In this episode, I talk about the fear associated with starting your real estate investing business. Fear of success, fear of failure, and the biggest fear of all–getting your offer accepted!
I have talked to many real estate investors who tell me that their number one fear when getting started in their real estate investing business was the fear that they felt the first time they got an accepted offer on a property that they were purchasing. In fact, in episode #111, Dennis Fassett admitted that he threw up three times before he closed on his first deal. Dennis is now a highly successful real estate investor here in Michigan. His story is not unique. Many investors that I know say that they were deathly afraid of getting their first deal done. It’s one thing to place offers, but it’s a whole other thing when the realtor calls you and says your offer has been accepted and you now own a home that needs work. It’s exhilarating and terrifying at the same time.
I am firmly convinced that if you are not doing things in your business that scare you or make you nervous, you are simply not trying very hard. Whenever we take the steps to push our business to the next level, it is scary. Everything you do in your business cannot be measured. I don’t think it makes sense to take crazy risks, but you do have to take some risks. It is very hard to be successful without taking risks.
The thing is, you absolutely have to understand that the fear you feel is exactly what is going to make you better in your business and allow you to move forward and reach your goals. You have to embrace the fear. If you give in to fear in business, your business will crumble and fold. That is a guarantee.
Courage follows action.
Mack R. Douglas
I love this quote because it applies to real estate very nicely. I am a huge advocate of taking massive action in your business. As I have said before, nothing will make fear go away quicker than action followed by small victories. Small victories in your business will give you confidence. That confidence will allow you to take the next step, which can be scary. But if you take action, you will have the courage to take that step.
Do you see how one leads to the next? Decision to do something, followed by action, equals courage–courage allows you to take the next step. This cycle can repeat over and over again until it snowballs into your ultimate success.
So when you feel yourself becoming afraid to take action, remember that by taking that action, you will gain courage to overcome your fear. Now go out there and take massive action!