Is real estate investing only for wealthy? Can you buy with no money down? Do you have to know "right" people? Let's answer by looking at some of myths of real estate.
1. Real estate investing is for wealthy. Money helps, but my first real estate investment was a $3,500 lot - which I sold for a profit two weeks after I bought it. Small deals, partners, low-down deals, or just putting aside $7 per day for a couple years until you have enough money for a downpayment - these are some of ways to start with a little and invest in real estate.
2. "0 down" isn't possible. I sold a rental property for $1,000 down because I trusted buyer to make payments, and I wanted 9% interest and higher price. He could have gotten a cash-advance on a credit card for another $30 per month and made it a "0-down" deal. "No money down" means none of YOUR money down, and yes, it happens.
3. "0 down" is best way. If you don't invest some of your own money, you'll have higher payments. You'll also spend more time finding suitable properties, and pay more for them (generally cooperative sellers want more for their cooperation - I do). There are 0-down deals out there - they just aren't always worth doing.
3. You need experience. Experience helps, but you get it by investing. Start with common sense, ask how you can lose money, be willing to learn numbers, and you can start where you are.