3 months? 6 months? …even longer!?
Do you worry that time is slipping away?
That you’ll wake up in ten years time and nothing will have changed?
Ugh…
I couldn’t think of anything worse…
Waking up, sometime in the not-too-distant future, and realising the future you had been dreaming about had slipped through your fingers…
…all because you procrastinated, overanalysed, and misprioritised.
Which leads us to one of the biggest mistakes I see Real Estate Wantrepreneurs making…
DEATH BY INACTION This one can creep up on you… … and it can manifest in several different forms.
This paralyses every beginner to intermediate investor at some point along their journey.
It’s an easy mistake to make and there is no shame in it.
…that being said
..it will prevent you from achieving success if not properly managed.
You know the feeling, though…
That tightening of your chest…
Sweaty palms…
Your mouth feels like cotton wool…
You could fear taking on more debt… that you will make a bad decision…
You might even fear becoming wealthy, and how your friends and family will see you.
Fear can seriously hold you back.
You question every action and ultimately nothing gets done.
To overcome fear, you need to start reframing exactly what you are afraid of. Research is an essential part of property investment.
You need to know exactly what you are getting, when and where.
The issue that many beginners and even intermediate investors face though, is that they spend too much time researching.
…They get analysis paralysis.
Waiting for the right time can seriously slow you down and even ruin your chances of growing your portfolio.
Remember… the deal of a lifetime comes along every week.
The key here is to take action! But first…
Prepare a checklist of what to look for and remember to consider ALL of the costs.
When a property ticks all the boxes, make an offer.
Don’t hesitate or wait for something better.
…Action will take you further than any “golden opportunity”.
Consider the cost of inaction.
What happens if you don’t take action and invest?
You lose out on potentially hundreds of thousands of dollars over your life.
You might end up working a job you hate right up to retirement and not have anything to show for it.
If you were to turn away from purchasing a $400,000 house with the average national growth rate over the last 25 years being 6.8%, you would lose out on $2,267 in potential equity growth a month.
…That is $13,600 of lost equity every 6 months!
Compound growth can work wonders as the years go by.
If you invested in a $400,000 property today, with an average growth rate of 6.8%, it will be worth $2,878,708 within 30 years.
If you were to invest the equity into additional properties, with the right strategy, you would very quickly start to see that fear of NOT taking action is far more scary.
For most people, fear comes from not having a plan, or not knowing what the next step looks like.
