Posted by Carrie on September 22, 2003 at 18:29:37:
Scammy? You gotta be kidding me. Buy low, sell higher - people do it everyday. Or buy right, rent for a good cashflow - people also do that everyday.
As for doing this no money down, easy if you have good credit, if credit is bad, then you will have to be very determined to find those sellers who will sell you their homes via owner financing when you have bad credit. The thing I think most beginners with bad credit and no money do is to assign contracts to other investors or retail buyers, but this is also hard work because you must create buyers list and market the property. This is a serious business and if you really want to be an investor - you have got a lot to learn! Luckily this website is here and is VERY educational - spend a lot of time reading this site and you can’t help but learn! I am 19 and bought two houses in May. We get nearly $150/month positive cashflow from our rental and are learning alot. We bought our home for 48k and with about 10k in repairs and improvements we will be able to sell it for at least 75k in two years (our plan).
Well I must go now - Best Wishes,