Today we’re going to talk about feeling overwhelmed and what to do when you are feeling overwhelmed in the business. And let me tell you, if you’re in this business and you’re not overwhelmed, you’re not trying hard enough!
Most real estate investors, or at least those who flip more than one or two houses a year, feel overwhelmed. And even if you’re only flipping one house a year, you’re going to feel overwhelmed when you’re taking big steps in the process.
I’m not here just to teach you how to do real estate–you need more than that. I want to help you break through certain big psychological barriers as well.
When you’re overwhelmed in this business, it usually has to do with poor planning. I make this mistake too; I sometimes don’t make the best plans and don’t lay the groundwork the way I should to avoid stress. A lot of times the stress can be avoided or minimized significantly if you plan accordingly. For example, don’t get three houses under contract simultaneously! You should always have a plan for the funds you might need.
Even if you’re planned pretty well, you can often be caught by surprise. You should not allow things to surprise you if they’ve happened in the past. Plan for things not to go well, and have contingencies and back–ups.
Look at the important people in your business the way a football time looks at its quarterback–they always have more than one quarterbacks in case something goes wrong. For example, you should always have back-up contractors that can jump up if necessary. Otherwise you might end up scrambling and that creates stress.
Investors who have good systems in place, plan ahead, and try to forecast what might go wrong are less overwhelmed than those who don’t.