How to get laser focus so you can dig into the potential of your chosen real estate niche!
I have been investing in real estate since I was 18yrs old. My first deal came when I partnered with my father on the rehab of a high end condo. Since then I have learned many lessons. Some where learned from talking to mentors and reading books, others were learned by making mistakes!
One of the biggest mistakes you can make in real estate investing is trying to learn every single investing strategy that you can. There are literally 100’s of ways to make money in real estate, from buying notes, to wholesaling, to rehabbing and the list keeps going and going.
When my investing business was in the infancy stage I was going in 10 different directions. I would subscribe to all of the real estate expert’s news letters and read them all. It is good to stay on top of what all the experts are doing, but my biggest problem was that I would try and mimic all of the experts! One week I would focus my attention to Short-Sales and then the next I would start calling REO agents looking for foreclosures. Then I would say to myself “I need some cash flow”, so then I would start looking for rental property. Before long I was running out of money because I had 10 million things going at once. Next thing I know is that 6 months have gone by and I did not make a dime. From there on out I promised myself that I would not let myself go down that path again.
In this business it is so important that you pick two areas that really interest you and create a focus. This may sound CRAZY, but you want to make money right? Well then you are going to have to focus on a few aspects of real estate till they begin to create cash flow on a consistent basis. For me, this was wholesaling. Wholesaling is 75% of my business right now. I chose wholesaling for two reasons. The first reason was that there is little to no risk involved, and the second is that the turnaround on a property is much faster than in any other area of real estate.
One of my good friends has built his real estate business in a completely different fashion. He works a ton of short-sales here in my area. When he gets one worked out he will either wholesale the house as-is and never close on the property, or if it is a home-run, he will close and rehab the place himself! So as you can see there are so many different ways to make money in this business that if you are not focused on just 1-2 areas, you will be chasing your tail and not living up to your potential.
I really do not care what aspect of real estate is for you. Every person is unique and that is what is what I love about real estate. There is a niche for everyone! I just want you to take a little bit of this advice to heart. Follow my advice and learn from my mistakes!
To your focused success and profits!
Expect Greatness & Nothing Less
