Discouragement is faced by many would-be real estate investing professionals and this is because of the assumption that acquisitions require deep-pockets. There are some who even believe that the myth that nothing-down purchases are impossible.
The known Zero down Real Estate Movement was initiated by Robert Allen with his best-seller, “Nothing Down”, in the early 1980s era on real estate investing. Allen applied 50 techniques from the commercial real estate industry to the residential property marketplace, after observing how commercial properties were acquired with no money down. For his publication, he was reportedly paying $1 million advance royalties and even began holding real estate investing conventions across the country.
The Nothing Down era was startling eye-opener for the public. There are very few people who were aware of Allen’s predecessors, like Nick Nickerson, Al Lowry and Mark Haroldsen who wrote books on real estate investing requiring no money. Allen popularized the notion, and it became a strong public draw for his real estate investing seminars.
Yet, there are some of Allen’s convention speakers that were ultimately revealed as “con men,” and some bellied up. There was bankruptcy for Robert Allen himself in the year 1996. Generally, the public concluded that Allen was probably a fraud, and that real estate investing was impossible without deep-pockets.
Many investors who were using “Zero Money Down” techniques were interviewed, while the Wall St.Journal got wind of the Nothing Down Real Estate Investing Movement. The business editor of the Wall St.Journal featured me in an editorial as one of the most successful investors in the nation who had purchased millions of dollars in rental property without any money after they have interviewed me repeatedly and others who knew of my real estate investing.
These previous unfolding events are said to be pertinent to the conclusion of how to buy real estate properties with limited funds.
During my first 4 years, this has proved that properties could be acquired without cash or credit to the tune of $10 million in real estate investments. I used a $10 bill in the acquisition of many of my properties.
Purchases from FSBOs also known as the For Sale By Owners, were possible through negotiations with motivated sellers. In real estate properties, I was able to buy millions of dollars without cash or credit and this is by learning acquisition skills that required no money down.
Opposite to that, real estate properties listed by real estate agents minimally require a down payment that covers the agent’s listing fee. Upon acquisition, the agent fees demanded cash and this is where the listed properties were no more valuable than the FSBO properties. I have purchased some agent-listed properties, in the intervening years since the 1980s but my target acquisition continues to be FSBO real estate property from a motivated seller.
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