How did you overcome information overload and get started??

Question

Hi All,

So I have been STUCK in an analysis paralysis stage for the last 2 years! I have the money, good credit and time (Retired Military so also access to VA loans if necessary ) to start investing in rental properties but there is literally so many books, podcasts and websites dedicated to rental property investing and I have read (and listened too) so many of them and I have learned that a good portion of them have different ideas of how to get started. I am literally stuck right now and have so many ideas on how to get started based on the research I have done BUT still have not gotten started...... SO with that said I was just wondering how people here got started? I am honestly thinking at this point to just start with turnkey properties but that is only because I don't have a team or network to start with the BRRRR method yet. Looking forward to seeing the replies.

Brian D. · Answer

Catalino,

Full disclosure:  I'm just starting in the research phase and haven't done this myself.

But I would say two words to change the pattern you've gotten yourself stuck in:

1. Momentum

2. Accountability

You're in a thought bubble, but the action is going on outside of your bubble.  Pop the bubble and start a new pattern - one of action.

1. Momentum - you have the time, so start doing something.  Promise yourself you're going to commit to this for 2 weeks.   You just need to start changing your habit of inaction.  Set an alarm for 10:00am every day for the next 2 weeks, and analyze 5 deals.  Use one of the calculators on this site, or another of your preference.

2. Accountability - you're in the bubble by yourself.  If you're not able to motivate yourself into action, make yourself accountable to someone else.  Find a partner (identify local players; REI groups; BP) who will expect something of you.

If you're completely against partners, or that would create more barriers to action, then just take the 5 deals you analyzed above, pick the one you like the best and post it on BP for feedback.  Does one stand out as a good deal?  Put in an offer!

Account Closed · Answer

@Catalino Rodriguez

The way I overcame it is to stop reading everything that came my way. I am more selective in what I read and want to learn. I have finalized what I want to accomplish and I stick to that. Now it's about connecting with those who are doing what I am setting out to accomplish. All the best to you.

Jorge

Catalino Rodriguez · Answer

Thank you everyone for the helpful advice. From reading everyone's replies I feel like the main thing I should do is find a deal and make and offer and that would get me started.

Ingrid J. · Answer

@Catalino Rodriguez Where exactly are you planning to invest? If locally pick a neighborhood and start putting in offers there. If from out-of-state pick a city and neighborhood and put in offers there.

Your first deal isn't a home run. It's a way to get started.

Victor Evans · Answer

@Catalino Rodriguez , if you ever want to run your BRRRR analysis by me, feel free to reach out. Also, if you have any structure related question, let me know.

Clifford Tran · Answer

Information overload indeed. There are as many ways to play with real estate as there are ways to get from LA to NY - which is actually how I think of investing.

BRRR is one of many roadmaps that can be used to get you where you want to go. Every book and every blog post is just map of a very specific stop along the way.

The the sake of simplicity, think of what kind of road you want to drive on. Do you want to do a lot of off-roading (DIY rehabs) or do you prefer to drive fast and furious on flat pavement (turn-key rentals)?

In the end, choose the path that seems the most fun. Not "interesting" mind you - I mean FUN. It sounds a bit immature but if you don't find it fun no amount of analysis will justify you staying with it. And staying with it is the part that counts.

Jordin Boyd · Answer

I would say turnkey is great for some people but if you have the time, you can probably do better finding your own deals. You said you don't have a network put together yet to start with a brrrr strategy. The best way to build a network is to find a good deal and close on it. Then you will suddenly realize that you own a house and you will be forced to build a network. You will start figuring out those details once you have the property. The trick is making sure it is a good deal. If it is, then you won't be too worried about holding costs while you figure things out. Also, I have found that it is really difficult to network with contractors, property managers city officials, etc., unless you have a property. Sure there is plenty of research you could do before purchasing a property but the very best way to get started in real estate is to find a good deal and close on it.

My two cents!

How did you overcome information overload and get started??

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