I Don’t Have Analysis Paralysis, I Just Play Chess

[Sean Philippe]

So from all the podcast I’ve listened to and books that I’ve read, the one thing that keeps popping up is “If you want to get into real estate, just start.” Yes I agree, a lot of people spend to much time learning and not doing, but with that being said, I don’t agree in the approach of just jumping in without having your life prepared.

I’m 23 years old, my credit score is in the low 500s, I don’t have much money, and I work a 9-5. How could i expect to jump into real estate and be successful? Sure I can use no money down strategies, partners, or hard money lenders, but I feel like I won’t be a successful real estate investor unless I can commit to self improvement. The better my situation is the more I’ll be able to have control of my deals. So my plan is to save for a year, build my credit score back, and study as much as possible. So when I jump in I’m not sucked into finding the first deal that hops in my lap, but I’m financially ready to find the BEST deal. You feel me?

[Jim K.]

Originally posted by @Sean Philippe:

So from all the podcast I’ve listened to and books that I’ve read, the one thing that keeps popping up is “If you want to get into real estate, just start.” Yes I agree, a lot of people spend to much time learning and not doing, but with that being said, I don’t agree in the approach of just jumping in without having your life prepared.

I’m 23 years old, my credit score is in the low 500s, I don’t have much money, and I work a 9-5. How could i expect to jump into real estate and be successful? Sure I can use no money down strategies, partners, or hard money lenders, but I feel like I won’t be a successful real estate investor unless I can commit to self improvement. The better my situation is the more I’ll be able to have control of my deals. So my plan is to save for a year, build my credit score back, and study as much as possible. So when I jump in I’m not sucked into finding the first deal that hops in my lap, but I’m financially ready to find the BEST deal. You feel me?

Sean, at the risk of sounding like an ageist, this is the most frustrating thing when it comes to answering the questions of younger men posting on this website. Not enough think like you do. Too many guys in their early 20s think the world is their oyster and is just going to pop open and hand over a pearl of great price. You have the right idea. Get it together and go hard after this when you do. The BP Money Podcast, @Scott Trenchs' book, Set for Life, Dave Ramsey's books and radio show, tons of other resources over at ChooseFI.com and the entire FIRE community, all of that is there to help you get it together.

On the other hand, in my experience I've seen there's a very large group of slightly older men and women who have some income security, but who are afraid to risk anything at all when it comes to their real estate investments. These are people who are afflicted by analysis paralysis. Because a lot of men hit 30, 35, they have a "good" job, a wife, a child or two, and the idea of setting aside money to invest in real estate is little more than a pipe dream. So they study and study and crunch numbers and read books and they talk to their wives, and years go by and they get the occasional comforting promotion and raise...and they don't do a damned thing, just talk about real estate investing and lurk in the forums and pop out occasionally to congratulate someone who looks like they're doing well.

I'm 44 years old and I have multiple close friends just like this. They're all living for a sign from above to come to set them on a new way. Every year, I lose touch with them a bit more as our lives diverge.

That's who all the material on analysis paralysis is directed at, not you.