Overcoming Fear: How Competence Builds Confidence in STR Investments

Embarking on the journey into short-term rental (STR) investments can be both thrilling and intimidating.

Whether you're just starting out or looking to scale your existing property portfolio, it's common to feel a mix of excitement and fear. Questions like, “What if I comped the property wrong?” or “What if the market tanks?” can loom large.

Fear is a natural part of any new venture, and a certain level of it can be healthy—it keeps us cautious and meticulous. However, excessive fear can be paralyzing and prevent us from moving forward. The key to overcoming this fear lies in building competence. Competence builds confidence, and confidence—distinct from arrogance—is the true currency of successful STR investors.

So how can you build that crucial competence? Here are five practical steps I used to develop my own expertise and confidence:

1. Consume Books

I admit, I’m an avid reader. When diving into a new subject, I seek out the best books available. For STR investments, I read several key books that provided a strong foundation of knowledge. Books immerse you in industry terminology and concepts, making them an excellent starting point for any budding STR investor.

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2. Join a Masterclass/Mastermind

I remember a night of sudden dread during a lengthy renovation on our first STR property. Despite having read extensively, I realized I lacked practical knowledge. I found a Masterclass that accelerated my learning and provided invaluable educational content. Joining a mastermind or course can quickly build your competence and boost your confidence.

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3. Network With Like-Minded Investors

Joining a network of investors was one of the most beneficial aspects of my learning journey. Similar to my experiences at the Navy’s Nuclear Power Training Command, networking with others in the industry allowed me to share knowledge and solve problems collaboratively. Engaging with a community of investors can enhance your understanding and support your growth.

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4. Put In The Reps

Practice is essential. In HostCamp, we emphasize the importance of continual practice. After learning the basics, it's crucial to apply your skills by comping various properties. The more you practice, the more natural and efficient you become. Remember, consistent effort leads to deeper competence.

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5. At Some Point…Just Get Started!

Once you've built a solid base of competence, it's time to act. Don’t let fear hold you back from seizing opportunities. While it’s important to be cautious, finding a deal that aligns with your goals and moving forward with confidence is key. With the right preparation, you’ll have the support and knowledge needed to navigate any challenges.

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Conclusion

In the world of STR investments, transforming fear into confidence is a journey fueled by competence. By dedicating yourself to learning, networking, and gaining practical experience, you can build the confidence necessary to move from apprehension to action. Every successful investor started as a beginner, and every great achievement began with a decision to start despite the fear. Embrace the path of competence and let it propel you toward your goals.

Happy investing!

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