The fifth in our series on fears that stop people from investing in property is analysis paralysis.
What is analysis paralysis?
Picture a deer caught in the headlights. You’re so overwhelmed, looking this way then that way, not knowing what to do, or what choice to make that your only action is to do nothing. That’s analysis paralysis.
I see it happen all the time. Interestingly, I find it is particularly rampant among jobs and industries that require detailed analysis. Engineers, architects, and accountants, I’m looking at you! But some people, regardless of their background, will have trouble making a decision until they have every single detail and fact laid out for them.
These people will only buy an investment property is they can find the perfect one. It has to tick every single box. And so, they go around in circles, examining every option, and looking at every possible perspective until they find themselves in overwhelm.
Because there’s no such thing as the perfect investment property.
Sure, there are some properties that are positioned to make you wealthier than others, but that doesn’t mean they’re going to be totally flawless. There will always be something that isn’t perfect, or some factor that you’ll need to consider as a risk that is worthwhile managing. This doesn’t mean that the property isn’t a good investment.
In fact, you can spend so much time analysing a property that another savvy investor will come along and snap it up, and put you back to square one. Successful property investors know they don’t have time to over-analyse. If the numbers add up and the factors are there, you’re onto a winner!
At the end of the day, it’s time to accept that you will need to take action in order to get started, even if that action isn’t 100% perfect by your standards. Because here’s the guarantee: if you don’t buy an investment property, you won’t make any money at all.
Daimien Patterson is the CEO of Integrity Investment Properties, a property investment company based in Australia. He regularly produces books, blogs, and videos on the topic of property investing. Head to [integrityinvestmentproperties.com.au] for your free copy of Daimien’s book, Safe as Houses.
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