I recently purchased a great book written by Don Campbell called “ 97 Tips for Canadian Real Estate Investors” Throughout the course of this blog, I’ll be publishing some of the tips I found to be the most useful.
Investing in real estate can be a scary proposition. It was quite some time before my partner and I finally got the nerve to take the plunge and purchase our first investment property, but are we ever glad we did! We managed to find great tenants and we’ve already made over 100% return on our initial investment!!
The first tip I would like to pass on is how to overcome that fear:
Analysis paralysis is an investment killer. You get over it if you have proven system you can trust.
There are lot of good reasons not to invest in real estate. That’s right, too much of the wrong kind of information can hold you back from
making investment decisions. Even though you may feel like you are moving forward by collecting lots of information (some of which is useful and some that is not), you will find that in the real world you will not make any real money until you actually take that first step and purchase a property.
We’ve all the “if only” stories of would-be investors. They’re the offspring of those who never took any action because fear held them back. As with all things in life, action fuels results and success.
Novice investors need to face the fact that when it comes to the business of learning to be a successful investor, there comes a time when
just listening can will hold you back. The ability to take action is the number one difference between successful real estate investors and wannabes.
Use Fear As A Tool – Make It Work In Your Favor
Fear is an instinct designed to keep us alive, not control us. Use it as a motivator by turning the fear of action into the fear of missing out and you’ll never have to tell your grandkids about the time that fear kept you from a great real estate opportunity.
Mind Your W,S &Qs
Use the Write-Scratch-Question approach to fear management and you will find yourself answering the toughest questions.
- Write: Don’t let yourself stew over a new excuse. Stop what you’re doing and write the excuse down on a piece of paper
- Scratch: Now cross it out with your pen
- Question: Turn the excuse into a positive spin question. Even if X is true, what can be done about it? Get the answer you need to eliminate that fear.
