How to make something out of nothing?

Question

Please, excuse the fact that im not high in knowledge but, i wanted to ask. How do you make something out of nothing? im 18 i have nothing. But what i do have is a goal. i want to own an apartment building point blank period. i want a medium- large one that i can make alot of profit from, and to get there i figure id need a loan of some sort but likewise i have nothing.

How do i make something out of nothing? to get a loan i figure id need alot of capitol ....not only that but id have to show alot of say charisma to aquire what i need. I figured it be better to buy from someone else since it would probrably guarantee me capitol.

Adrian Williams · Answer

Hello David I'm 18 to,My advice is to work as much as you can and try to surround yourself with people who will try and help you achieve your goals the hardest part of being younger is other people getting you off track. Some things I have done to help me achieve my real estate goals is I got my Real Estate liscense and have bought a real fixer upper I will start to rehab in the spring . Most loan officers want you to have great credit, 2+ years on the same job, down payment etc, so thats probably the best place to start Goodluck ! Message me if you ever want to exchange ideas ! :)

J Scott · Answer

Tips:

- Build your credit starting NOW
- Start saving money NOW
- Start reading everything you can get your hands on about real estate NOW
- Start networking with other investors -- try finding a real estate investing group/association in your area
- Once you have some base knowledge, start putting together a plan of action to achieve your goal -- it will likely consist of various intermediate steps you need to take to get to your goal
- Start looking at and evaluating deals so you know what a good deal looks like (and doesn't look like)
- Ask lots of questions along the way

It may take a few years to get where you're trying to get, but if it's really what you want, you won't give up until you achieve it...

Stan Jackson · Answer

David,

Like Adrian said, there are so many directions you can go to get to where you want to be.  So, again, set goals, make them as rigid as possible, but understand there will be insurmountable events that prevents you from going the same direction.

At 18, you have a lot of time to make mistakes and refine your goals.

Good luck!

Jimmy C. · Answer

JScott said it best so far.  But most importantly: READ.  Read about Real Estate, Marketing, etc...

Place to visit:  The Local Library, or if you have money for books, then a book store.

Reading here at the forums is a great place to spend your time.  And its free.

You can also Google pretty much everything you need to know at any given time.

Yes! Work a job, build credit, etc... .But its really the reading and learning stage that you have to start at.  Then you will have the answer to making something out of nothing.

Mark N.A · Answer

It is impossible to make 'something' out of 'nothing'.

Do you have a job?  If not, get one.  If you already have a job then find another job working nights.  Then find another job working weekends.

It sucks, I know from personal experience.  But after a year or two or three you will have something real to use for achieving your goal.

Don Hines · Answer

Oh to be 18 again. If I would have had the resources available today, back long ago when I was 18, Life would be a different story. My purchases and rehabs are virtually from nothing....if you consider a credit score over 800 nothing. I sure didn't have that when I was 18.
Keep dreaming, and find out what makes the dreams come true. My biggest mistake when I started out was that I wanted successful people to show me how they did "IT". I should have been focusing on how I was going to do "IT". 
You have been givien some great advise by the best. Read all you can from them. I do.
Don

Adrian Williams · Answer

Great to be here Charles there is so much information on this site I am trying to get this thing rolling in the right direction also another tip @David is to not get to spread out, I don't know about you but I get overwhelmed because there are so many directions you can go in but it seems each avenue of RE Investing fits personal characteristics of people for instance if your creative, can envision the end result, see potential pitfalls, and you like working with your hands maybe rehab would be right for you and so on . I have committed to doing rehabs in my area and trying to learn as much as I can about tax liens

Jon Klaus · Answer

Welcome to BiggerPockets David. I think J Scott has given a great answer to get you started on your way. I'd add that some in between steps toward your ultimate goal might look like they are talking you a different direction, but they might be just the step needed at that time. For example, a
job or business unrelated to real estate that teaches the needed persevearance and problem solving you'll need. Or allows you to save half your income for a while.

I'd also set some short term goals that take you in the direction of the big goal. Anyway, time to get busy learning and working!

Ricardo Fuller · Answer

start going to your local real estate meetup (if ones in your area)....
you'll learn a heck of alot about real estate and you might meet a potential mentor there!!

Rachel H. · Answer

If you've ever played the "Cashflow 101" board game, that's a good place to start. In playing the game, I've learned it's the small deals that have helped me get to the larger ones. Hope that helps!

How to make something out of nothing?

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