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About 10 years ago, my husband and I watched the Carleton Sheets Real Estate infomercial and we were so excited about what this program was going to do for us. We thought that finally we found an avenue for independent wealth. We firmly believed that it was going to make us independently wealthy and it was going to be easy. And if you’ve watched the infomercial, you probably thought the same thing.
This couldn’t have been further from the truth! This infomercial will make you believe that his system is as easy as 1-2-3. Let me be the first to tell you that it is not and here’s several reasons why.
First of all, not everyone qualifies for the "No Money Down" approach to purchasing real estate. And if you don’t have money to put down on a piece of real estate, the system fails immediately.
Secondly, remember that owning rental property also means that you will be taking on all the responsibilities of a landlord. Maintaining property takes time and money and it’s not easy, no matter what anyone tells you. Not only are you dealing with the property itself, but also the tenants, rent, evictions, destruction of property, etc. I don’t know about you, but that doesn’t sound like much fun to me.
Additionally, you will also have to spend countless hours driving around looking for real estate to buy, as well as reading ads in newspapers and magazines and speaking with realtors. And remember, Carleton Sheets has been marketing his system for so long that there are thousands of people just like you competing for the same property you are. Unless you have a deep passion for buying, selling and renting property, chances are this system will fail you.
So basically, if you’re going to make this program work for you, plan on spending most of your free time working for it. This is not my idea of financial freedom.