Episode 19: [Foundation] How much do you really need to know before taking action? w/Andy McFarland

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Show Notes

Andy McFarland is a self-made real estate entrepreneur who started with nothing and currently makes seven figures a year in his real estate business.

After getting fired from his last W-2 job in 2004, Andy went into real estate full time and has never looked back. Andy currently focuses on wholesaling properties in three different states; Utah, New Mexico, and Indiana. In 2015 alone, he did over 150 deals!

Andy has been married for 10 years and currently resides in Farmington Utah with his beautiful wife and three amazing children. Andy enjoys being around family and friends and continuing to grow and learn every day. You can follow Andy on his real estate journey by going to his website: www.iloverealestatestories.com or on his YouTube channel by searching for I Love Real Estate Stories.

In today’s episode we talk about how people need to take action to overcome fear and find out what they need to learn.

Too many new real estate investors spend countless hours, days, weeks, months and even years study all there is to know about flipping houses but never take any action.

The reason for this has to do with fear and the Confidence/Competence Loop. Here’s an excerpt from the Leadership and Learning Blog with Kevin Eikenberry:

Let’s take a task you likely know how to do well, like riding a bicycle.  Are you afraid to ride a bike?  Likely not, because you know how to do it. So if I give you a bicycle and invite you to ride, you likely will do it right away – there is no reason to delay, there is no real fear, you just ride.  If I gave you a unicycle instead, for most people, fear would well up – and they wouldn’t even get on the seat.
So how do we get started?
We put our butt in the seat.
Action overcomes fear.
In the Podcast episode, Andy talks us through how he did his first deal by just jumping in and figuring it out.

We only need to focus on the immediate steps to achieve a simple, clearly defined goal. These simple goals can be, ‘get my first deal’, ‘get my first motivated seller call’, and/or ‘go to an open house’.

It doesn’t really matter what it is, just choose one. Focus on it and do the things that will get you to accomplish that goal. DO NOT waste time learning about sandwich lease options before you ever talk to a motivated seller. Work first on talking to some motivated sellers.

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Recommended Books

Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

The Millionaire Real Estate Investor



I Love RE Stories Youtube Page

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