http://www.flipthyhouse.com/2007/03/26/carleton-sheets-and-the-no-money-down-crowd/ House Flipping Advice and Home Renovation Projects Wed, 15 Apr 2009 12:55:15 +0000 hourly 1 http://wordpress.org/?v=3.1.3 http://www.flipthyhouse.com/2007/03/26/carleton-sheets-and-the-no-money-down-crowd/comment-page-1/#comment-854 Josh Wed, 11 Jun 2008 16:23:50 +0000 http://flipthyhouse.com/2007/03/26/carleton-sheets-and-the-no-money-down-crowd/#comment-854 No Money down (if based on securing large loans that you don't really qualify for outside of a money moving scheme) is over. The new mortgage industry has gotten so tight and rigid with regulation and it seems lending practices are far less generous. (am I wrong?) No Money down (if based on securing large loans that you don’t really qualify for outside of a money moving scheme) is over. The new mortgage industry has gotten so tight and rigid with regulation and it seems lending practices are far less generous. (am I wrong?)

]]> http://www.flipthyhouse.com/2007/03/26/carleton-sheets-and-the-no-money-down-crowd/comment-page-1/#comment-216 Mickey Sat, 08 Dec 2007 05:30:56 +0000 http://flipthyhouse.com/2007/03/26/carleton-sheets-and-the-no-money-down-crowd/#comment-216 I must say that I had watched those crazy infomercials for years, never much interested in real estate (as I was in high school at the time). Fast-forward to 2005, when my fiancee and I purchased our first house (for about $150k in Phoenix). The man we purchased it from, a contractor, was moving into a $1.2 million property. This seemed like a pretty big leap to us, so we asked him how he did it. He said he had used "Carlton Sheets." Of course, I was shocked. I asked him how the program worked, and it sounded legit - not easy, not fast - but legit. Essentially he took the balance of his savings (about $8k) and opened accounts at 5 or 6 banks, each time removing the bulk of the money from the bank before. Two years later (about 2 months before we met him), he went to each bank, deposited the money ($8k + interest), asked for a letter from the bank documenting the date that he had opened the account, the amount of his initial deposit, and the balance of the account as of that date. He used this "paper collateral" to secure a loan for $270k. With the $270k, he purchased 40 acres outside of Phoenix. Less than a month later, the parcel next to him was purchased by a prominent residential developer, and his property value tripled overnight. Enough details, but the basics of the program (as far as he relayed them) are legit - one is simply taking advantage of the fact that lenders accept paper representations of wealth. And don't worry...I'm just a procrastinating law student, not a Carlton Sheets rep...although I do plan on beginning to flip next year. I hope your blog helps. Thanks. I must say that I had watched those crazy infomercials for years, never much interested in real estate (as I was in high school at the time). Fast-forward to 2005, when my fiancee and I purchased our first house (for about $150k in Phoenix). The man we purchased it from, a contractor, was moving into a $1.2 million property. This seemed like a pretty big leap to us, so we asked him how he did it. He said he had used “Carlton Sheets.” Of course, I was shocked. I asked him how the program worked, and it sounded legit – not easy, not fast – but legit. Essentially he took the balance of his savings (about $8k) and opened accounts at 5 or 6 banks, each time removing the bulk of the money from the bank before. Two years later (about 2 months before we met him), he went to each bank, deposited the money ($8k + interest), asked for a letter from the bank documenting the date that he had opened the account, the amount of his initial deposit, and the balance of the account as of that date. He used this “paper collateral” to secure a loan for $270k. With the $270k, he purchased 40 acres outside of Phoenix. Less than a month later, the parcel next to him was purchased by a prominent residential developer, and his property value tripled overnight. Enough details, but the basics of the program (as far as he relayed them) are legit – one is simply taking advantage of the fact that lenders accept paper representations of wealth. And don’t worry…I’m just a procrastinating law student, not a Carlton Sheets rep…although I do plan on beginning to flip next year. I hope your blog helps. Thanks.

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