Posted by HR on February 21, 1999 at 19:36:56:
Bill’s Challenge (But How?) - Posted by Nick
Posted by Nick on February 20, 1999 at 19:08:20:
Bill created an interesting discussion in here did’nt he?
Ladies and gentleman, I am grateful to all of the investment experts on this newsgroup who freely share their
knowledge and experience with beginners and curiousity
But the one question that I have is this; HOW can a person actually buy real estate with no money down? Also,
how many techniques are available? Also, why is it that
whenever I come ask my friends and family members about
no money down real estate, they laugh and say that it is
impossible? Also, while we are at that, why is it that many
people say that no money down real estate is impossible?
How could so many people be wrong and a few right?
Thank you very much for answering my question. I really
appreciate it. Have a nice day.
Re: Bill’s Challenge (But How?) - Posted by Matt B
Posted by Matt B on February 21, 1999 at 09:15:32:
It’s been mentioned already but the way to buy real estate with no money down if by finding motivated sellers. As far as everyone laughing at you telling you it can’t be done, join the club. When I made a 67% return on my money in the stock market in 4 months, I was so happy that I told my brother about it. He asked me what planet I was from because you can’t make that kind of return in 4 months with anything. It didn’t matter that I could even show him the proof! When I did my first mobile home deal, I was told that I was stupid for thinking that I could make money dealing with “trailer trash”. Someone needs to let Lonnie Scruggs know that it can’t be done since he obviously doesn’t understand that.
One last thing before I go. This is my real-life example of a no money down deal. I found a run down duplex that I was planning to flip. The owner said he would sell for $5,000. When I went to sign the contract, he asked me if I was planning on going to a bank for a loan to buy the property. I told him that this would just be a cash deal. He then told him that if I had wanted to get financing, that he would just hold a mortgage. Later on, I realized that I may have just passed up a very good opportuntiy, so I got back in touch with his wife. I said that I would take them up on their offer of owner financing. She said that was fine and I could name my terms. I said no money down and no interest on a 24 month loan. They said “no problem”. Since this deal was too sweet to give to someone else, I’ve decided to rehab the place and make it my next residence. That is, until someone explains to me how it can’t be done. I just don’t understand.
Re: Bill’s Challenge (But How?) - Posted by Ben
Posted by Ben on February 21, 1999 at 07:58:01:
I have a neighbor who always serves as my example of limited thinking. When we discuss things he says stuff like, “well, it can’t be done, if it can be done, it can’t be legal, if it is legal, it must be unethical …or immoral”. All cop outs to make himself feel better.