Are high-profit real estate deals only for the wealthy? Is it possible to buy with no money down? Do you really have to know the “right” people? Let’s answer by looking at some of the myths of real estate.

1. The good real estate deals are reserved for the wealthy. Of course money helps, but my first deal was a $3,500 lot – which I sold for a profit two weeks after I bought it. Smaller deals, using partners, low-down deals, or just putting aside $7 per day for a couple years until you have enough money for a downpayment – these are some of the ways to start with a little and invest in real estate.

2. “Zero down” isn’t possible. I sold a rental property for $1,000 down because I trusted the buyer, and I wanted the 9% interest and higher price. A cash-advance on a credit card for the $1,000 ($30 per month payments) would have made it a “zero down” deal. “Zero down” means none of YOUR money down, and yes, it happens.
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There’s little doubt that the U.S. real estate market is undergoing a profound transformation. After several years of freewheeling lending practices and unsurpassed increases in home valuations, the real estate market is undergoing a major correction. Home values are dropping in many areas around the country, and some homeowners are facing an impending uptick in their adjustable rate mortgage payments, placing them in an untenable position.

In short, it’s a volatile market. Lenders are tightening the criteria for mortgages, and the window for subprime lending is closing. Some homeowners who are holding subprime mortgages are facing foreclosures, while others are trying to sell their homes before they find themselves in a negative equity situation. As a result, real estate professionals, investors, and home sellers are scrambling to gain an edge in a competitive marketplace.

Real Estate Marketing
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