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Robert Allen Author best-selling books Nothing Down, Creating Wealth, and The Challenge. One-time seminar guru and founder of many Robert Allen Nothing Down clubs around the U.S. Allen’s advice is generally terrible. Although I did like a chapter he wrote on property-wanted ads. Otherwise, he is little more than a financial publicity stunt man. My book How to Buy Real Estate for Little or No Money Down photographically reproduces documents from his famous “Send me to any city” nothing-down deals. The L.A. Times accepted his “challenge” and made him do them in San Francisco which is near where I live. I went there and got all the documents on each of the seven deals. Some were also done in the county where I live. On one, which was apparently typical, the documents seem to show that Allen lied to the first-mortgage lender—Bank of America—about whether there was any secondary financing (there was—a seller mortgage) and about his intention to occupy the San Francisco condo as his principal residence (He lived in Provo, UT at the time and never occupied the SF unit). At that time, June, 1981, when home mortgage interest rates were at 18%, Bank of America would only make loans to owner occupants and prohibited all secondary financing. I have their loan policy for the date in question in the book, too. My wife was a loan officer for Bank of America at the time. [Note to bogus gurus: do not brag about deals that you do not want me to look into—especially in the San Francisco area. John T. Reed]. At best, you would have negative cash flow following his books. At worst, you would go bankrupt and wind up in jail. He doesn’t put it this way, but his nothing-down techniques almost all require you to mislead an institutional lender or take advantage of an unsophisticated seller or both. The president of his Atlanta Robert Allen Nothing Down Club literally went to federal prison (at Eglin AFB, FL) for doing illegal nothing-down deals. There is virtually nothing in his material about how to make a profit. Rather he simply assumes that real estate goes up so much every year that you need only buy it to cash in.  www.johntreed.com



Robert G. Allen, what can one person say about him? I have seen his numerous paid advertising on the tv set late at night and early morning Sunday morning. I even made the mistake of buying his book at Barnes and Nobles hoping against hope that he was one of the few who really could make me financially independent and wealthy like him. Now while I TRUELY, and DEEPLY believe that there is money to be made in the real estate market, (just look at Donald Trump) I do not believe that Mr. Allen is being completely honest about how to go about this. We all know or should know that in order to buy real estate with “no money down” you either need one of several options things: 1) REALLY high credit score or 2) you need to know other people who can financially back your dreams but that always comes at a high price and who know if you will walk away with anything after that deal? and 3) a bank that “loans” you the down payment for the home and then you have either 2 mortgages or a much larger mortgage payment. Lets face facts here for a minute. Robert Allen has made money in the market or his books would be lies and he is libel for false writtings. BUT what he has not shared in my opinion, is that in order for him to make more money as the market slows down even to a standstill and reverts back to where most people OWE more then what their homes are WORTH…he needs to SELL more and more books to keep making money to keep himself looking good. All the advertising he has done on tv has shown him actually making money for people but I always wonder if those people were prior picked for credit rating and/or they have the backers prior to the taping. I really feel that his book NOTHING DOWN FOR 2000 is not very easy to understand and is NOT the blue print he promises you to help you on your lifes goal. Some things that Mr. Allen points out in his book is correct and I think he is right on. People DO NOT have to live paycheck to paycheck. We ALL have a fixed income of sorts and we ARE the only ones who can change that. Is the real estate the right place for that ? I disagree because it is a highly risky investment for those of us who can not afford to lose money. We are not all Donald Trump. Do we need to bring in multiple streams of income to become wealthy? YES!!! How do we do that? By working more? No, we only have limited hours a day. Working harder? For someone else to grow rich? No. We need to find something we are really passionate about and open a business working it for ourselves. I personally recommend, RICH DAD, POOR DAD. Compared to Robert Allen, in my personal opinion and though that book is a easy self read that makes 110% sense to anyone who wants to make money and become financially free. I feel that Robert Kiyosaki gives his readers something that Robert Allen does not give. Personal in depth feelings that make his reader connect with him on some level. I also feel the Kiyosaki understand what it is to come from a low income family and that comes across clear in his writtings compared to Allen. To end this review, while Robert Allen may know his business, reading his books are like attending a real estate class with out all the information you need to pass. I will read his next book though on multiple streams of income next and let you know my thought on that.
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Buy books from Robert allen: http://www.oneminutemillionaire.com