How do i overcome fear!?

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How do i overcome fear!?

Nathan Leger
Member since 2021 · 4 posts · 19 votes

I’ve educated myself. I’ve watched countless hours of YouTube videos and listened to the same amount of podcasts. I just finished a webinar course and I’m ready to take the dive.  I’m so used to the rat race that I have an underlying fear of creating so much debt that I won’t be able to recover. what if I can’t resell? What happens when I can’t find tenants? Everyone makes it sound so easy and so lucrative but I can’t help with the “what-if’s”. Anyone else have these same thoughts in their beginning ? 

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Greg ScottPro Member
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
5y

Nothing is going to change until the vision of what your life can become is more crystalized in your mind than the fear of what could go wrong.

23Reply
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  • Greg ScottPro Member
    Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
    5y

    Nothing is going to change until the vision of what your life can become is more crystalized in your mind than the fear of what could go wrong.

    23Reply
  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    5y

    Maybe this level of risk is not for you (???)

    Not everyone is Entrepreneurial.

    4Reply
  • Account Closed
    Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    5y
    Originally posted by @Nathan Leger:

    I’ve educated myself. I’ve watched countless hours of YouTube videos and listened to the same amount of podcasts. I just finished a webinar course and I’m ready to take the dive.  I’m so used to the rat race that I have an underlying fear of creating so much debt that I won’t be able to recover. what if I can’t resell? What happens when I can’t find tenants? Everyone makes it sound so easy and so lucrative but I can’t help with the “what-if’s”. Anyone else have these same thoughts in their beginning ? 

     You will crash and burn and the zombie hoards will overrun you if you make a mistake. Ask me, I know.

    Just kidding. You just need to team up with someone who knows what they're doing, that's all. We don't put 16 year olds behind the wheel without an instructor for a reason.

    7Reply
  • Gene Jordan
    Investor · Bradley, IL · Member since 2015 · 11 posts · 10 votes
    5y

    @Nathan Leger I bought two multifamily, a single family and a 5 acre industrial park. THEN I got my broker's license, read books and watched YouTube. All the learning did was reaffirm that I made good financial decisions as in any other business. After all the jargon and industry specifics, business is all the same. I bought all that stuff in the beginning because it's my personality to do so. If it is yours, you will too. If not, then don't stress. Just do you and be happy. Hope this helps!

    4Reply
  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    5y

    How I get over fear is to just jump. Have a plan but take the plunge. You'll fall on your face but that's part of it. Just don't be stupid 

    5Reply
  • Bleys Wright
    Rental Property Investor · Kapolei, HI · Member since 2021 · 45 posts · 23 votes
    5y

    @Caleb Brown great job Caleb. Keep at it

    2Reply
  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    5y

    @Bleys Wright Thank you buddy ;)

    2Reply
  • Account Closed
    New to Real Estate · Elkhart, IN · Member since 2018 · 3 posts · 19 votes
    5y

    Hey Nathan, I'm in the same boat as you so I can understand how difficult it can be to get started. I've read all the books and listened to all the podcasts but those only get you so far. I've come to learn that watching a YouTube video about how to drive a car and actually driving a car are very different. I learn far more from doing than from reading and it takes me less time to learn from doing it. It's really just about a shift in your mindset. Instead of thinking about the negative what-ifs, think about the positive what-ifs. When I start doubting myself, I think "what if I have to work a 9-5 for the next 40 years?" or "what if I don't get to see my family members as often as I want to because I can't afford a plane ticket or can't get time off work?". Those what-ifs I ask myself motivate me to want to do this because the risk I'm taking is worth more than the reward of not trying. Take calculated risks based on your own risk tolerance, don't make decisions on a gamble or without verifying it for yourself, and don't pretend to know what you're doing if you have no idea what you're doing. RE investing is NOT easy but at the same time its only as hard as you want it to be. Remember that everything is hard at first until you start doing it more often until it becomes easy. Hope this helps and best of luck!

    17Reply
  • Wesley Stenersen
    Rental Property Investor · Ocala, FL · Member since 2017 · 8 posts · 13 votes
    4y

    @Nathan Leger

    Everyone has fear. But i am more afraid of not achieving financial independence than I am of trying and failing.

    Make mistakes fast. Learn from them fast.

    12Reply
  • Allen McGlashing
    Investor · Cambridge, MA · Member since 2017 · 195 posts · 106 votes
    4y

    @Nathan Leger

    Hey Nathan, 

    I remember when I bought my first rental I had all those same fears. It actually kept me awake at night the fear of something major breaking or the tenants not paying. As months went on and none of that happened I started to relax. When something did happen I actually embraced it, I told myself to just calm down and there is a way to handle everything. Then some things did happen I had to evict one tenant and at that same time another tenant moved out, but i told myself if I could get through this everything else would be easy. I took everything one step at a time and eventually got through it.

    “The hardest thing to do is leaving your comfort zone. But you have to let go of the life you’re familiar with and take the risk to live the life you dream about.” T. Arigo

    9Reply
  • Craig Boudy
    Charleston, SC · Member since 2017 · 37 posts · 21 votes
    4y

    @Nathan Leger This May sound harsh brother but the simple and best answer is get off you *** and just go do it.

    0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    4y

    @Nathan Leger I am going to go in a slightly different direction here - do you have any money?

    0Reply
  • Soniel Estime
    Rental Property Investor · Chicago · Member since 2018 · 74 posts · 67 votes
    4y

    @Nathan Leger

    Hey Nathan, I know how you feel. I was worried about that a few years back. I had a 9-5 and still have a 9-5. I wanted to invest and was terrified of the what if’s. I did as much studying as I could about investing for a year. Something that helped prevent me from getting paralyzed was giving myself a deadline. I gave myself 1 year b4 I had to invest in my first deal. There is only so much studying you can do, as long as you learn how to understand numbers when it comes to deal, you will be fine. Try evaluating your risk tolerance and make a plan based on that. For me I was very risk averse. I had just got married had no money and got all of my education on investing from podcast books and YouTube, just like yourself. Nothing compares to diving in. I went with a house hack as my first deal bc comparatively it was low risk. Long story short I had a contractor run off with 20k on me and it took me a year and a half to complete the full gut rehab on a duplex….. I know, sounds bad, but there was a happy ending. I held that rental for a year after the project was done and made 12k from rental income and over 90k on the sale. I use those funds to pay off all my consumer debt and had money to invest in other deals. Ppl spend 50k and up to get a degree in something that might not earn you close to that amount. I payed 20k to get educated in something that will make me that hundreds of times over, not to mention I got my money back… Once you get your first rent check, I promise you that you will be thinking “What was I so worried about”

    My point is investing is the best thing you can do for yourself, your spouse, your children. Figure out your Y and ask yourself if it’s worth the risk. You could also look at it like this… what’s scarier, investing and maybe losing some money but probably building a good amount of wealth. Or working a 9-5 for 30 plus years and hoping you have enough to retire, and hoping your healthy enough to enjoy retirement, and hoping you have enough to support your children’s when they go off to college or get married…

    You got this!

    9Reply
  • Dave Fridley
    Lender · Indiana and Beyond · Member since 2015 · 12 posts · 4 votes
    4y

    @Nathan Leger - Optimism can get you mentally prepared. Action and followed up my mistakes will actually get you where you want to be. Money and experience are the key pieces and surrounding yourself with experienced professionals. There is no shortage of those exact people on this website, or probably even on this forum thread. The best advice I ever received was..."Don't get into to any investment without knowing a lot about it". 

    You got this!

    1Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    4y

    The best resource for dealing with fear is Tony Robbins training. There are countless YT videos and books at the library, so you don't even need to pay to learn from him. 

    https://www.tonyrobbins.com/st...

    Another good resource is the Dale Carnegie How To Stop Worrying and Start Living book. You will find many strategies in this book. 

    Fear can be good when it protects you from doing risky things, but it can also be irrational and paralyzing. 

    2Reply
  • Alex MartensPro Member
    Investor · Rochester, NY · Member since 2020 · 36 posts · 25 votes
    4y

    Hi Nathan,

    Since you have spent a good amount of time educating yourself, I am assuming you have learned how to analyze a potential deal, and you’ve probably even practiced it time and time again. If you trust your ability to accurately analyze a potential deal, then that should put your mind at ease. If the numbers you run work, then use that as your feeling of safety. Best of luck to you!

    2Reply
  • Richard Wood
    Investor · San Diego, CA · Member since 2019 · 3 posts · 6 votes
    4y

    Overcome fear by taking one small step. It sounds like you have done a ton of reading. Now the next step is to find a market you think is ripe for investing and call a real estate agent or property management company. Just a phone call to one person to get the ball rolling. Start making connections and building a team. Buying an investment property isn't the next step, a phone call or email is.

    5Reply
  • Sandra Morrison
    Investor · Cincinnati/Fort Thomas, KY · Member since 2015 · 206 posts · 183 votes
    4y

    @Nathan Leger

    Where are you located? There is a BP podcast that talks about finding the “who” that will help you mitigate the risks. I can give you some ideas on how to find the “who” that will help you cross this bridge. Reach out and good luck!

    0Reply
  • Jason Brown
    Investor · Miami, FL · Member since 2017 · 229 posts · 271 votes
    4y

    The answer to this is simple. 

    Step (1) Wait. 

    Step (2) Then read about others getting started. 

    Step (3) Then wait some more.

    Step (4) Then read about those same people and their initial struggles.

    Step (5) Then wait some more.

    Step (6) Then read about those same people slowly (or quickly for that matter) start to get their legs underneath and them make progress towards their REI goals.

    Step (7) Then wait some more.

    Step (8) Then read about these same people consistently posting about crushing their goals and acquiring more wealth generating assets and realize that had you skipped step 1 and just jumped in with the others for step 2 you would be in some position similar to them now. 

    You will never invest until the fear of missed opportunities outweighs the fear of potential failure. It's that SIMPLE.

    Very few young people sit back and say to themselves what if this college degree doesn't pan out or doesn't turn a profit in the next 5 years. Why not? Because we live in a society that has trained them to have faith that a consistent pursuit of higher education will pay worthy returns regardless of whether or not that is true.

    Real estate is no different. Have faith, pick your major well (do your due diligence), and make the jump.

    2Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    You should find a mentor to learn under and make little $ but learn a lot.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    0Reply
  • Mat Fernandez
    Member since 2021 · 2 posts · 0 votes
    4y

    @Nathan Leger I'm in the same boat. I liked the analogy brought forth by others in the thread about learning to drive a car through YouTube/study material versus actually driving behind the wheel. It's a completely  different experience that allows us to learn faster AND better how it should actually be done. More importantly, we put those student drivers with instructors to ensure everyones safety on the roads. Getting the opportunity to shadow someone who knows how this machine runs would be extremely beneficial to both of us, and I'm starting to think maybe that's where we should start. Let's start networking with people in our respective markets and see what pops up. I wish you the best on your investment journey. See you in the Forums!

    0Reply
  • Eric Bilderback
    Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
    4y

    @Nathan Leger

    Do it man!  

    Here is the thing that I have heard other people say I believe is an a great point.  What if you don't do anything?  Look at all the downsides potentially.  You will not be financially free stuck with some dumbass boss who could give a rats *** if you are happy or not.  What if you have to look back on your life and you are kicking yourself for not being able to coach your kids sports, help your mom with things, take your wife out, all of it.  

    Keep in mind real estate is really simple if the numbers all make senses 99/100 I'd say buy the damn thing run it right you will be stoked you did in 5 years.  Pull the trigger brother!  LOL

    Best of luck,

    @Scott Mac

    Some people might be naturals at this stuff.  I'm not a natural is for sure but, however I am still doing much better because I bought real estate I can only think of a few instances where I would tell some a capable, (mostly) sober guy not by real estate.  The difference between people who have been successful and guys who have not been in this business is successful people went out and started buying.  Real estate from my observations has a heck of a way making normal working people very successful thats why I love it.  

    0Reply
  • Peter Amendola
    Member since 2019 · 50 posts · 13 votes
    4y

    Hey Nathan - an oldie but goodie...."You miss 100% of the shots you dont take" (Wayne Gretsky). 

    You are obviously intrigued by real estate investing or you wouldnt have spent all that time on YouTube videos and the training sessions.  Become laser sharp focused with one specific strategy, run your numbers based upon your learnings, have a seasoned investor check to see if you missed anything significant, and maybe choose a "not so expensive" property as your first attempt....  and just go for it.  You might just surprise yourself and exceed your expectations!  

    When I become hesitant, my focus returns back to why I wanted to invest in the first place.  There are always reasons for talking yourself out of investing on a property....do your due diligence and just go for it!     

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    4y

    @Nathan Leger, 

    Take a time out coz it is impossible to think clearly when you're flooded with fear or anxiety,face your fears,imagine the worst,don't try to be perfect.,visualise a happy place, and talk about it.

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    2Reply
  • Mike MalyyPro Member
    Investor · Sacramento, CA · Member since 2019 · 44 posts · 38 votes
    4y

    @Nathan Leger I was in your shoes 2 years ago. We would get together with buddies and all discuss our strategies of how we are going to become RE moguls. Reality is, everyone is afraid of the risk. Out of all my buddies, I went out and got a duplex to house hack in. Wife wasn’t impressed as she was on week 36 with our first boy... To this day, none of them bought anything and I already moved out and getting ready to buy another property. I’m still afraid though because in my market it’s tough to make numbers work without being creative, as all the “deals” get snapped up by people with established systems and connections.

    You won’t overcome this fear on your first, or second, or third deal. I would just say go get a property to house hack with 5% down conventional loan. It will keep your initial investment to a minimum. Do some rehab yourself, hire 1 or 2 contractors for specialty labor, self manage your tenant. All of that will be an incredible experience and will allow you to become more confident. Fear won’t go away, but as you scale up, and it may take a few years to get your second property, your confidence will overcome your fear. As they say on the podcast, there’s not one investor who owns just one property.

    Best of luck.

    4Reply
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