Real Estate Investing: Deciding and Conquering Your Niche

Welcome back,

Whether you are just starting to dip your toes into the ocean that is real estate or are free diving in the great blue yonder, you need to be aware of the rules that govern your ability to maximize your success within the scope real estate investing. Here is what I mean, you have already likely been exposed to at least a dozen strategies for making money within real estate. Most of these strategies are quality methods that will work in today’s market when you correctly put forth daily action. Translation = most methods of real estate work if you work at them. However some strategies may be more suited to your current area, free time, financial situation, credit situation, current skill sets, current weaknesses, and your wants and needs.

Some folks like myself stumble into a real estate investing niche they love and are great at from the start of their careers. While other folks may fail in real estate investments once or multiple times before ever truly finding what inspires them to kick butt and take no prisoners..

Please use the guidelines below to find your niche and conquer your local market.

1. List out your financial goals before you begin:

You may already understand for the first 120 days after you start to call your self a mobile home investor you will be contributing to your business daily (my advice only). It may be just 30 minutes per day or it may be 3 hours per day depending on what you can invest. So besides your time goals or freedom goals let us first sit down and make a list. Al list of your:

1. short and long term monetary goals
2. current skills and abilities
3. current weakness
4. time obligations
5. financial capital to begin investing

Do you desire steady residual cash-flow? Do you need cash right now? Do you have starting capital? Are you handy with a hammer?  Are you a good leader? Are you a good manager? Are you a good negotiator? Do you desire further training?

2. Explore all your options in the beginning of your REI career:

There are so many ways to create value and therefore create a profit while real estate investing. Mobile homes inside parks, manufactured homes attached to land, wholesale investing, retail sales, lease option deals, REOs and bank owned properties, fast turning homes, rehabbing and quick sales, owning entire mobile home parks, commercial real estate investing, short sales, loan modifications, Realtor sales, buy and hold properties, multifamily homes, foreclosure deals, raw land development, pre-foreclosure properties, note buying and selling, and more.

Spend a short time going through this list learning about each field that interests you and decide if this strategy will get you to your specific real estate investing goals and also make you happy in the process..

3. Consult an expert:

One of the best recommendations I can make is for you is to speak directly with someone in the field you would like more information about. Find an online blog, local mentor, or take a local expert out to lunch. I took out five knowledgeable investors in my first 3 months of real estate investing to learn what I could from each expert. .

4. Do not spread “yourself” too thin:

By “yourself” I mean your time, resources, money, energy, and stamina. I know that I am not the only one that has ever piled too much on his or her plate at one time. Once you do find your target investing strategy it will be wise to close on one investment property at a time. Fill or sell your investment vacant home then move on to the next deal in your buying pipeline.

Choose just a few areas of real estate that interest you and run with them. Market for your targeted properties and keep to your game plan. Do not stop marketing after you are committed to a property style. .

5. Become a Local Expert:

Becoming an expert is really a never ending process. However when you find a niche or specialty in real estate that you love and are good at – dominate it.  Become the most passionate investor in your town within your desired field. Be the expert that other people are asking for advice and be the name that everyone thinks of when they think of your niche. Example: “If you have a mobile home lead call Mary. Mary is a mobile home investor.”

In conclusion always remember that your end goals and desires may continuously change. Be open to new ideas. Perhaps what may sound like a terrible investment strategy this month may just turn-out to be a great money maker next month. Keep in mind that you are your own person and what works for someone else may not be your cup of tea. Find what you want and go for it until you reach your goals. .

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

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