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M O R E    R E S O U R C E S

Article by Stacy Holder and Heather Seitz

Finding your Niche

  We always hear the phrase, "find your niche" in the seminars we go to and in the books we read, whether they be about Real Estate Investing or any other avenue in which we wish to generate income. For some finding their niche means creating a new way of doing things and for some it means just finding where you are comfortable and fit in.

  We began our Real Estate Investing careers by attending a seminar on Creating Wealth through multiple streams of income. At the end the men who would become our Mentors said, "Now first, find your niche, find one of these things and perfect it before you move on to the next. Do not start everything at once, because that is a recipe for disaster."

  So, what did we do? You guessed we started EVERYTHING all at once. We were so excited and we were running on pure adrenaline. We were ready to conquer the world and that is exactly what we intended on doing. We targeted foreclosures, MLS listings, mortgage notes, for sale by owner, cold calling, direct marketing, etc. What we quickly found out is that we were wasting a LOT of time and money without achieving great results. Sure, we were doing okay, but not as well as we could have been doing. We were getting stuck trying to juggle too many things.

  Fast forward one year later, while the twelve months have been absolutely amazing, hindsight is twenty-twenty and we've realized how much time was wasted by not taking the time to find where our strengths and weakness are. The truly successful entrepreneurs are the ones who take a strategy that they are comfortable with and really to know it inside and out. They implement these strategies and then make them systematic. By creating systems, you will create more time for yourself to learn new strategies and then create more systems.

  When you are looking for your niche, you must look at several things. The first being what you enjoy doing, and the second being what you are good at. Many times, they will go hand in hand, but many times, they will not.

  Even now, people come to us and tell us that they want to start with 6 or 7 areas to find deals. We recommend that you start with one or two, become successful, and then implement other strategies into your bag. You have so many variables when you are getting started and there is so much to learn already. You are trying to put together all of the creative alternatives and trying to get over a lot of fears. When you deal with different types of people, you will have to handle them differently. For example, if you are dealing with a probate sale, you will have to take a much different approach than if you are dealing with an expired listing.

  They are all great ways to find deals, but also very different. This brings us to our next point. And that is that you need to look at what you are good at. If you are a great negotiator, but you don't have a lot of patience and don't have a soft approach, probate may not be your best choice. However, foreclosures may be a great fit for you!

  Another thing to consider when looking for a place to fit in is what your exit strategy is going to be. Are you going to wholesale, retail or hold. All are valid strategies and important in the big picture. But, depending on your situation, one or the other may not be right for you at this time. There are many options available and many financing techniques that work in different situations.

  So... where do you start?

  First, evaluate your personality. There are many personality tests that you can take to see where you fit in.

  Second, look at your financial picture. Where are you right now and where do you want to be one year from now? Can you do it with rentals? Or do you need to wholesale some properties to get started? Are you good with a hammer or do you have possible partners with whom you can joint venture for the work? This will also affect your ability to run direct mail campaigns or other more expensive advertising campaigns.

  Next, what is it that you like? First, as an individual. Do you enjoy talking on the phone? Do you enjoy face to face contact? Do you prefer to stay quiet and work on the back end of things? Figuring this out will help you determine how you are best suited in looking for sellers.

  After you have figured all of this out, it is time to open your books, whatever training program you are using, and look at all of your options: exit strategies, ways to find deals, creative financing techniques, etc. Choose a few places to start and get going.

  The good news is that the opportunities are everywhere and anyone can be successful in real estate. Our challenge to you this month is to find your niche and start working it! Good luck and let us know what you find! We are interested in your accomplishments.

Stacy Holder and Heather Seitz began their real estate investing career with absolutely nothing! They learned to leverage other people's time, money and resources to purchase over $2 Million in real estate in their first 8 months.
They have just completed two products, The "Complete Guide to Getting Started" and "The Complete Guide to Organized Rehab." ==================================

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