Posted by Andrea on November 10, 2000 at 14:05:06:
Hi! I’m new to chat rooms, but thought I would see if I could get someone’s opinion. I hope I’m doing this right. I wasn’t sure where to jump in! I am interested in real estate investments and would like to build our assets (especially after reading “Rich Dad, Poor Dad” and playing his Rat Race game!). The problem…no cash to start with and a high amount of debt due to my hubby losing his job and having to start a business (C.P.A.) from the ground up. I have not purchased Carlton Sheets’ course yet but recently decided that I want to. I have no clue, basically!! However, I think an opportunity I don’t want to miss just came up three doors down! The owner (a client of my husband’s and a neighbor down the road), is selling the home without a realtor for $14,000 under the appraisal value. It is in an all new (appx. 5 year old) neighborhood with great mountain and some lake views. It also has a view of the Mormon Temple, which is a pretty popular seller out here in Utah. It is appraised at $169,000 and selling for $145,000. We have no cash to work with, but good credit. But, our debt ratio is pretty bad right now. We also worry about having to make the mortgage payment, which we obviously cannot do right now. The homes around here have been up for sale for about 1 year. I would anticipate a buyer in the Spring, but one never knows. We would also be willing to rent it out. There are about 25 rentals in our neighborhood and all seem to stay rented. FYI it is a 1,600+, 4 bedroom, 3 bath, multilevel with new carpet allowance of $2,000, 2 car garage, auto sprinklers, oak cabinetry throughout. Does this sound like a deal worthy of Carlton Sheets? If so, does anyone know any possible (legal in Utah) way to purchase this home? HELP!