Do you have a rental property reserve fund? One of the most common mistakes new landlords make is buying a rental property without creating a reserve fund. Learn why reserve funds are vital to smart real estate investing and joint ventures.Read more
Joint Venture investing is a fabulous way to conquer and find quick success in real estate, but so many investors find Joint Ventures (JV) confusing. What is this strategy anyways?Read more
Are you a picky investor? We are and we don’t hide it. In a world with endless investing opportunities, it’s easy to get overwhelmed and trapped by indecision. How do you narrow down your options to start taking action? It’s simple: find your niche and own it.
So what is a real estate investing niche? Quite simply it’s the strategy, geographical area, or primary focus of your real estate investing business. Your niche is what you’re known for.
Finding your niche equals finding your focus.
When John and I first started investing, we wanted to do it all. We’d go to real estate networking events and come home starry-eyed with big plans. The options seemed endless, but that was the problem. Every time we saw a new shiny object, we’d switch focus and lose momentum. It wasn’t working, and when we saw others taking action, we’d get frustrated.
The solution? Pick one strategy to start and stick with it. Once you get comfortable, master it. Then decide whether you want to branch out or level up by combining strategies.
Today we’re known for investing in historic, rehab multi-unit properties with joint venture investors. This is our primary strategy and our strength; it’s how other investors describe us. We aren’t known for investing in student rentals, new construction or rent-to-own investments. Why not? It isn’t our niche. These are great investment strategies, but they don’t align with our strengths, preferences, or goals, so they aren’t our focus.
Do you need a niche? Yes, if you want to accelerate your investing goals and start taking action sooner.
Why? Trying to invest in everything is like trying to juggle and multi-task at the same time. It isn’t possible to focus on or execute every real estate strategy simultaneously with quality. There’s so much to learn, and things move quickly. If you aren’t focused balls get dropped, and you’ll burn out quickly.
So, how do you find your niche? Here are 3 simple steps.
- Focus on your strengths and eliminate what keeps you up at night. Create a list of investment strategies/types that align with your strengths and preferences. If that’s difficult, create a new list of strategies that cause stress, anxiety or just don’t fit with you. For example, you dream of flipping houses on TV, but you have difficulty assembling an Ikea cabinet. Sometimes it’s easier to list what doesn’t work than what does.
- Stay away from the ‘FOMO Trap.’ Fear of Missing Out (FOMO) is hard to overcome when you’re networking with other investors. The key to finding your success is to believe in yourself. You aren’t missing out. You’re investing too —in your own way, on your path. Instead of dropping everything to replicate someone else’s strategy, ask yourself, “What knowledge, tips and resources can I adapt to my investing strategy?”
- Be true to yourself. In a world where everyone has an opinion on what you should do, choose the investing strategy that works best for you. Don’t blindly follow investing trends, real estate guide books, and flashy online videos. We can all adapt existing investment strategies to make them our own. You don’t need to re-invent the wheel, but you don’t need to do what I’m doing either.
Remember, your niche isn’t a blindfold. Choosing your niche doesn’t mean you only invest in one strategy forever (unless you want to, of course!). This is simply a way to focus your energy and avoid bouncing from one idea to another. If you see a great investment opportunity along the way that isn’t part of your niche you can still jump on it (…or get it under contract and JV or tip it off to another investor who’s in that niche).
So, are you a picky investor? What’s your investment property niche? We’d love to hear from you!
Do you think 2 and 3-bedroom units are the only way to go? Think again! This small bachelor unit is one of our most popular rental units plus it has the best small space layout I’ve ever seen. Let me show you how this cute unit transformed from tired, dingy and dated to bright, cheerful, and renovated.Read more
Looking for a place to rent? Buying your next rental property? The average rent in your neighbourhood is going to be a key factor to consider. Here’s how to read between the headlines to determine the average rental rate of the apartment you’re considering. Read more
What sells your rental units? Location, parking, a great view? Rethrive is known for great rental kitchen design and our amazing amenities. Today let me share five design tips to design kitchens in your rental units that tenants will love. Read more
Do you want to invest in historic properties but are afraid of their past history? Do you dream of renovating a property to restore its glory like you see on HGTV? Learn why we invest in historic properties, what to look for when buying one, and how you can successfully invest in historic homes.
So, how old is historic?
First, let’s create a little context. How old does a house have to be to qualify as “historic”? Well, there is no universally recognized time period before a house is considered historic. In fact, many old house lovers will classify any old or vintage home as “historic.”Read more
We’re often asked where we learn about real estate investing, the current market, finances, and personal growth. A common question I get is, what are we reading right now? Read more
Let me tell you one of the best ways to avoid being “house poor” and kickstart your real estate investing career in a big way; start living “small” in a big house. Wait, what? Welcome to the concept of house hacking.
John and I live in the smallest unit of our biggest triplex. We live in a newly renovated, 900 sq foot, two bedroom unit and our tenants pay almost all of the property’s expenses.
In a nutshell, house hacking is Read more