Managing FOMO for a new Real Estate Investor

[Dennis Ranck]

As I begin this journey I know one of the things I'll struggle with is FOMO and feeling I'm missing out on a deal. Being an accountant I can usually keep my FOMO in check by looking at the numbers of a deal, but at times the FOMO still is there.

What are some other ways you all to deal with FOMO? Do you wait a set amount of time before moving on a deal? Do you send it off to a friend? 

Any tips on how you manage FOMO would be much appreciated! Also, any stories on how patience paid off for you would be great. 

Thanks!

Dennis

[Skylar Simpson]

Hey Dennis,

I'm going on the premise that "FOMO" means fear of missing out (correct me otherwise).

So this is a huge thing that is easily fixed. You are currently new and a lot of new people come into Real Estate with a scarcity mindset. They think deals are limited or there are not enough to go around.

I can tell you from experience there are TOO MANY deals and we need more investors - not the other way around.

To fix your FOMO you need to figure out what you want from real estate. Do you want to flip, wholesale, buy and hold, a mix? Then you need to figure out what your ideal property looks like (spreads/monthly cash flow etc...) then start moving on those deals.

If you do not feel comfortable with a deal either have a more experience investor (that you trust) take a look or better yet I HIGHLY suggest hiring a mentor who can be there for you night and day to keep you on the right path.

Trust me... You are never ever missing out. You may lose a deal or "miss out" on a specific deal but there are hundreds of deals just like that one you "missed".

Relax, enjoy the ride, and start focusing on what you want out of real estate then take the steps to achieve that.