Self-Doubt & Being Overwhelmed

[Stephen Brown]

Hello BP,

I'm sure there are many people out there on BiggerPockets with analysis by paralysis. With all of these podcasts, articles, books, and other sources of information, it can become a nightmare to focus on one thing. Last night I couldn't fall asleep. My mind was racing and I couldn't stop thinking about real estate investing and where I want to go with life. I have big dreams and time keeps flying by. Others success inspires me but also makes me insecure about myself. I believe many of us go through this.

Before I went to bed I spent the whole day driving back home from my lake home, listening to podcasts. My former college professor called me and I told him about how I can't pull money out of my rental property yet to acquire another one. He told me about his story of using 0% credit cards and taking big risks to get to where he is now... I felt nervous. I felt like maybe I should do that too, but where do I start, is that a smart move or is it not right for me, what about other strategies? 

 When I got home I decided to start analyzing a property. 2 hours passed by and I found myself simply looking at house after house and guessing repairs on one property I was looking at in specific. I even have the J Scott book on estimating repairs but I wasn't sure what needs to be repaired and how much that specific item cost (for example, removing wallpaper and replacing it, or knowing if the siding needs repaired, or knowing how much a foundation error may cost to fix.) After all this I thought I was overthinking everything. I gave up and went to bed. The next morning, after a horrible night's rest, a friend of mine messaged me and told me "you shouldn't even be guessing repairs on the house until you've seen it in person and getting a contractor to walk it with you."

Sometimes I think beginners in real estate are so overwhelmed by everything, that we forget the simplicity of this business. We feel like we have to do everything ourselves. In this business, you get a loan, you renovate the building, you rent it out, and you fix the property as you own it. If you go over-budget, yeah it sucks but over time you'll recoup your loss as long as you keep going.

I'd like to reach out to any investors out there that are looking to help others to share maybe some of their fears and how they got over them. I'd also like any rookies to reach out to me to chat. I am more than happy to share the knowledge that I know from my first investment property. This is a community and we are here to support each other. Many have helped me and I believe it's my turn to help others. I don't want anyone to experience the stress that I cause myself sometimes, if you're not well, please reach out to me!

Best,

Stephen Brown

LaPlante Real Estate

[Theresa Harris]

At some point, you just need to buy a place.  You have due diligence with the inspection, look at the age of the home and how old the roof, furnace and hot water tank are.  After that, you have little control over what happens.  Make sure you have money in reserves in case of repairs.  Find a place where the numbers make sense and go for it.  Yes there may always be a better deal somewhere, but you aren't going to get ahead sitting on the sidelines waiting for the perfect deal (which does NOT exist).