New Fix and Flip Business

[Jason Duet]

Hi everyone!

Longtime member of the BP Forums, although it's been several years since I lasted actively participated. We're finally in the position to be able to move forward with our goal of running a fix and flip business, but as anyone reading this surely knows, building up the courage for that first step has stopped so many would-be investors before they ever got started. We've taken the time to try to educate ourselves as best as possible, but know that nothing can happen without eventually taking action. We have our first inspection of a potential investment (deal from a wholesaler) today, so I feel like that is a step forward. But as someone who tries to be as prepared and have as many questions answered as possible, I just cannot get past the doubts regarding the deal (there are just not any real comps, which in itself also causes me concern).

For all of you successful investors out there, how many deals did you have to analyze/inspect before you finally ended up pulling the trigger? I've heard a lot of investors on podcasts describe the considerable amount of risk/leveraging they undertook on their first deal. Although many investors never get started due to analysis paralysis, considering that even the most experienced investors have had a deal or two go south, I wonder how many investors also end up never finding success because of a mistake on their first deal.

[John O'Leary]

Analysis paralysis stops so many investors before they even begin, but the key is to take action. You’ll never have all the answers or feel completely comfortable experienced investors still face uncertainty. What matters is building the right team, surrounding yourself with the right support system, and starting small so you can learn as you go. Every deal teaches you something, and the first step is always the hardest. Trust your preparation, lean on your team, and take that next step forward