By Gena Horiatis
Finding your niche in the vast world of real estate investment can take time. Be patient. You are going to have to try on a lot of different hats to see which one suits you best. My recommendation is to begin to wholesale in your backyard. Your backyard is anyplace you can drive back and forth to in a weekend. There are really good reasons for this. There is no risk, and you get to see the operations firsthand. Furthermore, it’s a good idea to do several of the same types of deal before you branch out. That way you really understand the strategy. When you are ready to move on, you might select lease options, which are another great way to make money without using any of your own.
One obvious way to pick your niche is to analyze what options are open to you. Do you have cash? This could be savings or funds from a HELOC, a traditional mortgage, private money, etc. If the answer is yes, then you can branch out into flipping or holding properties. If the answer is no, then you will stay with “no money” strategies until you’ve earned enough to allow other options.
What’s your background? All of our life experiences can be put to use in the field of real estate investment. Do you have experience in the construction field? If so, then you might have great value to another investor. Perhaps you team up and manage flipping properties. Is your expertise financial? You will probably be great at explaining opportunities to potential private money investors. Are you a stay-at-home mom like me? Then you have superhuman powers and can do anything you set your mind to! I joke, but seriously, don’t underestimate the value your past life experiences bring to the table.
How much time and energy do you want to put into this? Are you a competitive, have-something-to-prove type of investor?
Then you are going to scale tall mountains of real estate success. You are driven and will always desire to accomplish more. Are you more of a lifestyle investor? You want to earn enough to live the life you choose but still stop and have lunch with your kids or go away for the weekend. One is not better than the other. They are just different life choices. This clarification is going to help define your niche. Be honest with yourself.
What will ultimately define your niche is when something strikes just the right chord in you and gets you excited. More than excited, you will be determined. Confident and certain that you WILL. Jim Rohn said, “How long should you try? Until.” How long does a baby try to walk? Until. Not only will you try, you just will. How long will you pursue success in your niche? Until.
For me, when I heard about establishing a remote power team, it just lit that proverbial light bulb above my head. I left that event KNOWING I would establish a remote power team and own ten cash-flowing houses within the next twelve months. Period. No questions. None of this “it’s too hard” business. I just did it UNTIL. The next thing that got the fire in my belly burning was when I learned about private money. I had never felt right asking for money.
I learned from my mentors that I had an opportunity, in fact, an obligation, to help people earn more on their savings. It became my mission. This is my niche, buying properties in remote cities where the numbers make great sense, flipping or holding and doing it with private money. It gets me salivating just thinking about it. Or maybe it’s the smell of the ham in the oven. Either way, with patience you will discover your niche and attack. Attack until. You’ll feel giddy inside and help lots of people along the way.
About the author:
Gena Horiatis was a stay at home mom for a couple decades before discovering the brave new world of real estate investment. Her endeavors in real estate have created enough passive income to support her family. She has wholesaled, obtained rentals and lease options and flipped properties in five states. Gena has mentored thousands of new investors across North America and abroad for 6 years. Her online real estate investment education and book can be found at www.atimetoprofit.com.
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