FREE $1,595 Quick-Start Real Estate Success Program! See page 217 for details. Buy Real Estate Without Cash or Credit! Imagine having two multi-millionaires take you by the hand and personally mentor you to get started making big money investing in real estate. That's exactly the step-by-step coaching you'll get in Buying Real Estate Without Cash or Credit, as Peter Conti and David Finkel, two of the nation's leading real estate experts, walk you through the fastest and easiest ways for you to launch your investing business. You'll learn the same secrets, strategies, and organized action plans that their past mentorship students have used over the last decade to make millions. Best of all, you'll learn exactly how to do it without cash or credit! This book will show you the fastest way to succeed investing in real estatestep-by-step, action-by-action, strategy-by-strategy. You'll learn: * The 5 fastest ways to close your first deal in 30 days or less! * 21 scripts to negotiate profitable win-win deals * The 6 best sources to fund your "nothing down" deals * 7 ways to maximize your cash when investing "This book is a must-read for anyone who wants to live the American dream but thinks they can't invest in real estate for lack of cash or credit. Conti and Finkel make it simple to understand and easy to achieve." Attorney William Bronchick, coauthor of the bestselling book Flipping Properties "David and Peter have done it again! They've taken their proven millionaire-making real estate program and broken it down into easy-to-use steps that anyone can use. This book will tell you how you don't need cash or credit to succeed in real estate investing." Diane Kennedy, CPA/Tax Strategist, coauthor of The Insider's Guide to Real Estate Investing Loopholes
About the Author
Ex-auto mechanic turned real estate multi-millionaire, PETER CONTI and ex-Olympic level athlete turned real estate multi-millionaire DAVID FINKEL are two of the nation's leading real estate experts. Over the past 10 years their 100,000 students have literally bought and sold over $1 billion of real estate. Conti and Finkel have coauthored 15 real estate courses together and three other real estate bestsellers, including the Wall Street Journal and BusinessWeek bestseller Making Big Money Investing in Foreclosures Without Cash or Credit.
Read an Excerpt
Buying Real Estate Without Cash or Credit
By Peter Conti
John Wiley & SonsISBN: 0-471-72831-4
Chapter OneYour Dreams Meet Your Fears
Vicki walked into the Intensive Training and finished the registration packet. She was a mix of so many emotions: scared, excited, anxious, hoping. As a single mom with two young kids, she had to move heaven and earth just to free up the time to be here for the next three days, not to mention the challenge she had to overcome to pay the tuition for the program out of her nurse's salary.
But she had always dreamed of providing something better for her kids. It tore her heart out when she had to drop them off at day care each morning and go off to her 10-hour shifts at the hospital. Not for the first time she thought about the child support payments that always seemed to be late. No, if something was going to be different, she thought, it's going to be up to me to make it so. That was her driving reason for stepping out on faith and committing to become a real estate investor.
She found a place to sit next to a sweet-looking woman in her late fifties wearing a red wool sweater.
"Hi, my name's Vicki." "Hi Vicki, I'm Mary, and this is my husband Leon," the woman said pointing to the man next to her. He looked to be in his early sixties.
"It's nice to meet you both. It's a little overwhelming this morning," Vicki said.
"I know what you mean. I'm not sure what to expect myself," Mary replied. Just then a short woman with aname badge that read Beth came by handing out a flyer. The woman smiled at Mary and Vicki as she handed them the paper and continued handing them out.
Vicki looked down and read the sheet of paper.
Vicki thought for a moment about what she read. Then she turned to Mary and said, "Well I guess we're supposed to share with each other a little bit about ourselves and why we're here." Vicki shared her burning why for investing and about how she was a single mom, and then listened as Mary shared her and Leon's story.
"Leon retired from the military about a year ago. He was in for 33 years. Me, I spent that time raising our four kids. But they're all grown up and out of the house now. I have three grandkids. We moved down to Florida when Leon got out. Over the past year we've been able to buy two rental houses. Plus we had our old house in Georgia where we used to live that we've also turned into a rental. We got our start after reading a book called Rich Dad, Poor Dad. That book totally changed our thinking about money."
Vicki excitedly broke in, "I read that book too! About two years ago. I've been trying to figure out how to do the things the book said to do ever since."
"Yeah, we're in the same place. That book was amazing in that it opened our minds about what it meant to be financially literate, but while it shifted our context, it didn't give us enough of what we needed to actually do the things it said to do." Vicki was nodding as she listened.
"Anyways, we started talking with real estate agents in our home town and looking at properties. I'm not sure how we did it but we were able to pick up two more rental properties using conventional financing. They both cash flow about $200 a month, but now the bank says that we have too many loans in our name and they cut us off. I've talked with a few different mortgage brokers and they all say the same thing. Because we're living on a fixed income they don't want to give us any more loans. But we don't want to sell these houses because the cash flow and value are going up each year.
"That was why when we came across Peter and David's book at our local bookstore we couldn't put it down. Here-finally-were all the details we needed to make real estate work. Both Leon and I want to be able to travel and enjoy our retirement. Plus, we've always wanted to do real estate together. That's why we joined up with the Mentorship Program four weeks ago. We've just been going through the online orientation and real estate prep course and waiting for this weekend ever since."
"I'm so glad to have met you Mary. I was so scared when I walked in here this morning, but something about talking with you and sharing my dreams, and hearing about you and Leon ... well, it's really helped to calm me down. Thank you."
Mary smiled at Vicki and reached out for her hand. "Don't you worry Vicki. I bet you're going to be great at this."
The man to Vicki's right introduced himself. "Hi I'm Tim."
"Hello Tim, I'm Vicki."
"Hi Vicki, tell me about yourself and why you're here." Vicki again shared her background and reasons for being at the training. She noticed right away that Tim was a very animated listener.
When she was done sharing, Tim said, "I've been in the corporate world for about the last twenty years, most of it in sales. I took a buy-out package from my last company when they downsized-laid off really-about 600 people. It's been tough. My wife Nancy," Tim said pointing to a professional-looking woman in her midforties, "she has been great about it all. She said that this is the chance I've always been waiting for to do something on my own. You see I've always dreamed about starting my own business. I wasn't sure what that business would be, but it would be my own deal. After being in technology sales for the past ten years where things aren't too stable, I was tired of being at the mercy of decisions that other people make. As for Nancy, she's been complaining about all the corporate politics she has to play with her company. She's one of the most competent businesswomen I've ever met, but in her company there is still that bias against woman executives. I think it's just worn on her over the years. So when Nancy and I were at a conference Peter and David held about a month ago and they explained about the Mentorship Program, we signed up."
Vicki turned to her last neighbor, a medium-height, attractive man in his midforties named Mark, and again shared her story for joining the Mentorship Program and being at the training. "Now it's your turn Mark. What's your burning why?" Vicki asked.
Mark smiled and answered, "I work for one of the larger airlines as a pilot. I've been doing it for over twenty years now. As you can imagine things have really undergone some serious changes over the past few years. I find depending on an ailing industry for my future doesn't sit well with me. Besides, my passion is music, singing in particular, and I want to use my real estate to get to a place where I can quit my job working for the airlines and lead a school choir program."
Vicki felt her spirit drawn to this gentle man and had so many questions for him. But just then she looked up on the stage and noticed that someone was standing there now. He was tall and athletic looking, and in his mid-thirties or so. As soon as he started to talk Vicki immediately recognized the voice from all the CDs she had been listening to-it was David of Peter and David!
"Welcome to the Intensive Training everyone!" David said in a warm and excited voice. "Over the next three days you are going to learn everything you need to know to go out there and succeed in your real estate investing. Let's take a moment and get real here. How many of you were scared to tell a friend or family member about your coming here this weekend? Come on, after ten years of doing this I know that many of you were scared of their reactions so you kept this weekend to yourself. Raise your hands if you did that," David asked. With David's promptings over a quarter of the audience admitted they had kept the workshop secret from friends or family.
"I want you to know that I understand. I remember when I got my start investing. I guess you could call me the first Mentorship student Peter ever had. I was terrified of telling my family and friends about my new business. I was scared that they would criticize me and tell me that I wouldn't be able to do it.
"It's not just telling them that you are starting to invest in real estate that makes you feel so vulnerable. It's telling them about your dreams. Sometimes the hardest thing to do is to share with other people that you even have dreams because so many people in our past have squashed our dreams over the years. It gets even harder when your friends and family see you start to back up your dreams with decisive action because then they often get scared that maybe you won't make it and you'll get hurt. Or they get scared that maybe you will make it and what would that mean for them in their lives.
"Here's the critical piece. When they get scared by your taking positive action by joining the Mentorship Program and being here this weekend to get to work learning how to create wealth with real estate, they don't look or sound scared. In fact, they look and sound sure that you are in danger. They tell you things like, 'You're crazy to try investing; only rich people make money investing, not people like you and me.' Or, 'That's too good to be true.' Sometimes they clothe their fears in advice like, 'I tried investing in real estate one time and it didn't work for me. In fact, I lost money in the deal. Come to think of it, every person I ever knew who tried investing in real estate lost his shirt.'
"In my family, when I dropped out of college to start my first business I heard, 'David you're crazy! You're nuts! Don't be stupid! Finish your degree.' But over the years I've learned how to translate. My family was really saying, 'We love you and just want to make sure you are safe.' How many people do you know who have given up their dreams in order to play it safe?
"If there is one thing I have learned in my years teaching people to successfully invest in real estate it's this: there is no safety in playing it safe. In fact, playing it safe is often the riskiest thing of all to do.
"My real point is that it took a tremendous amount of courage and commitment for you to be here this weekend, and I want to acknowledge you for this. You have our personal promise that we will do all we can to help you reach your financial goals. This is a commitment from the entire coaching team.
"As most of you know the coaches you'll be working with over the next year of your Mentorship Program are all extremely successful full-time investors. They could have stayed home with their families or gone out this weekend and bought another property or two, but instead they chose to be here with you. And in case you're wondering, it's not because of the money; Peter and I are a pretty frugal pair. They're here because they get something-we all get something-that enriches our lives by helping you get your dreams through real estate. Real estate has given us all so much in our lives we feel we have a great debt to repay by working with you, and it starts here this weekend.
"None of you had it easy getting here. All of you had challenges and obstacles to overcome to earn the right to be in this room. Many of you felt like the biggest challenge for you was time-finding a way to organize your life to get three full days away.
"I was talking with several of you this morning before we got started and I was talking to Mark," David said pointing to the pilot sitting near Vicki. "He shared something that has stayed with me. He said, 'David, I have a different take on the time challenge. I felt so busy in my life that I knew I had to be here. I literally can't afford to take an extra year or two to figure this out on my own. That's why I joined the Mentorship Program to begin with-to have your coaching team and systems help me shorten my learning curve to three to six months instead of a couple of years.' In an important way I think that really could be the theme of the Mentorship Program-to help you all succeed in your investing by getting you on the fast track.
"But for us to help you onto the fast track you're going to have to be open and coachable. The students I've seen who have been most successful made the commitment to listen to and follow the expertise of our coaching team.
"For many of you, the financial commitment was the biggest obstacle to your being here this weekend. I understand that the program isn't cheap, but who would want it to be? I've always felt that if money was the biggest thing stopping a person from doing what they knew in their gut was the right thing to do, then they had to find a way to make it happen. It's been my experience that whatever reason someone uses to give up in one area of life is the same excuse that person uses to quit in another area of life. Whether it be finding the money to fund a deal or the money to invest in your education, I have a core belief that says if you are committed there is always a way.
"All these obstacles aside, what do you think the real underlying obstacle for 90 percent of new investors really is?" David asked.
Several people in the room shouted out, "Fear!"
"That's right ... one of the ugliest four-letter words around-FEAR. Most people never come out of hiding and start doing their investing simply because they are too scared and they don't have a support structure to help guide them through the process. One of the things I respect most about you all here is that you stepped up to the challenge of fear and did what it took to get yourself here. I promise you that our coaching team will be right there with you every step of the way, to give you support and encouragement and to give you feedback and coaching.
"Now that we've got that out of the way, I want to give you the big picture of what you'll be learning at this workshop. First, this weekend is not about stuffing you full of facts, figures, techniques, or information. Most of you are already on information overload from all the books you've read on real estate.
"This weekend is about cutting through all that blizzard of data and leaving you with the essential core you need to get started right now and do your first deal in the next 60-90 days.
"Our job isn't to share everything we know about real estate with you in three days; our job is to give you exactly the right information you need at exactly the right time, and to provide a place for you to use that information in a way that you can't procrastinate or run away, so that when this weekend is done, you have proven to yourself that you have everything it takes to make it in real estate. I understand that we've laid out an aggressive standard for us all at this training, but time after time we've watched amazing results manifest from this very same workshop.
"We're going to start off here this morning getting you all on the telephone, making real calls to actual sellers of properties. We call this 'doing dials.' Our team has put together a list of hundreds of potential sellers for you to be calling. Now, to make the calls manageable and not quite so scary, we're going to match you all into groups. You'll be doing your dials with your calling groups. Our goal from the calls is for your calling group to set up a few appointments for you to meet with sellers on the final day of the training. Think of it as your graduation exercise-one of the final ways to tie this weekend together is for you to go out on actual appointments with real sellers. But rather than have you face this potentially intimidating situation of meeting with a seller on your own, you'll be going as part of a small team so that you not only can give each other moral support, but you can also give each other instant feedback when you're done.
"Now I'd like to introduce you to three of the coaches you'll be working with here this weekend. Many of you have already gotten to know them through the coaching calls or through questions you've posted on the discussion board. They are part of our very special coaching team. As I introduce them to you here today remember one thing: At one point in time they were all sitting exactly where you are sitting today-as beginning Mentorship students.
"All of our coaches got their start investing as Mentorship students. In fact we have always groomed our coaching team from the ranks of our successful Mentorship students. And there is a reason for this. Not only does it let you know that they can relate to what you're going through and coach you on your deals because they have done it themselves, but equally importantly is that Peter and I can trust them to teach you the way we taught them so that you get the very best we have to offer. I know they learned it the right way because Peter and I spent years teaching it to them.
Excerpted from Buying Real Estate Without Cash or Credit by Peter Conti Excerpted by permission.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.
Table of Contents
Forward Rob Powell.
PART ONE: AT THE INTENSIVE TRAINING.
Chapter One: Your Dreams Meet Your Fears.
Chapter Two: Doing Dials—Two Minutes to Find Motivated Sellers.
Chapter Three: Lessons on Screening Sellers Over the Phone.
Chapter Four: The Five Fastest Ways to Find Your First (or Next) Deal.
Chapter Five: Structuring Deals Without Cash or Credit.
Chapter Six: Negotiating Win-Win Deals with Sellers.
Chapter Seven: The Three Investor Levels—Your Proven Pathway to Real Estate Success.
Chapter Eight: The Final Day of the Training.
Chapter Nine: The Final Session—Your First Two Weeks Investing.
PART TWO: THE REAL WORLD.
Chapter Ten: Week One—Vicki Gets Denied.
Chapter Eleven: The First Mastermind Meeting.
Chapter Twelve: Week 4—Tim and Nancy Make a Breakthrough.
Chapter Thirteen: Week 6—Mark Signs Up His Second Deal.
Chapter Fourteen: Week 7—Vicki Comes Face to Face With Her Biggest Fear.
Chapter Fifteen: Week 10—Leon and Mary Learn to Maximize Their Money.
Chapter Sixteen: The 90-Day Checkpoint—The Mastermind Reunion on the Eve of the Advanced Training.
PART THREE: YOUR TURN!
Chapter Seventeen: Seven Real-Life Success Stories to Get You Fired Up.
Chapter Eighteen: It's Decision Time.
Chapter Nineteen: Your 90-Day Action Plan.
Chapter Twenty: Final Throughts.
Appendix A: The Quick-Start Real Estate Success Program—Your FREE $1,595 Gift from the Author.
Appendix B: The Creating Cash Flow Series!
About the Authors.
Most Helpful Customer Reviews
This book teaches you all the tricks of the wholesale real estate trade. How to find real estate deals, how to partner with investors and how anyone can become a real estate investor. Solid advice and a good read. By Lex Levinrad, author of 'What I Learned On Wall Street: Why Real Estate Is The Best Investment'
Its fun to read books like this that are intersting and easy to follow. I enjoyed the story format... I feel it's best to learn from a written example. Good starting place to begin investing.
Peter and David you've done it again! Your insight and wisdom into the world of real estate investing is simply incredible. Too many people want to make it rich all on THEIR OWN and not help those around them! But you provide the tools and help jump start those of us that need help in directing us through the maze of information that confuses and confounds. I can't wait for book 2 and 3 in the series. Thanks Peter and David - Keep it up! Elizabeth from Colorado
At last, someone has written a simple, straightforward volume for the average guy who wants to improve his financial situation, plan for the future, and still keep his day job! As one of millions of Baby Boomers looking forward to retirement, overshadowed by an inadequate Social Security system, I look forward to improving my circumstances, without using my precious cash reserves or credit lines, by applying these simple investing techniques. Why give up your lifestyle and independence when you retire? Here's to aging gracefuly! Peter and David, thank you, thank you, thank you. You are my heros!
I just got through reading this book by Peter and David. It definitely got me thinking about how to invest in real estate smarter¿..instead of harder. I'm impressed with the level of detail which is lacking in other books that provide more hype than substance. It¿s interesting how they take you through one of their intensive trainings where the main characters of the book learn strategies for structuring different types of deals. Even though I'm not great with numbers, I found their explanation of getting maximum profits with minimum risk to be really clear. It's not rocket science, but they explain it so well that I feel confident to move forward. My big favorite part of this book is the time spent on scripting out key questions when working with sellers. There are some great gems of information here. I'm happy that I bought the book for that alone. I'm not always comfortable with approaching sellers and this book helps me manage that by having a strong strategy on how to communicate for maximum effectiveness.
This book is amazing. Peter and David have written it from the perspective of a Mentorship Student. As a past Mentorship Student, I have to tell you that this book hit it right on the head, in fact, it was really exciting for me to somewhat relive my experience as a Mentorship Student. Obviously, as a past attendee, I learned so much more actually doing these things. And I STIL picked up a several golden nuggets while just reading the book! Thanks for the additional ideas and tips! As I was reading the book, it just reminded me of how little I knew about investing when I started and how far I have come. Thank you to the Mentorship Coaching Team to help me feel so comfortable and confident with the investing. This Book also brought back some great memories and helps to fuel my drive. Thanks for fueling my drive.
I've bought a few real estate investing books and I have to say that this is definitely the best I have ever read!! It's a great resource for anyone investing in real estate. I wholeheartedly recommend this book to everyone that wants to clearly understand the 'real' world of investing.
I was so excited to see another book by Peter and David. Having met them personally I know that they are passionate about making positive changes in people's lives. As soon as I read thru the introduction I signed up for the FREE Quick Start Investor Success Program to help guide me. I'm so excited for the next two books in the series to build my own investing business. I found this book to be very helpful in helping me understand that others have the same fears I do and to see that it can be done...I can be an investor!! And I can take that business to the next level allowing me to spend time what I really love doing...traveling the world.
When reading this book I felt like I was in the meetings, it was easy to understand the points Peter and David were trying to make finding motivated sellers, recognizing good deals,and deals that sounds good but once the #'s were crunched it wasn't a good deal after all, marketing, getting over your fear, and much more. I would recommend this book to anyone interested in investing.
'Buying Real Estate without Cash or Credit' is a detailed look at what a beginning investor working through Peter Conti and David Finkel's Mentorship Program actually experiences. The book is filled with information about finding properties, connecting with sellers, the various types of acquisition and exit strategies that allow for profitable investing, plus insights on funding deals without tying up personal cash assets. Although the information provided in this book is extensive, because the story is told from a Mentorship Student's perspective, the content is never dry and the emotional aspect of investing in real estate is also explored. The personal drama made the book an easy read, but the real value is in the detailed investing techniques, negotiating tactics, and online bonus materials. If you invest in real estate, or are considering investing, this book is for you.
If you have been thinking about investing in real estate, or 'trying to get started' investing in real estate (like I did for about a year before buying my first rental property), then this book is for you! Peter and David's proven system (it's what helped me do over $1Million in real estate transactions, and I'm only 25...) is laid out here with all the basics and no confusion or hyperbole. They have been refining and teaching this system for over ten years and this book, complete with diagrams, case studies, action steps, charts and even software to help you, leaves no stone unturned. One of the most important things that they emphasize is the EMOTIONAL aspect to investing, not 'just' the techniques (though they cover those in depth). If you want to invest in real estate you have to recognize that 1) It's going to be scary when you get going and 2) It's OK to be scared, as long as you invest enough in your education so that you know what you're doing. This month I put a portfolio of 6 properties under contract using Peter and David's techniques... A 'terms' deal. You can do it too, it's not very hard once you practice overcoming your fears. You don't have to be a slick salesman and you don't have to have real estate experience. You just have to have the grit and determination to put their techniques into practice and keep at your real estate investing '...until...' success comes.
I am an avid fan, believer and user of Peter and David's investing techniques. This book brings to life not only the techniques that make them so successful, but it does it in such a way that is really easy to understand and put into action. The book is written as an enjoyable 'story' about 4 beginner investors, all with different backgrounds, experiences and barriers for getting started. I could actually relate to one of the charactors and, by reading how they overcame their obstacles (fear, market conditions, lack of experience), I am now more confident on how I will approach investing that is right for me! Plus, I read this book in just 2 days! Couldn't put it down... now you can't say that about most real estate investment books!
If you are looking for a great guide of step by step ways to motivate yourself and quick start your investing this is by far the best. I found the 90 day action plan very motivating in moving forward and finding deals. The bright idea segments provided great advice in avoiding making big mistakes. In addition they are supplying the 'Quickstart Investor Success Program' website with audio and visual training. How cool it that?? This book is much more than just reading about investing it's learning and making it happen!!
Just a rehash of the same old material, in all their other books.