Simple 5 Step Process to Learning a New Niche (Minisode)

Welcome ladies to The Real Estate Investor Show, providing inspiration, strategies, and insight to empower women investors to live balanced and financially free lives. Now here are your co-hosts, Liz and Andresa Guidelli. Welcome back ladies.

This is Liz and this is Andresa.

Welcome back to The Real Estate Investor Show. Where we're on a mission to empower women to live a financially free and balanced life. And that is what we stand for, and we do that through lots of different ways. But you're joining us for a minisode edition for our podcast. So thank you for coming back and being here with us on the journey.

Absolutely. The next 10 minutes, we promise you're going to get something out of it. Not going to be a waste of time.

Yes. And here's what we're going to talk about. I want to— I always like to jump in because I always have a lot to say, as those who've been on our journey with us know. A lot of women right now, especially in today's economy, and, and there's so many different niches in real estate and real estate investing, if you will. And even for experienced women, I know for myself, right? You're in multifamily. I'm gonna be talking about how do you transition to a new niche?

That's a very cool idea about transitioning to a new niche, and I'm very curious about what are you gonna say.

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Okay, so here's what I have. I, I, I think so often, right? Especially for new women or experienced women, there's a time and a place to pivot. Mm-hmm. And I think pivoting can be scary. There's a lot of fear around pivoting. And, and the biggest reason, and this is not the lesson for the, for the mini episode, but the biggest reason we, we fear pivoting. Mm-hmm. Is because the confidence that we had has dissipated, right? I think the confidence that we had in that one area has now dissipated. Because when you're in a new area, you don't have any confidence and it's— you're a newbie again. You know, I feel that way with short-term rentals. I feel that way with vacation rentals. Something that's been on my goal set for a long time. Talked a lot about it. It's not a focus of mine right now. It's not a current goal of mine, but it is something in the future that, that I want to achieve. I feel like a newbie, you know, you almost feel like I've been doing investing for a long time, multifamily, a lot of different things. Oh, I don't know what to look at. I'm not sure. You get like, you get less confident. But here's the deal. Number one, for new, for new people or experienced people, I'm gonna give you a process. Number one, stop. Do not go into a Facebook, do not come into the Investor Facebook group and post on our Facebook community, I wanna get into short-term rentals, where should I start? Now that's like 101, right, Andresa? 101. Please don't do that. Now why am I saying don't?

Why, why, why?

It honestly looks like I have done zero work, zero research, I, I just want everyone to flood into me with answers. Listen, our community is all about giving you— between our Strive membership, our, our Facebook community that's, that's free for women, our meetups across the country, right? We have 53 meetups, the podcast, the free webinars we do every month, everything we're up to and all the stuff to come. We're all about giving you support in a very loving, confident way. However, you gotta do work. You gotta put the work in, right? No one's just gonna hand you a thousand door a portfolio and go, here you go on a silver platter. We all know that everything takes some effort, right? Doesn't have to take, you don't have to work hard for 10 years, but they take some effort. So my point is, number one, we have to take a niche. Let's use vacation rentals, short-term rentals. So I'm gonna tell you my process when I'm ready to achieve that goal. Number one, and I, and I've done some of this, but read, read a book on the topic, listen to a podcast or a number of them on the topic, join free webinars on the topic. To start to get around the conversation of vacation rentals. Join a Facebook group that's specific on that niche. All of those things before you post any sort of questions. You don't know what you don't know. You need to, you need to know the basics. That's number 1. Number 2, once you've done that, now attend, get really focused on maybe attending something a little more serious, like a conference, right? Or a course, something that's like a, a, a, it's not like this, you know, 10-year commitment. But of course, a something to learn workshop, a hands-on workshop. Again, it doesn't have to be, if you're not someone who wants it, I do not wanna be hands-on with, with a short-term rental. There's no way that I can do that. Number one, with my time interest, make the long list. Cuz I just, I've recorded another podcast about how it's important to be hands-on, you know, for multifamily. But when it comes to this niche, I don't know if I'd wanna be as hands-on, but I'd wanna work with a partner who is. So, but, but I still want to, I would, I would still You know, attend that workshop, attend that networking event. And while you're there, you're gonna start to talk to people who, what, have those, who have that asset. And you start to ask questions and you listen and you build relationships. You don't have to build 10 relationships, right? Andresa, you don't wanna talk to everybody in the room, but you wanna start to form relationships with people who have properties in that asset class. It's very, very simple, but yet people might, that's what I would do. Then the next step I would do is you start to then follow up with those people. Then you have 3 Zoom calls, coffee meetings, something that you can as a follow-up. And you start to say, listen, thank you so much for all the advice you gave me about short-term rentals. I would love to help you in some way. I would love to add value to you in some way. How can I do that? And they might say, listen, if you find me a deal in Tampa, Florida, maybe we could do something together. Maybe we could partner together. Oh, okay, cool. What would that look like? You don't have to have all the answers. Just ask a lot of really You know, good questions. Then I, then start to do that and start to do whatever that person says. If there's something to do, obviously the worst thing you can do is not to do anything. Then take some time. Now listen to some more podcasts. Now read another book. Now start to just learn more and soak more information. Ask more questions. It's a cycle. And then take those micro actions and that will lead to other things. And again, just repeat that, repeat, rinse and repeat. Attend more things, talk to more people, see how you can Add value to other people's team or partner, or learn it all yourself. Those are usually your choices. So that's, it's not this, like, it's a recipe for anything you wanna learn. Don't do it alone and, and do it in a way that quite honestly, it's manageable. You don't, you're not going to become an expert on short-term rentals in a day. Nope. Not gonna happen. What can you learn? And then ask questions. Hey, I'm, I, I just read a great book by Avery Carl, Avery Carl. Is author, right? BiggerPockets book on short-term rentals. If you've not gotten it, you need to get that book. And I read that book. It was a great book. Here are a couple questions I have, basis of what I read. Now you're gonna get into interesting conversation with people. Now you're gonna get the attention of an experienced person. Okay, cool. They read that book. They're curious about this. They're getting stopped here. Bingo. Here's what I would write.

Right. You're back from Avery herself.

'Cause she's part of our group. That's correct. 'Cause she's one of our mentors and she's one of those. You probably will hear back from Avery, especially in our Facebook community. She's great. So yeah, I think, I just think there's a, there's a recipe. There's a learning piece. There's the networking piece. There's the seeking to understand and seeing how you can maybe learn from other people. Like, so one-on-one, you know, conversations. And then, then there's the rinse and repeat. Then it's the learning. And then there's the micro actions that you're going to take and make it so easy to achieve those micro actions. I'm going to look into, I'm going to talk to one person who lives in the Tampa, Florida area about a realtor, about buying a short-term rental. You're not buying one, you're just talking to one realtor. I'm gonna post on our face, on the investor Facebook group who owns short-term rentals. I'm going down there. I'd love to grab a cup of coffee. So that's what I have for you. I think we put a lot to something new, but we don't have to, especially if we chunk it down, we do the work. And then we start to say, okay, what, what is in this for me to do? And what else obviously can help? Who can help me? Right. Of course. But you gotta, you gotta be the initiator, right? You're gonna be the, the linchpin. No one's gonna come to me, oh, Liz, you wanna buy a vacation rental? So I don't know what your goals are. I don't know what you wanna do or achieve, but I have these, I have this property right here on a silver platter for you. No one's gonna do that. Just like no one's gonna come and bring you to the gym. No one's gonna help you build your relationships. You have to start it and then the universe will conspire. So that's what I have today.

Yeah, I see another common question is like, I want to invest in X, Y, and Z. Who wants to mentor me? That is not the right beginning of it, right? I, I, it's just too broad. Like, who has the freaking time to just say, sure, I have nothing else to do. Let me mentor you. It does not work like that. It will never work like that. So do your homework, ask for the support, the mentorship piece. You've got to make a very narrow decision. You also don't want mentors that have not done what you're looking to do. It has to feel like a puzzle, right? So we stand for that. Let us know what you think, and thank you so much for listening.

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