Posted by Carol on January 26, 1999 at 17:58:31:
There is not JUST ONE. If anything I believe he tried to get across that there is more than one way to skin a cat and that by looking at problems CREATIVELY you can come up with solutions, and profits.
I’ll let somebody else get into the specifics of your inquiry…
Carol
Sheets and home buying - Posted by BOB-CA
Posted by BOB-CA on January 26, 1999 at 16:27:56:
My question is with the Carlton Sheets method for buying property no money down. He suggests obtaining a new first mortgage on a home, then paying the seller his down payment and whatever existing loan off with the new first mortgage. The buyer then gives the seller a second mortgage for the remainder of his equity. He then says you can refinance the
entire debt at the end of a number of years. but what if you cannot get enough cash loaned on the property to satisfy the second mortgage. How does refinancing work? Is there a better way to buy property with no money down?
Re: Sheets and home buying - Posted by Joe Kaiser
Posted by Joe Kaiser on January 26, 1999 at 23:33:01:
I never ceases to amaze me how tough we make these things. If getting new bank loans is a key component in your buying plans, you’ll have nothing but frustration along the way.
Nothing down is easy. Go find a house some guy is having trouble renting out. Rent it and get him to agree to sell it to you sometime down the road. The longer, the better. Don’t worry about how you’ll get a loan to pay him off at that time, just get it down on paper.
Some people in my town will write up that deal with a 7 or 10 year payoff.
What did that house cost you to get into? First, last and a deposit, tops. What do you do now? Rent it out for more than you’re putting out.
Then go do another. Simplistic? You bet . . . and you’ve got to know a trick or two to pull it off, but it’s not some big deal “pie in the sky” scheme, it’s just simple stuff.
There’s no magic method or technique. Instead, it’s just lots of hard work locating the people who will do that deal with you. I find mine at the courthouse doing evictions, among other places.
Find the guy who’s ready to deal, get your proposal into his hands, and good things will happen. Sooner than later, I imagine.
Joe