Does Carleton sheets work? - Posted by Dustin

Real Estate Investing Real Estate Gurus
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Posted by Dennis on February 23, 2004 at 17:27:27:

If you go to this website you can read for your self:
http://sun6.dms.state.fl.us/dor/taxes/corporate.html

here is just some of the content:

Florida’s Corporate Income Tax

How Florida’s corporate income tax affects you.

Who Must File?

Corporations and artificial entities that conduct business, or earn or receive income in Florida, including out-of-state corporations, must file a Florida corporate income tax return unless specifically exempted by law. The return must be filed, even if no tax is due.

Sole proprietorships, individuals, estates of decedents, and testamentary trusts are specifically exempted and are not required to file a return. S corporations, exempt organizations, partnerships, and certain limited liability companies are generally not required to pay corporate income tax, except as described below.

Corporations and other artificial entities, including those located in other states, that are partners in a partnership or members of a joint venture doing business in Florida must file Florida Form F-1120 (Corporate Income/Franchise and Emergency Excise Tax Return). A partnership is required to file a Florida Partnership Information Return (Form F-1065) if it is doing business in Florida and a corporation is one of the partners.

A limited liability company that is classified as a corporation for Florida and federal tax purposes is subject to the Florida Income Tax Code and must file a Florida corporate income tax return.

A limited liability company that is classified as a partnership for Florida and federal income tax purposes is required to file Form F-1065 if one or more of its owners is a corporation. In addition, the corporate owner of a limited liability company that is classified as a partnership for Florida and federal income tax purposes must file a Florida corporate income tax return.

A single member limited liability company that is disregarded for Florida and federal tax purposes is not required to file a separate Florida corporate income tax return. However, the income of the company is not exempt from tax if it is owned by a corporation, whether directly or indirectly. In this case, the corporation is required to file Form F-1120 reporting its own income, together with the income of the single member limited liability company.

S Corporations and tax-exempt organizations are generally not required to file a Florida corporate income tax return if they do not have federal taxable income. If they have federal taxable income, however, they are then required to file a Florida corporate income tax return and pay any tax due.

Homeowner and condominium associations that file a federal Form 1120H are not required to file a Florida corporate income tax return. Florida returns for subsequent years are not required when federal Form 1120H continues to be filed. If federal Form 1120 is filed, a Florida corporate income tax return is required regardless of whether any tax is due.

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Does Carleton sheets work? - Posted by Dustin

Posted by Dustin on January 27, 2004 at 19:39:08:

I’m a beginner trying to find good information on small rentals and eventually large ones too. Does Carleton offer this kind of information, and does anyone know if he owns and has actually been successful in the field of real estate that he so preaches? And how successful? I ask because I like to take information and advice from someone who has walked thier talk. I simply don’t take the advice from family and friends cause more often then not they don’t know what thier talking about.
Thank you for your input
Dustin
p.s I do relize the stuff I retaine will only be useful if I put it to work.

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Re: Does Carleton sheets work? - Posted by Angel from Brooklyn

Posted by Angel from Brooklyn on February 03, 2004 at 18:16:12:

Ok here is my experience from the course. It did get me to get credit. But finding a flexable seller in NY you will find none. But it gave me a valuble lesson and it got me involved in Real Estate. You can buy it if you want to learn about RE and you might be better off buying it on EBAY. But if you TRULEY want to get started in Real Estate then here is my suggestion and hey I might make a book out of it and sell this info.
1)FIND YOURSELF A REAL ESTATE AGENT AND BUY YOURSELF A MULTIFAMILY PROPERTY. Forget about finding that undervalue stuff. Why? cause it jumps you right in the business and give a good Idea of what you are getting into. Don’t forget to tell the Realtor that you are looking for an investment property.
2)GET YOURSELF A MORTGAGE BROKER this is something I think that goes against the wisdom of CS way. Why? Cause you need the money to buy the property and you get yourself into the RE business. Stop wasting time in looking for deals that is hard to find and get a deal withen a week a so. Know how much you are worth and knowing what you can get goes a long way. Mortgage broker are more then willing you give you a 1st and 2nd mortgage (100% financing) if the deal is right. Which by the way is the only way you can get a NO MONEY DOWN DEAL very quickly. Your Realtor would be happy to get you a Mortgage Broker.
3)Now I going against CS wisdom on this especially for a newbie. GET YOURSELF A LAWYER. Why? cause you are waisting to much time to going and talking to a title company (by which rather only deal with lawyers) All this stuff can be added to your mortgage and you can work out a deal where the seller pays for the closing cost. Oh by the way the Realtor can provide you with a good lawyer. A lawyer fee usually dont go more than $500.00 and he does the title search which varies in price.T he best part is that my lawyer gets on those guys on the county clerks do get a move on!=)
So if you noticed that a Realtor has already all the people you need to get the deal done. So he is my Plan to get your house in 30 days.
Tomorrow you gonna skip looking at the Newspaper Ad and you are going straight to the Realtor. You tell him that you are looking for an investment property in a form of a multifamily. You going to tell the realtor that you need to get qualified for the mortgage and that you need a lawyer as well. And then you get to look at houses. NOW knowing what is a good deal is a whole different chapter and I might have to charge you for that LOL. good luck and happy investing.

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Re: Does Carleton sheets work? - Posted by jeffC

Posted by jeffC on February 02, 2004 at 09:09:17:

Its a good place to start, not the best. Go to ebay and buy a older version. You should get it for $25 to $50 easy. the course has not changed very much over the years. I started with it and I am doing OK investing. There are some good books on the subject try the local libray.
jeffC

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Re: Does Carleton sheets work? - Posted by Brad

Posted by Brad on January 30, 2004 at 17:56:36:

Yes, if you work the information in the CS Course(s) you can do very well, the product doesn’t work on it’s on - neither does 100% of any of the others. The information you will find in the CS Course is very valid, and put to use, works very very very well…

Have a great day…

Brad

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Right by the pool! - Posted by DaveD (WI)

Posted by DaveD (WI) on January 30, 2004 at 13:35:02:

Mostly, he hangs out at the pool wearing a hawaiian shirt drinking out of umbrella glasses and talking about RE. Haven’t you seen his infomercials? Does he work? LOL!

Oh, you mean does the program work? You gotta start somewhere, many have started with him. Not me, but it doesn’t really matter. He may be your first purchased education, but won’t be your last. Check the archives. His program is discussed ad nauseum.

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no he is retired - Posted by TT

Posted by TT on January 29, 2004 at 24:51:06:

!!

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Re: Does Carleton sheets work? - Posted by JOHN K HASLACH, CPA, MST

Posted by JOHN K HASLACH, CPA, MST on January 28, 2004 at 15:12:04:

I work with one of the Final Four/Big 4 accounting firms in the real estate group. They do the exact same thing as is in the tapes and books, except they don’t buy no money down! They look for undervalued properties, buy them, make a profit and sell them often within a 5 year time frame. The dollars are much larger, some deals being $750M, but the concept is the exact same. They buy the real estate in LLC’s and the investors are some of the wealthiest people in the country.

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Re: Does Carleton sheets work? - Posted by roger tx

Posted by roger tx on January 27, 2004 at 20:22:34:

It works, if you work it and yes C,S walked the walk and has the right to talk the talk

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It doesn’t work…if - Posted by Mario

Posted by Mario on January 27, 2004 at 19:58:09:

This question has been asked a million times.

The ideas that he provide do work, but it’s not going to work if you keep on a shelf and do nothing.

I bought it almost 2 years ago and now I’m a full time investor owning many single family homes and multi-family buildings.

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Re: Does Carleton sheets work? - Posted by crystal

Posted by crystal on April 12, 2004 at 18:56:30:

Do you need to have good or perfect credit to be able to benefit from this program? I am unsure if this would benefit someone who has some good and some bad credit. Any help on this would be greatly appreciated.

waiting to buy the program…

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LLC vs. Subchapter S - Posted by Mike (2)

Posted by Mike (2) on February 05, 2004 at 24:11:28:

Hi John,

I saw a couple other posts from you and was very impressed. I was just wondering about the LLC and Subchapter S subject since I think I saw you mention it in another post.

Is there one better for ?flipping wholesale? and one for holding onto rentals? How ?safe? is the Limited Liability Company (often confused with the term Limited Liability Corporation, which apparently does not exist), and do you happen to know any excellent sources on these entities?

Any help would be appreciated. Thanks!

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Re: It doesn’t work…if - Posted by Debra

Posted by Debra on January 28, 2004 at 14:43:26:

What Mario says is very true. I bought the program about 5 years ago because I wanted financial independence, but unfortunately, I’ve been too afraid to try it. Just within the last week or so I’ve been thinking of brushing off the dust and pulling the program out again. Right now the main reason is because I want to buy a home of my own. I’m still a little scared, but maybe this time I’ll take the chance. I really don’t have anything to lose at this point, especially since I already have the program. Mario, I would love to communicate with you to find out how you got started and perhaps get some feedback and/or advice.

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Re: LLC vs. Subchapter S - Posted by John K Haslach, CPA, MST

Posted by John K Haslach, CPA, MST on February 05, 2004 at 04:53:55:

Hi Mike

If you are flipping real estate, the property should most likely be held in an S Corp because the income from an S Corp is never subject to Self-employment (SE tax) or social security taxes (SS tax) tax unless taken out as salary. If you are owning properties to rent, they should most likely be owned in an LLC. The income from rental real estate is never subject to SE or SS tax.

John K Haslach, CPA, MST

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new comer - Posted by robert moore

Posted by robert moore on February 02, 2004 at 10:18:36:

I’m a new invertor, my problem is finding sellers that are flexible.

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Re: It doesn’t work…if - Posted by Bernie

Posted by Bernie on February 01, 2004 at 15:32:53:

You see, that’s how it all works. The gurus know that the the average person that buys their course(s) will either put them on the shelf for an indefinite amount of time, or be afraid to use them. It’s called impulse marketing. I am seriously researching a home based business that involves information marketing. I choose information marketing because that is simply where the money is. Just ask a guru how much of their income is generated from the informational courses they sell. I recently visited a website where you can purchase resale rights to an information marketing bootcamp. Several creative real estate gurus were main speakers at the event. One of them even said “information marketing, that’s what I do.” You’ll have a greater chance of success selling picks and shovels to the miners than actually digging in the mine yourself. Good luck.

Bernie

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Re: LLC vs. Subchapter S - Posted by Mary Ann K

Posted by Mary Ann K on February 08, 2004 at 12:31:39:

What about Family Limited Partnerships. I have just completed learning about asset protection from Jay Mitton and his group and they seem to think Family Limited Partnerships are the best way to hold properties. Jay Mitton also says to never put any properties into a corporation.

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Re: It doesn’t work…if - Posted by Vee Johnson

Posted by Vee Johnson on February 01, 2004 at 23:21:48:

This is true of anything however. I just purchased a computer with rebates to it, I said to the sales manager, too bad they have these blasted rebates, I would rather just see the instant savings. He replied that statistically, only 4% of the rebates actually are requested, means BIG money for those offering them! CS now has a special ‘mentor’ class, either a 6 or 12 month class, you get a one on one mentor and extra learning materials, costs more, but with a first timer, might be a good investment in the long run if you are serious.

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Re: It doesn’t work…if - Posted by Jerry Martin NC

Posted by Jerry Martin NC on February 01, 2004 at 20:37:32:

Fear is the dark room where negatives are developed.

I too was afraid to step out when I first got the Carleton Sheets course and let it sit for over a year before I got it down and got serious. The first property I bought was from Richard Childress. It was his last rent property in this county and my first. I still have it. I got the loan on the property and at closing I got a check back for more money than it cost to do the repairs. I knew then I was going to like this business. That was seven years ago and I have bought many more properties since then. My wife and I were just going over property tax listings and looked through the HUD statements for this year when my wife heard me laugh. She asked what was funny and I told her I just realized that on this particular property we got $23,000 back at closing and the buyer got $19,000. That seems realy funny now when I think back to my first deal. I was so scared that I set up the night before we were to close on it. Now it is not so bad. One of my subcontractors made a comment yesterday that I bought houses about like he stoped to buy a pack of cigaretts. I found that amusing. I would encourage any of you to work hard at investing and don’t be afriad. You will find it gets easier as you go. WORK HARD AND BE PROSPERIOUS!!!

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Re: LLC vs. Subchapter S - Posted by John K Haslach, CPA, MST

Posted by John K Haslach, CPA, MST on February 08, 2004 at 12:38:15:

Hi Mary Ann

Family Limited Partnerships (FLP) are a great way to reduce the value of assets because they are not as freely transferable as they would be if only one person owned them. In my opinion, real estate should only be held in an S Corp if you are flipping properties because you can control the SE tax. In my opinion, they should never be held in C Corps, unless there are foreign investors.

John K Haslach, CPA, MST