The Power of Hyperfocusing on a Niche

by | 16, Oct 2021

For today’s episode, we will be talking about the opposite of being sloppy, which is the extreme focus, hyper-focus!

This week we’re going over advance investors confirming that they like working with individuals who are hyper-focused on their niche.

We will talk about these things…and more in another episode of Multifamily Investing Made Simple in under 10 minutes.

The audible version Passive Investing Made Simple: How to Create Wealth and Passive Income through Apartment Syndications coming soon!

Tweetable Quotes:

I think the tough part for people is really not getting distracted by all of the other things that people are talking about FOMO.” – Dan Kreuger

“We like to stay in our lanes, we’re control freaks” – Anthony Vicino

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Anthony Vicino and Dan Krueger
Passive Investing Made Simple – Available NOW!

The Power of Hyperfocusing on a Niche

Anthony Vicino : [00:00:15] Hello and welcome to multifamily investing made simple, the podcast, it’s all about taking the complexity out of real estate investing so that you can take action today. I am your host, Anthony Vecino of Invictus Capital. See right here if you’re watching on the YouTube video joined, as always, by this guy. If you can’t see it, I am also pointing to his nameplate on the video, so you should know who I’m referring to. But if not, why don’t you introduce yourself?

Dan Krueger: [00:00:40] My name is Dan Kruger and I’m the co-host. I’m not wearing. He is not a new, very well-fitted suit jacket.

Anthony Vicino : [00:00:49] I’ve decided I’m just wearing this every day now.

Dan Krueger: [00:00:52] I mean, got it. Why not

Anthony Vicino : [00:00:53] Get it? Dress to impress?

Dan Krueger: [00:00:55] You can’t really bend an overwhelming presence.

Anthony Vicino : [00:00:58] Yeah. Custom suits. So if you listen to last week’s episode, you know why I’m all dressed up in gussied up, but we like to batch our episodes. We like to record multiple at a time, so nothing’s changed. Still dressed up a little bit, too dressed up. I’m not complaining. I like it now. Trying to just bring a little air of class to multifamily investing made simple because usually, we’re just a little too janky with a pretty sloppy.

Dan Krueger: [00:01:25] Most of the time.

Anthony Vicino : [00:01:25] So speaking of sloppy. What are we talking about today?

Dan Krueger: [00:01:32] We’re talking about the opposite of sloppy, which is the extreme focus, hyper-focus actually on your niche. That’s something that we’ve talked about a lot on this podcast and all the comments that we put out. So I’m sure you guys are aware that that’s our thing. But we’ve also been getting a lot of really positive feedback from some, you know, older, not necessarily older or older, but just old, really pretty advanced individuals who really know their stuff and deal. And, you know, very big numbers with BS involved confirming that they like working with individuals who are hyper-focused on their niche, which is felt really good because we knew, right, this feels right. This makes a lot of sense. But to get that confirmation, especially multiple times in just a couple of weeks, it feels good.

Anthony Vicino : [00:02:18] Yeah, it’s a good confirmation of what we’ve already suspected for us. We like to stay in our lanes, we’re control freaks and so you guys know our schtick is that we built property management in-house, which really limits how far we can expand in terms of markets. So we really like the Twin Cities and within that, we like multifamily, we don’t do self-storage, we don’t do mobile home parks. And so we’re we’re always been like the choir singing about focus on a niche because you hear the riches are in the niches, the riches are in the niches, which it was just really interesting to sit down with a couple of gentlemen who are very, very advanced coming to us and saying, Hey, we really like how focused you guys are on what you do, where you do it. And for them, they have the choice of working with anybody right? And what they’re really looking for isn’t like a jack of all trades they’re really looking for who is like the master surgeons of their craft and they go to that person. So they’re not looking to go invest with an operator who’s in 12 different markets doing 12 different asset classes. They’re like, I want to exposure in that market with this asset class, who’s the best person or team doing that right now? And so that’s been presenting a lot of opportunities for us recently, which is really cool.

Dan Krueger: [00:03:38] Yeah, it’s really fantastic. And it’s really, you know, from one angle, it’s not so much about being hyper-focused on one thing. I think the tough part for people is really not getting distracted by all of the other things that people are talking about FOMO. You know, for those of you who aren’t aware, fear of missing out,

Anthony Vicino : [00:03:59] Is that a new restaurant?

Dan Krueger: [00:04:00] Yes. Yeah. But you’re not on the list, so you’re not going to get it. Oh, I’m missing out. No, but that’s a real kind of emotional response that people have to things. And that happens a lot, especially in kind of volatile times like we have now where there’s a lot of things moving around and there’s a lot of opportunities everywhere. You’ve got to be OK with missing opportunities outside of what your thing is so that you can stay focused because it’s those shiny objects that usually rip people up, right? You get into something brand new, you don’t really know your stuff, you’re really confident with how good you’ve been doing. And all of a sudden, wow, I just went through a learning curve with my own money, and I just realized how much I didn’t know about this new thing.

Anthony Vicino : [00:04:42] So Tom, Bill, you said to me a couple of weeks back that your job as CEO, as a business owner is to imagine you’re standing in a room and there are a thousand open doors. Your job is to close nine hundred and ninety-nine of those and figure out what is the door that you and your team are going to not just walkthrough, but sprint through with gusto and energy in the problem. There’s nothing wrong with the jack of all trades shotgun approach per se, but the problem is that your results are going to be more scattered, more diffuse. When you go in with a laser, you can get more concentrated results quicker now. If you’re if you don’t care about getting concentrated results quickly and you’re playing on like a 50-year timeline, as the jack of all trades thing, it can work out. But in the short term, what you do is you. You create an image of erratic ness of erratic behavior. That’s how it feels to me when I see somebody who’s like just they were in one market. Now they’re in five other markets and they’re doing these five different asset classes, and it’s not entirely clear I can’t peg them clearly what they do. And if I can’t, if I can’t explain in like a quick sentence what you do, if I have to pause to take a breath as I’m explaining what, what markets you’re in and how many asset classes you do, then it’s probably too much.

Dan Krueger: [00:06:04] Yeah, no, it’s been at least one, maybe two episodes since we brought up Alex or Mozzie, so I’m going to have to bring them up again because he’s spoken to this topic a little bit as well. And you know, he’s talking more from like a sales and marketing type of from that perspective. But the concept that he’s illustrated in, I can’t remember this book or it was a podcast or where I. Going to talk about this, but made a lot of sense, if you take a broad approach to whatever your business is, you effectively become a commodity and people are going to be looking around at, let’s just say, multifamily syndicators, right? There are so many of them. A lot of us, if there’s nothing that sets us apart and that makes us unique. Everyone’s going to be basically price point shopping. Ok, they’re going to be looking at all the syndicators out there. And if there was a filter, if there was an option to search for syndicators and Amazon, people would just filter to lowest fees, highest returns, right? And you would get priced out unless you’re able to provide that. However, if you provide a unique service that speaks to a very specific individual or you have a very specific product, it becomes much more valuable to the marketplace. So no matter what business you’re in, if you can really niche down, you’re going to be operating a much more efficient business than if you try to do everything. Because what ends up happening is you just turn into The Cheesecake Factory and you’ve got everything, but it all kind of sucks. It’s not that great.

Anthony Vicino : [00:07:26] That’s a killer example, not The Cheesecake Factory. They’re delicious and amazing. The commoditization and this is no, that’s you. You nailed it on the head. And the reason I think a lot of people, initially when they’re starting their business for the first couple of years, it’s really hard to get traction and the number of deals for us. Let’s say we’re focused in Minneapolis, Twin Cities St. Paul on multifamily assets of a certain size in a certain vintage. There’s only so much supply coming on the market at any given moment. And so it can feel hard to get traction and hard to see the scale and the progress. And so I think the mistake a lot of people make then is thinking, well, if maybe I throw in mobile home parks and self-storage and I also look in Charlotte and I look in Houston, then you will have more opportunities coming across your table. And so the idea I think a lot of people get into is thinking well with more opportunities than I can grow faster. I can do more. But that’s not what ends up happening is because you’re not as good at any one of those three things, like in those markets or those asset classes that you’re not really poised to execute excellently. When you do have an opportunity as much as if you had just stayed in your lane with what you were doing and saying, I’m going to master this. It’s going to take a while to get traction because here’s the crazy thing when you only have that hyper-focused niche that you’re working within, it takes a long time to get the traction. But once you do, it’s nobody can take that traction from you. Because for us, I keep telling everybody like, you can’t beat us on our home field. We have a home-field advantage. So if you’re not a local to the Twin Cities and you want to come here and compete with us, bring it. You can’t keep up because we know where all the potholes are.

Dan Krueger: [00:09:02] There’s a lot of potholes this is going to. So I mean, our roads need some work. We need to look like

Anthony Vicino : [00:09:08] It’s a free store. We have a winter guy that’s like the roads get rough,

Dan Krueger: [00:09:11] Comes with the territory.

Anthony Vicino : [00:09:12] So anyway, I think that did we sufficiently hammer this home? I think

Dan Krueger: [00:09:17] So. I mean, well, you got Hermosa and we got Hermosa. We got you. Yeah. Who do we miss?

Anthony Vicino : [00:09:22] All you guys didn’t getting of all go reading of all. There you go. Yeah, that’s yeah. But you guys that are listening at home, you let us know if there’s anything that we missed by going and leaving a review over on iTunes. That was a sneaky Segway. I’m impressed, but I lose all credibility because I just patted myself on the shoulder. So that’s going to do it for us, guys. We appreciate you taking a little bit of time out of your day to join us and we’ll see you next week.

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