Purchase Your First Investment Property Like a Pro
You have heard it said before: the first-time is always the hardest. This old adage rings true when it comes to investing in real estate, as well. I wanted to share this information to get your mind going in the right direction. Before you know it, you, too, will be investing like a pro.
Avoid Analysis Paralysis
First, forget everything you know, and everything that you have heard about the process. When it comes to making their first purchase, most people that I have met have completely talked themselves out of why they were so interested in investing in the first place. Analysis paralysis is a real thing, especially when it comes to doing something new. Here’s what to do about it:
- Find a trusted voice to follow. The only thing that can overcome this syndrome is to lean into information that makes sense for you.
- Find your Why. Most people never stop to think about why they want to invest in real estate, and this could derail your success before you even get started.
- Find your flow. It is important to understand that your flow won’t look like anyone else’s. What works for another person may not work for you.
This pushes us back to number 1, finding that voice to follow. If someone is talking about flipping houses and your why is to be a passive investor, learning the ins and outs of flipping property, especially managing a project, is not likely to be anything that interests you. This can easily begin to overwhelm and prevent you from ever flipping property. But guess what else? You never wanted to flip property, anyway! Remember why you started, and it will be easier to stay the course. Even more importantly, you have taken time away from finding courses and information that speaks to how to become a passive investor.
Don’t get me wrong; knowing a lot about a lot of things can be good, but also detrimental. If you are a first-time investor, we would like to hear your why. We will explore this topic in greater depth and make sure that new investors get off this fence in 2021. Stay tuned.
Happy Wealth Building!