What Stephen King Taught Me About Real Estate

There's a famous story about Stephen King's pencil. Basically, they say every time Stephen King does a question and answer—Stephen King, one of the best writers of all time—where people are asking him how he does all sorts of stuff, somebody inevitably asks, "What kind of pencil do you use?" What kind of pencil he uses is irrelevant. But people ask that because they feel like if they're using the same pencil that Stephen King is using, then they're going to be successful, as well. And it's completely ludicrous! But it always comes up—Stephen King's pencil. https://www.youtube.com/embed/XzINHln7YWo
What Works for One Won't Necessarily Work for All
Here's my example. I say, "I do mobile home parks." Everyone's like, "OK, well, that must be the thing that works!" Mobile parks are great. I think there are a lot of benefits. For instance, I've talked about the low-income housing aspect. I think that long-term trends are good for that. There's not as much competition in the space and so on. But I like them because I chose them. Some things in life you just have to choose. You have to say, "I'm going to go all-in on that. That's going to be my thing." Related: The Multifamily Sector is Overheated—So I’m Turning to THIS Profitable Niche Instead
How I Chose My Niche
So, I chose mobile home parks because I was waffling between like 20 different things. I got tired of waffling. And so I said, that's what I'm going to do. I could have chosen self-storage. I could've chosen senior housing, affordable housing, private/public partnership. I could've done apartment complexes—A class, B class, C class, whatever. It doesn't matter. You can find examples of millionaires in any niche.