Carleton Sheets

Soon I was wide awake, captivated by his claims of making people millionaires through real estate investing. Perhaps you were one of those who stayed up late pondering if this guy could make you rich beyond your wildest dreams.

In the 1970's he began investing in real estate. In the 80's he went to work as a real estate investment pitchman.

Sheets teamed up with businessmen from Chicago, Mark S. Holecek and Donald R. Strumillo, to form their venture "Professional Education Institute".

Mr. Sheets came across as a very nice, unassuming personality. This helped him to win over many hopeful real estate investor wannabes during his infomercial days.

After reaching some success as a pitchman, Carleton Sheets and a partner began buying numerous condos and duplexes in the 90's.

It's been reported that Mr. Sheet's properties have suffered during the past recession.

A lot of folks who are dreaming of real estate investing are broke and don't have a lot of money to put down.

That's why so many gurus, or those who are selling products, focus on No Money Down real estate investing. It's a sales thing. They know that's what the people are struggling against.

I sympathize with those who are broke and dreaming big. And I believe it's okay to reach out to those folks- but as I say on other pages The Bigger Question is Why Are You Broke.

So to me a guru should try to teach financial management.

In Sheet's No Down Payment course, he claims you can buy a $50,000 house by getting a $27,000 mortgage from a bank or other lending institution and then have the seller carry the other $23,000 as a second.

If you walk into a bank and tell them you aren't putting any money down and the seller is carrying $23,000- your mortgage application will more than likely be rejected. Banks want you to have some of your money at stake in the deal. The default rate for mortgages where the borrower didn't put any money down is very high.

Mr. Sheets also suggests getting the seller to co-sign with you on the mortgage or finding a partner who will make the down payment.

Finding a seller who will co-sign for you will be very hard to find. Unless you're a relative or something like that. Think about it- would you co-sign a mortgage with a stranger? I wouldn't.

Finding a partner- yeah that's okay advise, but do you really need to purchase his system to know that? Come on!

Don't waste your money on Mr. Sheet's programs. His advise is very elementary. I haven't examined any of his other books, but other reviews I have read suggested that they are full of fluff.

Remember, the most basic real estate advice can probably be found for free. Also remember that not all advice is good. In my opinion Carleton Sheet's No Money Down course isn't worth the money.

Return to Real Estate Investment Gurus from Carleton Sheets

Return from Carleton Sheets to Straight Up Real Estate Investing