One of the most difficult aspects of getting your real estate investing or wholesaling business off the ground is overcoming the fear and uncertainty that comes with attempting something new. Many beginners get stuck on the sidelines suffering from analysis paralysis, thinking that if they just buy “one more course”, they will finally feel confident enough to get off the fence and start doing deals.
The reality is that the fear and uncertainly will never go away no matter how many courses you buy, or how many bootcamps and seminars you attend. The only way to get over your fears is by getting off your butt and taking ACTION! Even if the actions being taken are baby steps, they will help build your confidence, and will also build momentum that will carry you forward into taking even bigger steps, until one day you will look back and wonder what you were so scared of in the first place.
Following are 4 action items that you can take (starting right now), that will help get you off the fence and on the road to becoming a successful real estate investor or wholesaler.
Attend a REIA meeting in your area and pass out business cards: Networking with other investors and wholesalers in your area is something that will help you out tremendously, especially when you are just getting started. It may seem intimidating at first, but you have to start somewhere, and local real estate club meetings are the perfect place to get the ball rolling.
Ask a successful investor or wholesaler out to lunch: There’s nothing more inspiring than sitting down and rubbing shoulders with someone in your own market who is out there making things happen. If you don’t know of any successful investors or wholesalers in your area, you can probably find one or two of them by completing #1 above.
Practice talking to sellers: The only way to get over the fear of talking to sellers is to actually talk to sellers. I know this probably sounds too simple or obvious, but it is true. When I was first getting started I was scared to death of talking to sellers, so I would make myself sit down at my desk with the real estate classified ads and not get up until I had cold called 10 sellers. I did this every day for several months, and I can tell you that my fear of talking to sellers all but disappeared.
Practice making offers: If you plan on becoming a successful investor or wholesaler, you might as well get used to hearing the word “No!” This business is a numbers game, and the more offers you make, the more likely you are to score a deal. Getting in the habit of making offers on a daily basis is one of the most profitable habits you can develop. If you don’t have any leads of your own to make offers on, do what I did and whip out the classifieds and start dialing for dollars!
Momentum is a very powerful force, but one that can not be created by sitting on the sidelines in fear. While there is no guarantee that taking any of these action steps will result in immediate cash in your pocket, the experience and confidence you will gain from doing them is something you can not put a price tag on!
Photo: Salvatore Vuono