Overcoming Analysis Paralysis
When I started in real estate, I got myself into quite a pickle because I invested with and trusted someone that was family and who wound up screwing me over. Obviously, in hindsight, I should have did more research and would never have wound up partnering with this individual. I wound up losing money in this venture.
But guess what? I didn't die, I didn't go bankrupt, I didn't lose everything I own. In fact, I came back from it all stronger than ever and am now more confident and successful.
I see many people on the Bigger Pockets forums who are afraid to take that first move. If they want to do a buy and hold or they want to flip, it's much easier to sit back and run numbers over and over than it is to actually pull the trigger.
Put your deal up on Bigger Pockets in the "Deal Analysis" forum and ask for scrutiny. If other people agree pick things apart and it's not a good deal, don't be offended, just learn from that and move on to the next.
But if it is a deal, put in that offer. Move forward! Be not afraid! Ask yourself -- what's the worst that can happen? That you make a mistake? I've made mistakes in the past, and I'm probably going to make some mistakes in the future. It happens to everyone.
Comments (6)
Everything we have ever done in life we had to try a first time. And most likely failed the first time. Walking, riding a bike, catching a ball, drawing a picture, pouring a drink. We were young and were encouraged to try again. As we get older, we tend to be more self-conscious of making a mistake. Being too "old" or too "young" to try. But in order to succeed we have to take the action. My best advice to someone for REI, or doing stand-up comedy, or anything positive as a first time; talk with people who are doing what you want to try. Family or friends who have never tried it most likely will tell you it's hard, you can lose, etc. But everyone who is doing what you want, will encourage you to try. They know it can be done. Hokey as it sounds, listen to the first time winners on the entertainment award shows. They will gush about "going for your dreams" no matter what your family tells you. Same for REI. BP is an excellent place to be among people already investing.
Jerry K., over 10 years ago
Very well written.
Billy Hills, over 10 years ago
Dawn great article. I could not have said it any better.
James Wise, over 10 years ago
Not to say that you shouldn't do ANYTHING such as read articles, or books or anything, but there are people that read for years and still don't do anything.
Dawn Anastasi, over 10 years ago
I agree. You can't learn to swim by just learning how to swim, you have to jump into water to actually swim. Real estate is no different. I made mistakes when I bought my first business and made another mistake (smaller one) when I bought my first property. Now I am much more confident and not afraid to buy my next purchase. Great article, Dawn. James Syed
James Syed, over 10 years ago
Ready, Fire, Aim! It is cliché but it really is about taking action. You have to get educated and not just jump into anything on day 1. However as you said you won't lose everything (assuming you don't Fire before you at least get to Ready:) ) if you make one bad deal. Some times a stinker is the best way to learn.
Shaun Reilly, over 10 years ago