My journey to the Millionaire Investor

Wholesaler · Saint Louis, MO · Member since 2013 · 336 posts · 54 votes

I am scared…. I am scared because I am about to venture into the unknown where many people have been before some have succeeded some have failed. I am scared because a TV Guru said I can’t get rich really quick but I discover on Bigger Pockets there is no such thing, it is get rich slow. Finally, I am scared because if I succeed with finding and completing my first deal, my world is going to change…

Learn, Network, and Succeed

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J ScottPro Member

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Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes

12y

Originally posted by William T.:

I am scared….

The day I stop being scared is the day I realize I'm not pressing forward hard enough...hopefully you'll learn to live with the apprehension, but you don't ever want it to go away...

Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)

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William T.
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Wholesaler · Saint Louis, MO · Member since 2013 · 336 posts · 54 votes
12y
I decided to start blogging because it will force me to dedicate more time per day on real estate. I do spend several hours on Bigger Pockets every night while I am working. I enjoy it and it is a great time to learn new things while everyone is sleep and respond to multiple forums. However, I don’t do as much marketing as I should and it is not like I don’t know what to do or who is my target audience. My problem is I am comfortable and make a decent salary being a Network Engineer. So is it I lack motivation, not have realistic goals, maybe don’t have money to dedicate to marketing… Nope, it is simple… How bad do I really want this? I have not wanted it too bad at all lately until I have seem to come to a stopping point. I can’t really call it a stopping point but really a point to where I NEED to experience wholesaling. Speaking to movitated sellers, running into snafu’s, and closing deals. My first deal still escapes me and I have seen people start on BP and then turn around 2 or 3 weeks later close on their first deal. I can no longer see this and be fine with it… I am ready! I will start tomorrow, sending out marketing at least four times a week and collect data for 5 times a week.
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Mehran K.
Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
12y
Feeling scared is a normal reaction to this type of change. Don't think you're the only one! What I see is your courage for going forward despite your fear and being scared.

One thing that helps me is visualizing myself as a successful real estate investor, living the life I want. I write goals my goals in the present tense like:

"I earn a six figure passive income from my real estate investments"

The more I do these techniques, and back them with purposeful action towards those goals, the more it becomes real and the more confident (less scared) I become.

It get's to the point now where I'm so dead set on this happening, that I'm driven towards doing what I need to do. I am no longer "comfortable" with where I am and have been at my job/income. I feel uncomfortable that I'm not already retired from my job and enjoying my passive income. I don't even fear failing at it or change anymore, it's happening for sure. What an amazing transformation :)

Hope that makes sense! A lot of those concepts I learned from Brian Tracy and Napoleon Hill.
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William T.
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Wholesaler · Saint Louis, MO · Member since 2013 · 336 posts · 54 votes
12y
The 2nd reason for this blog is… to demonstrate, network, and motivate. Once I start on an adventure, it consumes me and I have the tenacity to want to be the best. I understand Real Estate Investing is a team sport per say but I still want to have the best team. That’s just who I am, I have also learned while becoming a wholesaler. You must have three qualities to be a successful wholesaler IMHO: Integrity, Discipline, and (most important) credibility. Wholesaling is a business and it should be started, maintained, and flourish like one.

Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive to completion. Jack Welch

This is the first post of becoming a real estate investor
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William T.
OP
Wholesaler · Saint Louis, MO · Member since 2013 · 336 posts · 54 votes
12y
@Mehran K. Think and Grow Rich blew mind away and I have heard a ton of people refer to this book on BP podcasts. It is one of the reasons why I picked this book up in the first place. I also read the Millionaire Mind which has really changed me too. Another two reasons to be on the hunt for my first deal.
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Matt Looney
Investor · Little Rock, AR · Member since 2013 · 50 posts · 40 votes
12y
@William T. congrats on hitting that certain point in your life and knowing what to do with it. You're right, it's not a stopping point, it's a jumping off point. It's the point where you realize you have the knowledge and the ability to begin the journey to where your future lies. Will there be pitfalls? Sure. Will there be things that catch you by surprise? Sure. What will carry you through that is your desire to succeed, your dedication to further education, and finally your resolve. It sounds like you have a great head on your shoulders and you know what you want. I wish you all the luck in the world.
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John Moore
House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
12y
Jump in the water is fine. The deals are all over the place, as they say sometimes you can't see the forest because of the trees. As you have just done, let the world know you are ready to make the commitment and deals will present themselves. Good luck we all await your first deal.
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Mark Tamondong
Virtual Assistant · Austin, TX · Member since 2012 · 51 posts · 2 votes
12y
I highly recommend people to also read these books - http://www.agentcampus.com/blog/5-real-estate-books-you-must-read/

These books, personally speaking, are really great to read, improves your perception on effective marketing, networking and earning as well as managing your investments well.
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William T.
OP
Wholesaler · Saint Louis, MO · Member since 2013 · 336 posts · 54 votes
12y
@Mark Tamondong I have read Gary Keller's "The Millionaire Real Estate Investor" but not the agent and of course "Think and Grow Rich". The E-Myth, Rich Dad, Poor Dad, and I will add the Millionaire RE Agent to my list of books to read.
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J ScottPro Member
Moderator
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
12y
Originally posted by William T.:
I am scared….

The day I stop being scared is the day I realize I'm not pressing forward hard enough...hopefully you'll learn to live with the apprehension, but you don't ever want it to go away...
Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
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Justin B.
Lakewood, OH · Member since 2013 · 193 posts · 60 votes
12y
William T,

Great site, simple, elegant. I like it.

Also, I commend you for recognizing your fears, confronting them, developing a plan to work around them, and finally enlisting in others to hold you to it by blogging your experiences.

I like how you put it, "Real Estate is a Team Sport"
0 Reply
Billy Rowe
Louisville, KY · Member since 2013 · 32 posts · 3 votes
12y
GOOD LUCK!!!
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Shaun Reilly
Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
12y
@William T.

Nice posts and great job putting yourself out there to hold yourself accountable. I've been trying to do that myself on my BP blog to have it out there what I need to do and that I am actually doing it.

I've seen a lot of your posts here and it is clear you have been learning and are willing to help others so you have the right stuff to be a success. Once you start having the leads come in I think you will be able to take them down and will do well for yourself and the people you work with.
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Account Closed
Accountant · Philadelphia, PA · Member since 2013 · 303 posts · 210 votes
12y
@William T. loving your posts!!

Definitely don't stop the way you're thinking. What the mind can believe, it can achieve!

Get out a calendar and mark your goals and make it happen!
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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
12y
If you are not uncomfortable then you aren't pushing yourself enough to grow. Everyone has fears and having success at first can be a weird feeling because it Is not normal and a new way of living life for many.

There is something new for everyone to try no matter the experience level. There are those who are strong and will admit it and those that still have fears but act like they do not.

Set you goals really high but be realistic in small actionable steps. You might be further along than you even imagined in a year etc. Your goals will change over time and need tweaking. Goals and destinations will change but the JOURNEY will always be there in life. That's why I am just enjoying the ride while I am here.
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Daren H.
Real Estate Investor · Desoto, TX · Member since 2013 · 560 posts · 528 votes
12y
I have learned in life that a healthy dose of fear is a good thing. It pushes me so that I do not want to fail. It also tells me when there is thick black smoke, there is usually a fire :)
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William T.
OP
Wholesaler · Saint Louis, MO · Member since 2013 · 336 posts · 54 votes
12y
I would like to thank everyone for the words of encouragement. I have made more head way today than I have in the past month. I also learned something new of calculating the 2% Rule, thanks @Mehran K.

Gross rent / Total Cost basis (Purchase Price + Rehab/other costs) => 2%

http://www.biggerpockets.com/forums/88/topics/78367-2-rule-on-sfr

I am in BP School five days a week and sometimes on Sunday. Never thought I would be in school for so long and enjoying it. I have found my first possible property and going to take a look at it tomorrow. Everyone have a great weekend.

"Education is the most powerful weapon which you can use to change the world." Nelson Mandela
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Jerry W.Pro Member
Moderator
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
12y
@William T. , I love your guts and enthusiasm. realizing you are afraid takes away some of the fear and helps you tackle it. Even experienced investors have fears. I am looking at out of state rental purchases and man it really scares me. Step by step I get closer. Investigate, get my financing set up, look for property management. It takes time. Write out your next 5 steps, what needs done to achieve them, and when you will do the next step. Good luck, I hope to hear about your first deal soon.
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Mehran K.
Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
12y
@William T. Good to see you picking up things and putting in the time to educate yourself. Sometime's people try and compare themselves when they are starting to other investors who may have been investing for YEARS. They then start thinking they aren't smart enough or don't have what it takes.

Don't compare your level 1 to another persons' level 20. Everyone was born with a clean slate, had to start from scratch, and educate themselves to get to what they're doing now.

You're doing everything right so stick with it! You put yourself out there, now we get to hold you accountable :) Good luck on the property tomorrow.
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Mary B.
Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes
12y
Hey William,

Absolutely overstand where you are coming from on the comfort of your day job and fear of failure, perhaps the fear of too much success even. I'm not sure what you'd consider too much success but failure is a necessity to get there that's for certain. You can't do either without trying. Blogging and reading your eyes out is all well and dandy but you need to get out into the mix and put that knowledge to action. *There's much to be learned through actions that one can not learn through reading alone.

This weekend make a calendar of things you will do in the coming week regarding real estate investing. Put copies on the wall in your office at home, your fridge and your bedroom. Since you're on the computer get a small list of say 5 properties that you will schedule to visit. Doesn't matter if they are MLS or off-market just go and get a physical view of the inside and out of the properties. This weekend you can do drivebys of the comps. Next weekend do another calendar of things to do in REI yet extend it for 2 weeks instead. Something that will call for you to increase activities as an investor. Send out yellow letters, cold-calling, door knocking etc. *Get other wholesalers in the STL vicinity to include you in their listings, send you leads. This helped me when I was stuck drowning in comfort and needed that kick(not push). Remember the saying: 'dont speak about it be about it.'? If you really want it you'll make it happen and get it done.... keep us posted!

Kudos,

Mary
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William T.
OP
Wholesaler · Saint Louis, MO · Member since 2013 · 336 posts · 54 votes
12y
@Jerry W. & @Mary B. Thanks for the encouragement, I don't know normally like to announce my goals because I hold them close to me because I don't like to fail... which equates to me being scared.

1st Weekend
2nd Weekend
3rd Weekend
Short Term Goal – To make my first deal, generate more leads, to build credibility, and find more cash buyers.

Long Term Goal – To build enough capitol to put down 20% on first multi family owner occupied, to mentor other wholesalers, and coin the (IMHO) BP mentality (learn, perform, and motivate).

I have heard a ton of podcasts from different people, BP is mentioned so many times... BP educates a ton of people across the world and it is great people are willing to give back because they really don't have to. I appreciate each every person who have held my hand when I was new and those who are pushing me forward now.

Thank you... thank you....
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William T.
OP
Wholesaler · Saint Louis, MO · Member since 2013 · 336 posts · 54 votes
12y
@Jerry W. & @Mary B. Thanks for the encouragement, I don't know normally like to announce my goals because I hold them close to me because I don't like to fail... which equates to me being scared.

1st Weekend
2nd Weekend
3rd Weekend
Short Term Goal – To make my first deal, generate more leads, to build credibility, and find more cash buyers.

Long Term Goal – To build enough capitol to put down 20% on first multi family owner occupied, to mentor other wholesalers, and coin the (IMHO) BP mentality (learn, perform, and motivate).

I have heard a ton of podcasts from different people, BP is mentioned so many times... BP educates a ton of people across the world and it is great people are willing to give back because they really don't have to. I appreciate each every person who have held my hand when I was new and those who are pushing me forward now.

Thank you... thank you....
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Peter Nguyen
San Jose, CA · Member since 2013 · 4 posts · 1 vote
12y
Good stuff @William T. Good luck with your goals!
0 Reply
Steven J.
Urbana, IL · Member since 2012 · 1k+ posts · 425 votes
12y
I'm with you man. I'm always feeling like I'm not doing enough but thats a feeling I've gotten more comfortable with. Great job on setting your goals. I'm planning my 2014 goals now. I plan to reread the E Myth and Think and Grow Rich as well as pick up some of the points from How to Make Friends and Influence People (thats a book I highly recommend as well).

I think as long as you're taking steps forward and moving in the direction you want to go you're improving!
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Rich Perrin
Involved In Real Estate · Ocean View, NJ · Member since 2013 · 44 posts · 1 vote
12y
Good luck William T!
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Oiluj Lopez
Investor · Middlesex, NJ · Member since 2008 · 53 posts · 7 votes
12y
Great job @William T.

This thread is just what I needed to read right now.. It's OK to acknowledge the fear that we have instead of pretending that it's not there.

Then set goals and develop action plans to tackle it!

Thanks to everyone who contributed with words of encouragement.. Much appreciated.
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