Posted by Brent_IL on September 09, 2003 at 13:45:46:
- Does the Carleton Sheets program work? Is it worth the money?
- If you make more money using the information given than the CS course cost you, it was worth it. Someone gave me the course a few years ago. I never listened to the tapes, but I read through the booklets. From what I gathered, CS?s methods are designed for folks starting out with credit, cash, or collateral that can be documented. Most of his teachings can be adapted to useable techniques for those who don?t have the 3 C?s.
- If the answers to 1 are yes, what is the risk of using the program? My wife would never let me do anything that would have even a slight chance of landing us in the poorer house.
- You are the one that decides how much you will put yourself at risk. Risks must be managed. The biggest risk is inadequate preparation for your initial deals. Complication doesn?t necessarily mean greater risk.
- What is the time involved in doing a deal. I have sold two of my own primary residences and each was an absolute pain in the (insert expletive here)
- The timeline depends on the type of deal and the planned exit. Rehabbers have a different timeframe than do those who flip contracts. If you want to exit with a sale for cash to mortgage, you can expect the sale time on market to be the same as that experienced by REALTORS® or FSBO?s. My standard exit is a lease-purchase to a R/B. In a highly populated area, offers never take long.
- Do you buy properties and just flip them? And how does one buy something for so little and flip it around for a big profit?
Do an archive search for ?Ronald * Starr? and ?CAT? Ron goes to great lengths to explain the source of profit. Immediate flips work similarly to commodity futures in that a token deposit controls a much larger investment. Unlike futures, you can?t get whipsawed. With adequate documentation, monetary loses are limited to marketing expense and deposits. Deposits can be reduced or eliminated.
- Do you buy fixer-uppers and fix them up? If so, how do you account for the costs for fixing them up for tax purposes?
- I don?t buy major rehabs, but I am reconsidering my position. The capital improvements are part of your basis. It?s a game to see how many capital improvements can be turned into deductible expense.