How is this possible? I have seen that infomercial way to much for Carleton Sheets so I just want to know how it is possible when everywhere I am reading and doing my research for buying a home, it seems like we will have a lot of expenses to go ahead and buy it. But according to him and his program, they are buying homes with no money down, no credit or not perfect credit and cashing out after they close. Who is paying for all the closing costs, appraisal, credit reports and all that other jazz that I am reading about.
try this website: www. real-estate-investing.com. It has a lot o f information for real estate investors and wannabee's.
Melissa I have friends that are real estate investors and they can always tell when Carlton Sheets has been in town. The wannabes come out with their inane offers that, if not fraudulent, are very close. Just by asking the questions you are asking, I think you can see what I am talking about. fla-tan
You can apply for a "CASH-OUT RE-FI" but you have to have EQUITY in the house... WON'T WORK FOR A NEW PURCHASE.
Buying property with no money down is entirely possible, but you need the cooperation of the seller. Basically, you'll need to get a seller to let you have the property below appraised value (or to get an appraiser who's generous with the valuation), and then rolling the closing costs (and extra cash) into the financing. At the closing the seller rebates the extra amount back to you. It happens all the time. For example: Appraised price: $100,000 Selling price: $90,000 Closing costs: $4,000 Your total cost: $94,000 '100% financing' mortgage of $100,000 $6,000 cash back to you at closing. Another way to get money back at closing is to use a 107% mortgage. The lender gives you 107% of the home's value, but you need to use the extra 7% to pay closing costs or to pay down credit card debt. Type 107% mortgage into a search engine to find out about them. 100-107% mortgages carry higher interest rates than 80-95% mortgages, but they do allow you to get into a home when it would otherwise be impossible. Another option is to get a seller to carry a 2nd mortgage. Take an 80% mortgage from a bank and have the seller carry a 25-30% mortgage for the balance + cash back. A motivated seller will sometimes do this. I've purchased a great deal of real estate over the years, and I've seen just about everything in the way of creative financing. I once bought a $1,000,000 multi-family property with only $25 of my own cash. Anything's possible in real estate, especially if you can manage to keep the real estate agents out of the picture... they eat up 7% right off the top. That's 7% that you and the seller could split to make the deal possible.... As for Carlton Sheets: Well, I really don't approve of this "system." After all, if it worked so well, he'd be using it to make money instead of trying to sell books on late-night tv
ALFUL LOT OF HASSLE FOR ONLY $6,000!!! I was going for UP TO $100,000 CASH OUT for pay off 1st, some credit cards, new a/c heater, fireplace, addition to LR/KITCHEN, 2 baths, a little of this and that...
Well, if you want to make it real interesting, do a 100% stated income 1st on a $450k house that sells for $400k, and then hang a 125% second on it to draw another $80k out of it.... The real estate loans that are being made today are absolutely insane. It's truly easier to get a mortgage than a car loan in many instances....
Thanks guys I knew I could count on you. Obviously, the only way to do this is not to use houses listed by realtors which is the houses we have been looking at so far but to use houses that are FSBO instead. We don't plan on getting cash back at signing but I would like to try to buy a home without giving up any cash either I know probably not possible since our credit isn't perfect but we can give it a shot. I would like to keep our money in our money market for now. All this bank financing talk gets to be so confusing so thank you again.
Carleton Sheets is the biggest peddler of hot cock you have ever seen. He is as we say in Australia - a wanker.
