Starting out as an investor can be a very confusing and intimidating time. There is a preconceived notion that you must have every aspect of your business perfect before you start investing. Building your website, securing financing, getting business cards and developing a market strategy is just the tip of the iceberg. Just when you think you can cross one thing off your list, another one will surely reveal itself. After a while, you end up never moving forward with anything, as you are always tweaking and changing how you are doing things. If you are constantly caught up with waiting for everything to be perfect, you may be waiting a very long time. Therefore, it is important to take a proactive approach to your business.
There is nothing wrong with being prepared, but at some point you need to go with what you have and be willing to adjust on the fly. One of the biggest fears of new investors is not being prepared for every situation. The reality is that even experienced investors will come across scenarios that they have never seen before. Not everything will always go perfect and if you get caught up in the big picture you will lose focus on your goal.
The same concept applies to when you are evaluating deals for the first time. Investors will talk about the horrible deals and situations they are put in without ever mentioning the success they have had. If you focus only on the negative stories you hear you will become paralyzed without any intent to move forward. There is no such thing as a perfect deal. Some may be less risky and more in line with your strategy, but every deal has at least some level of risk associated with it. At some point you need to accept that this is part of real estate investing and go for it.
If you are on the fence about how to move forward with your business, the best thing to do is to pick a niche and become an expert on it. Wholesaling, flips, rehabs; it really doesn’t matter what it is as long as you receive the proper education. This will force you to narrow your focus when starting out and give you confidence to act when you see a deal that you like. It is difficult trying to know every aspect of the business and how each type of deal works. Pick a niche, any niche, and make it your own. You can change courses as you get more experience, but if you are just starting out, this could help you get off the fence.
The most important part of growing your new business is to take action every day. Preparation and patience are important, but action will help your business grow. It is easy to get caught up in making sure everything is perfect, but what that may really be is a smokescreen for apprehension and nervousness. Nothing will ever be perfect, especially when you are starting out. Spend your time on tasks that will produce deals and not worrying that everything is perfect.