Is 'No Money Down' Really Possible?

Some people say you can't do 'no money down'. What they really mean is 'they don't know how'. 

Back in December 2005 I was drowning in debt built up through university (a degree I never used) & then struggling as an artist for 3 years or so. I didn't manage my own money well, because I didn't know how & I was never taught. 

I was dragged to a property networking event in Peterborough right at the end of '05, by a gallery owner turned friend. I was full of fear & feeling a fraud because I had no experience, knowledge, property or money. I networked reluctantly because I'd printed the Vista-print cards & I might as well use them. 

The last person I spoke to was cold & stand-offish, but we got talking about local properties & he warmed up. I was simply reciting what I'd read in Rich Dad Poor Dad & a couple of email newsletters I subscribed to for free. But it seemed to be working...

Within 6 weeks this guy had helped me blag a job at a property company. I would have worked for free, but he paid me ￡6/hr. My plan was to work for him in the day & learn property on the job, & paint through the night (because I was anyway). I never did a painting again & my earnings went up many times that year. 

Within another 10 months I'd bought nearly 20 properties with this guy who got me the job, while on the job. 

He was an entrepreneur since his teenage years. He'd saved up some deposits & wanted to go all in. He also worked at this property company, on a good salary, but more for the lessons/experience. We sat next to each other & he taught me the ropes & protected me from a lot of mistakes I 100% would have made were it not for his guidance. He'd made most of them already like overseas-off plan in Bulgaria. 

We bought the 1st 20 properties as follows:

*His deposits until he'd ran out

*Loans from his Mum until she ran out

*Loans from his step Dad until he ran out

*Loans from my Mum until she ran out

*Loans from my uncle until he ran out 

*Recycle all the money & go again

We got to 50 properties by the end of year 2 by increasing our knowledge to do more creative purchasing, recycling the cash & reinvesting the money from above. Still by this time we hadn't used any of my money. Though once I started to make good lumps of cash I started matching his money to get on an even keel. 

We incorporated Progressive Property in Jan '07. We had 3 years on the job experience combined by then, & easily double that in courses we attended & knowledge we invested into ourselves. We went from 50 to 100 & up & up to many 100s for ourselves, partners & investors. We used private investors money after our family money was invested, re-invested some of our profits, & embraced no money down strategies. 

Of course you know 'this guy' to be Mark Homer. I bought into his wisdom, experience (cash, though at the time I didn't know he had some) & knowledge. He bought into my desire, drive, willingness to learn fast, & being the yin to his yang. I'd have made many more mistakes were it not for Mark, & Mark may have trundled along a lot slower were it not for having a partner in crime.

If you mix great partnerships (can be 50-50 or simply people in your team) with great strategies & a great support network with a desire to continually learn, suspend disbelief that you can't, take advice but ignore the negs, desire to help people, solve problems & do meaningful work, then property will be VERY kind to you, as it has been to me. If it were not for property & Mark Homer, I would still be in a lot of debt scrapping around without a purpose. We now get to have the great honour of helping many other people in the community leverage property to create a great lifestyle. For me, that is the most fun part. 

Have a great Sunday & why not share below how you got started in property.

Rob