GETTING OVER ANALYSIS PARALYSIS
I have never purchased my own property before, but I have been getting my "ducks in a row" since last year. Learning about the stock market and the real estate market have been going hand in hand. The language in both markets is often used interchangeably. I have a habit, which has its pro and cons, of over analyzing situations until I psych myself out of taking the first step of action. My goal for 2022 is owning my first small multifamily home in the Newburgh, NY, area. I want to get my real estate salesperson license soon. Yes... I know... I do not need a real estate license to buy my first property. I figured I can use the education from the courses, which is 75 hours here in NY. I will not be doing this alone though. I have a trustworthy friend who is down to walk the path of real estate investment with me. He brings the hustle and I bring the capital and all the information lenders need to get us pre-approved. He has read tons of real estate books and I have watched dozens of Bigger Pockets webinars.
The challenge - taking that first step! I feel ready but something is holding me back. I am telling myself I need to learn more. I need to save more. I need more time. Today, I signed up for Pro membership because I want to commit to doing a minimum of two property analysis' daily. We have already started and analyzed a few deals but they do not seem to be good deals. There wont be much cashflow and since it is our very first property, we planned to house hack. Renting in NYC is expensive so most people would think that owning is the better option since the money going towards rent can go towards something we own. Yes, I 100% agree! The thing is that my fuel and toll expenses will go up since Newburgh is the only affordable area near the city and in NY state right now. Last night, I came to the realization that house hacking might not be the best first option since the amount coming out of pocket will not actually equate to "living for less." I can stay in my current apartment, purchase a small multifamily, and rent out all the apartments in the property. I will be happy with at least $100 cashflow and avoid the mistake of moving and committing to an area that will be far from my job and actually increase my living expenses instead of reducing them. I feel like I am making the right mental choices but its hard not to believe I am overthinking things.
Has anyone else felt like they have analysis paralysis? How did you overcome it? What was the pivotal moment?