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SHOW NOTES FOR EPISODE 422: INVESTORS’ BIGGEST MISTAKES #1 – NOT STARTING
The real reason most people don’t start investing in real estate earlier is fear. Fear takes many forms, but the three most common forms are the fear of failure, fear of success, and fear of the unknown. In today’s podcast, Bill will be discussing the toughest step in real estate investing and how to overcome it.
When I first thought of investing, people told me I was crazy. As a matter of fact, most of the people that I shared my dream with warned me about real estate investing. Of course, most of them had not done it themselves! But all were more than willing to share their horror stories of a “friend” who tried to invest in real estate. They filled my head with “what ifs”:
- What if you cannot resell it after you buy it?
- What if you cannot do the repairs?
- What if someone gets hurt on your property and you get sued?
- What if you can’t make the mortgage payment?
- What if… What if… What if ….
And I’ll have to admit – I was getting pretty nervous.
So, when I bought my first three properties (all at the same time), the fear of failure was pretty high, so I decided to reduce that risk by learning as much as I could before I made those purchases. I read the books, did online research, watched the YouTube videos and listened to podcasts. And, believe it or not, it worked! Knowledge is a powerful antidote to ignorant fear.
Another common fear is the fear of success. For many reasons—and almost all of them deal with the past—the fear of success haunts many people, because they feel undeserving of the success.
I can remember many times in my own life when each time I got close to grabbing that “brass ring,” I always managed to find a way to sabotage myself. I did this subconsciously because in my mind, I was not worthy or deserving of the prize. After closer analysis, I realized that these feelings originated from things that I had done in my teenage years that made me feel undeserving as I went through my twenties. It was only after I confronted these demons, came to an understanding, and accepted them for what they were was I able to fulfill my true potential and begin capturing and enjoying success.
If you suffer from the fear of success, it’s time to face whatever problem you had in your past, understand what it is, and why it happened. Come to terms with it so it doesn’t continue to affect your future.
Every one of us has had struggles in our past. What we have to realize is that the past is the past. To re-live it and let it affect your life future is counter-productive. It’s your life, and life is for living. To allow your own or someone else’s—action in that past to continue to haunt your future is like suffering a slow death. The most powerful thing you can do for yourself is . . . Forgive. Whether it is yourself or someone else, forgiveness is powerful medicine. Sometimes you just need to learn to forgive and move on. Forgive today, and enjoy freedom tomorrow.
The fear of the unknown is the last of the big three. Who wants to go into a dark room? Who wants to go to a party where you don’t know anyone? Who is not nervous about buying their first investment property? Whenever the outcome is uncertain, fear raises its ugly head.
In real estate investing, the way to conquer fear is through knowledge. The way to get knowledge is to read books, listen to podcasts and network with people who are already doing what you want to do.
Prepare yourself for battle and you will be victorious. The easiest way to prepare is to follow someone who’s been in battle already. Why get the scars yourself? That’s why I share the “good, the bad and the ugly” on this podcast. Hopefully, you listen to my horror stories and say, “Gee, I can’t do any worse than Bill!” lol
Universal among real estate millionaires I’ve talked with on my show is the wish that they had conquered their fears earlier. If they had just started earlier, whether it be six months, one year, or more, they all realize that they would have been that much wealthier today.
They realized that after they took action, their fears went away. They learned what they needed to learn, to successfully invest and became wealthy as a result.
I applaud you for doing your research, seeking out the lessons of successful people, studying them, and applying them to your real estate career right away!
If you’re still hesitating, listen to one more short podcast: 364: Just Do It!
And remember, keep moving forward and may God bless you!
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Additional Episode Sponsor: Meno Studio – menostudio777@gmail.com
