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A new home ownership program allows qualified buyers to buy a
home with absolutely no down payment.
You may have owned a home before and are presently renting or you
may be a first time home buyer looking for a way to break into the
housing market, but were held back because you thought you needed
$5,000, $10,000 or even more for a down payment. Regardless of your
present situation, if you want to enter, or re-enter the housing
market without having to make a cash down payment, then this new
program may be just what you've been looking for.
Why continue paying your landlord's mortgage when you could be
building your own equity.
Industry experts have prepared a new special report entitled,
"How to Buy a Home With Zero Down", and it reveals how
you can get into the housing market immediately and with absolutely
no down payment.
...Buy Real Estate With No
Money Down, and Get Rich Quick...
...Real Estate Secrets
Guaranteed To Make You A Millionaire...
...Free Real Estate
Seminar That You Can't Miss...
...you've probably seen claims and
offers like these on TV or on the internet, but before you decide to
follow any of them, please be VERY careful.
Unfortunately,
many (not all of them, obviously) of these so-called "real estate
gurus" with a "shady" past (to say the least) will try almost
anything to sell their books, seminars, tapes, etc...
So
please remember;
If something is too good to be true, it
probably is. They all have very convincing "success" stories,
and testimonials, but as many unsuspecting Americans have found out,
they are not always true...
In a recent case, it
was revealed that William McCorkle (famous for his late night TV
infomercials in the 90's) hired/used actors, employees, and friends
to give false testimonials.
McCorkle's program described how
you could get rich by buying pre-foreclosed or depressed properties,
and then selling them for a huge profit. He even
promised to put up his own money to buy the property and then split
any profit when the property was sold.
The sad part about
all this is that not many people (who paid about $69 for his
booklets or close to $1000 for a "boot camp"/video tapes) and
followed his instructions made any money that way. A lot of
them were also surprised to find out that the "no questions asked /
money back guarantee" wasn't exactly what they
expected.
In 1998, William McCorkle (who before starting
his "business" worked as a busboy and exotic dancer) and his wife
Chantal McCorkle were convicted of mail fraud, and money
laundering.
As you can see, some "real estate gurus" will
really try almost anything; from overstating the rewards
("...you will make 500,000 on your first year..."), and understating
the time required, the risks involved, etc... or even just lie, lie
and lie to you. So, please be careful next time
one of them tries to sell you a "great
opportunity".
You may be
thinking; "That will never happen to me", "I am not
stupid"... Well, I hope not, but in some cases, people
have been "fooled" and not even realized what was really happening
until it was too late.
Many
people attend "free seminars" and find out that the "free seminar"
is just a way for the "real estate guru" to lure you in and pressure
you to buy their expensive stuff; books, tapes, mentoring,
etc...
Trust your own instincts, if
anything smells the least bit fishy... do not walk away, RUN !
! !, get out there as fast as you can! Also, if you do
decide to attend one of those "free seminars", DO NOT take any
credit cards, checkbook, or money with you.
It's not only
the seminars, sometimes they may offer a "very good deal" on TV (or
radio, internet, e-mail, etc...) - they will probably say something
like "...it's risk free...", "...act now!, don't miss this
opportunity; you can have all this for
only..."
...But what you do
not know, is that once you order that "great deal", you will be
repeatedly pressured to buy more expensive products (just like in
the "free seminar").
Again, be
careful and very skeptical. They will usually say
something like...
"... it's a win/win situation ..."
(...but you may find out
later; Win/Win for them; Lose/Lose for you. You
just lose money when you buy, and lose more money if you try to do
what tell you...)
"... anyone can do
it !!! ..." (...but you may find out
later; You can't do it, and neither can
they...)
"... creative financing ..."
(...but you may find out
later; The "creative" part only created problems for
you...)
"... don't wait, act now ..."
(...but you may find out later they
meant; "Don't think...., because if you do, you will realize
this is a scam" and "act now !...., before we get
caught"...)
"... we did it ! ! so can
you ! ! ..." (...but you may find out
later; They haven't really made millions in real
estate, and you won't either)
"...
secret technique ..." (...here's their
secret technique; If you are stupid enough to buy
the "cheap stuff" or go to the "free seminar", you are dumb enough
to buy the more expensive and overpriced stuff
...)
"... it's risk free ..."
(...but you may find out
later; It will cost you a lot of money, and it's
very risky...)
"... it's not a scam
..." (...but you may find out
later; Your "real estate guru" was convicted of
mail fraud, and money laundering...)
NOW THE BIG ONE...
"... you don't need to know
anything about real estate ..." (...but you may find out later; The "real
estate guru" did not know anything about real estate either...
That's why you both got into so much
trouble...)
I can't
believe people fall for that one, but they do. That's
exactly what they want; someone who does not know anything (or
know very little) about real estate or investing.
Why?
That "real estate guru" probably knows an experienced
real estate investor would never buy the junk he is trying to sell
you.
An experienced investor or broker can see the
"complete picture", an inexperienced one may not. A prudent
investor knows that many "no money down" / "nothing down" deals are
very risky (in some cases even illegal), requiring that you take
advantage of an "naive" seller, and/or lie to a
lender.
Please understand that not all 100%
Loan-to-value deals are bad, or illegal. In my opinion, they
are not as easy as many "gurus" would have you believe, and they are
extremely risky (something that the "guru" will probably not tell
you).
So, the real question is not
"Can I buy that property with no money
down?",
...but "Should I buy that property
with no money down?"
Ask yourself,
"Do I understand all the risks involved?", "Is the deal
profitable?". You may realize
later that the income generated by the property is not enough to
cover the all expenses including the "zero down"
loan.
So, why does so many of
these so-called "real estate gurus" try to sell "No Money Down"
programs, books, tapes, seminars, etc...?
Many reasons, probably because...
1- It sounds
good. Many people do not have enough money to put
down to buy a property, so when they hear "Buy a property with
NO MONEY DOWN, It's easy and I know all the secrets...Bla, bla,
bla" it sounds good, specially if they don't tell you
about the bad part about it.
2- It sells. If it sounds good, you will buy
it, if you buy it, they will make a lot of money. Besides, you
are the one assuming all the risk.
3- They can sell it as
a "secret" or "new technique". Not many people want
to do a "no money down" deal or know how to do it; even those who
can do it legally. So, if you go to a bank or real
estate agent and tell them you want to buy an investment property
"with no money down", you may hear; "no deal", "it's very
difficult", "very risky", etc...
Then you
hear some "guru" say; "...but wait, I have a "new
technique" / "secret program" that shows you how to buy that
property "with zero down" and make thousands of dollars
too..." And you think to yourself, "hey,
maybe he knows something no one knows..., after all, it's "new" and
it's "secret"...".
4- Number four combines 1, 2, and
3. Those "zero down" programs attract the "customers"
they want; inexperienced investors. Why?
Those investor are more likely to fall for reasons; 1, 2, and 3
above. Unscrupulous "gurus" know that a sophisticated
investor knows that there is no "secret" or "new technique", or is
stupid enough buy all that junk. Besides, many
experienced real estate investors don't need/want "zero money down",
and those who do, already know how to do it the right
way. On the other hand, novice investors may not
know all that and are more likely to have less money to invest, and
therefore need (or at least believe) they need to do "no money down"
deals.
So, What should you do?
Again, not all
real estate "gurus" are dishonest, and not all "seminars" or
"booklets/courses" are bad. The problem is that there
are so many that are that way. So, please be
extremely careful and very skeptical of any "amazing" claim made on
TV, Seminar, or Internet (there are many "get rich quick in real
estate" & "buy foreclosure, get rich" type of websites that
promise a lot...).
If you want to learn about real
estate take "REAL" courses, and read "REAL" books.
In Florida, you can contact the Florida Real Estate Commission
(FREC), a local real estate school, or the Florida Association of
Realtors (FAR). The CCIM Institute also offer
excellent courses in commercial investment real estate.
You will learn there is much more to real
estate investing than what many "gurus" want you to
know...
One more thing, there are many "scams" out there,
I only focused on real estate because this is a real estate related
website. Please understand that investing in real estate
can really be profitable, and you do not have to be a a genius or a
millionaire to do it. Sure, the more money you have, the
easier it may be; and being a genius won't hurt you either, but you
may also find out that being patient, honest, and work/study hard
will really help you become successful not only in real estate, but
more importantly; in life - even if you do not become a
millionaire...
....well, it's just my
opinion.
... REGISTER BELOW TO GET EVEN MORE INFORMATION!
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