You are going to have some type of emotional response with every step along the way and to every property you see. That is simply part of being human. The key is to not think with your emotions, but to use your emotions to think.
The most common emotion you’ll feel at the beginning of your real estate journey is doubt. You find a property that matches your criteria but end up not pulling the trigger because of doubt or fear. Emotions like these have roots in uncertainty. So the solution is to do something about your ignorance and fully educate yourself so you can act confidently.
Any time you feel an emotional pull, dig into it and figure out why you feel that way. If you are feeling fearful and doubtful about an opportunity, why is that? Have you not crunched your numbers sufficiently? Are you not familiar with the neighborhood? Is the scope of the remodel beyond your experience or current capabilities? Most feelings of doubt or fear in real estate investing are rooted in a lack of confidence in some aspect. If you listen to your emotions, you may find that you haven’t spent enough time learning and running the numbers and need to study more until you are confident. Or maybe it was a gut feel about that specific area and you need to do more market research before you can confidently move forward with the property or know that you need to move on to another one.
Perhaps you walk through a property and have a negative emotional reaction to it. Don’t just skip over the property and assume since you felt negative about it it’s not right. Figure out why you had that reaction. Was it that the property just wasn’t aesthetically pleasing? If so, are there changes that can be made to improve the look and feel? Use your reaction to help determine if there may be potential to add value with a little remodel that would raise the rents a significant amount.
Just as purely acting on negative reactions may cause you to pass up on the right deals, purely reacting on positive reactions may cause you to take the wrong deals. Do you feel good about a specific property because it is actually the best investment or just because it’s your personal taste or you personally like the neighborhood a bit more? As with negative feelings, take a moment to dig into your positive feelings and seek to understand why you are reacting that way.
Emotions are valuable tools in the process of buying property. Take your fear and apprehension as a sign you need to further educate yourself. Check enthusiasm with numbers. Don’t let yourself be manipulated by reaction. Learn them and use them effectively for the valuable tools they are.