According to the dictionary, fear is “an unpleasant emotion caused by the belief that someone or something is dangerous, likely to cause pain or a threat.”
But how can fear work to your advantage and when can this be your greatest enemy?
Having a little fear on your first investment is normal and beneficial to you. It will most likely keep you out of trouble. Questions like “will this property be profitable and attractive to renters?” and the likes will make you attentive to the details of the property you are considering.
On the other hand, fear can also be a hindrance if it becomes your biggest road block in making the right choices. If it stops you from choosing the right properties to invest in, it can be a huge challenge in making your dreams come true.
Below is a list of some inspiration in overcoming fear. I hope that this can be of some help.
Understand and set up your “why”
Know your personal reasons why you invest. Whatever it is, it should motivate you to keep going despite of obstacles in your way. This “why” must be strong enough to give you the push to overcome your fears.
An example of my personal “why” are: (1) I want to take control of my time and (2) I want to retire with financial freedom. I want to give my time to my family and not sacrifice it because I have a job to do and I also want to travel with my loved ones and live life to the fullest.
Knowledge is Power
Knowledge gives you power and confidence to close a deal like a pro.
Attend talks and symposiums. Create a network of people through real estate club meetings. Learn from the experience of others. Tag along when they inspect, remodel, appraise or perform some task associated with their deals. Read some books to improve your knowledge including books about finance, management, health and love. Explore other sources of inspiration. Not everything you read or research on has to be about real estate. Sometimes, we find the best inspiration from the oddest places, people, situations, etc.
Have a balance of knowledge in all the aspects of your life. A successful business will be worthless if your health and relationships are unstable. Always remember to take care of the goose that lays the golden eggs and filling your heart and mind with new knowledge is a good way to start.
Your biggest challenge related to fear is a perceive drawback. You have to figure out that this is all in the mind.
Your action depends on how you think. If you start on thinking about limitations, like having a “good” credit score or the amount of a down payment needed to purchase your 1st home, you will most likely lose the opportunity. Perfection is only an illusion. Nobody in the real estate industry has a perfect credit score.
Try this out. This might be helpful. Every time you see things as a stumbling block, ask someone that is independent from your situation to give you their two cents. They could provide you with insights that you might not figure out on your own since you are too close to this.
In conclusion, there are a lot of opportunities up for grabs and there should be nothing that should hold you back from purchasing your first property. There is so much knowledge, money and professional help available to you. You just need to overcome your fear and take the first step. Make it happen.
So, first of all, let me assert my firm belief that the only thing we have to fear is… fear itself..
Franklin D. Roosevelt
How do you overcome your fear? Share your thoughts.
RJ Pepino is Co-owner of Columbus Turnkey Houses alongside David Payerchin licensed Realtor with ERA Real Solutions Realty. Together they have bought and sold over 300 homes since 2005.
They offer investors a full service turnkey real estate solution. Call today for a free consultation 614-285-3600 if you are looking for Columbus cash flow properties, Columbus wholesale properties, Columbus investment properties, Columbus real estate, Columbus turnkey houses is your premiere source for Columbus investment properties.