So, l have read the BP's beginners guide, read through many forums, and listen to many podcast. They are very helpful and l will continue to do so. There is so much to learn. It does give me that boost of encouragement to step out and then that "F" word hits me like a bag of bricks.
FEAR of stepping out and doing it all wrong.......
FEAR of being rejected and never being able to close a deal......
If any of the seasoned investors on here wouldn't mind sharing how they overcome their fear when they first started, if you had any. And if you didn't, l would like to hear your advice. This would help me much and hopefully other newbies like me who are members on BP.
You just have to dive in! You can sit around and read every book in the library on real estate investing, but nothing will prepare you more than stepping out of your comfort zone and taking action. To me it seems like you are getting into the wholesaling business, which is perfect for someone in your situation because there is really nothing to lose! Just remember, you are in the people business, so communicating is a must. Don't worry about being rejected, anyone in this business has been rejected more times than they have succeeded, it happens to the best of us. Just shake it off and move on to the next one. It's a numbers game, so just keep pushing forward and you will better and more comfortable over time. Failure can't cope with persistence, so the only way that you will fail is if you give up. You may be a little uncomfortable at first, but you can do it! If you need any help along the way, just come back to the forums and there will be plenty of people who have been in your shoes to walk you through the process. So get out there and take action! Even if you fail, you will get another shot.
Hi @Ezechaelle Norris ! I would hardly call myself seasoned, but I definitely suffered from analysis paralysis for a long time. Hundreds, likely even thousands of podcasts later, blog after book after forum. Eventually, you just have to take the leap. You're never going to know everything and with each transaction, whichever avenue you choose to take in REI, you will learn for the next. I have definitely made mistakes in each of my 4 real estate purchases, and from each I learn things to do better/differently the next time as well as things to avoid/ask/research. As long as you're doing your research, asking questions on BP and elsewhere and making an informed purchase (or whatever type of transaction you choose to make), you'll no doubt learn from the experience and be really proud of yourself for taking the leap. And then each subsequent transaction gets easier with the added knowledge and confidence. You're in the right place with some incredible resources. But knowledge without action will not a retirement make. One a recent podcast, Brandon's success quote really resonated with me. It was "You miss 100% of the shots you don't take." - Wayne Gretzky
Best of luck to you!
We've been homeowners since the mid-'70s, but it was only a couple of years ago that we became investors. I nearly felt ill when our realtor put forth our offer for our first rental property. We had bought our 4 bd./2 ba. house in AZ on a huge cul-de-sac for $32,500 way back when (unbelievable, huh?), and our first rental buy was a home a few miles from the ocean in SoCal. So much money! As it turned out, there was a bidding war, and we didn't think the property was worth $30k above asking, so we dropped out. By the time the house we ended up buying came on the market, we were much calmer.
The most important advice I can give you is to surround yourself with people who have more knowledge than you and who you can trust and lean on for advice. Then take baby steps. We were remarkably fortunate to find a realtor highly recommended by a single person on a BB totally unrelated to RE. She had been long-time friends with a RE attorney who gave us some advice on another matter. She also recommended a banker who assisted us with two mortgage loans on the phone after seven at night! (Thank you Wells Fargo, Laguna Beach.) Additionally, we belong to a very active local REI group, which is where we found our mentor.
One of the things I did when I first got started is that I picked a house I wanted to buy but I did not buy it. What I did was follow the property and its owners or renters and saw what happened with that property over time. That gave me an idea as to what I might have experienced had I been the one to purchase it. I asked the owners when they were around if they would mind sharing me their experience with that particular property and how things had worked out for them. I also followed the market and observed in the house had appreciated over the years and stayed on top of the rental market in the area.
There is allot you can do with properties without buying them by studying and researching properties and the real estate market in general in your area. When I felt more ready and had saved up enough money as well as had built up my credit I went ahead and purchased my first property.
There is nothing like doing it. You feel the pride that comes with owning your first property whether you bought it cash or financed it. Step by step you learn what can happen with a property and you learn what to watch out for and how to better and more property evaluate a property to determine if there are right reasons for you to have certain properties. Gradually things begin to make sense and somewhere in the process you get over your fears. Oh yes you may make mistakes but stay with properties you can afford and do not get in over your head and you will better be able to survive the inevitable mistakes you will make.
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Attend the school of hard knocks. There's no better way to learn than by doing. As long as you educate yourself and surround yourself with a good team and support system you should do well. However saying that, you can have all the education in the world and the best people around you, and you can still mess up.
At some point in time something will go wrong, and a project/property will fail. You can mitigate how badly things will go wrong.
THE MOST IMPORTANT THING IS NOT WHETHER OR NOT YOU FAIL, BUT IF/WHEN YOU DO FAIL, HOW DO YOU RESPOND?
Those that are successful get right back up, learn from their mistakes and move forward. Thomas Edison failed over 1,000 times trying to invent they light bulb, and yet he still succeeded.
Those that aren't successful quit. They let one failure defeat them and many cases define them.
Have a goal. Have a plan to meet that goal. Educate yourself. Surround yourself with good people. Then just do it and don't give up.
Hey there! Well the good news is, you can't fail!! Even "failures" in real estate investing are required parts of the process...so when they happen, they only make you better and stronger (and tougher than the next guy!). So in that sense, it's impossible to fail. (how's that for a fear-basher?)
I wrote an article awhile back, it doesn't go after the fear component by itself but it does talk about it amongst other reasons why people hold back. Maybe it will help some?
You'll do great!
WOW.... not to get all teary eyed but THANK YOU SO MUCH EVERYONE.......I can not express how that helped.......meeting with my local REIA next week and hopefully l can find a mentor as some of you have mentioned. Very excited and nervous but l will step out and do my best....l will surely keep everyone posted......
BP members are the BEST....!!!!
@Ezechaelle Norris - We feel your pain. So, don't become incapacitated by fear.
After becoming more knowledgeable and confident take action to snag your first real estate investment deal.
Don't get caught up in analysis paralysis.
You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.
Take calculated risks if needed and you shall be rewarded!
"Each step you take reveals a new horizon. You have taken the first today. Now, I challenge you to take another." - Dan Poynter
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