How did I overcome my fear of investing in real estate?
Updated: Nov 25, 2022
Let me share with you how I overcame my fear of investing in real estate to achieve financial freedom and build wealth.
How it started... When I first started investing a few years ago, we had to overcome a lot of obstacles, such as digging ourselves out of a debt hole (credit card debt and consumer debt accounted for the majority of the bad debt). We sort of jumped on the Dave Ramsey bandwagon and just got good at tracking our expenses and income and paying off the bad debts.
Before, I was afraid of using debt, and I had another mentor who said, "Hey, Jordy, debt can be a good thing; let me kind of show you." He might walk alongside us a little bit and give us some tips, tricks, and strategies on how we could use debt as a good debt and a tool for building wealth rather than just using it on the consumer treadmill, as most people do.
"Real estate debt is now an ASSET."
Here Are The Ways I Overcame My Fear of Investing in Real Estate.
"Look for a mentor and join a coaching program."
So, after we got out of debt and started down this path, the first thing I did was look for a mentor, and this particular mentor was local to where I was and had a coaching program. It was probably only a few thousand dollars for a one-year membership that included certain benefits, and I thought to myself, "Holy cow"! It's a lot of money!
What I didn't realize was that I wasn't investing in any recordings. I wasn't just squandering our savings because I got a tax refund, and this was the first time I realized the importance of investing in yourself.
I decided to invest in myself by enrolling in this coaching program, and he taught me a lot. It also gave me the confidence to go out and start investing. He was teaching "fixing and flipping" on HGTV. I began watching HGTV shows to learn about how these house flips were progressing. He even had a bunch of other videos that he had pre-recorded from other classes he taught. I watched them all, every single one.
As time passed, I called him and asked, "Hey, what should I do here?" I had access to him because of that coaching program. So we started implementing, which brought us closer to flipping, and we finally did our first real flip, where I wasn't necessarily doing all of the work, and he was good at teaching and framing how I should just be the "PILOT" and not be the engine.
"Your knowledge is something that can never be taken away."
"Go to local real estate investor meet-ups."
The second thing I did was go to local real estate investor meetups consistently. Once I started going and started showing up, I started having different conversations with people. I'd go up to someone after the meeting and say, "Hey, I'm Jordy! What do you do in real estate?"
Then we will start a conversation, and deals will start happening because of that. And I still, to this day, do deals with guys that I met at those real estate investor association meetings. I just bought a four-plex off-market from somebody that I met five years ago at a real estate investor association meeting.
"Go around people who have the same mindset as yours and avoid negative people."
The third thing is that I got around people who thought it was normal to buy investment properties. This is probably the most important because you can have the best mindset in the world and all the knowledge in the world. But if you don't implement it, it means absolutely nothing, and if you do implement it and you've got people around you that are like crabs in a bucket, they'll just grab you down when you're trying to crawl out and build this better life.
There are and will be many people who will tell you a story about someone they once knew who once bought a rental and had to deal with leaky toilets or bad tenants, and you'll just hear all these nightmares.
I believe that person is probably coming from a place of love, where they don't want to see you go down a negative path. But what they don't realize is that they're putting doubt, fear, and anxiety into your mind. Unfortunately, that will prohibit a lot of people from taking the next step forward and improving their lives by improving their financial situation.
So, those are the ways that I overcame my fear of investing. I really, truly hope that it helps you combat your fears and just helps somebody else who is on this path and wants a better life, wants some passive income, or wants options in the future.
I will be starting a free weekly coaching call that anyone can join. And for 30 minutes, I'm going to give my time and do what this mentor did for me, for you, and for anyone else.
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