Flip Tip Summary
We all know deep down that we can achieve more success by staying focused. Jacob Ash tells us how powerful it is to stay focused geographically as a real estate investor. Why it’s important become an expert and ‘own’ a smaller segment of your market. It’s great advice…check it out…only on FlipNerd.com!
Flip Tip Transcript:
Mike Hambright: Hey, it’s Mike Hambright from FlipNerd.com. I have a Quick VIP Tip to share with you from Jacob Ash, who’s going to share a tip on the power of focusing on a specific geography in your business.
Jacob Ash: As I told you earlier, we have investors and we have agents that work with us. The biggest advice that I can give to investors and agents, because I’ve seen it a hundred times over, is to know your market and know your niche.
When I was starting out with real estate, I have a cousin who’s really successful. I have a tremendous amount of respect for him, and he knew I was getting into the residential playing field of real estate. He said, “Jacob, focus on an area and know that area.” It was such solid advice. Where I live in Mesa, I have a gal who is always just hitting me and all my neighbors up on what sold and how long the days on market are, and what I can expect to sell my house for. She does such a great job with that, that myself as well as all my neighbors know that if we’re going to list our house she’d be the best one to list it with because she knows our market the best. She’s going to do the best job.
The same thing applies for our investors. I have one investor who always does his remodels the exact same way, and because of that people know his remodels. That’s the same advice we give to all our investors. Get something that you’re familiar with. Go after your strength and stick to it over and over again.
With the market, as far as investing and at the auctions, we have investors that only like certain areas. I have an investor that only wants mobile homes and I have an investor who only wants land, but it’s because they know the thing so dang well, and because of that you can’t beat them at the auction because they’re going to know what’s best. So you’ll be bidding against them and you’ll say, “Man, there’s no way he can bid at that price and make money.” The truth is he can, because he knows it better than the competitors. So focus on the niche, focus on what you’re good at and stick to it.
We’d like to thank our sponsors, RealtyMogul.com and National Real Estate Insurance Group.
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Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.