Posted by Jim Pack (FL) on December 02, 2005 at 08:07:02:
Congrats on the baby! They are wonderful little people to have.
Does Carlton Sheets’ program work? Yes. The principles are sound and tested. Will it work for you? Maybe. Depends on how hard you want it to work. How serious are you? If you want to learn about real estate, go to the library and study books and cds on the various topics. That’s free. It might help you get a better feel for what you’re interested in so you can concentrate your research. The more knowledgeable about a subject you are, the better you will do at it. Same goes for self discipline, desire, drive and energy; key ingredients of anyone self employed. I suggest finding the nearest Real Estate Club in your city and start attending. Being with other like-minded, fired-up people who are actively working in real estate is essential.
Carleton Sheets’ program teaches about how to buy rental property, plain and simple. Its one small aspect of the world of real estate today. Will buying and renting houses make you money? Yes it will, if done correctly. I’ve been doing it for about 30 years as a sideline to living. I was in the Air Force for 28 years and everytime I got orders to move, I bought a house. The goal was to buy the most run-down house in the best neighborhood, live in it for 2 years, fix it up, paint it, make it look great, then sell it for a profit. I had to live somewhere so why not own a home, fix it up little by little and make money when you leave? My first house I bought in California for $58,000 with $3500 down. I fixed it up and sold it 2 years later for $68,000. This was back in the early 80’s before the big real estate boom. Hey, I made 10 grand when I left meaning I not only lived there for free, I had fun and got an education, too. My last house I paid $247,000 for with a downpayment of $20,000. It was in a new neighborhood on a resort island. Needless to say, I sold it for $560,000 5 years later! Nice little chunk of change on that one. The modest home I’m living in now I paid $3600 down and the owner held a Lease Option I drew up for him. I cashed him out a year later with bank financing because I stipulated that every penny I paid to him each month be credited to the purchase price of the home, minus a fair interest rate. A year later, I showed that money to the bank as a big downpayment to the seller and they gave me the customary 80% loan to value loan. It cost me $460 to close that loan because I made the seller pay all the closing costs. The sale was for $94,000 and now, 2 years later the home is worth about $275,000! Oh yes, its waterfront in Florida. How do you buy waterfront in Florida so cheap? Get there before people realize the future value of their land. This takes research, education, guts, determination, self discipline and drive to do this. Something you can’t get out of a book no matter how attractive it is. That’s why I said: “Will it work for you? Maybe.”
Now I’m in the mobile home business. I buy and sell them and I’ve just done a turn-around project on my first mobile home park. Real estate is a fun and lucrative business but you have to learn about it and you have to work at it.
I hope this wasn’t too preachy and long but it’s the truth. Good luck man and enjoy that little baby (and mom).
Does real estate work? What do you think?