Analysis Paralysis or Just Right

[Ryan Sullivan]

Hi BiggerPockets Family,

After watching Paul Moore's live YouTube post yesterday he had mentioned to someone, thst they should wait to make their first move during this time of uncertainty, and learn during this time instead.

Well I've been listening to many audbile bigger pockets books while at work and home, and the books are the ones that are the podcasts hosts favorites i.e The E-Myth, The Book On Flipping House's etc. I also plan to listen to every podcast up to current day, and continue. I'm on show 34 and have a ways to go. I also listen/buy some books in between the podcasts and YouTube videos, but books add up in cost before you know it.

I'm also putting together all of the due diligence checklists/paperwork/team members/Microsoft project schedule, for each style house and customizing to the specifics like level of rehab or a 3 and 2 or 3 and 1 etc. Another thing I'm doing is trying to build networks with my long time friend who is a real estate agent, and has about the same goals as me.

My plan is to make my first offer on a flip Long Distance wherever it takes me after analyzing everything (my market in CT isn't that great) by May 2021 which would give me a year of full time learning every single day of the week (around 6-8 hours per day).

Do you think this is enough to knowledge to safely start by that time?

[Randall Alan]

I would highly recommend if you are just starting out to only flip where you can be in person, for a lot of reasons:

1.  You can be book smart, but completely blind as to what is really happening on your project if you can’t put eyes on the situation.

2.  Contractors can be great, but they can also really be horrible.  If the person paying the bills is not on site, which way do you think it has a more potential to go?  Also, if a mistake is made ... wrong product, color, placement, etc... when is it going to be caught, and by whom?

3. No one cares more than you.  An 80% job might be good enough to pass as done right, but unless someone is there to punch list things that are lacking, you will get a crappier renovation.  

4.  Things seldom move on time on a renovation... if you can do drive-bys and see that nothing is going on, you can keep your project moving better by hounding the contractors, etc.

These are just a few of the things that come to mind.  I think it’s just a really scary proposition to not be on-site to oversee a flip.  If you can’t, I would at least either plan on frequent trips, or hiring someone to oversee the project with clearly defined expectations.

best of luck!

Randy