Posted by NatashaW on March 20, 2001 at 20:22:06:
Marty,
Call the Russ Whitney 800 # 741-7877 or you can go to russwhitney.com
Natasha
Russ Whitney Business Consulting Div.
looking for more info on REI - Posted by autumngurl
Posted by autumngurl on March 12, 2001 at 16:50:31:
I am really interested in getting into real estate investing. The problem is I have bad credit, how could I make the no money down work? I have seen Sheets’ informericals and was seriously thinking of purchasing his program. But now I am reading more of others. What would be the best course for me to do this without going broke trying to buy the course?
Any opinions greatly appreciated.
Re: looking for more info on REI - Posted by Stu Silver, R.W. Trainer
Posted by Stu Silver, R.W. Trainer on March 12, 2001 at 20:41:48:
Hello Autumngurl,
How are you? Fine I hope.
When my son-in-law recently graduated college, he had no credit and no money. We sat down and came up with 5 simple no money down/no credit programs.
They are:
- Get all owner financing from a seller that owns the property free and clear
- Assume the existing mortgage, and get seller to give a second for the balance
- Do a wrap-around mortgage
- Go to a Hard money lender, and have seller carry back a second
- Do sandwich lease options
Do you have to work harder to find good deals when you have no money and no credit? Yes you do!
However, if you walk into the supermarket to buy a gallon of milk for your hungry child, and you have no money and no credit, be prepared to hear the cries of your hungry child after you get home.
Real estate is the only business I know of where you can enter with no money and no credit, and with a little knowledge and hard work, walk out wealthy.
In terms of which programs to use, you have to decide what kind of learner you are. If you can learn and apply strictly from books and tapes, then there are several programs out there that are excellent.
If however, you’re the kind of person who needs to have someone show you up personally, so you can see for yourself and ask questions, Russ Whitney has several boot camps and even a mentor program where they send someone to your town to get you started. These programs are not cheap in dollars, but they are cheap in terms of the wealth of knowledge.
The cost of knowledge is not expensive when compared to the pain of ignorance.
Good luck and God bless,
Stu Silver, CCIM,
Lead Trainer atRuss Whitney’s Millionaire U
Licensed Real Estate Broker, Mortgage Broker, Appraiser, Auctioneer, and Exchange Consultant
Re: looking for more info on REI - Posted by Matt G (Salem, OR)
Posted by Matt G (Salem, OR) on March 14, 2001 at 03:04:31:
quoted from RE: Looking for mor info on REI, post from Stu Silver. “If however, you’re the kind of person who needs to have someone show you up personally, so you can see for yourself and ask questions, Russ Whitney has several boot camps and even a mentor program where they send someone to your town to get you started. These programs are not cheap in dollars, but they are cheap in terms of the wealth of knowledge.”
Where do I find out about these trainings? how much do they cost? what about financing on it??
I really want to get started on this, but I am not sure where to start.
Matt G
Re: looking for more info on REI - Posted by Russ Whitney
Posted by Russ Whitney on March 12, 2001 at 21:12:13:
Stu,
I see you are working late tonight, eh? That is the Whitney commitment, eh? Very nice of yo to take some time to give such great answers. Thanks…
Autumn,
I notice that Stu says one of his techniques is to find seller financing from sellers that own properties free and clear.
Finding seller financing in any way, shape or form is usually good in any capacity.
However, here is another twist, on seller financing. It may be a bit sophisticated, but I think you can grasp it.
Although, most mortgages alledgedly have been written for years as non-assumable mortgages,I find that every mortgage is indeed assumable.
In most mortgages the non-assumption clause is in paragraph 17. It generally states that no beneficial interest may transfer or the mortgagee can call the loan due.
I have bought and sold dozens and dozens and dozens of properties and assumed the un-assumable mortgage in the form of a wrap around mortage or a land contract and have “never” in 20 years had a lender call the loan.
Even if the seller did call the loan,you simply refinance and get new financing. In most cases, it will probably be easier to get financing (as a beginner) because now you, at least, have a history of owning th property.
In 20 years I have never heard of any Russ Whitney students who have used this technique, ever having a loan called.
In fact, Stu is currently buying a property that I bought 15 years ago,and still hold the mortgage on. I sold it on a wrap around to the current buyers,with a non-assumable mortgage,and that was a decade ago!!!
Remember,Theory and what works in the real world,are two different things…
Hope this helps.
Sincerely,
Russ Whitney