to much reading/beginners fears

14 Replies

Is it a such thing as to much studying on the subject? I have been reading and picking up any & everything on the topic. But I have not picked up a property due me really nervous about starting.

Any advise or tips

It's time to get your feet wet. I was nervous and excited at the same time. It's scary because you don't know what to expect, but you won't know how it is unless you try it. Here's a tip since you want to wholesale: don't overprice your deals; leave some equity for the buyers.

Thank you very much for the advise. I fear failure like like totally scared that I am gonna mess this up.

What exactly do you fear? Do you understand the process? Are you afraid of what potential buyers might say? Are you afraid that you are not finding deals? Are you afraid you don't know what the ARV might be?

It might help to understand your fear. In my experience the only way to over come most fears is to actually get out and do what you fear. Book knowledge is necessary, but it can't replace experience and the understanding that comes from applying what you learn.

Perhaps you can find someone in your local REI groups that would be willing to let you work with them.

Hey Mangus. Thanks for being honest about your fears. Keep in mind that - you stay where you focus - meaning if you're going to choose to direct you're attention and energy to what you think you're going to mess up that's where your focus and your behavior are going to stay. Wholesaling has a number of steps to it. Focus on breaking down each of the steps involved in a wholesale deal and check off the steps/actions that you are confident that you can do, then come back to this site or other investors you know with the specific aspects of your deal where you need assistance. You're going to make mistakes. Its choosing to learn from your mistakes that will make you successful.

@ Charles I fear that gonna get on the phone with my first seller and or buyer and just go blank. I feel very prepared for this but still have a little doubt in the back of my mind that I can get it done.
Kevin you have great advise on breaking it down. I will vist my REI Group

Originally posted by @Mangus Allen :
@ Charles I fear that gonna get on the phone with my first seller and or buyer and just go blank.

I worked from a script at first. I used one that was put out by Dan Doran (the marketing man....not affiliated in any way...). No matter which way my seller zigged or zagged in the phone interview, I was able with a question or two to bring them back to the script. That's the beauty of it.

Dealing with people in person....that's an entirely different skill set, but can also be learned if you do not have the natural gift of gab.

I would try some role playing. Get someone to be the seller on the other end of the phone, and practice going through your own script until you feel comfortable.

Sounds like a variation on "analysis paralysis". Some people have to re-read the same thing several times before it takes. Just like in school, some people had to re-take a class in summer school. Better to understand as much as you can if you aren't confident. Experience will build confidence, just as in any other undertaking. The cool thing is that if you mess up, what's it cost you? I'll bet very little when you're just starting out.

You also have to watch out for readings that seem to contradict - there is sometimes more than one approach, and you'll have to determine the approach that fits you.

Do a search here on the forums and on the BiggerPockets Blog on "analysis paralysis" or "paralysis analysis" as Steve mentioned. You'll find many discussions and articles on the topic that I think you'll find to be very helpful.

Refer to these two quotes, there is a lot of truth and reality in them!

"The rich act in spite of fear while others allow fear to stop them"
"The only thing to fear is fear itself"

I would like to thank everyone for their advise on my issue.

Mangus, you are relatively new here. I would bet it takes on average 6 months for someone to do their first deal. Of course some will go faster and some slower. What matters is "Are you constantly moving forward?"

Originally posted by Mangus Allen:
@ Charles I fear that gonna get on the phone with my first seller and or buyer and just go blank.

This is why I tell new investors to follow every lead - even the crappy ones. Get practice on the ones that don't matter. The more you talk to people the better you will get. If you screw on up it doesn't matter there are more deals to be had.

Tip 1) Be ready with a few stock answers, often these are just a way to stall.
I'll have to ask may partner and get back to you
I don't know the answer to that. I will check and get back to you

Tip 2) After every call think about what you could have said better. As you think of how ways to say it better, add it to your list under tip #1

I heard a quote once, something along these lines

"The poor take forever to make up their mind, and then change their decisions quickly"

"The rich make decisions quickly, and take forever to change their minds"

Sayings are just saying, take it with a grain of salt.

But essentially, I like to think of it like this... once you know the 80% you need, take the leap, learn the other 20% from experience. No better way to learn IMHO.

John Espinosa- I heard that one before from a older car salesman. I started looking for a buyer then gonna find the property.

@ Ned Carey- Your advise is also right, and I attend to follow every lead even it goes no where the age old say practice makes perfect.

I would like to thank everyone for giving great advise to me being very honest about my fears.

I spent a year learning about it before buying. I think that was too long, but it worked out because the housing prices kept dropping in this area during that time. But I think there are a lot of things you will only learning by doing, not by reading books or even by looking at BP.

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