Also, during this learning time, I ordered Carlton Sheets - no money down system - and also invested in a 1 on 1 real estate private consulting course for buying residential real estate for positive cash flow.

Robert's books taught me that I was doing some of the correct things unconsciously - like setting up my wife's business in a Sub Chapter S corporation and trying to run as many expenses through her business. Also, I had the commercial real estate property set up in an LLC.

So I had assembled quasi team already - and now I was becoming a conscious novice investor - and eager to learn more.

Around the end of September 2003 - my 1 on 1 real estate investing course had me scouring the paper every day for making calls to FOR SALE properties when I happened upon an add for a laundro-mat - dirt building and business - for way more money than I could afford.

I called and began talking to the owner and he described the property. It was across the street from where I work. I could see the parking lot and front door as we talked on the phone.

I immediately became interested and went to work trying to learn as much as I could about the coin laundry business. Basically, I learned it was not different than my wife's business and since I did her books - decided it was something I wanted go after.

The owner did not take my offer and tried to sell it to a higher offer, but after a month or so - I had a friend at the bank tell me that the other buyer could not come up with adequate financing - so I called the owner and offered him the same amount as original offer.

He accepted my offer and off we went to the bank. We closed on Halloween day 2003.

I had his real estate for sale appraised and used 80% loan to value, then I had my piece of property appraised and used 80% loan to value for the 2nd part of the total and used these for 15 year loan, and then had the owner take a 2nd note for the balance - payable over 5 years.

I did not put any money down, and my cash on cash return in the investment was immediate. This laundro-mat building and business was only 4 years old, with 4 year old Dexter equipment - (41 washers and 32 dryers) and 4 year old water heaters, a manager and 3 part time employees.

I changed the name of the business and have been running it now for 8 months. The building is free standing and made for only a laundro-mat.

We put the business in a Chapter C corporation and put the real estate into my already established LLC for holding property, and now the Chapter C corp. business pays rent to the LLC, and the LLC pays the note for property

I watch cars coming and going all day from my desk.

Rick Frame

Click Here For Your Ultimate Investor Pack