One of the things that I see happen, a lot, is people get trapped in the “what if” mode – especially when looking at investment real estate. There are literally hundreds of variables that go into analyzing a commercial real estate property.
Many of these variables cannot simply be put into a spreadsheet or software program and pump out a “yes” or “no” answer as to whether to purchase a property, or not. What’s more, there is so much to think about that many get caught up in the dreaded “Analysis Paralysis” of just not being able to make a clear decision, and then take action.
For starters, it does makes sense to gather as much information as you can and analyze this information before doing anything – no question about that. As a matter of fact there are many people that DO NOT do enough of this.
However, after some have the required information to make a decision – some folks still pull the “what if” card – to their detriment.
What if the economy goes to hell?
What if the tenant trashes the place?
What if interest rates go up?
What if the owner is lying about…..?
You have got to have the energy to get beyond these kinds of what ifs. If you do not and, Yes, stick you neck out there, you will look back on what you did not do with more regret that what you probably did do.
Especially when it comes to investment real estate.
If I had a dollar for every time I heard “Should have bought that property…” I would be Bill Gates’ neighbor on the Forbes 400 list.
Don’t get too analytical. Too anal. This will hold your wealth back almost more than anything else.