I also bought Carlton Sheets course 3 years ago but never did anything with it - just seemed too risky for a beginner.
The No Money Down part really does work though - I’ve bought many many properties that way - heck, I even had one guy give me $1600 to “take his house” subject to the mortgage.
I’m also a Ron LeGrand (and Bronchick and Kaiser)supporter - I believe in taking care of todays bills and getting rid of all debt before concentrating on holding properties. And taking on no, or minimal short term, liability along the way.
It’s much easier to get rid of debt when you can do it in BIG chunks of cash like $10,000, $20,000 or
$30,000+ at a time.
Then it’s time to REALLY work on creating the assets that provide cashflow.
This is just MY opinion though. It’s what works for me. Hope I don’t get slammed for rocking the boat for the buy and hold crowd.
HELP!!! PLEASE, I’M NEW AT THIS, GOT TO MAKE IT WORK!! - Posted by S. Springer
Posted by S. Springer on May 24, 1999 at 23:58:56:
I’ve listened to the tapes one time(Carlton Sheets that is) and I understand everything except when he gets into the creative finance. I want to know has anybody really purchased any property with no money down??? And!! I’m nervous, but I have 5 kids, and husband works, and I really want to help with their education! Someone please I need help
I’m kind of like Jim: I took the Sheets course and found it motivational and informative .But unlike Jim I did do a Sheet’s deal (lol). That was back in November.After that I became impatient with the buy and hold strategies Sheet’s recommends. Nothing wrong with them if you are after slow wealth building investments. All fine and well but what about the gas bill due next week? So I studied Ron Legrands fast cash strategies. Legrand believes that you should start the buy-n-hold-slow-wealth stuff only after you take care of todays cash flow needs. Makes sense. The result? In the next week I hope to wrap up 3 lease options, all aquired with zero down. Profit? There are variables but it should be around $30,000. Positive passive cash flow is about $375/month to boot. You can get properties zero down from motivated sellers.Don’t get me wrong: I hold Sheets in the highest esteem.But for now I’ll concentrate on the fast cash methods taught by reputable folks like Legrand, Bronchick and Kaiser. Hope this helps.
Russ
Keep reading all the articles and posts here.
YES! it does work!
And, many of us here have done it and continue to do it all the time.
Remember though, it is a numbers game.
You will get more offers rejected than accepted.
That is until you start to “refine your targets”.
After a while, you will see the sellers that are motivated and skip the rest.
Saves time and makes you more money.
And, get some other material to read and learn from as well.
Sheets was a GREAT foundation for me, but I got ZERO deals on his material.
I did however get my first deal after reading ONE “other guys” book.
And, since then am always reading and studying “other material”.
The learing and education process is ongoing, and I’m sure I’ll NEVER learn it all.
But, I will keep reading and doing.
Get out there and make offers.
REAL life learning is the key to this business, AFTER you overcome the fear of the unknown.
Good luck to you,
Jim IL
Money changes hands in every transaction. As I am sure you have heard before - it just doesn’t always have to be your own money. I know that sounds hokey and under-handed, but it is easy to see where the money goes if you take the time to “track it” in CS’s examples.
Try this, it may help you see where the money is…
Take one of his examples that doesn’t seem clear to you. On a piece of paper, create a “balance sheet” of sorts. List what money changes hands and where it came from.
Sometimes seeing the numbers on paper takes the “mystery” out of the tranaction.