Transcript:
Hey there, it’s Casey Denman here with TaxSaleAcademy.com. First off, I want to thank you for joining me on this week’s tax sale tip. If you’re looking to learn about tax sale investing, make sure you hit that red button to subscribe to our channel so you don’t miss out on figure training videos.
Alright, today we’re talking about paralysis by analysis. Which is simply a fancy and hard to pronounce way of saying that someone will overthink something to the point where they don’t do a single thing. They overanalyze. And then do nothing with what they overanalyzed.
This, unfortunately, happens to A LOT of people who are just learning about tax sale investing. Many people will see the basics behind tax sale investing. They approach it as a, ok we buy a property that got foreclosed because someone didn’t pay the taxes, then we sell it and make money.
And sure, that’s kind of it in a nutshell. But then they did a little deeper. They first realize that they have no clue about the properties they’re purchasing. This is one of the first frustrations. How can you possibly know what you’re buying without doing research? So they research how to research. Then they research that some more.
Then maybe they stumble on selling tax foreclosed real estate and realize that title clouds could exist. Then they begin research title clouds. Suit to quiet titles. Look at case law. Previous cases, research attorneys, try to figure out how to do it cheaper. Whatever the case. They just dig and dig and dig. There is a lot when it comes to tax sale investing. A lot. And you can easily get caught in a neverending loop of analysis.
So let’s go over a few ways so you can avoid putting yourself on the never ending paralysis by analysis path. And I’ve got 4 of them that have helped me – alright, in random order.
The first is to always have a goal. And this shouldn’t be a goal like I want to make my first ten million dollars. Make it a very manageable goal. Make it something that is valuable and that you can accomplish rather easily. For example, if you’re working on learning how to research properties you shouldn’t focus on learning research in a day. Instead, your goal could be to learn how to use the property assessor’s website which is just one small piece of the research puzzle. Now, this could take you a day or a week. Don’t rush it, but work on accomplishing that one specific task before moving on.
Another suggestion is to take small steps toward your goals. And this can be on both a micro and a macro level. So, if you’re learning to read property assessor reports, maybe start off by determining what one very specific section means. For example, you might have different zoning classifications that are listed on your property assessor report. What does that mean? Then another section and another section. That’s the micro level. This helps you on a macro level become when you put all of this together you’ve learned how to read property assessor reports. When you learn property assessor reports plus all of the other research aspects, you’ve completed the research and due diligence training. So take small steps that lead you toward to overall goals.
The next suggestion is to forget perfection. If I was worried about perfection in my life, you wouldn’t have a single video to watch, a single podcast to listen to and I would’ve never been able to reach as many people as I have. Do we need to know everything possible about a property, of course. But as you’re learning and developing your own process, if you focus too much on perfection then you’ll never get started. Things happens and every county and every property is different. Learn what you need to learn and move forward.
The last one is to put yourself on some sort of timeline. I’m always shocked at how much I can get done at the last possible second before a trip. But this is because there are certain things I put off or procrastinate. What I strongly urge you to do is to put yourself onto some sort of timeline that you can commit to. For example, this week you’ll learn all about suit to quiet titles, or whatever it is. Then you maintain focus and learn. When it’s time to go to start planning when you’ll be going to an auction, put it on a calendar. Mark it down and hold yourself accountable to be ready for it. Now, when it comes to buying a specific property, like I’ll buy my first property within 30 days, I DO NOT recommend this. What happens is you are forcing yourself to buy whatever is available at whatever price is available and you don’t have any control over that stuff. So don’t put a timeline on actually buying, but do put a timeline on when you’ll be ready to buy.
As you can see from just these four suggestions, so much of avoiding paralysis by analysis can be accomplished just by continually gaining momentum. Keep moving forward, keep making progress, keep learning. Don’t fall into a rut and you’ll be on your way to tax sale success in no time.
I truly hope that this video has helped you. If so, don’t forget to click that thumbs up button and subscribe to our channel for future tax sale training videos.
And also, there are a bunch of links below in today’s video description that will help you on your journey to tax sale success, so don’t forget to take a look.
Take care folks. Bye bye.