How to go about overcoming your fear of messing up your first investment?

[Pierre Thernize]

I have resolute to make my first investment purchase in 2014. I have chosen my market "downtown Newark". I have set aside some emergency funds for what will go wrong after I purchase the deal, but I wonder how much is a good number? How do I overcome the fear of losing it all on my first deal to the point of bankruptcy? Thanks in advance and I truly appreciate any help!

[Dawn Anastasi]

Make a list of everything you can think of that can go wrong and how you would deal with it. Some examples:

- House catches fire --> make sure you have proper insurance coverage

- House floods --> make sure you have proper insurance coverage

- Realize you don't want to be a landlord --> make sure you have researched property management companies in the area in advance

- Decide you want to get rid of the property quickly --> did you purchase at a price such that it wouldn't be too hard to sell?

If you make your list, and realize that for every bad thing that you can list, you have a "counter reaction" then that might make you feel better about your decision. I think a lot of fears are based on "what if" and if you have those covered, then what else is there to fear?