Posted by Jim Pack on January 26, 2000 at 13:30:22:
I agree with both of you, Rick and Paul. I bought the CS course about 5 years ago. Most of the principles were sound, some were not. Try doing a Wrap-around mortgage in Georgia, the banks will throw you out in the street! I don’t know if you can do it in other parts of the country, though. Most bank mortgages have an acceleration or due-on-sale clause, plus you have to ask them in writing if you can change ownership. Also, there is a long section on creating and discounting notes. Most people are still wondering just exactly how and where you can take your note to exchange it for cash. The basics are there, if you read, study, talk to people and practice doing it. I also had to buy 10 or 12 other books that talk about the same subject just to get a different view or more in-depth knowledge than Charleton offered.
Buy it? Darn right! It works! See my post about Charleton Sheets’ course. Paul, you should try and focus on building a house with as little money as possible, even if you have to spend 12 months doing everything yourself or getting your buddies that do the electrical, plumbing and roofing to help you. Sell it, take the money and do it again on your spare time (I know you probably don’t have much, cause my wife owns a construction company). After a while, you have a house that you didn’t have to go to the bank to get a construction loan for. Eventually, YOU can be the bank and start onwner financing to your buyers. Start getting enough on down payments to get more properties. Look at foreclosures, scour the newspaper for deals. There are plenty of books out there on the subject. The only thing holding you back is procrastination or thinking it is too hard to do. Good Luck. I am a private individual who is trying to make a living, too. I am not affiliated with Charleton Sheets or any body else.