My fear of success in real estate... 7 posts by 6 users

Posted: 02/10/2007 at 07:12PM

Becoming financial successful in the real estate business takes time, time to learn effective methods of controlling real estate. It takes nerve to pull the trigger, to say “Yes, I will make an offer, yes, I will look at properties, yes, and I will learn specific methods of negotiating with sellers and buyers.

It has been over 40 years now in this business and I can still remember feeling the fear and the excitement of getting into real estate. There were times when I wanted to dump the idea of investing, there were times when my wife said, “Hey Charlie, get a real job, one that pays!”

Every time I took another seminar, read another book, listened to another tape or read the real estate classified ads I became more motivated to stick with it.

Looking back now, I am glad I did stay with it; I am pleased with my progress.

I have deep empathy for those just starting. I know what they are feeling and can understand their apprehension that I felt over 40 years ago.

I still have that same apprehension every time I do a new deal. I wonder on every transaction, “What did I miss, is someone trying to get over on me, do I understand this market, is there another shoe that will fall and dissolve my potential profit, will the government say no, you forgot this law, will this transaction have to be settled in court…….and so on….”

Fortunate for you, the start-up investors, there are many good coaches and great sites like this one and others where specific details on real estate investing can be had.

I sincerely wish everyone success
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Charles Parrish

Posted: 02/26/2008 at 10:21PM

Thanks for posting, Charles. I'm curious: How long did it take for you to develop enough passive income to quit worrying about covering your expenses? How many units did you own at the height of your investments? Did your wife ever stop suggesting you get a " real job" ? How long did that take?

Posted: 02/27/2008 at 09:51AM

Charles,

Great note.

As we both started her prior to the switch over I figured I would see what you have said in your profile. I received an error when I clicked on the button. Normally it means the user does not have a profile set up Not sure if that applies in your case. Consider this a heads up that something needs to be done so people will see your profile and otherwise be able to contact you.

Posted: 02/28/2008 at 03:04AM

Bubbles bursting means the dumb money is leaving the market just when the true investors are finding more deals with better profits.

Value investing depends on sellers being more motivated to sell that they are on getting the highest price.

Let the good times roll.

Like surfing. You need to have your board ready when the surf is up. Focus on the waves and not how empty the beach is. Do deals that makes sense in your market and forget what the national numbers are telling us about other markets where you have no interest in investing.

Cash flow is important in turbulent times. Or big wads of cash to so you can ride the big waves as the happen.

If your family was able to offer financial advice they would be wealthy. If they are then listen. if they are not then tell them that you understand that they are concerned while telling yourself their success shows they lack competence in terms of wealth creation.

Are you a licensed agent? If so it takes a different mindset than an investor. The agents are dealing with the public and how the public is thinking. An investor is much less concerned about the public's view.