What holds you back! - vs - Obstacle CRUSHER!!

Fear has been and still is my biggest obstacle. It is kind of funny when I think about some of the things that have scared me so far (picking up the phone to talk to a potential investor for example.) But I'm getting braver now I'm learning to face my fears and also learning that the turnout is never as bad as I could imagine.

Another obstacle is information overload at times and then 'the fog sets in' to my brain .. but slowly things are beginning to make sense

I've also caught myself many times 'over analyzing' things and now tell myself to STOP IT and keep moving forward.

Thanks for a great post and I'm looking forward to hearing what others have to say too.

Lea
SPR Property Solutions, LLC

About being afraid to call people - what did I think was going to happen? Were they going to jump through the phone and hollar at me LOL! Most times it is quite the opposite and I've enjoyed meeting and talking to the people we are meeting along the way.

OK Rina, I'm done now - really

Lea
SPR Property Solutions, LLC

Yes! I remember when I was afraid to "make a phone call". Actually, I was even afraid to call the COACHES at first, even though I had paid for the Success Academy! LOL! How silly, huh? I literally had to tell myself "Rina, THAT IS WHAT THEY ARE THERE FOR! They WANT to help you!!"
And when it came to calling on an ad? Whoa!! Like you said, you just have to get your hand to obey your mind, pick up that phone (even if you feel like you can't breath) and TALK. Just TALK. Every call gets easier.

overload. yep. slow but sure.. never quit!

I read something in a woman's magazine over the weekend. The author said "Anything worth doing is worth doing badly." Funny, huh? What she meant was if it's worth doing, do it! Don't worry if you're gonna mess up. You won't get NEAR to succeeding if you don't TRY! Like Dean tells us, DON'T be afraid to make a mistake. It is NOT failing if you do, it is LEARNING. (I do a lot of learning. )

Thanks Lea!

Rina

thanks for the post script!
Add as much more as you want! I KNOW you'll have more things pop into your head. Love it!

Rina

I agree with Lea about calling or talking to people. Another thing is I'm afraid I'm going to sound like I don't know what I am talking about. I've partnered with two people so far (one from this site and one using another program)but still haven't made a deal. Also talking to realtors scares me for some odd reason but I have talked to two brokers. I'm having a hard time getting started because of my fears and I joined the academy in June! I'm hoping it will get easier once I get past my first deal.

Yep. It gets easier.
Get that darn thing out of the way. right? lol. It will get you to your first deal that much faster! Woohoo!
Give yourself an assignment in the next couple days to do the exact thing that scares you most.
You know, very often I look for someone who I KNOW has done what I am afraid of doing and tell myself "Well, if they can do it, why shouldn't I!!" I look for people that are doing BETTER than me (in my eyes), and strive to reach their level. Talk about scary! You don't know how many times I would bug the "GREATS" last year, sometimes trembling, in the PMs! lol. But like Lea said, what's the worst they can do? Yell at you? Well, even when I DID get yelled at (won't mention any names. Just kidding.) I kept pushing forward, gathering every little bit I could. IT.. MAKES..US..GROW! Yeah!!! (not yelling at you Michel, jut got a little excited. )

Thanks for sharing your thoughts!

Rina

Hi Rina: Thank you for this thread. I have a few obstacles.
First off, I think that I am stuck in "analysis" mode which is linked to my self-doubt. Although my husband and I have two "investment" properties (that are negative cash-flowing,) I don't consider myself experienced as my husband worked on those deals. I read and study and search for ways of doing things but I am finding myself not doing them. In order to break my analysis paralysis, I've started writing an "Action Plan" list with ideas I get from this site, from Dean's books, and other sources. And I will start scratching them off the list before this month comes to an end. In doing so, I'll show myself that I can do this just by taking the first few steps and keep going.
Secondly, our credit stinks, but that is no excuse because there are techniques for us to learn and do.
In a nutshell, I need to JUST DO IT!

YES!!
Stick to your plan, and you are on your way! You're right, don't give yourself permission to stray or make excuses. That is GREAT! Keep it up!

Best to you,

Rina

P.S. Might want to take a closer look at those negative-cashflow props, too. Anything you can do to alleviate that?

Rina, I was afraid to call the coaches in the beginning too. I thought they would think or say 'well isn't that just the dummest question a person could ask?' It's funny now. And once again couldn't be further from reality. They are amazing!

aym, your action plan is a great idea and will be a big help to you. Isn't this site great for getting good info?

Lea
SPR Property Solutions, LLC

Obstacles - too many to list. I don't know how to overcome most of them at least at the moment, but that may be my fear telling me that.

1. Money - and I don't mean thousands of dollars to invest - I mean having $40.00 left at the end of any given week, much less month to even think about actually ordering the books. My family is living on Ramen noodles, my rent is consistently running two weeks behind, my phone, internet and electric have all either been shut off or threatened with shut off within the past 2 months. Just pulled from my IRA - all that was left to pay the back pmts on the car and pay the rent for the month. And over $10,000 in medical debt due to an emergency hospital stay this June.

2. Fear of my husband's opinion - will he think I am nuts, getting into a scam, etc...

3. Fear of losing what little I have. I can't afford to set up a LLC until I get some cash flow, and can't risk my own life until I get one.

4. Maryland's law on forclosures and preforclosures is so tricky that even one of the authors of the legislation got nailed. So birddogging forclosures has real legal implications even with the instant equity program. The way it is written, even that seems illegal. - may be the fact that I am not a lawyer, but I just don't know.

5. Don't know really how to start - I have been reviewing the forums and the bebsite, viewed videos, listened to quick start audios ... and I am more confused than ever. Know I need the books, even checking e-bay and half.com but nothing that I can really afford there either.

6. Fear of yet again failing. I am 42 years old, married with a ten year old, have never owned anything I can say is MINE. Never owned a house. Have credit in the toilet, and feel like an overall failure renting a tiny house that I still can't really afford. At least if I was in a morgage or owner financing it would be "mine" at least in a greater part each month.

Ok ramblibng and venting, gonna keep searching til I find a way to start and keep it going

I found a property that I would like to do a Short sale on. I ran the numbers and I would like to wholesale this property to a qualified buyer/investor and take a cut for myself. I would like to put in an offer but dont have any Proof of Funds to show the bank that I can purchase the property in my name. What's my next step? I also dont have a buyer yet. When I do find a buyer, how do I go about applying their funds in my name? This is the part of the Shortsale and assignment process that Im not clear on. Lastly, Should I wait to contract with a buyer first before I submit an offer to the seller on the property? and what contracts should I use to make this scenario work? Thanks DG Family

I'm afraid Sellers want to know what my current credit standing "FICO score" is which is terrible credit because of recent circumstances that happen over the past two years. But I step out on faith drawing inspiration from one of Dean's many Student Success Stories he shared in BAREM & PFRERN, with regards to HUD properties. I had bid on many bank owned (REO) properties. Some I didn't want to pay the List price the Lenders were asking because I personally felt they weren't worth that much with the condition that they were in. Some offers being outbid by other investors (may I say actual Brokers), one offer was accepted by the Seller (Indy Mac) but I decided the property was too much of a "Humpty Dumpty" for me to tackle, while another offer was outright rejected by the Seller. I submitted another offer on the same property that the Seller counter but they were still unwilling to come down on the price so I rejected their last counter offer (by the way that property is still on the market til this day at a much lower price point now). They (Seller) should of taken my first offer.

A little while after the Humpty Dumpty property I walked away from. I spotted a HUD property, that I liked, while browsing on their site. It was a new listing. I had my Realtor rush to submit a bid, all the while, praying no one else was interested in it as well. I found out a week later that I had won the bid. Apparently no one else was interested in it. Yippee God bless my pray Masha'Allah. Long story short you have to get out there! I also thought at one time being without transportation would become an obstacle of getting involved with REI. But even that didn't stop me from getting out there and looking at properties and submitting offers. I even overcame that fear by hopping myself on Marta rail while learning new Bus (Marta operated) routes around the city. When you're determined to persevere, you get up off your duff and do what you have too, to get a deal done.

I think that what is holding me back primarily is fear. I am naturally a shy person, and english is my second language. Even in my native language, when I speak to somebody I crash, and even when I am an expert in any subject I fail to take control of the conversation. As soon as you lose control of a conversation, thats it is over, especially in this business. Another fear I face is how do I show credibility to the seller or to whoever I am talking about real estate, specially when it comes to talk to real estate profesional agents, and brokers, and more experienced investors. And the last but not the least of my fears is the competition there is where I live. There are more than 5 real estate gurus who do business right where I live, so everytime I call a realtor to refer to me his high end shortsale deals(my niche) they tell me they are already working with somebody. So I think I would have to take my business somewhere else.

Thanks for all the additions. That is a lot to overcome. There must be SOME obstacles that you HAVE already come through, as well though. I know that's true because you are still here and have not given up. (would love to hear those, too!)

I'll see if I can give any first-hand responses to your list (or if anyone else can, I hope they'll join in!)

First of all, remember the old saying "If you think you can or can't do a thing, you're right." Henry Ford. or I've heard it said this way,
"If you think you can, you will. If you think you can't, you're right."
SO, MOST important is our mindset.

1) Wow. All the more reason to start NOW. Get into a REI Club. Find yourself some buyers! If you are motivated enough, even with nothing besides that going for you, they will train you for what they want (read freeindeed's story). As you build resources and knowledge, you can branch off to other strategies.

2) Been there/ am there. Ha! Ignore it. Reality will win him over. You don't have to say a word.

3) Nope. While an LLC is important, not having one will not kill you. I did it for quite awhile before I had an LLC. And you definitely don't need one to bird-dog or assign.

4) Hang with the seasoned investors in your area. Talk to them. See how they do it. (and there are lots of properties that aren't foreclosures. )

5) hmm... I don't think you need me for this one. What would you tell yourself?

6) same thing.. but I do understand.. Trish, know that you are NOT a failure. You are young (yes, 42 is young. ).. you are married (meaning you know the meaning of commitment).. you have a 10-year old (meaning for over ten years you have cared for another person, with all that being a mother entails), and you have taken the steps to start changing your future. These are probably also your most motivating "why"s, right? So give yourself a chance, and when you start to see something clouding the view of your dreams, whisk it away and remind yourself that you deserve everything you are striving for. Because you do.

SOOO, after that LONG response, I hope it helped a little. I would love to see you add some things that you HAVE overcome, if for no other reason than to show yourself.

God bless! Wishing you all the best!

Rina

If you haven't already done a short-sale you might do well by contacting an investor who specializes in these and in return for your business, insist on "shadowing" him/her, along with receiving a finder's fee. You won't need a POF then for this one, and you would gain invaluable experience and knowledge, at the same time building contacts and relationships for your REI. That is just a suggestion off the top of my head, and what I would probably do. However, if this IS a great deal you would like to pursue yourself, by all means make it work. Your mind can come up with many "answers" when one is determined. Allow yourself to think creatively and remember seeds that have been planted. I am shocked all the time at what I remember when it is absolutely necessary.

Good luck!!

Rina

I just love your spirit.. Thank you for your post!
Truer words were never spoken. You are definitely one that "finds a way!" Watching you has helped me in many ways.

God bless,

Rina

Yep. That was a big one for me, too. What got me over it in part, was watching big-time investors (or any professional) flop at something, and just forgive themselves (immediately! lol!) and go on as though they HADN'T. If THEY can do that, I give MYSELF permission to do the same! Lose control? Smile and take it back! haha

Wishing you MUCH success and all the best,

Rina

Rina -

Guess one of the biggest obstacles I have/am overcoming is clinical depression. Got so bad in June that the reason I ended up in the hospital was a suicide attempt. Damn closr to succeeding too, but someone out there told me I wasn't done yet, and here I stay!!! Still working on paying all the care back and keeping on the meds - shrinks are mighty expensive for a 5 minute visit and a scrip that costs 4.00. After I got back to work for a month I injured my shoulder and have been out on medical leave at 50% pay since august 1. Just not my year. But it has got to get better!!!

Trish

Good job! That's a HUGE victory! Don't give up. And hopefully being here with people who share your dream will be uplifting. ALWAYS know that you have support here, ok? though most of us are probably not doctors, a kind, sincere word can be very healing.. And we promise NEVER to be negative! We REIs (and women) stick together.

A friend,

Rina

lol. I won't hog the thread.. It would be really great to hear of some more obstacles that have been overcome. Hope to hear from more of you!

Thanks!

Rina

Thanks for your encouragement and reinforcement!
One property is about -$250. We tried to sell it about six months ago to no avail. We refused to drop the price for quick sale and found a renter pretty timely with some divine assistance, of course.
Our other property is +$50, almost break even so it's doing okay.

What a great idea you started here! I thank you for doing this as it is such a relief to talk about what the many obstacles people are facing.

All of the obstacles mentioned here are the same ones I am feeling now or at one time or another. My biggest one is Fear: Fear of rejection from friends and the professionals (agents, attorneys, investors, buyers, sellers) and not knowing what to say next, fear of being called a scammer, that what I am doing is illegal (as what an agent told me about finders fee), fear of being sued at the end.

It is so worth mentioning that my big time victory so far is my husband's support (which I hope will continue). I am slowly introducing him into reading Dean's book PFRERN (all highlighted and marked) which I intentionally leave at the headboard near him as a reminder.

You are a great role model and I appreciate your efforts. Thank you.

Ingrid

My biggest fear is becoming homeless...we live on section eight and my wife refuses to lose our section eight. I want to do this so badly that its all I can think about and yet my wife tells me its stupid, and we have to have money in case no one rents the house/apartment. That's not the case but my wife feels otherwise and she adamantly refuses to lose our section eight. I call it welfare and I want us off the payroll of the American citizens and onto our own passive income. The course I have is Deans TALD and I fear my wife and the Northern Housing Solution a.k.a. SNAP Housing. Wanting this to become an excuse and throw it out would be great...its a leap of faith and hoping I can avoid the housing dilemma. Wish me luck as the wife and I had it out over Deans course but she said if I could get us a house by all means do it, by that she meant so we wouldn't have to pay out of our pocket every month but get passive income to pay for it. Maybe this is her way of supporting me? either way I have to do this for myself. Talk to you later and will let you know.

Bil G

I recently got a deal locked up that I am trying to wholesale, I have probably 8 interested investors. What makes me doubt myself is what others have said. "Why weren't these so called investors trying to get the prop for themselves before you got it?" I think I'm an intelligent person, but I certainly don't think I'm the smartest investor out there so why didn't it get snatched before I locked it up? Another prop I'm looking at a block away has been on the market for 364 days. Price has dropped to 99k it is a duplex, I was thinking of offering 39k for it and maybe make it a SFR. I would definitely have it inspected, so I know all the problems, but why hasn't anyone elsetried to buy this prop like that? It is in a good location, good neighborhood, and close to buslines. I am definitely struggling with the "Why haven't other investors......"

Cathy

I bought Dean's book and was all fired up about the possibility of making this happen in my life...I even started to look at properties and made an offer through a listing agent...when my husband asked me a question that made me think again about what i was doing. You see, i wanted to be able to do the "no money down" thing because i neither have good credit at this time, i dont have a job, and I don't have any money... but, according to Dean's book, i could do this without money and without credit... Then my husband asked me this question: "Why would a seller want to sell you a house for less money to you if you don't even have money to give him"..why would a seller want to contract with you for less, when he can sell his house for more and get money? "why are you trying to buy an REO with a bank on a house that needs work, if you don't have money to fix it? neither do you have money to give the bank?"

I figured he was right..what am i doing dreaming of the impossible...wasting my my thinking i could do this, just because others did it obviously because they had some money somewhere, or they have a job to back them up...

So the no money down, no credit thing is not something that's likely to work for someone that has no job either.... Stopped reading the book ...

Maria, you need to read the post "A year in the life of one of Deans students"
She didn't have any money or job either and was jeopardy of losing her house to foreclosure, she found a way to make it work and so can you. There are many people who buy houses with no money down and bad credit. Don't let anyone steal your dreams. You are going to need to build a buyers list. When you have buyers or other investors that are looking for deals, you can assign it to them and make 5-10k per deal. That's how this could work for you. Finish reading the book, spend more time reading on this forum and you will see it is possible. Don't give up.

Cathy

Cathy thank you...i just dont know how to build a buyer's list... i've read that part over and over again and still don't know how to get that list. Any suggestions?

About the 'Why Haven't Other Investors ...' Did it ever occur to you that you got there 1st because they missed the boat and you didn't? Maybe they were busy rehabbing other properties or it didn't meet their criteria or whatever. You have a property locked up for wholesale and 8 investors - that is HUGE!! I wish you the best!

Lea
SPR Property Solutions, LLC

If you're area is saturated with properties, like my area is, there are probably many properties on the market. And some yet to come on the market. Other investors are tracking the market. They're watching specific properties, they're interested in, to see whether the price will drop to the price they're willing to pay. Or they have their money tried up in other investments that they haven't flip or rented. Or they only invest in a specific area.

Get the buyers list mini-book here: http://www.deangraziosi.com/dgs/sf/bl/index.html

Building a buyers list is actually one of the easier parts of the process. Not because it happens over night with a single ad, but because you can do it all from your computer as many or as little hours you want. Build the buyers list by creating a routine. Just like marketing any product/service, it requires tests. You will put out a bunch of ads, see which gets the best response, build on that ad. You will soon have a routine developed for your list building.

Also, there is plenty of others ways to list build than ads. The minibook covers that.

The no money-no credit is for real. If you are already doubting it without trying it, just by trying to apply the logic of a non-REI, then will you realize why it is possible through you own doubt. What I mean is, the reason there is a market for people with no money/no credit to do this is because conventional wisdom tells everyone else that it can't be done, so they don't do it.

Don't give up, go read the "My Deals" forum for some inspiration. Many of those deals were done with little or no credit/money. People are making a killing doing wholesale (assignment) and just bird dogging.

It is all there for the taking!