Carleton Sheets Real Estate Investing
Over and over in the forums we pretty much hear the same question. "I have purchased Carleton Sheets' course and haven't bought any property. How can I buy property." I would like to go over two items in the Carleton Sheets' program that made me get started.
One of the crucial items in Carleton Sheets' course is goal setting. Goal Setting is one of the first chapters in Carleton's course. By setting your goals, you will be able to achieve them. You must write your goals down instead of keep them in your head. Writing your goals down weekly will help you keep your self accountable for your own goals. And like Carleton says, "Goal Setting is as important to Real Estate Investing as the oxygen that you breathe" .
The second item that the Carleton Sheets' course talks about is being a first-time homebuyer. If you are a first time homebuyer, there are multiple options that are available to you. My first Real Estate Investing property was a HUD home that was foreclosed on. I bought the property, rehabbed it, lived in it for three years and rented out the two of the three rooms. I used the 203(k) program to get my first place. In this deal with the government, you get a property that does need a little fix-up (rehab money can go into the loan). This is a win-win situation for the Government and you.
To all of the Carleton Sheets' Students, re-read Carleton Sheet's course chapter about Government programs. Check out this 203(k) program by visiting your local HUD office and get your first property!
Joel,
I am wondering if courses should not be rated like the film industry does. Not by how good the course is but by what it takes to get started with the course.
For an example:
Course A: Good Credit, Line of Credit at bank, Money in the bank.
Course B: Fair Credit, Line of credit with Mom & Dad, low 2's in the bank.
Course C: Credit stinks, Mom & Dad wouldn't loan be a dime, what bank account.
This is probably the real difference on how a person should start in our industry. Then work there way up with different courses as they become successful on their own.
John $Cash$ Locke
I think your right. Conventional Investors have a hard problem thinking unconventional.
Course C catagory. I have had my own business several different times in my life and have been very sucessful at times. My last business though, of ten years went bad in the end due to an extremely large lawsuit. Which course, or books would do me the best good in starting over again.
Are you interested in starting another business or starting real estate investing? Your questions is unclear.
Hello John,
You are too right in your answer to types of starting investors. Think that even investor "C" still can make money in real estate, it is just going to take them a little longer time getting setup. I think a person that is driven can repair their credit in as little as six months to maybe 36 months. We all can make it as a real estate investor if the desire is strong enough. Investor type "A", "B" and "C" all have to start somewhere. It is just a matter of getting the courage to "start".
Repairing Credit is an ongoing process. I wouldn't say that somebody who has a bankruptcy on their record would be able to make their credit shine, but I totally agree with Vern.
If somebody has enough drive to invest, they should have enough drive to clean up their credit as well.
m2c
So, maybe someone could help institue that, at least in the forums. If you are familiar with a course, please let others know what "stage" it appears to be for. I'm really curious to see ideas on this.
TheFox
TheFox,
Glad to meet you.
I have had this idea for quite awhile, when someone asks how should I start my career, If there were a measuring stick, where they fill in the blanks, like credit score, available credit, money in the bank, education, etc., then with some guidelines set up a person could check to see what "stage" they fall into.
Even some of the pro investors will say a particular method of investing is not for the beginner. I am sure that course writers would not be willing to rate their courses like the movie industry does. 'B' for beginners with no expierence, 'A' for advanced you have completed the first 'stage' of investing and are ready to move on etc..
Just an idea, I was thinking about, like I said.
John $Cash$ Locke
I'm not too familiar with this TCI forum but I think I am addressing Joel, right? It was through Carleton Sheets' "No Down Payment Course" that I got my start in my REInvesting career. I have bought apartments buildings and complexes using the creative techniques that I have learned from Sheets' course for the past 6 years. When I hear new folks say,"It doesn't work!" I have to smile and chuckle a little bit inside because I said the very same thing when I failed the first time in using the course. But after putting the course on the shelf for a year I began to think why, I failed. It was because I didn't follow the directions by reading the course through not once or twice but I read it 9 times and writing down every question that I had as I re-read the course and learning to apply the techniques in a given situation. I thank God for the determination and persistence that I had to go forward in my career as a REInvestor and the helping hands of other REInvestors whom I "picked their brains" as to how they accomplished their goals. I'm sure there are some experience REInvestors in this forum whom you can get helpful suggestions or ideas whether it be subject to, seller financed, collateralized paper and lease option. Just ask, right?
Your on the right track Clair-MO. Getting your first property will be the hardest thing you have ever done, but there isn't any better school than the school of hard knocks.
You are correct.! Thanks for the words of wisdom!!!!
I bought the Carlton Sheets program and am about to venture into purchasing my first property with two partners, I need some advise on how to proceed with partners. We all agree that it is very important to form a corporation, but are unsure of how to get started with that.
Also I am married and my husband would not be apart of the corporation, is there anything we need to keep in mind with this?
You will need to contact an attorney to set it up properly. Check out some of the documents in the FREEBIE section dealing with Corps.
I am looking at the Carlton Sheets REI course - the 30day review. I have talked to them about the private coaching that is close to a 4k investment that allows one on one coaching for 12 weeks. Has anyone used this compared to the standard course and is it worth the 3500 difference from just purchasing the course?
How is the response from this organization when you call the "help" line? Please let me know if the results have been worth it.
Thanks,
Lynn
Hello and great article!
I got my start in REI with Carton Sheets' program, and I am very thankful that I got it. Today we have 8 properties. Not bad for nine months, hey?
Now I'm looking into wholesaling and subject to.
I set goals daily, and I reread various parts of the Sheets' program as well as read other REI author's material -gotta keep learning, right?
When I read or hear folks say that I cannot buy property with no $ down, I just think, "man, haven't you read my response to your post, " or "haven't you been listening to what I've been telling you?"
Thanks,
OnTheWater
0 down programs are easy to obtain even for NOO's. The only brick wall is credit.
It usually takes money to make money?
Some deals are there for the taking, but you don't find them every day.
How long did it take before you purchased your first property?
Joel,
I think you hit the nail on the head when you mentioned goal setting. I know so many people that know everything about everything when it comes to REI and some of these folks never purchased a property or even made an offer. You can take as many courses as you want, you can read as many books as you want but if you are not willing to go out and take the 1st step what good is all the knowledge? Regarding goal setting; For a weekly goal to be effective, it needs to be broken down to a daily goal! Know every day what you are going to do...go out and do not come home until every goal is hit. With this mentality, you are sure to succeed. I have yet to meet a single person that got wealthy from taking RE courses but I do know a few that have become MEGA WEALTHY by taking action on what they have learned from these courses.
Repoman
Hi John,
What are of real estate do you suggest is best for a Cl***** C investor, per your criteria? Thanks.
ramgon1280,
Glad to meet you.
I would think Bird Dogging would be the way to start out, No Money, No Credit, No Liability this way as you put some deals together you start moving up in your investing career as the money starts coming in.
John $Cash$ Locke
Here's the direct link to the HUD page discussing 203(k).
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http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
Nice article by the way. I know it was originally posted in 2002, but as I'm reading it now July, 2004 I figure others may read this comment after me.
I'm going to look into doing a 203(k) for my 1st deal... Now my only question is... Where? I do computer contracts for the govt. mainly looking for traveling positions so I can live where ever...
Any suggestions? Doubt that very many people with read this comment, so I'll ask for suggestions in the appropriate forum.
Good luck all,
Chris
I also purchased the course, read it (Half) and put it on the shelf. While surfing the net, I found this site and will again review the course. This time with the intention to purchase a property in 3 months.
Thanks for the words of wisdom!!!!