How “prepared” can you really be before investing?

Question

I’m gearing up to buy my first property in April/May-ish. I’ve read constantly for nearly a year, listened to podcasts and cruised forums to use this brain as a sponge as I got my stuff together, in what’s about to be my first real estate rental property purchase.

But how prepared can you really be outside of experience? I’m constantly feeling like “I’m just another talker” If I’m not drowning my mind with real estate. Can anyone relate to this, or have any advice as to preparing when you’re about to pull the trigger on that first real estate move?

Appreciate all and any feedback!

Paul Wachtler · Answer

@Ivan Maldonado while there's nothing like actual experience you still want to make sure it's a good deal.  Define what a good deal is to you and find something that matches that.  While it's important to get the first one under your belt, if you have negative cash flow or don't set aside enough for a big repair it could turn into a bad experience.  Do your analysis (which it sounds like you've been doing), leverage the experience of others where you need it, and get a deal to get rolling with your investment business.

Ivan Maldonado · Answer

@Martin Neal Thanks Martin, I appreciate your response! My hunger for the first property and ones to come, are unexplainable, I can’t wait.

Joseph Cacciapaglia · Answer

You have probably already studied more than half of the successful investors. I hate to quote other gurus from the internet, but how prepared for doing 50 push ups can you get by reading about doing push ups? Once you understand the basic technique, you just have to start doing them. It's the same for real estate. You already know the technique, now you have to start the doing. You'll learn a ton on your first deal, and you'll be more pumped for the next one. You will never be 100% prepared for anything in this business. You have to accept being 80% prepared, and trust that you and your team are good enough to figure the other 20% on the fly.

Martin Neal · Answer

@Ivan Maldonado I was once in your shoes and have to tell you, until you actually do a deal, you will always wonder. It sounds like you’re as ready as you will be. I listened to 75 podcasts twice before I pulled the trigger. Nothing is going to beat doing it. Good luck!!!

How “prepared” can you really be before investing?

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