No Down Payment^® Kings

Scott Hemming of North Carolina bought Carleton’s No Down Payment^® course in 1998—after being laid off from his job.

“[They] sent me home with no paycheck and no warning. It’s a heck of a motivator to become financially independent,” Scott remembers.

From red to pure gold
In two short years, the Hemmings went from being “in the red” to a net worth of over $435,000. In four years, they more than doubled their net worth to $1,185,000. Today, Scott and Nanci have a $9,930 monthly positive cash flow and a net worth of $2.3 million.

Starting small, Scott began his real estate career buying, rehabbing, and renting single-family homes and multiunit properties. He primarily used owner financing, and then began using equity lines. By building good relationships with smaller local banks, Scott cemented a foundation for his future success.

Expands horizons
As the real estate market heated up in 2001, Scott expanded his real estate horizons to include new construction.

Scott’s most recent—and most profitable—project was the demolition of a hotel on Topsail Beach in North Carolina. He purchased the property and the house next door with the intention of building condos.

Suspecting that the square footage was reported wrong on the assessments, he had the properties surveyed. When the measurements revealed the lots were big enough to build more than one building, he revised his plans to build four condo units.

Sweet deal
Then Scott approached a few of the banks that he had a relationship with. “Basically, I asked them for 100 percent financing,” he discloses. “The sweetest part of the deal was I also told them that I wanted them to finance the payments in the loan amount.”

One bank agreed to Scott’s terms, paid for his purchase, and financed the construction&mdashand even made their own monthly payments. A $2.5 million loan—zero down—and he has the closing papers to prove it!

He built four lavish condos and sold them all, even when the market started a downward turn. Scott profited approximately $737,000 from the project. And with the sale of two other properties, he realized a total profit of over $1 million in 13 months.

“And we’re ready to take that to the next level,” Scott confides. “We’re doing a lot of land deals with commercial land. And we’re looking at some office buildings.”

Leap of faith
Scott and Nanci bought their 6,300-square-foot dream home on a lake in 2004. “Along with our own pool and our own boat, I’ve got a beach in my backyard and a horseshoe pit,” Scott adds. They also vacation often with their three daughters.

“I’m so happy,” Scott smiles. “I thank Nanci everyday for the faith she has in me. She talked me into ordering the Carleton Sheets® program. I left corporate America and I never looked back.”