It is always interesting to analyze the thoughts of others. I find that it helps to make decisions, and have seen this to be the case here on BiggerPockets. There is a discussion taking place on our forums about fears that I want to share. Here are some highlights:
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What was your biggest fear/concern; getting into investing?
My first concerns were; who do I turn to for help. Once I found a person already doing it, I picked their brains and felt more comfortable and went full speed ahead.
I was also scared of getting bad tenants and not knowing what to do about it
My biggest fear was not being able to get out of a property that I couldn’t handle.
My biggest fears were;
1. Somebody would always yank my chain (an employer)
2. I would never have the lifestyle that I dreamed about
3. I would really mess up, lose money and fail.
How did I overcome these?
1. I did 2 weekend seminars with an experienced investor.
2. I looked at a lot of deals (you can do that on this site and learn a lot)
3. I got into action, placed ads, signs, etc.
4. I got my team together (not employees) attorney, title co. a list of fellow investors/buyers
5. I read a book per week concerning investment, success psychology, business
6. I asked a lot of questions and still do. Leave all arrogance behind. None of us knew anything about re investing when we were born. It has to be acquired. Don’t begrudge the money you spend on your education.
I’ll be quiet now Laughing
– mike mitchell
My single biggest fear was NOT doing it and not taking advantage of the opportunity in my life. My worst fear was that my fear would win, that I would end up in the same rut as everyone else because I backed down.
– Ryan Webber
What about you? What were/are your fears?