Do people really make millions of dollars buying with no money down?

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Real Estate Agent with Coldwell Banker Professionals 6501328759

It's a big country and you can be sure that each year someone will win the lottery, someone will be hit by lightning, and someone will buy a home at a steep discount, with predatory terms, and no money down.  The odds in every case are grim.  

The essential issue is NOT buying property with no money down, it is buying property that can produce a positive cash flow and/or be sold at a profit.  Unless one or both of these conditions can be met, then the economics of buying a home with no-money-down are unlikely to make sense.                                                                                                          

Those buying under the VA program can buy with no money down, and residential financing with 5% down or less is widely available, especially for first-time homebuyers.  However, all of these programs require appropriate credit and income. 

As in all aspects of life, be cautious with the "Get Rich Quick" approach to anything. In my opinion, real estate is best viewed as a mid to long term and low risk investment. If you are looking to get rich quick real estate investment might not be the best place to do so. If you are looking for a sound investment that will provide the positive cash flow for you give me a call anytime at 989.494.1BUY (989.494.1289) or visit my website 24 hours a day/7 days a week!

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Michigan Shiawassee County
Tags:
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Rainmaker
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Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL

There are some programs available for the buyer with no money down today, but they are not get rich programs.

Jan 23, 2010 11:11 AM #1
Rainer
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Douglas Lovitt
CENTURY 21 North Homes Realty, Inc. - Mill Creek, WA

Of course people can get rich with no money down programs!  It takes lots of work and effort, but if you can sell enough tapes, even you could do well!

Jan 23, 2010 11:20 AM #2
Rainmaker
1,240,613
John Pusa
Sellstate Pacific Realty - Glendale, CA
Your All Time Realtor With Exceptional Service

Hi Jeff,

Thank you for sharing an informative and helpful post.

John Pusa

Jan 23, 2010 11:26 AM #3
Rainer
11,144
Jeff McIntyre
Coldwell Banker Professionals - Owosso, MI

Doug, not sure how to take your comment.

I do think though, that you have misunderstood the point of my blog entry.

Real estate in Mid-Michigan is not a get rich quick investment. We are a slow growth, low risk market place. If you are able to "double your money in 60 days" on an investment it is most likely on a house your purchased for $20,000.

The point to my post was for people to be cautious of predatory lenders and the "get rich quick" concept for investing in real estate in my market place.

Thanks.

Jan 23, 2010 11:29 AM #4
Rainer
11,144
Jeff McIntyre
Coldwell Banker Professionals - Owosso, MI

Thanks John, I appreciate the feedback.

Jan 23, 2010 11:30 AM #5
Rainer
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Jeff McIntyre
Coldwell Banker Professionals - Owosso, MI

But Doug,

You do bring up a great point. The only people getting rich off the "get rich quick" programs are the ones selling the programs.

Jan 23, 2010 11:31 AM #6
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Rainer
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Jeff McIntyre

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