Instead of a hindrance, fear can be a powerful tool for success
Many of us fear that which does not exist. Much like the boogie man, we all are afraid of some things that are only made up in our minds, or we fear things that, in reality, have little chance of happening. The sad thing for most of us is that these silly fears often keep us from taking action on things that matter.
Reality check: If you don’t do what you fear, you will only have what you currently possess.
Think about that for a minute. Are you ok with where you are? Or do you want to have a greater impact on those around you? Do you want more wealth to give generously, more freedom to travel, more hours to spend with family and fewer to spend in the office?
We have all felt fear or hesitation creeping in when we want to (or feel called to) take action but are scared to do so. The best thing to do to conquer fear is starve fear of what it really wants—TIME. Instead of perceiving fear as a yellow or red light, think of fear as the green light for action. Instead of letting fear hinder you from action, allow it to become the fuel of your fire for success. Let it lead you to take massive action, or maybe even just one small step. Who are you afraid to reach out to that might help your business today? What decision do you need to make with your money that you might be afraid of but could have incredible impact? In what areas of life are you hesitant? Who do you need to make amends with but have been too afraid to call?
Early in my investing career, we purchased a duplex in San Diego. This was our first real estate deal. We had zero real estate experience and we were strapped for cash. I was afraid of making a mistake and not doing something right because I was new to the game. Nevertheless, I was determined to start my real estate investing journey. I was committed to my long-term goals to bring financial freedom to my family and make massive impact in the lives of those around me and in our community. I told everyone I knew about my endeavor. I began looking at deals, having conversations with family and friends, and reading and listening to podcasts. Four months after I told my wife I wanted to start investing in real estate, we had lined up the additional capital needed from a family member, found a local mentor to help manage the property, and closed on a killer deal that everyone said didn’t exist in our market.
After the purchase of this duplex, I learned about the business of syndication. I learned there was an entire real estate industry built around partnering with other investors to purchase large commercial deals. Similar to what I had accomplished with our duplex, I could raise money at scale to purchase larger properties. Experienced real estate operators were partnering with private investors to purchase large apartment complexes that one typically wouldn’t be able to purchase on their own. The investors and the operators all benefited because they owned the asset together and shared in the cashflow, tax benefits, and any new equity they had created when they sold it.
But fear crept in. How could I ever convince enough people to give me that much money when I am just getting started? Do I even know enough people who have money? How will I find a deal? How do I know what a good deal looks like?
The fears and doubts flooded my mind, but instead of letting those doubts paralyze me, I decided to act.
I started reaching out to other investors I found online or on podcasts. I was unashamed about my lack of knowledge and eager to find ways I could help. I learned quickly that this business came down to two major roles: finding deals and raising money.
Even though I had only raised a hundred grand for my previous project, I had spent the past six years raising a significant amount of money for our non-profit. It dawned on me that I had developed a skill and a network that I could further leverage. I had a superpower that I didn’t even recognize.
In nine months from the purchase of our duplex, we closed on our first apartment complex near Memphis, Tennessee. I partnered with an experienced operator in the area who owned over 2000+ units of his own and was looking for someone like me who could assist in capital-raising efforts. I was able to leverage his experience and track record, and he was able to leverage my network and experience of fundraising.
I am not braver than you who are reading this. I just continued to do the things I feared. Do what you fear. Take action now!
Many of these thoughts were inspired from a chapter about fear in Grant Cardone’s book, 10X. I highly recommend this book and especially this chapter.