I am Shaking In My Boots

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I am Shaking In My Boots

Robert Williams
New to Real Estate · Joliet, IL · Member since 2021 · 89 posts · 135 votes

Hello All! I am new Real Estate Investing, and looking for some encouragement. I have been playing it safe all my life and now with so many options, I struggle making a decision on which route to go. No money saved, 700+ credit score, and people around me that do not understand my mindset. I need a community that will push me to Bigger Pockets no matter what.

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Kyle Parks
Rental Property Investor · Lakewood, OH · Member since 2016 · 119 posts · 156 votes
5y

@Robert Williams

5 years ago I had -$800 in my bank account. I had a car to drive for free and a free place to stay (furnished basement of a family member). I now own 5 doors. I have an airbnb property that stacks cash.

Most people are stuck in the rat race "matrix" and don't even know it. Finding this site was the first step. Start grinding and u will get there

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  • Mitch Messer
    Lender · Playa del Carmen, México · Member since 2014 · 2k+ posts · 1k+ votes
    5y

    Hey @Robert Williams, welcome to BiggerPockets!

    I applaud you for admitting what literally everyone who is successful feels: naked, absolute terror! It's a good thing, as long as you use it as fuel to propel you forward, rather than an excuse to hold you back.

    You mentioned mindset, and that's definitely key. For sure, being here on BiggerPockets is a great first step. But action is the best antidote to fear, so look for (low-risk) ways you can put what you're learning to immediate use. Get in touch with people who are moving forward fast and challenge yourself to keep up.

    "Embrace the suck!"

    19Reply
  • Robert Williams
    OP
    New to Real Estate · Joliet, IL · Member since 2021 · 89 posts · 135 votes
    5y

    @Mitch Messer Thank you. Action! I’ve been doing the ground work, searching for a deal. Using the calculators, and I get so bogged down in the details, I’ve probably missed out on a few because I don’t know what to do with all the information. Do I get it under contract then find a way to finance it, or see how much I can finance then use that for my search or deals, 1% rule, 50% rule… I feel like I’m in overload…

    1Reply
  • Account Closed
    Member since 2021 · 154 posts · 108 votes
    5y

    You just have to make a plan and see it through to the end no matter what the outcome is. Losers are education and winners are income. 

    stick with 1 strategy for now and figure out what will work with your budget.

    8Reply
  • Kyle Parks
    Rental Property Investor · Lakewood, OH · Member since 2016 · 119 posts · 156 votes
    5y

    @Robert Williams

    5 years ago I had -$800 in my bank account. I had a car to drive for free and a free place to stay (furnished basement of a family member). I now own 5 doors. I have an airbnb property that stacks cash.

    Most people are stuck in the rat race "matrix" and don't even know it. Finding this site was the first step. Start grinding and u will get there

    23Reply
  • Robert Williams
    OP
    New to Real Estate · Joliet, IL · Member since 2021 · 89 posts · 135 votes
    5y

    @Bill William Thank You! Picking some is the difficult part for me. Most things in my life are left unfinished because I struggle making a decision. Hopefully I can turn this around quickly.

    4Reply
  • Robert Williams
    OP
    New to Real Estate · Joliet, IL · Member since 2021 · 89 posts · 135 votes
    5y

    @Kyle Parks Thank you. I’ve been on for three days and the sheer amount of knowledge is incredible. I’ve been struggling to make a decision on a strategy. I see what appear to be deals all around me, but how to go about getting them is where I fall flat. What strategy did you use on your first deal?

    6Reply
  • Kyle Parks
    Rental Property Investor · Lakewood, OH · Member since 2016 · 119 posts · 156 votes
    5y

    @Robert Williams

    I saved up 12k and a family member left me 10k in their will. A family member helped me by co-signing so I was fortunate but there are many ways to do this.

    "If there's a will there's a way"

    What skills do you have? Are you currently employed? Do you know someone with money they want to put to work? How can you help other people?

    Adding value to deals can help you be a part of them.

    2Reply
  • John Teachout
    Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Robert Williams:

    @Kyle Parks Thank you. I’ve been on for three days and the sheer amount of knowledge is incredible. I’ve been struggling to make a decision on a strategy. I see what appear to be deals all around me, but how to go about getting them is where I fall flat. What strategy did you use on your first deal?

    Keep reading the forums. Eventually you'll discover a niche that seems suited for you. There's a lot to know so don't jump the gun. Learn some stuff first and then make your moves. Don't feel like you're missing out if you don't do something by next Tuesday. Again, keep reading... Also, start saving some money. A few bucks here, $20 bucks there. Don't look at $50,000 and decide it's impossible. Savings are put away a little at a time. Save "something".

    14Reply
  • Robert Williams
    OP
    New to Real Estate · Joliet, IL · Member since 2021 · 89 posts · 135 votes
    5y

    @Kyle Parks as far as skills, I have done some of everything. I recently finished my basement single handedly. I am a musician and audio engineer with a steady gig as well as a 9-5 designing home automation systems. I fell into the rat race and now that I know, I’m trying to get out. I could have used the funds I used for my basement to get out, but I was ignorant to all I have learned since finding bigger pockets 3 days ago. I have skills I can offer in kind to a partner who has the funds, which is where bigger pockets comes in to build the network.

    5Reply
  • Kyle Parks
    Rental Property Investor · Lakewood, OH · Member since 2016 · 119 posts · 156 votes
    5y

    @Robert Williams

    Then you are doing good. Read "rich dad poor dad". It's going to change the way you think about money.

    Get a library card. My library has an ebook platform where I can borrow tons of books on my phone as audiobooks for free. The biggerpockets books are probably the best on the market, but start with rich dad poor dad. That teaches you the mentality you need to be in.

    Also - try to keep emotions out of real estate. It's really hard. Reeeeeealy hard. But it's money and everything is a MATH PROBLEM. Solve the math, show your work, do your homework and ur gonna kill it!

    5Reply
  • Robert Williams
    OP
    New to Real Estate · Joliet, IL · Member since 2021 · 89 posts · 135 votes
    5y

    @Kyle Parks I started “Rich Dad Poor Dad” after listening to my first BP podcast 3 days ago. Very eye opening and enlightening. I have 10 pages left, and have gotten 3 other people in my circle to start reading it as well. What you say truly does follow you through the universe. I’m eager to get started and it’s people like you that really help calm the nerves and think clearly.

    6Reply
  • Kyle Parks
    Rental Property Investor · Lakewood, OH · Member since 2016 · 119 posts · 156 votes
    5y

    @Robert Williams

    Sounds like ur gonna do good. I sent you colleague request on here. If you have any basic questions feel free to reach out. I will leave the more difficult stuff to the pros :)

    2Reply
  • Robert Williams
    OP
    New to Real Estate · Joliet, IL · Member since 2021 · 89 posts · 135 votes
    5y

    @Kyle Parks This is all good to know!!!! Thank you!

    0Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    @Robert Williams

    First off... you need to save money. You can’t really make it in RE without Capital or working on RE.

    Second - I started in 2008 with $550 in my bank account and a minimum wage job.

    It can be done!

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    4Reply
  • DeShawna Travillion
    Rental Property Investor · Los Angeles, CA · Member since 2017 · 20 posts · 13 votes
    5y

    @Matthew Irish-Jones I have managed to save 15k during this pandemic! Never owned/purchased a home. Excellent credit.

    ...any advice or recommendations to turn my baby pockets into BiggerPockets?

    2Reply
  • Account Closed
    Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
    5y

    You say you have no money saved. This makes your first task easy.

    Step 1: Save some money. Contrary to the dream merchants investing in general requires capital. Also, if you haven't had the financial skills to save and manage money, chances are you dont have the skills to manage rentals or other real estate investments. So, go and make a plan to save money first. 

    9Reply
  • Account Closed
    Rental Property Investor · Indianapolis, IN · Member since 2020 · 562 posts · 554 votes
    5y

    @Robert Williams

    Welcome to BP!! The first step to success is believing in yourself. Making decisions can be hard, and sometimes scary, but it is something we all face starting out.

    Mindset is very important. Especially if those around you don’t have the same goals as you do. Keep pushing forward. The only thing holding you back is you.

    I have found the BP podcasts to be motivating. Just keep listening to them, educating yourself, and advancing towards your goals every day. Even if it’s just tiny baby steps.

    Anyone can do this as long as you don’t give up. It isn’t easy, it takes effort. But it also isn’t rocket science.

    4Reply
  • Tucker Cummings
    Investor · Raleigh, NC · Member since 2019 · 433 posts · 743 votes
    5y

    Good, you should feel the fear and DO IT ANYWAY.

    Get educated by listening, reading, and, most importantly, doing. Getting in the game and taking action is the fastest way to learn.

    4Reply
  • Jaquetta T Ragland
    Real Estate Agent · Winston Salem, NC · Member since 2014 · 486 posts · 303 votes
    5y

    @Robert Williams congratulations on getting started. Continue to learn and start to put money away.

    3Reply
  • Alecia LovelessPro Member
    Member since 2019 · 3k+ posts · 2k+ votes
    5y

    @Robert Williams I owned two separate bed and breakfasts and lived the good life. Two full months of vacation, great hours, awesome lifestyle, you name it!

    I fell into the rat race when our health insurance became too expensive.

    Now, 10 years later I’m on BiggerPockets and still in the rat race desperately trying to generate enough monthly income to get both myself and my partner to financial freedom!

    I’ve got a 5 year plan and am working hard toward it. I’ve even picked up a second job part time to try to add some extra cash to help finance extra deals! Currently I average 95-100 hours biweekly at my full time job and some periods another 45 at my side gig.

    My advice is to sit down and think about your goals for real estate. Pick a starting point. Single family house, duplex with a house hack where you live in one side, 4-plex where you live in 1 unit and rent 3, once you figure out what you want then work on your plan for how to get there.

    BiggerPockets has a great selection of books in their bookstore on how to get started in real estate from rentals to flipping to out of state investing to using other peoples money there’s tons of great topics to get you started.

    4Reply
  • Eric James
    Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes
    5y

    First thing you need to do is get your lifestyle and financial life in order. Start saving 20% of your income, to be used later for investing.

    7Reply
  • Allen Williams
    Realtor · Jacksonville, FL · Member since 2019 · 95 posts · 87 votes
    5y

    @Robert Williams

    Good Morning Robert, I would say there is always someone around you that has a similar mindset but you just need to network in order to find them. I would recommend going to real estate networking events and trying to find other investors in your situation so y’all can grow together. Then I would team up with someone who is more seasoned and has been doing it a while. See what you can offer them and then learn from them. Then at that point maybe that person has the means or ability to assist with your investment journey and it can be a great partnership. Worst case you learn a lot and in this business most of the time it is who you know and the rest is very easy to figure out/opportunities begin to present themselves. Hope this helps out and good luck! Also, never be afraid to take a risk, you only live once and we all need to make the most of it! (Calculated risk that is).

    3Reply
  • Chelsea Gatewood
    Property Manager · NC · Member since 2020 · 23 posts · 17 votes
    5y

    @Robert Williams We all start somewhere! Make a plan and take it one step at a time. Start by saving money if that's possible even if it means working more. Think about what type of property you'd like and talk to a lender about what your financial situation would need to look like to obtain financing for it. Learn all you can while building, that way, you have enough knowledge to take the first step confidently.

    Then there's no turning back! Just have to learn along the way 🧠

    3Reply
  • Frank Posluszny
    Member since 2020 · 8 posts · 9 votes
    5y

    @Robert Williams one of the most powerful things I've heard is this simple.... "YOU CANT STEAL 2ND BASE WITH YOUR FOOT ON 1ST." Make a decision, take a chance, make mistakes, and fine tune yourself until you win.

    5Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Kyle Parks:

    @Robert Williams

    I saved up 12k and a family member left me 10k in their will. A family member helped me by co-signing so I was fortunate but there are many ways to do this.

    "If there's a will there's a way"

    What skills do you have? Are you currently employed? Do you know someone with money they want to put to work? How can you help other people?

    Adding value to deals can help you be a part of them.

    there ya go you HAVE to have some cash you just wasting time and money looking at deals you cant buy.. first and foremost work on getting some powder in your rifle .. U need this for any hope of long term success.  also working in a market with low cost real estate is a very big advantage.. 

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