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Investing in real estate is an
option that tempts all, but the feeling that investing in
real estate requires a lot of investment often discourages
people from taking a leap in this business. Often people who
have it in them to become the next big name in real estate
investment cannot muster up the courage to invest in real
estate because of the lack of tangible monetary resources
at their disposal. In fact this feeling is so deep rooted
in people’s minds that some even believe that in the
absence of nothing as down payment, purchases are impossible.
The concept of zero down payments was started in 1980s. Robert
Allen first mentioned about this real
estate investment strategy in his best seller ‘Nothing
Down’. After Allen observed how commercial properties
were acquired with no down payment, he applied those concepts
on the residential property marketplace as well. He took almost
50 techniques from the commercial property zero downpayment
sales for the purpose. The concept was so popular that Allen
was reportedly paid $1 million in advance as royalty for the
book’s publication and was invited to many places to
hold real estate investing conventions throughout the country.
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The zero down payments were instantly popular
and attracted a lot of public attention. However, Allen was
not the first man to write about this move. There were other
experts also before Allen like Nick Nickerson, Al Lowry and
Mark Haroldsen, who wrote books on the topic of real estate
investment that requires no money. However, the concept was
popularized only after Allen published his book and headed
seminars on it.
However, because of some untoward experiences like Allen’s
convention speakers being recognized as ‘con men’
and the others declared as bankrupt, people started to doubt
the credibility of the concept. The last nail in the coffin
was when Robert Allen was also declared bankrupt in 1996.
It was then that people concluded that in order to invest
in real estate you need money and ‘no down payment’
concept is probably fraudulent.
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Finally, the wall street journal came to know
about the concept and started interviewing many investors
who were still using the no down payment concept in their
investments. Ultimately, people once again started reading
books, magazines and articles on how to invest in real estate
with limited funds.
There are two parties through which a person can acquire a
real estate property for sale. One is by the owners or FSBO
and the other, involves real estate agents. To purchase from
FSBO with a very small down payment, you have to have negotiation
skills and need to contact motivated sellers. It is possible
to buy millions of dollars worth of property by paying a small
and negligible amount as down payment, if the buyer or the
investor has the learned acquisition skills that require no
money down.
Real estate agents however may prove a little tricky, as for
them the down payment also involves the listing fee. The real
estate dealers usually put a minimal amount for down payment,
which has to be paid and which covers the dealer’s listing
fee. The listed properties do not exceed the FSBO properties
in terms of value or any other factor. It is just that a third
factor is involved who looks after his own fee first.
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