What was your biggest fear or concern in starting real estate investing?
Author: Joshua Dorkin • URL: http://www.biggerpockets.com/April 18th, 2007 •
It is always interesting to analyze the thoughts of others. I find that it helps to make decisions, and have seen this to be the case here on BiggerPockets. There is a discussion taking place on our forums about fears that I want to share. Here are some highlights:
What was your biggest fear/concern; getting into investing?
My first concerns were; who do I turn to for help. Once I found a person already doing it, I picked their brains and felt more comfortable and went full speed ahead.
I was also scared of getting bad tenants and not knowing what to do about it
My biggest fear was not being able to get out of a property that I couldn’t handle.
- webguy
My biggest fears were;
1. Somebody would always yank my chain (an employer)
2. I would never have the lifestyle that I dreamed about
3. I would really mess up, lose money and fail.
How did I overcome these?
1. I did 2 weekend seminars with an experienced investor.
2. I looked at a lot of deals (you can do that on this site and learn a lot)
3. I got into action, placed ads, signs, etc.
4. I got my team together (not employees) attorney, title co. a list of fellow investors/buyers
5. I read a book per week concerning investment, success psychology, business
6. I asked a lot of questions and still do. Leave all arrogance behind. None of us knew anything about re investing when we were born. It has to be acquired. Don’t begrudge the money you spend on your education.
I’ll be quiet now Laughing- mike mitchell
My single biggest fear was NOT doing it and not taking advantage of the opportunity in my life. My worst fear was that my fear would win, that I would end up in the same rut as everyone else because I backed down.
- Ryan Webber
What about you? What were/are your fears?
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Tags: biggerpockets, how-to-invest, real estate, real estate investing, Real Estate Investing
Joshua Dorkin
Charles Feldman
Ted Karsch.
Troy Schuricht
Anwell Tsai
Richard Warren
Jim Watkins
We have just recently gotten into real estate investing. My biggest fear was buying the wrong property. It took us two years to find the one we purchased, and we probably could have found a better investment in terms of cash flow, but we wanted one that would be within our abilities to manage… something relatively easy to learn on.
I’m pretty comfortable with our decision and I think we will be successful. In just four months, we’ve learned a LOT!
Hi and thanks for commenting on our post about your fears. I’m glad to hear that you finally jumped in to investing after a few years and that you are off and learning. Congrats.
Just make sure you learn from your mistakes and don’t replicate them. It will take you very far!
My biggest fear is something that is still keeping me from getting into the game. Not having all of the answers. I want to get into wholesaling but I don’t have all of the answers as to what to do between finding a potential seller and selling to the end buyer. I could always find a seller and then wing it but that where my fear kicks in… they’re going to discover that I don’t know what I’m doing… I’ll underestimate the repairs, etc. I guess a way to overcome that fear would be to find a mentor or an experienced investor that would partner with me. Who knows? I’ve been sitting on this fence for about a year now.
When I started out…I had all the same fears, but that’s normal…
I think the one fear everyone has in common is the fear of ” moving forward”…may sound easy but very hard for most.
If your planning in rei is sound, your fears should be very, very minimal
my fear is owing the bank money if property should not sell where do i start i need a mentor
Ren - To find a mentor, just jump on our discussion forums and start to ask around!
My biggest fear was failure. Losing money and having my wife suffer because of it. Fortunately, she has supported me in my quest. I am fortunate to have such a supportive partner.