Nowadays, it has become increasingly easy for us to access information on any topic. The problem that you run into is can you trust the information that you’re reading? This article will discuss how to tackle information overload in real estate investing, as well as how too much information can be counterproductive. I will also discuss how to “chunk” down the information and how to maintain focus.
The mantra that is often thrown around is “Knowledge is power.” Although knowledge is vital to your success, knowledge that is not acted upon is an absolute waste. Jake and I have changed this saying to “Knowledge is potential power. Knowledge plus action equals power.”
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
Choose a Niche and Stick to it
The first step is to select a niche. Most beginning investors are unsure of what type of strategy to select. Should I fix and flip a house, is wholesaling a property where I should start, or how about buying a duplex? Whatever strategy you choose, focus in on that strategy and forget about the rest of them. Learn to dig deep, not wide. Once you have become a master of the strategy, then you can allow yourself to dig wider. But for now, drill down into your specific niche and stay the course.
The next step is to locate reliable sources. BiggerPockets is the perfect medium to locate experts in every niche. Begin by listening to the podcast, and then follow the individuals who interest you the most. If you are interested in fixing and flipping, the podcast highlights numerous guests and their success stories. Try to connect with the guests that resonate the most with what you are trying to accomplish, and begin to follow them.
Trust But Verify the Content You Consume
Our mantra in real estate is to trust, but verify. This also applies to choosing where to receive your education. Educators need to be investing in the current market and need to be able to display their success and credibility. If you are looking to invest in apartments, make sure the educator has a sizable portfolio and is “in the trenches” working to expand their portfolio and their business.
The next step is to select what medium you would prefer to consume the content. The three types of learning are visual, auditory, and kinesthetic. Are you a visual learner, is your preferred style one of listening, or do you like to participate while learning? The key is to find out what style you excel at and use it to enhance your learning.
Related: What All Newbies Should Consider BEFORE Choosing a Real Estate Niche
I am a visual learner and prefer to watch video lessons and take notes. If you are an auditory learner, then you will gravitate towards a podcast format or a mastermind group that discusses the material. A kinesthetic learner is one who needs to touch and feel while he is learning. This explains why some kids can’t sit in school for hours and “learn.” They need to be engaged and a part of the learning process.
Once you have consumed content on your niche and feel comfortable in your ability to understand the strategy, there comes a time to act. Many of us suffer from analysis paralysis, a condition where overanalyzing a subject leads to inaction. Remember, knowledge plus action equals power. If you have followed these steps outlined, it is now time to act. Good luck, and let me know what made you take action.
Where are you in the process towards landing your first deal?
Let me know with a comment!