I bought the Carleton Sheets course two years ago. With in 3 months I closed on a 6 unit building using none of my own money. I used techniques outlined by the course and I continue to use forms from his Legal Documents book.
The course starts off with a motivational speech, getting you think outside the norms. Most of us from middle class backgrounds were brought up to train for good jobs that would provide steady income and security. To be a real estate investor, you need to undergo a paradigm shift in your thinking…that is you need to ignore the naysayers in your life and take action. I am a teacher, and I have suggested to colleagues that we should invest in a $1M apartment building but this is beyond their comprehension. Yet I know that within a year, I will purchase a property in the million dollar range.
The techniques for “finding” the money for no money down work in Canada, as do the strategies for finding properties that lend themselves to nothing down sales. The section of evaluating the value of properties and making offers was especially helpful to me in my first deal.
The biggest discrepancy is in the way our tax systems treat the disposition (proceeds from sale) of the property, but this is not covered in the CS course anyways. I won’t get rich quick with my approach to real estate investing, because I view my properties as investments, but I will do well over the long haul. A man was sitting under a tree on a hot summer day. his friend mentioned how lucky he was to have a shady place to sit. The man replied, “The seed was planted many years ago for me to enjoy this shade today.”
I will close with a couple of questions - Do you wish to acquire wealth and peace of mind? Are you influenced by the opinions of others? How much are you prepared to pay to get the knowledge needed?
Just bought the Calton Sheets course in summer of 1999, closed on our first triplex this summer and looking to learn a bit more, share experiences, etc with any creative r.e. investors in Toronto, Ontario area or south western Ontario…
Greeting from the Great White North! I have the C.S. course and have bought properties in Prince George, B.C. using techniques he describes in the course.
I bought two single family houses using a line of credit and a loan by the seller secured by a boat I own. I rented the houses for two years in a time when property values were rising. I sold the houses on a rent to own deal where I returned 50% of the rent to the purchasers for a six month period. This cost me about $3300, but I saved $8000+ bypassing the realtor commissions… With the profit from these two houses, I paid off my line of credit and used the rest for a down payment on a 6 unit townhouse building. I learned to determine the value of the property based on income generated from the CS course, made a 4 way verbal offer that included all cash at closing, some cash plus a vendor second, nothing down and seller loaning me the down payment, and a lease option price. With a lot of balls, I made a what I considered to be a real low ball offer, and we ended up settling not far from. Property listed at 378,000, I offered $294,875 (always use those odd numbers), we settled at $308,560 with the seller carrying $28,560. I used $40,000 profit from my earlier deal and $10,000 from the line of credit to close.
I currently generate $3900 per month in rents, and net $1800 per month, which will increase to $2400 per month in 3 years when the vendor’s second is paid out - if I hold the property that long.
Are you prepared to spend $250 on your future? I had previously owned rental houses, and so I had some idea about this form of investing. I went ahead and bought the course and am happy I did. It did a couple of things for me - 1. it gave me some new ideas on investing, more specifically how to evaluate a property…I wouldn’t buy another single family residence to rent again, the money is in multi-family buildings 2. it gave me strategies on how to purchase these properties without having money in the bank…I used $25,000 on a line of credit, got a partner and got the seller to carry some financing 3. I learned about different ways to structure an offer - I offered about 77% of the original list price, we settled at 81% 4. most importantly - buying the course motivated me to make the jump from dreamer to investor.
Would I buy the course again? Yes. Is it everything I need to know? No. As in any business, one has to keep growing but it gave me the tools to make the first step into being a serious real estate investor.
I am considering purchasing the course. Was not sure if this course would help with Canadian purchases or if it is specific to US regulations etc? Any info would be appreciated.
Thanks