Chat with Carleton Sheets, 6-14-04
Posted on June 14, 2004
Welcome to the chat, Ralph Roberts!
[Investment Chat]: Ralph Roberts has entered (7:54 pm)
Clair-MO: How many go their start from Sheets’ program besides myself?
Clair-MO: Hi Ralph
Ralph Roberts: hi guys
jaynyc: prices are so high for most areas here that it only pays to buy and flip, no rentals in this area … continues …
JimAndConnie_NC: hello Ralph
jaynyc: i got sheets info too
Ralph Roberts: looks like some early birds 
Clair-MO: lol
JimAndConnie_NC: yeah… we beat you here
jaynyc: five minutes to showtime
Frank Cyr: had to get a good seat lol
jaynyc: anyone have voice chat or only keyboard stuff?
Alan - Rochester, NY: Kept Carls Contact booklet in my free trial
Ralph Roberts: plenty of seating, I hope… short on milk and cookies, however
JimAndConnie_NC: keyboard only here
Alan - Rochester, NY: contract
[Investment Chat]: Doug has entered (7:56 pm)
[Investment Chat]: Roger Dawson has entered (7:56 pm)
JimAndConnie_NC: hello Roger
Clair-MO: Hi Doug and Roger
Ralph Roberts: welcome Doug… Roger!
Alan - Rochester, NY: Dawman cometh
Roger Dawson: My first wife used to call me the iceman!
Doug: Thanks, Great to be here.
JimAndConnie_NC: how are things on the left coast, Roger?
Clair-MO: lol
JimAndConnie_NC: (FIRST wife???)
jaynyc: my first wife was the iceman..
Roger Dawson: Real estate wise, it’s frantic. Prices are going up 5% a week.
[Investment Chat]: Dean-nc has entered (7:58 pm)
Roger Dawson: Hi Dean!
Ralph Roberts: hi Dean!
Clair-MO: Hi Dean
JimAndConnie_NC: hey Dean
Frank Cyr: hi dean
jaynyc: 2 min. to sheets…
Dean-nc: Hi
jaynyc: hi dean and roger and doug and ralph and…
Dean-nc: myspacebarisstuck
Doug: I have an opportunity on a two family house here in CT. The owner has it free and clear. I have talked to them about selling it with a second mortgage carry back and they haven’t ruled it out. They are concerned that they will have to pay a lot of capital gains tax. I they take back a second does it reduce their captial gains tax?
[Investment Chat]: Mike Summey has entered (7:59 pm)
JimAndConnie_NC: hello Mike
[Investment Chat]: lopes80 has entered (8:00 pm)
Mike Summey: Wow! Looks like I’m late.
Clair-MO: Hi Mike
lopes80: hi
JimAndConnie_NC: its 8 straight up, Mike not late
Roger Dawson: Doug, if they can show that they lived in the property for 2 of the last five years, it’s not an issue.
Alan - Rochester, NY: 5 seconds late mike!
Doug: What are some ideas to offer to them to reduce the captial gains for them?
Mike Summey: Had to finish eating.
Clair-MO: Do an Roth IRA account
Ralph Roberts: good, we ran out of cookies here already
Alan - Rochester, NY: lol…. those cheerios
Roger Dawson: Doug, they pay taxes when they get the money from you, not when they sell it to you.
Mike Summey: Carleton Sheets should be joining us shortly
jaynyc: Does anyone think this realty market has peaked since greenspan said he will definitely raise rates as soon as he can ???
Roger Dawson: He’s pretty tall to be shortly.
jaynyc: i see alot of selling recently, up to 5x the volume of normal.
JimAndConnie_NC: are the capital gains spread out over the term of the loan they carry???
Doug: They inhertied the place from their family and they have not lived in at all.
[Investment Chat]: Carleton has entered (8:02 pm)
Ralph Roberts: Welcome Carleton!
Clair-MO: Hello Carleton
Mike Summey: jaynyc, the market may have peaked for sellers.
Frank Cyr: hi Carleton
Mike Summey: Hi Carleton
JimAndConnie_NC: Hello Carlton. Honored to have you here
jaynyc: hellooo
Roger Dawson: Jayncy, Time ran an article last week talking about how some markets haved peaked already.
Doug: Hey Carleton!
jaynyc: how so mike?
Alan - Rochester, NY: Carleton shot a 85 in golf just now
jaynyc: thanks roger. missed that one
jaynyc: anyone else think market peaked anywhere?
[Investment Chat]: Rick has entered (8:03 pm)
JimAndConnie_NC: MIke, if the market has peaked for SELLERS, is it going to get better for BUYERS?
Roger Dawson: Chicago is reporting a buyer’s market.
Mike Summey: jaunyc, if rates go up prices tend to level off or come down.
jaynyc: i mean in other areas besides nyc
Mike Summey: Hi rick
Carleton: Just figured out how to do this…Hello everyone
[Investment Chat]: KevinJ has entered (8:04 pm)
Clair-MO: lol
Mike Summey: Hi Kevin
Roger Dawson: Hi Carleton, you’re my hero. Thanks for joining us.
Alan - Rochester, NY: More renters I presume?
Clair-MO: Hi Kevin
Roger Dawson: Hi Carleton, you’re my hero. Thanks for joining us.
Alan - Rochester, NY: More renters I presume?
Clair-MO: Hi Kevin
Frank Cyr: technology is great Carleton
[Investment Chat]: Christopher has entered (8:04 pm)
KevinJ: Good evening, Mike
Mike Summey: Hi Christopher
Clair-MO: Mine too Carleton!
KevinJ: and Clair
Clair-MO: Hi Christopher
Doug: Here is CT were have had 8% per year since 2000, but the latest signs are that a soft landing may be coming.
JimAndConnie_NC: PUT your running shoes on Carlton…. it’s gonna be a fast one tonight!
jaynyc: i just saw a foreclosed house owing 50k on a house supposedly worth, 500k…. does that sound insane or what?
Mike Summey: Looks like we are going to have a crowd before the night’s over.
Alan - Rochester, NY: Hello Carleton! I just went through your course in the 30 days I had available. Very technical and I believe I can use the strategies with a lot of trial-n-error. What’s the biggest mistake you made in the last ten years?
Carleton: Thanks Alan
Alan - Rochester, NY: I am cutting my teeth so I’ll make many
Rick: Hi Mike - just figured out how to respond
Roger Dawson: Carleton, Clair from Missouri (a man which is maybe why he rebuffed my proposal last week - nobody’s perfect) is one of your great success stories.
Mike Summey: jaynyc, that sounds like a big difference between value & amt owing, but I’ve see those kinds of deals before.
jaynyc: what would you offer mike?
Mike Summey: rick, been buying anything lately?
jaynyc: not sure what to do? where to start offer?
Clair-MO: Thank you Roger!
Carleton: I was saying to a friend just today, that there is a tendancy to judge the real estate market by what’s happening in ones own area.
[Investment Chat]: TT has entered (8:06 pm)
Mike Summey: Hi TT
TT: Hi Mike
Clair-MO: Hi TT
Rick: just finished the course - I am actively looking now in Ohio
Frank Cyr: Carleton, what is best? To take a broader view of the market?
Mike Summey: jaynyc, do you have the opportunity to negotiate with the lender?
JimAndConnie_NC: With the rise in interest rates, do you foresee a rise in foreclosures on houses?
TT: Hi Clair
Frank Cyr: To clarify, don’t we mostly experience first-had our markets?
[Investment Chat]: KevinJ has entered (8:07 pm)
Mike Summey: Clair, I haven’t had an opportunity to call you yet, will try to do so this week.
Carleton: We had about 20% appreciation last year and yet there are areas like Raleigh NC for example, that had only 2.5%
Ralph Roberts: welcome KevinJ
Mike Summey: Hi Kevin
Roger Dawson: It’ll be a while before we see a big foreclosure market, but these speculators will get burned sooner or later.
jaynyc: mike, there may be some leeway its already dropped 15k in a week or so….this month i’ve seen sales volume up 5x what it normally is, are sellers trying to rush the sale because the lottery syndrome is over…??
BryTon: Hello all
Frank Cyr: so, basically, be open and pick your markets
[Investment Chat]: David has entered (8:08 pm)
KevinJ: My connection keeps dropping…I’m going to try and restart…be right back
Alan - Rochester, NY: Carleton, what about Western NY?
[Investment Chat]: ed has entered (8:08 pm)
Mike Summey: Hi David
[Investment Chat]: Penny has entered (8:08 pm)
Mike Summey: Hi ed
Mike Summey: Hi Penny
Ralph Roberts: hi Penny!!!
Roger Dawson: Hi Penny!
Clair-MO: Hi Penny
Frank Cyr: By the way, Carleton, I live in Wichita, Kansas
Penny: Hello everyone!
Frank Cyr: hi Penny
jaynyc: mike? did u see my question.. comment
David: When does the Q&A session start?
Clair-MO: Frank, Kansas is in a buyer’s market my friend
Frank Cyr: We see many homes on the market…lots of selling but not as much buying
Mike Summey: jaynyc, that could be possible, but if you can negotiate with the lender often you can get a super deal before it goes to auction.
JimAndConnie_NC: Would you say that rents will stay about the same even if home prices fall a bit?
Roger Dawson: Frank, jump in, We’re fishing already.
BryTon: Roger, I live in Orting, WA. I only mention it because you tell the story about purchasing property in Eatonville in the book and on the audio course
Frank Cyr: CLair, then good time to build RE portfolio?
jaynyc: mike- lender or homeowner, she has recruited a real estate agent to help her sell before auction..
Clair-MO: Pick your market and go for it!
TT: JimandConnie did are you still looking at a double wide foreclosure, and how did it play out?
Frank Cyr: Thx
Mike Summey: jaynyc, so the property is not yet owned by the lender?
Roger Dawson: Washington has been a very volatile market. It depends what’s happening at Boing and Microsoft.
Carleton: I had some figures compiled for me and I was just checking….Buffalo had a negative 1.9% decline
jaynyc: its a Lis pen dens
David: Can someone go into greater detail about the passage of using home equity to finance purchases on page 176 of the book?
JimAndConnie_NC: Decided against it. We are concentrating on conventional stick built homes
jaynyc: but she has involved a broker to help her sell it
JimAndConnie_NC: thanks for asking
Alan - Rochester, NY: OUCH! You think I am doing an injustice by starting my career in this arena?
Clair-MO: Most of the Mid-West States are great buyer’s market
Frank Cyr: can you still flip successfully?
TT: JimAnd Connie do you giving me the street address, I may be interested.
[Investment Chat]: brian has entered (8:12 pm)
Frank Cyr: or mostly rentals? Here, vacancy rate is climbing
Mike Summey: jaynyc, I’d calculate what would make it a good deal for me and see if she will take it. Worry more about waht works for you than what the seller will or won’t do.
Mike Summey: Hi brian
Ralph Roberts: welcome Brian
Roger Dawson: David, investors think only about return on investment. If you can borrow on your home at 6 percent, and get an eight percent return investing, that’s good.
Frank Cyr: hi brian
Clair-MO: I don’t like the term “flip” it confuses the mind
JimAndConnie_NC: I will have to look it up
Frank Cyr: rehad and resell
Carleton: Absolutely not. You have an ideal buyer’s market . Wealth in real estate DOES NOT depend on appreciation. I love markets like yours.
BryTon: I have finished your book but haven’t gotten around to getting started looking at many porperties yet. I am determined to succeed at this though, whatever it takes
Clair-MO: Hi Brian
JimAndConnie_NC: will you be here next week?
jaynyc: mike- thats what i was thinking, just needed someone to back me up on that thought
Alan - Rochester, NY: flip and resale are different I learned
BryTon: Washington shouldn’t differ too much from the rest of the country, should it?
David: Roger, the passage mentions both a home equity loan and a home equity line of credit, those are two different things, which one is the passage referring to?
Alan - Rochester, NY: Thanks Carelton, I live close to the Fast Ferry and I ythink my area is growing
TT: yes, or email me at ycartth@cs.com
Alan - Rochester, NY: Renters will save the day I suppose
jaynyc: Carleton, I live in NYC and look at properties in westchester. what would be your strategy in this area?? rentals dont cover mortgage payments so that doesnt work. what does/will??
Mike Summey: David, I have a friend who got a home equity line of credit and has used it as seed money to purchase over 20 homes. He buys, get them rented then refinances for enough to get back the money from his equity line.
Carleton: …plus, Rochester was up 4.3%. Even if you don’t buy property no money down and sy, put 10% down, and the property’s appreciating 4.3% per year, that’s a 43% return on your money.
JimAndConnie_NC: ok got it. i do know it was in the DAna area of Hendersonville, NC
Roger Dawson: David, a loan if a fixed amount that you borrow. A line of equity is an approved line that you only use when you want to. A line of credit makes more sense for investors. Don’t borrow until you need to.
TT: thanks
JimAndConnie_NC: yw
Clair-MO: Carleton, I have to share what one of my friends said to me “That I was her Carleton Sheets that she was learning so much about real estate investing.”
Mike Summey: David, the line of credit allows you to draw down against it, then repay, then draw down again.
Carleton: Jay, as desireable as Weschester is, it is extremely difficult to make ceative techiniques work in an area like that. It’s shades of Orange County California
Alan - Rochester, NY: I’m almost in tears…I want to start now but might have to rely on Seller financing or try a government program
Alan - Rochester, NY: No cash top start but I’ll put some in reserve
jaynyc: carleton..true.. all overpriced. this month has seen sales volume jump 5x normal. is this a sign of a top?
David: Mike and Roger, okay that makes more sense, however my parents currently own a home free and clear and they currently already have equity loan on it, they said they can let me use some of the money, how would I go about calculating that into my purchases?
JimAndConnie_NC: Dont give up, Alan
Clair-MO: 9 years ago I got my start with your course and I have “control” over 6 million dollars worth of properties, small to mid-sized apartments
Carleton: So nice, Claire
Mike Summey: Alan, don’t look at seller financing in a negative way, as Carleton & Roger know, I’ve done some pretty spectacular things with seller financing.
Alan - Rochester, NY: I learned Seller financing is less than 15% of the house you look at and that doesn’t include a good deal
lair-MO: It is my pleasure being able to chat with the man whose course got me where I am today. Thank you Carleton!!!
Mike Summey: Alan, I’ve done several deals with seller financing that were 100% financed.
jaynyc: saw a house in bad shape selling for 475k offered 215k since it needed more than 100 to 200k or work. owner said no, he wanted 450k. i balked.
Carleton: Clair, believe it or not, I just got a “shiver” up my spine when I heard that. CONGRATULATIONS!
Roger Dawson: David, that depends on the relationship with your parents. My parents would lend me the shirt off their back and never charge me interest. My kids feel the same way until I try to borrow money from them.
Mike Summey: Carleton, I’m going to get in touch with Clair and try to learn from him.
Alan - Rochester, NY: Actually, that isd my only way to start and I love it if I found many FSBO’s I will start analyzing this week! Thanks Mike!
JimAndConnie_NC: Mike, when you did 100% seller financing… was it at a really low int rate?
Frank Cyr: that’s a question I have, too. what’s the interest rate
Alan - Rochester, NY: You can make your own interest or do you assume a mortgage?
Mike Summey: J&C, I’ve done several owner financed deals at 0% interest.
JimAndConnie_NC: ok. Great
Frank Cyr: principal only?
Frank Cyr: how long on the term?
Mike Summey: You never know what a seller will take until you make an offer.
JimAndConnie_NC: Direst RPincipal Reduction
Mike Summey: Don’t assume anything.
Roger Dawson: Let me give you a key to successful negotiating - you can’t think about what you would do if you were the seller. It has nothing to do with it. What’s good for you, may be great for them too.
Carleton: Clair, why don’t you call my office and ask to speak with my assistant, Anastasia, tell her your story and maybe you can be on our new show or at least featured in my newsletter “Real Profits”. Call 1-800-369-4382.
Clair-MO: It doesn’t hurt to ask or give a low ball offer, no?
David: I have another general question, throughout the book the term “seller” is used, does it mean a private seller or any person or thing selling the house?
Clair-MO: Sure!
jaynyc: anyone, in areas where seller financing is obtained.. is it a run down area? still dont understand why anyone would do seller financing and put themselves in that situation all over again.
Frank Cyr: Better low and have room to go up, yes?
Alan - Rochester, NY: I am a Ham I’d love to be a success and be on your show. Watch me in 5 years; I guarantee it.
Mike Summey: David, a seller is any person or thing selling a property.
Roger Dawson: David, any person or entity. Some great buys are from REOs — real estate owner by lenders because they foreclosed.
Carleton: …and Clar, I got a “shiver” up my spine when I heard how successful you have been
Alan - Rochester, NY: 15% Down payment on REO’s? usually?
Clair-MO: It true, Carleton! I have used your techniques quite successfully especially lease option
Carleton: Jay, seller financing is easy to come by IF you can provide sufficient collateral. Some sellers even prefer it.
JimAndConnie_NC: Mike… I have a long, srawn out question. should i use your e-mail for that?????
Mike Summey: jaynyc, there are many reason why a seller would finance a purchase that have nothing to do with being in a run down area. How about an elderly person who would like to convert real estate equity into an income stream for retirement.
JimAndConnie_NC: drawn*
[Investment Chat]: john has entered (8:23 pm)
Clair-MO: Hi John
Alan - Rochester, NY: Can’t you collateral the home? {Now where had I read that?}
Mike Summey: Hi John
Ralph Roberts: welcome John
Frank Cyr: hi John
jaynyc: ah ok. thanks carl, mike
john: hello
Clair-MO: Hi John
john: hi Clair
Frank Cyr: Certainly, if seller finances, isn’t the home collateral?
Mike Summey: Whew! I’m glad everyone decided to catch a breath. I was having trouble keeping up.
Frank Cyr: I guess I’m confused…too many conversations lol
jaynyc: anyone, what is the success rate of buying PRE foreclosures? anyone had any luck with those properties???
David: What’s the advantage of being able to buy wholesale by being able to pay cash? Wouldn’t the seller get the higher price all at once regardless since the purchaser would have gotten a loan for the full amount? The purchaser would have just been able to sign over a big check, right?
Frank Cyr: don’t know how to find them
Mike Summey: J&C, email is fine.
[Investment Chat]: Testut has entered (8:25 pm)
Frank Cyr: preforeclosure sounds ideal…any comments?
[Investment Chat]: lopes80 has entered (8:25 pm)
Frank Cyr: hi Testut
Mike Summey: Hi testut
Roger Dawson: Mike and I just signed a contract to write our next book: The Weekend Millionaire’s Mindset. Let me summarize: people who tell you that this won’t work are worth minimum wage, and they’ll get wiped out in the next “recession.” People who are successful figure out a way to make it work, just as Clair in Missouri did.
Ralph Roberts: welcome Testut, lopes80!
Mike Summey: Hi lopes80
rank Cyr: hi lopes80
Clair-MO: Frank, I don’t do preforeclosures but you might check the county cout-house or legal section of the newspaper
Frank Cyr: any success is a mindset
Mike Summey: Good answer Roger.
Frank Cyr: thanks, CLair
jaynyc: i know how to get preforeclosure but so far, no successes yet
[Investment Chat]: Christopher has entered (8:26 pm)
Carleton: I sold an apartment building to my manager a few year ago. He put no money down, walked from the closing table with $18,000. I sold it for $500,000 and took back collateral for $600,000
jaynyc: send them postcards and wait…
Frank Cyr: how do you, jaynyc
Mike Summey: I’ve had people here in Asheville where I live tell me why this stuff won’t work for over 25 years.
JimAndConnie_NC: Carlton - Will the dynamics of the baby boomers population decline affect the RE market?
Clair-MO: You have to learn to think creatively by reading and doing what you read
jaynyc: frank, realtytrac.com
Frank Cyr: hi christopher
[Investment Chat]: Christopher has entered (8:27 pm)
Clair-MO: Hi Christpher
Alan - Rochester, NY: My father got bad advice against Lease Options but I had to show him Carleton’s book. I guess the term of the lease is most important
Mike Summey: Christopher, try the message area at the bottom of the chat screen.
[Investment Chat]: Christopher has entered (8:28 pm)
Carleton: I don’t think so. The next generation has more money and is “standing by”
[Investment Chat]: lopes80 has entered (8:28 pm)
Clair-MO: I’m a baby-boomer and I’m not going to decline for a long time financially
Alan - Rochester, NY: I guesss he is doing whjat i did a couple months back, hey Mike? lol
David: MIke, Roger, were either of you able to see my last question?
jaynyc: frank, they email you each day that the area you are looking for comes up with foreclosures or preforeclosures
Frank Cyr: thanks. just looked at the site. How much to subscribe?
jaynyc: 25/month or less for longer subscriptions
JimAndConnie_NC: I am a baby boomer too…
Frank Cyr: not bad. Worth it?
Roger Dawson: I love the trend in this country to get away from what unions and corporations will do for you. We’ll all be better off when we think entrenpenurially and take care of our own financial future.
Frank Cyr: I agree. well said
JimAndConnie_NC: I agree Roger. Let FREE ENTERPRISE run on its own merits
Alan - Rochester, NY: Who here is a business owner? If you are, what kind and how, why?
Mike Summey: Our next book The Weekend Millionaire Mindset will be a great companion to the first book in that it will provide loads of inspiration for those of you who are having trouble getting started.
jaynyc: anyone doing very well in a particular area? NYC and the surrounding areas are too pricey to do most techniques..
Carleton: We have a site..”bankforeclosure.com. In order to access the site, go to Carletonsheets.com and scroll down. If you have my course, you can become a member to use the site.
JimAndConnie_NC: RE; author
Clair-MO: Alan, Lease option is something you have to educate your sellers and buyers in what you do as an investor in using the lease with the option to purchase the property from them
Alan - Rochester, NY: Thought it could compromise RE, maybe that isn’t for everyone?
Frank Cyr: I have my own network marketing business. To build passive income and own my life.
BryTon: sorry I can’t contribute much to the chat, I am currently at work. Just want to say thanks to Roger, Mike, and Carleton for all your materials and willingness to help
Doug: I own a computer business here in CT. I make just as much in my 5 appreciating single family houses.
Roger Dawson: David, you asked about paying cash being an advantage. Yes, to some sellers, it speaks volume, even though they’d get cash if you financed the purchase.
Carleton: Thanks so much, Bryton
Frank Cyr: Carleton…side note… DO you ever age?
JimAndConnie_NC: LOL
Clair-MO: lol
jaynyc: carleton, does that site have preforeclosures? per zip code or specific area?
Testut: Mike, Roger or Carleton: Bread and butter homes in my area cost approximately $140,000-$180,000. I want to purchase my first investment property soon. What type of cash flow would you recommend I shoot for to have an initial success and how much would you recommend I put down?
Alan - Rochester, NY: Clair, my father thought that it was anti-buyer, but I said that if you held a minimum three year lease, it would work ou…plus you may sandwich
Carleton: You are now officially in my will, Frank!
Roger Dawson: Doug, that happened to me too. It took years for me to figure out that I was making more as a real estate investor than I was working 60 hours a weeek.
[Investment Chat]: stevem has entered (8:32 pm)
Frank Cyr: THat’s a will I’d love to be in!
Clair-MO: lol
David: Roger, that doesn’t make sense, how would a seller be persuaded into taking less money ?
Clair-MO: Way to go Frank!!!
Clair-MO: Way to go Frank!!!
Carleton: Jay, yes to all.
Clair-MO: Hi Steven
Frank Cyr: hi steven
Alan - Rochester, NY: Cashflow of $300 should buffer any expense mistakes TET
Mike Summey: Frank, real estate is like building a network marketing company. Every time you add another tenant you have another leg in you downline. The big difference is these downline members don’t havet to peddle cosmetics, soap or anything else. All they have to do is go to work like they do every day and then send you a check each month.
stevem: hi
Mike Summey: Hi stevem
Roger Dawson: Testut:Mike hates me giving rule of thumb, but if a property in your area costs $160,000 you can make money if you can rent it for $1200 a month. The amount you put down is a matter of fine tuning the return.
Carleton: Great comment, Mike!
Frank Cyr: I like that Mike. Also, you build real equity in your business
[Investment Chat]: Christopher has entered (8:35 pm)
jaynyc: anyone,…just saw a house today selling for 350k, needs work.. and i think i will offer 275 and up… realtor tells me how its done is that… you take avg selling price and subtract construction costs from that figure to arrive at the bid price; is that right, i thought the remodel costs came off of the asking price ???
Frank Cyr: I’ve watched Carelton for 12+ years…I’ve always wanted real estate career
Mike Summey: Real estate is the best network marketing opportunity I know of.
Carleton: Hello, Christopher.
JimAndConnie_NC: Carlton - We have been RE “investors” for more than 18 years. It was not until we purchased your course did we learn that we knew almost nothing about being RE investors. Thanks to you, Mike and Roger, we are now pointed in the right direction
Carleton: Where do you live, Frank?
Alan - Rochester, NY: This is like a dream actually talking to you guys… Only in America
Mike Summey: Thanks so much J&C
[Investment Chat]: Christopher has entered (8:36 pm)
Frank Cyr: Carleton, Wichita, Kansas
Doug: For 4 years we rented out our first investment house and were trying to unload it. But upon reading “Rich Dad, Poor Dad” I figured out what an assest was. Now my heart is really in real estate. Computers pay the bills.
Carleton: What a lovely thing to say, Jim and Connie. Where do you live?
JimAndConnie_NC: Ditto, Alan
Roger Dawson: Jaynyc: that real estate agent is lying to you. There is no formula. A property is worth what a willing buyer will pay a willing seller, when both are informed, and neither one is under pressure.
JimAndConnie_NC: We live just a stones throw from Mike… Fletcher, NC just south of Asheville
Frank Cyr: Doug, I feel the same way. I’m a real fan of Kiyosaki
jaynyc: thanks roger
Frank Cyr: Read 4 of his books
[Investment Chat]: ed has entered (8:38 pm)
David: Roger, your comment earlier about paying cash speaks volume to a seller, what did you mean by that?
Frank Cyr: hi Ed
Clair-MO: Hi ED
[Investment Chat]: ed has entered (8:38 pm)
Alan - Rochester, NY: I told Jim that MIke already bought up all the property there. Move east I say! Lol
JimAndConnie_NC: lol
Frank Cyr: Carleton, are you ever in the Kansas area?
[Investment Chat]: jj3259 has entered (8:39 pm)
JimAndConnie_NC: not so, Alan. Lots of opportunities here
Mike Summey: Here’s an announcement for you…I’ll be speaking at a huge real estate symposium October 17-17 in New York. I’ll be on the program with Donald Trump, Robert Kyosaki, Suze Orman and Rudy Guillani. Hope you will all come.
Mike Summey: Hi ed & jj3259
Frank Cyr: WOW!
Carleton: Frank, I’ve been there many times but not for a number of years.
Alan - Rochester, NY: I am THERE!
Frank Cyr: Mike, what an opportunity.
jj3259: hi
[Investment Chat]: ed has entered (8:39 pm)
JimAndConnie_NC: Mike - Are you going to give Trump some free advice??????
Mike Summey: that’s Oct 16-17, sorry.
Roger Dawson: David, when you say I’ll pay you cash, it gives you a lot of credibility. The owner sees you as being what they wish they were (financially speaking). In negotiating terms, it projects that you have a lot of options, which gives you power in the negotiation.
Frank Cyr: Plans on coming out this way in the future?
Doug: That’s nice company Mike, but none of ‘em got a good ol North Carolina accent!
[Investment Chat]: ed has entered (8:40 pm)
David: Roger, that obviously won’t work with everyone, right?
Carleton: No plans.
Frank Cyr: thx
jaynyc: anyone build new homes? is that profitable as well?
Roger Dawson: David, no, just 95 percent of them.
Mike Summey: Frank, I don’t have any plans to be in Kansas right now, but things could change.
Frank Cyr: I really enjoyed your interviews with people in the “middle” of the country on your show
Doug: I think Mike’s voice inspires trust and confidence. Maybe he should be doing commercials for Cambell’s Soup or something.
Frank Cyr: thx, Mike
David: Roger, so I could get a loan from anywhere else and still say I’ll pay cash, right?
jaynyc: i’ll be there mike, not far from the city..
JimAndConnie_NC: OK tell us the truth…. who has the best golf handicap? Roger, Mike, or Carlton?????
Mike Summey: Thanks Doug.
Mike Summey: Thanks Doug.
Mike Summey: Carleton always wins the money.
JimAndConnie_NC: Ha Ha
Alan - Rochester, NY: I like how Mike puts the screws to some bankers. I realized you are in a more powerful position than you think
Carleton: Mike, then Roger then me a poor third. Enthusiasm, ME!
Frank Cyr: So, successful RE investors play golf for money?
Roger Dawson: RE new homes. Interesting that builders in CA won’t build until they have presold. They got burned too much in the 1990 boom and bust cycle.
jaynyc: when did it bust roger?
jaynyc: and by how much?
Frank Cyr: CA is challenge. I owned a home that appreciated over 100K in 3 years
jaynyc: I think the same will happen here in NY
Frank Cyr: great for owners…tough market to get into
Mike Summey: Alan, in the beginning, I had practically no clout with the bankers. I had to prove myself over a long period of time.
Frank Cyr: but…working hard there are deals out there
Alan - Rochester, NY: I hear Phoenix is at the top of the buyers market right now?
Testut: Carleton: I know you promote no money down but I have approximately $200,000 I can use to purchase property. My goal is to have $4000 cash flow per month asap. I have not purchased my first property yet. With $200,000 is it possible to buy enough property to meet my goal of $4000 per month cash flow and if so, what type of properties would you suggest (single family, small apt)?
JimAndConnie_NC: I ahve properties in Fresno, CAlif and it is popping. Playing catch-up BIG TIME
Roger Dawson: RE golf. Carleton’s being very generous. I’ve been playing for 40 years, and have a victory celebration when I break 100.
Frank Cyr: I’d love to break 100!
Doug: Has anyone heard anything good about “Split Mortgages” for investors. The Hartford Courtant had an article on Sunday saying they are great way to avoid PMI.
Mike Summey: Testut, with $200,000 cash and a little time you should be able to generate far more than $4000 per month.
JimAndConnie_NC: I can appreciate that, Roger… i get my money’s worth on the links (lots of swings)
Carleton: Testut, I don’t know where you live but with the kind of cash you have…the cash flow you stated as an objective is very easily reached.
Frank Cyr: how?
Frank Cyr: Sorry, just curious about your advice
Roger Dawson: Testur, I agree. Remember that as an investor, you must buy at wholesale, not retail.
Alan - Rochester, NY: I wonder how many houses I have to buy to reach $400 CF
jaynyc: should i move or buy real estate in another area? since most creative techniques dont work here?
Alan - Rochester, NY: $4000 I meant
Carleton: And Roger, wholesale as you know can mean price or terms.
Roger Dawson: Jaynyc, tell us where you live again?
Alan - Rochester, NY: I’d say 12
jaynyc: nyc
Clair-MO: Jay, I don’t think its not a matter of mot working in your area but finding motivated sellers!
Mike Summey: Testut, in over 25 years, I’ve put less than $15,000 of money earned outside of real estate back into building my portfolio of properties. Today I enjoy an income that is approaching that figure daily.
Clair-MO: not
jaynyc: everything is way overpriced here
Frank Cyr: for $4K cashflow, best to get larger rentals or many smaller ones?
jaynyc: today i saw a house with 15 other buyers!!
Frank Cyr: $15K / day, Mike? Incredible!
Alan - Rochester, NY: Question, Carelton students says evaluate 25 houses before a purchase yet Robert K says 100….what gives?
Roger Dawson: Jaynyc, NYC is tough. You might think of areas north of there, toward Albany. Look for communities that have a strong workbase.
Mike Summey: Testut, I’ve been able to t=do that because for about 20 of those yeaers I worked another job and just let the income from the properties compound.
JimAndConnie_NC: Gotta pay for that KingAir somehow, right Mike?
Mike Summey: Alan, maybe Carleton gives you better tool with which to evaluate.
BryTon: Have any of the experts seen a decline in the quality / quantity of renters due to the extremely long period of low interest rates?
JimAndConnie_NC: Different people. Different techniques
Carleton: Robert K. is a friend and we really don’t disagree…I just think 20 is more realistic. 100 would obviously be better.
Alan - Rochester, NY: That could be true..maybe I’ll shoot for 50 and see
jaynyc: roger, what do you mean by workbase exactly? factories? manufacturing?
Mike Summey: Bryton, yes, I’ve noticed a bit of that, but it seems to be coming back now.
Testut: Carleton/Mike: I live in Tennessee. What suggestions would you have to get stated to meet the goal of $4000 per month cash flow?
Frank Cyr: CArleton, do you recommend physically inspecting 20? Or just evaluate to determine if you want to inspect?
JimAndConnie_NC: I have better tenants now than when rates were higher
Roger Dawson: In the book we rate impatience as the number one mistake. If you’re in a community where buyer is frantic, remember the old axion of Wall Street investors: buy when there is blood on the streets.
JimAndConnie_NC: but i screen them more than I did before getting Carton’s course on RE Mgt
Alan - Rochester, NY: Which brings me to my next question: IF I were to evaluate 50….how long before I start missing out on the earlier deals I first evaluated? Should I care? Should I do this in a timeframe?
[Investment Chat]: Chuck has entered (8:50 pm)
Frank Cyr: hi, chucjk
Clair-MO: Hi Chuck
Frank Cyr: sorry, chuck
Roger Dawson: Jayncy: I’m talking about areas that support blue collar or clerical employment.
Carleton: I’m not trying to be cute, but this is the essence of my cours. Look at many properties, use your cash sparingly and make it a goal to get $100-200 per property per month, net.
Chuck: Hello Folks
Frank Cyr: thx, Carleton
Mike Summey: Testut, the best advice I can give you is to GET STARTED. Until you actually start making offers, you’re aren’t going to make a dime.
JimAndConnie_NC: Carleton… I apologize for misspelling your name so many times tonight.
Mike Summey: Hi Chuck.
Frank Cyr: I guess making offers is the scariest…at least for me it is
Frank Cyr: Me too, Carleton
jaynyc: so simple carleton.
Roger Dawson: It looks as though Monday night is a great night to have these chats!
Frank Cyr: thanks jaynyc
JimAndConnie_NC: yes!
Frank Cyr: or is that jynacy
Mike Summey: Frank, that’s the scarriest part for everyone, but until you start doing it, you will not buy anything and you will not learn a lot.
Frank Cyr: thanks jaynyc
JimAndConnie_NC: yes!
Frank Cyr: or is that jynacy
Mike Summey: Frank, that’s the scarriest part for everyone, but until you start doing it, you will not buy anything and you will not learn a lot.
jaynyc: jaynyc franko
JimAndConnie_NC: No guts, No glory
Frank Cyr: like any enterprise…getting started is hardest!
jaynyc: i’m not afraid to offer 50% on a property if it needs work..
JimAndConnie_NC: (An old fighter pilot phrase)
David: I spoke with a real estate agent the other day and she said that I shouldn’t tell real estate agents that I plan on renting out the house, is that true?
jaynyc: deals come by all the time..
Frank Cyr: I wanted to know if that was a viable offer for starting out
Frank Cyr: 50%?
jaynyc: 50 % of asking price
Roger Dawson: When you make a low offer, remember to detail why you’re making a low offer. Otherwise the seller thinks that you’re trying to take advantage of them.
Carleton: I have an early morning flight so I’m going to sign off. This has really been fun and to all you investors and future investors…GOOD LUCK!
Alan - Rochester, NY: How else would you know what tthe COMPs were?
Frank Cyr: What about homes on the market 90+ days? Any success stories with these?
Clair-MO: I have found through experience when folks ask questions such as “What ifs” or When shoule we do” that they are allowing the frear factor to take over and they won’t be doing anything
Mike Summey: Frank, it all depends. I wouldn’t get too hung up on price. What you’re looking for is value, which is a combination of what you pay and how you pay it.
Roger Dawson: Thanks, Carleton!
jaynyc: thanks carelton. adios
JimAndConnie_NC: thanks so much for everything, Carleton
Ralph Roberts: thanks for joining us, Carleton!
Frank Cyr: THanks, Carleton. Honor to chat with you!
Alan - Rochester, NY: Rental Comp
Clair-MO: sorry for the wrong spelling
Penny: Good nught Carleton. Have a safe flight.
Roger Dawson: Clair, great point. May we include it in our next book?
Clair-MO: Me Too Carleton
[Investment Chat]: Alan - Rochester, NY has entered (8:54 pm)
JimAndConnie_NC: COme BAck!!!!
Mike Summey: Thanks for joining us Carleton, I know you have to leave early, so have a good flight.
Penny: night
jaynyc: i offered 50% to a property that needed a lot of work. a l o t
[Investment Chat]: MarkInNC has entered (8:55 pm)
Mike Summey: Hi Mark
JimAndConnie_NC: Come again, Carlton!!!
Clair-MO: It is all ready in a book Roger!
Clair-MO: It is all ready in a book Roger!
jaynyc: do comps matter for anyone here?
Alan - Rochester, NY: You can ask whatever you like David. Keep asking until you get your answers YOU run the show in your world
Frank Cyr: You make money when you buy, right?
MarkInNC: Hi everybody sorry I’m late
[Investment Chat]: Doug has entered (8:56 pm)
Mike Summey: Hi Doug
Clair-MO: Hi Mark
Frank Cyr: According to Kiyosaki…
JimAndConnie_NC: i dont think comps matter because they reflect the retail prices people are paying
Mike Summey: Good point J&C
Frank Cyr: so what do you use to evaluate the numbers?
jaynyc: isnt that important, what people are paying not asking ???
show…..sorry
Frank Cyr: ie, cashflow potential
[Investment Chat]: Doug has entered (8:56 pm)
Frank Cyr: hi Doug
Alan - Rochester, NY: lol
Clair-MO: Someone earlier said that the price of a home depends on the folks who want it bad enough in a nut shell.
[Investment Chat]: Doug has entered (8:57 pm)
Roger Dawson: Frank, yes. You make money when you buy, because when you sell you will only be able to sell at market value, no more. Remember, the Weekend Millionaire program says that you should buy so that you never have to sell.
[Investment Chat]: Frank Cyr has entered (8:57 pm)
Mike Summey: Frank, study our book. It’s all there. What you want to do is let cashflow determine what you pay.
[Investment Chat]: Doug has entered (8:57 pm)
Testut: Mike/Roger: So on bread and butter homes, would you agree that profiting $100-$200 after ALL expenses (including financing) is a goal to shoot for?
Alan - Rochester, NY: Rental rates are skewed to the market value though
Dean-nc: How many Dougs are here?
Frank Cyr: thanks Mike
jaynyc: anyone have any problems with rentals when they are far away from your homebase location? collecting? etc?
Mike Summey: Testut, I think that is a wonderful goal. I’m happy with just a break even deal in the beginning, because I know that the longer I own the property the wider the margin will become.
Ralph Roberts: just one Doug right now
JimAndConnie_NC: Testut… multiply that situation by fifty and you will see the “100-200/mo” times fifty starts to become a nice little sum of money
[Investment Chat]: Doug has entered (8:59 pm)
Frank Cyr: g’night everyone…need to get some dinner!
Mike Summey: Doug is having a problem right now.
[Investment Chat]: Doug has entered (8:59 pm)
jaynyc: gnite
Alan - Rochester, NY: You have a Propert Manager? Carleton and Mike seem to disagree on this point {when you start out in RE}
Ralph Roberts: gnite, Frank
Clair-MO: nite
David: Normally, what expenses are a tenant responsible for? Phone, electric, gas?
Mike Summey: Goodnight Frank, thanks for joining us.
Ralph Roberts: guys, don’t hit ‘refresh’ on your browser or you’ll get kicked outa Chat
Frank Cyr: thanks to all of you! This has been great!
Doug: I never left. How come I keep entering?
[Investment Chat]: Alan - Rochester, NY has entered (9:00 pm)
jaynyc: twilight zone doug
Mike Summey: Let me hear from everyone of this one…DOES MONDAY NIGHT WORK BETTER FOR YOU OR DID YOU JUST SHOW UP TO TALK TO CARLETON?
JimAndConnie_NC: You are making mulitple grand entrances, Doug
Doug: I think I am the only one….but maybe my one hour time limit was up so they kicked me out a couple of times. But I just keep coming back.
jaynyc: mondays are better for me.
Alan - Rochester, NY: Try to get all utilities
Clair-MO: I like Mondays
jaynyc: sundays r too busy
Doug: Maybe I should sign out and sign back in.
Dean-nc: I prefer Sunday
MarkInNC: Mondays are better for me
Testut: Monday works well with my schedule
JimAndConnie_NC: Mike, I like Mondays nights
Mike Summey: Doug, we have no time limit. You can spend the night if you want…I won’t be there, but you are welcome to stay.
Alan - Rochester, NY: BOTH
[Investment Chat]: Alan - Rochester, NY has entered (9:01 pm)
Roger Dawson: David, in single family residences, tenants pay for phone, gas, and electric. Trash too, unless it’s billed with taxes. With apartments it depends if the units are metered separately.
David: Do property management companies take care of landscaping as well? Mowing lawns, pulling weeds?
jaynyc: score: mondays= 5, sundays= 1
Alan - Rochester, NY: BOTH
brian: Mondays are better for me as well
[Investment Chat]: ukchris has entered (9:02 pm)
jaynyc: 6
Roger Dawson: David, they take care of whatever you will pay them to do.
JimAndConnie_NC: I usually work Sundays… Mondays work better for me
stevem: mondays
Mike Summey: Hi ukchris
jaynyc: 8
[Investment Chat]: Alan - Rochester, NY has entered (9:02 pm)
Alan - Rochester, NY: Mondays will be hence know as INVESTOR NIGHT
ukchris: hi eveybody
jaynyc: 8 to 1 favor mondays
john: mondays
JimAndConnie_NC: Alan is in the twilight zone too
Roger Dawson: Property managers charge a fee to collect rents and then bill you for all other expenses.
JimAndConnie_NC: keeps entering
David: They’ll also give me the money that is due to me, right? heh
jaynyc: anyone, what is the furthest property you own as a rental???
Dean-nc: Mike, should you aim for more cash flow on more expensive properties?
Mike Summey: I know Roger & Carleton both like Monday better.
Alan - Rochester, NY: It happens to me after about an hour chatting
JimAndConnie_NC: FOOTBALL?
[Investment Chat]: Alan - Rochester, NY has entered (9:03 pm)
Mike Summey: Monday Night Football.
Alan - Rochester, NY: LOL True Mike…i forgot…Maybe Tuesdays in September
JimAndConnie_NC: Invest wisely and then GO TO THE GAMES
Clair-MO: Chris has is the market in UK?
Clair-MO: how
Roger Dawson: David, hopefully. Just be sure that you pay the mortgages, not the property manager.
ukchris: no I live in US, but the UK market is goin thru the roof
jaynyc: anyone see my Q up there?
Mike Summey: David, my property managers handle everything except mortgages, taxes and insurance. I pay those myself.
Clair-MO: David, I personally have in-house managers property managers are not a good idea!
MarkInNC: Roger, why not let the manager handle the mortgage?
Roger Dawson: Dean, less cash flow is the rule on expensive properties. It’s offset by higher appreciation.
[Investment Chat]: DouginCT has entered (9:05 pm)
Mike Summey: jaynyc, ask it again.
jaynyc: what is the furthest anyone would own rental property???
Alan - Rochester, NY: No more than 8% Carleton says, but Mike accounts for 10%
Testut: Mike/Roger: What price do you pay for a bread and butter home in your area in 2004?
Roger Dawson: Mark, never let anyone else control your credit rating.
[Investment Chat]: lopes80 has entered (9:06 pm)
JimAndConnie_NC: good answer, Roger
jaynyc: are there problems when you have rentals far away from where you live?
TT: Mike what is the worst problem you have had with a property manager? …that made you want to change managers?
Mike Summey: jaynyc, that all depends on your comfort level with the property manager handling the property. Personally, I like to keep them close.
Mike Summey: TT, getting lazy and complacent.
Alan - Rochester, NY: Didn’t do a good job and kept the $$$
stevem: clair-MO, what do u mean by in-house mgr?
Mike Summey: I just fired a company effective January 1 for that very reason.
[Investment Chat]: lopes80 has entered (9:08 pm)
Roger Dawson: Jaynyc: in theory, with a good property manager, it shouldn’t matter where you live. But I don’t feel comfortable if the property is more than 2 hours drive away.
JimAndConnie_NC: Mike, have you ever read the riot act to a mgt company and then stayed with them if they get their act together?
jaynyc: thats a good rule.. for a newbie like me
Mike Summey: Two hours in Los Angeles is just down the street.
Alan - Rochester, NY: Mike started his own Management Company…something to consider
[Investment Chat]: Dean-nc has entered (9:08 pm)
JimAndConnie_NC: good one, Mike
Clair-MO: Steven, What I meant I personally train folks who manages my apts for me but I have control over the financial end. I pay the bills
Mike Summey: Alan, NO i’ve never started a management company, but I manage the management companies very carefully.
jaynyc: sounds good.
stevem: thanks
stevem: thanks
Alan - Rochester, NY: In APTS, you halve the rent for someone in return for them to oversee your property like an RA in college
Dean-nc: should I aim for more cashflow on more expensive properties?
Roger Dawson: Alan, what’s college. Never had a day, myself.
Alan - Rochester, NY: I thought i read you put people to work by having them do other properties?
DouginCT: Anybody ever get a “Split Mortgage?”
Clair-MO: I give mym managers free apartment and paid them $1000 as a salary
Mike Summey: One reason I use outside management companies is because they are licensed by the state, carry insurance and act a a buffer between me and my tenants.
jaynyc: 1/2 rent seems alot
Alan - Rochester, NY: LOL,roger…its where all the pretty women go to flunk out
[Investment Chat]: Alan - Rochester, NY has entered (9:10 pm)
Alan - Rochester, NY: LOL Roger, College is where all the pretty women go to flunk out
JimAndConnie_NC: The “buffer” you talk about Mike is a good thing
Roger Dawson: Jaynyc, ask Alan about Rochester. Bet that’s a good investment town.
[Investment Chat]: lopes80 has entered (9:11 pm)
Mike Summey: Professional managers must keep up with changes in landlord/tenat law and other legal requirements in order to keep their license current.
jaynyc: is it alan?
Clair-MO: Good night folks nice chattineg with all!!
jaynyc: alan? hellooo
Alan - Rochester, NY: Carleton says it is…gives me hope
JimAndConnie_NC: goodnight Clair
Ralph Roberts: nite Clair
jaynyc: ok. nite clair
Mike Summey: Goodnight Clair, I’ll get in touch with you this week.
Roger Dawson: Night Clair!
JimAndConnie_NC: nice talking to you
[Investment Chat]: Alan - Rochester, NY has entered (9:13 pm)
jaynyc: alan, what is the avg price for a single fam resid?
Alan - Rochester, NY: Calm down buddy m,y computer is acting up
DouginCT: JayNYC you might try a town like Waterbury, CT. It might be only 2 hours away and have some low cost housing.
BryTon: Mike, did you study Roger’s “Secrets of Power Negotiating” home study prior to meeting him?
JimAndConnie_NC: did i hear someone say that prices in buffalo declined?
BryTon: in other words, how did you learn to negotiate?
jaynyc: doug, whats the avg price there?
Alan - Rochester, NY: From my early knowledge…. about 100-170K
jaynyc: early? how about today?
Mike Summey: Bryton, I owe much of my success to Roger. I not only studied his courses, but hired him to speak to a group I was president of. That’s how we first met about 20 years ago.
JimAndConnie_NC: ralph…. will this chat be archived?
DouginCT: Jay…I saw some great single family houses for > $100K
jaynyc: or dont you invest in sfr’s any more
Ralph Roberts: yes it will
Roger Dawson: Gee whiz, Mike. Thanks.
jaynyc: thanks doug
Alan - Rochester, NY: Carelton said that Jim
JimAndConnie_NC: ok thanks for your work
Ralph Roberts: and it’s a biggie
jaynyc: and alan
jaynyc: and alan
[Investment Chat]: Alan - Rochester, NY has entered (9:15 pm)
jaynyc: doug, is waterbury a shantytown?
DouginCT: The place to find out about prices in Buffalo or anywhere is: http://www.ofheo.gov/HPI.asp
Alan - Rochester, NY: Carleton looked it up for me Jim…I feel honored
jaynyc: i’ve seen newburgh, ny and had to run for my life
JimAndConnie_NC: thanks, DouginCT
Dean-nc: I think the alan’s have passed the doug’s.
Dean-nc: I think the alan’s have passed the doug’s.
Alan - Rochester, NY: Don’t you see 15 Alan’s standing in that corner over there?
[Investment Chat]: lopes80 has entered (9:16 pm)
Roger Dawson: The sun’s about to set in California, and I need to check the temperature in my wine cellar.
Mike Summey: You guys who keep coming & going, are you being kicked out of the chat?
[Investment Chat]: lopes80 has entered (9:17 pm)
jaynyc: no they are trapped in the twilight zone
Alan - Rochester, NY: I have to go dream about wine cellars
jaynyc: i have to dream about wine
[Investment Chat]: lopes80 has entered (9:18 pm)
Alan - Rochester, NY: Yes, but that can be edited out lol
[Investment Chat]: lopes80 has entered (9:18 pm)
DouginCT: You should get on their email notice and get their quarterly updates. The good news is that “Real Estate Prices Are Falling.” Washington DC has come down from annualized 12.65 to 6.72. This is a healthy number. Not overheated and ready to go flatline for a decade.
Ralph Roberts: are you on a dialup connection, Alan?
Mike Summey: The sun is setting in CA, but it has been set in NC. I can stay for about another 10 minutes then I have to run also.
[Investment Chat]: lopes80 has entered (9:18 pm)
jaynyc: ok folks thanks for all your help. see you soon hopefully. great book mike and roger. keep up the good work folks.
jaynyc: nice meeting yall
Ralph Roberts: see you mike… 9,000 words tonite
Alan - Rochester, NY: cable, ralph
Mike Summey: I think we will try to schedule Monday nights for a while as it seems to work for more of you.
Testut: Mike: On a $150,000 sfh in very good condition, what would you generally offer to make $100-$200 per month cash flow?
JimAndConnie_NC: Mike,, what’s the status on the KingAIr?
Alan - Rochester, NY: Until September Mike FOOTBALL
Mike Summey: Ralph is our great webmaster who keep this whole thing running. We need to give him a big hand.
Mike Summey: HAND
Dean-nc: I guess i got outnumbered .
Alan - Rochester, NY: depends on expenses test
JimAndConnie_NC:
Ralph Roberts: the sound of one hand clapping?
DouginCT: Clap, Clap, Clap from all my multiple personalities!
Alan - Rochester, NY: HAND OVER FIST
[Investment Chat]: Alan - Rochester, NY has entered (9:21 pm)
Ralph Roberts: it did run very nicely tonite… server load stayed well below 1%
Alan - Rochester, NY: HAND OVER FIST
JimAndConnie_NC: say what, Ralph? dont get technical on us
[Investment Chat]: jaynyc has entered (9:22 pm)
Ralph Roberts: der blinken lights still blinken
JimAndConnie_NC: Been flying much, Mike/
Mike Summey: Testut, as I said earlier, any cash flow in the beginning is good, but I’m happy with a break even to start with. On a more expensive property, even a break even cash flow is paying down a larger portion of principal each month.
BryTon: Thanks again Mike and Ralph for taking the time to chat with everyone
Alan - Rochester, NY: Email is Erelismeadow@aol.com Jim….I’ll ask you questions I’mm sure
Dean-nc: Mike, do you do your own typing or have help?
Testut: Got it!
JimAndConnie_NC: OK, Alan
JimAndConnie_NC: but Mike and Roger are the experts… not me
Alan - Rochester, NY: He has one hand on a steak knife and one finger on the pulse of America
JimAndConnie_NC: Flying much at all, Mike?
Alan - Rochester, NY: Yes, But I think they are QUITE busy
BryTon: Mike, I’m planning on targeting baby boomers / retirees to give them retirement income as I buy their house from them with owner financing. Am I dreaming, this sounds like it is almost too good to be true
Mike Summey: Dean, unfortunalely I have to do it all myself.
Alan - Rochester, NY: lol
Alan - Rochester, NY: lol
[Investment Chat]: Alan - Rochester, NY has entered (9:24 pm)
Dean-nc: Im sure you stay busy.
JimAndConnie_NC: Dean-nc how have you been?
BryTon: Also do you recommend setting up an LLC prior to getting started?
Mike Summey: Bryton, I think that is going to be a growing segment of the investing market that is going to get stronger and stronger for the next 20+ years.
Dean-nc: Getting better everyday.
BryTon: I’m 26 now and I feel that would provide a great service to those that got taken by the stock market fall out.
Mike Summey: Bryton, I hold my properties in LLCs, but you don’t have to set one up before you start making offers. That can always be done after you get a signed contract.
JimAndConnie_NC: Are you doing that ralph?
imAndConnie_NC: Are you doing that ralph?
Alan - Rochester, NY: good q bryt
BryTon: thanks
Ralph Roberts: doing what, Jim?
Ralph Roberts: and Connie?
Ralph Roberts:
JimAndConnie_NC: filtering out my flying questions to Mike? Lol
DouginCT: Mike — What do you think about “Trusts” a al Louis Brown in Atlanta
Ralph Roberts: no, I likes to talk flying
BryTon: Do you know the tax liability for the seller when they provide owner financing?
Mike Summey: Sorry Jim. I skipped them and then forgot to get back to them.
JimAndConnie_NC: i was just kidding..
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