Niches Get Riches- How to make it big in real estate

If you watch my YouTube and listen to my Podcasts you will already know that if you want to get rich, having a niche is the best way to go. Most people do not listen to this simple piece of advice because they fear losing business and opportunities elsewhere.

When we talk about niches there are three main types of niches in my real estate business:

1. 1. Location or geographic niche which gives me the ability and the knowledge to locate the best deals before my competition. Because I am laser focused,I try to look into everything even when I am not buying. I know everything that hits the market daily.
3. 2. Product niche. I don’t buy single families in Boston because there are other investors buying them and I focus on multi-families exclusively. It is important to know your product and decide the best for you and your real estate goals. I mostly invest in three families because they are nice and neat. I have my product, now I commit to know all there is to know about my product. I know how much it is going to cost for renovation, typical cost for repairs and replacements.
5. 3. Tenant niche is the next important thing. It is like knowing your customer. Different tenant bases have different expectations. Depending on your tenant pool, the expectation may be granite countertops vs laminate, or central air versus window units. Many times, your location determines your tenant niche because it first determines your price point.

If you remember nothing else today… remember...Niches get riches. It is best to become a specialist than to become a generalist. You’ll work a lot harder as a generalist than you will a specialist anyday.

For more tips on growing your real estate empire, subscribe to my youtube channel, but also head over to Wealth Builder Nation for some networking and educational opportunities.