We bought a course a few days ago on buying houses no money down. I'm kind of skeptical now but heard people really do it. Do these promises of these courses really work??? I heard Dave Del Datto and Wade Cook went belly up. But there are some new Guru's out there that are better, I think.
2007-05-26 10:43:36 · 11 answers · asked by Ted (Canton,OH) 2 in Business & Finance ➔ Renting & Real Estate
Those guys on TV make all their money on selling their systems.
Don't use their systems.
Buy a home when you find a home you are happy with. If you need to buy it no money down and you have good credit then do it. If you are going to keep it and rent it out you will be better off putting some money down so that you have a positive cash flow even if the rent goes down.
No money down means you are very highly leveraged. That is great as long as prices skyrocket. Very bad if prices remain the same or go down.
2007-05-26 11:22:11 · answer #1 · answered by glenn 7 · 2⤊ 1⤋
People do make very good money flipping houses, but they really need to know what they're doing. Takes a good eye to find a house that can be improved quickly and without spending too much money, lots of know-how and hard work to get the improvements done, and some luck finding a buyer. You don't learn all this by reading a book or taking a course.
2007-05-26 19:16:38 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Yes you can buy houses no money down. It happens millions of times all across the country. The problem is not buying no money down the problem is servicing the loan and buying insurance, and the upkeep of the house. What are your plans when you get the house? Are you going to wholesale it to another investor? Rent it out? THis is where many people go wrong. The last couple of years the whole real estate industry (not just investors) bought no money down. That's what the 80/20 loan is all about.
Get Ron LeGrand's book or go to his website. He teaches it better than anyone today but his mentor Robert Allen has many excellent books including, NO Money Down, Creating Wealth and The Challenge.
Good luck with your investing
2007-05-26 17:56:52 · answer #3 · answered by teenriodoll 3 · 1⤊ 1⤋
No-I bought a system and a couple of months later I had a call from a telemarketer that told me that because of my exceptional intelligence I had been picked to be in a "mentoring" program where for a couple of hundred dollars more I would be in this program.
Even though I consider myself to be more intelligent than a carrot, I don't know how they could pick up on that with my order over the phone.
2007-05-26 19:16:59 · answer #4 · answered by szq 2 · 1⤊ 0⤋
I bought one of those once. Unfortunately, I had just moved to CA and didn't know it was a sellers market at the time. It didn't even come close to working. Things have changed slightly since then, but I haven't wanted to waste any more time with trying it again. I think they could work sometimes, but not as often or as easily as the claims.
2007-05-26 17:50:49 · answer #5 · answered by Brian G 6 · 1⤊ 0⤋
I have to second "Charles" opinion. Obviously some are better than others (I recommend Ron LeGrand for a beginner). NONE of these programs work if they sit on your shelf gathering dust!
I buy houses with none of MY money down almost every week. I've been an investor for 3 years now. BTW, any of these programs are just a stepping stone, your education never ends if you want to do well.
2007-05-26 21:55:07 · answer #6 · answered by Anonymous · 0⤊ 1⤋
My husband bought one of these packages while I was asleep. For 70 dollars! Then 2 months later they charged another 45. Which they werent supposed to. This was a year ago. And lets see. Still NOT WORKING>
2007-05-26 17:46:42 · answer #7 · answered by Preggo_Wife 3 · 2⤊ 0⤋
Okay, I'm going to piss people off here. Everyone here who has said "they don't work" or "they're all scams" either never put in the effort to MAKE a no money down system work. They are all based on specific buying strategies that WILL WORK if you learn the strategy well and you have sufficient communications skills to work effectively with property owners and private lenders.
2007-05-26 19:34:48 · answer #8 · answered by Anonymous · 1⤊ 1⤋
No they do not work. Return it and get your money back. The money is made selling the courses.
2007-05-26 17:52:06 · answer #9 · answered by Sharyn 5 · 4⤊ 1⤋
lol....you cant ..maybe from a loan shark...your intest would be high ..and your monthy payments would be very large per month
2007-05-26 17:48:31 · answer #10 · answered by NONAME 1 · 2⤊ 0⤋