Fear Running Rampant!

56 Replies

Background for those that don't know me: I am a full time real estate investor and I have invested in nearly every aspect of real estate. Recently, I have added transactional funding services to short sale and REO investors.

If there is one common denominator I have seen throughout the years, it is FEAR! Fear has a way of preventing many from taking action and that is the prime cause of failure (in my book, never getting out and trying is a failure!).

One of my favorite motivational sayings is this: The rich act in spite of fear while others allow fear to stop them.
This holds true and I have seen consitantly that those who allow fear to stop them, never really get ahead.

If you are one of the many contemplating some type of real estate investing strategy and have been too scared to start or too fearful of taking action, then you need realize what is stopping you. It is almost always one of two or both of the folowing items: Fear and laziness. If you are lazy, you are screwed. If you are just fearful, you need to just take action. There is no rule that states you need to do a huge or high dollar transaction to get started. Even if you do a $500 deal, that is a starting point and gives you the motivation and confidence to do another and improve on your goals.

Use BP Nation as your partner in education, in finding deals, in selling deals, in finding money, in finding a job, in finding a friend, in finding a business partner, and the list goes on. The opportunities are endless and allowing fear to prevent you from getting started and taking action is a serious mistake!

Happy investing to all!
William Barnard

I wish I knew why it is I've put stuff off for so long. But no longer. Only thing I need before advertising for deals is getting a contract. I spoke to an attorney, but that would of cost $100+. There has to be a cheaper route.

Originally posted by Michael Juve:
I wish I knew why it is I've put stuff off for so long. But no longer. Only thing I need before advertising for deals is getting a contract. I spoke to an attorney, but that would of cost $100+. There has to be a cheaper route.


While this may be true, you can get contracts for cheaper through other sources, there is nothing like developing a relationship locally that will save you tons of money in the long run. If I were you I would save it up and start on the right footing as a goog local attorney is really invaluable to your business.

Michael,

A RE attorney is a crucial member of your team, but if you are speaking about a simple purchase and sales agreement (PSA), you can get the standard CA PSA from any realtor, online, or even at some local office supply stores.

If you are speaking about some more complicated investment contracts needing an attorney, then you should be coughing up the fee to make sure YOU are protected.

I am glad to see my thread inspired you to stop the waiting, stop the sitting around, and take action. There is only ONE way I know of to become a RE investor, and that is to actually get out there and buy something.

Of course I want you to buy right and not just anything, but get out there and make some offers. BP is a great resource of free education for you, know all you have to do is pick the strategy that fits your goals and personality and start doing!

Thanks to all who voted for my post! With no responses for a few days, you all had me worried I was way off track.

Will, as far as fear goes, those that do actually get out and do something will still tell you that they are still fearful. But this fear I would describe as respect.

They say that if you play with fire you are bound to get burned!!!

But I have found out that if you feed that fire and watch it you learn it tendencies and with that comes the respect for what it does and how it does what it does.

Respecting something allows you to do more with it because you have learned how it reacts to certain stimulus. This respect does not keep you from being "burned" but does allow you to do more with it because you have learned it.

So, everyone, get out there and change your fear to respect. Expect to get burned a little and prepare for it so it is not a major setback and keep going.

Originally posted by nationwidepi:
Michael,

A RE attorney is a crucial member of your team, but if you are speaking about a simple purchase and sales agreement (PSA), you can get the standard CA PSA from any realtor, online, or even at some local office supply stores.

If you are speaking about some more complicated investment contracts needing an attorney, then you should be coughing up the fee to make sure YOU are protected.

I am glad to see my thread inspired you to stop the waiting, stop the sitting around, and take action. There is only ONE way I know of to become a RE investor, and that is to actually get out there and buy something.

Of course I want you to buy right and not just anything, but get out there and make some offers. BP is a great resource of free education for you, know all you have to do is pick the strategy that fits your goals and personality and start doing!

Thanks to all who voted for my post! With no responses for a few days, you all had me worried I was way off track.


I am definitely not under estimating the importance of a real estate attorney. It's just that for a standard purchase agreement $100 for the first hour, and then the usual rate (whatever that is) for any extra time seems pretty pricey.

I just need to close this first deal ,even if it's just $2500 or so, so I can have some operating capital. Not only the extra operating funds, but I think it will knock down that huge wall that has me questioning every move. Here is to that first deal getting done. :cool:

If all the people out there can do it, there is no reason I can't. I just have to stop beating around the bush.

Originally posted by Carson H:
this website seriously changes lives...mine for sure.
We are glad to hear that Carson. There is an abundant opportunity in real estate and all one needs to do is see it and take advantage of it! :D

To throw out an example, I have been sitting on the fence since January. I finally decided I had read enough and it was time to start taking action, so I set a date 1 month ahead of the current date and told myself, I don't care how horrible the list is, how horrible my marketing is, or how it gets done, one month from today I am going to send out 250 letters and just see what happens. I dropped the letters 2 weeks ago and have received a total of 6 calls already, 3 within the last 2 days.

Have I done a deal yet? No. But it was extremely motivating for me to send out some marketing and get to talk to sellers on the phone. I was nervous, didn't ask all the right questions, and I was no where near perfect, but I gained a lot of confidence and now I'm extremely motived moving forward that I can make it happen as long as I keep up with the marketing and follow up with people who have contacted me.

My biggest fear was that I would waste the time and money to send out 250 letters and get 0 responses. In the end I learned a lot about talking to sellers on the phone, what things I need to learn more about, and that I CAN make a deal happen if I just dig in and keep going.

NICE POST... Hi I'm Jim I'm 22 years old and a newbie to all this and I can say that I read about strategies and now I'm slowly starting to network with Real Estate Agents and Mortgage Brokers.... It takes time its never as easy as they make it seem... and yes I get afraid but I don't let it hold me back. I set the goal of closing one deal in about 6 months. Do any of you have general advice for the "new guy" with not much credit, and not much income? Right now I'm trying to get my Real Estate license to sell some homes and make some money. I want to do this full time. (random thought Should I post questions somewhere else? lol )

Fear is a natural reaction of your sub conscious trying to make sense out of a new situation. I have been a full time investor for years. I just put a 4-plex under contract and am trying to get the 4-plex next door under contract so I can own the entire corner of 8 units. I don't have long term financing in order yet for after I get them rehabbed and rented. I have slept very restlesly the last few nights because I am venturing into territory I haven't been in for years. So I think as long as you are pushing new bounderies, fear never truly subsides. You just learn to act inspite of it, huh?

Originally posted by nationwidepi:
No doubt, I agree! SInce you are in CA, just get the standard PSA from any realtor, it is FREE! Then get your offer in and make it happen!


Can I just ask any realtor for a PSA and they would be willing to give me one? Or would I need to get it under the pretence I am going to make an offer?

My first recomendation would always be to form a relationship with one.

That said, you should be able to get one from any agent. You can ask under false pretense, or actually have a property of interest, or ?. The choice is yours on that.

You can also get them from a local real estate office that sells them. They are quite inexpensive!

Originally posted by Michael Juve:
Originally posted by nationwidepi:
No doubt, I agree! SInce you are in CA, just get the standard PSA from any realtor, it is FREE! Then get your offer in and make it happen!


Can I just ask any realtor for a PSA and they would be willing to give me one? Or would I need to get it under the pretence I am going to make an offer?

If you get one under false pretences, how are you going to return to the realtor in the future? You may need them to get referrals, purchase other properties which they control, ect. What will then be your "relationship" with them be like?

Your business depends on relationships and networking.

False pretences destroys these things.

If you get one under false pretences, how are you going to return to the realtor in the future? You may need them to get referrals, purchase other properties which they control, ect. What will then be your "relationship" with them be like?

Your business depends on relationships and networking.

False pretences destroys these things.

Exactly! As I stated, my suggestion is to form/build a relationship. There are so many out there who go about their business under false pretense and out right lie. My suggestion was not really a suggestion at all, more of a warning of what NOT to do and I wanted everyone to read between the lines.

I knew that Will, but I have heard something so similar to this many times recently from so many different areas and posters, that I thought it would be a good Idea to repeat it in a very, very direct way.

The agent will be excited for the relationship, and stoked when you bring repeat business. I try to get at least 1 offer per day out. I was given this advise from an investor whom I admire very much, Mike Cantu. He once said "it is like playing the lottery for free." That really sank in when he said that. It is exactly like that. Send one offer a day and something is bound to get accepted. When it does, it is like hitting the 20k prize money scratcher!

Certainly a viable strategy, however, I am of the belief that myslef and my agents do not want to go through the work and efforts to make 30-60 written offers each month in hopes to hit the lottery.
I go more for the outside lines of roulette where I have a 50%/50% shot. That keeps the work load (paperwork) down and the time to investigate 60 homes each month.
The way I do it, I may walk through 5-10 homes per month, make no more than 2-4 offers per month, and get one or two accepted. That is how I do it and teach it.

Thank you for the information, Will. And everyone else. I've got a contract, but it needs some editing just to be sure it's legal in California.

My goal is to close four deals by the end of the year. That has been my goal all along, but I've been putting it off for so long. If I can get one closed I will be happy as long as I still have leads on more.

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