Oct. 25, 2023
s5e66 Overcoming the 'Fear of Success': Being Comfortable with the Uncomfortable with David Hayes
Tom welcomes to the show a long time Traction member, David Hayes, who shares his journey to real estate investing, rehabbing vs wholesaling properties, and why real estate investment truly was something which he couldn’t afford to fail. Today, David joins the show to talk about overcoming the ‘fear of success’, face-to-face negotiation tactics, and the importance of sticking to your exit strategy.
Key Takeaways
- 01:02 – Tom introduces today’s guest, David Hayes, who joins the show to discuss how he had no choice but to succeed in real estate investment and the concept of ‘buying correctly’
- 06:11 – The fear of winning
- 09:12 – Rehabbing properties and wholesaling
- 17:45 – To buy, or not to buy?
- 21:06 – Face-to-face negotiation tactics
- 23:45 – David’s mindset and why he’s been a Traction member for years
- 27:46 – Being comfortable with the uncomfortable
- 31:22 – Dealing with taxes and investing in deductions
- 33:16 – The most impactful thing Tom has taught David and the art of conversing with others
- 38:45 – Advice David would give to the negotiation skeptics
- 42:31 – Advice David would give to anyone hesitating to get involved in real estate investment
- 53:21 – Overcoming the excuses and dealing with being a ‘perfectionist’
- 1:00:47 – Tom thanks David for joining the show and sharing his story
Tweetable Quotes
“Back then it wasn’t so much that I was investing, but I was fine-tuning my craft. I took a lot of courses. I learned a lot of information. I learned a lot, but I didn’t know how to put it into action.” (01:36) (David)
“People buy courses and they invest their money in education. But, education is only part of the equation; you have to put action behind it. And if you don’t put action behind it, nothing’s gonna happen. And a lot of time that inaction is because of fear.” (05:38) (David)
“I don’t deal with motivated sellers because they don’t fit my criteria. I need HIGHLY motivated sellers. I need a person that I can ask the question, ‘If you don’t buy from me and I don’t buy from you, what’s your next move?’” (10:57) (David)
“With this particular wholesale deal, I gave three different offers. The chances of getting a house when you make three offers and they make sense is very high. It’s a lot higher than just making one offer.” (22:09) (David)
“One of the things that I learned about real estate is that sometimes you have to just go out on blind faith. People don’t feel comfortable with that. And, if you’re not gonna do it the way people who are successful are doing it, then that means that you’re gonna try to learn it your way, which is going to take more time.” (27:46) (David)
“You need to know how to talk to people. And if you can talk to people and make people relax around you, then they can believe in you. And if they believe in you, then they’ll listen to what you have to say. If they’re not sure about you - if you go in and they don’t get a good vibe from them - it takes a lot of work before you can turn around and get them to believe in you later on. So, the best thing to do is, from the minute you meet them, be very humble.” (36:16) (David)
“You have to know what your goal is. And based off your goal, you’ll know what you need to do. So, if you need immediate cash, then you want to wholesale. If you want to develop legacy money, then you want to buy cheap. Sometimes it requires a combination of the two.” (44:50) (David)
“When you buy something, know what your exit strategy is before you buy and stick to it.” (50:04) (David)
Guest Resources
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