Looking to invest in the Indianapolis Market

[Jalon Scott]

I've been battling Analysis Paralysis for about a year now. I've made several offers, created an LLC, worked with agents, lenders, hired a coach, etc. However, I still have yet to step or and get a property. I feel like my analysis paralysis is keeping me in a cage.

What are some strategies that you used, or saw someone else use to get them out of that analysis paralysis stage? Any insight you provide is greatly appreciated.

[Justin Polston]

@Jalon Scott for what it is worth I have seen some do a mediocre deal, low exposure to risk, for the sake of getting their feet wet. It can be an "OK" decision if it is single family, under 95k in cost, near the 1% rule, rent ready, and grab a warranty while you're at it. Rent ready, also, could mean just lacking a few cosmetics.

Don't go MLS. Look for someone who can offer off market deals with no pressure. It used to be easy to tie up a deal from a wholesaler, but now they even have H & B.

Best of luck!

[Jalon Scott]

@Justin Polston Thank you for taking the time to respond! Your advice is noted. This may serve as a good way to jump in the "shallow end", so to speak, before tackling larger projects.

[Justin Polston]

@Jalon Scott a lot of people put RE on a pedestal. Once you have your own personal real world experience, it makes judging and contemplating that much easier. Especially if you are long term buy and hold, obviously you'll get your money's worth if you plan on holding for 20 years and continue to grow.

[Nick Giulioni]

Start making offers.  Jump! 

Hit me up if I can help!

[Cathryn Sta]

@Jalon Scott I was where you are for at least two years and then finally took the plunge. I opted to have a goal of not losing money and not creating a headache for myself while using the purchase as a learning opportunity. I bought a place in Perry Township for <$150k that already had tenants. I got a good property manager, and I kept a nest egg that would have allowed me to have the place vacant for quite some time if worst came to worst. I haven’t had to worry about it at all (2.5 years). I just bought my second house in a red hot market (Boise) and now feel completely confident. The first one was ridiculously difficult, the second one was a breeze.

[Griffin Schermer]

My partner and I were stuck in the analysis paralysis stage for a year before we pulled the trigger on anything. We had to create a criteria sheet for "our perfect property." After we did we realized trying to find the "perfect deal" was nearly impossible. So, we scaled that criteria sheet back and set a deadline to purchase a property. Then we did it! It was amazing to us how much more we learned once we bought that first deal. 

I'd suggest taking on a partner and/or going after a smaller deal to get your feet wet and keep learning. Every deal you do will only build your confidence and the first is the toughest. Good luck!

[Mitch Smith]

Hey Jalon,

Don"t beat yourself up for taking a little extra time to jump into the game. There is obviously a limit to how long you should take, but you should also celebrate the victories that you have made. Making offers, reaching out on this forum and hiring a coach are all examples of moving in the right direction. I have been buying rental property, building new construction and flipping homes in Indianapolis for almost 10 years. I have made some mistakes, lost some money and had significant victories. What you are doing is all part of the learning process. As I mentioned earlier, there is a limit before you need to make your move but it sounds to me that you are not stagnant. 

Feel free to reach out. I am happy to help you with connections and networking. I would be glad to help guide you in whatever direction gets you to your first purchase.

Mitch

[John Rankin]

Hey Jalon I know how you feel. I started investing in Indy last year and it took me a while to get over the "fear." Ultimately it was analyzing deals every day that helped me build the confidence to have a good feel for what a solid investment looks like. But to be honest, I did have to lower my criteria a bit especially in a hot market like today because I was only looking for home runs and was realizing I was having a hard time locking down deals that met all of my criteria. Home runs are great but singles and doubles are pretty good too! Let me know if I can answer any other questions.

[Mike D'Arrigo]

@Jalon Scott analysis paralysis is usually caused by fear of the unknown and uncertainty. The best way to overcome that is to clearly and explicitly define your criteria. By doing so, you'll be much better prepared to identify a good deal when you see one and be more comfortable moving forward.