Investing with NMD

[MoneyNTheBank]

I like many many others have seen the TV advertisments about no money down ideas, and how Real Estate can make you rich, or make you poor. Well, I have been reading about it for some time now, and just found this forum. It looks like a great resource, I hope I find many more like it to expand my knowledge. Now, I am curious if anyone know if it is feasible to do a REAL No Money Down home buy. I have been considering buying a HUD Home for fairly cheap in a descent neighborhood, and doing the repairs and such. I have money saved to fix up the home, but I dont think I would want to use it all for a down payment. Are any real ways to do this? Also, are there any tips anyone can give me about getting started in this field who is already in the know? I have heard about taking out two mortagages. One for 80% and one for 20% to pay for a home completely. I havent researched that idea much though. Any feedback is greatly appreciated.

[Dan Auito]

Welcome to the Forum M$B. There are so many ways that it can be overwhelming at times, but you need to pick one or two from the start in order to avoid becoming paralyzed. Sub2, Lease w/option to buy, owner finance, contract for deeds, 80/20's choose your weapon of choice.

If you haven't read the getting started book " Magic Bullets in Real Estate" then go and download it here http://www.prweb.com/releases/2005/2/prweb206557.htm for free (my gift to you) it is the first attachment in the top right hand corner.

Surf the boards here and read up a bit and see what seems to get your blood pumping, come back and ask the questions that you need answered once you see the prospective path that you would like to travel. :SM032:

[MoneyNTheBank]

I actually have a general idea of which path I would like to travel. I am reading your book right now and I am about 25% done. I love the way its written, and it is very imformative. Here is a little about my game plan so maybe you can advise me where to start. Keep in mind I an 100% new to investing. Okay, I have fairly good credit (720 according to my CR), so getting a loan might not be to much of a hassle from the banks. I want to buy smaller properties that need some rehad (mabe a 1 or 2 story building, or maybe a duplex) and after restoring them rent them out. I want to be able to have a steady income flow of around 2-3 thousand dollars a month in rent coming in by the end of this year. That would be my long term goal. My problem is I live in California, and Real Estate is anything by cheap here. 300 thousand dollars gets you a one story house that needs rehab in a pretty good area that someone would want to rent. Any advice anyone can throw my way is GREATLY appreciated. I will get back to reading your book now. Thanks in advance for any help from my seniors.

[Dan Auito]

M&B I'll let you finish my little book and I'll tap Big John Michael to chime here as well. California is definitely a challenging state in which to try your hand out of the gate! Folks, let's see if we can't figure out the California game!

[Just Information]

Now my Dear Friend you are in a truly in a market where one needs to take much caution and vary well-analyzed risk.

What market area in my home state are you looking to work in?

(Now you know if it's in any of my market I'm going to have to tell you how bad it is) Just kidd'n

[MoneyNTheBank]

I am in southern california. LA Area. I really just want to purchase a couple small properties and rent them out so I dont have to work. That is my first goal, I will take it from that point once I get there. I was considering buying Carlton Sheets NO Down Payment program, but I was advised against it because they are old outdated techniques. Can someone help me by directing me to some important threads that can help me analyze some homes. I do have a realator that can help me locate some homes IF i asked for some help. But I dont know where to start. A little guidance would be excellent! Thanks in advance!