Analysis paralysis: How to start making progress

[Mike Woodruff]

Hoping someone here will be able to point me in the right direction and help me Narrow down my next steps so I can begin making trackable progress towards my first deal.

I have been researching different strategies and methods for a very long time now (too long) and I feel the more research I do the deeper into analysis paralysis I go. I fully understand there is no right or wrong method / answer and every strategy has its pros and cons. However by continuing to over analyze every single aspect I am making zero progress in getting my feet wet and getting the real experience. it’s time I jump in. I want to be aggressive in my strategy but at the same time I don’t want to end up setting myself up to fail. I prefer a plan that gives me a little wiggle room to account for the mistakes I will inevitably make but also being aggressive enough for it to be worth my while

I have a decent amount of starting capital 350-400k which only seems to make my decisions even harder since it pretty much puts all strategies on the table and gives me the option to leverage a good amount.

I understand all of the strategies, and have a pretty good understanding of real estate in general, however I am struggling with putting it all together and Formulating the plan to follow. I would love to hear your input and detailed plans that you would execute on, or have executed on if you had 350 to 450. I would also love to hear where you would look for these deals so I can narrow down a few Niche market to start really focusing in on. I prefer to get as many doors as I can while also balancing an area with good long term appreciation

I’m open all strategies and markets but leaning towards long term multi family.

I’m in Denver which I feel It’s a challenging market for the strategy I am looking at.

Again I am open to other strategies as well as other markets. I would love to hear your suggestions on how you would utilize this capital to generate a not overly safe but also not overly aggressive balanced appreciating vs cash flowing opportunity with more of an emphasis on the cash flow aspect.

Thanks in advance

[Joe Villeneuve]

First, when you say that you "know all of the strategies", which strategies are you speaking of?

Second, the strategy you use is based on the deal.  Don't commit to a strategy and then try to find a deal that fits it...or worse, try to make a deal fit it.

Third, your plan should be reverse engineered from your financial goals (total "personal" debt payoff and needed CF/month), in steps...with each step leading to the next.  Think of it as a college curriculum, with each deal being the classes, and achieving your financial goals as the degree.

Forth, each decision you make, for each property you close on, should be made with the next deal in mind.  Never do any deals as "stand alone" deals.  They ALL MUST be connected steps leading directly to your financial goals.

Fifth, make sure you follow the 2 Golden Rules (OK. My 2 GR) of REI.
Rule #1:  Never, under any circumstances, for any reason, no matter who or how many people tell you otherwise, or try to change your course or distract you,...never, EVER, spend your seed money.  Use it to infinity, but never, EVER, spend it.