Social worker-turned real estate agent Kaili Moore is the founder of Portland Women Investors, a group of women who meet monthly to learn from one another as they navigate the world of real estate investing in southern Maine. “Research shows that women tend to be better investors than men,” she explains, “but we often lack the confidence to begin." PCL sat down with Moore to get her tips on investing and the importance of supporting women in the field.
How did the Portland Women Investors come to be?
When I was working as a social worker, my husband and I bought our first multi-family unit and fixed it up while we were living in it. We used that money to buy another building and repeated the process. Eventually, we started a property management company, and I switched careers and became a broker. The commercial real estate world is full of male brokers and investors, and I found it a little lonely. I figured there had to be women out there in the real estate investment world, so I posted on meetup.com and a bunch of local women came to the first meeting. Now, we meet on the third Wednesday of every month, and the discussion topics, guest speakers, and presentations vary based on what the group is interested in.
What’s unique about real estate in southern Maine?
There are some spectacular neighborhoods and areas in southern Maine that are experiencing a resurgence of young people looking to build community. It’s a no brainer because Maine is perfect—I don’t know why anyone would want to live anywhere else!
What makes real estate a good investment?
In my own experience, it’s given me freedom and flexibility that I wouldn’t have had otherwise. I didn’t make very much money as a social worker, so being able to live in a multi-unit that offset some of my living costs is really what allowed me to switch careers. Another example is my mother, who sold her land and bought a multi-unit in Portland—she was a stay-at-home mom for a long time, so she’s on a fixed income, and that building is what funds her retirement.
What kinds of obstacles and challenges might women face when investing?
Women are taught to be accommodating and play by the rules. It's why we make such good landlords, because we genuinely care about people and can look at the entire situation without just seeing dollar signs. But I also think we’re conditioned not to talk about money or have financial goals, so the Portland Women Investors group is a way for women to talk openly and freely and ask questions without being judged. Financial literacy isn’t taught in schools—you’re lucky if you have someone in your life to teach you the basics, and if you don’t have a mentor, then you don’t really learn the ropes. This group is a great platform for women to share what we know and let everyone in on the rules of the game. We’re a bunch of women in different positions, but we all have this common thread and are willing to open up about our goals and priorities. I’m really grateful that I’ve had incredible mentors and my husband to help me along the way, and I want to share my knowledge whenever and wherever I can.
What are some of the different ways to earn money as a real estate investor?
There are both short and long-term ways to make money in real estate, so I generally encourage people to think about what kind of investor they want to be and what they’re trying to achieve. For example, my husband and I are not trying to make money right now—we charge enough in rent to pay the bills and to afford fixes if anything happens to the building. Our goal is that this income can support our retirement when our mortgage is paid off. If you’re looking for short-term cash flow, that’s where people start flipping houses: you buy a property, fix it up, sell it, and gain income from the sale. There’s short-term income in vacation rentals, too, especially in Maine. We also see generational homes in the state that have been passed down through families, but the costs to maintain and fix them has increased. People often opt to rent these out so they can afford to keep the house that’s been in their family for years.
What tips do you have for beginners who are interested in real estate investing?
There’s an overwhelming amount of information out there, so my first tip is to pick one or two resources that resonate with you and lean into them. Second, really think about what kind of investor you want to be and why you’re doing it. Real estate is a lot of work, and it isn’t for the faint of heart. Sometimes you’re dealing with people who aren’t at their best or who find themselves in stressful situations, so think about how that’s going to fit into your lifestyle. For example, if you’re a big traveler, you won’t make a good hands-on property manager. Lastly, just trust your gut. It’s not rocket science—it’s tough work, but anyone can do it. Especially for women, who often have to think everything through before we take the first step, just have a little faith and confidence that you can do it and that you'll learn as you go.
Get involved with the Portland Women Investors by visiting meetup.com/portland-women-investors.
Investing in real estate has given me freedom and flexibility that I wouldn’t have in my 9-to-5 as a social worker. Being able to live in a multi-unit that offset some of my living costs is really what allowed me to switch careers.
