Invest in Unfamiliar Territory

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Investing in Unfamiliar Territory

What It Is

Unfamiliar territory is anything you haven't done or bought before. It can include, but is not necessarily limited to:

1. New location (another city or state)

2. Different Asset Class (you've been doing residential and now you're going to try office space)

3. Different Scope of Work (you've never popped the top on a house to add a second floor, for example)

4. International (a whole 'nother ball of wax)

Here are some tips:

1. Research the crap out of it. Learn everything there is to know about the ins, outs, policies, costs, procedures, and risks. Remember: You don't know what you don't know. And the "unknown unknowns" are the wealth-killer risks.

2. Bring in an experienced partner for your first deal or two. It will cost you some of the profit, but you may save all that and more by learning first-hand what not to do.

3. Dip a toe in first. For a pool or a swim in the Arctic ocean, the plunge is recommended. But this isn't that. Try your unfamiliar territory on the smallest scale possible. Once you've learned and demonstrated "proof of concept," scale up.