You’ve read all the books and magazines about investing in property. You’ve attended dozens of seminars and paid thousands of dollars for a few short sessions with a mentor.
You’ve been religiously checking the latest offering on the real estate websites, well into the night. You’ve fuelled yourself with cups and cups of coffee as you diligently checked each property. You also made yourself get up early on Saturdays to go to open houses.
You told yourself that as long as put in the hours, you too, would succeed, as your mentors have you believe.
But then reality hits. You’ve spent all these time and money and yet you haven’t moved an inch towards your goal.
You know you need to act. But you’re afraid. You grapple with questions such as, what if I make mistake and lose everything that I’ve got? What if I buy the wrong property? What if I’m not good enough as an investor?
You want desperately to take the plunge. But how? Here are three simple steps that might help you finally make that leap.
Step 1. Acknowledge your fear.
There’s no getting around this first step. Until you admit to what you’re feeling, whether its anxiety or fear, you won’t be able to get to the bottom of what’s really causing it. There’s no point ignoring your fear because it’s bound to resurface when you least expect it.
Remember: what you resist, persist.
It’s helpful to see fear and anxiety for what they really are: feelings. They come and go. You don’t have to fear them or avoid them at all cost. Learn to sit with them. Embrace them. Make them your best friend. Since they’ve been with you all this time, they’re likely to stick around for a while more.
Realise that perhaps you’re more afraid of the feeling of fear rather than fear itself. If you can be with your fear or anxiety long enough to understand that they’re just feelings, you’ll be able to move on to the next step.
Step 2. Find out what’s causing this fear.
Ask yourself, is buying a property really such a dangerous thing? Actually, it’s not. There are far riskier investments you could be making right now.
So what are you really afraid of? Make a list. I can hear you grumbling. Not another list! I can assure you, this works. Try it.
Putting things into writing really helps in clarifying your thoughts by understanding the root of your fear and anxiety.
You might find that what you’re really afraid if is not about losing money. Perhaps it’s more to do with not meeting the expectations you set upon yourself. Perhaps you created this elaborate fantasy that you should make tens of thousands of dollars in your first property deal within a week. Recognising that these are just fantasies will help you realise just how much you’ve glorified your fears.
Once you get to the bottom of what’s really causing your fear, you can now let it go and take the next step.
Step 3. Realise how much this fear or anxiety is hurting you.
Holding onto our fear and anxiety is pretty twisted. Yet we do it because their familiarity brings us comfort.
But if we’re really honest about it, we can see how they're hurting us. Our fears make us procrastinate and miss out on all the available opportunities out there. Our anxiety freezes us into inaction and we waste valuable time doing research and not acting on it.
It makes us frustrated with ourselves and we become less confident about our ability to make decisions. Our fear stops us from reaching our goals.
Once you truly realise that your fear and anxiety is causing you a bright future you planned for yourself and your love ones, you’ll find it easier to let it go.
As you loosen your grip on your fear, you’d find that it also slackens its grip on you. You can now go through any perceived obstacles with confidence; knowing that you largely created them and therefore, you do have the power to banish them.
Now, take a deep breath and jump!
Nila Sweeney is the managing editor of Your Investment Property magazine, Australia’s favourite property investing magazine. For extra dose of inspiration and motivation, check out her personal blog at nilasweeney.blogspot.com
Do you have more than $120k in your super fund? You could use your super to buy property - Find out how
Nila Sweeney is managing editor of Australia’s leading property investment magazine, Your Investment Property, Canada’s only property investment magazine, Canadian Real Estate Wealth and Your Mortgage magazine. An active property investor herself, Nila owns a number of properties in Australia and overseas. She has worked as a TV journalist for CNBC Asia and CNN International for more than 10 years and has been writing about the Australian property markets for more than eight years.
Connect with Nila
Google+: Nila Sweeney