How to Win in Today’s Economy

How to Win in Today’s Economy

3 min read
Brandon Turner

Brandon Turner is an active real estate investor, entrepreneur, writer, and podcaster. He is a nationally recognized leader in the real estate education space and has taught millions of people how to find, finance, and manage real estate investments.

Experience
Brandon began buying rental properties and flipping houses at the age of 21. He started with a single family home, where he rented out the bedrooms, but quickly moved on to a duplex, where he lived in half and rented out the other half.

From there, Brandon began buying both single family and multifamily rental properties, as well as fix and flipping single family homes in Washington state. Later, he expanded to larger apartments and mobile home parks across the country.

Today, Brandon is the managing member at Open Door Capital, where he raises money to purchase and turn around large mobile home parks and apartment complexes. He owns nearly 300 units across four states.

In addition to real estate investing experience, Brandon is also a best-selling author, having published four full-length non-fiction books, two e-books, and two personal development daily success journals. He has sold more than 400,000 books worldwide. His top-selling title, The Book on Rental Property Investing, is consistently ranked in the top 50 of all business books in the world on Amazon.com, having also garnered nearly 700 five-star reviews on the Amazon platform.

In addition to books, Brandon also publishes regular audio and video content that reaches millions each year. His videos on YouTube have been watched cumulatively more than 10,000,000 times, and the podcast he hosts weekly, the BiggerPockets Podcast, is the top-ranked real estate podcast in the world, with more than 75,000,000 downloads over 350 unique episodes. The show also has over 10,000 five-star reviews in iTunes and is consistently in the top 10 of all business podcasts on iTunes.

A life-long adventurer, Brandon (along with Heather and daughter Rosie and son Wilder) spends his time surfing, snorkeling, hiking, and swimming in the ocean near his home in Maui, Hawaii.

Press
Brandon’s writing has been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media.

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YouTube
Instagram @beardybrandon
Open Door Capital

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OK, so last night I literally had a dream about what I’m about to share with you. In this dream, someone was complaining to me about how competitive the market is today. Whether it’s in real estate investing, like what I do, or some other business—how can you stand out and win big in today’s economy?

Let’s talk about competition.

Like I said in the introduction, in my dream, someone asked how to deal with competition in an economy like we find ourselves in today. Well, here was the answer my subconscious mind gave. I know this is weird. Stick with me.

Specialize. Don’t generalize.

How to Win in Today’s Economy

Here’s what that means. If you are a real estate investor, like me, you could try to focus on a million things. You could buy low-priced rentals, flip houses, buy apartment complexes, and be “open to whatever you get.” Or maybe you’re a graphic designer and you’re open to any kind of design work. Or you’re a contractor focused on doing pretty much everything.

And while this might seem intelligent—because you’re opening yourself up for more opportunity—the opposite actually is the result. Being a generalist is actually hurting you.

It’s like when someone says to you, “I want to make a lot of money at a new job! Do you know of any jobs?”

Your thought is, “Well… good for you. Don’t we all.”

Related: This One Thing Separates the Rich From the Poor

But if someone says, “Hey, I’m looking for a computer coding job at a startup company in Denver,” your brain starts working and you want to help that person.

Or if you’re at a restaurant and you ask the waitress, “What’s good on the menu?”

And she says “Oh, it’s all good.”

Do you believe her? Of course not. But if she was like “Oh, you HAVE to try the fettuccine alfredo. It’s our top-selling dish for a reason. It’s my favorite.”

If she says that, you’re much more likely to believe her and order the fettuccine.

Young woman playing I spy with the camera looking through a rolled cylinder of paper with one eye and a happy smile

The Benefits of Being a Specialist

Furthermore, by focusing on being a specialist, you allow yourself to go deeper into that skill.

I used to buy pretty much any kind of real estate deal. Today, I’m focusing 100 percent of my efforts on mobile home parks. Is it because they are the end-all-be-all investment? No, lots of stuff works. But I needed to choose something cool that I could become a world-class expert at.

Once I’m an expert, I can analyze deals easier. I’m more looped into the marketplace, so I can find more deals. I can more easily see inefficiencies in properties that others miss. I can get hidden gems. I can learn the best ways to manage these properties and reduce costs because of the economies of scale.

If you’re a service provider, like a contractor, graphic designer, or coder, becoming a specialist allows you to charge more money. Work less. Earn more.

Being a specialist allows you to be the best. The best at getting leads. The best at scaling. The best at reducing costs. The best at finding ideal clients.

Related: The Single Most Important Piece of Advice I’d Give New Investors

So while most of the world is out there trying to go wide, I want to encourage you: go deep. Seek to become not the jack of all trades but the master of one.

That’s how you excel in today’s—or any—economy.

And hey, one last thing. If you want some extra motivation and daily assistance in becoming the best at whatever you do, it’s going to take deliberate practice. Deliberate focus. Deliberate intention.

Check out The Intention Journal, the journal that makes sure you start each day with passion, focus, and intention for whatever you’re trying to accomplish. Pre-order it today at BiggerPockets.com/store.

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Are you a generalist or specialist? Do you agree or disagree with my advice? 

Let’s chat in the comment section below.