When you begin real estate investing in Canada it can be a real emotional ride.
Trying to figure out if the property you are about to buy will actually make you any profits can put you into a frenzy.
However, real estate investing in Canada is much like doing anything else for the first time.
A little while back my family took a trip up to Blue Mountain in Collingwood, Ontario. During the summer they turn the ski hills into an amazing downhill mountain bike course.
I've never tried it before but who am I to avoid something that looks like so much fun.
As I was waiting for my downhill lesson to begin, I couldn't help notice that I felt anxious and I was starting to doubt myself.
I didn't really know what to expect over the course of the next two hours.
The tough looking guy (ok, boy) next to me looked like he had 10 years experience and he couldn't have been more than 17 years old.
I was sitting on a $5,000 downhill mountain bike on loan from the pro shop and for some reason, I almost felt like turning it in and running back to the safety of my hotel room.
Your emotions really play games on you when you try new things. No big surprise here, right?
But it amazes me that it's the exact same pattern we go through with all new experiences and especially with real estate investing in Canada.
So if we can recognize the pattern, we can learn to break through it!
It doesn't matter if you are about to ride down the side of a very steep hill or buy your first investment property. The steps are the same.
Here's my interpretation of what someone goes through during any new experience.
Real Estate Investing in Canada: Taking the Leap!
I will use mountain biking and real estate investing in Canada as examples for each step:
>>> DECISION POINT <<<<
OPTION #1: Bail out at this point because the emotions get too difficult to handle.
Mountain Biking: I really shouldn't do this, why bother, I'm too old/hungry/slow/fat/thin/tall/short anyway.
Real Estate Investing: I really shouldn't do this, why bother, it's too scary/risky/unsafe/time-consuming anyway.
OPTION #2: Stay committed; even after the initial excitement about the idea has faded.
Mountain Biking: "I'm going to beat this thing and love it, I CAN DO THIS!"
Real Estate Investing: "I'm going to beat this thing and love it, I CAN DO THIS!"
I started to recognize this pattern happening to me when I was waiting for my mountain biking lesson to begin.
I chose to squash my fear based emotions and push on.
I didn't know what would happen during the next two hours on those hills, but as someone somewhere once said, "Those people who need to know everything before they begin really don't accomplish that much".
I agree. Strongly.
Whether it is mountain biking or real estate investing. Go out and get some education, plan for the worst and then make your move!
You'll be glad you did.
Real life is the best teacher.
No book or course can replace actually doing something. And no book will make you rich without a strong COMMITMENT to taking ACTION!
I ended up flying over my handlebars after hitting a rock. That resulted in a few bangs and bruises but I pushed on and ended up having a blast.
And the best part, my son, and niece now think I'm a superhero!