Analysis Paralysis Newbie Introduction

[Mike Zoellner]

Hi BP friends!

I'm new to the community, but have been "stalking" it for some time through articles, YouTube, etc. A little about me; I live in the Salt Lake City, Utah area and I'm really excited about beginning my journey (thinking small multifamily) and would love to introduce myself and see if there are any suggestions for those of you in the area. The wife and I both work full-time and I'm convinced passive income from real estate is the only way I'll ever retire so I'm definitely "bought in" to the concept of buying and holding rentals. To that end, we decided to payoff our mortgage of our home last year (yahoo - mortgage free as of March!) simply because the wife didn't want two mortgages (happy wife = happy life) and to do it, we had to throw some of the cash we were saving for an investment property at the principal balance. Long story short, we're now mortgage free but a little short on cash, and I feel like the clock is ticking. The good news is that we have a bunch of equity in our home now (~$400k) which i'm debating pulling out to purchase a duplex/triplex with, but I'm struggling with how to do that (insert LLC questions, financing questions, rates, cashflow, etc). So, at the end of the day, I'm super overwhelmed with what next steps to take. I know I need to get an agent to find a place, talk to a bank/banks on financing options, decide if I'll get a property management company (then vet them), and so on, but struggling with the best way to do it all. I'm thinking renting my house for the cashflow and using that to grow it all faster, but struggling on if that even makes sense. Anyway, a bit of a ramble, if nothing else I just wanted to see if I was alone in my struggles, say hi to the group and see if there are any tips for a newbie struggling with analysis paralysis. :)

Thanks! 

-Mike