Is the "no money down" thing for real? Have you tried it?
2007-04-09 16:27:33 · 11 answers · asked by RAVEN 2 in Business & Finance ➔ Renting & Real Estate
From what I have heard, Carlton Sheets' program is more likely than other programs to work.
The bottom line: most people who go to the seminars don't make money based on these strategies because they (1) don't put the time and effort needed to make it work; or (2) they don't have the "cold" personality needed implement some of the other approaches.
2007-04-09 20:20:22 · answer #1 · answered by seaportma 5 · 0⤊ 0⤋
yes it does work and it is not as easy as they make it sound during an infomercial. You need to understand the business and understand that "no money down" doesn't mean no money is required to do a real estate deal. It simply means you don't need any of your own money. Some example of no money down real estate investing.
Wholesaling - I find an undervalued property put it under contract and sell my interest in the contract to someone else.
Equity Partner - Find a good deal, then find a partner who will put up the money. (Finding the partner is the easy part)
100% Financing - if you have good credit and find a house under market value take out a loan for 105% which includes closing costs.
These are just 3 ways, there are many more.
2007-04-10 09:54:29 · answer #2 · answered by DG 1 · 0⤊ 0⤋
My guess is that Carlton Sheets and others have made a whole lot more money selling their CD's and manuals to people through infomercials than they ever did in real estate. The fact is, there are no secret formulas or short-cuts. And for that matter, I don't think you need a so-called secret formula. It's not that complicated to begin with, and most of the information you need is available to you for free. My suggestion is, first, find an area that you are familiar with. You know the streets, the schools, the good areas, the bad and the up and coming. Start making some phone calls to local real estate agents and others in real estate. Find out what houses are selling for, what rents are, how to estimate taxes and insurance and related expenses. Talk to banks and mortgage lenders to find out what interest rates are, and what you can borrow. Most professional real estate people are happy to provide this information for free if you ask. Keep records of what you find out. With this information, you will be able to begin to assess these opportunities for yourself and determine what good buys are available. Work with a couple of real estate agents and ask them to let you know when properties are coming on the market. Pretty soon, you will have enough information to start purchasing property, with the confidence that you have all the information you need. And you won't waste time and money on those DVD's and CD's.
2007-04-09 23:49:15 · answer #3 · answered by real pro 2 · 1⤊ 0⤋
The no money down is a financing function and is not a real estate purchase negotiating technique. The real estate gurus like Sheets, LeGrand, Whitney, etc dont teach lending. And lenders will either finance 100% or less depending on your income and credit. Some a bit higher but no lender will finance you based upon something you bought from an infomercial.
2007-04-10 03:32:33 · answer #4 · answered by jkevinsimpson 3 · 1⤊ 0⤋
Yes, they do work. "No money down" encompasses a lot of strategies, such as:
1. 100% conventional financing
2. Other people's money
3. Seller financing
4. Using your 401k or other resources
etc..
Your best bet is to read real estate books at your local bookstore. The hardest part about investing is finding the deal, the money aspect comes really easy.
Regards
2007-04-09 23:48:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋
A News publication had their employees do different programs to see if they were for real, if they actually worked, and Carlton Sheets' course was chosen as the best. I don't think this matters as much as Your desire and hard work to be sucessful. If your willing to do what most others will not, you have a good chance for sucess.
2007-04-09 23:36:06 · answer #6 · answered by mark747 4 · 2⤊ 0⤋
I have a friend whose house near the ocean on Cape Cod was featured there last week. She is convinced it will work. Check back later for an update. Btw she has not had any responses yet.
2007-04-09 23:30:40 · answer #7 · answered by Rich Z 7 · 0⤊ 0⤋
Its real, I have reviewed some of them but they are selling you common knowledge you can get on the Internet free with a little research.
2007-04-09 23:50:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Its BS, designed to make money for the authors that sell all those programs
2007-04-09 23:46:18 · answer #9 · answered by daniel a 2 · 0⤊ 1⤋
No, they're scams and the process they teach is actually illegal in most states. Don't waste your money.
2007-04-10 00:32:31 · answer #10 · answered by Fearless Leader 4 · 0⤊ 0⤋