Questions for the no money Downers era

I hear these accounts about how years ago banks were giving out home loans for free. They would get a free home loan, then use that free homes equity to buy another home. And then another. And then another.

At what point were people like that considered “real estate investors”?

It seems like an oddity of a time period. When basically anybody was given more then everything anybody could ever imagine, for nothings day. Simply amazing.

Will that ever happen again or was that just baby boomer luck?

Its like walking into a casino and at the entrance they are handing out millions of dollars for free. They dont even have to go to the tables and work for it. Then they walk in and out of the casino with as much as they want and every time the casino just hands them millions for nothings day. They never step up to the gambling tables, yet they called themselves professional gamblers. Are they professional gamblers?

Back to real estate. So these people were given free homes and free investment properties. As many as they wanted. No problem. Zero Percent Financing. Then when they needed cash money to start their real estate investors business and to also start renovating units, I guess the small business administration just gave them free bundles of money in freebie grants and easy loans. Now they are investors, and business men, I guess. Then they go into any old bank and declare they need money for fixing up houses. So without hesitation and no approval process the bank freely dishes out hundreds of thousands of dollars for nothings day.

At what point are these people investors? At what point are they business men?

Is real estate ever going to be so easy ever again?

The easy days are here now.
I get junk houses on contract for no money. I flip them to cash buyers for many thousands of dollars. I have no risk. It’s the easiest job you can imagine. I average 5-10 hours of working a week. My buyers pay all escrow fees and my huge assignment fees. They also put down any earnest deposits if needed. I’m off playing with my toys while the bird dogs are finding me properties and the escrow company and the rehabbers do all the work.

I have rehabbers that I sell to that have it way easy also, they use me to find them properties, they use hard money loans or borrow private funds for the purchase and rehabs of these houses. They don’t do any of the work themselves but hire it out to building contractors, they only visit the property occasionally to pick out colors and make sure things are progressing and write a check. They sell the properties for full value using realtors. How easy is that?

You gotta get a better attitude dude. Your thinking is flawed. I advise other readers to disregard these negative rants, come on over to good side of town or wallow in the excrement with ears.

I just read an essay about the ‘slavery mentality’ that exists within every culture and society. There’s always a portion of the population that just craves being a slave. It’s easier. Requires less thinking. There’s less responsibility. Worse, there’s the elites that cultivate this fear in others and offer to be masters, in return for safety, security, and repose. Some would call this a Marxist dream.

On the other hand there’s always a portion of the population that craves independence. They embrace problem solving, taking on ever more obligations and risks, and as a by-product, bring opportunities for independence to others, who are less inclined to take on risk, but don’t want to be slaves either.

Not everyone is cut out for real estate investing. It requires thinking, risking, and assuming responsibility, if not believing in something bigger than themselves, if not themselves.

Speaking of real estate investing. My family started investing in real estate when it was completely unpopular and considered an overwhelming an unnecessary risk to one’s reputation, and credit, much less their bottom line. We invested anyway.

Today, investors are as common as water. It’s almost a cliche to hear someone say they invest in real estate. Chances are they don’t, but they say they do, to sound half-way sophisticated.

Meantime, the popularity of ‘investing’ among the get-rich demographic has waned since 2004. In fact, I’m finding mostly professionals in my market, and they don’t really chase what I’m after anyway.

I’m in the process of buying a neighbor’s empty house, and taking over her payments. It’s a lite fixer, but I’m not fixing anything. I’m just gonna offer financing to someone that needs a loan, and wants a house they can decorate their own way, and give me the money I want in return for EZ’r financing. I intend to put about $22,000 in my pocket, and some more later when the buyer cashes me out.

Well, this deal required nothing more than putting a note on the door of a house I saw where the “for sale” sign had been knocked over. Obviously by ‘someone’ having a fit. Hmmm. Who might that’ve been? A frustrated owner? One ready to do ‘anything’ at this point?

Then there’s another house on the same street. Same frustration with the signs, evidently. I’m getting a hold of that owner and seeing if there’s a deal. Never mind the deals that come from deliberate marketing.

How much is the first deal costing me? Total? About $700, including bandit signs, recording fees, transfer taxes, and the seller’s equity.

I’ve learned that I find whatever I’m looking for. So, I’m careful to protect my mind from dwelling on negative things, and especially those things I have no control over.

Meantime, if you’re looking for a disaster, you’ll find it. Poverty? You’ll get it. Handicaps and setbacks? You’ll get them.

So, stop looking for things like that, and begin recognizing opportunities.

All Ears seems pretty smart, if he can just get past the negative thinking. Maybe the problem is, he’s not desperate enuf.
I attribute being financially desperate to never giving up & getting good at wholesaling.
If I had another job to fall back on or I didnt have a pretty young wife and 4 hungry kids I cud & wud have quit several times.
Now that the desperation thing is over, it has turned into a fun thing.
Can you imagine being able to read a sellers motivation level, exercise my listening skills and get crazy low prices, and being able to market the property to buyers and play them against each other and walk away with 5-15 grand and have fun doing it?
I swear I would do it for free bcuz of the fun factor.
Wats really off the charts is, I feel like a somebody, rubbing shoulders and making friends with wealthy people.
And then there is all this free time and all these glorious toys.
Am I bragging? Hell yes I am. Maybe my story of being an old okie with no HS diploma will get a few newbies off the couch to take action and change their lives.
Let’s make some money…