Don’t be too hard on yourself. You SHOULD NOT try to be an expert in everything, especially in real estate investing. Why? Because you will most likely end up being an expert in nothing if your goal is everything.
Let that sink in.
In real estate investing, it’s common for us to use multiple exit strategies, based on what makes the most sense per property. We each have our own favorite or preferred strategy, but most investors are always craving to learn about another niche.
We have shiny object syndrome.
We see a new strategy or niche and we want to expand our knowledge. This isn’t a bad thing, but you have to be careful.
You see, if you try to be an expert in a bunch of different areas of real estate investing, you’re spreading yourself too thin and will end up being just “good” at most of them.
When you go to college, you become an expert in 1, maybe 2 areas of expertise. If you were going to school to be an accountant, you would try to also be an expert in human resources and event planning. That just wouldn’t make sense because you couldn’t focus enough attention on 1 thing to truly become an expert.
Instead, you should become an expert in something that you are both great at AND that you enjoy doing.
If you don’t enjoy it, you won’t give it 100%.
Once your find your area of expertise, do everything in your power to learn as much as you can and stay up to date with changes within your expertise.
This becomes your main focus.
Within the real estate investing business, this might be acquisitions. You might be excellent at meeting with the seller, building rapport with them, and negotiating an offer that works for both parties. You are constantly finding ways to improve on your techniques and you become the go-to for acquisitions.
Now if you’re the acquisitions guy, don’t try to also be the bookkeeper.
Own your strengths.
Find someone to handle your weaknesses.
If you’re the visionary of the company, don’t try to also be the integrator who is setting up systems and processes. Your focus should be on big ideas that take your company to the next level.
Stay in your lane and own it.
If you’re a wholesaler who wants to also get into rehabbing, this is possible but you should make sure you know wholesaling in and out before you start shifting your focus.
Once you can do wholesaling with your eyes closed, it’s okay to add another expertise such as rehabbing. Keep wholesaling while you get comfortable with the ins-and-outs of rehabbing and then gradually start adding rehabbing into your strategy.
You see, you don’t have to limit yourself to 1 expertise, but don’t move on to another until you consider yourself truly an expert in that area and you are confident that if your attention is focused elsewhere, that your success won’t be hindered.
Ask yourself, what are you an expert at?