When fear causes Analysis Paralysis. Not with property investment
Are you a deer caught in the headlights? You’re so overwhelmed, not knowing what choice to make that your only option is to do nothing. That is what we call ‘analysis paralysis’. You spend all your time and energy researching, crunching numbers and looking for the “perfect” investment property that you never take action and actually make a purchase.
I see it happen all the time and funnily enough, I find it particularly rampant among jobs and industries that require detailed analysis, like engineers, architects and accountants. Some people, regardless of their background, have trouble making a decision without every single detail and fact laid out first.
These types of people will only buy an investment property if they can find the perfect one that ticks every last box. They get stuck going around in circles, looking for every different perspective, usually ending in a state of overwhelm and lack of action. That’s because there is no such thing as the perfect investment property.
While some properties might make you wealthier than others, you’re never going to find one that is absolutely flawless. This doesn’t mean that the property isn’t a good investment. The imperfections might simply be a manageable risk.
You don’t want to be in a position where you lose a good property to another savvy investor because you were too busy over-analyzing the facts. 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, you need to take action in order to get started, even if that action isn’t 100% perfect by your standards. If you don’t buy an investment property, you won’t make any money at all – that’s a guarantee.
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