertainment,” was that something virtue of being in LA? Tell us what type of entertainment.
I was a writer, producer, and editor. I did marketing for commercials and television. It was by virtue of being in Los Angeles that there is entertainment around, and one ends up in entertainment inevitably, and the fact that there’s so much industry there. For me, I wanted to be creative. At the time, I had applied and been admitted to NYU and graduate film school. I was ready to go, and someone offered me a job.
Was that the Tisch School of the Arts at the time?
It wasn’t the part of Tisch. It was the film school.
I know it’s very prestigious.
I did not end up going because I ended up taking the route of safety and security, which was taking a job where you know how much money you are going to make as opposed to incurring financial debt and having an experience of a lifetime. These are forces we make, and this is part of why I do what I do now. I don’t want women to hold back or to be disconnected from what they want because they don’t think it’s possible or it may feel risky to them.
You said your mom was a Holocaust survivor.
My father.
You said you didn’t want to take a risk and were raised that way. A lot of your writings talk about wanting to support women overcoming fear. I can’t think of anyone that overcomes fear better than a holocaust survivor. What am I not getting?
I don’t think you overcome the fear that way. I think my father survived. I don’t think he overcame fear. He was lucky.
Lucky in what way? That he survive?
Lucky that he survived when most people didn’t. He was lucky that he was able to lie about his age, work, stay under the radar enough, tolerate the hardships, and make it through but he was afraid a lot. I know that throughout his life, he passed now. It was several years ago. Even years later, he still woke up with night terrors and trauma from it. I don’t know that he necessarily got over it at all but learned how to survive. Part of the reason why he lived a safer path was that he had already been through enough trials and didn’t want to create any of those scenarios again in later years.
Strive for a job with more choice and freedom. Don’t be stuck in the confines of what’s expected of you to get that income.
That makes sense to me that he wanted safety for his children over the fear that he experienced. That was one chapter. You started working in making commercials. Did you like that? That’s so much creativity. I don’t have a creative bone in my body.
The thing that I learned about creativity and monetizing for creativity is that it’s different than, “I’m going to take this canvas and paint a picture, whatever I want.” When you are getting paid for a service, there is an expectation of what people want or whoever you are working for, that is the television company. You have to work within the confines of the structure. That creates a little inhibition in terms of what you can do. In terms of a position in an industry, it was a lot of fun and lucrative. In those regards, it was fun.
You said that it was lucrative. You were not a starving artist.
It’s because I wasn’t an artist. I was a paid creative.
You are saying the difference is because you have a lot of constraints. You said that you were exchanging time for money. It sounds like that was one of the catalysts to move you out of that. It’s hard to leave a lucrative job when you are young and successful. I would imagine.
It’s hard to leave a lucrative job when you are young and successful. As we are walking through life, I’m sure a lot of the readers are maybe shaking their heads. I’ve had these chapters in my life where I hit a crossroads where I’ve done something, and I’m thinking, “What else is there? What’s calling me on this journey?” For me, I wanted to have even more choice and freedom. I got this job in the creative industry. It was great because I was creative. Yet, I still had the confines of what was expected of me to get that income. I also realized I don’t have the choice of whether or not I want to get up in the morning at 9:00 and go to this meeting for three hours with exact. I got to do it.
I don’t have the choice if a deadline comes in and I want to go have dinner with friends that night but I need to work late because this job needs to get done. I don’t have the choice to say, “I want to go on a vacation for 2 to 3 weeks because I have to do this.” I don’t have the choice but to stop doing this job because if I don’t, I won’t be able to pay my bills and live the lifestyle I want.
Those constraints are where I started to look at the time and money factors. I feel like, in my soul, the thing that I always wanted was to live a life as freely as I could. The next step for me, ironically, was that I ended up having a child. I got a little busy growing the population. I took a little bit of time off and started a company again after a while.
How much time off did you take when you say a little bit? That’s such a relative term.
It was around twelve months before I figured out something else. Up until that point, I didn’t have the capacity to understand what I was capable of. I knew that I had certain skillsets and been able to get to where I was and have the life that I had already based on choices that I had made, who I was becoming and had become.
When I started thinking about starting a company, it wasn’t like I could build a Tesla or something. Think about all the steps there are and the things that we can do between Elon Musk and someone that’s starting a company. There’s a big range in terms of the magnitude of what can be created and contributed.
Are you married or partnered with somebody at the time?
I was married, yes.
Is it you were bored to tears, or was it time?
The wheels on the bus go round and round and can only go round and round so many times.
On my fourth, I’m like rolling the ball on the floor and I was like, “Shoot me now.”
It’s beautiful, and it’s also right.
For the people that can do it all day, God bless you. It’s awesome. Your passion was calling. What did you do next? What did you go into? How did you discover that? I’m amazed now and get this when I’m coaching younger women. Everybody is younger than me now. They have a baby and were like, “How do you do it?” I was like, “Welcome to the world of stress.” Especially in the States, we hadn’t come that further along helping working moms figure it out as we did when I was having the kid.
One of the reasons I went on my own was because I knew that the best boss in the world wasn’t going to let me raise my child the way I wanted to and have the career the way I wanted it to. I’m like, “We will take care of that, and I will work for myself.” Luckily, or by choice, I had a spouse. My husband always supported what I wanted to do. What did that look like for you?
At the time, I never even thought of going back to entertainment because I did want to spend time with my child. My husband was in the entertainment industry too. As I mentioned, the hours can be long. We wanted at least one person to be around because we didn’t want our child to be raised entirely by someone other than us. I say entirely because I did have support. What happened was funny enough is that I had bought my daughter a pair of baby shoes. It’s funny that I’m mentioning this because this was long ago, and I haven’t talked about the story but it’s a fun story.
You have to tell us her first name.
Her name is Maya. I bought a pair of baby shoes at a cute store in Santa Monica. Of course, a one-year-old must have fabulous shoes, even though she wasn’t walking yet. She wears these shoes, and in about three weeks, there’s a hole in them. I paid $40 for these things. That’s crazy. At the time, I had a lot of time in between rolling the ball back and forth and doing all the wonderful things that we do. We were videotaping her, playing around, going for walks, and doing all the things we do as young mamas.
I called the company with the hole in the shoe. I said, “I bought these shoes, and there’s already a hole in them. What’s the deal with this?” They said, “We are sorry. We consider that normal wear and tear. We will give credit for half, and you could buy another pair.” I thought, “That doesn’t sit well with me.” I was like, “I’m not going to do that. I don’t like that.”
At the same time, I was telling a girlfriend of mine, and she said, “There’s this other company that’s online. They don’t have much of a presence in the US, and those shoes are great. Why don’t you buy a pair of those?” I bought a pair, and they were fantastic. They worked well. I was happy. They were cute. Three weeks later, the company emailed and said, “Does a mom from home want to sell these shoes?”
Which company? Is it the one that you bought?
This is the second.
What happened with the first company when you said that didn’t sit well? Did you write to the president?
I let it go.
They lost the customer for life.
They lost a customer and a lot more because I ended up taking up, “Does the mom from home want to work for our company that ended up exiting for $10 million to Stride Rite,” which is a notable shoe company.
What did you do for them?
At the time when I started, they said, “We are going to give you the accounts that we have. You can have four counties in Los Angeles, and all you have to do is sell these baby shoes.” I got maybe $1,000 a month right away.
Everyone needs to realize that there is more than one way to make money in real estate.
Would you have to buy the inventory or not?
No, I put the shoes on my kid, and as I was driving around, I would go to a store.
You are in violation of the Child Labor Law.
Don’t tell my daughter that. She’s about to leave for the Netherlands abroad. She’s going to ask for more money than she’s already getting. She will like, “You abused me. You didn’t pay me for that.” I must say my daughter was extremely cute, and with the shoes, you don’t get enough. This is back several years ago. Retail was quite popping then. It was a no-brainer. I was selling these things like crazy.
Are you selling them to individual moms?
No, I was selling at a brick and mortar stores. Retail was hot then, and eventually, I had Nordstrom. I had a lot of accounts. I’ve made so much money. When they wanted to exit, they let me go, which they do a lot of high-end salespeople when they start wanting to exit or for other reasons where they want to save money and be greedy. You made all the money and built their client base. They cut the salespeople out, take over the accounts, and restructure your territory. That was what happened. I was in a restructured of the territory.
I went and took another competitor. On that one, I worked a lot in marketing and did a lot of other things with them. All the while, though, aside, we go back to the real estate investing pictures that I did buy my first property when I was working at ABC and continue to buy property. That was going on at the same time.
In the city, there’s an ABC carpet store, and they sell everything. I don’t know if that was the same store.
It’s ABC channel seven.
You took that money and invested it in your first real estate property. What motivated that purchase as opposed to buying a bigger house or getting a Bentley?
When I bought that property, I was not married. I was solving for lowering my bottom line of expenses so that I would have more freedom if I didn’t want to work anymore. I was looking at that and for options. Real estate made sense because I knew that if you bought real estate and had tenants, then tenants would pay your rent. When you are paying your monthly rent, it could go toward a mortgage as opposed to rent.
Were you living in the rental and had other people renting?
I did. Yes.
What turned you on to that? You said you knew. How do you know that?
I asked people and studied. I didn’t really know. Even going in, I didn’t know. I wasn’t 100% because it’s not everybody is in real estate but there are a lot of people in real estate. The information is pretty readily available for people to learn and excel in the field. For me, I was looking for opportunities and figuring out how people make money. That seemed like a logical place. I knew that I was paying rent every month. It was logical to me that if I was paying $1,000 of rent every month, I could put $1,000 toward the property and be buying down the property. That was the motivation to look for a property.
With your first property, people that know that even now, how did you not get a limit? You hear all the time people buy stuff. Even if you have an inspection and you are young, do you know what that means? Any house I ever bought, honestly, the first time it was hot. We turned the air conditioning on but it didn’t work. The first time it was cold, I turned the heat on, and it didn’t work.
How much did that house appreciate, and how much money did you ultimately make on the house?
I don’t remember. I’ve never done great with real estate, to tell you the truth.
I was telling you that you are, oddly enough, in the minority because many people do well in real estate because statistically, 90% of millionaires are made from buying real estate, and I get it.
As I think about it, the houses did appreciate but it was never double my money in several years, nothing like the COVID bump, nothing like that.
You bought it for $500,000 and sold it for $800,000.
It’s probably pretty close.
That’s $300,000. That’s good. I don’t know a lot of people that could make $300,000 living in a house, living their life, selling the house, and somebody hands us $300,000.
Let’s use that to have this conversation. Let’s make it up. Let’s say that’s the number, and this wasn’t my situation. Let’s use easy math, ten years. What about thinking of a house appreciates $300,000 in ten years? Had you taken that money and the other investment would be the stock market? With the $300,000 you make, you have real estate taxes, lawn maintenance, and insurance.
I’m seriously asking. How do you address that? I agree with you. Real estate seems to be the way to go. When you hear what the noise that I hear, certainly from the younger kids, is, “It’s not the American dream anymore.” What I said to you was what sided and saying, “If you would put that in the stock market over time, it goes up and down.” The tax advantages aren’t there. For the readers, how would you adjust?
There’s so much here to unpack. Let’s start with the stock market, the other option because, if we are going to invest our money, where do we go? We put it back into our business, real estate, stock market or in somebody else’s business, private equity. Let’s look at the stock market. Most people give their money to a financial advisor and say, “Please invest my money and make me a return.” The advisor will say, “What’s your risk tolerance?” You go, “I don’t want to lose money.” Who’s going to say they want to lose money? It’s like a duck, “I go for it. I want to lose money.” You can make 5% to 8% over time.
Nobody ever asked, “How much are you making on?” “I’m charging you 1% to 2%, maybe 1% to 3%.” If the stock market goes down, they make 3%. If the stock market goes up, they make 3%. You are not making money when it goes up and down. The other fallacy about the stock market is, let’s say you have $100,000 in the stock market. It goes down 50% one year. That’s $50,000. It goes up 100%. It doesn’t go up. It goes back up to $100,000.
At the end of three years, you are at 75% if it goes up and down 50% every year. It’s a losing strategy. Plus, the other thing is that it’s proven that when you have a financial advisor, 90% or more of financial advisors do not be what the S&P 500 will do naturally. I can put my money in S&P 500, you can give it to a financial advisor, and the likelihood of me doing better is greater than you paying somebody to do it all for you.
You are passionate about this. I’m glad I brought this up.
I get frustrated because we are all pawns in the game until we realize it. I was a pawn in the game but wasn’t willing to be poor. I wasn’t willing to subscribe to letting someone else manage my money and realize after several years that I didn’t have any more money than I deserved.
No one should ever take financial advice from me. Let me be clear.
Nothing else. Everybody knows whenever Dr. Patty talks about financial stuff.
When you integrate yourself and are focused on anything, you can find opportunities.
It doesn’t go up and down 50%. Isn’t that extreme or not?
Not always, but it can. The thing about it is that you have little control. I’m a freedom fighter and a control person. I like to have control over my life choices and freedom. If I put my money in stock and the government is having a meeting and were like, “We are going to move interest rate.” Everything starts going crazy in this, that, and the other. You could argue, “That’s happening with the real estate market.” Not really, because my properties are doing exactly the same as they were before. Why? It’s because I had properties with locked-in interest rates for an extended time.
I bought it at the right price because my tenants, people who need a place to live, are paying their rent. My bills are paid, and my cashflow is coming in regardless of what the stock market is doing. I have a huge thing. You asked about all the expenses with properties. It can cost money. I replaced 3 air conditioners in a matter of 2 months. They were not cheap, and it wasn’t fine. It did cut into my profit but if you buy right and make enough cash, then the cashflow should cover it.
You bought your first property. Were you hook then?
I saw that it had that it was great but I wasn’t hooked because I was afraid. I was afraid because of all the things that you are talking about. I was saying to people, “We are on the same thought process. You are going to lose money. You can get a lemon. You’re going to be upside down. You are going to have all these expenses. You can’t afford it.” Those things, I had heard a lot of those in my head. It took me a while to get my courage up to buy another one. Now, I buy pretty freely. I’m cautious because I like to get good deals but I buy much more frequently.
You do your due diligence. Do you prefer to get a turnkey or a fixer-upper? What works better for you?
It depends on the numbers and the strategy. I don’t always buy things on my own. I have a lot of deals with partners, and sometimes, I don’t do anything in the deal. There are tear-downs that are happening right now in East Austin, with prefabs being put on them. I’m a partner in that deal but I was not involved in tearing it down or putting the prefab on. I am involved in certain things and a financial partner, but it depends on the whole package.
The one thing that I always teach is that everyone needs to realize that there’s more than one way to make money in real estate. There are a number of ways, effective ways, and fairly low-risk strategies to be earning quite a bit. The minimum that I generally make is 10% annualized, and I couldn’t almost with certainty feel like I’m going to continue to make that.
How do you feel about prefab? You brought a prefab. There was a time when prefabs were one step above a tenement slum, but now, I hear more about them.
Modulars and prefabs are all the rage, especially because construction has gotten expensive. It’s time-consuming to build a house. There’s a lot more labor involved. This is a wave of the future in a lot of ways. There are a lot of them, probably even in your neighborhood.
What about the potential for resell? I understand everything you said but things were going to cycle. The day is coming, and all of a sudden, people snub their nose at prefab.
I don’t think no. As long as the numbers work, it won’t be like that. The market is softening. The real estate market interest rates have declined. Prices have stabilized but not come down a lot but there are still deals to be had. Before I get on with you, I’m looking at a deal and deciding whether or not to purchase it.
Are there deals in Austin? Austin is so hot.
Yes. When you integrate yourself and focus on anything, you can find opportunities. You can buy real estate anywhere and do well.
Define slow down for you. What do you mean by that?
Prices, even here in Austin and San Antonio, have stabilized, and they are starting to come down. What it means is that you need to weigh the benefits you are going to get and what you can rent the place for regardless of market conditions because people need a place to live. Rents generally will climb in these environments. Your rents are going to go up but you might be paying a little bit more with your interest rate.
It’s like a dance. That’s why I love real estate because I like moving parts. What it means is that you want to be watching because nobody knows how bad the recession is going to be and how far down prices are going to go. We are all watching and making sure we get solid sound deals. What you are looking for is to make sure that if you need to sell, you can sell.
If you need to rent out the place, there are people that don’t want to live there. That’s one of the reasons why a lot of people love these markets like San Antonio and Austin because there’s population growth and jobs. When there are population growth, jobs, and a shortage of housing, we have an opportunity to make sure that people can have a place to live.
A little aside joke in recession. I thought we weren’t in a recession.
There’s an equation. By definition, we are in a recession.
During the hot market, this is from the layperson, and the non-professional, not that I have a following but the thinking is you don’t buy in a high market. I feel like Austin was ahead of the curve being high. Last several years, did you not buy because the market was high and hot, or is that make no sense because it’s a hot market and there’s a need for it?
Those two variables are both true, and there are also still opportunities for deals. When you find those deals, you buy them, and I have been buying them for the last few years in Austin and San Antonio. Since I live here now, I prefer to be closer because I don’t want to travel much for real estate. I would rather go to a genius network conference.
I would imagine it’s much easier even for someone who is skilled as you to keep your finger on the pulse if you are living the way you are buying.
It depends. You need teams. You need boots on the ground. That’s all it is. Certainly, I have properties in other places, and there are people that manage them. For the work that I’m doing and for certain criteria that fit my strategy, it is helpful for me to be close by to some of the assets.
Through our mentioned Genius Network, that’s how we met because we are a part of this incredible entrepreneurial crazy group that Joe Polish started. I will speak for myself. I’m guaranteed not to be the smartest person in the room. It’s much a growth mindset crowd. How long ago did you move to Austin, and from where?
I moved from Los Angeles to Austin several years ago.
Was that spurred by work by your investing?
It was more that I wanted to change. I didn’t want to live in LA anymore. Beautiful beaches, no humidity, and it’s kind to your hair but I was ready for a change.
Other than the difference in the tax structure, what do you see as the difference in the people, and how does that impact doing your business?
If I want to see you and you are in Santa Monica, and I’m in Sherman Oaks or something, it’s only 30 minutes away but it might take me an hour and a half to get to you because of traffic. That stresses people out. It’s fine if you are driving, it’s far, and you are on the road but when you stop and start, it’s stressful. I feel like it doesn’t make people happy.
Stressed does not make people happy.
It’s a little chaotic. I also feel like the weather is always the same. I love a weather change. In Austin, it will just storm one day. It’s great. Think about the world this way with the rain but in LA, it’s always the same.
If you feel like the way that your money is working for you isn’t as effective as it can be, learn how to buy real estate.
You don’t appreciate it and lose appreciation for it. That sounds a little bizarre but I get that. If you are always in the sun, you don’t appreciate always being in the sun.
The other thing is that, here, I feel that it is smaller. It has more of a community feel. I feel like people are calmer and nicer. I live on an acre and a half but am fifteen minutes from the city. I can enjoy nice restaurants. I can do certain things. When I was in LA, I didn’t want to go out to eat because it would take an hour and a half to get to a restaurant. It was not fun for me. I don’t want to live my life in a car and traffic. I want to be able to be with people and enjoy. This is so much more conducive to it.
You don’t have the entertainment industry here. I feel like the entertainment industry breeds this additional stress. You have a lot of people that are struggling musicians or artists. That also creates a hard life. You are trying to put yourself out in the world, and people reject you for no reason. It rises into visibility. It wasn’t for me.
What people feel, specifically about LA, is that because Hollywood and not for everybody, there’s a superficiality to it. People aren’t real and authentic. Everybody is acting. Everybody is trying to get somewhere to climb the ladder. I see where that’s stressful under the facade of nobody looking like over 30.
The other thing is that I’m abashed. Los Angeles has a lot of beautiful places, and it does have wonderful people. I was tired of it. My best friend lives there. She lived in Connecticut for several years. She’s like, “I plowed snow for several years. I love the sunshine.” It comes back to your idea about the appreciation of it because it’s still fresh for her. Even several years later, she’s like, “I don’t miss East Coast weather.”
You mentioned your daughter. Tell me about your second child. You said you have two.
I have three. I have a stepdaughter. I have my daughter Maya, who’s a Biochem major at the University of Denver. She’s now leaving for the Netherlands to do a semester abroad, which she’s also coupling with an international vacation. She has a budget. We’ve already established how much money will be going on, “I’m traveling the world now fund.” She just got back from Barcelona, Portugal, and Israel with me for three weeks. My son is a soccer player and goes to high school.
How was that move for him? That’s a hard age to move a kid.
We strategically plan that where he was starting high school when we moved. There are certain times when if you move a child, as you know, from your experience, it’s easier. Starting high school is a break. A lot of people juggle around then. It wasn’t horrible for him. He’s easygoing. At first, he was upset but he likes it here. Austin is a likable place. You don’t meet a lot of people that are like, “I hate Austin.” They don’t like the summers, the heat, and the humidity but other than that, the bugs. There are a lot of big bugs. I had one in my office. I almost jumped out of my seat. People love Austin.
He plays soccer. With boys, they get on a team. They are good. It’s much less drama and your stepson.
No, it’s my stepdaughter. She’s a musician in Los Angeles.
She’s now living with you.
No.
Did you go back and visit?
Yes, she’s a big girl.
You get into real estate. You have a team now, but you also have a wealth-building company. Tell us about that and why you chose to focus on women.
When I started the company, I figured a lot of things out about money-making and wealth-building. I would love to share my knowledge. The reason why we want to solve something is based on our experience. As a young girl, I felt particularly vulnerable. One is a girl, who is harder to make my way in the world, and we still have these struggles of not being equal in salary and opportunity.
I felt that I had an affinity with women and wanted to be of service there. That’s what I decided to do. It’s also good for marketing. We will talk about marketing for a second. You are a little more niche down, like, “Who do you serve?” It’s clear. It’s women. It’s not like, “I serve everybody with everything.” That was also part of it.
Someone that has one lane with women, not all my work is women but one about empowering women, creating programs and companies that empower women, not the nonsense, let’s have an event. We will pay some more key names like Sheryl Sandberg an obscene amount of money. Everybody will rah-rah and cheer. The event is over, and nothing changes at the company. To me, that’s all grandstanding. I don’t play that game.
If I go in there, I will create a mentorship program. I did the coaching program. I show you how to recruit women, how to retain women, and all of that stuff. From an empowerment perspective, not a victim perspective, which is important for me. If you want something in life, you take responsibility to get it as you did. Do you hear because I am amazed at how I still hear in 2022, “My husband is in charge of the money, or I’m on a budget?”
I work with very successful, highly educated women, and I am shocked and appalled. They make more money than their husbands. Here are the expressions that drive me bonkers, “My husband won’t let me.” I’m like, “What?” I’m not talking about where you have a conversation, and we are saving for this. Maybe we don’t want to spend them. “Nope. My husband makes the financial decision.” It blows my mind. Where do you go with that? You must hear that.
I agree with you. I believe that women are smart and capable of making their own financial decisions, especially if they are the ones bringing in the money. I believe that partners should have a collaboration. If I ever heard, “I don’t usually,” I don’t know how to explain that, “My husband won’t let me,” there’s a bigger issue in the relationship because it should be like, “We discussed it. I see his point of view. I’m leaning toward that because it makes sense to me.” When there’s a power thing that doesn’t feel good on any topic, whether it’s money, whatever it is, that’s not a good dynamic for us.
It’s also a trust issue like the show.
What do you think of that? That’s huge. Generally speaking, the women that come to me are women that are ready to be in charge and own their life financially, own their life from a wealth standpoint, learn what it takes to build wealth, be in charge, and understand the pieces. Somebody has said something to me. They said, “What do you do if someone has a bad day and they are down in the dumps and feeling a little discouraged about buying a property or something?” I said, “They are not my clients. They need to go to a therapist or something else.”
I have two arms of the way that I work, my high-level mastermind with eight-figure women where we were leveling up in terms of strategy, looking at deals exiting businesses, listening to guest speakers, and looking at legacy. All of those things, we do that in that mastermind. I have a coaching practice that is for women that are professionals and are doing great in their business.
I have executives, doctors, and entrepreneurs. What they are doing is they are saying, “I’ve got this money. I’m feeling like the way that my money is working for me isn’t as effective as it can be. I want to buy real estate. I also want to change the way that I’m doing things in my mindset around it.” Those are the two sets of women that I help and serve.
Do you find that the women that are ready to embrace their worth? Are those women that have gone through a transition or divorce? Is it that where the women are in their life?
It’s mixed. I have clients that are married and not married. A lot of times, my one-on-one clients are women that have gone through a divorce and are making good money on their own. They now want to take charge and understand all of the pieces of their financial success moving forward. They are generally professionals. I don’t have a lot of clients that don’t have careers on their own, aren’t making their own money, and doing well because that’s part of the empowerment. Part of it is like, “I have these kids and, I have this career and, or, it’s already like, or I feel good about myself and.”
If you could pick, who is your perfect client?
There’s the coaching program, and there’s the high-level mastermind. They all have a general idea in terms of the avatar. They all fit in. They own a business. They are making $500,000 and have multi-millions in the bank of net worth. They are looking for the next step for what money means to them, where they want to go with it, and make sure their trust is in place. They look at investing strategies and how to move money around. They listen to speakers that are high-level and are thinking about interesting ideas.
They are curious, engaged, action takers, and already successful. They want to put a boat on top of it and even watch the bouquet get bigger. That’s that client. The other client is a professional woman who has always wanted real estate but doesn’t know exactly where she would want to buy it. She has resources. Her money is not working as well for her. She wants to learn more about real estate and have the right mindset around being an investor.
We have a money personality. I talk about that. I do keynotes on what’s your money personality. We have a money story. Money is a commodity. It’s all emotion. It’s all about the emotion that we attach to money. That’s part of whether you are a risk taker or not a risk taker. I’m sure you could speak forever about that.
It also explains people, not just women but people that grew up in dire poverty. No matter how much money they attain, they may always feel poor because it’s their money mindset. That’s interesting. That’s what I always love to talk with women about. People in general, women in particular, seem to buy into that scarcity mindset around money, which is fascinating. Lord knows the world needs your services. I want to be respectful of your time. I’m grateful to you. Before we go, I want to ask you, what is the last book you re-read and why?
The last book I re-read was the book that’s coming to me is Rich Dad Poor Dad by Robert Kiyosaki. That is the Bible for real estate investors. A lot of successful investors say that they read that book, and that’s the book that had them start investing and realize the life they wanted to have. I re-read that mostly because I wanted my son to hear it. We did that together. It’s a book that is well done, easy to read, and get through. Every person that is reading this blog would enjoy that book. I highly recommend it.
I thought you were going to say, Think and Grow Rich.
It looks a little bit dry.
How can people find out more about you? Where can they go to?
I wrote a book, The Millionairess Mentality: A Professional Women’s Guide to Building Wealth through Real Estate. You can go to TamarBook.com. Since your audience likes quizzes, there’s also a real estate personality quiz. What Kind of Investor Are You? You could do that at TamarQuiz.com and visit my website WealthBuildingConcierge.com.
This was fantastic. This is one of the most enjoyable episodes I’ve done. We do this with women, money, and empowerment. What’s not to love? Thank you. That concludes this episode of The Trust Doctor: Restoring Trust & Enriching Significant Relationships. Make sure you check out Tamar’s new book and website. You will get more of her pearls of wisdom. Remember to like, comment, share, and subscribe. Until next time. Be well. Thank you.
Important Links
- Wealth Building Concierge
- Genius Network
- Rich Dad Poor Dad
- Think and Grow Rich
- TamarBook.com
- TamarQuiz.com
- https://www.TheMillionairessMentality.com/
- https://www.Facebook.com/groups/513852842876164
- https://www.Instagram.com/wealthbuildingconcierge/
- https://www.LinkedIn.com/in/tamar-hermes-53b9114a/
- https://www.Pinterest.ph/wealthwarriorwoman/
About Tamar Hermes
Tamar Hermes is a full-time real estate investor, coach, author, and founder of Wealth Building Concierge guiding women to become financially free through real estate investing. While growing successful businesses in the retail and entertainment industries, she built her portfolio in the Los Angeles area with no prior knowledge or training. Today she manages a portfolio nearing eight figures in various assets, including real estate, private equity, crypto, collectibles, and cannabis.
Her mission is to support women in overcoming fear and overwhelm in investing by building their confidence and educating them to take action that feels congruent to them understanding there isn’t only one way to invest. Tamar believes all women should have knowledge over their finances and should own property. Her clients go from having thousands sitting in the bank earning little to no interest to earning upwards of 10% annualized returns and owning assets that will continue to profit for generations. She also leads a high-net worth mastermind for women with 7-8 figures to strategize, brainstorm, collaborate, and grow net worth and generational wealth.
She is a contributing writer for Entrepreneur and Bigger Pockets and has been featured in Fast Company, Buzzfeed, Million Acres, and the Real Estate Investher and The Bigger Pockets Podcast. Her first book, The Millionairess Mentality: A Professional Women’s Guide to Growing Wealth through Real Estate, was released last month and is a 3x Amazon #1 bestseller.
Tamar grew up very low middle class in Los Angeles and struggled to find her place in the world. Her father was a Holocaust survivor and mother was a pioneer in Palestine as a child before it became Israel. Tamar wanted more for her life than struggle and found herself at 25 as an executive in the television industry. She liked the work but was trading time for money. Tamar then explored ways to lower her bottom line and stumbled onto real estate!! The rest is history.
#realestate #homes #brokerage #instarealestate #luxuryrealestate #househunting #luxuryliving #homegoals #investmentproperty #wealth #wealthbuilding #concierge #financialplanning
