In this episode, I’m going to discuss the amount of information that is readily accessible to anyone with internet access. The information age has ushered in some great things. Unbelievable companies are being started every day. The internet is packed with more and more information about every subject you can imagine. Sounds good doesn’t it? Maybe not. I’ll explain.
When I got started in my real estate investing career, there was definitely a lot of information online about real estate investing–more than I could ever hope to read in ten lifetimes. I did a lot of reading early on and a ton of research. The information was good and it made me feel more comfortable knowing that I had a lot of information to fall back on and read if I ever had a question. Fast forward six years, and I would guess that there is a million times more information available to new real estate investors. You might think that this is great; and it can be, if used correctly.
Unfortunately, all of this great information that’s available to you (which is growing exponentially every day) is keeping many of you from ever getting started. It is a very common phenomenon called analysis paralysis. Analysis paralysis had me in its grips for a number of years. I used it as a crutch and an excuse for not starting my real estate investing business sooner. I always felt like I didn’t know enough, and that I had to read more before I got started. The amount of information available to me in 2008 and earlier kept me from starting my business. I was crippled by the fear that I didn’t know enough, and talked myself out of getting started because I was intimidated by the sheer volume of information that I had not read or researched.
When I coach students, one of the things that I tell them is this: once you pick a style or method of real estate investing, do not under any circumstances read, research, or spend time trying to learn about any other method. By doing this, at least they’re cutting down on the volumes of information that will be coming at them. For example – if they decide that they would like to be a landlord through buy-and-hold investing, I tell them not to read any books or go to any websites or listen to any experts who talk about anything other than buy-and-hold investing. There is still more information available on buy-and-hold investing that anyone person could consume in a hundred lifetimes, but they should at least be focusing on the information that’s going to help them the most. The next important thing that I would tell any new real estate investor is that, once you have read and understand the concepts behind the method of real estate investing that you choose, turn off the information feed. Don’t consume any more information about real estate investing until you go out there and take action. Taking action is the best teacher, and it will help you succeed.
Information is great. By no means am I trying to downplay the importance of gathering information and studying your craft. But please understand that information can be a prison; it can sink its claws into you and paralyze you with fear.
- Consume information.
- Take massive action.
- Take more massive action.
- Consume a little more information.
- Take massive action.
Don’t let information get its claws sunk into you. Use it as a tool; don’t let it become prison.