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SCARED AS HECK!! - Posted by Twilkins
Posted by Twilkins on August 10, 2004 at 18:15:37:
You know after being in banking for 12 years and the automotive sales industry for 11 years you would think
there’s nothing that should bother me. But here I sit
up to my nose in debt, rode around found plenty of property
here in AR, but so scared I’ll make the wrong move The only other thing I’ve done is read and reread the articles which are fantastic, but simply afraid to take the plunge. Can anyone relate to that feeling when you know you deeply deeply want to start making the best of the rest of your life, but it all seems so unapproachable.
Re: SCARED AS HECK!! - Posted by jasonrei
Posted by jasonrei on August 12, 2004 at 08:27:12:
I think my fear came from not having much belief that it would work. I THOUGHT it might, but I wasn’t too sure. I got in there and slopped it up for a while. Mangled some deals up, but didn’t take too big a hit. Even managed to come out ahead. Every deal SHOULD have been a real nice one. Then I got interested in other things and quit real estate.
In my late 20’s I thought back on what I had done yrs earlier in real estate. I decided to get back into it. This time, I didn’t have any fear because I KNEW I could find good deals. All I had to do was try harder and think things through a bit more.
Education is very important. Desire is MORE important. Keep learning. Fan your desire. Think about what it is you want. Make it clear in your mind and go over it again and again. I think your fear will lessen.
F.E.A.R - Posted by Jeff Dorais
Posted by Jeff Dorais on August 11, 2004 at 16:51:40:
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The Solution for FEAR - Posted by Clair-MO
Posted by Clair-MO on August 11, 2004 at 10:54:08:
Most beginners who really want to do their best in this business shows what I call “Beginners’ Jitters” wanting to be “perfect” in doing their first deal without committing any mistakes. Wrong mind set! You must learn from your mistakes as most beginners do, I did! The phrase “Analysis-Paralysis” denotes a negative connotation but when you examine carefully what is the basis for “Analysis-Paralysis” is the fear factor. Do you ask “What if the seller doesn’t accept my offer? What if the lender won’t lend the money for the purchase of my dream home?” Do you see where I am going with this line of thinking? By asking too many unnecessary questions with a negative connotation will bring the fear of going outside of your comfort zone. And you won’t do anything to achieve your goals (written down goals)for becoming a successful real estate investor. Do you see my point? The question is probably in your mind, how can I overcome the negative fear factor. Look at the the term “FEAR” in a positive light to your success as an investor. What do I mean by that? FEAR can be a positive influence, example you don’t put your hand in an open fire because you know you will be burnt, right? For fear of getting burnt you keep your hand away from the fire. I have found over the years, FEAR can be your most powerful friend in this business.
A. Find at least two aspects of real estate investing you want to do. For example: Lease options, Owner Financing or Flipping properties. Become an expert in these two aspects before going on to other aspects such as subject tos or foreclosures!
B. Enthusaism for the business! If you aren’t happy in doing what you are doing in life. You won’t be ENTHUSAISTIC in what you are needing to accomplish in life.
C. Attitude must be positive not negative! Do you see in a mole hill a mountain of opportunities for yourself? Think about it. Every successful investor that I know are folks with a positive attitude and doers! Doing what ever they have to do to become successful as long it doesn’t hurt others or break the laws of the land.
D. Reward yourself after you do a few deals to a trip with your family to beautiful Hawaii as an example.
Hope this has given some hope for your future as a real estate investor. Also, I would encourage you to join the real estate chat room on this site and come join us and learn more about real estate investing.
Re: SCARED AS HECK!! - Posted by Barbara
Posted by Barbara on August 10, 2004 at 21:43:00:
I can really relate to what you said in your posting about being afraid to “take the plunge,” to stop reading about it and to start actually doing it. As a college professor, burning out rapidly, I can really identify. I’ve read, read more, bought materials on e-bay, read them, bought more, read those. Analysis paralysis in the extreme. Money is short for me but I’ve begun to wonder whether it might be a smart investment to purchase some mentoring. Very expensive but it seems to almost guarantee movement and profit. I’m beginning to check out mentoring options. It seems that it would cost a few thousand altho I think one of the “gurus” has an option where mentoring is free but you split the profits of your first two sales fifty-fifty with the mentor. That being said, it could take weeks, even months, to select a mentor and in the process not make any real progress towards actually acquiring a property. Another thought I had was to “buddy-up” with another newbie (what an awful term) and maintain regular contact through the first months of beginning this thing…sort of a blind leading the blind arrangement…not for professional advice but for encouragement and moral support and accountability (“What, you haven’t made those calls YET?”)
Anyway, those are some thoughts from another person in the same situation. I know it doesn’t help to hear it but in the end, I think you have to have confidence that if so many other people can do it then you can do it also. I think it just takes one of those leaps of faith. Just do it soon because you don’t want to be in a position years from now wishing you had only done it sooner.
Good luck,
Barbara
Go in the shallow water first - Posted by Space Available
Posted by Space Available on August 10, 2004 at 19:48:33:
The easy way to get going is to use what you learn on this site to buy yourself a property to live in. Once that is accomplished and you’ve gone through the process, start looking for another property to move into and turn your first property into a rental or L/O.
Repeat this indefinitely.
If I still owned every property that I ever bought (over 30 years), my net worth would be about $750,000 higher than it is now and I would have about $6,000 a month in cash flow.
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what are you scared of- success? - Posted by Anne_ND
Posted by Anne_ND on August 11, 2004 at 08:38:00:
Barbara,
Looking for a mentor, in your case, is just another way to put off doing the deals. The kind of mentor you need is the one who will NOT hold your hand, but will kick you in the butt and say “get out there and do it”. Now, you may not be the kind of person who responds well to that kind of stimulus… not everyone does. But you do need to stop shilly-shallying and start going to houses and making offers.
The most important points about real estate investing: buy from motivated sellers, know your market and have an exit strategy.
In addition there are two books I would recommend you get: “Deals on Wheels” by Lonnie Scruggs which describes how all real estate is done, not just mobile home deals (read it at least 10 times to get all the info packed in that little book) and “Millionaire Women Next Door” by Thomas Stanley. The latter book will provide you with many great ideas for making money and plenty of inspiration.
A final point- you should start spending time with people who have done what you want to do, NOT with those who spend their time wingeing and moaning about how unfair it is that they work so hard and get paid so little. I know all about the college professor schtick, having been one myself. Go find a real estate investing group to learn from, and be sure to find experienced people as well as newbies.
good luck!
Anne
Re: SCARED AS HECK!! - Posted by Nox
Posted by Nox on August 10, 2004 at 22:50:49:
50 / 50 on 2 sales doesn’t sound that bad, to learn the process and get the biginner fear out of th way.
I know I nervous about my first call, if I had more of a financial backing behind me I don’t think it would be that bad, but that fact that the end result is basically determined by my negotiation skills, makes me really get nervous, but excited also. I mean think about it, THIS could change our lives for the better.
Re: Go in the shallow water first - Posted by Chuck Rosenberg
Posted by Chuck Rosenberg on September 05, 2005 at 06:33:09:
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Re: Go in the shallow water first - Posted by Patrick
Posted by Patrick on August 11, 2004 at 12:53:45:
I’m a fearful shallow-feeder, right now, but taking my first step, and it’s VERY scary! But I’m going to do it.
Because of a job transfer, I’m leaving the only house I own in Los Angeles, and moving to Florida. Most of my friends say sell (lots of California’s are “cashing out”) and buy another - bigger! get more for your money in Florida! - house there. Others recommend selling my L.A. home, buying in Florida, but also using some of the cash to buy investment property in Florida.
Instead, I’m going to keep my L.A. house, and rent it out, and buy another to live in in Florida. That way, I’m instantly a real estate investor, without having to go through another two-step dance - which FEAR could easily cause me to delay doing. It would be easy enough to sell L.A., and buy another home in Florida, but then I’d be faced with the fear of buying my first investment property - all the questions / analysis / hesitation that comes with doing the first deal.
Now, I understand many of the risks of my decision (the L.A. market could crash, managing property so far away, etc) but I think that doing it my way will: 1) enable me to become an investor right away, 2)prevent the fear from taking over later.
It IS scary just making this choice - my wife REALLY wanted to just sell and get another house, but then she’s never really delved into the financial aspects of investing in real estate. But I’m very excited when I realize that in a few weeks, I’ll become a landlord/investor - the thing I’ve read SO many books about, listened to SO many tapes about, been to SO many seminars about, for so MANY years! Now, it’s about to happen! But I’m definitely sleeping less right now and stocking up on Rolaids! : )
Re: what are you scared of- success? - Posted by kwack41
Posted by kwack41 on August 11, 2004 at 22:03:19:
Anne, have they really done a book called “millionaire WOMEN next door?”
Re: what are you scared of- success? - Posted by Anne_ND
Posted by Anne_ND on August 11, 2004 at 09:51:23:
this email, upon reflection, is a little crabbier than I meant it to be… I have been recently frustrated by conversations with former colleagues who don’t want to take financial risks, yet they are risking so much by not investing in anything but new cars and nice clothes.
Barbara, I would further add that the night before I bought my first real estate investment I was unable to sleep I was so terrified of signing papers that would obligate me to pay back $75,000. It seems funny now, but it was a big step.
hang in there, it will be worth all the worry, just be sure you take action!
Anne
Re: SCARED AS HECK!! - Posted by mtd1523
Posted by mtd1523 on August 11, 2004 at 01:53:04:
I believe that if it is something you really, passionately want to do, you will do what it takes and face all of your fears to get you to your goal.
All it takes is a few times of stepping out of your comfort zone to realize your own, personal potential.
Good Luck!
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Your friends are right… - Posted by randyOH
Posted by randyOH on August 11, 2004 at 19:36:12:
This would be an ideal time to sell in LA. You’re looking at absolutely no appreciation for at least 10 years and the downside could be as much as 50%. LA RE is incredibly overpriced. Train wreck waiting to happen. Remember NASDAQ late nineties? Same kind of market. Totally irrational.
If you don’t sell now, I quarantee you will be kicking yourself five years from now.
Re: Go in the shallow water first - Posted by Space Available
Posted by Space Available on August 11, 2004 at 13:36:40:
Go over my post again. Use what you have learned here, on this site and others like it. Try really hard to get a suitable home with little or none of your available cash. Buy Sub-to or with seller carry-back financing if possible. Set aside as much money as possible for opportunities you may come across.
Re: Go in the shallow water first - Posted by Denise
Posted by Denise on August 11, 2004 at 13:24:42:
Just make sure you hire a competent property management company. Don’t try to manage it yourself from so far away. Good luck.