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Updated 12 months ago, 12/28/2023
How to get over fear.
I am new to REI. I know this is something I want to do. I haven't even started and already am having a bit of fear. Its the networking part that gives me anxiety. I am an introverted person but i am also a get it done kind of person. Any tips on how to get over this fear for a newbie. Is best advice just to put myself in situations and with time I will get comfortable. This is my usual approach but since this is a market I don't know figured id ask seasoned people. Thanks in advance and looking forward to being part of the REI family.
Experience is the best teacher.
You suck at something. You practice consistently for a long time. Now you're good.
Just do it.
@Wilber Perez
Write down your fears, what are you actually afraid of? Seeing them on paper will help you overcome them. Then write your goals, what do you want to accomplish? Then brainstorm all the ways that that fear can actually come true, if this goes wrong, then this will happen.
Ask yourself, is this really the worst case scenario? What if you never do anything? That’s more scary to me, so what if you fail? Lose a little money, you have a job, make it back. If you fail, you’ll be right where you are again now, just like everyone else you know. Your ceiling is much higher than your floor.
There is a reason being successful is difficult, but if it was easy, everyone would do it.
- Journey Toole
Quote from @Wilber Perez:
I am new to REI. I know this is something I want to do. I haven't even started and already am having a bit of fear. It's the networking part that gives me anxiety. I am an introverted person but i am also a get it done kind of person. Any tips on how to get over this fear for a newbie. Is best advice just to put myself in situations and with time I will get comfortable. This is my usual approach but since this is a market I don't know figured id ask seasoned people. Thanks in advance and looking forward to being part of the REI family.
I’m an introvert as well. What I did to be better at networking is to take baby steps and continuously go to networking events to build up your “social muscle”. I would go into a meet up and have a goal to introduce myself to 3 people. Once I’ve had enough, I would leave early. As I continued to go to events, I got better and it became easier to socialize. Reach out anytime if you have additional questions.
Also, I got really clear on what I want and how I’m going to get there. My goals are more important than my fears!
#5 General Landlording & Rental Properties Contributor
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@Wilber Perez One thing I have done that has helped which likely won't be an option for everyone is that I have found an extroverted person to work for me. My contractor is very outgoing. He started working for me about 23 years ago strictly snow plowing and as my business shifted and grew and then has moved strictly to REI he is now my right hand man. If I find myself in a situation where I don't know what to say regarding dealing with a subcontractor or sometimes a tenant often my contractor will take over or help me work through the issue before I need to have the conversation.
And while it doesn’t have to be your contractor it could be any trusted person that you can talk to to help you work through some of the tough issues you come up against. While this won’t help you with socializing or doing some types of things it may help you work through situations that you can role play conversations for ahead of time.
@Wilber Perez
Fear will always be there but fear is good as getting out of your comfort zone is what leads to growth
Education, experience and making educated decisions understanding pros, cons and risk are important.
Typically where most investors get in trouble is biting off more than they can chew, they get I. Over their head either on taking on too much or starting to early (with no money) and it’s simple to get crushed.
- Chris Seveney
Hey Wilber! Welcome to BiggerPockets and thanks for joining!
Here are some tips for networking and making the most of your account.
1) I'd fill out your profile fully before you do anything else! As that will at least help folks that you reach out to know that you are a real person, with a picture and professional bio. Particularly be sure to include your goals for real estate investing so that folks can help you.
2) Follow your favorite forum topics and set up keyword alerts! Adding keywords related to your investment strategy or market locations can be updated in your settings. You’ll receive notifications when there is conversation in the forums you follow or if a user mentions those keywords—so keep them updated often!
3) Check out some of the local meetups that you can find in this forum! There are so many so be sure to filter by your location.
4) Review Dave Meyer’s The State of Real Estate Investing Report 2024 (in your resource page as a member of BiggerPockets!) for real estate investors available to all BiggerPockets members!
5) Consider meeting with a few agents in your area even if you are just getting started! An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do.
6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).
Hope this helps! Please reach out with any questions you may have!
I agree with all the suggestions so far. Only thing I would add, which really helped me, is finding a mentor or more experienced REI you can bounce ideas off of. I'm very numbers and research driven and looked for about a year but didn't enter the game out of fear. My REI asked me one simple question "If you've run the numbers and know the area, what's the worst that can happen?"
If you're underwriting numbers and find opportunties you like (cashflows, below market listing, etc.), then go for it. Even just writing on a property will be a huge learning experience. Also keep in mind, the easiest way to make money in REI is on the deal itself (i.e. winning equity). If you can get protection on the downside and you have to sell unexpectedly, then you can reduce or even eliminate your loss.
Lastly in terms of networking, maybe try focusing on that "get it done" side - what do you hope to accomplish from the discussion? I used to feel the same way at REI meetups but my goal was to gain knowledge and learn new markets. Focusing on that triggered my obsession with studying REI and helped me put myself out there.
Good luck and happy to chat if there's other questions.
Hi Wilber. I once read that President Kennedy, early in his political career, disliked speaking to groups in public. He overcame the discomfort by adopting a "cocktail mindset" before advancing to the podium. He simply channeled that warm glow that follows a few cocktails and used it to displace any fear while speaking.
In the course of my soon to be former day-job, I have attended many forestry and ag industry events. When I first started, I prepared a list of "conversation starters" to use while networking that touched on the intersection of my work and the interests of people I'd be meeting. This worked great.
Best of luck,
Scott
@Wilber Perez welcome to BP and glad to hear that you're getting involved in real estate! Taking the first step is always the scariest part when it comes to any type of investing. My biggest advice would be to take as much time as you can and explore all options. This website has great recourses for all types of real estate investments. If you need any additional information on services provided or ever want to discuss in further detail please let me know. I wish you all the best on your future real estate investments.
Quote from @Account Closed:
Quote from @Wilber Perez:
I am new to REI. I know this is something I want to do. I haven't even started and already am having a bit of fear. Its the networking part that gives me anxiety. I am an introverted person but i am also a get it done kind of person. Any tips on how to get over this fear for a newbie. Is best advice just to put myself in situations and with time I will get comfortable. This is my usual approach but since this is a market I don't know figured id ask seasoned people. Thanks in advance and looking forward to being part of the REI family.
I am located in Chicago area
Quote from @Wilber Perez:
I am new to REI. I know this is something I want to do. I haven't even started and already am having a bit of fear. Its the networking part that gives me anxiety. I am an introverted person but i am also a get it done kind of person. Any tips on how to get over this fear for a newbie. Is best advice just to put myself in situations and with time I will get comfortable. This is my usual approach but since this is a market I don't know figured id ask seasoned people. Thanks in advance and looking forward to being part of the REI family.
The way I got over fear was by researching as much as I could about real estate through books, podcasts, webinars, etc. and then taking action. I thought about how I could get in with relatively low risk and possible high returns in the future and househacking made sense to me. I househack every year and by doing so, Ive acquired 11 doors. DM me if you have any questions. I'd be happy to help.
Where are you located?
Quote from @Victor So:
Quote from @Wilber Perez:
I am new to REI. I know this is something I want to do. I haven't even started and already am having a bit of fear. Its the networking part that gives me anxiety. I am an introverted person but i am also a get it done kind of person. Any tips on how to get over this fear for a newbie. Is best advice just to put myself in situations and with time I will get comfortable. This is my usual approach but since this is a market I don't know figured id ask seasoned people. Thanks in advance and looking forward to being part of the REI family.
The way I got over fear was by researching as much as I could about real estate through books, podcasts, webinars, etc. and then taking action. I thought about how I could get in with relatively low risk and possible high returns in the future and househacking made sense to me. I househack every year and by doing so, Ive acquired 11 doors. DM me if you have any questions. I'd be happy to help.
Where are you located?
Quote from @Wilber Perez:
I am new to REI. I know this is something I want to do. I haven't even started and already am having a bit of fear. Its the networking part that gives me anxiety. I am an introverted person but i am also a get it done kind of person. Any tips on how to get over this fear for a newbie. Is best advice just to put myself in situations and with time I will get comfortable. This is my usual approach but since this is a market I don't know figured id ask seasoned people. Thanks in advance and looking forward to being part of the REI family.
Yes just do it, get to a local RE meeting and pull your pants up and get to work.