Is It Possible To Buy Property With No Money Down?

Read Transcript for “Can You Really Buy Property With No Money Down?”

 
Do zero down techniques and structures really work? Can you really buy property safely with no money down and without using credit? The answer is: Absolutely, YES.

Joe: One of the things that I’m trying to do with these videos is to answer questions about my Mentor Program, the Two Day Buying events that I do where we get everybody into a room and we buy real estate together. I want to answer questions about the techniques that we’re using and the ways that we’re buying real estate so that you’ll have a good understanding of the process and the system that we’re putting together to make this happen. I hear this question a lot:

“Can you really buy properties with no money down and no credit? I’ve seen the late night TV guys but that seems like a scam to me.”

Joe: I certainly understand why it would seem like a scam to you. There’s a lot of hype behind this stuff and a lot of people telling you that you can get rich quick. That’s not what we’re doing here. What we’re doing is a business building program. We’re going to talk about that in some of the later videos. So, can you do zero down deals with no credit? – Yes, absolutely you can.

Joe: It’s all about how you structure it. As a matter of fact, we very rarely use money down. We very rarely use credit. When we’re doing it as a business building technique, we never use those things. We almost never need to have credit or down payments at all. If you’re looking for long term wealth and long term investment, that’s a whole different thing and you’re going to do that with your business, too, but most people who are starting this process want to create a business that has immediate cash flow and money coming into their pockets right now, and that’s the stuff that we’re teaching. You do that with zero down.

Joe: My philosophy is, ‘If you can’t do it with no money, you sure can’t do it with money.’ So, learn how to do it without money first. Use the techniques that we teach. I teach “Subject-To”, multiple mortgages, land contracts, lease options and other types of seller financing and show you how to structure the deal so that it makes the most sense for the seller.

Joe: I’m calling this series “Stories From The Trenches”. I’ve been watching “Band of Brothers” which is a story about the guys in WW II from the 101st Airborne that went from Normandy all the way into Germany and helped to win the war.

Joe: One of the things that I’ve noticed from watching those guys is that when they’re under pressure together, they create bonds that they’ll keep the rest of their lives. They work together as a team. They work together as a group.

Joe: One of the things that has happened with the people in my mentor group, although they’re certainly not under the same kind of stress that these guys were under, is that when they start something new or a little bit outside their comfort zone or normal life that they’re used to living, e.g. trying new ideas, taking chances on new techniques that I’m teaching them, etc., it creates a bond between them.

Joe: What’s come out of it all is a group of men and women that are working together, know each other, trust each other, do deals together and help each other along in this process. We’ve got people that are more advanced helping people come along who are new people, and people that are new who are going to the people that are more advanced, knowing they can trust and work with them.

Joe: When you’re first getting started in a business like this, it’s really great to have what Napoleon Hill called a ‘Mastermind Group’ and to be able to bring all of these people together and think about the processes that you’re doing and try to improve them all the time.

Joe: A lot of people say to me, ‘Nobody’s going to accept a deal that’s a “Subject-To” deal.’ That’s just not true. What you have to do is to find the people that are willing to do it. These don’t have to be terribly motivated people. You have to find a person with the situation that needs to sell their property (which is almost everybody in the MLS). We can make offers to everybody we talk to. The offers we make aren’t going to make sense to everybody we talk to, but we can make an offer to them anyway.

Joe: So, it does work. You can do zero down.

Joe: There’s lots of techniques. If you’ve been getting my articles, and if you’ve seen my other videos, I’ve been talking about some of the other specific ways we do it, but yes, you can do it. We are doing it, and I suggest that you don’t do it any other way. The risk is too high. If you’re going to put your money on the line or your credit on the line, when you’re first getting started and you just don’t have the knowledge to do that, what’s going to happen is you’re either going to lose money or you’re going to spend a lot of time and not make very much money.

Joe: If you’re going to make mistakes, then why not make mistakes on things that aren’t going to cost you money or screw up your credit?

Joe: That’s the end of the first one. Good luck. We’ll see you next time.