QUOTE OF THE WEEK
– WILL SMITH –
Real estate investing can be just as much about the intangible as it is about the tangible. That’s why in this edition, I want to talk about some intangibles that can stop you from getting started such as fear. As I’m sure you’ve heard many times in your life, FEAR is nothing but False Evidence Appearing Real, yet it stops plenty of folks dead in their tracks from doing many things in life and real estate is no exception. If this is you, hopefully, by the end of this article, you will feel empowered to put fear (or anything else that’s holding you back) aside and take the leap into real estate riches!
Also, as always, I’m including a few words of inspiration to help you on your life journey and some suggested materials to help you on your real estate journey.
So, without further adieu, let’s ROCK THE REAL ESTATE!
Lena W. Claybon
What’s Stopping You From Taking The Leap
I love the quote by John Assaraf that says, “If you’re interested [in something], you’ll do what’s convenient (in this case like listen to podcasts, do research, read a book…etc,) but if you’re truly committed, you’ll do whatever it takes.”
In the five years, I’ve been in real estate, I’ve seen many that have fallen into both of these categories – those who are just interested and spend a lot of time gathering information, and then those who are committed and do what it takes to get started and make money for themselves and their families.
What I found that makes the difference is, it usually starts with their “why”. Why are they doing it? If the “why” is powerful enough, whether it’s to leave a 9-5 job and be your own boss, or it’s to break the cycle of living paycheck to paycheck or it’s to put your kid through college, whatever your “why” is has to be compelling enough to make you commit. Without the commitment, when the going gets tough, it will be much easier to quit. So, let’s look at three of the top reasons people never get started in making their dreams a reality in real estate.
Fear is a very powerful dream killer – fear of the unknown, fear of failure, fear you’ll be made fun of, and the list goes on. But what would you do if the worst thing you feared happened?
What if you finally convinced yourself to plunge into the unknown, do your first deal and it failed miserably? What if friends and family ridiculed you and said `I told you so’? What if you lost money you really didn’t have to lose? Then what?
Well, it happened to me, all of it, on my first deal! And guess what? I SURVIVED!
Yes, it was painful. No, I didn’t like it. Yes, I thought I’d never do another deal. But, when the dust cleared and I was able to think straight again, I realized I had learned a lot by going through it and I certainly learned what NOT to do! So, when I convinced myself to try it again, this time I had more experience and I knew some of the pitfalls to avoid. I remember the second time around was far less painful even though I don’t think I made a lot of money on that one either. It really wasn’t until maybe the 3rd or 4th deal that I began to feel like I really knew what I was doing and I began to make money.
If I had stopped after the first try because I failed or worse yet, never tried because of fear, I would never have gotten to that point so I’m glad I did it and hung in there!
This is another one that gets a lot of people. I actually read a post online the other day by a guy that said this:
“..before I invest any money into [real estate] I should invest my time and do the following:
1. Listen to 100 Episodes of a real estate podcast
2. Read 15 Real Estate Investing Books
3. Take a Dozen real estate investors out to lunch or coffee.
4. Analyze 100 real estate deals, walk through a dozen open houses and attend at least 3 meetups
5. Live responsibly by spending 70% or less than what you earn.”
I’m not saying you shouldn’t educate yourself, but this is a little overkill, wouldn’t you say? You can always find more books to read and more podcasts to listen to but that doesn’t mean you’ll be a better investor. Accept that you’re not going to know everything or be perfect at it going in, but the fastest way to learn is by DOING.
This really is the Mother of them all. Confidence is not an easy dragon to slay and it doesn’t come all at once. I wish I could say there was a magic pill you could take and BAM! you’ll have tons of confidence, but unfortunately, it only comes by doing. You will have to do that thing you fear so much, over and over again, like picking up the phone and talking to a Seller, and probably fail at it a few times for you to build confidence. There’s just no other way around it.
But the good thing is, just like anything else, once you’ve done it a few times and get comfortable with it, you will begin to gain the confidence you need to become a pro and before long, you’ll be closing deals like you’ve been doing it your whole life and that’s when it gets fun!
You are, and ever will be, a perfect reflection of Spirit. You were Spirit; now you imagine yourself to be mortal; but by meditation on your true Self, and by performing God-reminding actions constantly, you can remember your forgotten Spirit-nature and remain in that consciousness through all futurity. Since you are immortal, do not burden yourself with earthly limitation.
Excerpt from The Royal Path To Self-Realization