Confessions of a Dangerous Mind: Analysis Paralysis and My Plan to Crush It!
“Vision without action is just a dream. Action without vision just passes the time. Vision with action can change the world.” Joel A. Barker
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I am downright obsessed with everything real estate. In fact, it should get a restraining order against me. I have stalked the field since the age of thirteen years old when I obtained an architectural drafting template and started designing houses.
I purchased the famous/infamous Carlton Sheets program from late night tv in high school and was forever hooked after that. Add the fact my best friend’s dad had some rental houses and we did handyman-type jobs to earn some side cash. The two combined to solidify a truth: real estate investing is a GREAT way to accumulate wealth.
As certain as I was, I made exactly one call to a listed property when I was 18 on an 10 unit apartment. The conversation was brief and it was an overwhelming feeling of fear that took hold. Despite my love, I was paralyzed. Analysis Paralysis had me in it’s death grip.
I went on to obtain a great education with a major in economics and minor in finance. Real Estate – of some sort – was always in my mind. So, upon graduation I went straight for a real estate job right?
A pattern began that, up until last year, would plaque my adult career. Despite my very clear objective I did nothing that would DIRECTLY meet my goal. Heck, I even thought I needed a law degree to do what I wanted. Talk about largely counterproductive. The student loan debt incurred was like heading east in search of an epic sunset. One positive thing, however: I did gain clarity on exactly what I want to be when I grew up. I wanted to be a Real Estate Developer
So let Doctor D tell you about his various attempts to provide the antidote to analysis paralysis.
Ten “Antidotes” to Getting Moving in Your Investing
Antidote #1 I have read, literally hundreds of books. But, like a phone call with a great friend, you don’t get the human element from reading. If I believe anything else, I believe real estate is heavily people related.
Antidote #2. I have been to several “guru” boot-camps. I been even more of their gateway free-bee attempt to get me hooked. The up-sell at the camps is very irritating to me. The counter-point is I have met some great like minded people. I could have easily done the same at…I don’t know….BiggerPockets?
Antidote #3. The things that I think will be helpful have not been sufficient. I have worked in the corporate real estate arena in jobs ranging from a commercial brokerage assistant, to a development coordinator for a housing authority, and even a commercial and residential mortgage broker. My close call came when I managed a 60 unit apartment turnaround project for a few months until the partnership dissolved. (Breaking up with the contractors girlfriend for him….priceless experience. Yea that happened.)
Antidote #4. I worked as an attorney doing some eviction work in addition to some VERY insightful real estate litigation. Although it was interesting – something was still very clear….the real estate investor mindset is VERY different. Lawyers are deal killers not dream makers.
Antidote #5. BiggerPockets and the mastermind effect. I am forever grateful I read Think and Grow Rich. For anyone with entrepreneurial goals – it is a must read. For me, the more time I spend with BiggerPockets and interacting online and offline with like minded people, the feeling of analysis paralysis has dropped immensely.
Antidote #6. Subject Matter: Coaching? I have been offered coaching in apartments that ranged from $10 to $20…THOUSAND. Is it just me or is this the ultimate counterproductive step? Why not just invest with that money??? I think coaching from a subject matter expert is okay but in my mind it has be very reasonable.
Antidote #7. Firing negative people from my life. This one can be hardcore, but my results have proven the saying about “we are the average of the five people we spend the most time with.” Don’t get mad at me for stating human nature.
Antidote #8 Hiring an NLP based coach. This one has shown early promise in two weeks. While not tangible results just yet….the feeling of FEAR has further trended waaaaay down. Re framing how I look at failure has made an immediate shift.
Antidote #9. The wanton experimentation plan with the Four Disciplines of EXECUTION. A game changing read early this summer was the Four Disciplines of Execution. I provides an simple yet profound way to focus on your objectives. I have been attracted via bright shinny object syndrome. There are lots of ways to make money in real estate. However, I have finally narrowed down my strategies to accomplish a few in lieu of pondering twenty.
Antidote #10. Action.
Do you have any tips to add to this? Share your comments below!
Photo: Toni Blay