Step 8: Don't Get Frozen

The Struggle with Analysis-Paralysis

• Money: 0

• Commitment: ◙○○

• Time: 1 hour

Watch out, new real estate investors! Don't fall into a nasty trap. It's so common it has a name: Analysis Paralysis. This condition happens to the best of us. There is so much information out there, so many websites to read and so many houses to look at... We just read and daydream, but we never actually DO anything! Maybe you’ve already fallen victim to this?

The number one tip that all real estate coaches offer is this: DO SOMETHING! You can't be a Baby forever: eventually you have to start growing up. Lucky for you, I've already been gas-lighting you to avoid Analysis Paralysis. Last time, you chose 2 or 3 cities to consider for your first rental property. You committed to these cities to help avoid over analyzing. From here on out, don’t look back at any other cities.

For the rest of this Baby Step, you'll send out some feelers and learn more about your three locations.

1) Join www.BiggerPockets.com

BiggerPockets.com is a free online community of real estate investors. This is a free online community of real estate investors. It’s a huge galaxy with all skill levels. Sign up to create your account, and include a profile photo (having a photo adds credibility). If you are scared or not ready to set up an online profile…. You need to go look in the mirror. Are you ready to start shopping for a rental home? If so, DO SOMETHING! Setting up an online profile sounds intimidating, but it’s very easy. If you can’t do it now, you are not ready to start shopping for homes. Sorry Babies, that’s just the truth. Re-consider if this is something you really want. Is it? Ok, then start clicking.

*RealEstate-BabySteps is not affiliated with BiggerPockets, but we use it all the time and it’s a fantastic resource!

Once you have set up your free BiggerPockets profile, you should introduce yourself and start a friendly discussion. On the top of the screen, click "Education" then "Forums". 

At the next screen, on the top right, click "Start a Discussion". 

On the next screen, in the subject line, enter something like "Getting started in CITY X for Buy and Hold rental". Then click the lower box to "Pick from 300 forums"

On the next popup menu, click "Local Real Estate Forums" and scroll through the states until you find the city you're interested in. 

Now, enter your ice breaker. You can just type: "Hi, I'm researching CITY X for buy-and-hold rental properties. I'm looking for good neighborhoods that have cash-flow potential. I'd like to connect with anyone in the area." 

Feel free to customize your introduction, or use my exact line above.  This hit the button for “Post Topic”.

Repeat the steps above for all of your 2 or 3 cities.

You just networked! Think if these 3 posts as “mingling” at a dinner party. You have introduced yourself and let people know what your interests are. Now, just wait a few days for some replies to come in. You don’t have to reply to everyone and you don’t need to give your email or phone number out to anyone yet. Just read what they have to say on the forum with regards to your 3 chosen cities.

While you wait, look around the BiggerPockets website. Do a search for your 3 chosen cities and read what people are saying in the forums. The best way to learn is from other people who are doing what you’re doing!

Next time, we’ll consider Turnkey-Investment ideas in your 3 cities and you’ll narrow it down to 1 area to start shopping.