Overcoming the Overwhelming

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Hello everyone! I’m just starting to educate myself in real estate investing. It feels like there is so much I don’t know that I need to learn. It’s hard to know where to start. Then each topic seems to have so much content that I need to know that I fear not being able to understand it all! I’m planning on starting my real estate investing career either by finding a partner or using a hard money lender. But both prospects seem like there is so much information I need to know, and then there’s even more information I need to know for what happens after I find them. I don’t even know where to start here, or what I should be taking notes on, or what I should be researching. I guess I’m just overwhelmed in general. How did you overcome the overwhelming amount of information? What did you focus on when you were just getting started?

@Abigail Timbol You will never be educated enough. I am always learning more. Some of it is just part of the process. Biggest recommendation is don't financially over-extend yourself. Take your time to find something you know will be a great deal. Youll find it. Stay with it

@Brian Mcmenamin thank you! This is so encouraging! I have had a tendency in the past (I’ve had an entrepreneurial mind since I was younger) to jump into any idea I had head first, and it’s landed me in difficult situations. Luckily they were all small risks and so the loss wasn’t too severe. I just want to make sure I don’t rush this because I want to do it right. But I also don’t want my past failures to cause me to be too afraid to actually get started!

@Abigail Timbol I totally understand where you are coming from. I was the kid on the corner selling lemonade at 6 yrs old trying to make a buck or selling my parents stuff in a garage sale early in the morning. That mindset is great to have, but I always find myself needing to not rush into an "ok" deal. You'll find it Abigail. Stay with it.

@Abigail Timbol You wouldn’t get very far on a journey if you sat in the driveway waiting for all the lights in town to turn green. Real estate is one of those things where you can’t dip your toe in it to test the waters . You gotta run down the dock and just dive in head first . Obviously you want to be somewhat educated ( Browse on here) and be in a decent financial situation though .
@Abigail Timbol Hi, this is exactly what I did to move into action. 1. Write down your goals, investment strategy, ideal location and follow it. It can change once you learn more, but the act of writing down helps. 2. Find a mentor or someone you know who has a similar investment strategy that can offer sound advice. I say talk to as many people as you can and it’s nice to learn from others mistakes. 3. Start looking at properties and running numbers for practice and to hone your skills of spotting a good deal. 4. Take the plunge, buy a good property and u learn tons from actually doing. I found this the most valuable. Continue reading, reaching out on blogs. The learning never stops. This has helped me, I just bought my first multi family.

@Abigail Timbol This is exciting and frustrating for you I'm sure! You will never know it all, but you don't have to know it all to get started. You do however need to know enough about whatever specific strategy you're going to focus on. Biggerpockets is a great place to start getting educated. Do however make sure that whoever you're listening to is someone worth listening to. People go to college to learn how to become a professional doctor, or CPA, or biologist etc...consider finding some sort of actual education for real estate.

@Abigail Timbol That could be a good move depending on what you want to do. That will give you great information and training for selling retail real estate. Don't be thinking that will make you a professional fix n flipper, or landlord, or wholesaler etc. =)

@Abigail Timbol I consider myself a newbie and I hesitate in giving any advise for that reason. I have completed 10 deals and I learn so much throughout the process of each one. I still hinder myself with limiting beliefs of not knowing enough.

While I absolutely agree that you should do your homework and educate yourself as much as possible, you will never know it all and you probably already know enough to take steps towards completing your first deal. Map out your steps, keep and open mind to change and trust yourself. I don't think anyone will ever know it all but don't let that keep you out the game. Excited for you.

 Measure twice, cut once

@Abigail Timbol I completely understand where you are. I have been researching and now I’m in the process of creating a roadmap. However, I start to become overwhelmed because I live in Silicon Valley and this market is so expensive. I’m a property manager so I feel I know this rental market best for buy and hold, but I don’t have the money. There is another market close enough by, bit the economy in that area has a high unemployment rate. What I’m doing to help myself take the next step is network! You’ll see it all over the forums here that networking is key! I attend Meet Ups in my area and it really helps get a feel for how people are finding deals and what strategies work for them. I’m sure there are a ton in your area so take advantage of that. Please keep us posted on your journey!

I recommend immersing yourself in books, podcasts, and deal analysis practice.  Knowledge leads to confidence.  The first one can be the hardest and then the learning curve speeds up dramatically.

@Abigail Timbol when I started, there wasn't all this educational content on the internet. I read one book and purchased a rental property. I learned as I went, finding a solution to each problem as it came up. If you are getting overwhelmed, then you are worrying about way too much at all once. There is an old saying that you shouldn't try to boil the ocean. That is impossible of course, but boiling a pot of water is pretty easy. The point is focus on controllable tasks rather than trying to undertake the impossible.