Is no money down get rich quick?
It seems the no money down industry is getting slagged off left right and centre! No money down is supposed to be a get rich quick scheme which is now outdated. So let me address this question of whether no money down property investing is a get rich quick scheme.
The short answer is:
All I know is that I became wealthy from it. I started in 1996 and no money down investing has looked after me well. If I had invested traditionally then I would own about 10% of what I do which would mean my income would be 90% LESS than what I earn today. I got “rich” over the last 14 years every year as I consistently felt richer every year!
So is no money down investing a way to get rich quick now? Well I can tell you I am buying properties no money down this month, next month and the month after. Will I become rich from it quickly? Probably not. Reason being there is not much growth predicted over the next few years HOWEVER there could be. So If I buy £10m worth of property today I could make another £10m if prices double but I am a realist and I have no expectation of this in the short term.
What you do however is build an income from property. You will buy what I call CASH COWS. Properties which you buy and deliver a small cashflow every month. Thing is when you buy no money down you can buy lots of them. Lots of small cashflows equal one BIG cashflow.
So can you get rich quick from no money down investing? Depends on your view point of rich. I think rich is £10m equity but you may think rich is £5,000 per month income. I want you to ask yourself two questions:
- How much do you want
- When do you want it
If you want to be rich quick time put some numbers dates and milestones to it. And whatever you hear remember this:
You can become rich by using credit cards.
It is the oldest trick in the book. Many businesses have been started preserved or expanded by credit cards. My credit card bill stands at around £60,000. And before you gasp the interest payments on the cards are a big FAT ZERO PERCENT. And no it is not a big worry on my mind as I have used it to expand my portfolio with loads and loads of cheap properties. I will redeem in November and I will thank all my credit card providers for their assistance.
So what would you rather do? Start investing with us OR start investing with other property investment companies wanting a big fat wedge of cash to get you “started” with them. I have seen some companies wanting £70,000+.