Posted by Marie on February 24, 1999 at 15:01:50:
You guys?? I think I’m going for it and that I have a deal on my hands and then all of the sudden I tell myself “I don’t know anything about REI.” I study and study and feel I don’t know enough to go through with the deals.
Should we know real estate inside and out before investing?
Good luck to you guys!
Marie/St.L
Am I nuts or something??? - Posted by Steve 59
Posted by Steve 59 on February 24, 1999 at 24:40:19:
Hmm, let’s see. I’m about to begin my venture into wholesaling. Not that I’ve been reading up on the subject for years, more like 2 months.
Now, I go into this with:
A)Less than $500 to my name
B)Nothing but my home phone# to use for a business line
C)With some minor expenses, not knowing if I will even be able to setup a Corporation and at the same time pondering whether or not to do so, since I’m merely “flipping” instead of rehabbing, holding onto the properties.
Now, I’m not freaking out. I’m not panicked. And I am not worried. I just think I’m nuts. On one hand, I’ve been pondering REI since 1995. On the other hand, I didn’t EVER pick up on the “flipping” aspect of Real Estate till late last year, early this year. Honest truth. But I think it’s healthy that I feel quite the nut right now, otherwise I’d be sitting in a room, not doing anything but daydreaming and pondering “What if’s” all day long. Like I used to.
Anyone felt like I do right now? Not sure if you REALLY feel up to the challenge of doing this thing call Real Estate? But I guess I should quit talking and get to work.
Re: Am I nuts or something??? - Posted by Craig
Posted by Craig on February 24, 1999 at 18:59:59:
Been there. Not long ago. Just kept buying book after book. Ordering course after course. Reading them through, thinking about all of the possibilities. Start talking to people, getting excited. Then Richard Head comes along and laughs at you, tells you your crazy, it’s impossible, get a real job. I doubt there is a person reading this that hasn’t heard all of those at some time or another. After a few of Mr. Head’s kin tell you the same thing, you start to lose confidence. When you lose confidence you start to procrastinate, when you procrastinate you start ordering more books and try to convince yourself that you are gonna do it after this one. You try to act busy like you are working, but it makes no difference unless you get paid.
Sometimes as in my case you have to be so totally broke and desperate that you wake up and start taking action. Get out there and make the offers. Don’t worry about all of the Heads who will smirk and try and bring you down. Shrug it off. It happens. It’s a numbers game. Make so many offers, so many will be accepted, so many of the accepted ones will close and you will get paid. Just make sure you make offers on the deals that make sense. There are enough possibles out there for you to make a living.
Sooner or later after making all of those offers and closing so many deals, it all becomes second nature, and you start refining your skills and learning to negotiate better. You will have built up a professional and supportive network. People will admire, respect and envy you. When you get to that point, remember where you started and share your knowledge and experience with someone else. Never quit learning. Don’t quit buying the books. One simple little idea could be worth thousands of dollars, you have to take action before it will. If you keep procrastinating, make yourself accountable to someone else for your goals. In my case it is my wife. It could be anyone you wish, but make them hold you accountable in some way when you don’t meet those goals. I could go on and on.
There is a song from Garth Brooks’ last album. It says How you ever gonna know; if you never dare to try; if you never chase the dream; if you never take the chance etc. The message is simple. You will never know what may have come if you never try. Failure is the key ingredient to success. Every time you fail you have an opportunity to learn. Failure is the only true way to learn it. If you are afraid of failure you will never taste success.
Re: Am I nuts or something??? - Posted by Rob
Posted by Rob on February 24, 1999 at 09:52:03:
Steve
I feel the same way. I wish you all the luck.
I have been trying to get motivative myself. I am getting up there on age and I keep thinking when am I going to get going? I am going to give it a go.
slowly, but surely.
I will keep you up-dated.
Rob
Nuts are ok - Posted by NancyNC
Posted by NancyNC on February 24, 1999 at 19:51:03:
I just went to a training sessions at work. One of the suggestions to stay motivated was to TALK about the ACTIONS you are taking to achieve your dreams. Only talk about the DREAM one hour per week. Talking about the ACTIONS you are taking reinforces the action taking process.
the books and seminars are great. just don’t spend too much. you can get free info at libraries, etc. I go to one seminar per year. Also join a real estate investment group if one is in your area. Being around like minded people is a big help and so is this web site.
DON’T GIVE UP, TAKE ACTION, STAY POSITIVE
READ SELF HELP BOOKS, REAL ESTATE BOOKS ETC ESPECIALLY THE FREE ONES.
Re: Am I nuts or something??? - Posted by Mar
Posted by Mar on February 24, 1999 at 19:24:43:
Your advice is right on target.
As for Garth, that song is the first thing I listen to in my car each morning before driving to the J-O-B. It also includes an important line about not listening to the critics who have put their own dreams on the shelf …