Close your eyes. Now, imagine that you’re a gold miner. You’re working, working, working to find your way to the gold. When you find it, does it make sense to suddenly go off and start digging another hole?
This is what I mean…
If you as a real estate investor have discovered a niche that works really, really well for you… why would you go off and do something different in another market when the secret to your success is actually to replicate what you just did? Otherwise it’s like walking away from a gold mine full of gold to see if you can find another productive mine. How does that even make sense? It doesn’t.
However, this isn’t atypical among real estate investors. There are so many opportunities in real estate investing that it’s easy to find yourself wanting to jump around from market to market to try new things. But that’s not good. It’s more important to master one market and add to it before moving on to something else. (Sort of like Starbucks. They started out in business by serving a great cup of coffee. They got really good at it and then added different types of coffee drinks, then tea, then food items and retail… but at its base, it’s still a great coffee shop. They didn’t suddenly decide to go off and compete with McDonald’s.)
Truth is… business is boring if you’re doing it right. You must set up your systems and perfect them before moving onto something else… and then that something better be related to what you’ve gotten good at doing.
So how do you determine that niche? First you have to figure out which problems you are going to solve. Then you determine your Investor Identity. With that clarity you can then talk to other people about your goals. You have to build your credibility as the local expert in your niche. Once you do that, you’ll find that people will jump onboard with your vision.
In real estate investing, there is a specific business system and you will take the same exact steps over and over again to become successful in what you are doing. It isn’t exciting, but sure does work!
That’s what this episode of the Cash Flow Diary podcast is all about. Listen and learn what you need to do to become the biggest, baddest, best real estate entrepreneur you can be. LISTEN NOW.
CFD 595 – Move At The Speed Of Instruction Q&A
CFD 593 – The Key Short Term Rental Systems That Allow You To Scale Your Business To Six Figures
CFD 590 – The Secret To Raising Capital From Investors
CFD 594 – Short Term Rental Math and Your Magic Number
CFD 592 – Cashflow Diary Roadmap Q&A
CFD 591 – Getting Landlords To Say Yes
CFD 589 – Why Short Term Rentals?
CFD 588 – The 10 Things I Wish I Knew Before I Got Started In Real Estate