Hey Ron, I have the Epley course and I agree with you. It is hard to listen to but the info is genuine and comes from experience.
The idea is to find apartment owners who are fed up, and want out. They have neglected their properties and they are therefore in crumby shape.
You should know that the bigger the building the easier it is to get a deal, because nobody else is bidding. There are lots of buyers for single homes and duplexes but the bigger the deal the longer it takes to find a buyer.
If the place is half empty and looks like the town dump, it has been for sale for 6 months with no nibbles, and you are the only one bidding, and the seller wants out so bad he is going nuts, then you can write your own ticket.
Posted by john mathis on July 19, 2002 at 18:42:18:
Is there anybody out there can give me some ideas on how
to do a no money down deal on apartments any idea will
help I’m currently in the middle of three options need to exercise soon?
Richard Epley was a real estate guru in the mid 1980s, working the Oakland, CA, market, where I am. He produced a couple of casette packages. The second was on asset protection or some such, but the first was a system for buying troublesome apartment complexes from owners who were fed up. He only paid enough to do the closing and, usually, pay the real estate brokerage fee. The rest was carried by the seller. He then went in and turned the properties around.
He went by the moniker “the blue-jeans millionaire.” His tape set was called something like “home study course” or something. If you can get that course, I would recommend it. It is one of the better tape sets out there. However, in the interests of disclosure, I must point out that he went broke in the mid-1990s depression here in CA, losing his own mansion in foreclosure, as well as having sold off or lost his investment properties. He went to TX, last I heard.