The Informed Investor's Resource
No Money DownIs it possible to buy real estate with no money down?©2009 Bob Sharpe
Myth #1. It's not as easy to buy for no money down as the gurus promise Yes, there are ways to buy for no money down. They don't come along every day. Most of the people who spend big bucks on the courses these gurus sell never succeed at acquiring even one property. Myth #2: No Money Down does NOT mean No Money Out of Pocket Even when you find a property with no money down there are closing costs, appraisal fees, taxes, insurance and other expenses that that can be $10,000 or more up front. In addition: sometimes "no money down" means that you must borrow the down payment from your credit cards or another high interest source of funds. In those instances, there is a down payment, but you borrow it. Where to find money for a down payment:
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The real estate gurus on late night
TV promise that you can buy houses with no money
down. All you have to do is buy their expensive real
estate course. Or maybe attend their free seminar where
they can pressure you to buy their expensive course. Make
no mistake. They don't make their money buying homes for
no money down. They get rich selling their courses. It's
easier and more lucrative for them. Most of their courses
will cost you $2,000 to $5,000 or more.
The
$1,000,000
Strategy
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Buy your own house.
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Purchase an investment house.
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Buy several more investment properties as you are able.
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After about 10 years sell your houses and purchase an apartment complex.
Where to Find the Money to Invest
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Your savings account.
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Your home equity.
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Cut back on unnecessary expenditures and save the money. Use the Calculators.
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Start a part-time home business.
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Upgrade your IRA to purchase Real Estate.
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Disclaimer Real Estate has historically been the safest and most profitable vehicle for investment. However, there is no such thing as investment without risk, even in Real Estate. All numbers and estimations given by us – electronically, orally or in print – are based on the information that was given to us by real estate developers and by our research of investment publications, trade publications and other expert business sources. We can use historical precedent and current market conditions and trends to project future expectations. However, no projection is ever a guarantee of future profitability. We strongly recommend investors to carefully inspect the available properties and to do their own research before investing. It is always advisable to consult a licensed professional before purchasing property. Also, in order to know the tax benefits a particular property will bring, the investor should consult a professional tax advisor who specializes in working with Real Estate investors. |