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Posted by Rick James on August 21, 1999 at 23:28:12:

I bought the course. I think Sheets is an inspirational
speaker and great motivator to get up and try something
new....BUT...

Is it just me, or do all his success stories on tape make
you other people few like I do....inferior and frustrated. I've always thought I was pretty intelligent and logical,
so I was ready to follow the course and do exactly what
everybody else was doing. Basically, I was ready to get the
course, and within 1 year increase MY net worth to about
1.5 million dollars just like all his other students.

Well, 1st of all you can't assume a loan any easier than
you can get a loan. Loan assumptions today come with the
same qualifications as just plain bank loans.

2nd, where are all these great deals. In my area,outside of
the ghetto, homes are selling faster than hotcakes. When
homes only stay on the market for 3-4 weeks, deals can't be
made. And the homes that have been on the market for 3 or 4
months, are not selling because they are waaaayyyy overpriced. So since they are way overpriced, getting the
owner to come down off his price only gives you the house
at market value, which by the way I would say won't really
allow you to rent it for a profit.

Example; the average house in my area is selling for about
70 THOUSAND DOLLARS. Even if I could get someone to do a
lease option with me, and I would pay them 700 dollars/month
for 3 years and they would credit me with $200 toward a
down payment, that would give me a $7200 down payment at
the end of 36 months. They only get 500/ month for a house
they could easily rent for 700, or easily sell for $62,500.

Why would anyone want to rent to me for 3 years and then sell their house for $62,500 when the value by then would
be $76,000?

Am I being a pessimist, or are there homeowners out there
who are really that stupid!

I would appreciate any feedback.



W

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Posted by Bill K. (AZ) on August 22, 1999 at 24:48:37:

You don't have to find "stupid" homeowners, only "motivated" ones. And, the best news of all, you'll find motivated sellers in ANY type of market.

I live in Phoenix; a hot seller's market at the moment as well. However, that has not kept me from purchasing 2 great properties in the past 3 weeks. I'm confident that I could easily find 3 great deals a month without much effort at all.

I purchased my first investment property about 3 months ago. It was a preforeclosure, and it earned me a $20,000 profit in about 7 weeks. The second and third properties, the recent purchases I mentioned above, were obtained from investors who bought them at foreclosure auctions. One property has about $16,000 equity in it, after repairs, and the other has $20,000 equity in it, after repairs.

Concentrate on finding motivated sellers and distressed properties, and you'll be more likely to find the key you are looking for.

I hope this helps.

Bill K. (AZ)

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Posted by Herb McCandless on August 24, 1999 at 17:46:25:


Keep that additude and you will always be negative toward real estate and never make a dime.

Herb McCandless

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Posted by Kevin J. Knobbe on September 08, 1999 at 10:33:57:

Thank you for the information. I live near Omaha, Nebreaska. How did you find the properties you mentioned above? Courthouse or ads or how?

Thank you and sincerely, Kevin J. Knobbe West Point Ne 402 372 5981

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Posted by Bill K. (AZ) on September 08, 1999 at 11:24:41:

Kevin,

Both properties were "wholesale flips" meaning that other investors purchased them and resold them to me for ultimate sale to the owner-occupant. It just happens that both properties were purchased by investors who attend foreclosure auctions.

If you want to find such a flipper, attend the foreclosure auctions in your area. When the sale is over, introduce yourself and tell them what you are looking for. Be prepared. If they bring you something, they usually want the entire purchase price within a day or two. Have financing lined up ahead of time.

I hope this helps.

Bill K. (AZ)

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Posted by Kathie on September 28, 1999 at 15:24:36:

Bill,
Although your advice wasn't DIRECTED to me, just wanted to say thank you for this post. We plan to attend many auctions and observe before even attempting to make a purchase; however, your advice seems invaluable to our endeavors.
thanks again..
Kathie E.

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Posted by David on July 14, 2001 at 07:30:10:

He did not think about Deaf need. I am deaf and I dont know how it go works . No Closed Captioned and we cant hear his voice.

So We are looking for raise building fund for our newest Club at columbus . IT is call
Buckeye Club for the Deaf. But We still use at School.
Because we do not have that much money Honest. But we do donate to School needs. We work so hard on Dingo ( Bingo ) and give Prize. NO CASH We sell food from our pocket ( that we give donation )
The other club at south side of columbus it is called Columbus Assication for the Deaf .It is Poor and dirty and not safe area. People are getting less
comming to club . Because of the problems
1. against marriage
2.drugs
3.drinking
4. fight
5. gambling
We are not because we are different club and still use at school for tempory for long time . we come for meeting or cook out or social meeting.
IT will be very nice have Mr Sheets will give building fund we can set nice area and smile face.
Please let me know
Thanks
DF