Unfortunately, the second biggest "fail" is moving too fast without knowledge. There's a happy medium between too fast and too slow. You need both. The secret is to know when you are prepared. Ready, watching, and listening accumulation isn't what you should be looking for. When that's the description of knowledge, those are the people that never move. They know they're not prepared.
There is specific knowledge that is needed. 3 parts:
1 - Market analysis. Market analysis is about numbers with $$$ in front, and not %%% behind. 2 - How money works as it applies to REI. This is where the seeds of all strategies are based. The more you know, the more opportunities present themselves to you. 3 - Have a plan. First you need to know what a plan is. It's NOT buy 3 properties a year, flip 2, hold one. Never base a plan on number of properties with a timeline. That's a sure road to disaster.
All three must work together. Market Analysis tells you "where" to invest. Strategies tells you "how" to invest in that market. Together they form the offer, and are always based on numbers with $$$ in front. The Plan tells you when to execute the strategy in a specific market, at that time.
Unfortunately, the second biggest "fail" is moving too fast without knowledge. There's a happy medium between too fast and too slow. You need both. The secret is to know when you are prepared. Ready, watching, and listening accumulation isn't what you should be looking for. When that's the description of knowledge, those are the people that never move. They know they're not prepared.
There is specific knowledge that is needed. 3 parts:
1 - Market analysis. Market analysis is about numbers with $$$ in front, and not %%% behind. 2 - How money works as it applies to REI. This is where the seeds of all strategies are based. The more you know, the more opportunities present themselves to you. 3 - Have a plan. First you need to know what a plan is. It's NOT buy 3 properties a year, flip 2, hold one. Never base a plan on number of properties with a timeline. That's a sure road to disaster.
All three must work together. Market Analysis tells you "where" to invest. Strategies tells you "how" to invest in that market. Together they form the offer, and are always based on numbers with $$$ in front. The Plan tells you when to execute the strategy in a specific market, at that time.
Real Talk: What Nobody Tells You About Doing More Deals
More deals do not automatically mean more success.
A lot of people are chasing volume because volume looks impressive from the outside.
But a bigger portfolio with weak systems, poor margins, and constant stress is not freedom.
It is just a larger mess.
The goal is not to collect deals like trophies.
The goal is to build something durable.
That means knowing which deals to pass on, which markets to avoid, and which opportunities are not worth the operational drag they create.
Growth is not always healthy.
Sometimes it is just faster chaos.
Better deals beat more deals when the foundation is weak.
Would you rather have more units or better control?
Very well said. I would change one thing though. When you say, "...not to collect deals like trophies", I would change the word "deals" to properties. There's a big difference. It's the "deals" you want. I always say, "if you want properties, there's a cheaper way. Just take pictures of as many as you can, then put them on a screen saver and you can enjoy them all day.
Nate, you're right. I see this over and over. People spend two years reading threads and analyzing comps, and meanwhile someone with less knowledge but more guts is closing their second deal and learning what actually works vs what sounds good on a YouTube channel.
The real thing nobody talks about is that your first deal won't be perfect. You'll overpay slightly, something unexpected will come up, your timeline will slip. And that's okay. That deal is your education. I'd rather close one semi-bad deal and learn from it than spend another six months perfecting my spreadsheet.
The hesitation part hits different. Most people are waiting for permission or perfect information, and neither is coming. Real estate doesn't have perfect timing. It has deals where the numbers work if you can execute. The fear part is just marketed as "I'm still preparing." Big difference.
What's holding you back right now -- is it actually more information you need, or is it the decision itself?