If you can recognise symptoms of fear, or if you have found yourself hiding behind excuses, you’ll be pleased to hear that there is a simple cure.
The first part of the cure is to recognise that you are fearful and that it is a natural feeling to have. It’s not something to feel guilty or ashamed about. As I say, fear expressed as reasonable caution is healthy.
When fear is like a negative force that is holding you back you need to introduce a bigger positive force that can pull you forward, so the net sum of the two forces is progress. What I mean by that is that you need to review your “why”.
What do I mean by this? You need remind yourself why you want to be a property investor. Let’s face it, you won’t want to own property just for the sake of owning property. It’s true that some properties have architectural merit, but we are not into art for arts sake. No, the reason why you want to own property is because of the benefits you imagine you will gain from owning property. This might be income or equity, but I’ll guess it’s not about the money per se. But the money will allow you to pursue your real desire of financial security, greater freedom and so on. So behind your decision to be a property investor will be a compelling reason, your “why”, and that is what really motivates you.
Having a “why” is crucial to anybody who wants to succeed. And just as crucial to success is keeping that “why” in mind at all times. Knowing why you want to be a property investor can give you that little bit of impetus to do those things that make you feel uncomfortable. Without that “why” you might just shrug your shoulders and think up excuses like “I’ll do it tomorrow” or “I just can’t do it”.
So what is your why? Is it a big enough “why”? Is it important enough to you? Is it something you feel passionate about? Perhaps over time your “why” has changed and you need to look at your motivation again. The truth is that if you have no particular reason for wanting to be a property investor then your chances of success in property will be limited. If, on the other hand, you need to succeed in property because you know it’s the only way you can pay-off your mortgage, or to have a pension in your old age, then your motivation should exceed your limiting emotions and fear.
Here’s to successful property investing.
Peter Jones B.Sc FRICS
Chartered Surveyor, Author & Property Investor