Builders - Posted by ZAC

Posted by rich on July 07, 1999 at 23:55:14:

Here is my story dealing with Mr. Sheets.

Saw the infomercial. It appealed to me. I wanted something that I could do myself and would take up some of my spare time. So I bought the course. Read it. Lots of work involved finding motivated sellers. Needle in a hay stack type of thing. So I put it aside.

But I still wasn’t satisfied so I kept dragging it out. I was sure I was missing something. Then it hit me. No money down equals lots of debt. I wanted to get into real estate investing on my own terms, no debt, no pressure. If I flubbed my first deal, I wouldn’t lose everything.

Then I came across this site and started reading about investing in used mobile homes. Sounded like something I could handle with the cash I had on hand. So I checked with my Carlton Sheets book and he was OK with it.

Next day, I talked with the guy across the street who ran the mobile home park. He said there was one for sale 1978 model 12x70 (approx.) 2 br 2 bath. I called the owner, he said he would take payoff ($2700). Talked to the park owner again. He said $2700 was a good price. So I called the guy and accepted. I felt rather foolish in taking his first offer, but you usually cant get people to take less than the payoff so I took it. He could have been lying I dont know.

At any rate, I showed the place to my wife and the first thing she said was the carpet had to go. It stank like urine. I agreed. Then I showed it to a contractor. He came up with all kinds of stuff to do and I bought it. What did I know? Anyway he ripped up the carpet, tore down the panelling on the inside then hurt his hand playing softball and I havent seen him since. And he still has a key to the trailer. How about that? By the way, I paid him $165 for the labor he had done thus far. And the trailer was in worse shape than when he started.

Any way, I started doing some of the work myself…$60 for panelling, $50 for a skill saw, $20 for a fan (it was hot in there)and I was working away.

Meanwhile, I had placed an ad and was getting calls left and right. Here I was showing the place with no carpet and no walls. Needless to say no one was interested.

Then on a Sunday afternoon a guy calls me and wants to look at it. I meet him out there and he wants to buy it. He brought some cash for down payment. He says he works all week in a mobile home plant, can do the work himself and can get the materials at cost. If I would simply buy some carpet, he would put it in. Done deal. 24 payments at $219 each. $400 down. Papers signed, he’s already moved in. I’ll net about $2000 out of the deal and only held the home for two weeks.

Mistakes I made…

I should have tried to sell the home as is first. I could have saved myself about $1000 in labor and materials. Then if I couldn’t do that, then try to rehab little by little. But I was impatient and it cost me.

So bottom line, Carlton can work if you’re willing to take on debt. But take him with a grain of salt. Learn what he has to say and then use what works for you. Read everything you can about real estate and you will develop a style that works for you.

Don’t give up. I had the course for years before I bought anything.


Builders - Posted by ZAC

Posted by ZAC on July 07, 1999 at 16:01:52:

I have been interested in purchasing the Carlton Sheets program. I have read a lot of postings and it seems promising. I am looking to use it to purchase homes as a fix em’ up and resell. I am also looking to invest in real Estate and purchase a house of my own I currently rent. I am 23 and have OK credit. What kinds of homes are being baught with this program? I was told that only run down impossible to fix homes were the only homes capable of being baught using this program…Is this true? What are advantages and disadvantages of using this course given my age at 23 I am a student in Business school at UofW and earn between 25-30K a year…Please any info would be well appreciated. I have the same fears as anyone else but I am willing to put forth the hard work! Thanks in advance.

Re: Builders - Posted by Ronda

Posted by Ronda on July 08, 1999 at 16:17:06:

Sheets will give you a general overview so that you will start to feel comfortable with investing, but he will not give you a lot of detail. If you are just starting out, the info is good. It will give you an idea of what different types of investments are available to you (lease options, mobiles, rehabs, etc). You will also become familiar with investing terms like wraps, land contracts, etc. If you want more detailed info on a subject he has other courses you can buy - BUT DON’T. Go to NewsGroup I on this site and read EVERY posting. Also read the success stories, articles, how-tos. This site absolutely answered all of my detail questions. I decided that, in my area, L/O are the way to go. Sheets is a good overview, but this site has the “meat” you’ll need. After reading the daily postings you’ll get an idea of what you are interested in and what you will feel comfortable doing. I just talked to a mortgage broker yesterday about doing a L/O (I wanted to get my renter qualified). He said “you’re the first person I’ve talked to in a long time that knows about L/O. You seem pretty knowledgable, so you won’t have any problems”. The thing is I have never done a L/O! All the info I got was from the people on this site! You’ll realize once you get going how incredible this site is and how wonderful the people are who take the time to share their experience with you. Their experience will help you to not make the mistakes they probably did to get where they are. It’s invaluable to be able to learn from others (many others - not just one person like Sheets) real life trials and successes. And it is free - nothing could be better than that. Good luck!