Buying With No Money
Can anyone out there help me with information on buying real estate with no money out of pocket. how dose this program work and is the infomation they sale for $295 any good.
Thanks Drae 
Can anyone out there help me with information on buying real estate with no money out of pocket. how dose this program work and is the infomation they sale for $295 any good.
Thanks Drae
Drae,
In my opinion, there is no "free lunch".
In this business you spend money to equip your home office adequately to conduct business, you have phone costs, postage costs, printing costs, education costs, and so on.
There is usually always "some" money down, the key is that it doesn't have to be your money.
As far as your question about "is the information they sell for $295 any good?", that's hard to answer if we don't know who "they" are. I would say you need to read artcles on this site and keep asking questions and you'll find the answers to you education questions.
Seeing that you live in beautiful Temecula, you may consider getting a recommendation of a good REI book, go out on the back patio with a glass of wine while the hot air ballons go by and enjoy the day! Good Luck.
Dave
[addsig]
If you have no money you will not find a lot of deals initially. Even if you focus on things that require little cash to do a deal you still have some other costs (marketing, misc closing costs, etc). An absolutely no money deal is normally where you partner with someone who has cash or you can raise cash by borrowing somewhere else.
As to $295 for training materials. I am going to guess that you have limited funds to start. If this is true then read articles here, go to the library and get all the books they have or can get from the other libraries that they do exchanges with and find other investors who can lend you their books. Save the cash. Or use a little bit a a bookstore after you have reviewed the books on offer and picked what appears to be the best.
I know one guy who would go to a large bookstore over his lunch hours and read the books in the shop. He was careful not to damage anything.
Consider a part time, second job to raise cash or read up on being a bird dog so you get paid to find out interesting things about possible deals. Think outside the box.
John
[addsig]
It's also to join an investment club in your area. You'll receive a lot of free info and it'll just cost you mileage and maybe some dues. Decide what you want to get out of anything before you put in anything.
Since you have the internet, read the website of http://www.JOHNTREED.COM
he has a "GURU" rating on his site. Read this, it will save you lots of time and money. All on the web, all free.
Good Luck.
Jay
I don't know that I would agree with everything I saw on the Reed website. It helps to remember that he, too, is selling an REI strategy and that using the "fear factor" principle of marketing by scaring people away from others toward yourself has a proven track record in business.
I agree with the other posts: educate yourself as much as you can for free. Join an REI group (most let you pay a small fee at the door until you decide to join and the yearly dues are usually pretty cheap, too).
If you don't have a lot of cash, read up/investigate birddogging, where you find properties for other investors for a fee. This has multiple benefits: you don't have to spend a lot (driving around, talking to people, etc.), you can start to build an investment fund for yourself, and you could find an investor willing to help you learn how and what to look for that will go way beyond any book learning.
Good luck!
Andy
Ayarkatz,
As a birddog what are you actually doing if you are not driving around, talking to people, ect.
Some help would be greatly appreciated
Murphy
you can buy "no money down" but you still have closing cost. when buying n/m/d you limit your buying market. usually you pay a premium price for the prop. to be able to buy n/m/d........kenmax
Quote:
On 2004-06-29 18:13, Murphyj2000 wrote:
Ayarkatz,
As a birddog what are you actually doing if you are not driving around, talking to people, ect.
Some help would be greatly appreciated
Murphy
Murphy: Not to sound like a shill for John Locke, but you could check out his Birddog Course for all the info on this.
Basically, birddogging involves you finding properties for other investors (which is why it's good to find out what other investors are looking for, so you can focus on those). How you do it and the money involved is up to you; I was thinking about gas money to drive neighborhoods, etc.
Depending on how much info your investors need from you regarding the property, other costs might be for newspapers to do your research, phone charges calling up prospective property owners, online research at fee-based web sites, mailing costs if you do these, etc.
The point of this is to get some experience in how to find and recognize deals, maybe learning from your investor/mentors on how to structure/close a deal and make a little money doing it, without a lot of upfront money out of your pocket (no contracts, no downpayments/earnest money, etc).
Hope this helps,
Andy
Hi there buyer with no money ... Try getting that same package on EBAY! There's a bid right now ... bid ending in 2 hours for only $28.75. It will probably sell for less than 50 bucks. There are other ones too. Get one of these used ones from EBAY and if you find it all that effective, buy yourself the brand new one.
Good Day to you:
BE Creative! Have the seller take back a second, and pay your closing costs. Yes I Know that the property may not be located where you want to live, but if you are an investor, there are a ton of ways to be creative and get your portfolio started. Just stay out of the war zones.
As stated in an earlier post, just start reading the posts on this website and save yourself $ 295. I paid the $$$ and the only thing it did was to get me off my assterier and do something to get my program $$$ back.
Good luck and make $$$
Tom