Episode #133 Find a Niche Process for a Niche Market with Josh Cohen

During this HyperFast Wealth segment of the HyperFast Agent Podcast, host Dan Lesniak speaks with real estate investor, Josh Cohen. Josh shares how he created a niche process for a niche market that allows him to work on many projects at the same time while turning them over in around six months. This episode will inspire you to think creatively about how to put your investment money to work. 

Episode Highlights: 

  • Josh Cohen moved to DC to work for the government in 2004. It took him four years to get into real estate investing. From 2008-2014 he invested part-time.
  • Josh describes the difference from doing real estate investing part-time vs. full-time.
  • Learn about the first investment property Josh purchased, sold, and renovated in sixty days.
  • It was initially hard for him to let go of his bi-weekly paycheck. Josh shuffled his bank accounts to get over the fear of leaving his government job.
  • On average they are doing 8-10 projects at a time and wholesaling many properties as well.
  • In Josh’s business, they buy, build, and sell within 6-7 months.
  • They study the law of the jurisdiction to find out how to avoid red tape and cut costs.
  • One of the compromises they make is that they’re building a smaller product and most of their homes don’t have basements. Now all of their homes have large lofts.
  • They save a lot of money in demolition and foundation work.
  • Their clients are largely millennials that get new homes at a price they can afford.
  • Figure out if there’s a niche process you can pair with a niche market.
  • You’ll refine your process as you go.
  • Josh describes how the coronavirus has impacted his business so far.
  • They’re seeing a lot of fear in the marketplace that has driven investors to paralysis. A small number of investors are going all-in.
  • They may take more advantage of buy and hold opportunities in the coming years.
  • On the wholesaling side, properties are selling at 10% less than they would have a month ago.
  • You’ve got to get deals in good locations.
  • Many investors are unwisely operating without a business model.
  • Josh’s company uses a buyer avatar and a seller avatar.
  • Look at your business model and assess how it will be affected by COVID-19.
  • Right now, investors should be focusing on more direct-to-seller marketing.
  • Start thinking about what a typical seller is thinking right now.
  • Act with empathy. Consider sending care packages out to the community.
  • If you’re an investor that’s in the position to explain to a seller why they should consider creative financing, your chance of getting that deal increases.
  • Financing has been dramatically impacted. We can’t be looking at comps from 4-5 weeks ago.
  • More investors should be presenting opportunities.
  • If you have a business you know of that might be for sale, contact Josh.
  • Josh describes the DMV DealMakers group on Facebook.

 

3 Key Points:

  1.   Figure out if there’s a niche process you can pair with a niche market.
  2.   Many investors don’t have a real business model. Sit down and develop a plan. 
  3.   Focus on putting out empathetic messaging right now. 

 

Tweetable Quotes:

  • Our average project today we’re out of in six to seven months or less.” – Josh Cohen
  • “As an investor, your biggest risk is the time.” – Josh Cohen
  • “If you’re an established investor you can still get a loan, granted the rates are going to be higher.” – Josh Cohen
  • We have that avatar that describes who should be talking to get deals from.” – Josh Cohen
  • “I think if the message is only about buying the house fast for cash right now I think that message could get lost.” – Josh Cohen

 

Resources Mentioned:

 

How Would You Like to Listen?

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Search Podcasts

Enter any discussion keyword, name or episode # to find podcasts that match!!

Master the Buyer Game!

Double your buyer business income and reduce the time you are spending on buyer clients.

This course includes a buyer presentation, tools, and specific instructions to crush each part of this process. The result is raving fans that will refer for years to come.

Listen on Your Favorite Platform!

Never miss another episode of The HyperFast Agent!

Want to be a guest on the podcast?

  • Episode #184 Automation &…

    In this episode of The Hyperfast Agent Podcast, host Dan Lesniak speaks with software guru and entrepreneur, …

    Episode #183 Has Networking Changed…

    In this episode of The Hyperfast Agent Podcast, host Dan Lesniak speaks with Larry Perkins, the author of the …

    Episode #182 Take the Right Risks with…

    In this episode of The Hyperfast Agent Podcast, host Dan Lesniak speaks with Henry Daas. Henry has spent over …

    Episode #181 Find the Hidden Opportunity…

    In this episode of The Hyperfast Agent Podcast, host Dan Lesniak speaks with Realtor and Team Leader of The …

    Episode #180 Find Riches in the Niches…

    On today’s episode, host Dan Lesniak speaks with Karen Hall, Principal Broker with @Home DC Metro. Listen to …

    Episode #179 Getting Started as a…

    During today’s HyperFast Wealth segment, host Dan Lesniak speaks with Laurence Jankelow, Co-founder of Avail. …

    Episode #178 Money: How to Make, Save,…

    During today’s HyperFast Wealth segment, host Dan Lesniak speaks with Scott Smith, CEO and Founder of Royal …

    Episode #177 Doubling Business During…

    On this episode of HyperFast Agent Podcast, host Dan Lesniak speaks with Ashley McDougal, a mortgage lender …

    Episode #176 Understand Your Investing…

    During today’s HyperFast Wealth segment, host Dan Lesniak speaks with Jeff Love, an attorney who focuses on …

    Episode #175 Create Engaging Video…

    During the HyperFast “Hangover” Event, host Keri Shull speaks with Abbey Gibb about how to stand out and lead …