subject: Overcoming Fear in Real Estate Investing [print this page] Overcoming Fear in Real Estate Investing Overcoming Fear in Real Estate Investing
Speaking to a group of real estate investors recently on finding private lenders to fund deals reminded me of how often peoplenever start investingin investment property because of fear. Fear can be a great motivator or it can absolutely stiflepeople intheir tracks. Fear is a healthy emotion because it warns us that caution needs to be exercised. This is normal andhealthy and used by our body as a protection mechanism to keep us safe. Remember one thing however, fear is an emotion, andas such,emotionsoften cannot be trustedto be true or factual. I amreminded of the acronym FEAR which stands for the following: False Evidence Appearing Real. Ninety percent of the things we worry about that might go wrong or could go wrong never materialize. It is the fear of the unknown that scares us. Even if something does go wrong, most of the time it never is as bad as we might think as long as we follow some simple guiding principles.
Any time youattempt to step out of your comfort zone in trying something new, you are going to feel some apprehension, fear and uneasiness. This is quite normal and healthy because you have never done anything like it before, and it is unnatural to you. At the same time, if you are never willing to step out of your comfort zone and learn newways to better yourself, you will never receive the rewards of accomplishment, self confidence and success that you deserve.
So, how do you overcome the fear you are feeling?#1. Educate yourself about the situation from competent instructors that have done or are doing what you want to do. Seek out the best you can find. #2. Seek out the advice and guidance of a competent mentor or coachthat is doing or has been doing what you want to do. #3. Be willing to "Act" upon what you have learned under the guidance of a mentor. #4. Evaluate what you have accomplished or not accomplished.What wentwell and what did not? Whatmust you improve upon next time to raise your competency level?
Just remember back when you were a child trying to learn how to ride a bicycle. You probably didn't learn how to ride the two wheeler the very first time you tried. You probably had a few bumps and bruises along the way, but nothing life threatening. The same is true in being a real estate investor in investment property.
If you are teachable and willing to listen to competent advisors you are going to be fine. Education with wise counsel plus action equals success over time. (Education + Wise Counsel + Action = Success) Don't allow yourselfto be controlled by fear. Learn how to manageyourself through fear by reducing the unknown.
