There is a big, unfamiliar world of residential investment properties out there. This blog post today is going to be a little off beat and different. In our previous poll on the website, one person was brave enough to say they had a fear of failure. In later posts I will address the other items people chose, but today I want to talk about this person. The one Lone Ranger who feels the same way I did when I started.
When I first started buying residential investment properties I thought I needed a partner, so I found someone to go into business with me. He was a good partner, but the truth is I thought I needed someone to do this with me. I had that fear of failure, and didn’t believe I would or could be successful on my own. Jumping into this type of business where you’re responsible for loans, houses that may need repairs, and tenants you don’t know how to handle, can be scary. This was a business I had no clue how to run or make profitable. I simply had a friend who told me he made some extra money owning residential investment properties. Remember, there is nothing wrong with being nervous or unsure of yourself. That’s exactly how I felt. That’s why I chose to have a partner with my first four properties and soon realized I was able to do this all by myself. It took me a year to refinance the homes to remove him from the mortgages and deeds. So just know that I had those same fears that you have now. Sometimes the fear still creeps up on me if I’m exploring a new business venture, but over the years I’ve learned that if you prepare and do your research, it will lower your anxiety level.
So I say to that one Lone Ranger, don’t run away from your fears. Face them and you’ll realize it’s really not that bad. You have someone that has already gone through what you are about attempt. I’ve made the mistakes, and will help you avoid many of them. I will be that partner helping you, giving you the confidence you need and you won’t even have to refinance me off of your mortgages. So take the first step by signing up for my free email course that will give you an overview of what to expect in your journey. The fear and uncertainty is normal. Now turn those feelings around and make them work for you. I did it and so can you.
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