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Avoiding Analysis Paralysis
What is your best response to combat analysis paralysis?
#5 Starting Out Contributor
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#5 Starting Out Contributor
- Flipper/Rehabber
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being in a strong financial position.
#3 Real Estate Agent Contributor
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#3 Real Estate Agent Contributor
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Quote from @Nicholas Ramirez:
What is your best response to combat analysis paralysis?
FLIP the contract, watch and learn them reno and sell. OR buy the rental from those that provide them, learn as you go, Simple as that. RE is not rocket science , its just math
Paralysis of Analysis, a virus worse than Covid, infects just about every n00b who is trying to get started in real estate. It's the I want to know everything before I do anything syndrome. I suffered through this for 3 years before recognizing I had a problem. That was 30 years ago. If I was starting out today I imagine it would be much worse, the result of (mis)information that is so prevalent and readily available on social media. Before you know, 3 months of "studying" becomes 1 year, which becomes 3 years, and on and on.
Don't be like Mike. Best advice I can offer: settle on ONE strategy, just one. A strategy that fits your current financial situation and your financial mindset and goals. Then, block out all the noise and BS that is Facebook, Instagram, YouTube, and god help us, TikTok. This will clear your mind and slow down the process which, ironically, will speed up your progress. Best wishes!
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#1 All Forums Contributor
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Analysis paralysis is not a real thing. People aren't stuck in analysis. What analysis paralysis really is is a lack of confidence. It's often because people don't want to do the research or work necessary to get prepared to invest so they do things like talk about LLCs, scaling, and look online at hundreds of properties before ever seeing one in real life.
The antidote is to go to real estate investing meetups, as many as you can, and never miss. Be interested in other people, not interesting. In six months, you will have confidence, investor friends, colleagues, and deal flow.
#1 Out of State Investing Contributor
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#1 Out of State Investing Contributor
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Remove emotions from your investing decisions and think very rationally. You will also have to be willing to take on some risk. Every successful investor has taken great risks.
I guess my best combat to it was. Well just do it. I had analysis paralysis yes it’s a real thing, even if it’s just an umbrella term for a multitude of factors. I tried to find the best house in the best neighborhood with the best price with the best tenant. If it didn’t meet that criteria and also let me buy at 40% discount with only changing a door handle I didn’t want it.
I’m not saying to be frivolous and throw caution into the wind. I just think we have so much info with a bunch of influencers that we always pysch ourselves out thinking everything has to be perfect. Maybe we don’t find a unicorn, but maybe we can find some good Clydesdales.
It can be scary to invest because there are assumptions you'll have to make and starting out there is a lot at risk. You just have to do it scared if you want to get the rewards. Having a mentor and or a good real estate team can give you the push you might need. Do the math and look at the intangibles. No risk, no reward.
Quote from @Michael Carbonare:
Paralysis of Analysis, a virus worse than Covid, infects just about every n00b who is trying to get started in real estate. It's the I want to know everything before I do anything syndrome. I suffered through this for 3 years before recognizing I had a problem. That was 30 years ago. If I was starting out today I imagine it would be much worse, the result of (mis)information that is so prevalent and readily available on social media. Before you know, 3 months of "studying" becomes 1 year, which becomes 3 years, and on and on.
Don't be like Mike. Best advice I can offer: settle on ONE strategy, just one. A strategy that fits your current financial situation and your financial mindset and goals. Then, block out all the noise and BS that is Facebook, Instagram, YouTube, and god help us, TikTok. This will clear your mind and slow down the process which, ironically, will speed up your progress. Best wishes!
LOVE IT! Thank you Mike! Seems like the #1 advice for all newbies is to hone in on one strategy that aligns with current goals and make that, not just a priority, but the only thing to be worried about. Thanks for your wisdom Mike!
Quote from @Samuel Diouf:
Remove emotions from your investing decisions and think very rationally. You will also have to be willing to take on some risk. Every successful investor has taken great risks.
Yes, great! Calculated risks based on numbers alone, thank you!
Quote from @Bradley Buxton:
It can be scary to invest because there are assumptions you'll have to make and starting out there is a lot at risk. You just have to do it scared if you want to get the rewards. Having a mentor and or a good real estate team can give you the push you might need. Do the math and look at the intangibles. No risk, no reward.
Thanks for your insight Bradley, much appreciated!