How did you face your fears ?

18 Replies

The fear of not trying, not creating passive income, & not providing a legacy for my family & my retirement was far greater than any real estate challenge placed in front of me.

Originally posted by @Rita Medeiros :

The fear of not trying, not creating passive income, & not providing a legacy for my family & my retirement was far greater than any real estate challenge placed in front of me. 

How did you overcome it ? What steps did you take and how different has life been for you since then ?

@Joe Villeneuve

"Fear of not being prepared"

This is crucial. If you are confident you know what you are going into there should be little fear. Knowledge is power.

One of the major oversights of new investors is not bothering to know all your state landlord tennat regulations. This should never happen. Do not invest until you know th eregulations that govern your new business. 

@Parris Crockett Welcome to BiggerPockets!  I have spent several years perfecting and sourcing undervalued property for immediate resale.  I would say that when I initially started as a real estate investor, my fear was simply inaction...not applying the knowledge I've learned from real estate investing and putting that knowledge into action. 

Parris, you will make mistakes; but, you will also learn from those mistakes as well as see what type of investing works best for you.

Over time, I personally have had much better success with sending offers to owners directly.

I'm more than happy to help.  Please PM me.  Once again, welcome to BiggerPockets and best of luck to you.

almost all fear at it's root is the same: fear of the unknown

so I learn as much as possible to make less things unknown, then I'm not scared.

easy 

Parris, 

prepare yourself through RE education. Listen to podcasts, attend RE workshops and surround yourself with people who support your endeavors. Sometimes you have to be your best cheerleader and motivator. But remember..."You can't learn to ride a bike in a seminar" and "What doesn't kill you will strengthen you." 

My biggest fear was failure. I dont want to work 50 hours a week for the next 40 years and if I failed at this, I feel that I dont have another option to be financially independent. What helped me overcome that and take the plunge, is the much more terrifying feeling of regret. If you've ever seen regret in a man's eyes after he's become too old to do what he's always wanted to do, you'll realize that fear of failure pales in comparison. I've seen that regret and that drove me to take action.
Originally posted by @April Choi :

Parris, 

prepare yourself through RE education. Listen to podcasts, attend RE workshops and surround yourself with people who support your endeavors. Sometimes you have to be your best cheerleader and motivator. But remember..."You can't learn to ride a bike in a seminar" and "What doesn't kill you will strengthen you." 

I appreciate the advice April, that’s super wise ! 

Originally posted by @Jason D. :
My biggest fear was failure. I dont want to work 50 hours a week for the next 40 years and if I failed at this, I feel that I dont have another option to be financially independent. What helped me overcome that and take the plunge, is the much more terrifying feeling of regret. If you've ever seen regret in a man's eyes after he's become too old to do what he's always wanted to do, you'll realize that fear of failure pales in comparison. I've seen that regret and that drove me to take action.

 Wow Jason, that’s a super epic lesson and a great way of explaining that experience! Thank you so much !

Originally posted by @Thomas S. :

@Joe Villeneuve

"Fear of not being prepared"

This is crucial. If you are confident you know what you are going into there should be little fear. Knowledge is power.

One of the major oversights of new investors is not bothering to know all your state landlord tennat regulations. This should never happen. Do not invest until you know th eregulations that govern your new business. 

 I love this man ! Thank you so much 

Parris, 

My greatest fear was that I would not have options, plus I have a family and aging mother to take of. When I took the first step 10 years ago I did not know that I would quit my job in 14 days and coach a real estate workshop this summer.  Real Estate has afforded me to travel all over the world, provide for my loved ones, and my son can attend any college that he can get into. Perhaps if you think of why and what want in terms of real estate, it will help you take a leap. I always keep a notebook and write my goals with a timeline to keep myself focused. My motto is "JUST DO IT!"

When I was coaching, before every game, I would ask my players (young) the same two Questions:

1 - Are you scared?, or...

2 - Are you nervous?

Being scared means you are not prepared...and that's not a good thing.

Being nervous, means you care...and that is good.

Education = prepared.

@Parris Crockett

My biggest fear is losing money and failure. I've overcome it by making sure I run my numbers conservatively, having reserves on hand and chalking up any failures to tuition to the school of hard knocks.  Sometimes you just need to fail in order to understand, learn and grow from it.  With that being said, I don't actively go looking to fail or lose money but it's how I rationalize it if it should happen.