Also I would like to add that “Fear” can hold one back.
Tried not to focus on the fear of making a mistake. Just studied well, gather as much information that you can learn. Read the posts here on other people experiences maybe join in the chat forum here during peak times. Continue to focus on educating yourself.
And get out there and try it. If you should make a mistake… look at it as an opportunity to learn from.
After all, life is our biggest school room.
GETTING STARTED WITH CARLETON - Posted by Andrew Sporn
Posted by Andrew Sporn on March 03, 2003 at 16:20:24:
I bought the green course from Carleton back in 1997, and although I was excited at the time, I procrastinaed and I never did anything with it. Now I have decided to order his updated course and I want to start with a clean slate and I am gung-ho about diving in this time and not looking back. However, I have a few questions…
I live in NYC, and I also am planning a move to Los Angeles sometime in 2004. Both areas are rather expensive to live in. Carleton’s examples however show houses that go for $50-80,000, where I know a house in NYC or L.A. would go for $200,000-300,000 and up! Isn’t that quite a big difference in talking about renting out the properties for a profit after taking care of PITI?
My other concern is that I just finished up a Chapter 7 Bankruptcy. It was discharged in December, but it’s obvious I have little money of my own with horrible credit. Being that I have the green course, and I now ordered the updated black one, will there be newer and easier no down payment options? I recently read a website that disputes Sheets totally, saying that in the real world, no bank will assist you in no money down deals, or be able to obtain assumable mortgages, etc. Could you help me out with my situation?
My biggest fear, of course, is after I finish the course, I want to get started right away but yet I just have worries about making a big financial mistake. Can anyone tell me how they started in a similar situation to me?
I’m so happy I stumbled onto this forum site. I added it to my favorite places and I will be a regular from now on. Thanks!!!
First off, a chapter 7 wipes the slate clean. You may now go to the bank, deposit $300.00, $500.00 or whatever your pocket book will allow, and then borrow against those funds. That will help you to rebuild your credit. Secondly, it is more difficult in a expensive market to do what carelton preaches. However, I am sure there are less expensive communities within a short drive of the major metropolis. Start by looking there.
Thirdly, with your existing credit, it is true, no banker is going to assist you with a zero down deal. Even with perfect credit, a banker is highly unlikely to give you 100% loan to value loans. If you read careltons material, he states that you are looking for a motivated (desparate) seller. These are created every day through job loss, death, divorce, medical emergency, job transfers, etc… These are the people who you offer to solve their problem by them helping you solve yours. The problem you can solve for them is that you can move quickly, stopping them from having 2 payments, protect their credit, etc…
Now, there are other investors out there with lots of credit and lots of cash and lots of knowledge. So, unless you are lucky or smart, you will not get the creme de la creme of deals. However, the nice thing about real estate is that for the most part, time is your friend. Most real estate appreciates over time, and if you live in it or rent it out long enough, it will be paid for and give you that retirement nest egg and some positive net worth and/or some income later on. Compare that to what your financial picture will be if you do nothing at all today.
Re: GETTING STARTED WITH CARLETON - Posted by Kerry Birkett
Posted by Kerry Birkett on March 03, 2003 at 19:57:01:
. My biggest fear, of course, is after I finish the course, I want to get started right away but yet I just have worries about making a big financial mistake. Can anyone tell me how they started in a similar situation to me?
I have the CS course for way over a year. I studied it night and day. Also some friends of mine got the CS course and studied it. The CS course is well laid out for a home studied course however it just did not work for us. I am learning much more on the CREonline website. Try reading as much of the information here on CREonline, join in the chat room and talk with others. I was really excited about CS course but it just did not work for me or my friends. And we really went out there trying to find the real estate deals CS spoke of.