Smart real estate wholesalers look for a niche to dominate, and they stick to it.
The starting point for big wealth and incomes may be thinking really big. You want to be the Steve Jobs, Bill Gates, Mark Zuckerberg, or Donald Trump of real estate. To have a big empire and all the riches that come with it. But once you dig into these biographies you find that their success really came from, and often still relies on owning one niche. The same is still true of Google. Sure Google has Gmail and a suite of business apps, great maps, and even driverless cars. But all of that is built on dominating Google’s niche in search. Owning a niche is also what has turned Airbnb, Uber, and Instagram into multi-billion dollar companies. So if you want to go big in real estate – start small. Choose a niche and own it.
There are almost infinite niches to choose in real estate, and plenty of overlaying filters and hybrid choices. Trump has luxury condos. Warren Buffett has mobile homes. Sterling White has turnkey properties in Indiana, etc.
One of the biggest temptations when things aren’t going as fast as investors would like is to go broader and to imitate the competition whom they think is doing better than them. Note that most aren’t doing as well as they make out. And you don’t know if any of their individual strategies are really working for them or are producing great net ROI. Just look a Zillow which at least had be losing tens of millions of dollars a year using phone sales to sell online marketing. 20 plus year industry veteran and speaker Sam Sadat says that the truly rich think differently than everyone else, and one of the ways they do that is looking to create more cash and wealth, and riches in niches.
If anything you may want to get smaller in order to get bigger results. Once you have dominated the majority of the business, referrals, and web traffic for that niche, and only then – consider expanding.
Then in addition to wholesale houses you might offer turnkey properties or even jump into development. You might expand from your city to other key markets which are ripe for flipping and which turn on a different timeline in the real estate cycle to yours.
So what’s your niche?
Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.
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