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.