Are YOU Caught In The Web Of Real Estate Information?
Just imagine how disappointed you’d be after trying to learn everything there is to know about a certain real estate investing strategy, studying day in and day out, only to have your competition take down deals left and right while you watch.
If this happens for a long time, then I’m sorry to say, but you’ve likely fallen victim to what is called “paralysis of analysis”.
It happened to me for 2 years when I first got started. I told myself I’d do a deal in 2 days and that turned into 730 days.
2 Days vs. 730 Days (insane)
What was the problem?
Fear Fear Fear! We hate to admit it, but this is really the root of the issue.
I hear it all the time when I talk to some investors.
- What If I put a property under contract and don’t have a buyer in place?
- What If I find a buyer and have nothing to sell them?
- What if they ask me a question I don’t know? (I used this excuse)
- What if I get tongue tied during a conversation?
- What if they tell me No because I’m too young? (this one too)
- What If they tell me No because I’m too too old?
- What if I start marketing and get more leads than I can handle? (yup! This one too)
- What if I can’t help these people?
or the big one…
- What if I make a mistake?
What if what if what if what if what if…
When you get caught in this web of “what if” this happens or “what if” that happens, you end up hindering yourself from getting out there and actually making it happen.
All this time, you haven’t made one cent!
What do you need to do to get from under this rut?
Two words… Take Action. I’m not saying be ignorant and just go out their blindly and naive. I’m saying to gain an understanding of the basics, and then, do what you have to do. Get it going.
If you have questions that need to be answered then surround yourself with the right type of people and get them answered. Then go do a deal!
What If I put a property under contract and don’t have a buyer in place?
Get the property under contract, include your exit clause, and market your butt off to find a buyer. If you end up not finding a buyer in time, then get an extension or walk away from the deal using your exit clause (Be sure it is clearly written in the contract). Or, buy it yourself and keep marketing for a buyer to flip it to. Done!
What if I find a buyer and have nothing to sell them?
Ask them what they want, and go get it for them. Then go market your butt off or partner with other investors who have deals that fit their criteria. Done!
What if they ask me a question I don’t know? (I used this excuse)
Say, “To be honest, I don’t have an answer to your question right now, but I’ll get back to you as soon as possible.” Then do your research and bring them the answer. “Yesterday you asked me . . . Blah blah blah, here is the answer . . . blah blah blah.” Done!
What if I get tongue tied during a conversation?
Ask to be excused, “Can you hang on for a sec?” Then, relax. Regain your composure, and add “ok, sorry about that…so as I was saying”.
What if they tell me NO, because I’m too young? (this one too)
Get over it. If you can help them get their home sold, they could care less. A lot of people say, “Wow you sound young, or wow you look very young” I respond, Yeah I’m 26…then we engage in some small talk, which I bring to a halt by asking them a question about their home. “So how long did you say you’ve been trying to sell this home?”
What if I start marketing and get more leads than I can handle?
Darn good problem to have, if you ask me. Start putting deals together or you could always sell or give away your leads to other investors.
or the big one…
What if I make a mistake?
It’s bound to happen, but it doesn’t have to be as bad as you think. Make sure to reach out to other investors for help or a mentor. Don’t go at it alone. Steph Davis, who is a fellow blog contributor for BiggerPockets.com did everything wrong on her first deal and ended up making $50,000. Click Here To Get All The Details on Her First Deal
The bottom line is that we all make mistakes — some people don’t want to accept that fact. So, they try to learn everything they can to ensure that everything goes perfectly. What they need to understand is that all real estate deals aren’t created equal and they can make money a lot faster by learning as they go.
Again, I got caught in the web for 2 years and guess how much money I made… $0.00 + $0.00 in interest!
Get sick and tired of being sick and tired and start doing deals!
Think about it!
“You don’t have to get it right, you just have to get it going” ~Mike Litman
To Your Success,
J. Lamar Ferren
New Breed Investor
Ps. Are you caught in the web of real estate information right now? If you were caught in the web in the past, how long were you stuck and how did you personally get out of it?