I have NO CREDIT !! How do i do? - Posted by Daniel NYC

Posted by Gary G on December 30, 2003 at 12:39:45:

You can’t just try it once and give up! Keep doing it over and over… Most times it will not work - it is the rare deal that CAN be done easily with nothing down… You have to think differently, creatively. Don’t give up so easily if you want to be a landlord/property manager.

I have NO CREDIT !! How do i do? - Posted by Daniel NYC

Posted by Daniel NYC on December 04, 2003 at 14:52:14:

Please give some advices!! I have NO credit…and i’m a Freelance writter. So my paystub are low and unsteady. Wich it’s a good sign for traditional Banks (Citibank, Chase, etc)

If you know some way that i can buy an investment property? I’ll really apreciatte the informaion…

Thank’s a lot


Re: I have NO CREDIT !! How do i do? - Posted by Judah K. Swagerty

Posted by Judah K. Swagerty on December 14, 2003 at 01:59:54:

Hi Daniel,

So you’re a freelance writer. I take it that you enjoy writting.

There was a lot of replied post but no one gave you any answers. Instead they talked about your “typos”. Well, that’s what spell check is for right. :slight_smile:

I like to answer peoples questions the best way I know how. I don’t like to make fun of people or make them feel less of a person and to me, that’s what these people have done.

To answer your question, I really enjoy real estate. How I first started out was doing Lease Options.

Lease Options is leaseing properties with the option to buy. You can control properties with very little money. I’m talking like $1.

How you make money is by doing the deal with the owner and assigning (sell) the agreement to a third party or subletting the house out to a potential buyer. You will receive option consideration (this money goes into your pocket) and you can receive a monthly cash flow all without ever buying or owning the property.

This is the only type of real estate investing I do. It’s fun and I like solving peoples problems.

If you have more questions, just email me.

Good Luck!

Judah K. Swagerty

P.S. - Continue to come to this web site and ask questions. Read the How-To articles and Buy books on real estate. Learn the language and it will all come to you over time. I know you can become successful as a real estate investor. Stay persistant and dedicated.

P.S.S. - I would like to read some of your material if possible.

Re: I have NO CREDIT !! How do i do? - Posted by jp

Posted by jp on December 04, 2003 at 15:12:57:

Imagine, if you will, a huge room with hundreds of thousands of people in it. Some of these thousands of people have been in this room for many years. Some of them only showed up yesterday. These thousands of people spend time in this room every day talking, studying, reading, writing, and dealing in real estate. Why do they spend so much time here, because investing in real estate has so many facets and intricacies. Now Daniel marches through the door and announces to the room “Hey I want to do what you guys are doing! How do you do it?”. In unison everyone goes quiet and stares at you…for about half a second, then they continue with whatever they were doing.

Don’t worry, about 20 people do exactly what you did every single day. The good news is, some of the folks in the room who are experienced have written some books about it. I’d suggest hanging out in the room as much as possible and eavesdropping on conversations. Learn everything you can, and then buy a few books. Learn all you can from those books and then and only then will you begin to fathom exactly how much you really don’t know about real estate. Congratulations, you are on your way.


P.S. No discouragement intended.
P.P.S. I hope you have a good editor look over your material before you attempt to have it published. :wink:

Re: I have NO CREDIT !! How do i do? - Posted by Uh-Huh

Posted by Uh-Huh on December 04, 2003 at 14:58:12:

Daniel, are you sure you’re a freelance writer? I mean really, I’ve never seen so many typo’s in such a short message. LOL
Anyway, the best thing to do is to go back through the forum posts and start reading! This is NOT an overnight get-rich-quick system. This takes knowledge and patience. Start studying like the rest of us…you’ll get there.
And you don’t NEED good credit, nor do you need conventional bank loans to be successful at real estate investing.
Anyone else want to jump in ?

Re: I have NO CREDIT !! How do i do? - Posted by Rob V.

Posted by Rob V. on February 03, 2004 at 08:59:55:

Your approach to real estate investing intrigues me. I just purchased the Carleton Sheets sys. and I’m at least very skeptical about his buisness practices and ethics. I am a Naval Officer and am looking to get out in a few years. I want to start now and the Lease Options approach sounds like something I can wrap my hands around. I know it’s a lot to ask, but could you point me in the right direction to get educated about this and start to do it. Buy-the-way, I have excellent credit if that helps at all. Please email me if you’d like.

Re: I have NO CREDIT !! How do i do? - Posted by Erin White

Posted by Erin White on December 27, 2003 at 16:51:02:

Hello Judith:

I am in a similar boat with Daniel except I have bad credit due to reasons that don’t concern anyone. However, I like your style. Here this man comes with a genuine challenge and all people do is belittle him. Instead of suppport him. Regardless of his spelling, it shows a lot about their character and how they feel about themselves. That being said, I would like to know more about Lease Options. I would so appreciate your help off of this message board and any books that you could recommend that discusses this topic in detail.

Re: I have NO CREDIT !! How do i do? - Posted by Glenn

Posted by Glenn on December 08, 2003 at 24:36:58:

Could you please tell me what studying you have done and how it has worked out for you financially? I am always looking for a good read that has helped someone else. Two of my favorites are “Rich Dad Poor Dad” and “the richest man in babylon”. Thanks for any input you can offer me.

Re: I have NO CREDIT !! How do i do? - Posted by Gary G

Posted by Gary G on December 04, 2003 at 19:52:59:

Daniel, I acquired eleven properties over an 18 month period; all with nothing down. You ask HOW? The better question is WHY would some one sell me their property for nothing down? They don’t know me… If this is such a great deal, why do they want out?.. What unforseen problems am I signing up for when I assume this property? Obviously, these sellers are what I call “Don’t Wanters”. Why don’t they want it anymore? I’ll tell you why: 1.) It’s a pain in the ass for several reasons: a)can’t collect rent b)or can’t rent in the first place c)maintenance problems or what is commonly called ‘deferred maintenance’ – in other words they milked it for all it’s worth NOT DOING required maintenance and now YOU will get stuck with it (roofs, plumbing, heating/AC, windows/doors, floor coverings, locks, paint…it goes on and on OR c) problems with drugs/drug users d)city code violations/work orders. d) other negative reasons
OR 2)some other reason - these are the ‘good’ reasons such as: Divorce, health, age, job transfer…what I call ‘outside factors’ having nothing to do with the property itself.
Don’t beleive the income/expense sheet you get from the owner. Do your own math, do your own research. Talk to the tenants (CAREFUL don’t blow your deal). Come back when the owner is not around (and don’t drive your new car and wear your good clothes! Buy or borrow an old crappy car and wear painters pants,work boots and an old shirt when you talk to the tenants. DO NOT say “I’m thinking of buying this here place…” Just walk around from the front to the back like you belong there. If you happen to run into anyone ask them if there are any units open. They will tell you alot about the place if you just listen and ask careful questions.
Call the assessors office; get tax info. Are the taxes paid? Is there an outstanding balance? Are there any liens on the property? Call the utilities, get expenses from THEM not the owner. What about trash? How is the property titled? Now, go to the local courthouse and see if the owner is being sued and how many times he has had to evict people. Is the water bill paid? Look in the paper under apartments for rent. Is the rent he is claiming to get in line with other units nearby? Go to the property after school and at nite. See how many wild kids are walking around dropping candy wrappers and empty chip bags. Are the cars that are parked in the neighborhood in good repair or do you see run-down beat up clunkers? Are there alot of chainlink fences? Alot of alarm company signs in yards or stickers on windows? Any bars on windows? Pitbulls chained in yards?
OK… Now if after all that everything still looks good to you, Then go and buy a small handgun and learn how to use it. I recommend an AMT 380 It’s easily conceallable and very dependable. (I upgraded to the AMT 45) If you cannot find an AMT then go for either of the small Glocks, the 9mm or the 40 caliber. Order a special holster from Thunderwear for your gun. You should also have a nice over-the-waistband holster for quicker draw. And by all means-keep a round in the chamber-or don’t bother carrying at all. You will be collecting the rent in person, and they pay in cash. You are a target. Protect yourself. Don’t carry your receipt book in your hand when you approach the house. Keep it always in your pocket.
So, in the end you will be a full-time landlord. You will have learned how to fix most anything, how to rent and how to evict, how to advertise… Learn how to judge people and situations. Don’t get “new owners disease” everytime you buy a place. (That’s where you have to fix everything the way YOU would want it to be before you will rent it) People will rent it if it’s not perfect with new carpet and appliances and light fixtures. Just CLEAN the carpet, get CHEAP miniblinds and paint it yourself. A CLEAN fresh painted apartment will rent. PS don’t get mad when they steal your appliances or when they some how blame YOU because THEY have roaches. And don’t ‘provide’ appliances let them USE yours because I guarantee they will have had $400 worth of meat in the freezer when it goes out. (They ALWAYS had $400 worth of meat in there… who ever has $400 worth of meat?)
Or better yet - don’t even do it in the first place. BUY REAL ESTATE - but don’t buy a piece of crap that some one can’t get rid of any other way than by finding some sucker with no clue and no down payment. By the way, that IS my exit strategy.
Oh yeah, forgot to tell you how to do it with no money:
Assume liability for the security deposits + let him keep tax deposits/ or assume tax liabitly + assume liens = anything he would have to pay out - you let him NOT pay it out = you have(on paper) come up with alot of money and got the seller out of having to come up with a bunch of money just to sell the place.
Don’t worry about it - you can pay out what you’ll need to with income from the building (ha ha)
Try to go to any landlord compact meetings BEFORE you sign. Get Nick Sidoti’s course on real estate forms. Get a good lawyer (who will let you file some of the papers yourself and explain everything) go with him to court when he evicts one of your tenants. Learn how to do it yourself. I can’t seem to find a good place to stop… I should write a book.

“Script” - Posted by Chies

Posted by Chies on December 14, 2003 at 01:41:22:


Could you send me the script also.

Thank You!


Re: I have NO CREDIT !! How do i do? - Posted by Erich–Montana

Posted by Erich–Montana on December 12, 2003 at 13:36:18:

Gary–I have my eye on an investment property I would like to get no money down and noticed you offered to send Clair-MO a script to use with the seller. If at all possible may I get sent that same script? Thank you for your great feedback on people’s questions–you’re an asset!

Re: I have NO CREDIT !! How do i do? - Posted by Interested

Posted by Interested on December 09, 2003 at 08:32:03:

Gary G, That was very interested I want to learn more. My husband and I want to buy low sell high and own our on apartment complex, we want to be our own boss. Where should we start?

Re: I have NO CREDIT !! How do i do? - Posted by Pete

Posted by Pete on December 09, 2003 at 05:08:57:

Great job I think you scared him pretty good. So anyway, how do you buy homes with nothing down? I am lookng to by my verry first investmont housing. Thanks for the posting…lol

Re: I have NO CREDIT !! How do i do? - Posted by Brad

Posted by Brad on December 08, 2003 at 23:31:30:

Ummmm - You typed toooooo fast - would you mind telling us that all over again? :slight_smile:

Re: “Script” - Posted by Gary G

Posted by Gary G on December 30, 2003 at 12:25:56:

I don’t have a script. I re-read my post and don’t see any reference to a script. You must have me mixed up with another post, sorry.

Re: I have NO CREDIT !! How do i do? - Posted by Gary G

Posted by Gary G on December 30, 2003 at 12:27:13:

Sorry, I’m not the one with a script… check the other posts, good luck : )

Re: I have NO CREDIT !! How do i do? - Posted by celestemitchell

Posted by celestemitchell on January 21, 2004 at 11:48:33:

I have carlton sheets, no money down books and tapes but I want know if I have no credit what shall I do getting started. Do I need a tutor to get started or what. Please e-mail me. thanks

Re: I have NO CREDIT !! How do i do? - Posted by Gary G

Posted by Gary G on December 30, 2003 at 12:34:33:

‘Buying low’ requires cash. ‘Selling high’ requires the ability to carry the financing yourself. Flipping properties (which is what it sounds like you want to do) and owning an apartment complex are two different things. To have a really good complex that you want to keep will take time. You can find a complex that needs work and bring it up to par and hold it awhile, then sell it when you have a track-record to show. Where to start is: look in the paper, find places to look at, and make some offers. The more offers you make, the sooner you’ll get one accepted.

Re: I have NO CREDIT !! How do i do? - Posted by Clair-MO

Posted by Clair-MO on December 09, 2003 at 12:03:36:

Interested, I have purchased apartment complexes with no money down for past 9 years and my credit is extremely bad. Presently I owned 5 million dollars worth of properties using Carleton Sheets’ techniques! If you are interested in a script that I wrote between the seller and myself on a 24 Units that I recently bought with nothing down. Send me an email in the subject line “Script” and I’ll send it to you, fair enough.

Re: I have NO CREDIT !! How do i do? - Posted by DENISE

Posted by DENISE on December 14, 2003 at 17:42:43: