Posted by ron on April 14, 2006 at 13:57:13:
Thanks it just felt like right when I typed it
not sure where it came from as I wrote it.
EMOTIONS : How to handle the swings? - Posted by jason
Posted by jason on April 14, 2006 at 10:27:21:
I’m just now going thru with my first RE deal, and I’m experiencing many mood swings! I did purchase a foreclosure 3 yrs ago, but it is my primary residence.
This is my first property solely for investment purposes. Why am I nervous? First off, it’s not the best neighborhood. What if I can’t sell it? What if the minor structural repairs I’ve discovered prevent me from getting full market value (the house’s roof rafters are made of 2x4’s and have sagged in spots…the home is 100 yrs old. I plan on fixing it,but it wont look perfect unless Ir edo EVERY one…and thats too expensive). Does the agreement I came upon with my partner put too much in his pocket for what he’s doing? Etc etc.
How do YOU handle the emotional swings? some days all I see is dollar signs in my future, yet others I feel slightly depressed…but I don’t know why?
Anyone care to chime in?
Re: EMOTIONS : How to handle the swings? - Posted by Sean
Posted by Sean on April 14, 2006 at 14:56:59:
Real Simple…
YOu have your plan…
You have a backup for your plan…
You have a backup for your backup plan…
Do this, and usually you will wind up ok… Don’t do this and you’ll eventually learn the hard way that you should have.
Re: EMOTIONS : How to handle the swings? - Posted by Mike
Posted by Mike on April 14, 2006 at 11:14:11:
I’ve been rehabbing houses for about 6 years now. For me, at least, the anxiety is still there. I think some people are just built to handle stress better than others.
In the beginning, I used to stress over pretty much everything, including some of the things you mentioned. But, most of the issues I worried about never seemed to come to fruition. So, in the end, I just found myself worrying for nothing.
I will say that it does get easier. As you do more deals you will find that you will draw on past experiences to calm your nerves. You will have many of the same issues arise on different buildings. You will find that what you thought were major issues really are not.
As I said, I still have some down-and-out days and some days that are emotional highs. I think it just goes with the territory of real estate investing.
Just continue to strive toward your overall goals and try not to sweat the small stuff.
Re: EMOTIONS : How to handle the swings? - Posted by ron
Posted by ron on April 14, 2006 at 10:47:28:
You get as much training and do as much research as you can, about market comps with estimates etc.
The more knowledable you become, the more confident you’ll become, and the more confident you become in yourself the fewer ups and downs you will have emotionally. The not knowing is what is causing you to be so up and down, just like when someone is in the hospital or a pet is missing, it’s the not knowing that gets you, with investing you are in control, you learn all you can about what is making you nervous, you get that confidence and soon you will be on the other side of this email
ITS CALLED BI-POLAR>>>>>NT - Posted by Randy-IN
Posted by Randy-IN on April 14, 2006 at 10:44:26:
NT
Re: EMOTIONS : How to handle the swings? - Posted by jason
Posted by jason on April 14, 2006 at 13:26:42:
Wow RON, I think you summed it up perfectly here:
“The not knowing is what is causing you to be so up and down, just like when someone is in the hospital or a pet is missing, it’s the not knowing that gets you, with investing you are in control, you learn all you can about what is making you nervous, you get that confidence and soon you will be on the other side of this email”
Re: ITS CALLED BI-POLAR>>>>>NT - Posted by John
Posted by John on April 16, 2006 at 14:53:04:
ha ha!
That’s awesome Randy.