Finding a Real Estate Niche

Finding a Real Estate Niche


How do I find my niche or my
niche in real estate investing? Hi, everyone. I’m Clayton Morris, the
president of Morris Invest. And that’s today’s topic. All right, let’s
dive right into it. How do I find my niche
in real estate investing? So you’re sitting there
one day and it hits you like a ton of bricks. You’re motivated by something. Maybe you read a blog post or
you read a book on real estate investing. Or you know that
your friends have been making consistent,
passive income from real estate investing. And you say to your wife
or your husband, that’s it, we’re doing it, I want to start. So where do you start? How do you know
what’s right for you? I’ve done rehabbing. I started rehabbing condos
when I lived in Florida and I was doing all
the work myself. I was down there ripping out dry
wall and working on light boxes and putting in new appliances
and carpet and paint and everything else. I was doing it all myself. It was exhausting. Then there is
wholesale investing. We have other videos
here that you can learn about wholesale investing. And then there’s
buy-and-hold investing. And there’s all manner of
different forms of real estate investing. So what is the
right one for you? I grew up with a lot of
limiting beliefs around money, that money doesn’t
grow on trees, we’re not the Rockefellers. And I always watched
my dad, though, give everything his all. When he wanted to
start something, he just dove in head first. And I would watch
him fail a lot. But you know what, I also saw
him have tremendous success. And my dad was inspiring. That has really informed
my way of thinking. Give it your all,
learn it, and do it. Fail fast and get out, right. If it doesn’t work, you’ve
got to learn to pivot and try. But you’ve got to try. I’ve come up with
four different points that I think will really
help you carve out and find your niche in
real estate investing. Number one, I want you to
reverse engineer your life. Number one– very,
very important. Reverse engineer the
lifestyle that you want. What do I mean by that? Well, it’s simple. Most people just blindly
jump into something and they don’t know why. They don’t know their why. And it can sound a little
hokey, but it’s so true. I want you to picture the
lifestyle that you want. So when I talk to investors for
the first time and they say, I really want to get into
real estate investing, I say to them, great, why,
what do you want to accomplish. Do you want to spend more
time on the weekends rehabbing homes? Do you want to go and
manage your property? Or do you want to spend
time with your children, travel to Greece
and relax, and know that there is passive income
coming in every month? What do you want to do? Because some people
like to do rehabs, some people like to
get their hands dirty. What lifestyle do you want? There has to be passion there. And you have to see it. If you don’t see it, then you’re
never going to accomplish it. I knew that my friends that
rehabbed houses will spend, if it’s light rehab,
they maybe spend six months on a light rehab,
five months, six months, depending on how long it
takes them to get permits pulled, et cetera. And on a custom home, if they’re
building a big custom home, that can take a
year or even longer. And that doesn’t sound
interesting to me. Every day they’ve going
to go to the job site, they’ve got to meet
with their contractors, they have to make sure that all
the trains are running on time, then they have to get
certificates of occupancy from the city once
they’re done building it. I mean, the list goes
on and on and on, right? Well, that doesn’t
sound interesting to me. I like watching other
people do rehabs, but I don’t want to
be doing them myself. And then I have
other friends who are investors that own
hundreds of properties and travel the world
with their family and they have passive
income coming in every month from their rental properties. Well, that sounded way more in
line with what I wanted to do. And I had experience
doing rehab, I didn’t want to do it any more. I didn’t want to be
shopping around trying to find deals and all of that. I wanted to be a buy
and hold investor. So I started with the
lifestyle in mind first, then I worked
backwards from there. Step two in this process
is to follow your gut. It’s pretty fascinating because
research actually shows us that, when we listen to our
gut, our gut is actually correct almost 100% of the time. Isn’t that remarkable
that our gut knows the answer to something
before our brain does? Our brain often talks us
out of the gut decision that we were going to make. I find that fascinating. So here’s a tip and
strategy for you to tap into what is right
for you and your family, and figuring out what niche you
want to go into in real estate investing. I want you to do this. Grab a piece of
paper, and I want you to write down on that
piece of paper a question. Maybe that question is,
do I want to rehab houses. Write it down. And write the words yes or no. And I want you to leave
that piece of paper somewhere where you’re
going to see it tomorrow. I don’t want you to
circle yes or no, yet. I want you to leave it there. And then tomorrow, I
want it to be in a place where you’re going
to stumble upon it and I want there to be
a pen right next to it. I want you to walk up
to that piece of paper, see it, read it almost
again for the first time. Read it out loud. Do I want to rehab houses? No, I don’t want
to rehab houses. Whatever is the first
response that your body feels, circle it– yes or no. Because then if your
brain starts saying, well, you know there’s a lot of
money to be made in rehabbing, so maybe I should do
it because there’s a lot of money to be made. Uh-uh. If your body had the natural
visceral reaction– no, I don’t want to rehab houses,
circle it and then don’t do it. Follow your gut. Number three on my
list is fail fast. Look, when I first started
buy-and-hold investing, I didn’t want to say I failed,
but I made some mistakes. But I quickly learned
from those mistakes. And that’s just something
I saw my dad do. He would start, he would take
a course, he would dive in, and he would screw up. And you know what, he would
learn and either he would pivot or he would stop. But the point is we
want to fail fast. You don’t want to
be discouraged. So if you start to do
buy and hold investing and you make a few mistakes,
maybe you pay a little too much for your first house or you
hire the wrong contractor, or you buy in the wrong
city, that doesn’t mean the system is broken. That just means you
made a few mistakes. Fail quickly, learn
from them, and move on. That’s the only way you
improve is if you actually get in the game and
start playing the game. You can’t sit on the
sidelines forever. And step four in this
process is that you should know that money should
not be your motivating factor. I want you to play a little
mind game with yourself. Picture yourself
having $1 billion, OK. If you had $1 billion, would
you want to rehab houses? If the answer is yes,
then that’s a passion. You should go and do it. If you have $1
billion, do you want to buy and hold real estate? If the answer is yes,
you do, because you’re going to be able to create
legacy wealth for your family and hand that money down to
your family after you pass away, then that’s a no-brainer. Think about it. If you had $1
billion in the bank, would you do this,
would you do that? That is a brilliant
way to look at things. I think about it, and
it’s a great lesson for us to think about with
our families, right. Your kid comes into
your home office and wants to play with you. If you had $1
billion in the bank, would you get up and go out
and play Frisbee or baseball with your son or
daughter in the backyard? Chances are, you probably would. So think about the
lifestyle that you want and begin to whittle
it down from there. Then once you have an idea
that, yes, you really, really do want to rehab
houses, then there are great courses out there,
there are great mentors. Dive in and learn it. Just take action. There are great turnkey
companies out there like ours. If you’re ready to pick
up a rental property yourself– great. Or you want to do
it all yourself and you want to find
properties yourself and rehab them yourself and put
tenants in yourself, you could do that as well. There are great courses
and strategies out there for you to take action. So that was the question. How can I figure out
what niche I should be in in real estate investing? I’d like to think that we
solved quite a big chunk of it today here on this video. Again, if you would
like to take action and you would like to book
a call with our team today and you are ready to buy
your first rental property, feel free. Go to our website, right
there in the link below, and you can book a
call with our team. We’ll jump on the
phone for 30 minutes and we will talk
real estate with you and talk about turnkey
real estate investing. Till next time,
everyone, I’m Clayton. We’ll see you back here. Bye.

5 thoughts on “Finding a Real Estate Niche

  1. Hey Clayton,

    Do you have any videos discussing the mistakes you've made? I'm ALL about vicarious learning. 😉

  2. How do you calculate vacancy rate?

  3. I want to go that route and get hands later save money and learn few things along the way what you recommend to get started?

  4. Awesome video !

  5. Awesome coach.!

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