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Updated about 8 years ago, 10/04/2016
Why I'm NOT succeeding
@Dylan Henke Wow what a great post! I had a similar experience with analysis paralysis yesterday. I wanted to make an offer on a house that I saw a price drop in. Well... having never made an offer on a house before, I went to google to help me out and find out what I needed to do. I then posted to the forums on here asking for advice and what to do. I got a wealth of information and after reading it all, I STILL felt uncertain about calling the agent and making the offer in fear of sounding dumb. Well... I dialed the agent's number and called. Stumbled on a few of my words in the beginning and then the movie "the wolf of wall street" kicked into me head and I suddenly got a lot more confident talking to the agent. When I got off the phone I thought to myself "wow, I wasted hours avoiding making that call and for what? absolutely no reason!!!" That fear stuff will get you every time.
My excuses kept getting the best of me until about a week or so ago when I decided it was time to make a change. Since then I've been doing so much better with my goal setting and have been overcoming those silly obstacles in my head. It's great to see other people doing the same thing, keep it up!!
Thanks Amber Forkey ! You definitely did a good thing by just calling! Every little step helps. I find myself gaining more and more confidence to take it one step farther. I know pretty soon I will be taking one big leap. I just want to make sure I know enough first. Not knowing every little detail of what's going to happen is part of what's holding me back, yet I thrive off of that kind of thing. Are you looking at a flipper that you had called on?
@Dylan Henke I know where you are coming from and have been there myself. Although, my issues are anxiety related. Its something I've dealt with the entire 41 years of my life and honestly, just in the last couple of years I've begun to tackle the anxiety and procrastination that comes along with it. It's easy to let the little things distract you so you dont have to face the bigger, more real, challenges.
I recently ran across a series of articles on anxiety and procrastination that helped shed some light on my situation.. I'm certainly not diagnosing since I'm not a doctor, but thought this could help someone else.
https://www.psychologytoday.com/blog/in-practice/2...
Best of luck!
That's how I am too @Dylan Henke. I'm a very high energy type of person so I love to be on the go all the time, yet I'm constantly paralyzed by these fears that have been holding me back. Right off the bat, I think it will be a rental that I keep to start building up a cash flow. I think that I'd lease option it out to someone and if it sold, it would be due to them exercising their purchase option. I don't think I'd fix it up and sell it immediately. What has your experience been with real estate? What types of strategies are you hoping to use to build your portfolio?
I would buy something like a 2 3 or 4 family live in one of the units and rent the others out. ( house hack ) you learn how to be a landlord. You learn how to fix stupid things like broken toilets and windows etc etc. You learn about lease agreements and tenant landlord laws. You learn what it costs to repair stuff and pull permits. You learn about how your 3% down payment is now making you 700 bucks a month ( or whatever ever it is you will most likely be cash flowing to some degree ). You learn how you used other people's money to make money and leverage an investment.
When you're a landlord you need to remember you are providing a roof for someone's head. You need to take care of that roof so that person can come home after a long day at work and pay you rent.
I'm a landlord for businesses so I need to make sure that business stays profitable and operational.
Thank you for that Frank Gucciardo they really do have some interesting articles! I'm just ready to jump in and take action. Enough reading and educating myself through books and videos. I need the experience by doing!
Exactly Amber Forkey that's me to a T! I have so much ambition, but the fear gets me everytime. I'm getting past it though. I stoped by and looked at a house in my hometown this weekend to see if it was even worth making an offer on or checking out. I'm ready to put something under contract! Realistically I want to flip year round, but I want to have enough rentals under my belt that surpasses my W-2 income so that I can use flipping money for funding....or travel! I want to put my fiancé out of work before me though. She spent a lot out of her own pocket on an education she doesn't want to be in.
Rich Hupper if I would have done that when I first joined BP that woulda been great for me. Now that I have a fiancé and a puppy and everything else we just prefer to live in our own residence. I wish I would have done that earlier though. Luckily I grew up fixing all that stuff and even worked in construction for awhile. I have a lot of experience under my belt for only being 24 and I'm soo thankful for that. I hear of people my age still playing video games night and day. And here I am like why?? Don't you want to be successful and go somewhere with life?
@Dylan Henke I did the same thing this weekend. I really want to star taking action NOW and get that first property under contract. I think that after I build up a portfolio with rentals, I'll then be able to shift towards flipping full time, like you said. I wish you the best of luck out there, and keep pushing yourself past your comfort zone!
Those people playing the video games are going to always be the wage slaves who keep paying you rent.
@Dylan Henke. The only way to fix analysis paralysis is to just do it. I know that sounds easy, but you have to get in the pool. It's like the first 85 degree day of summer. You've been the person putting your toe in the water and it seems cold. You might just need to jump in, getting your head wet and then enjoying it.
Might try house hacking first. Look at buying a place that's a duplex or triplex and living in it. Then you can test the waters while getting into it.
Brian
Very good stuff man. I know exactly how you feel. I had struggled with the same problems. My excuses- "well maybe I dont make enough" but never actually took the time to find out if I actually qualified on anything, or man I have alot of debt, making myself believe that only $8k of debt at the time was some huge obstacle that ill never over come. So very lame the excuses that can plague your brain. I completely agree with @Rich Hupper and @Brian Pleshek about house hacking. Yea it might not be some glorious big first house that everyone thinks "oh man youve really made it!!", but in the long run when many of those people with massive labor paid mortgages and multiple labor paid car payments are working blindly forever to pay are looking at you saying "oh he must have gotten lucky somehow", youll know the real reason, that you sacrificed the shiny stuff and made your money work for you. Im househacking at the moment and if I were to lose my job today, my total bills would be $300 for the month because of it. DO IT!! Ready for the next!
Dylan Henke what might help is instead of taking a "leap" that could induce a fair amount of anxiety, decide to do a small project, say a cosmetic flip, create a 6 month plan, and back into small, week long steps. What do I need to do this week? Call a realtor? I can do that. Visit a property? I can do that. Visit with a lender? I can do that. Do enough of those small steps and you'll be half way into a flip without realizing it.
Originally posted by @Dylan Henke:
Now that I have a fiancé and a puppy and everything else we just prefer to live in our own residence.
First, congratulations on the fiancé, but you're acting like she's a liability holding you back from investing the way that you want to in multi's. She's not a liability, she's an asset. In fact everything in life is an asset, you just need to figure out how to properly utilize it. Remember the old adage, when life gives you lemons...?
Here is my suggestion to get your fiancée involved. Write down a list of goals and a definitive timeline in order to get you moving towards that goal. If your financial situation allows you to buy one rental property this year, your goal might be to put in one legitimate offer on a property by the end of the third month. Three offers by the end of month 4, and 10 offers by month 5 ect ect. Obviously if you get an accepted offer and close on the property then you win.
So what happens if you lose? That's where your fiancée comes in. Set a list of 'punishments' for each stage of the process that you don't achieve. Maybe it's planning a trip to see the in-laws that you hate, maybe it's doing the cooking for a month, or repainting the fence in the back yard you've been telling her you would get around to for the past two years. Get creative, and get her involved in the process. I'm sure she can think of a million 'punishments' that will get you off the couch and out there doing deals.
Talk to people, make offers, feel free to make them aware that you are new at this, be sincere, people will help you. All they can do is say no or yes, if they say no, move on, if they say yes, and from your evaluation it is a good deal, you can probably find a bunch of other investors on bigger pockets who will come to your aid and who you can share the deal with as you learn. Set goals, " I will make five phone calls today to talk to sellers, agents, or other investors about their deals. Be driven and focused, meditate about this before you go to bed and when you wake up in the morning. Read "The Miracle Morning" by Hal Elrod to help set your focus for the day. It is said that "God wants to give you the kingdom", I think we all have so much magnificent and untapped potential and we can help each other succeed. How about reaching out to a few investors on Bigger Pockets that you hit it off with to form a Manifestation Support Group, help each other be the very best you can be.
There is always going to be a reason not to get started. Excuses are easy. Reading and podcasts are great resources and I utilizes them all the time, however I do not expect a step by step guide that will get me through everything. You are never going to have all the answer, every deal is different, what works for one investor in one specific deal might not work for you.
It will be a sacrifice in one way or another, just have to decide if this is really for you and if you are willing to sacrifice time, luxury items, or sleep to be successful.
Wish you the best of luck moving forward!
Originally posted by @Account Closed:
@Dylan Henke I did the same thing this weekend. I really want to star taking action NOW and get that first property under contract. I think that after I build up a portfolio with rentals, I'll then be able to shift towards flipping full time, like you said. I wish you the best of luck out there, and keep pushing yourself past your comfort zone!
Thanks you too @Amber Forkey !
Thanks to all of you guys who replied! I read every one of your posts. I just got behind with things and couldn't keep up with the responses. Step by step I'm getting farther everyday. My goal is to acquire a property by the end of this year and I'm going to stick too it!