Scared to Take the Plunge Into Real Estate Investing? Try This!

Scared to Take the Plunge Into Real Estate Investing? Try This!

2 min read
Brandon Turner

Brandon Turner is an active real estate investor, entrepreneur, writer, and podcaster. He is a nationally recognized leader in the real estate education space and has taught millions of people how to find, finance, and manage real estate investments.

Experience
Brandon began buying rental properties and flipping houses at the age of 21. He started with a single family home, where he rented out the bedrooms, but quickly moved on to a duplex, where he lived in half and rented out the other half.

From there, Brandon began buying both single family and multifamily rental properties, as well as fix and flipping single family homes in Washington state. Later, he expanded to larger apartments and mobile home parks across the country.

Today, Brandon is the managing member at Open Door Capital, where he raises money to purchase and turn around large mobile home parks and apartment complexes. He owns nearly 300 units across four states.

In addition to real estate investing experience, Brandon is also a best-selling author, having published four full-length non-fiction books, two e-books, and two personal development daily success journals. He has sold more than 400,000 books worldwide. His top-selling title, The Book on Rental Property Investing, is consistently ranked in the top 50 of all business books in the world on Amazon.com, having also garnered nearly 700 five-star reviews on the Amazon platform.

In addition to books, Brandon also publishes regular audio and video content that reaches millions each year. His videos on YouTube have been watched cumulatively more than 10,000,000 times, and the podcast he hosts weekly, the BiggerPockets Podcast, is the top-ranked real estate podcast in the world, with more than 75,000,000 downloads over 350 unique episodes. The show also has over 10,000 five-star reviews in iTunes and is consistently in the top 10 of all business podcasts on iTunes.

A life-long adventurer, Brandon (along with Heather and daughter Rosie and son Wilder) spends his time surfing, snorkeling, hiking, and swimming in the ocean near his home in Maui, Hawaii.

Press
Brandon’s writing has been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media.

Follow
YouTube
Instagram @beardybrandon
Open Door Capital

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On a recent BiggerPockets Real Estate Podcast episode, I addressed a question from a listener that I get from a lot of people: “As a fairly new investor, are there any tips, tricks, or methods that you would use to get past the analysis paralysis and feel confident about a property?”

Analysis paralysis is a term describing when a new real estate investor is so caught up on which strategy to choose, how to execute it, and whether or not they will make a mistake that it ultimately leads to them never taking action at all.

Here’s my take on this issue.

The No. 1 Way to Overcome Analysis Paralysis

So, the short answer is I don’t have any tips and tricks other than just putting in the hours, putting in the reps.

It’s kind of like asking if there are any tips and tricks to get over being sore when you first start working out. Not really! I mean, yeah, you can get a massage and it might help a little bit. But really you’re just going to be sore. And until you do it enough, you’re always going to be sore.

Therefore, the best tip I have is make it a regular routine. Make it so you’re no longer a newbie.

Analyze Deals Every Day

In other words, analyze deals every day. In fact, I usually tell people to analyze 100 deals before you make your first offer. Think about it: If you did three properties every day for the next month, when you run the numbers in the beginning, it’s going to be painful. You’re not going to know what to do—which button to press or how to analyze it correctly or whatever.

Related: Hesitant to Invest? Hack Your Way Out of Analysis Paralysis

But after a month of that, you’re going to be a rock star. You’re going to have all those little things figured out and it’s not going to be hard anymore. There’s not going to be pain when you work out, so to speak.

And so the best tip or trick I have to get past analysis paralysis is just get so good at analyzing deals that you’re not afraid to make offers—that you’re not nervous—because you’re confident you know exactly what you’re doing.

And that just comes from “reps.”

workout2

Consult Seasoned Investors

Now, one thing I could add on, though, is it’s one thing to analyze deals. But then take your numbers and go meet with local real estate investors in your market and compare those numbers to what they’re doing.

Ask them, “Hey, you know, does this look about right to you?”

Sure, not every investor—or even every good investor—in your market is going to actually know their numbers. Many investors out there just buy stuff and hope it works out. And at the end of the year, they’re actually not making money. They just think they are.

Related: Rental Property Numbers So Easy You Can Calculate Them on a Napkin (With Real-Life Example!)

So, be careful that even if a local investor says, “Oh, yeah. You’re doing fine.”

Make sure you’ve actually done your numbers to make sure that they’re correct. Don’t forget to include things like capital expenditures and repairs and property management (if you’re not going to manage yourself).

Hope this is helpful for you!

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What’s holding you back from getting started? How can I help? 

Let’s talk in the comment section below!

On a recent BiggerPockets Real Estate Podcast episode, I addressed a question from a listener that I get from a lot of people: "As a fairly new investor, are there any tips, tricks, or methods that you would use to get past the analysis paralysis and feel confident about a property?" Here's my take.