Posted by stan on March 09, 2002 at 22:51:03:
Brad…everyone is afraid on their first deal…all the unknowns.So what if you make a mistake and only make 50 dollars a month instead of 125. you still got equity(assuming you buy below market value). You still got tax breaks and depreciation. You still got a property that will increase in value over the years.Plus think of the education you will get from your mistake…Seems to me the BIGGEST MISTAKE most people make is waiting for the perfect deal.
Is this a normal way to feel? - Posted by Brad Lauritzen
Posted by Brad Lauritzen on March 09, 2002 at 01:52:50:
I bought the Carlton Sheets course about 5 months ago. I was excited at first, but had temporarily put it to the side. I’m anxious to get started this time around. I have a more relentless desire to accomplish my goals. My fear however is that I will make a mistake in choosing a property. Did many of you feel the same when you began with the course? Any advice for someone just getting started?
Thanks,
Brad Lauritzen
Re: Is this a normal way to feel? - Posted by GL(ON)
Posted by GL(ON) on March 12, 2002 at 17:52:27:
I feel that way every time and I have been doing real estate deals for 30 years. I hope I never get too casual and over confident, and I won’t make any bad decisions.
Donald Trump has stated that his troubles (near bankruptcy) started when his success and adulation went to his head, he started doing deals without looking at them properly, blowing money foolishly etc.
Fortunately he got wise to himself, went back to working and doing deals the way he did when he started, and got back on track.
A little fear is normal and necessary, you have to ask yourself why you feel that way? If it is because you neglected to do your homework and are unsure of the deal, then get to work. If you have done everything you can to make it a success then it is jitters and you have to ignore it and go on.
Re: Is this a normal way to feel? - Posted by Earl
Posted by Earl on March 12, 2002 at 07:09:46:
I felt the same way. My advice is to start small, but start. Follow the guidelines in the course carefully, especially the cash flow analysis. If the numbers work then go for it. My first one was a very little one. It wasn’t my best by far, but I learned so much by doing it, and later I did a 1031 exchange of it for a much better one based on all I had learned over the years.
Earl
Re: Is this a normal way to feel? - Posted by Rose
Posted by Rose on March 10, 2002 at 19:54:16:
I bought my course almost a year ago. I have been studying and had developed a passion to realestate all this time. I know I am ready to take off. I have looked at 100’s of houses so far and made offers and structured deals all on paper. I would have made at least $50k in the last year if I have really done it.
But it’s good thinking, seeing, visualizing helped me to build courage. You know the saying “practice make it perfect” another one “Feel the fear and do it anyway”
I know I am at a point where I am ready to buy not one, but take off into investments. Read other investment books too.
That’s what I been doing for last one year to find out different ways of investing and I find out I have more options than I want. If one doesn’t work out then 2nd or 3rd comes handy.
Good luck and don’t give up. Carleton Sheets is good to start but I will read/study others also.
Rose
Re: Is this a normal way to feel? - Posted by Joe
Posted by Joe on March 10, 2002 at 16:47:01:
Brad:
It’s perfectly normal to feel apprehensive when you are first getting started. I would recommend that you do your homework and get an unbiased, third party with plenty of real estate experience to review your first couple of transactions before you buy. It is amazing what you don’t see when you get excited about making your first deal.
Re: Is this a normal way to feel? - Posted by matt
Posted by matt on March 09, 2002 at 12:33:22:
yes it is a normal way to feel. i am a beginner too, and i can tell you that feeling will pass. remember: the first property is the hardest. also, dont limit yourself to only studying the carleton sheets course. go to barnes&noble or bn.com and buy “secrets of a millionaire real estate investor”, “creating wealth”, “the unofficial guide to real estate investing”, and maybe the rich dad series. sit down and read at least 50 pages a day and TAKE THOROUGH NOTES. youll learn so much so quick, you wont believe it.
Re: Is this a normal way to feel? - Posted by tdonner
Posted by tdonner on March 11, 2002 at 09:37:26:
This is a normal way to feel. You have to ask yourself…If I do everything right …will i fail? Just remember that procrastination is nothing more than fear of failure. I have never ordered any of these courses, but I still made money. Do you have the time or the resources? One thing I learned about making offers on propertys is, all they can do is say no. You never know until you ask!