I believe that I had a fear of failure too but after talking to my friends that do real estate investing I have gained a little courage. My fear not is just like another member; the fear of bankrupty. I have been working on my credit all of 2006 and I have been able to get over 600 fico. I felt like I needed a person or group of persons to ask questions to and not worry about them making me feel like I was stupid or a dunce. So not I found this club and I absolutely LOVE IT! I just signed up yesterday and today after work I signed on and had so many replies to my posting; it was amazing. People sending me their numbers and prospect properties and everything. I love this site and thank all the veterans and others that are willing to share their information. thank you all!
My excuse? I run a business AND I have a full-time job, plus I’m still researching the business by reading / listening to tons of books / audiobooks. I work ~60 hours a week…and usually all 7 days. So time is my biggest problem. Quitting my job & doing the business full-time is not a smart option right now, as the business is very high risk [investment wise], but it is extremely profitable. I make well over 6-figures a year, plus my wife has a good professional job too, so we’re raking in the dough. Right now I’m investing my excess cash in my 401k [only $15.5k this year unfortunately, as that’s the max], stocks and CDs.
BUT!!! Real estate is next. It’s coming within a few years. As soon as I’m ready to cut back on my “high risk” business some…I’m going to start snatching up properties left & right. Bam. I’ll have hundreds of thousands of dollars to invest…and I should be able to acquire a very, very high net worth quicker than most newbies due to my excess amount of cash.
“I only want to regret the things I DID DO, not the things that I DIDN’T DO.”
Fear stops most everybody, but you must focus on the good, stay positive, and move forward.
as the business is very high risk [investment wise], but it is extremely profitable. I make well over 6-figures a year, plus my wife has a good professional job too, so we’re raking in the dough. Right now I’m investing my excess cash in my 401k [only $15.5k this year unfortunately, as that’s the max], stocks and CDs.
motivatedceo…
Sorry to dissect your post but it didn’t make much sense to me…You say that RE is very high risk but extremely profitable which makes no sense…Then you go on to say you are raking in the dough but putting all of your excess cash in a 401k which is non liquid assets and penalties will be charged to put this money to use?..If you are planning to do RE in the near future and take over the world I highly suggest you start keeping your money liquid…Rather than 401k,start dumping money into some closed end funds,ETF’s instead of individual stocks…Also when you do finally obtain the several hundreds of thousands of dollars you speak of i would bet after all that hard work it won’t be so easy to dump it into properties…Cash is king and once you have it it’s hard to part with,especially if it took you years to accumulate…I wish you the best of luck and you definitely seem motivated,you won half the battle at least…
LOL - you misunderstood. That’s OK. My current business has absolutely nothing to do with real estate. It’s a much, much larger cash generator for the work involved - but it does not offer as much long term cashflow as much as real estate. The big bucks are in real estate, so that’s where I’m going to migrate to in a few years.
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I’m waiting to have a little pocket change. Should be set two months from now.
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Finding properties that cashflow. I’ve searched the numbers on every house in my three county area and they simply don’t cashflow at current prices. I have a pocket of properties that come close, but it’s probably not good enough. I won’t buy what doesn’t cash flow.
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I’m pretty much done reading books. I think the knowledge I’ll get now is through doing.
My problem is everytime i call about a property, i keep thinking there is something i have forgotten…so I get out the course and start to re-read it again…and it seems like every time, i end up being too late on the follow up…i guess its all the uncertainties about which method is best on certain types of properties. I just cant seem to get myself out of that rut…however, my sister’s alndlord is thinking about selling all of her rentals…maybe this time i wont be so insecure about it all…i think carleton sheets called it analysis paralysis
WIFE!!! WIFE!!! For ten years, and who knows how many houses later,
still…Wife
motivatedceo,
I am not criticizing your post, or your reasons, but if you are willing to pt yor money into 401K’s, consider annuities instead. Very safe investment with the right knowledge.
annuities are the worst type of investments,especially variable annuities…
I haven’t quite done all my homework yet on the financing end, no fear about my flipping capabilities here. I own an ems service and the ups and downs financially have kept me from the starting line. I do not know how I am going to start when it comes to lenders…bad credit 610. Still researching hard money end, need to learn lots more about it. :-[
I am just starting to research real estate investing. What are the “hard money guys” I’ve heard mentioned? I am researching real estate investing because its something I’d like to get into but don’t have the cash to buy real estate at this time, but keep reading about “you have to have money to make money” being an excuse. How does one get started in this business?
No capital, bad credit, and not knowing how to find the capital to start.
I guess for me is fear, with a mix of not being able to start. I’ve been studying different types of investments for a while. Sometimes it seems like there’s an invisible barrier that prevents me from going forward. Maybe it boils down to me not feeling secure about my abilities and knowledge.
These are all good posts. I think the fear of the unknown is what stops most people in their tracks.
Am I getting the best deal? Is anyone going to want to rent from me? What if I get deadbeat tenants? Having belief in a higher power is a good way take that first step in to the unknown.
Having your wife onboard is always a must ! 