We have a special treat for you in the form of a guest post by my friend, client, and Hamilton real estate investor Neil Uttamsingh of FirstRentalProperty.com. As the headline states, this is all about fear and overcoming fear which all entrepreneurs must do on a regular basis. Enjoy!
Get Rid of Fear Once and For All
Fear prevents us from achieving our dreams.
We all have dreams. Some of us live our dreams and some of us don’t. How different a place the world would be if we could all achieve our dreams?
Would the world be a happier place? Perhaps.
Would you be a happier person? Only you can answer that.
The interesting thing about fear is that it can be defeated. Those people that know how to defeat their fears are the ones that are able to forge ahead and achieve their dreams.
If you had the choice, what would you rather have?
The ability to overcome your fears and obtain your goals,
Remain fearful for the balance of your life, and take no action towards achieving your goals?
I am willing to bet that the majority of you reading this want to overcome your fears and achieve your goals. The very fact that you are reading this article is proof of this.
Let’s Get Started
So far we have established that people have fears, and that fears hold them back from realizing their dreams.
What we now need to take a look at is what some of these fears are.
Further, once we have established what these specific fears are, you need to take some time for yourself and reflect. You need to reflect upon which specific fears are holding you back. Once you know which fears are your obstacles, you are better able to prepare yourself when you tackle these fears head on and break them down.
Fears About Investing in Real Estate
In my view, the majority of society does not purchase rental property for two reasons.
The reasons are simple:
1) They are not interested in owning rental property
2) They are afraid of the ‘RISK’ of owning a rental property.
The interesting thing about fear number 2 stated above is that there are commonalities in people’s fears surrounding ‘risk’.
This basically means that people are afraid of the same things when it comes to owning rental properties.
This is great news!
It is great news because since we are able to identify the common fears that people have, we can analyze what these fears are and come up with strategies as to how to break down these fears.
Fear Number One – Lack of Knowledge
New real estate investors always feel that they do not know enough. Some of them spend many hours researching potential areas to invest in. As well, they spend a lot of time speaking to experienced real estate investors. They tend to ask these experienced investors what their personal experiences have been. Also, in most cases, they will ask the experienced real estate investor for guidance as to what they should do…
For instance, the new investor will ask the experienced investor what property type they should invest in as well as what specific area they should invest in.
Although it is good to do your research and talk to experienced real estate investors, there is one thing that you need to realize.
You need to realize that you cannot know EVERYTHING. Even the most experienced of real estate investors does not know everything about investing.
As you embark upon your real estate investing career, you will continually learn from your experiences. I am a firm believer that the true learning associated with being a real estate investor only takes place AFTER you have purchased your first rental property.
Defeating Fear Number One
So please remember that you are not going to know everything about real estate investing at the very beginning. You have to do your own research in selecting an area to invest in as well as a desired property type. However, it is crucially important not to let a LACK of knowledge hold you back from investing in real estate.
Fear Number Two – Making the Right Decision
Okay. So you have just defeated fear number one. Congratulations! You have come to realize that you possibly can’t know EVERYTHING about investing in real estate when you are just starting out. You realize that there comes a time in which you just have to pull the proverbial trigger of action!
Okay, so what happens now when you are ready to take action, however you now begin to doubt your decision? Often this is when self-doubt creeps in. This is a time in which we begin to question ourselves as to whether we are making the right decision.
New real estate investors doubt themselves for a number of reasons. The list of reasons would be too extensive for the purpose of this post, as we would be dealing with the Psychology of the human mind.
However, plain and simple, new investors doubt themselves because they are afraid that they might be making the wrong decision. This fear is one of the most powerful fears as it holds many potential real estate investors back from buying their first rental property.
Defeating Fear Number Two
The most effective way to defeat this fear is to align yourself with people that support you.
Take on a close friend, colleague, or family member into your circle of trusted advisors and align yourself with them.
When you feel doubt about the real estate investment decision you are about to make, leverage on them to obtain support, motivation and encouragement.
Most importantly, not only do these people have to support you with encouragement and motivation, they also have to be supporting your decision. If they are not in support of your decision, you cannot align yourself with them, as their presence and contrary input will intensify your self-doubt. If they are causing you more grief than good, do not let them in as one of your trusted advisors.
In Part Two of “How to Get Rid of Fear Once and For All”, I am going to discuss how to overcome the following 3 fears:
Dealing with Repairs and Maintenance
Handling Non Paying Tenants
Neil Uttamsingh is the President of First Rental Property. He provides knowledge and confidence to individuals looking to buy their first rental property. Follow Neil’s blog @ www.firstrentalproperty.com