Managing FOMO for a new Real Estate Investor

3 Replies

As I begin this journey I know one of the things I'll struggle with is FOMO and feeling I'm missing out on a deal. Being an accountant I can usually keep my FOMO in check by looking at the numbers of a deal, but at times the FOMO still is there.

What are some other ways you all to deal with FOMO? Do you wait a set amount of time before moving on a deal? Do you send it off to a friend? 

Any tips on how you manage FOMO would be much appreciated! Also, any stories on how patience paid off for you would be great. 

Thanks!

Dennis

Hey Dennis,

I'm going on the premise that "FOMO" means fear of missing out (correct me otherwise).

So this is a huge thing that is easily fixed. You are currently new and a lot of new people come into Real Estate with a scarcity mindset. They think deals are limited or there are not enough to go around.

I can tell you from experience there are TOO MANY deals and we need more investors - not the other way around.

To fix your FOMO you need to figure out what you want from real estate. Do you want to flip, wholesale, buy and hold, a mix? Then you need to figure out what your ideal property looks like (spreads/monthly cash flow etc...) then start moving on those deals.

If you do not feel comfortable with a deal either have a more experience investor (that you trust) take a look or better yet I HIGHLY suggest hiring a mentor who can be there for you night and day to keep you on the right path.

Trust me... You are never ever missing out. You may lose a deal or "miss out" on a specific deal but there are hundreds of deals just like that one you "missed".

Relax, enjoy the ride, and start focusing on what you want out of real estate then take the steps to achieve that.

Originally posted by @Dennis Ranck :

Thanks @Skylar Simpson for the response. I think that's the right mindset that their are plenty of deals out there, I'll just need to remind myself of this often. The mentor idea is also a good idea and I'll be pursuing that too. 

 Any time at all Dennis. I know exactly where you are coming from so I can speak from experience :)

Let me know if you ever have any questions I can help you with.