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Customer Review for Carleton Sheets:


265 of 279 people found the following review helpful:
Review:
April 30, 2005
Reviewer:
M. Lewis from Connecticut.
Review Title::
I did a no money down deal!.
Rating:
1 Star (or Unacceptable).
Review:
I did a no money down deal after getting his course. I got a VA forclosure through a crooked agent who had me sign a blank bid form. I keep waiting for him to call and ask me what I wanted to bid on the house when he called to say I won the bid. He bid $94,000 the next closes bid was $82,000, I asked why he bid so high and why he never asked how much I wanted to bid.



He responded he thought I wanted the house. (Ya but not at 20% over it's value). (I found out later the house sold for $76,000 just two years before. This is the mid 90s in Florida, I live in Connecticut so everything was done through the mail).



I did complete the purchase with no money but had a negative $80 cash flow per month and 2 out of 3 tenants screwed me over. The one good tenant left when I tried to raise the rent just 4% after the first year. I had the house appraised after the sale and found out it was valued at $74k. I got caught up in the fever and got taken by a dishonest agent. (A company contacted me later on it's own, I don't know how they found me but they wanted to represent me and sue the agent for his unethical conduct and we would split the recovery 50/50.



I blamed myself for the nightmare and never did sue him.) I ended up declaring bankruptcy when my wife lost her job and I couldn't continue paying two mortgages (ever try to evict a tenant with kids). I was behind nine months because the tenants just stopped paying). I don't blame Sheets or even the agent. I got caught up in the hype. Sheets promises $$$ if you follow his course.



Don't let that first purchase with no money down get you too excited or you are bound to repeat my mistakes. I'm sure there are ways to make it with no money down but I suspect most purchases will require something down. Even the VA has changed their rules since then and require a percentage down. Maybe too many no money down deals went belly up.

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