Have you ever seen the movie “Boiler Room?” If not, check it out! One of the best scenes involves Ben Affleck doing a group interview. He works for a less than reputable brokerage firm and tells a fresh batch of recruits like it is. One of the first questions Affleck asks is whether anyone had already taken the Series 7 Exam. When one of the guys pompously raises his hand, Affleck shows him the door saying, “We don’t train old brokers here, we hire new ones!”
When I got started as a real estate investor, I had zero experience in the real estate field. None of my immediate family had ever been an agent. No mortgage brokers, appraisers, or real estate attorneys. I was quite green and had a fresh mind ready to soak up whatever was put in front in me. Having no background, when I first came across the idea of “Zero Down Real Estate Investing,” it was hard to comprehend, but I did not have any preconceived notions to hold my thinking back. I was like the newbie in “Boiler Room.” It is often times easier to learn a new concept when you don’t have to unlearn ingrained ways of thinking and doing.
If you look around at a book store or if you google, “No Money Down Creative Real Estate Investing,” you’ll see an array of information on the subject. I still hear plenty of people refute the claims saying that it doesn’t exist and can’t happen. Anytime I hear something like that I simply say to myself, “Well, they’re right, it doesn’t exist and can’t happen for them.”
Most of the time, the people that don’t believe in the “No Money Down” claims are the ones that have been trained in real estate the traditional way. And I can’t blame them. Had I learned the way that they did, I may have the same mental blocks that they have.
One of my next posts will explain several different ways to structure a “No Money Down” deal. But before I go, think on this one. Just because someone says that they have bought property with no money down, doesn’t mean that there weren’t funds required to close the deal.
Often times, “No Money Down” just means no money out of your pocket.