Posted by Randy -IL- on January 18, 1999 at 20:54:27:
Well, what they all say is true. It really does work anywhere. Sorry, it’s the truth.
The question you really should be asking is: Do I really love my current financial situation? It it worth trying something new to break the trend? If you like the way your life is now, don’t go into real estate. It will change your life forever. In which direction is up to you.
I bought my first property no money down in a town of 3500. If my calculator is working right I’m making over 25% return on my money. My stock broker laughs when I ask him if he can match the returns in my mutual fund. My next property I bought in a town of less than 2000. It returns over 20% too. Lonnie type deals return well beyond my meager achievements. (Read Lonnie Scruggs’ articles on this site.)
The nearest towns are 15000 and 20000 about 8 miles away. I know several millionares who made it in no money down real estate in these two towns. All the serious investors I have known or spoken to pull that Carleton Sheets stuff all the time. In all kinds of locations.
All the so-called real estate “experts” say that it can’t be done here. “What!? No money down!? We can’t help you here” These naysayers actually help the real estate business from being flooded with uncreative minds. The uncreative are easily swayed to the negative by the “experts” Believe me-I’ve done it in a small town-it can happen. I don’t plan on ever leaving the small town business arena. I don’t need to. The money is all around me. All I have to do is be smart enough to grab it.
The more creative and positive your mind is, the more opportunities you will find.
Read, Learn, and Do. You might find that you can do all of this impossible investing with very little risk. And get some super sized returns.