10 Steps for New Real Estate Investors to Overcome Your Fears

Don’t be afraid...to overcome your real estate investing fears and start your journey to financial freedom!

Thanks to @BiggerPockets starting your journey to financial freedom through the power of real estate investing is easier than ever! At the same time, in today’s competitive real estate landscape, beginning one’s real estate investment career seems insurmountable, especially at the outset. Initially, the idea of real estate investing may seems like a piece of cake, but new investors soon learn that finding a property that cash flows and then running a real estate business is a huge challenge psychologically, emotionally and monetarily. But I want to share with you, that while some of those things are true, everything gets easier with continual practice, learning, and commitment.

What’s holding you back from taking action or making that first offer on a real estate investment? Most likely FEAR...of failing, the unknown, not having all the answers, of losing money, having to manage the property, working hard, sounding foolish, speaking to tenants, lenders and other advisors just to name a few.

Whatever your fears are, which are completely normal and expected as new real estate investor, you can’t let fear stop you from financial freedom!

So, what exactly are you afraid of?

Are you afraid of not having all the answers, are you engaging in daily learning? Read the BiggerPodcats forums and blogs for answers to your questions.

Are you afraid of failure? Why? It’s ok to make mistakes or even fail at first, I certainly made several mistakes when I just started. Use past failures as motivation to succeed going forward and learn from your mistakes.

Are you afraid of the unknown in your market? Research your market area. Find someone else who’s investing in your market and speak with them on how their real estate experience is.

Are you afraid of investing and losing money, find someone to invest with or try to structure a deal where you get sweat equity.

Are you afraid to manage the property, look for third party management to do the day to operations.

Are you afraid to work hard? Areyou afraid of the idea of financial freedom? Have you really committed to financial freedom? Go back and read Think and Grow Rich to find that burning desire and commit to your goals.

Are you afraid to grow out of your comfort zone? Try understanding the root cause of what’s preventing you from growing (eg, time, other commitments, family, money), and then try to create ideas to expand your comfort zone in steps.

Are you afraid to speak to tenants, advisors and the like? Think in your mind about the conversation you’re going to have, envision a successful conversation, then pickup the phone and make it happen.

Here’s a list of steps to take if you’re just starting out to overcome some of the fear associated with investing in your first property, you can do all or you can do none. The choice is yours if you want to be financially free! The question is what choice you’re going to make!

1. Listen to 1 BiggerPockets (or other real estate) podcast per day every day and attend the BiggerPockets webinars! Your motivation to do a deal will skyrocket!

2. Contact 5 agents in your farm area and setup alerts.

3. Contact 5 lenders and ask them what their lending requirements are.

4. Analyze 1 deal per day. There is no substitute for analyzing real estate transactions.

5. Don’t be afraid to make 1 offer based on the deal you analyzed (even if it’s way below the asking price!). You never know if a seller is going to accept it or not.

6. Contact 5 friends and let them know you’re starting to invest in real estate. Ask them if they’ve ever thought about becoming financially free through real estate and if they’d be interested in partnering on a deal with you.

7. Go to 1 real estate networking event per month.

8. Read at least 1 of @Brandon Turners’ suggested books.

9. Contact 5 property managers in your farm area to understand their business model and fees.

10. Read 1 BiggerPockets forum post in the area of your choice daily.

You’re the one who ultimately has to overcome the fears associated with investing in real estate, but there’s a lot of helpful resources to overcome your fears. Buying your first rental property is a choice, but no one said it was going to be easy. Financial freedom is a choice, but don’t let fear stop you! Start today by taking action with one step listed above, so you can overcome your real estate investing fears and become financially free!

We’d love to hear your comments and questions on our blog or message me!