Posted by Ty Plunk on November 13, 2001 at 11:02:16:
I am from Minnesota. At the time when I made my purchases, I used no qualify assumptions or contract for deeds. There were no hidden cost at that time that I had to deal with. As a owner and someone that was familiar with homes, the only time I used and inspector was for a boiler that I had in question. As far as transfer and legal fees, if I was using “other peoples money” to buy the property, then I would use “other peoples money” to pay these fees. In most cases these fees were not a lot.
Incidently, assume no qualifies are not practical here in the state of Minnesota because the rates are so low and the value of property is so high. Assume No Qualify may be practical in an area where the value property has not gone up a lot. If you find an area like this, let me know. It may be worth looking into.
Posted by cassie smitty on November 07, 2001 at 19:29:38:
I have bought this program and whould like to know if any one out there has had any luck and could give some encouraging words from there own exsperience.I really whould like to make this work for me!please respond.
Re: carleton sheets is not all about no money down - Posted by David-NC
Posted by David-NC on November 09, 2001 at 09:52:47:
Its about putting a deal togather and thinking out of the box. I had a lady who said under no terms would she owner finance to me with no money down. So I paid her $500.00 down and got a contract to close in 120 days. I paid no monthly payments and got immediate possession to the property. I recorded my contract spent 7k on the house and flipped it to another investor for a 11k profit…that was my NET profit. She did owner finance it for free she just didnt realize it. Use the course to think out of the box and If you put a little down so what. There are ways to get it back.
Here is a technique I use.
Mr seller I am getting a bank loan on this property. This house needs so much work that if you could give a lowes home improvement gift card for $2000.00 it would then help me to do the deal. My bank made me put down $2000.00. The house needed windows, carpet, paint and doors. I may have put 2k down but I got it back in a gift card from a home improvement store. IS THAT NO MONEY DOWN? I think so. I was going to have to spend the money on the house anyway. Now Maybe I paid 2k more for the house to get the seller to do this …WHO CARES…I had a seller pay my credit card off at closing…I cashed advanced it to get the money for closing…he paid it off with a check on the hud-1. That is no money down…think out of the box and JOIN A LOCAL REIA ASSOCIATION.
Cassie - Carleton’s course will help you get started in RE investing IF YOU USE IT. It is not a magic potion. Study his materials thoroughly and follow his instructions. His techniques (as well as the techniques of others) work if you use them. It is not a cake walk. It is hard work, but it is worth the effort. I have had success using CS course (I even purchased it a second time to get the CD’s). Good luck and don’t give up. Success comes to those who work at it.
It is not a matter of luck as it is in educating yourself in this business. The course you just bought is only the beginning, a starter tool kit so to speak. Can you succeed with JUST that? Yes! Can you do better with more education? Yes! You see, the real answer is this: Only YOU can succeed or fail, the course or book does not fail.
Hey cassie, I’m in the same boat as you. Haven’t had much luck in purchasing with No Money Down. But like he says it’s a numbers game, and if we’re persistant there’s no doubt in my mind it can be done.
Liked you post on thinking out of the box. I am new to this. What is REIA? Should I assume that you view Carleton’s course as a sound investment? Your help/advice is appreciated.
Posted by Ty Plunk on November 07, 2001 at 23:58:33:
I purchased CS’s program back in 94’. After reviewing it I found out that I already knew 95% of the material. I am by know means knocking his program, I impresssed myself by finding out that I had already did the neccesary research to get my investing started. That very same year I put purchase agreements together for 2 condos, 1 townhouse and 2 single family homes. I successfully bought all 5 properties with little or know money down of my own, in other words I used other peoples money. This was all done in a 6 months period of time. The a condo, townhouse and single family home were all purchased within weeks of each other. I used various techniques, contract for deeds, assume no qualify, va. It was both amazing and wonderful. The down side to my story is that I went thru a divorce and transfer the following years and lost or sold what woudl now have totaled close to a million dollars in real estate investments that would have had very little mortgages on them. As a matter of fact, I could have sold one of the 7 properties that I owned at the time, paid off all mortgages and I could have been sitting at a networth of 1/2 a mill. Instead now I am trying to get back into the game. Motivate yourself and go for. One thing that is sure to happen is that if you don’t make offers, you won’t get properties!
Where are you from Ty? I was wondering if you did this by yourself or through an agent. Also, have you encountered any hidden costs that was not mentioned in the CS kit. I have already bought the CS kit, but after extensive research, I found that there is some hidden costs like inspection fees, legal fees, and land transfer taxes.
Regards, Ame