Been reading this Real Estate for Dummies and.......

[akademikjeanius]

it was saying that the no money down and buying and flipping arent very dependable.  I'm trying to basically make $30,000 buy the beginning of September 2005.  It this a realistic and attainable goal or just a silly wish?  The Cashflow Generator was saying that I'll be making anywhere between $5,000 and $20,000 PER DEAL! Withing 30 DAYS!  So am I to assume they were lying?  Someone please help clear this up for me :'(

[kimesha]

hello new person. i am new also but due to lots of reading, including this website, i have learned alot. as far as the no money down thing, it can be done. just don't use any of your money. sometimes no money down means borrowed money or if your interested in forclosures some people r so desperate that they will walk away with a small down payment and allow you to take over their loan while signing over a deed. the no money down is tricky and you have to get very creative. i haven't done any deals yet but i'm soaking in as much as i can
 

[akademikjeanius]

Thanks for the info.  I appreciate the reply.

[moke]

hi

just a passing thought

no money down means that you have NO equity in the property.

y dont you do what everybody and his mates do?

 put 10% down get a loan and make lots of money.

i bet i can you make 1000% more than a guy wasting his time trying

to find the holy grail.

moke

[SD Newbie]

NO money down IS available... The art of being a REI is the ability to acquire property without using none of your OWN money... or at least VERY little...
If you use someone elses, who cares...

Look at this simple scenario, lets say you know someone that has 50K that you can use as a down payment.  So far none of your OWN money... Then lets say you have o.k. credit to qualify for a 200K loan for a property that's worth 300K AFTER repairs...  So far still none of your own money - the loan came from the bank, it's the banks money not yours....  

You and your 50K friend agree that after you fix up the house and you sell it for 300K you will split the profits...
You pay off the bank loan through escrow when you sell it and you pay off your 50K friend and you keep the rest... All done with none of your OWN money...  

That can be done all day long, as long as you can find deals that will make sense....

AK,
Do you have a team in place to help you?  i.e.: realtor (sometimes they can come in handy), tax attorney, RE attorney, mortgage banker, other REI for possible wholesaling purposes...

If you have ever read Robert Kiyosaki's book Rich Dad Poor Dad, you will notice that he says over and over that you cannot attain to financial freedom with the building of a TEAM!

Keep reading...