7 Steps to Choose Your Property Type: Niche 2 Get Rich & Super-Niche 2 Get SuperRich

[Grant Shipman]

7 Steps to Choose Your Property Type: Niche to Get Rich & Super-Niche to Get Super-Rich

Hey BP Community!

Are you trying to narrow down the perfect property type for your first coliving investment? I’ve put together 7 steps to help you decide, stay focused, and get that much closer to achieving your financial goals. Let’s dive in:

1. Don’t Do Multiple Property Types

Avoid the temptation to juggle different property types. In this game, sticking to one property type is your fastest path to mastery. Why suffer through multiple learning curves when you can focus and perfect your approach?

2. Choose a Property Type and Stick With It

I learned the phrase “rinse and repeat” from the BiggerPockets guys—and it’s a game-changer. High performers everywhere swear by it. Start niching down now, master your chosen property type, and don’t pivot until you’ve got it dialed in.

3. Do You Already Have Rentals?

• Yes? Great—stick with what you know! Most property types can work for coliving, so leverage your existing expertise.
• No? Proceed to Step #4.

4. Detached Houses

When in doubt, consider the tried-and-true detached single-family house. These homes are what most people picture as “home” and lend themselves well to coliving strategies. Why? Because they’re ideal for creating comfortable and functional shared living spaces.

5. What Works Best?

Successful coliving properties focus on creating strong, household-led communities. The best setups have:

• 5-11 members (ideally 6-8).
• 1 bedroom per member.
• 1 bathroom for every 3 members.

Look for properties with these specs:

• 6-8 bedrooms.
• 2-4 bathrooms.
• Ample parking (street or otherwise).

Detached houses fit this formula beautifully, but other property types can work too. Just make sure they meet the criteria.

6. Seriously—Pick a Property Type

Detached houses might be the easiest to work with, but the real key is committing to a property type. Don’t stress about perfection—choose what feels right and move forward.

7. Stick to Your Type

Warren Buffett once said, “The difference between successful people and really successful people is that really successful people say no to almost everything.”

Apply this principle here:

• Decide on your property type.
• Say no to anything outside of that type.

You can always pivot down the road, but starting with focus is crucial to building momentum. Real estate is vast—narrowing down your niche will help you achieve results faster.

That’s it! Keep it simple, stay consistent, and success will follow. What’s your preferred property type, and how did you decide on it? Share your thoughts in the comments below—I’d love to hear how you’re approaching this!

Looking forward to your feedback and discussions! 🙌