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Business Development

REI Business Planning: Specialists vs. Generalists

Today we continue our gingerly walk along the "REI business planning" path with mogul faculty Steve Cook.

We started our conversation asking, "When Should I Quit My Job & Go Full Time in Real Estate?" and then continued discussing "REI Business Planning: First Things First"

In this lesson we’ll focus on the underrated importance of specializing.

Far too many of us buying into the "full toolbox of methods" approach, and never realizing the immense value of specializing.

Think about it. In any given profession, who makes more money, a "generalist" or a "specialist"?  Exactly.

The fact is, people who pursue the full toolbox of methods typically never become really good at any one thing.

Steve's lives the life most are still dreaming of, and he's been teaching and mentoring students for 13+ years on how to make great money in real estate, including how to craft a vision and really find your specialty niche in REI. Let's continue our conversation with him, shall we?

From Steve Cook, Business Development Advisor...

{Mogul Elite: Download an MP3 and transcript of this video in the Power Pack Tools for this lesson.}


Do It To It! Immediate Action Steps

Newer investors: Stop hopping from one type of deal to the next. Forget the “toolbox” for now. Focus intently on first finding something that works for you and focusing on it. Then keep doing it over and over and over again. Chances are, you’ll find success a lot faster as a specialist than a generalist.

Intermediate investors: Once you've found a niche that works well for your personality, your personal strengths, and your market, keep repeating that over and over again. But systematize it. Work your way out of the day to day through outsourcing, partnering, etc. Then feel free to start experimenting with other deal/business models. Once you've got one business/deal type mastered and systematized, that’s the time to start adding to your toolbox.

Experienced investors: Resist the temptation to let your business get too complicated. Simplify and streamline, even as you expand. Help the new investors around you understand how to find their own “specialty” in the REI arena.

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