Will this work in Arizona? - Posted by Kevin

Posted by k.e. on August 04, 2001 at 08:50:32:

These so-called professionals either dont know about these creative techniques therefore think that they are illegal or just want to keep these secrets to themselves cutting down on competition. I know people buying and selling in AZ. the Phoenix area

Will this work in Arizona? - Posted by Kevin

Posted by Kevin on July 19, 2001 at 12:51:10:

I have recently bought the course and live in Phoenix, AZ. In talking to some local real estate professionals, I got the feedback that this will not work in this state because of the title laws. The laws here in Arizona are lien based instead of title based, meaning that the mortgage company does not own the title like many states back east but, instead is first in line for the lien on the property. Does anyone know if this is really a problem? Has anyone bought some property in Arizona by using this system? I would appreciate any feedback.

Re: Will this work in Arizona? - Posted by Sean

Posted by Sean on July 19, 2001 at 15:29:36:

Let me see if I’ve got this straight: The real estate professionals you’ve talked to told you that you can’t borrow money to buy property and rent it out in Phoenix because it’s either illegal or impossible to borrow money there for the purpose of buying real estate?

Re: Will this work in Arizona? - Posted by Kevin

Posted by Kevin on July 19, 2001 at 22:15:06:

No, actually the real estate professionals told me that using Carleton Sheets program in Arizona would not work because of these laws. Not because it is illegal, its not, but instead because it is not practical. I wanted to see if anyone else has any experience with this program or other creative financing in the state of Arizona. Any help would be much appreciated.

Re: What’s up with that??? - Posted by bob (pa)

Posted by bob (pa) on July 19, 2001 at 21:57:51:

It sounds to me like that just don’t get it…

Re: Will this work in Arizona? - Posted by Sean

Posted by Sean on July 20, 2001 at 09:49:29:

Well, I don’t live in Arizona. I live in California. California is a lien-theory state, not a mortgage state. Accordingly some things where I’m at are different than Florida, where Carleton Sheets is most familiar with.

So instead of mortgages we use trust deeds. Instead of contracts for deed we have land contracts. Instead of wraparound mortgages we have all inclusive trust deeds.

This doesn’t change the fact that Carleton Sheets program, for all his hype, is pretty simple and straightforward. He simply gives creative examples of ways to borrow money. The crux of his program is still 1) Borrow money 2) Buy real estate 3) Rent it out 4) Repeat until desired wealth obtained.

Re: What’s up with that??? - Posted by Kevin

Posted by Kevin on July 19, 2001 at 22:16:40:

Very possible. Do you have any experience in Arizona or know anybody that does?