New Investor In Chicago Northwest Suburbs

[Philip Feinstein]

Hi BP community,

My name is Phil, I’m on the quest for my first purchase as an investor. Right before Covid, my wife and I did a live-in flip….not even realizing it was considered a live-in flip. Really though, it was a house that was foreclosed on that we purchased in 2012 for $75k put about $15k/$20k into it and sold it in 2019 for $180k. It was incredible, beyond what we had ever hoped for! With Covid and kids, we kind of held off looking more into Realestate in 2020. I’m a project manager full time and a general contractor/handyman on the side, I have zero issue putting in hard work but I do have an issue missing out on time with my kids. When 2021 hit, we really started digging into the science of investing (books, BPPC, BP webinars, etc…) and realized that we will do whatever it takes to live the financially free life style. That being said, we’re stuck in the analysis paralysis phase. We’ve been consistent with analyzing deals, have done a few walkthroughs on what seemed to be good deals until physically seeing the property.  

BRRRR, wholesale, Buy & Hold all sound great, but we aren't exactly sure which avenue would be best for our first investment. Seeing how welcoming, supportive, and knowledgeable the BP community is, I'm reaching out for some words of wisdom….what's the best way to break this paralysis?

Thank you

[Michael J Scanlon]

@Philip Feinstein

Working with a real estate professional who is also an investor is the best way to break that paralysis. I say this because you likely know what is and isn’t a good investment. You’ve studied, you’ve run the numbers hundreds of times but you likely don’t have someone who has seen it and done it before reassuring you that you’re correct. I feel like it’s the same with almost anything in life. Just having one solid second opinion can sway most decisions.