Steps To Success In Real Estate – Choosing A Niche
What does it mean to choose a niche in real estate? Most newbie investors, myself included, become overwhelmed with the choices and strategies available in real estate. I often compare it to being in line at a buffet, with countless tempting choices in front of us. But, as we all know, some choices are far superior than others. I am not here to tell you which choice is better. I am only here to tell you to pick one choice, focus all of your energies on that choice, master that niche, and then begin to invest exclusively in that niche.
Some investors may have no capital to begin their investing.
Wholesaling may be their best option to jump into real estate.
My recommendation would be to master the wholesaling platform, crush
it and then and only then consider another strategy.
My reason for this stern recommendation is simple. It is easier to hit a target that you are focused upon, and one that has all of your energy and attention.
When you first begin a new venture, it is vital that you master all of the basics.
Does anyone expect a new driver to jump into a Porsche and begin driving 100 miles per hour? The end result is not going to be pretty.
Choose a niche that relates to your personal situation.
For instance, my goal in real estate was to create passive income and generate wealth. I knew that buy and hold, specifically developing an Estate, would propel me to success. I never considered fix and flip, or purchasing single-family homes because these strategies were not consistent with my goal. Once I chose my niche, I searched for a mentor who was teaching Estate Development investment, and I dedicated myself to learning everything in the space.
Is it no wonder that some of the richest investors in the world adhere to this principle. Take Warren Buffet as an example. His advice is not to diversify, not to put all of your eggs into different baskets.
Mr Buffet is a value investor, and has created an amazing company maintaining this discipline.
Once you become a master, the deals start coming to you.
Some investors may have no capital to begin their investing.
Wholesaling may be their best option to jump into real estate.
My recommendation would be to master the wholesaling platform, crush
it and then and only then consider another strategy.
My reason for this stern recommendation is simple. It is easier to hit a target that you are focused upon, and one that has all of your energy and attention.
When you first begin a new venture, it is vital that you master all of the basics.
Does anyone expect a new driver to jump into a Porsche and begin driving 100 miles per hour? The end result is not going to be pretty.
Choose a niche that relates to your personal situation.
For instance, my goal in real estate was to create passive income and generate wealth. I knew that buy and hold, specifically developing an Estate, would propel me to success. I never considered fix and flip, or purchasing single-family homes because these strategies were not consistent with my goal. Once I chose my niche, I searched for a mentor who was teaching Estate Development investment, and I dedicated myself to learning everything in the space.
Is it no wonder that some of the richest investors in the world adhere to this principle. Take Warren Buffet as an example. His advice is not to diversify, not to put all of your eggs into different baskets.
Mr Buffet is a value investor, and has created an amazing company maintaining this discipline.
Once you become a master, the deals start coming to you.
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