The rise and fall of no-money-down real estate gurus

The New York Times reports that the Carleton Sheets infomercials that were ubiquitous a couple years ago are now off the air, as the real estate training mogul struggles with his tarnished reputation -- and serious losses in his own investments.

His late-night infomercials extolled the wealth-building potential of real estate and emphasized that fortunes could be accumulated with no cash, no credit, and no education, in your spare time, with little risk. The result for many who followed Sheets' advice was massive losses, ruined credit and devastated dreams.