Soooo... Who has bought Instant Empire Builders? (Rob Swanson)

[Chad Michaels]

Who here has purchased Rob Swanson and Steve Cook's Instant Empire Builders?  Are you building new construction yet with no money and no credit and low risk?  If you're successful doing it, would you say it is because you are an established real estate investor with money and connections?  Are there any newbies having success with this and not using any of their own personal resources to make it happen?  Is anyone, dare I say it, actually going bankrupt because a new construction deal went sour and they wish they hadn't listened to the pied piper?  I'm really curious to know what's going on out there with the course members.  There's no forum online where we can meet and chat.

[Karen Margrave]

I personally think people are better off building a strong foundation in the business someplace (construction, real estate, etc.) where you can learn the process of real estate or construction. Construction is a lot more complicated than people realize, and it's easy to miss things and cost big money. There's no quick and easy way to learn this business.

Real estate prices are now, and always will be based on supply and demand. However; the market crash had everyone that had once thought to themselves when looking at high priced real estate BEFORE the crash "I wish I had bought real estate before prices went up", then the crash, and viola.... EVERYONE thinks it's their opportunity to get in "while prices are low". The demand from those buyers has eaten up inventory, and put a lot of investor owned real estate on the rental market, meaning lower rents in many areas, and not a lot of appreciation. 

Deals need to make sense. Real estate value is about LOCATION, LOCATION, LOCATION. Don't get sucked into buying real estate in areas that have no value, just so that you can buy something. THERE'S A DIFFERENCE BETWEEN A GOOD BUY, AND A CHEAP HOUSE. I think you're better off buying smaller in a good area, maybe a condo to live in and find a roommate or ?

As for no money down, new construction, think about it. Who and Why would someone give you a construction loan when there is 100% RISK to them, and none to you? What are you bringing to the table that has so much value that they will risk their money for you?

We've done deals that were financed 100%, however; we have 30 years experience, and are licensed in both real estate and construction, and do all the preliminary design, etc. on our projects, and actually do some of the construction as well as marketing. But, 100% financing is a rarity, not common.