Offline"No money down" has been a regular slogan in the real estate industry for years. Just because you buy a house with no money down does not make it a good deal. It just simply means you bought it with no money down. If you had bought a house in places like Florida, Nevada, California, and Arizona back in 2004 for $400,000 with out putting down a down payment you would be about $200,000 in the hole right now. What makes a good deal is buying a house for 30%-60% below value that has monthly cashflow or if you are going to flip it then you would be able to do it easily. When it comes to flipping a property the goal should be selling it quickly for a nice profit. The problem is that TV shows paint a different picture of how to flip houses. Doing major rehab to a house is risky. I don't like risk. Rehabing houses for a profit is simple: carpet and paint. Maybe a few kitchen and bath extra's.
The point I am amking is this. Don't buy a house just because you figured out how to buy it without a down payment. Make sure it makes sense. I have a slogan I like to use. If you just follow this one tiny idea it will take care of 90% of your problems in real estate. It goes like this: "Most people buy houses to impress their friends, I buy houses that impress my banker. There is a big difference." Go out there and try to impress your banker. Get it done!
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
I have seen many homes that I could most likely have gotten that way but the cost of rehabing them would have made them very risky. I take many items into thought when looking some of which are area, cost, time, etc. Even with the new way banks are getting harder to deal with needs to be taken into the problem if doing your deal outside of no mney down.
Thanks for sharing...
That is a great quote you have. It definitely holds truth to it. Outside of the school system it is your Financial Report Card that matters, not the good grades on your School Report Card
"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." — Peter F. Drucker
Always want to make sure the deal is good, even if it's done with no money down.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Perfect quote Matt........I am waiting with some positive anticipation at this time.
I have My first house in escrow due to close on March 13th. 100K+ in equity and $500 cashflow
I appear to have my first REO being accepted on Monday.... 80K in equity and will cashflow
The seller of the first house wants to sell me his other home...Cashflow + 30K equity
And I was the very first to see another REO Prior to MLS listing that I think I will get it as well. 70K in equity and cashflow.
I actually think I will have 3, possibly 4 homes in Escrow at the same time......I can't believe it, but it may actually happen. The crazy thing is that I starting my REI business in January. I don't want to mess around.....I just want to get this done.
BUILD your knowledge base....it is your ARSENAL to wage war against disbelief and the negativity of the status quo. You need your weapons......It's your choice whether you carry them or not.
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Build Relationships and open the door to opportunities that could once only be dreamed of......never take those relationships for granted.
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Don't let EXCUSES be the nails that keep you INSIDE the box.
i just purchaced deans course brand new in this buisness no money bad credit where do i start
eric d