Future real-estate investor · East Selkirk, Manitoba · Member since 2015 · 74 posts · 25 votes
I've heard from one of the BiggerPocket's podcasts about how you can never know enough in real-estate investing, regardless of what point you're at in your REI journey. So I assume you just start out when you feel satisfied that you have enough knowledge and skills, but how do you figure this out?
Many people who've had analysis paralysis think they're not ready, yet most of the time they are.
Then you have people who're arrogant and start too early, which results in them losing money on a poor deal they've made. Although there are many factors, one of the main reasons they've failed was a lack of knowledge.
My plan so far is this...
Finish the Ultimate beginner guide to REI
Develop my business plan
Develop my power team
Start REI
Once I have my business plan and my power team, I'll feel like I have enough to start.
What point do people usually get snagged when it comes to analysis paralysis? I'm just developing myself before I start out, so I want to have an idea of what I might be facing in the future!
Chicago, IL · Member since 2014 · 37 posts · 19 votes
10y
People also start when they believe they have found the opportunity that they were looking for.
My first REI, was an opportunity I thought I could not afford to let go by. After months of putting deals together, this particular opportunity came across as this is as good as it gets.
It was not a huge success nor a big failure, however the hands on knowledge at the end of the day was worth more than any amount of cash I could have made.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
10y
Many either have analysis paralysis or go out and take action without much of a plan, gaining experience that way. I was the latter and learned along the way. I think everyone has a different path and pace of doing things. Best of luck in your new venture!