Carlton Sheets Course - Posted by L. Johnson

Posted by Gary Sem on February 25, 2001 at 16:22:48:

(My internet being changed, so write SSPO Box 71057 Calgary, Alberta T3B 5K2, Canada) I saw the Sheets ads
on cable TV for 1st time. Interested because I had had
revenue property and “made good money” for years, but
Calgary has extremely volatile economy (driven by gas/oil) and when that sunk and coproprate downsizing
hit and vacanices/abandonments skyrocketed, my "system"
failed to make money. I could have hung on if my job
also didn’t vanish and my key tenants became my otherwise homeless daughters… who happened to love
jerks… and in the end I had to sell off (still at
a profit since I had bought at extremely good time).
But real estae is very risky in volatile cities!

During my “unemployment” (permanent since computers
now do most of the geophysics I had done!) I fitted
together the Bible and science - resolved creation
of Adam (first of his race, noit first human) with
human fossils over 100,000 years, and learned Bible
Law (perfect Ps 19:7) is still valid - under this
money is silver, not paper! We (Adamites) not to pay
interest! FRS $ system is a fraud (created by satanic
conspirators… I’ve got the evidence!) Thus Sheets
encourages people to trust in and honor (pay interest)
this abomination. (He’s probably honest but stupid,
as I was; I’m not saying he’s “satanic”!) Get out of
this system! I’m renovating my geology for silver/gold
exploration (despite abysmally low FRS$ price now) and
contacting mqjor silver mining companies to re-establish silver cash and banking… urging people to dump FRS$ and not pay such debt/interest - destabilize the FRS$ system itself… coercing people
back to real money (also in US Constitution). For
info write me. (NOT A GET RICH WITHOUT EFFORT SCHEME!)

Carlton Sheets Course - Posted by L. Johnson

Posted by L. Johnson on February 18, 2001 at 08:31:17:

I would like to hear from people who have actually used the Carlton Sheets course, besides the TV commercial people. I would like to know what the downside of this course is. I have seen this infomercial for years and have wondered about it. Can I really take this course and carry out what it teaches without having any other training?

Thanks for you time.

Re: Carlton Sheets Course - Posted by Cal Cumberland

Posted by Cal Cumberland on March 03, 2001 at 21:19:18:

I have the course, and I see the many mistakes that I made in the past. I wish that I had bought the course many years ago. I have also found other things, through other people, quite good.
Check out Joe Kaiser. creonline.com. He has some very interesting way’s of doing things that have helped me greatly in the last while.

Read Carlton Sheets’ book first… - Posted by David Krulac

Posted by David Krulac on February 18, 2001 at 10:06:30:

it costs about $14 and will whet your appetite. Its elementary and only a beginning. It works only if you do.

Re: Carlton Sheets Course - Posted by cindy wade thomas

Posted by cindy wade thomas on February 18, 2001 at 09:48:39:

I’m interested in learning this system I’m tired of being broke all the time and I’m also a singal Parent

Re: Carlton Sheets Course - Posted by Jeffrey D. Smith

Posted by Jeffrey D. Smith on February 18, 2001 at 13:12:11:

I bought the CS course way back around 1996 while I was living Houston TX. At that time, the vacancy rate for rental properties (residential and commercial) was very high and the monthly rentals were much lower than what would justify the investment in income property.

However, the information is a very good introductory course on real estate investing. I also purchased his “upsell” courses on distressed property, partnerships, and extra video tapes (I think the video tapes are now standard in his $180 course). I think you can also upgrade his course for about $30 to get time-coded audio CD, instead of cassette tapes. If you have a CD player, then get the CD, because you can easily bounce around to various sections.

The big printed manual had only one math error that I could see regarding calculating a broker’s commission based on the total investment (the case where you are offering to pay the broker’s commission, rather than the seller paying the commission).

The main thrust of the course is “no money down” using the property as the total security (your purchase contract has a “buyer exculpation” clause that relieves you from any deficiency liability in the event of foreclosure). “No money down” only means that you are not coming up with cash, but rather borrowing whatever funds you need (from a variety of sources) to close the deal. You need to understand the Time Value of Money, how to use a financial calculator, how to estimate income and expenses. You only want to purchase properties that are self-supporting and generate positive cashflow. Personally, I would never purchase an income property that didn’t generate a significant positive cashflow per unit; enough to offset vacancy rates, deadbeat tenants, maintenance, etc.

Maybe 10% to 15% of the available properties at any particular time are receptive to creative financing. I’ve read horror stories about naive CS students attempting to make “no money deals” that include steep discount on the purchase price, as well as seller carry-back (and broker commission carry-back financing). That is just plain stupid. As Carleton Sheets points out in his course, the value of a property is greatly affected by the financing of the property. Also, single family homes are more difficult to purchase with creative financing for a variety of reasons (mostly emotionally subjective rather than business objectivity).

Fortunately, my credit and financial resources are such that I can purchase real estate using “traditional” methods, rather than heavy financing. I am still satisified with my purchase of the CS course and the advanced courses.

It’s not a “turnkey” systems for quick riches. You must study, research, drive the neighborhoods, invest in your self-education.

Being a single parent is tough, especially with more than one child. Real estate investing requires time. You may want to consider collaborating with a good friend to divide responsbilities and time commitments, then share in the profits. Be careful about your legal business relationships with friends, because sometimes friendship and business don’t mix well.

The informercial has the standard formula like any other business opportunity informercial, with one remarkable exception. You know that only the cream of the crop testimonials appear on TV; however, the stated incomes are NET of income taxes, rather than gross (like most other infomercials). That means that those highly successful students are netting very good incomes (before income taxes and after all expenses including financing). You are seeing the highly successful 0.5%, the vast majority are not that successful.

You definitely need a good grasp of basic high school skills like reading, writing (spelling, grammar, punctuation, semantics), arithmetic (you must understand mathematical formulas). If you don’t understand how interest and principal payments are calculated, then you are at serious risk of making a bad investment or missing a good investment.

You’ll need to form a team; attorney to review initially your intended contracts, accountant/bookkeeper for servicing your income streams and preparing taxes, escrow and title companies, handyman companies for repairs/maintenance, real estate agents and brokers for watching for good deals. You need to approach this as a true business; you need to commit yourself to excellence.

Sadly, some folks don’t have the aptitude for real estate investing. That doesn’t mean they’re stupid or ignorant; just that their brains are wired differently for some other endeavor.

My very first real estate purchase was years before I got the CS course. That purchase was “no money down” on a duplex house. I lived in one side and my tenants lived in the other side and their rent payments covered my entire obligation on the property. I lived there for the cost of my own utilities (separate meters). Such deals are much harder to find now, but may be a good way for you to increase your net worth while reducing your monthly living expenses, thus freeing up more of your earned income for more real estate investing. Stay away from property management companies until you have a sizeable portfolio of properties.

Don’t invest in the “coaching” program; the information in his basic course on property management is more than adequate for now.

2 cents worth. Your mileage may vary.
Good luck.