Customer Reviews

Nothing Down for the 90s

5 star:		(25)
4 star:		(5)
3 star:		(0)
2 star:		(0)
1 star:		(7)

 

 

I must admit that this is not a get rich quick plan. This books shows a simplified, easy to read, excellent 10 to 15 year get rich plan, through long term real estate investing. The author never suggests that you will become rich overnight. The book starts with some basic ideas and continues to give many examples of nothing down purchases, negotiating hints, financing hints, creative financing hints and much more. The best part about this book is that you learn to invest with o.p.m. (other peoples money). I can honestly say that I have used many of Robert Allen's techniques over the past few years and believe me, they work! I must have read this book 20 or 30 times and each time I learn more techniques and motivate myself. I read many books about investing "Charles Givens, Gordon Pape, David Chilton, Discounted second mortgages etc etc etc etc. When Robert Allen talks about nothing down real estate investing he means nothing down. My purchases were made with 100% financing and I even borrowed enough to cover the closing costs. This is by far the best. A must read for any real estate investor.

I read this book back in the 80's and it was great. I bought several income producing rnetal properties. I also used this in the early 90's when Clinon-omics created numerous foreclosures and downsizing. I was able to help people save their credit while finding income opportunities for myself.

Robert Allens system works. It worked in the 70's. It worked in the 80's It worked in the 90's and oh by the way, it's still working now. I know because I am still using these techniques.

Nothing Down is the all time real estate classic and still selling for only one reason--It works.

There are other books out there written by non real estate investors who just like to write books. Allen is a real estate investor. This book is for real estate investors who want to know what works, not theory on what might work.

I highly recommend Nothing Down. It's the best. Also recommend anything else written by Robert Allen that you can get your hands. It has not been nicknamed "The Millionaire Teacher" by his students for nothing. HE KNOWS WHAT HE IS TALKING ABOUT.

Great book. Thank you Robert and Happy Easter!

I bought my first home with nothing down using Bob Allens techniques. I also bought rental properties, no money down.I like the Win/Win philosphy that Mr Allen teaches. I win, you win. Investor wins, tenant wins. I make money, so does the other guy.I also recommend Real Estate for Real People and Real Estate Money Machine by Wade Cook. Brilliant Deductions is also a must read for any serious Real Estate Investor.

I bought the original version of this book in a used book store for $2.98 (sorry Robert!) applied the techniques and not only bought my own home, no money down but built a stream of income via rental properties.

For $2.98 I got back hundreds of thousands. I went throught his book so many times, it was so dog eared that it literally fell apart! So I went out and bought this edition. Even better. New and improved and it's holding together although it is also getting dog eared as well.

I also recommend The 1 Minute Millionaire and Multiple Streams of Income, also by RA.

This book will teach a number of concepts:

(1) That deals can be found if you're willing to put in the time; figure for every 100 ads you call about, 10 will be good enough to make offers on and maybe 2-3 will be accepted;

(2) How to use more than just your money to pay your down;

(3) How to use the rents to pay your down payment by structuring the closing in that manner;

(4) How to negotiate nothing down deals;

(5) proper terminology to look for in the paper to spot someone who will do a nothing down deal;

(6) using bartering items as nothing down money (some letters in back did this in real life);

(7) exchanging for nothing down deals (advanced technique);

(8) getting short term loans (hard money); and

(9) getting long term loans (banks).

TWO POINTS NOT COVERED THAT ARE WORTH CONSIDERATION:

(1) CASHFLOW: it's important to look at the numbers with rents minus mortgage payments and expenses (typically 30% for rental units). Nothing down deals can be accomplished but many times, b/c no money is put down, it puts the monthly cashflow in the negative. Now, there are ways to work around neg. cashflow per month but, as there are better deals out there, why start there? Anyway, something to watch out for; and

(2) LOCATION OF NOTHING DOWN DEALS: growing small areas have way more nothing down deals . .. places like the Calif Bay Area are less likely to have this . .. still possible but you will need to look around much more. Options around this might be having a partner in another area, moving to another area or putting up with less opportunities in areas, such as the Bay Area, which are more tuned towards the value of the real estate than the cashflow.

One more point, nothing down deals work best in working class neighborhoods or lower in economic station. It's harder to find it in middle class or upper class neighborhoods unless you're doing an auction or you just find a great deal. I mention this b/c too many starting r/e investors think that their first deal is going to be a middle or upper class home; ironically, these tend to be the worst place to start anyway b/c the rents between a working class house and a lower middle class home aren't too different in rents and expenses.

I would read at least 5 other r/e books before starting on my first deal as the more you know gives you a better chance of locating, securing and making a particular opportunity thrive.

My perception: if an author promises me I can build enormous wealth from nothing, the scheme is one of two things. Either I'll be learning to take advantage of someone else's ignorance, or the author is planning to do the same to me.

Not so with Robert Allen's "Nothing Down for the 90s". There are ways to acquire real estate with little or no risk to the buyer and nothing up front invested. Allen is specific, detailing many creative deals he and others have made. His prose is readable and inspiring, making the book a fast and informative read.

His credibility lies in this: to execute such deals requires research and cunning. "Sweat equity" in a sense, in negotiating a buy; replacing money with effort. Although these ideas are not for getting rich quick, they do enable one to buy with nothing down. Even better, the seller is happy too.

Not for the faint at heart, but definitely do-able ideas.

I just bought the new updated version of Nothing Down. These techniques are new to me. All I can say is WOW!

Rather than repeat everything I already wrote, please go to Nothing Down for the 2000's and read my review over there.

Great book. Highly recommend.

Real estate investing is not for the faint of heart. But this book is well thought out and the numbers do definitely make sense. I am a real estate investor as well as a property manager and own a brokerage. The key is once you buy the property, is to make sure you have good tenants who won't trash the place and put you in a bind if they leave in the middle of the night and you have literally thousands of dollars of damage. You have to not only buy right, but have the stamina to do the management, or hire a management company who can do a good job and you still can cash flow. You make money in real estate going into the sale! You hold on to equity by finding and keeping quality tenants. Definitely not pie-in-the-sky, but rather "do-able". And you need to pick your properties carefully and remember that location is everything. Allen's book is good for those who understand the basics of real estate, but definitely not for the rookie.

It seems the readers of this book are very much against the techniques (because of possible bankruptcy) or very for it (because of the possibility of getting rich). I'm with the latter group; beware of naysayers. Yes, I, as much as anyone else in this world, run the possibility of going bankrupt by taking chances. But you come into this world without a shirt on your back, and after dieing your shirt will eventually disappear too. It's the interim that scares everyone--"What if I lose my shirt now?" Personally, I'd rather lose my shirt and be able to say, "Damn it, at least I tried!" And, as far as security goes, real estate is a much better investment than stocks, because at least you have more control over your building (though the neighbors might drag yours down a little). Now, I wouldn't quit my regular job (just yet), but I'd like to think that some day, using the techniques in Allen's book and that of other investment entrepreneurs, I will be able to some day.

Allen's book is intellectually invigorating, and he offers concepts that can be really helpful. He doesn't suggest "cheating" anyone out of anything; rather, he promotes honesty and "I win; you win" situations. He doesn't promote ripping anyone off. I can find properties that are distressed at rock-bottom prices, fix them up, and re-sell them quickly at fair market value by offering creative terms. If the real estate market "bottoms out" and prices go down 20 percent, which contradicts trends over the past 30 years that have shown 4 to 7 percent increases per year in most major areas (except, perhaps, in areas of L.A. where there were major fires brewing several years back and many dangerous and angry people) I'm still going to make at least a 200 percent return on my investment and under-cut everyone else if I must. The beauty of real estate is that no matter the situation, everyone needs shelter.

In summation of Allen's book, I'll say that I have a habit of bending the top of a page if I come across a good idea on it. After reading "Nothing Down for the 90s," half the book has bent pages.

The only thing his book doesn't cover very well is the lease with option to purchase, and I think "Lease Purchase America" by John Ross covers that topic quite well (for small investments, i.e. 1-4 family buildings; it lacks for commercial investment ideas). Much like Ross's book, I'd give this one five stars, but nothing is perfect (though I think Allen's book is the best real estate investment book I've read out of over a dozen).