My Top 5 What-ifs
- What if I get stuck in Michigan...This felt like an anchoring decision and I eventually would like to relocate.
- What if I hated the tenant and/or they don’t pay their rent on time?
- What if the companies I hired to make repairs rip me off...I mean I’ve seen the horror stories on HGTV.
- What if I encountered a huge unexpected repair and I didn’t have the money to fix it?
- What would I do if anything thing went wrong?
I had so many what-if questions & fears about this decision because it was life changing & expensive. I often saw motivational memes on social media that seemed to help, that is until I started to wonder what if again- like what if I lost a ton of money?!
4 Steps to Move Past Fear
- Eliminate analysis paralysis
- Talk to a field expert
- Take the first step
- Share your plans only with like minded individuals
Eliminate analysis paralysis-
I listened to a great deal of real estate podcast when trying to make a decision and felt even more overwhelmed at times. So I stopped listening to new information and wrote out all that I knew about the process. I then focused on the areas that I was most uncomfortable with to gain clarity.
Talk to a field expert-
I shared all my fears with my good friend Rochelle who also happens to be a realtor and an owner of a multi-family home. She actually took a little over a hour to address all my concerns. Rochelle shared her home improvement horror stories and how she resolved them. This made me feel better knowing the good, bad and how to proceed.
Take the first step-
The first step in the home buying process is pre-approval. It took me a month before I actually picked up the phone and called around for rates and incentives for working with that respective financial institution. I got more confident with each call that I made.
Share your plans only with like minded individuals-
I didn’t share my decision to purchase a home with anyone aside from my realtor and Rochelle until after I closed. I didn’t want any negative energy coming my way. My friends are great however, their concerns could have caused me to doubt myself. Even after I closed, I was met with “that house will be too big to handle”, “my cousin did real estate & it fell apart, but good luck”, etc. I mean this is not encouraging, but people who don’t have the same vision or goal attainment for growth will project their fears onto you!
How Parents Can Apply These Steps to Financial Decisions