NO MONEY DOWN IS A CROCK - Posted by Yooey

Real Estate Investing Real Estate Gurus
#1

Posted by Mark (WV) on March 08, 2001 at 23:32:07:

I was at a book store today an bought your book,and was amazed at what I read for you see the very same thing you mentioned as ways of increasing net worth and cash flow I have been doing.Realy didn’t have a name for the different styles of investing I just know it works for me.

You see I started out in trucking with a good attitude just no money,used the very same ideas to buy trucks.For the last 5 years I’ve been buying RE the same way.
Trust me Real Estate has a lot less apirin intake and 200% more profit,plus it’s a hell of lot more fun.

(wife was in wallmart for 2.5 hours had plenty of time to read)
Mark (WV))

#2

NO MONEY DOWN IS A CROCK - Posted by Yooey

Posted by Yooey on March 08, 2001 at 15:44:48:

Check out the following site for the real scoop on all these real estate infomercial gurus:

http://www.johntreed.com/rateseminars.html

#3

Re: NO MONEY DOWN IS A CROCK - Posted by Rest

Posted by Rest on March 11, 2001 at 19:10:20:

Well in Wisconsin I’ve held a Real Estate Brokers License and it has been done in the form of Cash Back from the sellers to the buyers at closing. It is possilbe. The more you learn about Real Estate the more you will understand how things can be done and don’t you let those real estate agents tell you different.

#4

The more people read Mr. Reed… - Posted by George

Posted by George on March 08, 2001 at 21:16:13:

…The less competition we have…(more money down deals for us)

#5

Re: NO MONEY DOWN IS an everyday occurrence. - Posted by RobH (MI)

Posted by RobH (MI) on March 08, 2001 at 17:21:37:

Anyone can take “any subject” and focus exclusively on its negative drawbacks.
Lack of balance in judgment will “always” tilt the scales one way or the other.
I feel sorry for Mr. Reed and his obvious obsession with negativity, and an inability to
present a fair handed analysis.

I wonder just what his agenda really is.

He could turn the experience of eating an apple into a horror story, if he so desired.

If you take all he says at face value, I dare say you may be in the same boat as he.

The use of ones’ eye’s and ears is dependent on another component of your being…
your brain. Thinking is one of the hardest things a person can do… that’s why so few
people engage in it.

Read and listen to everything… believe nothing until you can prove it with your OWN
research.

Good luck.

RobH

#6

I guess… - Posted by David Alexander

Posted by David Alexander on March 08, 2001 at 15:54:44:

you get what you paid for… and since you paid nothing for some lousy information… then you believe what you believe.

I do deals “No Money Down” all the time…
If I were you I’d consider getting some new education and using that education to open your mind to other possibilities.

David Alexander

#7

Re: NO MONEY DOWN IS A CROCK - Posted by JohnBoy

Posted by JohnBoy on March 08, 2001 at 15:52:47:

If NO MONEY DOWN is CROCK…them please tell me what I should do with everything I have that was purchased with NO MONEY DOWN??? Do I have to give it all back now or what?

#8

Re: NO MONEY DOWN IS an everyday occurrence. - Posted by SC

Posted by SC on March 08, 2001 at 19:58:35:

Hi Rob
I belive I have read some of your other posts. I am very impressed with the way you give a positive reflextion on the troubled waters bestowed befor you. what is your story? Are you in the the game of REI? Are you an author? If you are I would love to pick up a book you have written.
You see I am a newbie and I have already spent much of my income learning and getting advice and some guidance on REI. I tend to get in a down mood because this new venture of mine if a real chalenge and sometimes it seems as if I will never make vision come to past. I read these posts to help motivate me and get out there on the front line and bring home a victory to my family . for some strange reason I am attracted to the negative posts but I think I am looking for other people’s chalenges with hope to read a positive and mativative comment such as the one I am reponding to.
I must go now
Thanks
SC

#9

ReYeah give it to me - Posted by Mark (WV)

Posted by Mark (WV) on March 08, 2001 at 16:02:37:

I’ll put it with the ones I’ve bought with no money down along with the ones that I got cash at closing !
All charity is accepted (just ask bill clinton )

#10

Re: NO MONEY DOWN IS an everyday occurrence. - Posted by RobH (MI)

Posted by RobH (MI) on March 08, 2001 at 20:35:45:

Hello SC, and thank you for the kind words.
No I am not an author and, yes I am involved in REI.
As with yourself I am also new to this endeavor, and I am gaining fast in the pursuit of
my first deal.

Make no mistake, I also have thoughts of doubt and concern as I learn and press on
with this effort, as all involved have, and still do. That is part of being alive and,
respectful of that which seems to be out of our control.

When in doubt… get more information. After all, what is the hurry. The process of REI is
an on going, and ever present current. The opportunities keep flowing, like a river, the
source does not cease, and the more you study the currents, the better you traverse its
flow. Information will built you a better boat, allowing you reach the final destination.

So far I have found that, as with any enterprise, seeking the truth will be its own just
reward. Have faith in yourself, and that which brought you here.

Take your time and make no rash move. Get out there in the field and ask questions
and listen to others, extract from them, that which serves your purpose.

Best to you and yours.

RobH (MI)

#11

Re: ReYeah give it to me - Posted by Carlos

Posted by Carlos on March 08, 2001 at 16:45:36:

Interesting post
how do you get cash back at closing?
what is your favorite technique?

Thanks

#12

Re: ReYeah give it to me - Posted by russ whitney

Posted by russ whitney on March 08, 2001 at 16:41:48:

DITTO !

Perhaps we can chase the goofy posters back to the no mind sites,elsewhere…

Russ Whitney

#13

Re: ReYeah give it to me - Posted by Mark (WV)

Posted by Mark (WV) on March 08, 2001 at 23:01:46:

You need to go into the deal with pulling out money in mind.In other words they are not going to hand it to you because your a nice guy.

Start with just that in mind when you look at the property or as you are crunching numbers you can tell,hey I can pull out some on this deal.

For example #1 looked at a house that had been on the market for about a year ,lots of tire kickers no takers.Morgage held by United Lending Corp,(UC Lending of the TV commercials).Amount owed was 26K ,offered 9,000 with 5000 addional funds needed to rehab if they would hold the note for a total of 14,000 I would pay 18% on the 14 on 7 years.They countered with 10,000 and would kick in the rehab but only 4 k at 21%.
I accepted the counter offer. Why ? Because the arv was about 42,000,and it would rent for 400 per month and ! I had in mind to rehab it for 2500 and then refinance at a local bank for 20000 on a home improvment loan.

So it worked out I had a note on the house for 10,000 as part of the deal a second for 4000 still owed only 14k,same total just different way to get there.Rehab and carring cost for 2 months came to 13100 so I had 900 left from the first deal .I then went to the bank with pics of before and after They loaned me 20500 instead of the 20k I asked for,paid of UC took the 900 paid on my new truck and took the 6000 and bought another house.Bought my wife 25 dozen sweetheart roses with the 500 left for putting up with me for 25 years.(yes thats right 25 DOZ.)

I know this is getting long but here is on short one.
8 units rents were 2200 per month gross payment was 982 per,55000 owed asking price was 72k.Offered and was accepted at 60k bank looked it over and said it was worth 95000 and would go the 55k.Traded some lumber I had bought at $100. per bundle ,2 bundles for 1000k this left me to find the remaining 4k.Closed on 3rd of Feb. took rent credits of 2200 and deposits of 2200.After factoring for the 200 I spent on the lumber.I had 200 bucks clear at close with seller paying all closing costs.