No money, no credit?? - Posted by Tom

Posted by Jim Pasquini on December 15, 1999 at 22:53:45:

Actually it can be done. My recommendation would be to take a look at Bill Gatten’s PACTrust. You really don’t even need the traditional ‘motivated seller’ to be succesful. It is more complicated than other methods, but who else will actually get on a conference call with your buyer or seller and close the deal for you? Check the information out at

No money, no credit?? - Posted by Tom

Posted by Tom on December 08, 1999 at 01:06:25:

Hello everyone.
I’ve read numerous postings and replies regarding the “No Money Down” program, but I still have a question. Does this thing really work. I’ve read John Reed’s view on the program and he just shoots it down…but what he says makes sense I guess. How can you get a property for no down-payment, yet have your mortgage low enough to have a positive cash flow without charging a rediculous rent? If, you are truly to start this out with absolutely no cash in the beginning (such as the infomercial advertises you can do) how can it possibly work.
I’m an absolute novice. This is my first book/program I will have ever read on REI (I haven’t recieved it yet). I would like it if I could have a real live person say “hey, I got that program, I had absolutely no money, no (or bad) credit, but I’ve worked at it and am now making money on the deal”.
Don’t get me wrong, believe me, I am willing to work hard but I do not have some of which I feel are important tools…money and credit. That is why I ordered this program, it was advertised as not needing any money or credit…is this really true?

Thankyou for all that can reply

Re: No money, no credit?? - Posted by chris

Posted by chris on December 20, 1999 at 04:19:23:

It’s a good sign that after reading Reed that you still ordered the program and are willing to learn.

If you have a deal, post it on these newsgroups with what help you require to complete it. A lot of this will be weird and confusing at first but keep reading and things start to make since.

The key to any of these techniques is that the seller is motivated and wants to get rid of their property. You do not want to be a buyer for a property that has a bidding war going on with buyers willing to pay above market value.

So, yes it does work-if you target the right audience. With many of the techniques you will run into you do not even have to buy the property, you control it-such as with lease options or simultaneous closings.

Re: No money, no credit?? - Posted by Jim Pasquini

Posted by Jim Pasquini on December 15, 1999 at 22:59:16:

IMO John T. Reid is the best thing that could happen to real estate investors because he kills the initiative of others trying to get into the game. Carleton Sheets program is a good thing to have. I don’t happen to think his is a road map to success, but it will give you a good foundation to build from. Others may have been successful with his program, I was not. I don’t blame him or his program…I didn’t make it happen. If you are looking for a “step by step” you may want to look elsewhere for some more details.

Re: No money, no credit?? - Posted by GL

Posted by GL on December 12, 1999 at 07:02:25:

John Reed’s comments are generally good. In this particular case he was being too harsh. He made up his own defenition of “nothing down” which excluded many good techniques then “proved” that it wouldn’t work.

I have bought property more than once, using none of my own money, every penny borrowed. I could give examples of other people doing deals for nothing down and low down payments including some by people who never heard of any of the modern day gurus and did their deals before they were born. The oldest I know of was done by English author Thomas DeQuincy around 1825.

Don’t get hung up on nothing down. The payoff is in the real estate deal. Whether you get it for exactly nothing down is irrelevant. Make sure the deal makes sense as an investment and if you get it for nothing down that is a bonus. As you go on making more deals you will find yourself running out of ready cash. That is where the nothing down idea comes in. But if you are not going into this in a big way it may never be a problem.

Re: No money, no credit?? - Posted by Jeffrey Short

Posted by Jeffrey Short on December 08, 1999 at 07:33:56:


“This Program”…do you mean Carlton Sheets’ program?

Ok…let’s face facts. Is it easier to complete deals if you had money/credit? Sure… but note that I said “complete”. It does not take money/credit to make offers!!

Is it hard to get a postive cash flow from buying a property at someone’s initial asking price? Sure… but note that I said “initial”. What if you find a seller that is motivated?

Instead of buying then selling (know as flipping) property…why not find people who are looking to buy first… then find a property for them?

There are ways to succeed without money/credit…


Re: No money, no credit?? - Posted by Jay Bee

Posted by Jay Bee on December 14, 1999 at 03:40:11:


You state in your answer to Tom, that there are ways to succeed with no money or credit in the real estate game. Could you please be more specific. I would really like to know exactly what the “ways” are. Thank you. Jay Bee