By: Brian and Tina Merryman
Old McDonald had a farm and on this farm he had single family homes; detached, middle class income earners and quarter acre lots.
Basically, the farm was specific; Farm De La Niche'!
When we were told by our coach in the beginning of our real estate investment journey to choose our farms (or submarkets) we felt overwhelmed.
We thought, "How about the entire country?
If a house needs help and the numbers work; great!"
He explained that without an identifiable sub market or two, we didn't have a niche' or at least a focused target area to run things like a business.. That meant, we didn't have a real plan!
Hmmmm.... ok, coach. Go on.
First, coach explained why we wanted to focus on particular income areas, types of neighborhoods and types of housing. For example, no after repair values that compete with new builds or high end luxury homes and on the counter... not in the ghetto!
Then, he explained that we needed to invest in transitional areas; areas that have established homes yet are in (or border) a growing and desirable area.
Then, we started to zone in. We were mowing the fields so to speak for our niche' farm!
We didn't want to compete with new builds and we didn't want to invest the ghetto. Check!
We weren't interested in townhouses and condos because so many new one's were being built. Check!
We wanted to be the company who remodeled distressed homes into dream homes for the end buyer who couldn't qualify for a new build mortgage. Check!
Okay. Next, how would we identify the transitional areas?
By actually researching the area's development!
We needed to pick our own city for now and focus around that!
Many novice real estate investors have no clue what projects the city or county have planned for their area. You don't have to join the Chamber of Commerce. Make some phone calls and/or get on the internet. Most of this development is public information and usually has easy to find, full articles and development plans available for you at the click of a laptop!
Once you are able to identify what development is happening and where, then you can identify the neighborhoods that tie these all together. The area will be transitioning and therefore so will the surrounding neighborhoods!
For example, are there major corporations coming into the city or county where you invest? How about hotels, warehouses, hospitals, schools, shopping centers?
Anything expanding? Military bases, universities, headquarter's, roads?!
Are their plans for improving or expanding transportation infrastructure?
What about community? Any parks, recreational facilities or gathering centers?
Learn where money, business and people are headed and invest strategically around this.
Best wishes to you and your transitioning farm. Eei lei oh!
By: Brian & Tina Merryman
"Income rarely exceeds personal development" - Jim Rohn
Oh if this isn't the most powerful realization that we have ever truly grasped; not only as a company but as individuals, as well.
If you are not moving forward with constant personal growth, then you are stuck like a pig in the mud or worse... your mental and action gears have malfunctioned into reverse.
Your individual life purpose/career/business only comes in a manual shift.
Flow and alignment are important, but there is no automatic gear shift to put your engine in drive.
Investing in a coach for every life-facet (with a minimum of at least one facet at a time) has a layered and lucrative return. You become a life balance ninja, or as our coach likes to view it, you become a master at life integration.
You can not find success in every area of your life all on your own. We are social creatures by nature and unless you are a hermit in the Appalachian mountains you will only continue to grow and achieve your goals if you invest in yourself (mind, body, spirit, education, skills) AND in your relationships.
Actually, forget that! Even the deep mountain folk can improve their hunting, gaming and survival skills when they invest in understanding their predators, prey, survival tactics and strategies.
Every one needs personal achievement to move forward in their lives. Otherwise, you will always fall back to or remain in a middle-class mindset. Scarcity and working for money instead of abundance and making money work for you happen when we stop improving our personal value and relationships.
You have great value... cultivate it. Take the oath for personal growth!
Serving Who You Serve
by: Brian & Tina Merryman
“The more you know about your customers, the more you can provide to them information that is increasingly useful, relevant, and persuasive.” – Jay Baer
Business is a service; even when product-based. That warm and fuzzy value you earn as a company is fed by how well you “serve those you serve.”
Sounds redundant, eh?!
In any business, you provide something to or for someone.
Investing your focus and resources into what that customer needs is the “Miracle Grow” of your reputation and value.
In real estate, knowing the market must be a priority, but understanding what your buyer/seller actually “needs” is vital!
For example, when you buy houses “in any condition or situation”, you experience the rawness of people’s lives and most often their needs.
In business, we must always navigate solutions with our customers. In the world of real estate, sometimes our sellers are simply downsizing or relocating and we invest our time to help them facilitate the situation and make sure to expedite the closing.
Other times, the customer is crawling through the trenches of foreclosure, divorce, loss of a loved one while inheriting an estate, or repairs so extensive they keep them up at night.
Solving a problem for someone is just good business and it requires listening skills and empathy.
When you make a point to quite literally serve your customers, not only will your company’s reputation be one of great value; it will make your work purposeful. You know, warm and fuzzy.
Here’s to experiencing “all the feels” in your business.
In Entrepreneur Fellowship,
Brian & Tina Merryman