When I started in real estate, I thought there was only one way to do real estate: Borrow money, buy property, put my name on the title, rent it, put up with tenants, have the tenants pay off the costs, and make money over time. With luck, I would make money every month. Then I learned how to flip property, fix it up and sell it, or lease-option it. I also learned that I did not have to use my own money or credit to buy homes. Most people, including myself sometimes, have no hands-on experience in the subject matter about which they are giving advice. You should seek advice only from experts.
Even my mother would say, “Robert, this no-money-down stuff, I don’t buy it; I don’t believe it can be true.” Now, every time I go to my mother’s house for dinner, she says, “Robert, I’ve seen you on TV and [in] newspapers and books. Why do you keep telling people you can buy property without using your own money or credit? Stop it!” She still will not believe me. She’s an excellent expert at being a mom. However, she hasn’t done any real estate investing. Yet, for the last 200 properties that I have bought, sold, and made money with, I have not used one penny of my own money or one point of my own credit. That is true. You are going to learn ways to do that, too.
