Trust yourself; you can handle the thing you’re fretting about
Episode description
Teresa is a retired military veteran, who is now moving in to the world of real estate. She just got a permit to start listing on Airbnb. She's grateful to be able to own a house in Encinitas.
01:15 Challenge: How do I make sure I know how to work with the property management company?
01:51 Challenge: I'm new to business, I've always worked for the government. I came tonight to soak up the business mojo. I'm afraid I'm going to lose more money than I make.
02:16 Question: Are they paid on a percentage or flat rate?
02:18 Percentage.
02:19 So they can't take more than you make, because they just get a piece of it.
02:28 But then they charge if anything breaks, or if they need an AC unit, etc.
02:45 Challenge: Repairs are in the contract, but I have to pay for it.
02:58 Challenge: Had a property in the Bay Area, but the property management company ripped me off.
03:23 Suggestion: It sounds like you are scared of doing what's wrong.
03:29 Suggestion: Nothing you've described has happened.
03:39 I'm using evidence of the past property management company.
03:43 Question: Is your experience in Encinitas new?
03:53 Question: Have you looked into insurance policies?
03:56 I need to change policies, because mine won't cover Airbnb. Good reminder!
04:17 Suggestion: It's likely that something is going to go wrong, it's 100% possible that you'll be able to deal with it when it does.
04:28 Suggestion: Living in constant fear of what *could* go wrong will make you crazy.
04:41 Suggestion: Do you best, based on what you know, to mitigate the downside, and the upside tends to take care of itself. The key is not making the same mistake over and over again. No reason to beat yourself up over something you didn't know.
05:14 Suggestion: Experience is the price of learning all the mistakes in a very narrow field.
05:35 Suggestion: The first company may suck. You might have to get a new company.
06:00 Suggestion: Stuff that used to throw me off for three days now is so easy it can happen three times a day.
06:06 Jump in!
06:09 Suggestion: Trust that life is generally supportive.
06:33 Suggestion: Sherlyn Jones will be at the Mastermind tomorrow night, her background is in real estate and strategic business. When it comes to the emotion, hold your index finger to harmonize your fear. But you've got to do it for a few minutes. When you pay attention to it, you'll notice it, and the emotion will dissipate, then the train of thought will change.
07:36 Suggestion: Find or start a Meetup with other people who have Airbnb properties.
Three Key Points:
- Trust that life is generally supportive.
- It's likely that something is going to go wrong, it's 100% possible that you'll be able to deal with it when it does.
- Experience is the price of learning all the mistakes in a very narrow field.