Too much knowledge here - how to make a right choice?
Hi everyone, thank you for stepping by!
If you are a George Lucas movies fun, as I am, you probably remember that hilarious episode from 'Indiana Jones and the Temple of Doom:' Indiana Jones [with shoe on fire] Water! Water! Water! Wa... Oh. [sees a flood coming towards him] WATER! - and everything else after that.
That's exactly how I feel right now. I declared 2015 the year when I finally realize my long term dream and start REI. I needed knowledge. I craved knowledge. I attended several seminars, have read some books, and then a week ago I found BP. Yes, it does have knowledge. Plenty of it. Great people give great advice on any topics. Free books, articles and podcasts to help the members to succed. Wonderful offers from different businesses. There is an ocean of knowledge! A waterfall of knowledge! I read, and listen, and read again, but it doesn't make a big difference. There is too much to learn. It is still me, trying to navigate my new tiny REI boat in this ocean, full of waterfalls. And sharks, probably, though I didn't meet them yet.
So here is my dilemma: I really really really want to go ahead and do my first deal ( I want to start with fix and flips, and already have an agent, who gives me listings, and a team of contractors, ready to start fixing) but so many different financial options on what to do and what not to do in order to accomplish it! I don't think I have analysis paralysis, since I don't have enough knowledge to anylize anything, but rather the fear of doing something wrong because I don't understand how it works yet. Go for hard money? Get 75% from a conventional company and add additional money borrowing from my IRA? Or convert my etrure IRA into REI one? And I just got this email from BP talking about crowdsourcing! Wow! Two weeks ago I had no idea there are so many different options! Where to start? WATER!!!