How did Robert G Allen purchase 7 properties in 57 hrs?
It was probably some sales gimmick. It depends on what he means by buying 7 properties. If you have the properties already lined up preselected, appraised, inspected and financed all you do is go to closings. That can easily be done in 57 hours. It doesn’t even take an hour to sign the closing papers if you are closing one after another.
Obviously people with that kind of money could do such a thing, if people paid $200 for some Real Estate information from me, maybe I can buy 57 properties in 57hours
Actually it is quite possible if you use real estate syndication: investors pooling their money together and buying properties in foreclosure on the courthouse steps, bulk reo, etcetera.
I have done it several times, even more properties than that and in less time. Not for the faint of heart though! :biggrin
I imagine it was some sort of no-money down technique, as that is what he is best known for. Be wary of anyone like Robert Allen. He is a “business opportunity” salesman who makes most of his money selling real estate advice / books / seminars / etc, with a lot of the content being full of fluff and lies, than actually conducting successful real estate investment activities.
Where did you read that he did this?
I remember him responding to a challenge of buying a house “no down” in 24 hours a long time ago, using the negotiating and prospecting techniques he was teaching at the time.
I have all of Robert Allen’s stuff, including two notebooks and VHS tapes from seminars I took. They were very interesting and inspiring. I credit Allen for giving me the courage and inspiration to make creative offers, if not the know-how on how to approach sellers with creative offers.
I cherish the notes and training that Allen gave me. You can’t buy that information anymore. Most of the juicy stuff was not in print. He gave us juicy, insightful stuff “off the record” that really helped us move forward with confidence.
The folks that speak negatively about Allen are the same ones, by my calculations, that haven’t had the privilege of really learning what Allen taught (that are not in his materials).
I’ve done things that Allen taught that I’ve never heard taught anywhere else. That all said…
The issue I discovered with his 24 hour challenge to buy a house with no down payment(s), was that he was not necessarily buying “good investment deals.” They would only have been great owner occupied deals, because of the negative cash flow.
Meantime, it’s not hard to buy “no down.” We can do it routinely. However, just because we CAN buy “no down,” does not mean we should. Some houses are losers, even with no money paid up front.
There are other situations where no down on ‘non investment property’ is a great advantage. Right now I’m considering taking over the loan on a 5,000 sqft home with no money down. In this case, not only am I getting in for the cost of recording fees, but I don’t have a bank pulling my pants down and insisting on an anal examination of my credit, or my income, to qualify me for the deal.
Meantime, my most spectacular example of a “no down” deal included giving the seller twenty dollars for his equity and taking title subject to a $750,000 home. Of course I immediately offered it for resale on installments and pocked 2.5% as down payment and made $150,000 overall profit. Can anyone do this? Absolutely.
Hi,
For full price with all cash????
GR
Thank you all for taking the time. I really appreciate it.