Defining a niche and criteria

[Jason Rowlett]

How do you go about defining a criteria and focusing on a niche? How do I know which niche is best for me?

I currently rent out a condo but I want to expand my portfolio. My goal is to ultimately own residential and commercial in different states.

With my limited experience, what would be the best way to start networking?

[JD Martin]

Well, I would say you need to narrow your scope a little bit if you want to find a niche. Example:

"My goal is to ultimately own residential and commercial in different states"

• What states?
• What purpose? Rental? Hold for appreciation? Flip?
• What types of residential? Single family homes? Condos? Townhouses?
• What type of commercial? Strip mall? Industrial parks?

So as you can see, you have a lot of questions that you need to answer before you get to that point. For what it's worth, many of the people I know kind of stumbled into their "niche". They wanted to have rental property, so they bought a duplex. Later they bought a single family home. Then they bought a small apartment building and decided they liked that the best and sold the duplex and SFH. ETC.