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Carleton Sheets.....
- Thread starter beastboy
- Start date
Buddy_Christ
New member
i had a friend that claimed it worked for him and was telling me about all the places he owned and how much money it had made for him. he was a great BS artist when he wanted to be though, so i dunno if any of it was true.
beastboy said:
My dad invests in real estate. And when he first got into it he did buy that Carelton Sheets set but he's said since then there arent any "secrets" at all in that set. It's all stuff you can learn for free with just a little research. It's not a scam, but it's not essential either.
If you're really interested I can photocopy some of the materials here at work and mail it to you so you can see first hand what's in the kit. Lemme know.
Y_lifter
New member
Renting? No
I had the opportunity on our forst house and talked to a few people that did rent.
They gave me the positive and negatives of it.
I said Heck no, not worth the headaches for a couple hundred extra $ income a month..
Dealing with deadbeat renters and repairs etc..
I think If you have several properties it's worth it, but not just one.
Unless it's like a beach or Mtn rental that you are wanting to gain value
and sell later or if you want to retire there in a few years
I had the opportunity on our forst house and talked to a few people that did rent.
They gave me the positive and negatives of it.
I said Heck no, not worth the headaches for a couple hundred extra $ income a month..
Dealing with deadbeat renters and repairs etc..
I think If you have several properties it's worth it, but not just one.
Unless it's like a beach or Mtn rental that you are wanting to gain value
and sell later or if you want to retire there in a few years
WODIN said:
What do you have to add to this topic?
Anya....thanks, I'll let you know.....I'm not too comfortable giving females my address....with stalking and all.
Y.......I look at it more on building equity with the rental...I wouldn't expect to make much off of the actual rent.
I have so many fricking ideas that go through my head everyday.....I don't know what the fuck I want to do.......except make more money!!!
Y_lifter
New member
The house was a starter and the equity build was not supposed to be high
given the neighborhood was going the way of rentals.
If you are looking for that and the values in the area are going up, go for it.
Maybe look at getting a mgmt company to deal with the rental B.S.
I honestly don't have much of a passion for getting rich and stuff. really
Keeping a comfortable margin on bills and such and saving 15% each week
in the 401K is pretty much it..
given the neighborhood was going the way of rentals.
If you are looking for that and the values in the area are going up, go for it.
Maybe look at getting a mgmt company to deal with the rental B.S.
I honestly don't have much of a passion for getting rich and stuff. really
Keeping a comfortable margin on bills and such and saving 15% each week
in the 401K is pretty much it..
C
Code
Guest
Owning rentals is a PAIN in the ass.
Don't do his program, ever.
Your co-worker will feel the wear and tear of the upkeep soon enough.
Don't do his program, ever.
Your co-worker will feel the wear and tear of the upkeep soon enough.
Sheets is a doofus.
There are no insights in his info, no additional info into how to understand the RE markets.
There are no insights in his info, no additional info into how to understand the RE markets.
C
Code
Guest
Sheets' program alone will not do that.
The smart folks who try his program learn early on that flipping the property for profit is much easier.
You could also look into assumable loans, if it's legal in your state, it's a great way to "rent to own" homes. You make WAY more profit.
The smart folks who try his program learn early on that flipping the property for profit is much easier.
You could also look into assumable loans, if it's legal in your state, it's a great way to "rent to own" homes. You make WAY more profit.
beastboy said:
RE has always been the 'get rich slow' program. Attempts to see it as something else are misguided.
Suppose you had a track record of flipping 20houses, at the ridiculous profit of $50K each, two a year.
This would be a spectacular outcome, and still only $1M.
It's a component of wealth not a foundation.
Suppose you had a track record of flipping 20houses, at the ridiculous profit of $50K each, two a year.
This would be a spectacular outcome, and still only $1M.
It's a component of wealth not a foundation.
C
Code
Guest
I only did for sale by owners. Forecolsures usually have serious damage from the previous owners.
beastboy said:
MattTheSkywalker said:
Matt.....don't take me the wrong way....I'm not unfamiliar with what it takes to make money and how much work it actually takes. I get so irritated when I hear people say, "it would be so easy if....." or "they make easy money...." or "there is nothing to it...." when it comes to owning your own business.
Also...when i say I want to be rich, it is not to be taken in the same context in which you take it. I want to be very confortable and have my day job actually be a second income.
Hell....An extra 10-20K a year would be nice. I'm just looking for info on how to get started and what is the best route.
I'm not sure if I'll ever be happy or comfortable enough, but I'm a work-aholic.....I have my day job...own a business....have a wife that works full time and who also owns her own side business........I just want to get a little further ahead in life.
Code said:
Did you encounter most 4 sale by owners were jsut looking to "get out"? I would think you targeted a certain area, or price range where averages of lower incomes would play into your favor.
I know that a lot of foreclosures have contigencies put on the sale of the some that rewuire the new owner to have certain fixes, etc. be done within a certain amount of time.....as well have the money set aside in escrow before the loan closes.
beastboy said:
word, bor, we all do.
My point about RE is that you can have the same outcome is you buy yourself a great residence, pay ahead of schedule, continue to sell and trade up.
In 10-15 years you can have a million of equity with a lot less headache. That's all I am saying mang.
MattTheSkywalker said:
I hear you.....but the house we are in now, will be the one we want to stay in until our kinds move out......we are surrounded by family and friends.
Oour friends are building their 3rd home.....500K appraisal....50K loan....now I wish I had that going for me right now.
C
Code
Guest
I did this during the peak of unemployment. So a lot of people were willing to pay me a little to take over their mortgages.
I looked into a couple foreclosures and the properties were total shit. Window treatments were ruined, carpet torn up, huge holes in walls etc etc.
I wasn't willing to get a house cheap, just to put the difference back into the house. If I put ANY money into the house, it was to get sod put in or in one case to put some kitchen appliances in it.
I looked into a couple foreclosures and the properties were total shit. Window treatments were ruined, carpet torn up, huge holes in walls etc etc.
I wasn't willing to get a house cheap, just to put the difference back into the house. If I put ANY money into the house, it was to get sod put in or in one case to put some kitchen appliances in it.
beastboy said:
beastboy said:
I bought my FL residence this way. The guy was asking like $700K, (it was in shitty shape but waterfront, comparable lots $1.5M) it was FSBO. I made him an offer, and then found out that he had built another place.
I called his wife back and told *her* "I can buy this shit today. I will come to your house with a cashier's check tomorrow, your call." (I had done some background work at the bank already).
She talked to her husband and I ended up getting the place for ~$600K. Through the magic of interest rate staying low, I've gotten offers for $2M.
You can get shit like this with FSBO, you just gotta keep looking. And don;t be afraid to low ball people. You know what 'blockbusting' is?
pitbullstl
New member
beastboy said:
I have 7 rentals......and the stress is minimal, as long as you screen tenants properly, and don't buy a sinking cess pool.
I think Sheets seminar is more reflectant of buying with no money down, and turning around and selling for a profit in 90 days or so. I also think he is made of clay........but that's just a theory.
pitbullstl
New member
Code said:
Ditto....and the turnaround is a lot faster, not to mention as Code already said much more profitable.
pitbullstl said:
Not sure how it is where you live but in NY (and South FL too) there are strict guidelines for who you can rent to, and you must follow them.
In NY the counties will send out fake 'tenants' to make sure you are using the proper proceedings, and can actually force you to rent section 8 etc.
Tenants have a lot of rights in NY....even before they are tenants.
beastboy said:
Do it during changing market conditions and you can get stoopid deals on properties. People get frantic....
yeah, it is a little unethical, but my sister got her place in NY this way for $150K under market.
Post election in the time to do this, esp if Kerry wins. If you need assistance I am world class at it.
C
Code
Guest
Exactly, same thing in my state, only you also have guidelines for renting to BYU college students.
So I just assume the loans from FSBO's, and then allow someone else to assume my loan for a fee. Easy way to make 10k without a single dime.
So I just assume the loans from FSBO's, and then allow someone else to assume my loan for a fee. Easy way to make 10k without a single dime.
MattTheSkywalker said:
pitbullstl
New member
beastboy said:
Lately, most for sale by owners are due to the lower interest rates, and everyone trying to squeeze every last dime of profit out of the sale. If you are trying to sell your house, and have no knowledge of real estate whatsoever, then you are an idiot, and are deserving of me screwing you out of 5-10k.
pitbullstl said:Lately, most for sale by owners are due to the lower interest rates, and everyone trying to squeeze every last dime of profit out of the sale. If you are trying to sell your house, and have no knowledge of real estate whatsoever, then you are an idiot, and are deserving of me screwing you out of 5-10k.
word - $5 or $10K....more like $100K. LOL
There are so many FSBOs in South FL right now......
pitbullstl
New member
MattTheSkywalker said:
Missouri, and no there are no such guidelines. Going on my third year with these homes, all in the same neighborhood, I have an offer from the resident slumlord, and he wants to buy me out at fairly decent profit.
pitbullstl said:Lately, most for sale by owners are due to the lower interest rates, and everyone trying to squeeze every last dime of profit out of the sale. If you are trying to sell your house, and have no knowledge of real estate whatsoever, then you are an idiot, and are deserving of me screwing you out of 5-10k.
I'm not sure I'm following you...
beastboy said:
You can - this is why you do it on FSBOs, owners don;t know the deal. Usually a competent RE agent or broker will smell the rat.
pitbullstl
New member
beastboy said:
How so??
pitbullstl said:I have 7 rentals......and the stress is minimal, as long as you screen tenants properly, and don't buy a sinking cess pool.
I think Sheets seminar is more reflectant of buying with no money down, and turning around and selling for a profit in 90 days or so. I also think he is made of clay........but that's just a theory.
SCREEN TENANTS PROPERLY. Absolutofrickinglutley.
I was drafted into helping my daddy clean up a couple of different rentals that got trashed. Thankfully he learned his lession. But the worst part is getting the nonpaying bastards out of the rental. In Georgia it's taken us up to 2 months.
One asshole who was FINALLY getting his ass moved out by the sheriff actually expected us (the landlords he never paid!) to help him move his crap out. My dad told me to watch the guy to make sure he didnt "accidentally" bang up our walls anymore while moving his junk and he called me a bitch for not helping him carry his fricking love seat out to his truck.
pitbullstl
New member
beastboy said:
Pretty much, but the hit they take is due more to the fact that they have no idea what they are doing vs. wanting out fast, remember I live in the midwest, people don't move so fast around here.
bran987
New member
if you want to own R.E. without dealing with tenants, a guy who used to work for my company is doing it. he buys preforclosures and then sells the houses on a lease to purchase contract to tenant-buyers who are responsible for their own repairs. they will also pay you higher than market rent, higher than market sales price and give you a 4% down payment just for giving them the chance to live in a house and repair their credit before they can qualify to refinance and cash you out. if they can't qualify for the loan at the end of the option period either renew the option or kick 'em out and take another 4% down pmt. from the next tenant-buyer. he learned from these 3 places:
www.johnburley.com.. free discussion forum with 40,000 posts here you can learn a ton of free stuff:
http://mastermindforum.com/phorum/list.php?f=2
http://www.amazon.com/exec/obidos/t...002-5269155-5601614?v=glance&s=books&n=507846
www.lease2purchase.com TONS of free information. and another free discussion forum with ppl doing it everyday on that site is here:
http://www.lease2purchase.com/wwwboard/list.php?f=1&collapse=1
www.johnburley.com.. free discussion forum with 40,000 posts here you can learn a ton of free stuff:
http://mastermindforum.com/phorum/list.php?f=2
http://www.amazon.com/exec/obidos/t...002-5269155-5601614?v=glance&s=books&n=507846
www.lease2purchase.com TONS of free information. and another free discussion forum with ppl doing it everyday on that site is here:
http://www.lease2purchase.com/wwwboard/list.php?f=1&collapse=1
beastboy said:
In many markets, low rates drives prices up, because people look at a property based on "how much can I afford each month", rather than "how will I benefit from owning this?"
For example, with lower rates, a $3000 payment includes more principal, so a more expensive house can be bought. However, when rates rise, that same $3000 is more interest, so the price of the same house drops.
High and low end markets are unaffected - a $10M house is not bought based on 'can I make the payment' and a $60K house is already so cheap that - where is it going to go?
rate fluctutations are what change a $330K house to $240K, though. Rates affect that middle market the most.
So homeowners hear that they can get a few extra bucks selling when rates are low (ex in South FL, everything is for sale). This causes the following
A flood of sellers lowers prices. Sellers start hearing that the prices they are expecting are not occurring (supply and demand, everyone is selling) and they get frantic. A savvy buyer like pitbullthelexusdealingrealestategurustl
can get an excellent buy during these conditions.
bran987
New member
MattTheSkywalker said:In many markets, low rates drives prices up, because people look at a property based on "how much can I afford each month", rather than "how will I benefit from owning this?"
For example, with lower rates, a $3000 payment includes more principal, so a more expensive house can be bought. However, when rates rise, that same $3000 is more interest, so the price of the same house drops.
High and low end markets are unaffected - a $10M house is not bought based on 'can I make the payment' and a $60K house is already so cheap that - where is it going to go?
rate fluctutations are what change a $330K house to $240K, though. Rates affect that middle market the most.
So homeowners hear that they can get a few extra bucks selling when rates are low (ex in South FL, everything is for sale). This causes the following
A flood of sellers lowers prices. Sellers start hearing that the prices they are expecting are not occurring (supply and demand, everyone is selling) and they get frantic. A savvy buyer like pitbullthelexusdealingrealestategurustl
is this what 'blockbustin' is?
pitbullstl
New member
MattTheSkywalker said:pitbullthelexusdealingrealestategurustl
QUOTE]
Is that too long for a new user handle??
Bran987 said:
No.
Blockbusting is the following:
You put a house on the market for $500K, which you determine is reaosnable for the area based on appraisal etc. You're willing to sell for $475K or so, but $500K is the starting price.
I come by and make a written offer of $350K. You think little of it, your price is $500K.
Then someone (my friend) offers you $330K. Another friend offers you $345K. Anotehr offers you $360K.
You don't know they are my friends.
I come back and up my offer to $375K. Exasperated, you take it.
I just got the the house for $125K under market value.
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