Episode 20: When You're Scared to Do a Deal

We've all been doing something that we're very familiar with and it becomes a routine and a pattern where we have experienced some success. But then you're presented with an alternative that you have to deal with and it changes your routine. And that change causes a lot of anxiety, fear and it is definitely scary! In this episode of Grab the Map Podcast, Johnoson shares his three step approach on how to solve fear when you are scared to make a deal.

If this your first time investing in real estate, or your first time investing in a multifamily large project, how do you handle fear when you are scared to make a deal?

Here's a three step approach on how to solve fear when you are scared to make a deal:

#1 Get Educated

[11:49-12:52]

When we get educated, it reduces fear. Get an education and get it from somebody you know, like, and trust. Educate yourself about the business. That should be your absolute first step and it should be a quality education. But it is rarely free. It might cost you money and time, but getting an education is fundamental.

Here are some ways you can get a quality education:

• Work for a real estate investor that's doing the type of business that you want to do – doing a deal, flipping a house or wholesaling
• Pay a mentor to coach you through the real estate business
• Enroll in an online course program inclusive of training materials, videos, and tools so you can stay up to date on what it is that you are trying to do.

#2 Prepare

[13:25-15:05]

If you already got the education but you are still scared to do the deal, now it's time to prepare. Part of preparing is having a clear criteria for the things that you do. Opportunities are everywhere and people will try to convince you that what they're doing is an opportunity. So what you want to do is prepare so that when the deal comes across your desk that meets your criteria, you will have a plan to execute. If you have a plan, your fear is greatly reduced and you are most likely to do the deal.

#3 Execute the Plan

[16:00-17:04]

You've got the education, prepared a plan, now is the time to execute the plans. It might be scary and difficult but execution is the only thing that will help you get rid of the fear of doing deals. When you're scared to do deal, just do it. The worst things could happen. You may not be able to get the money you expected to make or you might end up not executive your plan 100% with proficiency. But you still gained confidence, education, a confirmation of your plan and the preparation you have made. It will help you be better on the next deal.

You can get educated, prepare, have a plan, and execute, even when you are scared to do deals.

If you want to see the kind of education Grab The Map can offer, check out their online course and Mastermind Group Page at http://grabthemapllc.com/. You can also reach out to Johnoson at [email protected].