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Customer Review for Carleton Sheets:


1 of 1 people found the following review helpful:
Review:
January 28, 2008
Reviewer:
Rod from Oregon.
Review Title::
Carleton Sheets Gives Advice That Might Bankrupt You.
Rating:
3 Stars (or Average).
Review:
My wife and I bought Carleton Sheets course 13 years ago. I am a health care administrator and have some wherewithal regarding credibility, credit etc. In less than three years we bought 23 rental properties. Most were single family dwellings, but we also had quite a few duplexes and two triplexes. We were told that part of the twenty percent minority that actually is successful and were asked if we would like to appear on the TV show.



The technique that we used was >100% financing in which we used a high interest private lender mortgage company to loan 65% of the appraised value of the home with the seller carrying a second mortgage for the remainder to include extra for closing costs and repairs etc. This results in a blended mortgage of >100% of the sales price. This was the only technique I found that worked for me.



Typically, you must find motivated sellers and often times, but not always, distressed properties. I thought we were going to be millionaires as the result of our early success. Actually, on paper we owned over $1.5 million in rental properties.



Well, welcome to the rental house business. Between, late rent, no rent, squatters, abandoned properties, vandalism, and evictions not to mention something was always wrong with the properties it was needless to say not a very fun business to be in. Vacancy rates went up as we became more selective regarding renters and costs soared.



The one thing that is not abundantly clear to most people is that buying properties with no money down means that you are highly leveraged, owe everyone money and therefore have no margin for mistakes.



Of the twenty three properties that we bought, probably only six of them were really great properties. The others would not qualify for typical financing and therefore required a ton of money and had to be able to sell.



We learned a lot from the experience, but ultimately was forced into bankruptcy. However, years later my employer was able to buy real estate with me working the Charlton Sheets deal on a Multi-million dollar ambulatory care center that after seven years netted them $2,000,000 in equity and my bonus was $50,000.



Creative real estate investing works in some parts of the country and not others. Timing is everything. Sellers must be motivated. It is not easy to do, however it can work but be careful. Probably if we would have been more selective and only purchased those six properties we could have survived.



In closing I respect Charlton Sheets, because what he sells is knowledge and knowledge is power, my own greed lead to my bankruptcy.

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Disclaimer: These reviews are for educational purposes only. The reviews given here are personal opinions, and other people might have different views on the products reviewed on this website. You should make any buying decisions based on your own judgment. No guarantees of income potential are given or implied; such income potential is dependent on your own skills and resources. We may receive commission or revenue from any service or product that is purchased through this site.


 
 

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