Have you been told that you’re the only one getting in your way of success? Do you overanalyze to the point that it’s hindering your business?
It’s common that we’re our own worst enemy.
As a newer real estate investor, it’s easy to have “analysis paralysis”. You analyze the deal so much that you’re not quick enough to secure the deal or you talk yourself out of it.
It usually comes down to confidence and with time and experience, your analysis paralysis should go away.
When you’re looking at a deal, have solid formula in coming up with repairs, ARV (after repaired value), and your offer. If you’re stuck on if something needs to be replaced or repaired, assume it needs to be replaced so you don’t set yourself up to go over budget.
Don’t Assume You’re Outbid
In addition, stop assuming that other investors are going to outbid you. Know what price you’re able to pay in YOUR business and stand by that price.
You never want to overpay for a property just to beat out the competition.
There will be more leads.
There will be more properties to purchase.
Don’t Get Emotionally Tied to a Property!
This is ALL about mindset.
You have to go into a property and not get attached to it.
You aren’t buying it for you. You’re buying it to make money.
Like we talked about above, don’t overpay for a property because you love the location and the details of the property.
Buy the property because it will make you money once you sell it.
Also, don’t choose updates that you like, choose updates that are neutral and most people will be okay with.
Don’t buy expensive tile for the bathrooms because you just love it. Buy an affordable, neutral tile that a buyer would be happy with.
On rehabs, it can be easy to walk in and feel like you need a say in every little detail.
This not only will slow the rehab down, but it will teach your contractors to be codependent on you, which will lead to more time out of your day being wasted.
Hire people you trust, fire those you don’t.
Have a property manager who understands your budget, your timeline, and your desired style so that they can run with the rehab. This will reduce your stress, allow you more time to focus on getting more deals, and everyone will be happier.
Believe in Yourself
By getting out of your own way, it will allow you to reach your highest potential without resistance along the way. This business is unique because most of us start out doing everything ourselves but we have to get away from that model as soon as we’re able to.
Don’t hold yourself back and let’s see what you’ve got!