3. DIVING IN OR DITHERING
Two of the most common traits of budding real estate investors who never make it beyond their first property (or sometimes never even make it to their first!), are either acting too impulsively or being overly cautious and never acting at all.
The first is being in too much of a hurry.
They think they have to have it all yesterday.
The second are procrastinators and their own worst enemy.They attend one seminar and buy into the first crazy scheme they’re sold without thinking it through and when it doesn’t make them rich overnight, they lose heart and throw in the towel, saying property just isn’t for them.
They attend every seminar, read all the books and watch all the DVD’s, only to end up overloaded with information and unable to act. We call this paralysis by analysis.
While the former can sometimes learn from their mistakes and make a success of their investment endeavours, the latter will never overcome their fears.
The best you can do is find a happy medium – sure, learn as much as possible to make you comfortable with your investment decisions, but don’t think you can ever know it all before you begin.
You will always have something else to learn and the best way to gain knowledge is to immerse yourself in the game itself.