Niche or jack of all trades?

[Kevin Coggins]

So starting out I decided I wanted to focus on buy and hold deals and that's really been my focus and everything I've analyzed has been with that strategy in mind. However, now that I'm finally in a position where I can put the money down, I found a really good deal that doesn't fit into what I've been researching this entire time. I mean, I understand the gist of flipping or BRRR, but outside of the beginner's guide and reading success stories I never analyzed deals that way. In hindsight, I believe I should be trying to analyze BRRR and flip type deals, simply because they are related to buy and holds.

My question to the fellow investors out there, do you try to focus on only one aspect and not deviate from your plan, or do you try and do a little bit of everything?

[Nick Messer]

I would agree with a niche to the degree that focus will generate better results than a shotgun approach. In that, be niche in your marketing. Brand yourself as the guy who can provide X or solve Y and be known for that. And I mean this more in regards to how you market and brand yourself (they are not synonymous). But in your marketing efforts, if you come across a deal that you feel comfortable taking down but it's not inside your usual bag, do it anyways. Do it for a lot of reasons, not the least of which to add revenue. Do it to learn, do it to grow, do it to discover whether or not you want to add it into your wheelhouse. But don't pass on something because it fell in your lap and it's not your niche. To be in a niche means that you focus on finding those niche things with all your effort. But to ignore a deal when it's there is just being blind. Now if you legitimately can't take it on, and it would be more of an overall liability due to the attention it pulls, the time to adjust to it, etc. then that is when you wholesale that puppy off. Just my eighteen cents.