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Analysis paralysis in real estate

Analysis paralysis in real estate

Analysis Paralysis in real estate will lead you to confusion. Some of us have a habit of over analyzing a deal based upon opinions rather than facts. It is true that real estate can be risky investments, due to the cycle of demand and supply, and current economic conditions. The reason of analysis paralysis is based upon fear which is similar to buying. Professional Real Estate Investors have a system of doing due diligence which help give the investor the confidence to buy or flip the property without a doubt. Due to the human nature, 99% of investors will keep delaying hoping for the market to go up or down. It is a quite familiar wording that “I wish I had invested in real estate 10 or 20 years ago”.

Analysis paralysis in real estate

During the Canadian Real Estate Investment Strategy Apprenticeship, you will learn over 50 steps of due diligence. Analysis Paralysis in real estate is like a phobia which is full of doubts and fear of unknown.

You may find tons of investors who are walking and talking encyclopedia of real estate but they have never owned or done a real estate deal. Make sure you are not one of them. We are going to clarify the culprits which may be holding some of the investors back.

What is analysis paralysis in real estate?

Analysis paralysis in real estate

Analysis paralysis is when a real estate investor
or an aspiring real estate investor cannot buy a house
because they over-analyze everything. They run the numbers
over and over and are unable to do their due diligence. They convince themselves the property
is a bad deal or someone else buys the property before
they make a decision.

Analysis paralysis in real estate

Analysis paralysis or paralysis by analysis is the state
of over-analyzing a situation with a fear and a doubt in mind. As a result the decision or action is never taken, therefore paralyzing the outcome. A real estate investor might be seeking the optimal or “perfect” solution upfront, and fear could make the decision lead to erroneous results.

On the opposite end of the time spectrum is the phrase “extinct by instinct”, which is making a fatal decision based on hasty judgment or a gut reaction.

How do you overcome analysis paralysis?

Analysis paralysis is caused by fear.
Fear of failing, fear of losing money and
fear of making a mistake. Many people live their
lives through fear, but people should not fear failing.
I think it is much worse to have never tried and not
known if you could succeed than to try something and
not succeed. There are a few things you can do to
convince yourself to overcome your fears and
analysis paralysis.

Analysis paralysis in real estate

What is the worst thing that could happen?

One thing I always consider when making a big
decision about life or real estate is “what is
the worst thing that could happen if I do this?”
In most cases we believe things will be much worse
in our heads than they will be in reality. Actually,
in most cases we don’t even think clearly about what
will happen if things go wrong, we just don’t want to fail.

What happens if you make mistakes and lose time?

When you lose time from mistakes or bad situations
are you missing out on that much? For one thing if
you are stuck in analysis paralysis you are gaining
nothing by doing nothing and losing time anyway.
When you take action and make mistakes you are learning.
Every mistake is a chance to learn and a chance to make
more money in the future. You aren’t losing time when
you make mistakes, you are gaining experience and learning.

Analysis paralysis in real estate

Why you never fail with the right attitude?

People like to use the word failure all the time.
I believe it is a horrible word to use, because it means
you gave up. No one fails if they don’t stop trying.
Many of the most successful people in the world made
many mistakes, but they never gave up. They refused to
listen to the people who told them they could not succeed,
they worked to prove those people wrong. In fact, I would bet
the most successful people make more mistakes than
unsuccessful people. The successful are willing to take chances,
to take risks and that is how they made it big.

Analysis paralysis in real estate

Buying real estate is a big deal and it is an awesome investment
if you do your homework and buy right. Once you have figured
you want to be a real estate investor and you have the means
to make it happen, don’t let analysis paralysis hold you back.
A great deal that you buy is much better than the perfect
deal that you will never find.

Analysis paralysis in real estate

Top 10 Tax Savings Tips for Canadian Real Estate Investors​

Following are Top 10 Tax Savings Tips for Canadian Real Estate Investors​:

  • Don’t exaggerate your home office expenses. This is a red flag for the CRA. There are always exceptions, but a good rule of thumb is a maximum of 25 per cent as the business share of heat, hydro, property taxes and so on. ​

  • Keep a careful log of car expenses. This is another red flag for CRA. ​

  • If you run into trouble or make a mistake, call the CRA. Most times they will be very helpful, especially if you call before the crunch.   ​

  • Whatever you do, don’t ignore communications from the CRA, respond promptly and make notes of your conversation right on the letter for future reference. ​

  • Unless you are incorporated you are required to complete a Statement of Business and Professional Activities (T2125) at he same time as you file your personal taxes. ​

  • Don’t wait until the last minute. It’s impossible to get yourself properly organized under eleventh-hour time pressure and it’s difficult to make good decisions to minimize your taxes. ​

  • Make an estimate of your expected tax bill. If your revenue is going to be high, you might consider making that machinery or computer purchase before year’s end. You’ll defray some of the expense through capital cost depreciation, says Cleo Hamel, senior tax analyst with H & R Block Canada.

  • You should set aside 30 to 40 per cent of your gross income to cover income tax and CPP.   Even if you are the only employee of your business, you are responsible for paying the employee and the employer CPP contributions. ​

  • Keep proper records differentiating business from personal. If you can’t prove it, the CRA will likely assume the expense is personal. Hamel recommends that you slot your expenses into the categories provided by CRA on the T2125. “Whatever you do, don’t have a large ​

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P.S. Success isn’t a matter of chance, it’s a matter of choice. So it’s up to you to make the right choice to become successful. If you don’t know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now and making sure you make the right choice to SHOW UP!!! Learn more to earn more!

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Canadian real estate and Importance of 420 (Weed)

As a Canadian real estate investor or home owner, having “420” attached to a house is a stigma. 420 is the police code for marijuana, and Canadians intend to light up on April 20th at 4:20 PM weed and celebrate it as a tradition. As a real estate investor we do not want to own a piece of property where there is a major issue of weed, drugs or crime.

Continue reading Canadian real estate and Importance of 420 (Weed)

Tax sales in Nova Scotia

Nova Scotia Tax sale properties 2015

Tax sales in Nova Scotia: Visit the municipality below to find out about current or upcoming tax sales in the Nova Scotia region of Canada.

http://www.halifax.ca/revenue/tax/taxsale.html

http://www.westhants.ca/tax-sale-info.html

http://www.cumberlandcounty.ns.ca/tax-sale.html

http://www.chester.ca/administration/tax-sales.html

http://www.county.kings.ns.ca/business/taxsales.aspx

https://www.easthants.ca/content/tax-sale

http://www.modl.ca/component/search/?searchword=tax%20sale&searchphrase=all&Itemid=101

http://www.district.yarmouth.ns.ca/index.php/municipal/taxation-/property-tax-sale

http://www.novascotia.ca/snsmr/pdf/mun-MGA-resource-binder-3-2-tax-collection-guide.pdf

http://www.portcoquitlam.ca/City_Hall/Property_Taxes_and_Billings/Annual_Property_Tax_Sale.htm

http://www.town.windsor.ns.ca/tax-sale-stephens-yeatons-property.html

http://www.regionofqueens.com/finance/tax-sales

 

DISCLAIMER

We believe the information contained in this article to be accurate. It is presented with the understanding that we are not engaged in rendering legal, accounting, or investment advice. When professional assistance is required, utilize the services of a licensed real estate broker, lawyer, accountant, or other consultant as may be required.

Speaking Engagements

Navtaj Chandhoke can be your next key note speaker for real estate office meeting or Canadian real estate investment conventions, expos or trade shows.please contact us for topics and availability.
Please contact us directly at Pam@WorldWealthBuilders.com or 647-393-6100 to set up a session at your meeting or convention.

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P.S. Success isn't a matter of chance, it's a matter of choice. So it's up to you to make the right choice to become successful. If you don't know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now at www.Flipping4Profit.ca and making sure you make the right choice to SHOW UP!!! Learn more to earn more about CanadianTax sale properties.

To learn the strategies, techniques and Eye Witness Real Estate Investors Field Training. How to acquire Tax Sale Properties & Sheriff Sale Properties, Click Here

Top 20 Reasons to join Real estate network clubs in Canada

Following are the 20 reasons to partake or join Real Estate Investment Clubs in Canada:

Canadian Real Estate Investment Strategies Apprenticeship (CREISA)1. Learn how to construct capital, attend Canadian Real Estate Investment Strategy Apprenticeship LIVE and learn Real Estate investing from experts who are in the trenches.

Continue reading Top 20 Reasons to join Real estate network clubs in Canada