Newbie Shiny Object Syndrome

It has been about a month since I decided that I want to become a Real Estate Investor. In this time I have attended several REIA meetings, read 2 books (currently on book #3), listened to podcasts almost daily, engaged in BP forums and added blogging (writing and reading) to the mix. I have learned a lot in this short amount of time. However I feel like I need to be doing more. At the last REIA meeting I heard Aaron Mazzrillo speak which was great. On the downside I didn’t network like I should have so I must do better next time.

One of the things I found during this time of reading, going to REIA meetings, reading blogs and listening to podcasts is the temptation to have “shiny object syndrome”. With the abundance of information out there I can see how easily it is to lose focus, not know where to start, feel overwhelmed or jump from strategy to strategy because everything sounds good. I’m usually a focused person and I found this happening even to me. First I want to flip, then its buy and hold, then it’s wholesaling and also getting my RE license, etc. The list can go on and on if I let it.

I don’t know what podcast I was listening to (or it may have been a BP webinar) but one thing did stick with me: I should pick one niche and one strategy, focus on and master it then add another niche and strategy when first starting out in Real Estate Investing.

I found this to be helpful advice and I recommend newbies to try it. It has made me sit and really think about what areas of Real Estate I want to focus on and how to get there. Personally I want to focus on rehabbing homes and once I feel like I have enough experience under my belt, I want to add Buy and Hold to the list. So now when reading or listening to podcasts, etc, I focus on areas dealing with flipping. Occasionally I will listen to podcasts if it’s related to accounting, taxes, financial planning, mindset, etc as this is information that is needed regardless of what are of Real Estate I focus on.

Another thing I have noticed is the desire to just jump in. I’m a little impatient and like my husband likes to say, “Thought and action are one” when I make up my mind. This is usually true however I am making myself slow down and take the time to educate myself. Therefore I have put a 6 month time limit on this education so that I don’t get stuck in “analysis paralysis”. Within 6 months I will need to take action. I may not have everything in place but I can’t wait for things to be perfect. So within 6 months I need to be comfortable with analyzing properties, networking, knowing my market, have an idea of what rehab costs are for my market area, hopefully have a partner/mentor, market for seller leads and have financing in order whether it be a hard money lender, etc.

Regardless, I don’t want to get stuck. I figure whatever I don’t learn in 6 months I will just learn hands on in the field.

If you are a newbie like me, I encourage you to focus on one niche/strategy, have a timeframe in mind and just go for it. I know I will :-)