Posted by: Elvis.T ® jeff brown
02/01/2006, 00:07:17
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I am new to this board..usually I just visit to read from the sidelines. But then I noticed your thread and the sincerity in your tone and thought I might be able to help point you in the right direction. Let me tell you a little about myself. I have been investing in properties for sometime now, approximately 10 years or so. I can tell you that I(and/or my associates)have probably seen it all over the years.
The one thing I absolutely know for sure is….not only is “0Down” possible, it is done all the time! Anyone that tells you different is naïve and/or ultra-conservative. It is just not common knowledge among investors entering the market for the 1st time(no offence theDavid . I think the 2 most important points to consider imo when using Odown are 1) don’t use a realtor…I repeat, and stress, don’t use a realtor! Although, in my experience, there is the odd one that if creative/experienced enough can help..but I would imagine about 99.9% of them don’t fall under those categories… 2) find the right property and vendor – as cliché as this sounds…you need to find a motivated vendor, this is key. That doesn’t mean that the property has to be financially stressed. It just means that for whatever reason, the vendor is more apt to making a deal. An example might be a vendor who is cashing in due to death, or illness, or just selling their portfolio, or whatever….2many reasons to list…..
And remember…purchase price is not necessarily that important…I would gladly pay over the appraised value or asking price to achieve 0Down – as long as all debt is covered…or almost covered – depending on the market you are in.Another important point to consider is that “Odown” and “Business Bankruptcy” are not linked(contrary to the English major’s opinion). A keen investor will always have an exit strategy that may include dissolving the business or otherwise known as “Business Bankruptcy”. To take advantage of this exit strategy, all one has to do is credit proof yourself(lots of info on the net on this), and you simply move from one corporation to the next…it is that simple. Believe me, I and others have used this strategy to great success. Speaking of corporations….imo if you are investing in over 6units…it is wise to incorporate for numerous reasons…depending on your financial situation. There are a few books out there that are quite informative….if only to get the creative juices flowing…..although they don’t directly instruct you on the finite details of the deal, and mostly deal in U.S., the logistics are basically the same and they have helped me out quite a bit. Try “How to make millions in real-estate…” by Tyler Hicks. Again, imo…a good read!
DON’T STOP SEARCHING!
DON’T STOP ASKING QUESTIONS!
DON’T TAKE NO FOR AN ANSWER!
AND FINALLY DON’T TAKE ADVICE FROM THE UNINFORMED (PEOPLE WHO THINK IT CANT BE DONE, JUST BECAUSE THEY CANT DO IT!!!!) I hoped I helped you in some way theDavid. I will keep an eye out for your success stories! Elvis T.
(yes I have heard all the jokes over the years…E.T. signing off)
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