Carlton Sheets questions? - Posted by Michael Rogers

Posted by Bryan Taylor on June 02, 2004 at 10:02:43:

Same question, I am interested in a commercial property …an older house that I will rent as office space. The owner has an existing mortgage (non assumable line of credit)is out of the country and the broker is reccomending a 5 year wrap around with a balloon at the end. I am weary of the limited time and the balloon, and can I refinance or flip the property? Thanks
Bryan Taylor

Carlton Sheets questions? - Posted by Michael Rogers

Posted by Michael Rogers on July 01, 1999 at 08:13:16:

What about people who have gone bankrupt?, and what about comming up with closing costs? He says that you can become rich from this…but in my experiance, it takes money to make money.

Correct… but!! - Posted by Mark (SDCA)

Posted by Mark (SDCA) on July 01, 1999 at 11:00:28:

It DOES take money to make money… it just doesn’t have to be YOUR money.



Re: Carlton Sheets questions? - Posted by Bill

Posted by Bill on July 01, 1999 at 09:05:44:

You can become rich at it, but only if you work at it…having money to make money is also covered in the course. Thats what his parents told him too, but having money does not always mean having YOUR money, you can use other peoples money.

He advocates the seller paying most if not all cost at closing.

Re: Carlton Sheets questions? - Posted by Glen Hyde

Posted by Glen Hyde on November 16, 1999 at 19:58:03:

I am interested in finding out information regarding wrap around mortgages. I don’t understand who finances the wrap around if the money goes to the seller monthly. Also, can a wrap around be flipped even though the original seller still has the first mortgage. Specifically, I am wondering whether a person can finance a purchase with a wrap around mortgage coupled with a installment program down payment and then flip the property within 6 months to a year and in conclusion: 1)pay off seller, 2)pay off down payment with balloon payment, 3)pay off second wrap around mortgage, and 4)have cash profit at the end. I look forward to your reply.

Re: Carlton Sheets questions? - Posted by Vernal Huff

Posted by Vernal Huff on July 17, 2002 at 16:27:28:

I have the same questions