Is it True?? - Posted by pugs

Posted by Jim on July 28, 2001 at 06:25:51:

Good luck Pam in your studies, BUT remember…
"Do NOT get paralysis of analysis!"
Don’t keep looking for what CAN go wrong, but look for things that DO WORK and get started.

50% to 60% of my REI education came from doing and fixing what I found needing fixing (paperwork). Wisdom can only come from knowledge and experience.

Is it True?? - Posted by pugs

Posted by pugs on July 23, 2001 at 10:16:15:

Is It True that when you buy the Carlton Sheets Money making
package… That you have to keep on buying for other things??
Is It ture that it is a scham??
Can you really make money?
How many people went into depth with this…( Is a full time Job)
How many people lost money??
How many people made good money?
These are just a few questions that I have…
Thank you for your time.

Re: Is it True?? - Posted by john quinn

Posted by john quinn on July 24, 2001 at 15:25:50:

I have the course. It is nearly impossible to find property for zero down and make money on it. I have been trying to find a Sheets millionaire…or Russ Whitney millionaire for 3 years with no luck. Just crackpots. Just my opinion.

Re: Is it True?? - Posted by Jim

Posted by Jim on July 24, 2001 at 03:24:18:

4 1/2 yrs ago, I, too, was asking these same questions. I purchased books and courses from as many “gurus” as I could find (mostly from used book stores and garage sales…). I read and read and tried to absorb every lick of information I could, but still couldn’t get it to the point to really start. In all that material they didn’t show me how to ‘get started’.

In '97 I attended a workshop from a New “guru” (at least one I hadn’t heard of before) and for almost 6 hours he hit me with all kinds of ways to buy and sell real estate I’d never heard of before, with details. It was like standing in a wind tunnel of information. Of course, this workshop was just enough info to get you to buy the full course(s) with all the training, material, marketing and forms you would need. And of course, I didn’t have the kind of money he wanted (much more then Carleton).

But I did buy his book and restarted my education on a different approach to REI. I remembered him saying that there are sellers who would just ‘deed you the house and walk’. So, thus began my search. Who would do that? Are there really people that would deed ME the house? What circumstance(s) would cause anyone to concider this?

I came up with a couple of scenarios and developed some simple marketing material to offer the owner a way out of their problem house by just deeding it to me and letting me handle it. Took out small ads and let it run. Changed my ads a couple of times… …and then… got a call. The seller just wanted to know what I could do for them. He didn’t take my offer, BUT he called! So I let it run. Calls came in again and again. And a week later a seller said “YES!”

Leased Optioned that house out for $5,500 non-refundable deposit and began to collect rent. 14 months later she bought that house and I got just over $21,000 in CASH at closing.

After taking control of that first house I worked to get this guru’s course and as many other as I could find. Everyone contributes something to my arsonal of buying and selling POWER.

Five months after that house I had enough cash income from my rentals and L/Os to quit my job and I haven’t looked back, except to say I drove a cab.

To answer your questions,
This is a business! Approach it as such. Dabble in it, if you want, BUT be serious in your committments to educate yourself and in dealing with buyers and sellers. Remember, how much education do you need and what does it cost to become a (say) accountant or CPA, RN, Legal Secretary, OR (how about) Doctor or Lawyer? A serious Real Estate Investor can make more then all of them put together.

Re: Is it True?? - Posted by Kim

Posted by Kim on July 23, 2001 at 11:24:28:

Hey pugs,

Good good for you. Check out everything thoroughly, wish I had. I’m now into the program for $2500.00 which is just over 33% of my yearly income of $6100.00.
My experiece shows me they are not professional, can’t answer some very important questions about HUD regs. which have been tightened, will not refer me to successful students in my area that I could meet with and responded badly when I told them I researched the Cincinnati story in the Sheets program. I have extensively researched the story of a Cincinnati man buying a farm with none of his own money. The story line goes that he found the farm, had no capital, called a lumberyard to sell the trees on the property to raise the down payment. We have only 1 farm in Cincinnati, it belongs to a friend of mine who did not purchase it with the Sheets program. Furthermore, I called all the area lumberyards and they all said they don’t do business in that manner and none could remember any such transactions. Smells fishy to me. When asked about this the Sheets employee just blustered at me that it must have been a Cincinnati area farm and besides did I know how far back that situation had occurred? I said if it was true they could contact the owner and have him call me to discuss his success. They said no citing privacy issues. I gave them blanket permission to give out my information to successful investors in my area they still said no and asked me why another investor should help me out? Doesn’t sound like they advocate practicing what the sheets program preaches. The program says to connect up with other successful investors. Also, businesses I do business with are eager to give me references of their happy customers, so then why won’t the Sheets machine. I maintain it’s because most people think they suck, from bankers to brokers to lawyers to Sellers. I lost a potential deal when the seller recognized the Sheets approach I was using. The seller said his experience with Sheets was so negative that he wouldn’t even discuss a Sheets deal. My advice is to join the nearest Real Estate Investors Association, Club or whatnot. You will find real investors following real practices that work. Some will be willing to help you and others will just “blow you off”, however they won’t charge you $2500 to blow you off. Here in Cincinnati it costs a mere $150.00 to join our group and this membership is good for two people. :slight_smile:

Re: Is it True?? - Posted by Tom (GA)

Posted by Tom (GA) on July 25, 2001 at 15:17:56:

I had a casual friendship with one of the couples that was featured on Carleton’s TV show a couple of years ago.

Carleton’s course is a good introduction to real estate investing. Is it the only good source? No.
Will it work in every situation? No. Are there situations in which his techniques work? Yes.

You can say the same thing about many of the so-called gurus.

You have to be like a sponge. Soak up all the information that you can about real estate investing. Understand WHY the techniques work and in what situations. And then you have to do the work. Get out in the market and start talking to sellers, buyers, lenders, other investors, etc.

No one technique will work in every situation except possibly full price, all cash. (If there are any others, please let me know. LOL)

Tom

Re: Is it True?? - Posted by Al

Posted by Al on July 26, 2001 at 13:44:08:

Jim. Who is the “New Guru” and what area of R.E. does he specialize?

Re: Is it True?? - Posted by pam

Posted by pam on July 24, 2001 at 12:04:45:

When you bought that first house, did you have to go through a bank or mortgage co? How did it work? Also, how did your ad read? I saw a motivated seller in the paper through a realtor that was being transferred. I thought of trying to do the same thing, but I don’t know how, I am a newbie… as you guys call it. Please explain in baby terms. Thanks.

Re: Is it True?? - Posted by pugs

Posted by pugs on July 24, 2001 at 15:26:30:

Thank you for the info… I am so glad that I did not get it…I think I will just become a real estate person… Thanks again…( I knew it was to good to be true.)

Pugs

Re: Is it True?? - Posted by Drey

Posted by Drey on July 23, 2001 at 20:46:05:

Go out and chase your dreams! Quit being a victim! Carleton Sheets program give you tools to develop your imagination, not a handful of money. Your success or failure is upto you!

Re: Is it True?? - Posted by B

Posted by B on July 26, 2001 at 16:28:37:

No offense but unless you can put me in contact with them, I don’t believe you.

Re: Is it True?? - Posted by Jim

Posted by Jim on July 25, 2001 at 03:51:38:

Let’s see if I remember the details…

The house was worth $95,000ish, they owed $70,400ish and wanted $5,000 cash and someone to pay off the loans. They were 3 months behind on both loans for about $2,300ish. I couldn’t offer $5,000 cash and pay up (or off) loans. So, offered L/O for 3 yrs., pay up loans and get them up to $2,000 (what ever I could get from buyer/tenant) to help them move and the balance when I cashed them out.

They took it. We signed the L/O agreement and I called the paper and ran a ad. Found a buyer/tenant, on the second day the ad ran, with enough money to work with. She went by the house and called me back with in 1 hour of me telling her the address, saying “I WANT THE HOUSE!”

She gave me $5,500 deposit(paid up lenders and $2,000 to seller) and $875/mon rent plus $200 each month towards her down payment. And bought that house 14 months later. Made around $1,200 up front plus $363/mon cash flow (for 14 months) and $21,000 out the back.

Ad:
“RENT TO OWN!
$875 plus deposit,
3/1, downtown
XXX-XXXX” Or something like that.

Remember, the deposit is a “NON-REFUNDABLE EARNTEST MONEY DEPOSIT” saying they’ll buy, not a security deposit.

I DO NOT deal with Realtors for houses unless they’er cheap junkers listed. I have the owners call me. By calling me they indicate their motivation.

Hope this helps.
Here’s to your success :wink:

Re: Is it True?? - Posted by Mike

Posted by Mike on July 27, 2001 at 01:10:44:

Try believing in yourself! That’s all that matters!

Re: Is it True?? - Posted by pam

Posted by pam on July 25, 2001 at 11:00:07:

Jim,
Wow! What a great deal! That house was sold for below marked value from a motivated seller. Profit up front, cash flow in the middle and cash at the end. That was a goldmine. I know that I have the guts to do this, and I know the motivated sellers are out there, I just don’t feel confident about writing up the paperwork. Did you have an attorney help you or did you use forms from a course, or what?? God bless, Pam

Re: Is it True?? - Posted by Jim

Posted by Jim on July 27, 2001 at 09:06:26:

I started with the forms and contract in a course, but later had them modified to meet my needs and the way I do business. Some I totally rewrote and created my own.

creative! - Posted by pam

Posted by pam on July 27, 2001 at 11:03:54:

That figures! You CRE investors even come up with creative ways to write up your deals! I live in CT, and I need to find a good attorney that is open to creative investing, subject to’s, and re-selling to tenant buyers through lease option. This website gives great encouragement as well as practical solutions. Thanks to all. I know I can do this, but need to do my homework to avoid legal pitfalls…