Paralysis by Infomation

Paralysis by Infomation

Rental Property Investor · Detroit, MI · Member since 2018 · 47 posts · 36 votes

I found BiggerPockets about 2 years ago. It has been an amazing time learning so much about real estate investing and hearing all of the incredible stories from amazing investors around the world.

In the past 6 months though, I have truly experienced what I feel to be paralysis by information overload. I love the BP podcast, and I also really enjoyed all of the other ones I started listening to (Wheelbarrow Profits, Apartment Building Investing, The RE Syndication Show, etc). However, I found myself constantly struggling with what I should be doing next. There were new amazing guests on each week discussing why they love self storage, mobile home parks, BRRRR single family, senior housing, vacation rental, etc...

I found myself feeling a lot of anxiety and not taking any action. I decided at the end of 2019 that I was going to stop listening to RE podcasts for at least the first 6 months of 2020, and focus on figuring out what my next steps should be in RE that make sense.

So far it has been a great decision for me. I am still reading non RE related books (currently loving the Power of Focus and then onto How to Win Friends and Influence People), but I have felt a lot less distraction/shiny object syndrome, and am working through all my goals for 2020.

I would love to hear other BP members thoughts or feedback on how they handle all of the content out there and what strategies you have found to help you stay focused and not be overwhelmed by all of the different opinions/ideas on REI.

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Joe VilleneuvePro Member

Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes

6y

Usually this condition is a result of not establishing a defined, specific set of financial goals...and then, the plan of how to get there.

This way, you will have established that elusive first step...the one that without it, you don't know where to start.

See this reply in the discussion

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David Dachtera
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
6y
@Jim K.,

Hhhmmm... Sounds like you need to reconcile yourself to your own life experiences, not just your own outlook.

Life is not a movie script. 'Nuff said.

We all have experiences which, if we allow it, can be an "albatross around our neck" (if you can cite a movie, I can cite literature). We can wear it like a badge, a ball-and-chain, a badge of shame ... or, we can overcome the impact of those events in our lives and choose our own outcomes.

My Dad was blue collar, as was I until I went to computer school. My first computer job paid more annual salary than the wages he'd ever earned in a year. He lived with challenges beyond me - a child on the Autism spectrum - and did the best he could within the limits of his own beliefs. Still, his work ethic and personal values are the models I hold in my life.

"You can make money, or you can make excuses. You can't make both."
- Robert G. Allen, author, "Nothing Down"

For you, right now, the best I can recommend to you is to address these limitations you hold dear and justify with long stories of misery and woe.

Your Dad made a mistake, and chose to let it control the rest of his life - he chose a lifetime of failure in response to one mistake. You can follow his example or make different choice.

It's up to YOU!

David J Dachtera

Success is not a destination, failure is not an event. Success is a process, failure is a choice.
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Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
6y
@David Dachtera

LOL! I wish you your best life in the best of all possible worlds, David!
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Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
6y
Originally posted by @Mike Dymski:
This happens to experienced investors too...sometimes even more so.

Of course it does. It's called "fraud." We're all vulnerable. That's the nature of crime. It's happened to me multiple times.

(I hope you're talking about the land deal, not about Joan at the Ivory Swallow.)

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Dan H.Pro Member
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
6y
Originally posted by @Jim K.:
Originally posted by @Mike Dymski:
This happens to experienced investors too...sometimes even more so.

Of course it does. It's called "fraud." We're all vulnerable. That's the nature of crime. It's happened to me multiple times.

(I hope you're talking about the land deal, not about Joan at the Ivory Swallow.)

I suspect he was indicating paralysis by information can happen to anyone including experienced investors.
2 Reply
Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
6y
Learn your market and learn to market. Choose 1 strategy that fits your goals and personality. They all make money.
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Rabih El-Khoury
Rental Property Investor · Dubai, UAE · Member since 2016 · 52 posts · 51 votes
6y
@Paul Bommarito the next step is for you to buy a property. Ten years down the line it won't matter what you started off with as surely things will change along the way. Therefore, do not worry if what you buy now is squarely the first step in your strategy. If you want to syndicate ideally you want to buy a multi-family. I'm saying that's great but if you bought now an SFR it's a good too. Why? Because there is so much to learn from doing not reading (the processes, the fees, the waiting time, the negotiations you go through etc.). Just go man, just go!
The second thing I'd say is be selective about what you read or listen to. For example, don't simply listen to 'how to win with multi family investing' rather listen to 'top underwriting mistakes in MF investmenting.'
Good luck!
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Trevor Ewen
Rental Property Investor · Weehawken, NJ · Member since 2014 · 1k+ posts · 704 votes
6y
@Paul Bommarito
Information management and overload is probably the great challenge of this era. I am often amazed at the biographies I read about business founders in the early 20th Century. There was a key trend: they were focused with very little else other than family and community obligations to divide their headspace.
I would recommend time boxing yourself to pick a path and then start walking down it (2-3 weeks or so). Part of the goal there is to open you up to all the learning that just comes from doing (even if done wrongly). Whatever money you are investing, you may want to wall it off and make sure no other priorities can touch it. Give yourself a reward / punishment structure if you do not accomplish it. Use accountability with friends and others, that makes it much harder to quit.
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David Dachtera
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
6y
Originally posted by @Jim K.:
@David Dachtera

LOL! I wish you your best life in the best of all possible worlds, David!

Well, I'm glad I could provide you with some amusement.
When you're ready to stop being a miserable failure, you'll look in the mirror and say, "Why didn't I do this decades ago?"
Until then, enjoy your pain and limitations!
Take care - be well!
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Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
6y
Originally posted by @David Dachtera:
Originally posted by @Jim K.:
@David Dachtera

LOL! I wish you your best life in the best of all possible worlds, David!

Well, I'm glad I could provide you with some amusement.
When you're ready to stop being a miserable failure, you'll look in the mirror and say, "Why didn't I do this decades ago?"
Until then, enjoy your pain and limitations!
Take care - be well!

You are the gift that keeps on giving, David, and I'll bless you for it. I will certainly come and find you and Tony when I'm ready to be a winner in life.

Keep those firewalking coals nice and hot, could be any day now.
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David Dachtera
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
6y
Originally posted by @Jim K.:
Originally posted by @David Dachtera:
Originally posted by @Jim K.:
@David Dachtera

LOL! I wish you your best life in the best of all possible worlds, David!

Well, I'm glad I could provide you with some amusement.
When you're ready to stop being a miserable failure, you'll look in the mirror and say, "Why didn't I do this decades ago?"
Until then, enjoy your pain and limitations!
Take care - be well!

You are the gift that keeps on giving, David, and I'll bless you for it. I will certainly come and find you and Tony when I'm ready to be a winner in life.

Keep those firewalking coals nice and hot, could be any day now.

I don't do firewalks. I have a spine injury and do not have full use of my legs. :-)
0 Reply
Paul Bommarito
OP
Rental Property Investor · Detroit, MI · Member since 2018 · 47 posts · 36 votes
6y
Thank you all for the insightful posts. The big points I took away after reading through them all are that I need to:
1. Craft a very strong why and vision/goals
2. Determine the most realistic option for me right now to start making progress towards that vision
3. Jump in and start learning through taking action
I know there were other great points, but these are what really stood out to me. I appreciate all of the advice and I hope anyone else who is struggling with this finds this thread helpful!
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