In any industry, your first, big win is a reason to celebrate. When you’re a real estate investor and you close on your first deal, this is a momentous occasion that is setting the foundation of your success.
As we all know, real estate investing doesn’t come with a training manual and because every deal is so different, you need that first deal to give you the confidence and experience to keep going.
The variables involved are countless, from the motivation of the seller, the condition of the property, the amount you’re able to offer, liens against the property, other investors meeting with the seller, how you present yourself and your offer, they all come into play.
Once you’ve done your first deal, you know the sequence from offer to close and most likely, you’ve created some key relationships that will help you as you do more deals. From a general contractor to a title company, finding your outside “team” is helpful.
“Analysis paralysis” is something that many new investors get stuck in.
By not knowing if their offer is right, if they estimated repairs accurately, and if they used the right comps, it can paralyze your decision making and you end up losing out on a potentially great deal. Sometimes, people become so unsure, that they never get to the point of closing on a deal.
This is why having someone to mentor and support you along the way can be so helpful. By having someone to tell you if your offer is appropriate, it gives you reassurance that you can do this and provide you with the confidence you need until you gain confidence from experience.
Your first deal is your biggest hurdle. Don’t let fear take over. Arm yourself with a mentor who can help you over the hurdle and to the finish line.
Click here to learn more about FlipNerd Investor Coaching.