Paralysis by Analysis

[Dominick Galinis]

Hi BP family.

I’m an aspiring investor looking to move my family forward and provide the best life for my daughter and I know that real estate is going to be the way to do it.
I’m based in the Broward County, Fl market, and my situation is a bit different than most, I assume. I have relatively low bills and make a relatively good income (6 figures.) 

Now for my question, due to my situation I'm able to save up a lot of capital to get started and put down 20% fairly quickly without taking out a private loan. Which is what I prefer until I get my feet wet. I would prefer also, to do the BRRRR method, to get my money back for property #2. But my fear/analysis comes in: I'm afraid to make a "bad deal" and not be able to get any money back from my first property and be forced to save again for property #2. I'm not looking for a home run on the first one. But if I can make a couple hundred dollars cash flow and get back the money I put into it to get it, that's all I would expect. Can my lovely new BP family help "push me off the ledge" and go do it? Where is my thinking wrong here?

Thank you guys!

[Taylor L.]

The three components to getting over this, in my opinion, are: mindset, education, and daily action.

Mindset: Instead of asking yourself 'what if it goes wrong' ask yourself 'what if it goes right?' Worrying about what could go wrong puts you in a disempowering mindset, whereas thinking about what could go right sets you up for success. That doesn't mean look at things with rose-colored glasses. It means to look for the opportunity. Listen to this, every day for a week. Or a month if you have to.

Education: Helps you know what to look for, how to make deals happen, how to set up multiple exit strategies, and so much more. Keep learning about your strategy, how others have had success with it, and where things have gone wrong for others in the past.

Daily action: Keep putting one foot in front of the other, every. single. day. Whether it's talking to a potential property manager, contractor, or lender, or making an offer, or going to a networking event. Do something concrete to push your business forward every day. Deliberately put time aside. Every. Dang. Day. Did I say skip Mondays because you get a case of the Mondays? No. Skip Sundays because the game is on and you really really want to beat your buddies in Fantasy football? Also no. If you are absolutely, deadly, defiantly committed to executing on your vision, you must show up every day.