Posted by Ken Ford on August 06, 1999 at 20:09:15:
Timbrekus,
I don’t know what the housing situation is at your location. I have been doing this for only two and one half years and I am still learning. I haven’t assumed any mortgages as of yet. Check out how the houses are being sold and try to find your niche in the market. The C.S. course gives you more than one option to use. It is very hard to find an assumable mortgage in my area. Be a problem solver. Ask yourself, “What option can I use to help the sellers sell their house, aquire the property and have positive cash flow or make money on the deal.” Also you should read some of the stories of how others on this web site solved their problems by being creative in aquiring RE. These stories will give you ideas that you may be able to use in your area. Being persistent and learning what works is a key to being a success. Good luck, Ken ford
I bought the course a year ago, went through it religiously and thought the tapes were very inspirational. However, I found them to be very superficial from a technical standpoint. I have looked at a lot of properties in the past year, even had a contract on one that fell through, but am getting discouraged.
I have concluded the following - -
It nearly impossible to buy a property with no money down and have a break even or positive cash flow after debt service! Has anyone actually done this without stealing the property? CS says it’s not important what you pay if you’re able to get it with no money out of pocket. Well that’s not true!
Re: Anyone really have sucess with CS? - Posted by Nancy(GA)
Posted by Nancy(GA) on August 06, 1999 at 12:58:00:
I bought the course in February and listened to the entire program of tapes 3 complete times (it helps that I commute 2-1/2 hrs. per day). Bought my first property in April, second in June, and am closing on 2 more this month. All have positive cash flow (appx. $500/mo. total). Only one was actually purchased “no money down”, but between all 4 properties, I have only spent about $3000 of my own money. I’ll be selling one soon (it is a rehab) and should NET $23,000+.
Re: Anyone really have sucess with CS? - Posted by Ken Ford
Posted by Ken Ford on August 05, 1999 at 20:14:41:
Paul, This is what I posted to another person who asked the question about the Carleton Sheets program.
Be persistent. You have come to the right web site for support.
I am sending you this message to let you know that that the Carleton Sheets course works if you want it to work. The course shows you many different ways to buy RE. Not all of the different ways will work in your area. After you have studied all of the info and undrestand it, you may want to buy another course from the CRE Online web site and continue to learn. RE is not a get rich quick deal. It takes a lot of work. I am planning on buying another program from CRE Online. I started out with the Carleton Sheets course two and one half years ago. The first real estate I got was a five unit apartment building that was empty. I am waiting to close on two houses soon and today I made another offer to buy another house. Everyone will have different results due to the location, how much they studied the course and how much they work at finding motivated sellers. I do not work as fast as the people on TV, but I am working at it in my own pace.
I told a friend of mine when I got the Carleton Sheets course, and she said I got the course a little over a year ago, but I have only listened to two cassettes. The last two and one half years I have been buying houses, making and learning from my mistakes. My friend stills lives in a M/H and has not listened to all of the tapes yet. So you can see, success at anything, depends on you. Good luck in the direction that you go. Ken Ford
Re: Anyone really have sucess with CS? - Posted by Bruce (Mich.)
Posted by Bruce (Mich.) on August 04, 1999 at 15:38:06:
Hi Paul. Listen, don’t give up. I really believe it works, and I have proof. After talking to our new neighbor and finding out she too invested in the C.S. course, she was able to buy her home. We live out in the country 45 miles from Grand Rapids, Michigan and she was able to buy her 14x70 moble home on two acres for 45,000 by getting her bank to finance half and getting the seller to take back a mortgage for the other half and the down payment was spread out over three years. It was a simple technique since she had good credit and had been dealing with the same bank for years, but she was still able to get her home and buy it no money down at a small rate of intrest just like Carlton says. I too have had the course for almost a year now and have done nothing, but I’m not giving up especially since she was able to do it. The sellers we are looking for are out there, we just have to keep looking. It’s like he says, the first property you buy will be your hardest one.Don’t give up. Go over the course again, read more books, ask questions and read the how to articles, and keep in touch with me and I will you too. My neighbor showed me it can be done and gave me renewed confidence. You came close once, keep trying. Good luck.
Re: Anyone really have sucess with CS? - Posted by Chris Milewski
Posted by Chris Milewski on August 05, 1999 at 20:50:44:
Ken, I totally agree with you. I purchased the course in July 1997 and due to some circumstances, just recently (in the last 3 months) got back into the groove of listening to the CD’s in my car on the way to work. I totally agree with you in that persistence and hard work is the key to the system. The first 2 chapters of the program get me so motivated, that the next day, found in the paper two houses that had potential in having motivated sellers (“Asking”, “Lease purchase considered”. They are definitely out there, and just recently getting my R.E. License, I can say that if nothing else, CS’s course has definitely motivated me. “Not being satisfied with working 40-50 hours a week for somebody else” always lingers in my head. Can you tell me how your first transactions came about? Very interested.
i have had CS’s course for almost 5 months now and i have also had no success but i to am not giving up, i truly believe his course will work if u put it to work. like bruce said keep up w/it keep the confidence up, and keep reading everything u can on investing in re good luck. I also have a RE forum where u can read and post what has and hasnt worked for you, along w/recieving and giving advice. u can also post your own url’s on it for free. please eme for the url lea
My father has purchased 18 properties, almost all no money down. He Re-Finaced the equity in our home for the down pmt for his first rental. the most he pays out of pocket now might be $100 for additional closing costs. We have purchased No money down Contract for deeds by giving the seller a better price in return for no down pmt.
I am getting ready to close on my first. My down pmt is comming from playing the credit pursuit game. I can now get $3500 unsecured.
Re: Anyone really have sucess with CS? - Posted by Ken Ford
Posted by Ken Ford on August 06, 1999 at 09:04:35:
Chris,
After going through the C.S. course, I checked the news paper for listings. In Delaware, there are not many FSBO listings. Mose people go through a broker. I located a broker and told him what I wanted to do, and the types of RE that I wanted to get into. He put into the MLS about seven different kind of searches for me. He would give me a stack of listings to go over and look at. I would do a drive by and see if it was worth further investigation. The ones that I thought had potential, I would set up a walkthrough with the broker.
The first place I made an offer on was a five unit apartment building that was empty. The asking price was $167k. Our first offer was in the $120’s. The final agreement was $131k pending financing for $138. The appraisal came in at $175k. The bank said that would only loan $131k on the building. I went back to the seller with the same offer except that the seller would have to carry a second mortgage for $8k at close. (I needed the money to pay closing cost and to do some small fix up.) At close, I received a check for $3,392.65. I proved to myself that the program works. I have continued to buy houses, fix them up, and rent out. I am now working on doing some L/O or flips to increase cash flow. I know how scary I felt about making my first offer, and how nervous I was at settlement, but this first deal changed my life forever. If the numbers look good with positive cash flow, have a plan A & B, then go for it. Good luck and let me know how it goes. Ken Ford
I have tried to call on some properties however most of the loans are not assumable and the first thing sellers ask me about is my credit worthiness. My credit is not good at all and its like they don’t even won’t to talk to me if I don’t have any questions. What should I do or am I looking at the wrong properties