Posted by Walt Smith on September 25, 2003 at 18:38:35:
There are two types of houses I buy. Ugly ones and pretty houses that need no repair not even painting.
Since you may be a rehabber there are private investors with funds for this type of investments. Most go through brokers because they do not want the hassel of putting the deal together. Depending on where you live in Fl. I might be of some help to you. Reply to me private at my e-mail address.
Ugly house: The house did not even have a roof. It was just 4 walls sitting on a lot. I purchased it for 10.0000. spent 22,000. rehagging and sold it three months later for 62500. I have done this over and over and over again over the past 15 to 20 years.
All money for these deals came from a private investor. I have never put one dime of my money into a house. I bought one house that took 2 years to sell it and still came out with 14,000. profit.
Pretty House: People call me who are in trouble and need to unload. Some need to move now, some have already moved. Some have two mortgages not worth more than the property it self. People deed these properties over to me and I take them subject to the mortgage. I have them pay three months in advance when they leave before I start making the payments.
I have never invested any money in these houses either,
Carleton Sheets Question ammended - Posted by Jimmy
Posted by Jimmy on September 24, 2003 at 20:49:26:
Hi Last night I asked if the Carleton Sheet’s program can work for me even though I have very little or no savings, I think I worded it wrong, I am fully aware that no program works that I have to go out and do the work and apply the principles, What I guess I was asking is I know you can buy with no money down (That’s the main thing on his course) But can you really make a real estate investment starting out with a net worth of zero or just over that? Thank You all and Have a great evening.
Jimmy
Re: Carleton Sheets Question ammended - Posted by jasonrei
Posted by jasonrei on September 28, 2003 at 02:48:20:
Yes, if you know what you are doing you can buy houses and make money, starting from flat broke or worse. When I started I had VERY little money or credit, and a negative net worth. I did find a couple of lenders that fronted me quite a bit of money to get started, but now I know how to do deals with absolutely no unsecured money.
It is possible, and it’s not even a freak thing. Lots of people do it.
Re: Carleton Sheets Question ammended - Posted by Rich_Va
Posted by Rich_Va on September 27, 2003 at 09:41:27:
I’ll have to agree with Brent on this one. I have done many deals with no money out of my pocket, but I had to get the deals, this takes time, traveling, networking, etc. There are some costs associated with the investing and although Walt says he never spends any money out of his pocket, I’d ask how he gets his gas in his car. This all adds up especially when your starting out.
Now if you get an angel lender who wants to invest some large $$ for a good return, then your off and running.
I started out with a negative net worth of about $175,000 about 4 years ago. Now I’m at the Positive $350,000 and growing just doing this part time. You don’t necessarily need to wait until you have funds, but develop a plan on how you will approach your investing to include financial budget to stay within your means.
Good luck
Re: Carleton Sheets Question ammended - Posted by Brent_IL
Posted by Brent_IL on September 24, 2003 at 22:16:43:
Walt may be right at a certain point in time, but while drinking a glass of water may be simple for an adult, for a baby, it’s a near impossibility. A year or so ago, Bill Bronchick (?), posted a reply to a similar question in which he stated that while it was possible to buy real estate with no money down, it is not possible to buy houses with no money. It?s the cost of doing business that?s required. He listed a dozen costs. Marketing, research, transportation, and supplies were the highlights. Until you get the cash together to work with, I?d suggest spending the time learning more about creative real estate investing, so when you join the fray, you?ll be successful.
Re: Carleton Sheets Question ammended - Posted by Evelyn
Posted by Evelyn on September 25, 2003 at 12:05:20:
Care to give us a quick example of one? Don’t doubt you, I’m just trying to do the same thing. Thought an example might help me and others that are new here.
I can give you an example. Finishing up on house I bought 3 weeks ago, Sale price 58,400. Loan amount for purchase and repair $89,000. Walked out of lawyer’s office with a recorded deed and a check for 30,700. Didn’t spend any of my money.