Overcoming the Overwhelming

Atlanta, GA · Member since 2018 · 44 posts · 10 votes

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?

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Brian Mcmenamin

Rental Property Investor · San Diego, CA · Member since 2018 · 176 posts · 83 votes

@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

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Arlen Chou
Investor · Los Altos, CA · Member since 2014 · 942 posts · 1k+ votes
8y
@Abigail Timbol you have a classic case of too much available information putting you in a place of fear. There is an endless supply of books, pod casts, guru info training classes etc. If you keep educating yourself, you will notice patterns in the information that is presented to you. As you recognized them you will come to realize that you already know "that"...
What you have to get comfortable with is your own ability to overcome. Will you press forward no matter what or do you feel like you might cave under the pressure? Only you can answer that question. But the simplest way to test your knowledge is to have conversations bout REI with like minded people. Do as many have suggested, go to meet ups and surround yourself with like minded people. The emotional support of these meetings are as important as the information you gain and you will be able to flex your REI knowledge and get immediate feedback. As you get comfortable in these groups and talking to people about REI, you will become more confident.
You will know when you are ready to invest when the fear of NOT doing is greater then the fear of making a mistake.
Best of luck to you!
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MaShone Stevenson
Rental Property Investor · Houston, TX · Member since 2018 · 2 posts · 0 votes
8y
@Abigail Timbol Hello to everyone, my name is MaShone and im so nrw iut here I was just born 30 min ago in re: bigger pockets sight. My neice spoke highly of it... it got me curious Lol lol. Here I am, listenibg, learning investigating creating a path for my first purchases outsude of my own previous personal property's purchased.
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MaShone Stevenson
Rental Property Investor · Houston, TX · Member since 2018 · 2 posts · 0 votes
8y
@MaShone Stevenson Forgive me for the typos, i better grab my readers... I just really wanted to say that this is so cool, so amazing how you all just jump in there and answer Abigail's questions... not judging, not making smart remarks, just really sowing into her, amazing I love it! I'm sure ill be out here more soon asking all kinds of questions as I learn more about bigger pockets and Realestate investing etc. Chow for now.
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@Arlen Chou so true! The amount of educational resources is amazing but also daunting. That is such a great point! I’m excited to get to a place where I start thinking “I already knew that!” Yes I’m very excited to go to REI meet ups, but also a little intimidated! But I believe all of you that it will be good for me! Thank you so much for your wisdom and encouragement!
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@MaShone Stevenson hi! Yes everyone has gone above and beyond what I had hoped for by posting a question here. I’m so very thankful!
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VaShaunna Dixson
Member since 2018 · 18 posts · 9 votes
8y
@Abigail Timbol I am in the same boat. I've gotten my LLC and EIN and now I''m feeling lost because it's so much info. out there. Keep me posted on your next steps and GOOD LUCK. ;-)
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Robert Sawyer
Member since 2018 · 1 post · 0 votes
8y
I just found the Bigger Pockets podcast 2 days a go and came on here feeling the same way. Glad I found this post. You're not alone! One step at a time and make use of all of these invaluable resources.
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@VaShaunna Dixson that’s so exciting that you’ve already got your LLC and EIN! Definitely keep me posted on your progress as well! Good luck to you too!
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@Robert Sawyer it’s so nice to know I’m not the only one overwhelmed by all the information! I wish you the best of luck!
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Al Pat
Rental Property Investor · Atlanta, GA · Member since 2016 · 325 posts · 253 votes
8y
@Abigail Timbol, there is a local Meetup group in Atlanta. You might want to start attending monthly meeting to develop contacts and get guidance. Good luck.
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Jim Cummings
Residential Real Estate Broker · College Station, TX · Member since 2013 · 1k+ posts · 969 votes
8y
@Abigail Timbol. Simple way to look at things:
1. You feel good about the area (town) with verifiable data on population and jobs increasing.
2. You feel good about the Neighborhood: Location, schools, shopping, etc.
3. Property needs very little Fix-up / Repair or amount of fix-up does not scare you away, and is within a repair budget you can afford.
4. You are Pre-Approved for a Loan sufficient to purchase the property.
5. You are psychologically comfortable with the data.
6. Admit it - You'll never know all the answers!
7. Potential Rent Exceeds the Monthly Payment by X Amount (whatever your X is).
7. Pull the "Trigger".
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@Al Pat that’s so great to know there is for a sure a group there! I will definitely be checking it out! Thank you!
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@Jim Cummings thank you! This step by step checklist is much appreciated and a great way to focus my many thoughts!
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Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
8y
@Abigail Timbol
Study and study what all the people who are accounted wise and successful say here and elsewhere, but always remember that if you're not cheating, you're not really trying.
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@Jim K. Thank you! I really appreciate the advice!
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Corby GoadeBusiness Member
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
8y
No one here will be able to give you any advice that all of the sudden will make you comfortable, and you will never get to the point where you feel like you know everything that you need to know. I've been doing this for 15 years and I am learning a TON every day. Still so much that I don't know. My advice- don't make it more complicated than it is- and this is truly how simple it is: If you want to buy and hold, make sure you can rent you property for more than the mortgage. If you want to flip, make sure you can sell the house for more than you have in to it. That's it. If you make a mistake or don't make as much money as you'd like, chalk it up to very valuable education, and it's worth every cent. Jump in and good luck!
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Mike H.
Rental Property Investor · Atlanta, GA · Member since 2017 · 127 posts · 75 votes
8y
Do you own your own home or condo? If you don't, I always recommend that is a good first step. Plenty of people do that as a first step and they don't know much of anything about rei. Good luck
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Account Closed
Greater Boston Area · Member since 2018 · 11 posts · 14 votes
8y
@Abigail Timbol I'm not sure how much about REI you already know, but if you are just getting started, I would start by acquiring a general understanding and then working your way down to the specifics. I suggest reading The Book on Rental Property Investing by Brandon Turner and Building Wealth One House at a Time by John Schaub. Both will provide a solid overview, just be careful about how much Schaub's book values appreciation. Appreciation is an great bonus but not something a deal should rely on.
After you start understanding the overall picture, start moving into the specifics. Revisit any aspects of the process that confuse you and do a deeper dive using the BP forums, podcasts, or other books/online resources. What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures by Frank Gallinelli really helped me understand the math behind deal analysis. However, if I hadn't known about the process more generally before reading it, I would have definitely been overwhelmed.
Lastly, I found that just scanning through glossaries of REI terms online helped me identify and address any small gaps of knowledge I still had. It won't be anything revolutionary, but it's a quick, easy way to find out what you might not know.
And of course, nothing beats experience. If you are at the point where most of the information you read doesn't seem new and you are financially ready to invest, do it and start getting your hands dirty! Always remember that the goal is to familiarize yourself with the process and learn enough to avoid catastrophic mistakes. It's not to make no mistakes at all! I hope that helps.
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@Corby Goade thank you so much!!!
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@Mike H. That’s a great idea of a first step! Thank you!
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@Tim Bulens thank you so much for the advice! Also for the book recommendations, definitely going to check those out!
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@Jim K. Thank you!
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John Schinner
Rental Property Investor · Cincinnati, OH · Member since 2018 · 11 posts · 6 votes
8y
@Abigail Timbol two months ago I was totally clueless about where to start. The information I’ve found here has been both educational and overwhelming. I’ve now put together my team and ready to start making offers. Read everything you can here,get the books from the store, join the webinars. Listen to the podcast. You’re on your way. You got this!!
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Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
@Abigail Timbol You are educated enough when you can tell me if something simple (like a residential rental) is a good deal or not in 10 minutes or less. You can do that, it’s probably good to go
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Abigail Timbol
OP
Atlanta, GA · Member since 2018 · 44 posts · 10 votes
8y
@John Schinner thank you so much! The encouragement is so appreciated!
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