Biggest Fear for Newbies

Biggest Fear for Newbies

Investor · Las Vegas, NV · Member since 2014 · 471 posts · 241 votes

Every investor no matter how experienced was a "newbie" at one time....everyone had a point where they were starting out.  

For all the NEW INVESTORS out there....what IS your biggest fear and how DO you plan to overcome it?

For all the VETERAN INVESTORS out there....what WAS your biggest fear and how DID you overcome it?

For example...when I started almost six years ago...I was terrified of not seeming "credible" as an investor until I completed my first deal.  I overcame that by committing to the process of becoming educated and scrutinizing multiple potential deals until I completed my first two flips at the same time.  Working through the process to find those first two flips in a competitive market (Las Vegas) helped me overcome the credibility anxiety.

Please share as much as you like so others can benefit from your current or past experiences.

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Rental Property Investor · Boca Raton, FL · Member since 2017 · 329 posts · 237 votes
9y

Hello:

My biggest fear is that life has no intrinsic meaning or value.  That a single human or even the entire human species is insignificant, without purpose and unlikely to change in the totality of existence.  That each individual is an isolated being born into the universe, barred from knowing "why", yet compelled to invent meaning.

My second biggest fear is Jell-O.

After that, I worry most, like @Brad E. , that I make a mistake so big that it hinders my ability to move forward at the pace I desire toward my REI goals.

Bob

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  • Lender · Nashville, TN · Member since 2017 · 205 posts · 107 votes
    9y

    My biggest fear at the moment is the same of many "newbies", not having credibility until I get a few deals under my belt and making a mistake that puts me on the sidelines for a long period of time.  Finding other investors around my local market and my network from my hometown is difficult when you have no proven track record other than your work ethic (which I am very proud of). My plan to overcome this is by analyzing deals daily, attending as many networking events as possible to show others I am committed and not just looking for a "get rich quick" scheme, and by being obsessed with personal development and education.

    Great post @Jon Lee; I have learned a lot just reading through the forum.

  • Investor · Riverside, CA · Member since 2014 · 239 posts · 177 votes
    9y
    My fear is no beer! That and the fact that I wasn't all that good at finding great or even good deals a few years ago, and it's much harder now. Yea it all boils down to educating myself and working hard to find them, but falling into the "I have no time" B.S. Trap has slowed my drive more than I should have allowed it to. All investments have good cycles and bad cycles and real estate is no different, so it doesn't deter me from wanting to invest in a hot market, it's just the lack of knowing how to truly find deals that's got me a bit stumped. That, and no beer.
  • Lender · Nashville, TN · Member since 2017 · 205 posts · 107 votes
    9y

    @Jake Hart that sounds like a great first deal, especially with that return. Congrats and good luck on the second!

  • Specialist · Denver, CO · Member since 2017 · 60 posts · 137 votes
    9y

    My biggest fear is making a large mistake that knocks me and my family back because I didn't know enough. My second biggest concern is paralysis by analysis! 

    I'm hoping to allay both those concerns by joining the BP community and learning from others.

  • Flipper · Pittsburgh, PA · Member since 2017 · 218 posts · 345 votes
    9y

    "Suicide is the only act that is able to succeed." -- Jacques Lacan

    There was enormous intellectual liberation in that quote from the chronic fear of failure I felt during my first renovation. I told myself firmly at least a dozen times a day that I didn't want to be successful, thank you very much. I was just fixing up a little apartment. One task after the other.

  • Investor · Las Vegas, NV · Member since 2014 · 471 posts · 241 votes
    9y

    @April Adams....aint nothin' wrong with hoarding properties.....as long as they cashflow!  ;-)

  • Investor · Las Vegas, NV · Member since 2014 · 471 posts · 241 votes
    9y

    Hi @Lana G....I'm glad that you are so honest with your fears AND that you know what it takes to help alleviate them.  Stick to your criteria, investing model & plan and you will be OK.  Best of luck to you!

  • Investor · Las Vegas, NV · Member since 2014 · 471 posts · 241 votes
    9y

    @Jamie Jones...glad you received value from everyone's input here.

  • Investor · Las Vegas, NV · Member since 2014 · 471 posts · 241 votes
    9y

    @Todd Fithian....don't know if you have a capital gains OR cashflow focus, but it doesn't matter.  Go find the DMF sellers (Distressed, Motivated, and/or Flexible).  That is the common denominator in all great "deals".  Find the seller that needs to sell but cant just list it on the market so whatever reason....those are where you find your great deals AND it even works in CA.  if you need me to elaborate anymore on that, just PM me and we can discuss further.

  • Investor · Las Vegas, NV · Member since 2014 · 471 posts · 241 votes
    9y

    @Sam Rust....go find a local investor who is having success in doing what you want to do and ask if you can tag along to learn and get over your fear.  Experience a couple of deals standing right next to the investor who is going through the transaction and your confidence will build and your fear will soon go away.

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