If you missed it, be sure to check out last week’s podcast – BP Podcast 050: Getting Started and No Money Down House Flipping with Mike Simmons. It is full of a ton of great information, and there is finally an all out throw down about Detroit.
During the interview, Mike talks about a common problem with new real estate investors, which is getting caught in analysis paralysis. Analysis paralysis is when you spend so much time researching or switching your strategy that you never actually get started with investing. Mike spent over a year in this before he finally got started. His advice for others? ”You can read for days – and never do anything. Get out there and DO something.” (Tweet This!)
I came across another example of this last week in the forums. An investor was looking for a critique of their website. In the post, he mentions “I am still a newbie with no deals closed yet, even though I started wholesaling almost a year ago, so hopefully this site will help me out with that.”. In reviewing the website, this investor had ~10 social media icons on the site, incomplete copy and an amateurish website. When I clicked on each social media icon, they were all empty.
I’ve been there. I spent a week trying to come up with my first company name. I then traveled to the county offices to register a DBA, only to find that my amazing name was taken (Rochester Property Solutions). I sat at the county office for ~45 minutes trying to come up with a name that was not …read more