Buying a home with no money down, "It's a Stupid Plan!"

If you've read me around BP, you know I'm a big fan of REIA groups. I attended my first REIA meeting in February this year (2014). As I mentioned in my earlier blogs, I joined BP and joined my local REIA group to get the "Wink-wink, Nudge-nudge" perspective on Real Estate Investing. I had a goal in mind, and I was ready to go for it. The way I figured it, I should be able to do a little better then the average guy, that would be any guy or gal; and, given Guy's current position (that would be me, Guy) I should be able to get one-up on the typical Guy (again, that would be me) who would read Clark Howard's thought and follow through his advice to the letter. As always, Clark Howard's name is read with the inner voice of a church choir! :)

It's a Stupid Plan!

So, looking to create a plan where I could get into a home (considering my ex got our home, or more specifically, her home now-I can't be in denial for ever) I searched all over for advice. I heard from my mortgage brokers and I heard from some of the folks here at BP. And what was that advice???? If I wanted to get into a home and I know that I've been preapproved, then it was simple. I need to come-up with 3.5% to 10% in seasoned monies to get it. The mortgage brokers agreed, the advice givers agreed, it's a sound and good plan, right? WRONG, it's a stupid plan. My ex and her attorney are robbing me blind, and as was so eloquently explained to me, the home I move into might actually loose value, which in turn would bring down my down-payment's value. There's no way I'm going to expose any of my remaining funds. I'm no longer a spring chicken and I'm definitely not a macaroni (old school). Even though I knew my mortgage brokers and the advice givers are good people and meant well, I knew that putting all those funds down was the wrong plan for me. This kind of made me feel like that guy in the cars.com commercial. You know, the one who said it's "a stupid plan" while all those at the table where saying it's a great plan, then our boy ended up with his things from his desk in a box standing alone on the street. Well if you don't know that commercial, take a look! :)

It's a stupid plan
https://www.youtube.com/watch?v=YrZ2Tf08AQU

My Second REIA Meeting

So there I was at my second REIA meeting. We had this young guy, Shaun, as our guest speaker. Now, before I get going I need to explain a sports-term, known as "scoring player!" Too many times, I've heard these type of athletes referred to as skilled-player. Let me tell you, there is no such thing as a "skilled player!" All players are "skilled." It just so happens that some athletes are allowed to score. With that explained, there I was sitting at my second REIA meeting and in walks this guy, Shaun. I remember thinking to myself as I saw him, "hmm, short, athletic build, typical scoring-type running back or receiver!" I know the type. When I was young, if I was not blocking for these guys, I was trying to tackle them-if I was not tackling them, I had to listen to them talk about how they live on their own island, not unlike Richard Sherman. I remember thinking to myself, "What will this guy have to say? . . . .