Watch and Learn... But More Importantly... Do
Sometimes it is best to sit, observe, and plan before acting. The catastrophes avoided by careful movements can result in much fewer headaches. That being said, I think WAY too many people sit and wait for lessons that NEVER COME!
You can learn from books, observation, or experience. If you take an honest look at yourself and conclude that you aren’t reading or observing anything for the intent of learning, then I hope to God you are keeping yourself busy!
Why take it from me? Well, actually, you shouldn’t! You should take it from our podcast guest Eli Weiner, founder of The BoaVida Group.
Let me get you hooked first.
At one point in our conversation with Eli he was talking to us about being a night manager at Denny’s, sleeping through his UC Davis Spanish classes, and feeling a loss of direction in life. Further into the episode, he was reminiscing about sitting down for lunch in Utah, getting a call that a $27 million RV park was going up for sale in Arizona, finishing lunch early, getting in his plane, and flying down to close the sale.
HE DID NOT BECOME SUCCESSFUL BY SITTING AND WATCHING OTHERS WORK.
It is pretty evident that Eli was naturally business minded at a young age. He peddled Mambas on the bus in second grade, washed cars outside events that his mom catered, and organized rock-climbing trips in exchange for tutoring throughout college (though tutoring may have been less “help me learn,” and more “help me pass,” but the point still stands).
This mindset of failing fast and forward is what eventually put him into exponential growth mode once he hit the mobile home park and real estate scene. I’m going to shamelessly plug the episode one more time... you really ought to hear the stories from him: failures, hurdles, discovering untapped potential, making decisions to stay niche versus diversified, and his approach to giving uncomfortably…it will make you start ferociously looking for a side hustle!
While the episode was filled with great information, there was one point in particular that seemed counterintuitive: diversifying is not always better.
Eli isn’t in the real estate business. When he is approaching co-investors, he isn’t sharing graphs and charts of real estate as an asset class. Eli and The BoaVida Group are specifically in the mobile home and RV park business. That’s what they know. They know it forwards, backwards, upside down, and any angle you could think of.
Does this mean this is the most lucrative type of real estate investing? Absolutely not! Is it what The BoaVida Group is most profitable at? YES!
In the episode, Eli explains why he gravitated towards the mobile home park and his brief ponderings of diversifying his real estate assets. In short form, he is well read on business tycoons and the empires they built; one theme rang true: they stuck with a narrow niche and did it insanely well! When you become stretched too thin, you are less productive at everything. Cut the excess and focus on your strengths!
There are plenty of opinions that go against this idea, however, it does seem to work for The BoaVida Group. Might be worth considering, yourself, as well!
Kingsview Wealth Management does not provide tax, legal or accounting advice. The information was prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors.