Chat transcript, 04-01-04
Posted on April 1, 2004
Welcome to the chat, Ralph Roberts!
[Investment Chat]: Ralph Roberts has entered (7:55 pm)
jordan83: 22
Mike Summey: Hi Ralph
Ralph Roberts: hi guys
jordan83: hey ralph
jordan83: and have a reasonable amount of money to invest
Mike Summey: Ralph is our webmaster…great one too!
Ralph Roberts: where ya from, Jordan?
[Investment Chat]: Al Lee has entered (7:56 pm)
jordan83: Georgia, atlanta area
Ralph Roberts: Hi Al!
Mike Summey: Hi Al…couldn’t resist could you?
Al Lee: Mike, Ralph, Howdy!
jordan83: where are you all from
Ralph Roberts: Jordan > good… we’ll just up the hill in Asheville
Al Lee: Mike, I am hooked on this chat stuff
Al Lee: Howdy, Ralph.
Mike Summey: We have Jordan on with us right now and he is new to the chat.
Ralph Roberts: hi Al
Mike Summey: Jordan, I asked how old are you?
jordan83: hey everyone
Al Lee: Hi, Jrodan. I live in Plano, TX, just north of Dallas
Mike Summey: That has a lot to do with how long you want to finance properties.
jordan83: I am 21-22
[Investment Chat]: Roger Dawson has entered (7:58 pm)
Mike Summey: Then 20-30 financing is not too bad.
Al Lee: Jordan, try to get about 80-year loans then
Mike Summey: Hi Roger
Al Lee: Just kidding.
Ralph Roberts: Hi Roger!!!!
Roger Dawson: Hi Mike, Ralph and Al!
Mike Summey: I’m old so I have to stick with 15 year financing.
jordan83: if the property will only cash flow a 20-3- year loan is that a sign
jordan83: that it is overpriced
Al Lee: Mike, if you eat lots of veggies, you might live to be 100
Mike Summey: Not as old as Roger though.
jordan83: and will soon go down in price
Roger Dawson: My father got a 30 year loan when he was 76. That’s positive thinking!
[Investment Chat]: MaddY has entered (8:00 pm)
Roger Dawson: Hi Maddy
Mike Summey: Hi Maddy! Welcome to the chat.
Ralph Roberts: welcome, Maddy
Mike Summey: Hi dean
Al Lee: Hi, MaddY
jordan83: hey maddy
Ralph Roberts: hi Dean
DEAN-nc: hi all
MaddY : thanks
[Investment Chat]: Chadwick has entered (8:01 pm)
Roger Dawson: Who’s made an offer this week?
Ralph Roberts: welcome Chadwick
Mike Summey: Dean, Wheare are you from?
MaddY : kinda an offer
Al Lee: HI chadwick
Mike Summey: Hi Chadwick, Welcome to the chat.
DEAN-nc: Asheville
[Investment Chat]: KJason has entered (8:02 pm)
Mike Summey: Great place! Me too.
Mike Summey: Hi Jason.
KJason: Hi Mike…actually I’m Kevin, last name is Jason
Al Lee: Hey, we are getting a lot of people into the chat room early this week, aren’t we?
Ralph Roberts: Dean’s been in before, he’s a ‘regular’ now 
Mike Summey: It just keeps growing.
DEAN-nc: I went to the seminar at abtech
Roger Dawson: I read today that the medium price of a home in Orange County, CA is over $450,000. It’s getting weird out there folks!
Mike Summey: You need to move to Asheville.
[Investment Chat]: Penny has entered (8:03 pm)
KJason: I picked up the book two week ago and am just finishing it up…I really enjoyed it.
Mike Summey: Hi Penny, Welcome to the chat.
Roger Dawson: Hi Penny!
Ralph Roberts: I was the guy on the camera in the back, Dean
MaddY : weird, but do you think the bottom will fall out eventually?
Penny: Hello everyone!
Ralph Roberts: hi Penny
Roger Dawson: Yes, Maddy, I think there will be a correction when interest rates start to rise, and all the speculators will get burned.
Al Lee: I just posted an article to our clubs webstie about the “bursting bubble” in real estate. I did it in resposne to anarticle in Forbes a week ago.
Penny: Hi Ralph, thought I’d have my dinner and watch the chat at the same time.
KJason: Now I’m ready to fire away some questions
Ralph Roberts: gee… and me on a diet, Penny… enjoy!
Mike Summey: As long as I’ve been investing in real estate…which is a long time…people have been saying the bottom was going to fall out. It hasn’t happened yet.
Roger Dawson: Weekend Millionaires won’t get burned because we only buy if the property will pay for itself. It doesn’t have to go up in value.
MaddY : do you believe the reports that interest rates will stay low for at least the next two to five years?
Al Lee: Income generation is the key. It establishes an “intrinsic value” for a proeprty
Ralph Roberts: go ahead, Jason
MaddY : good point, Mike
KJason: I’ve got a substanial amount of equity in my personal residence (about $225,000), what are your thoughts on tapping into that as a source to help with a downpayment on a property?
MaddY : ditto, roger
Mike Summey: I think interest rates will stay stable for the foreseeable future.
[Investment Chat]: Pete-CANADA has entered (8:06 pm)
Mike Summey: Hi Pete
DEAN-nc: If the bottom falls, what happens to rents?
Al Lee: I beleive that as soon as we see good economic reports for employment, the interestr rates will start up. And that could be any day now!
Roger Dawson: Palm Springs Magazine interviewed me for an article on “Will the bubble burst?” That kind of market is very volatile. Full of second home owners.
Ralph Roberts: welcome Pete
MaddY : may i ask a muliple part question?
Mike Summey: Jason, you may want to get a home equity line of credit and use it to purchase investment properties. Then after a year or so you can refinance and put the money back into the line.
Pete-CANADA: Hello everybody
jordan83: if the bubble burst want homeowners not be able to make their payements and then have to rent?
Mike Summey: Go ahead Maddy.
Roger Dawson: Dean, in residential housing I’ve almost never seen rents go down. Office buildings are affected and hi-rise luxury apartments are hard to rent, but our blue collar market is stable.
Al Lee: We have investors getting rates below 6 on new houses and I am telling them to take all they can get now while the taking is good. It will still be a good investment even at 7-8%, but this is a real bonus at today’s rates.
KJason: Mike, that was my thought as well
Al Lee: jordan, RIGHT! that is already starting to happen.
Chadwick: Hi to all! You should really investigate the Texas market - we have good appreciation as well as good cash flow.
Mike Summey: I had a friend who used a home equity line to build a $100,000 plus income stream in 5 years.
jordan83: when that happens will the price of rental property rise
KJason: Wow
jordan83: b/c of the demand for them that leads to the higher rent
Al Lee: The prices of rental proeprties are rising every month.
KJason: What are the pros and cons of using a buyer’s agent to find properties?
Roger Dawson: Jordan, higher interest rates are good for landlords. It means more tenants won’t be able to qualify for loans.
Al Lee: Higher interest rates also usually mean inflation which increases both rent and vlues.
Mike Summey: I’ve been investing using the Weekend Millionaire method for over a quarter century and have never had a down year.
Al Lee: Higher interest rates also usually mean inflation which increases both rent and vlues.
Mike Summey: I’ve been investing using the Weekend Millionaire method for over a quarter century and have never had a down year.
jordan83: so if you lock in now with low intrest rates you are set b/c of the demand in the future
Al Lee: jordan, Yes, I think so.
Roger Dawson: There are two types of buyer’s agents. Ones that get paid only by the buyer and ones that represent only the buyer but get paid by the seller.
Mike Summey: I would advise everyone to lock in as much money as possible at today’s rates. They will go back up!
Al Lee: Mike. I agree whole-heartedly.
KJason: Roger, so I would assume I would ask up front how they are compensated before agreeing to use them?
Chadwick: Using a realtor is a good idea as long as you find one that is well acquainted with the leasing market - in other words, you need a property manager.
Roger Dawson: Buyers agents: In that sense I would only buy through a buyer’s agent. If you’re dealing with the agent who listed the property they are too involved with the seller to represent the buyer well.
Penny: So Al, when you say take all you can get, do you think its a good idea to go ahead and get equity lines set up on your properties in anticipation of higher rates in the future?
Al Lee: Penny, any credit you get today at these rates is a bargain. The average mortgage interest rate over the past 30 years is about 9.5%. The rates will be back up there again, there is NO DOUBT of it.
Mike Summey: Rates are going to rise…the question is when.
KJason: What are your thoughts on “interest only” loans as a way to buy your first property and keep the initial costs low, especially with rates the way they are?
MaddY : in your book, you mention price and terms. Rents in our area don’t seem to be enough to get at least a zero cash flow situation. Does that mean we have to get a really good deal on the house? It is hard for me to make the numbers work.
Al Lee: I like the idea of interest-only so long as when the principle payemnts start it doesn’t bump the PITI too high.
jordan83: maddy what year loan are you looking at?
Al Lee: I think most I-O loans are for 10 years, then they start amortizing the principle over the next 20.
MaddY : 30 year conventional
KJason: My thoughts were to refinance the interest only loan after 2-3 years, just enough to get my “feet we” while locking in a great rate for those 2-3 years.
KJason: “feet wet”
Mike Summey: Maddy, anytime you are investing in real estate you have to look for the good deals…wholesale deals. They aren’t always easy to find but just be patient. When you do find one, it will provide you with and income until you die and then continue to provide your heirs with income.
Al Lee: Refinanicing can be a great idea, but rememvber it has costs. It is not free to do the re-fi, you will probably pay for another appraisal, closing costs, etc.
KJason: Al, great point
MaddY : by a good deal, I assume you mean a lot below market value?
Mike Summey: Jason, if you’re going to do that, I like the idea of a 0% loan with small payments for the first 2-5 years and then refinance the balance. That lets you get 2-5 years of 0% financing.
Roger Dawson: Either below market value, or with great seller financing.
Chadwick: Different states have different qualifications for becoming realtors as well as Buyers Agents. Ideally, you should have a certified Buyers Agent who is also a property manager - they look out for the investor’s portfolio, as they will be the one with the long term relationship of the investor.
Mike Summey: Good point Chadwick.
KJason: Mike, does a 0% loan mean you’re paying all principle? Is this offered through banks or are you talking seller financing?
DEAN-nc: Mike ,I have a reletive selling two houses next to each other but they are four hours away. Should I start that way?
Al Lee: I NEVER buy anythign without at least the approval of one of my property managers (for the area where I am buying). If it doesn;t look good to them, I don;t buy it. Therefore, I normally just contact my property manager (also a licensed broker) to find me a property.
Mike Summey: Jason, this would be seller financing and yes it does mean you are paying all principal. A$250 per month direct principal loan pays off $15,000 in 5 years.
MaddY : are you talking zero INTEREST or zero PERCENT loan?????
Mike Summey: 0 Interest
Mike Summey: Dean, are the house near you or is the relative 4 hours away?
MaddY : Are those loans available at banks or just individuals?
DEAN-nc: Both are away
Roger Dawson: A zero percent seller loan is not a big advantage right now with interest rates so low. It could be a huge advantage if interest rates go back up.
Mike Summey: Maddy, Direct Principal Loans (That’s what I call them) are only available from sellers.
MaddY : OK thanks
Penny: On the 0% loan, you offer them their asking price or even higher? And the seller doesn’t have to claim any interest on their taxes that those years as income?
KJason: When you buy a property (single family) that has been used as a residential property, do you need to apply for any permits or inform the city that the property will now be a rental?
MaddY : Sorry… I’m a blond
Mike Summey: Dean, do you know a management company that could handle the properties for you…that you trust?
Mike Summey: I like blondes Maddy!
Al Lee: We have been buying mostly new construction from major builders and man yof them have in-house lenders that offer terrific deals to us if we have high FICO scores. We recently were offerec 4% fo rfive years with the builder paying ALL closing costs. Not bad!
MaddY : cool
Roger Dawson: olved might you need to get permission. KJason: I don’t think you need a permit to convert to a rental. Only if a homeowners association is inv
Chadwick: be sure to pick a Property Manager who is affiliated with NARPM (National Assc. of Residential Property Managers)
DEAN-nc: Not yet ,I made some calls and I’m driving over to meet one tomorrow.
Roger Dawson: That should read: Only if a homeowners association is involved do you need to get permission.
Mike Summey: Jason, different cities have different rules. In Asheville, where I live, rental properties have to have a certificate of occupancy in order to get the water turned on.
KJason: Mike, so I would need to check with town hall?
Roger Dawson: Communists are taking over Asheville? What next/
Mike Summey: Yes.
Mike Summey: To both Roger & Jason.
MaddY : too funny
Mike Summey: Where are you from Maddy?
Ralph Roberts: some days we think so, Roger
jordan83: do you ever recomend taking cash from your equity
ordan83: that has built up in your rental houses
KJason: I’m in the process of securing a HELOC for $100,000 to use on an investment property. Will this hurt my chances of securing a loan through a bank to finance the rest because I have so much credit available to me? My current FICO score is around 750
MaddY : If you use a line of credti, are you basically buying using the equity and then getting financing so you can “pay yourself back”?
Mike Summey: Jordan, Yes! I’ve taken cash from many of my properties and used it to purchase more.
Roger Dawson: Jordan one of the 14 mistakes we talk about in the book is comingling your investment funds with your personal funds. Only take cash out to invest in more property.
jordan83: is their a point when you can get enough equity turning every year so you can take cash out and live off of it
MaddY : i am from Georgia
Mike Summey: Jordan, when you take money from one property and use it to purchase another one, you are merely transferring equity from one propety to another.
KJason: The HELOC is on my primary residence
Al Lee: jordan, Better yet, there is a point wehre the rental income is sufficient that you can live off it without even touchign the quuity.
Roger Dawson: Remember that Mike has never sold anything. He lives off the cash flow from his properties.
Mike Summey: Quite well too!
DEAN-nc: So Mike, If I feel good about the P/M and the numbers work, is this a good idea?
Al Lee: Mike, how’s the plane shopping doing?
Penny: Thats where I’d like to be, Al.
Mike Summey: Yes.
Penny: I’m a long way from there though.
KJason: Any thoughts on my question?
MaddY : what kind of plane, Mike?
Mike Summey: I’m trying to sell the one I have now.
Mike Summey: I have a Beechcraft Duke…trying to trade for a King Air.
MaddY : my dad was a pilot
Mike Summey: Jason, what was your question? I missed it.
KJason: I’m in the process of securing a HELOC on my primary residence for $100,000 to use on an investment property. Will this hurt my chances of securing a loan through a bank to finance the rest because I have so much credit available to me? My current FICO score is around 750
Al Lee: Penny, the harders step is getting started. It gets easier from there.
Al Lee: I bought my first property in 1974 and had to hock my two volkswagens to get the money. I am sure glad I did, though.
[Investment Chat]: Roger Dawson has entered (8:33 pm)
Roger Dawson: He means hardest step, Penny. That was a Freudian slip.
Al Lee: Thanks, Roger.
Penny: haha Roger
Mike Summey: Jason, I don’t think the HELOC will have any affect if you use it to make the down payments and then wait a year or so to refinance.
Penny: Thanks Al for the encouragement.
Al Lee: This keyboard does not spell very well
KJason: Thanks, Mike
Mike Summey: Al, you need to add a spell checker to it.
Penny: I understand, Especially as the evening goes on.
Al Lee: Doesn’t Ralph have to do that to the message box on the chat room?
Roger Dawson: If you’re in San Francisco or Los
KJason: MIke, are most of the properties you purchase “fixer uppers” or are they close to rental condition when you obtain them?
Mike Summey: Jason, as long as you replace the money from your HELOC when you refinance you should have no problem.
Penny: Or thn agn we cold jst all typ n shthnd, ths esier.
Roger Dawson: Angeles, be sure to come to the learning annex all day real estate investment seminar.
[Investment Chat]: Cindy has entered (8:36 pm)
Roger Dawson: I’ll be in San Francisco on April 24 and the following day in LA.
Al Lee: Hi Cindy
Mike Summey: Jason, I buy enything that the numbers work for. Some ar fixer-uppers and some are ready to go.
Mike Summey: Hi Cindy, Welcome to the chat.
Penny: Thats great Roger. Wish I could be there.
Cindy: Hi Everyone!!!
MaddY : if you have a mgt compnay taking careo fyour properties, how often do you recommend “visiting” the mgt company to “manage the managers”?
Ralph Roberts: hi Cindy!
KJason: Hi Cindy
Roger Dawson: Mike, what date are you speaking in NYC?
KJason: How often are these chat sessions?
Cindy: Did anyone purchase any property since the last chat?
Al Lee: MaddY: I think it is advisable to go meet the management company if you are not buying in yoru immediate area.
Mike Summey: Maddy, I require reports from my managers monthly and have a system of checks and balances that force them to account for all money every month. That’s how I manage the managers.
Mike Summey: Roger, I’ll be speaking in NY on April 17.
MaddY : ok, thanks
KJason: Are any of you coming to Massachusetts or Rhode Island to speak in the near future?
Chadwick: cindy, not me
Al Lee: If you have a trustworthy and competenet management company, you shoud not have to do much of anything at all. I don;t even go looking for properties any longer. I just let them know I am in the market for something and let them find it.
Mike Summey: Jason, If you’re registered on the website you will get email notification of the chats. They are not regular. They happen when Roger & I can both be available.
Roger Dawson: Any real estate agent might tell you they manage properties. Try to find someone who makes their living doing it.
DEAN-nc: Cindy, I didn’t buy anything yet but I did finish the book and drive my area today.
Roger Dawson: Pete, what part of Canada are you in?
Al Lee: Roger. I second that big time. I have heard some horror stories about incompetent management by real estate agents or borkers.
Mike Summey: Jason, I don’t have anything scheuled now, but keep an eye on the events calendar on the website. If anything is booked for your area it will show up there.
Penny: Maybe someone who owns their own company and not working for a Real Estate Firm as a broker also?
MaddY : i have some land (acreage) that is worth a considerable amount
MaddY : any thoughts of how I should reinvest
Pete-CANADA: I am in Oakville, part of the Greater Toronto Area
Al Lee: land doesn;t generate income unless you lease it out, do you?
MaddY : and, can i do a 10
KJason: I’m just beginning and will only be looking to buy one property over the next year and maybe another down the road if things go well. Is it difficult to find a property manager to manage just one property?
MaddY : can i do a 1031 on raw land and purchase rental properties?
Roger Dawson: Pete, I guess that’s the high price part of Canada. I have a friend visiting from Montreal and I can’t believe how inexpensive property is there.
Mike Summey: Maddy, I don’t like raw land. I don’t won any and don’t want to. I’d prefer to see you convert it to cash and reinvest the cash in income properties.
Al Lee: MaddY, Yes, you can do a 1031 on raw land and buy rent houses. Absolutely.
MaddY : cool!
Pete-CANADA: Properties are sky high in price here. I recently was in Calgary Alberta and the prices there were much more reasonable
KJason: What’s a 1031?
Roger Dawson: Maddy, I believe you can do a 1031 as long as you’re tradin like for like properties. In other words, you held the land as an investment and are trading for investment property, but check with a CPA.
Al Lee: KevinJ, a Section 1031 of the Internal Revenue Code that allwos you to sell one piece of property and use the money to buy another without paying capital gaisn tax.
KJason: ahhh…thanks
MaddY : so, i can see my land and buy rental house?
MaddY : sell*
Al Lee: Maddy, YES
Mike Summey: Jason. A 1031 is an exchange under IRS code 1031 that allows you to reinvest profits from one property into another.
Roger Dawson: Al, don’t you have to trade investment property, not sell and buy as you can with a home and still defer taxes?
Al Lee: MaddY, NO, you have to declare when you do ths sale that it is a 1031 and then you have 45 days to declare what you will buy and 180 days to close on the purchase.
Mike Summey: Roger, you can sell one property, place the money with a trustee and then reinvest without having to do a direct trade.
Al Lee: I meant to address the preorp msg to Roger, sorry MaddY
Roger Dawson: Okay, I’lll buy that.
Al Lee: Ands sell that
KJason: This chat has been great, and am looking forward to the next one. I’m at the point in the book about “what to do your first weekend”, so by the time we chat again I’ll have a LOT more questions! Thanks for all your help and the great book, it truly is inspirational.
KJason: Take care all
Roger Dawson: Thanks KJason - tell your friends!
Al Lee: So long Kevin]
Penny: Bye KJason
MaddY : i see what roger is driving at… with land, there is no depreciation, etc… does a 1031 converting acreage over to housing make a legal tranaaction?
DEAN-nc: See ya
Mike Summey: Yeah Jason, come back next time with more questions.
Penny: Goodnight Dean
jordan83: how do REIT work?
DEAN-nc: I wasn’t leaving. That was for Jason.
MaddY : GREAT discussion all!!!
Roger Dawson: Maddy, my undestanding is that yes, it does as long as both are held as investment property. You haven’t been herding cattle or growing corn on the land.
Mike Summey: Maddy, I’m not a tax advisor, but my understanding is that as long as you take profits from one real estate investment and reinvest them into another you can defer taxes provided you do so within the time limits set by the IRS.
Al Lee: a REIT (Real Estate Investment Trust) is a corporation that invests in real estate. You buy its stock like any other, but they pay more dividends since they are exempt from corporate income tax if they distribute at least 95% of their profits each year.
Penny: Which are 45 days and close transaction in 180 like Al mentioned?
MaddY : I am leasing the land to a cattle man who has cattle on it for grazing
DEAN-nc: If you didn’t lease uot the property how would you prove it was held for investment?
jordan83: how easy/hard is it to start your own REIT
Roger Dawson: Maddy, that’s good by me.
Al Lee: MaddY, how much rent does it bring and how much value. My rule sit that it must generate 1% of its value each month in gross rent.
Mike Summey: Jordan, a REIT is a Real Estate Investment Trust that is often a public traded entity that invests in real estate.
MaddY : not even close… it basically pays the taxes right now
Al Lee: My advoce, do a 1031 and buy ouses./
Al Lee: houses
Al Lee: advice
MaddY : however, it is presently appreciating at an astounding rate
Mike Summey: Maddy, I would suggest that you talk with a competent CPA in you state to get good tax advice.
MaddY : ok
Al Lee: then just borrow against it to get $$$ to buy houses
Penny: Or Maddy, have you considered a mobile home home park, leasing the lots?
Mike Summey: We try to help, but we certainly can’t keep up with the tax laws the way CPAs are required to do.
Penny: Then you still have the property, but have income from the lease of the lots to invest in houses.
Mike Summey: Good point Penny.
MaddY : one problem is how to purchase MULTIPLE properties and stay within the guidelines of the 1031
Roger Dawson: Maddy, when you sell land you can often get the buyer to give you 10% interest, because it’s hard for a buyer to find finanancing on land. You might consider doing that and investing the spread between interest rates.
Al Lee: MaddY: Not a problem is you have a competent 1031 qualified intermediary to help you
Mike Summey: Maddy, you can purchase multiple properties and use them for a 1031 exchange
Mike Summey: This is interesting…Al is in Texas…Roger is in California…I’m in North Carolina.
Penny: Roger, plse explain investing the spread btwn the interst rate?
MaddY : I will go crazy trying to buy twenty houses in the timeframe allowed (45days/180 days)
Al Lee: I always advise people to select the properties yo watn to buy BEFORE you clos on the sale of the old one so you are never in a situation where time is running out.
Al Lee: MaddY, I have people who can do it for you if you want help. If you contact me by email later, i will give you some phone numbers
Mike Summey: Maddy, Al is right, try to put as many of the houses as possible under contract before you sell the property.
Roger Dawson: You as seller, carry back and get 10%. You borrow money to invest at 6%. You have a 4% income over what you’d have if sold for cash and then bought. To say nothing of the better price you’d get for the land if you offered financing.
DEAN-nc: I wish I had more questions now. I’ll have more next time.
Penny: Or Maddy, you could just buy one, clain all the money on that property, then redistribute later?
Al Lee: I have seen peole forced to buy just anything in order to meet the deadline–all becaue thei did not plan ahead.
Al Lee: I am not even going to try to get the spellings right any longer. Just consider this as my shrothand!
MaddY : i guess i have the RIGHT kind of problems … ha ha
Penny: Good advise Al.
Roger Dawson: MaddY, you might check with your local board of realtors. See if they have and exchange club. It’s real estate agents who specialize in putting together multi-leg exhanges.
MaddY : ok, thanks a lot
Mike Summey: How much land do you have Maddy?
MaddY : this is a great place for great info…. thank you ALL
Penny: I can read your shorthand just fine Al.
MaddY : about 75 acres in CALIFORNIA
Al Lee: Heck, sometimes I don;t even know what I was saying when I read it.
Mike Summey: Maddy, I thought you were in Georgia?
Al Lee: keine Deutsch?
MaddY : i used to be dyslexic, but now i’m KO
Penny: Oaky Roger. THanks for the explaination.
MaddY : i used to live in Calif
Mike Summey: Has anyone used the chat room at 8:00 PM Eastern time on the days when Roger & I can’t be there?
Penny: Yes right mike, and you read Prtugse
DEAN-nc: No
Penny: haha, more shorthand.
Roger Dawson: Great chat folks. Gotta go.
DEAN-nc: Mike, do you ever go to the CREIA meetings other than when you spoke?
Al Lee: So long, Roger
MaddY : thanks, Roger
Penny: Sorry Al, no do Deutsch.
Mike Summey: Al, thanks for joining us again. For those of you who don’t know, Al is the author of a fine book called “income For Life from Real Estate”
MaddY : A LOT of good info here tonight
DEAN-nc: See ya Roger
MaddY : will have to look for it, AL
Al Lee: Mike, thanks for the plug–not that I wanted to sell any books tonight
Mike Summey: Dean, I don’t attend the CREIA meetings.
Penny: Yes, lots of good info. Lots to learn here.
Penny: Goodnight Roger.
MaddY : adios, Roger
Al Lee: MaddY: if you will go to my website, www.RentHouses.org and click on “email Al” I will send you some informatin.
Ralph Roberts: see ya, Roger
Penny: Too bad Al. I’m purchasing one.
Mike Summey: Roger is getting OLD! He has to get his beauty sleep.
MaddY : ok… great
enny: Look forward to reading it.
Penny: If its written in English. Haha
DEAN-nc: Before everyone leaves I want to say thanks a million.
Al Lee: Penny, I guess it’s OK for you to purchase a book. Amazon seems to have run out and needs to order more form the warehouse. Shame!
Penny: Goodnight everyone. The Apprentice is coming on. Have to watch the Donald’s show.
MaddY : G’nite, Penny
Al Lee: But you are online with the Masters!
Mike Summey: Everyone, I’ve enjoyed it. Thanks for joining us in the chat. Remember that the chat room is open for anyone who wants to talk real estate investing every night at 8:00 PM Eastern time.
Al Lee: Bye Penny
MaddY : touche!
Penny: I hear ya’.
Mike Summey: Goodnight
MaddY : every night?????????
Penny: G’nite MaddY
DEAN-nc: Good night all
Ralph Roberts: good night, guys…. transcript will be posted shortly
jordan83: I appreciate everything
Pete-CANADA: Goodnight everyone.
Mike Summey: Maddy, the chat room is availabvle every night, but Roger & I are not always there.
MaddY : OH, ok mike and roger only on certain times.. got it
Al Lee: I wil log in many evenings at 8pm ET (7pm CT, 5pm PT) to see if anyone is here. I tried severl times this week but did not catch anyone logged in.
MaddY : well, thanks so much for your time, all
Ralph Roberts: the chat room is available 24/7
MaddY : i will lokk for you al,
MaddY : look*
Mike Summey: Yes, if you are registered on the website you will get email notices when we are going to be ther.
Al Lee: Ok, MaddY
MaddY : great, thanks
MaddY : thanks again, Mike
Mike Summey: Night All!
Al Lee: So long, Mike
MaddY : i am signing off too…. good evening fellow investors!
Mike Summey: Call me tomorrow Al.
Al Lee: Mike, OK, I will
Ralph Roberts: I’m gone, too. Thanks to all for coming by.
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