How do you get started in the real estate industry when you are terrified of making mistakes?
Real estate investing continues to separate itself from other careers. It has become synonymous with lucrative paydays for those who dedicate themselves to its craft. Yet, even with its potential, many continue to teeter on the fence, fearful of making any power moves. How do you overcome your fear to get more of what you want?
The Need for Real Estate Investing
Real estate investing is becoming a necessity for everyone. The average worker just can’t keep up with rising rent, taxes, and healthcare costs without the additional income and wealth building real estate offers. Even those that are able to can barely break even. Others love what they are doing in their careers, but know the pay will never cut it. There are many ways to invest in real estate; from buying your own home to a vacation home. Whatever you are starting with, and wherever you want to go, real estate investing could provide the path.
Fear vs. Need
Despite the obvious need to invest in real estate, many are still fearful; not necessarily of real estate, but of making the wrong choices. It is wise to be careful about what you invest in. It’s smart to bulk up on your real estate investing education a little so that you know what you are doing, and what to avoid. It’s smart to look for ways to reduce risk. Yet, the truth is that there are rarely completely perfect moments or deals.
More importantly, aspiring investors need to take a real look at what is holding them back. Understand what you are getting into, and the ramifications of your actions. Opportunities will come your way, but they are no good if you are fearful to act on them. Do what you can to get caught up in the industry, and your hard work will be rewarded accordingly.
It is true that no type of investment is 110% risk free. However, real estate, done right, is relatively safe.
Get Uncomfortable
This is one of those situations where individuals really need to get uncomfortable and dissatisfied with where they are at. If there is a single regret that active real estate investors have, it is not investing sooner than they did. It’s unlikely you’ll meet anyone who regrets investing in real estate. Understand how volatile and scary your current situation is, and how you can solve that with real estate.
Make a Plan
Without a plan, it is too easy to do nothing and not accomplishing anything. Set some goals, set a hard timeline, and create an action plan to get you there. This doesn’t have to be a voluminous business plan. It can be one sheet of paper with bullet points, or even taking a marker to your kitchen calendar.
Create a Checklist
Fear normally boils down to the unknown. As kids, we are afraid of the dark because we don’t know what is hiding in it. Fear of the unknown is equally terrifying for adults. Fortunately, there is an easy solution for both: turn the lights on. Create a checklist of what you need to know to gain the confidence to invest. Make a checklist of the things you need to learn, or facts you need to know. Look them up, find a course that will teach you, or delegate the research to someone else. Knowledge is power within the real estate industry.
Partner Up
Consider partnering up with a more experienced investor that can take you by the hand and guide you through the process, until you are confident to run by yourself.
Commit
Commit to investing in real estate. Commit to daily action and progress. It doesn’t have to be much at the beginning. Perhaps just reviewing some real estate course material for an hour, checking out new home listings, driving the neighborhood, or sending a handful of emails is enough. Just do it.
