Chat 8-30-04
Posted on August 30, 2004
Welcome to the chat, Ralph Roberts!
[Investment Chat]: Ralph Roberts has entered (7:55 pm)
Ralph Roberts: hi JJ
JJ: hey
[Investment Chat]: RyanCP has entered (7:56 pm)
JJ: you invest in real estate ralph?
Ralph Roberts: looks like you’re the first tonight 
JJ: ya
Ralph Roberts: hi Ryan
Ralph Roberts: welcome
RyanCP: Hello
RyanCP: Thanks
JJ: you guys invest?
Ralph Roberts: raining here now… may be getting a little splash from the hurricane down eat
JJ: or learning right now?
[Investment Chat]: brian has entered (7:56 pm)
Ralph Roberts: east
Ralph Roberts: hi Brian
RyanCP: I am looking to get started pretty soon
Ralph Roberts: I do a little, Ryan
RyanCP: Good
Ralph Roberts: er.. JJ, I mean… invest
brian: Hi Ralph
[Investment Chat]: Craig has entered (7:57 pm)
RyanCP: It’s raining where i’m at please
Ralph Roberts: hey Brian… and hiya Craig
Craig: good evening
brian: Just finished mikes book, it was really great!
[Investment Chat]: Al Lee has entered (7:59 pm)
Ralph Roberts: Al Lee!!!! hiya
Ralph Roberts: yes, Brian… good book, very informative
Ralph Roberts: inspiring, too
Al Lee: Hi Ralph. I made every sort of special effort to be here on time. And it worked!
Ralph Roberts: you’re even early, Al
Ralph Roberts: by 40 seconds or so
Al Lee: One minute!!!
brian: Yes, but i have a few questions that maybe you guys can help me with.
Ralph Roberts: okay, almost a minute, then
Ralph Roberts: yes, Brian… and Mike should be here momentarily to answer them
[Investment Chat]: jrt has entered (8:01 pm)
JJ: anyone from florida?
Ralph Roberts: hi JRT
[Investment Chat]: Ty from NY has entered (8:01 pm)
brian: Great, it is really wonderful to have a site like this to share all this info.
Ralph Roberts: welcome Ty
Al Lee: Hello, everyone
Ralph Roberts: I’m from North Carolina, JJ… but I think we have some Florida folks normally
Ty from NY: hello ralph and everyone else
RyanCP: Texas here
Al Lee: Texas
Ralph Roberts: what part of Texas, Ryan?
Ralph Roberts: I spent some time in El Paso
brian: By the way i am from long island , ny.
RyanCP: West Texas, Lubbock, for school
RyanCP: Oh ok
[Investment Chat]: Rick has entered (8:03 pm)
JJ: hey al… its jonathan form miami, florida…the 20 year old…ive emailed you like 4 times
Ralph Roberts: nice county, West Texas … miles of miles of nothing but miles and miles
Al Lee: Brian, my first address after my mother brought me home from the hospital was in Astoria Queens, now it is Dallas
Ralph Roberts: welcome Rick
[Investment Chat]: Cliff has entered (8:03 pm)
Ralph Roberts: hi Cliff
RyanCP: Ha
Cliff: Hello !
Al Lee: I got stationed in Texas in the Air Force, and decided to stay
Rick: hello, ralph
Cliff: I’ve been looking forward to this.
RyanCP: it’s great
[Investment Chat]: justin has entered (8:04 pm)
Cliff: I’m just getting started in real estate (one property). Ive read several approaches to investing and this one seems the most logical !
Ralph Roberts: hmmm… MIke’s running a little late, but he’ll be heah… hi Justin
brian: I am in astoria all the time, and dallas is also a great town!
JJ: al…insurance should cover hurricane damage right? or no?
[Investment Chat]: arennhack has entered (8:05 pm)
Ralph Roberts: hi arennhack!
Ralph Roberts: welcome
Cliff: (it should.. my one investment property is on the North carolina coast.. watch out for Frances
JJ: i know
Al Lee: depends on yoru policy, I would say. they are excluding more and more things these days–like MOLD!
JJ: ok
JJ: cuz in florida and the carolinas, we have slight problems with hurricanes you know
Cliff: JJ do you have federal flood or private insurance ?
Al Lee: I lived through one hurricane long ago in Florida when I lived there and I don;t want to do it again
arennhack: anyone have any hard money contacts for NC?
JJ: al should we have just one management company manage all our properties, or have several
JJ: ?
[Investment Chat]: Doug in CT has entered (8:08 pm)
Al Lee: I had a hosue flood here in Texas in 1990 and the flod insurance the mortgage company made me buy paid $65,000–I quit griping about the $300/year premiums then.
brian: Do you guys chat on a regular basis or only on these special occasions?
Cliff: THere is one in Texas (haven’t worked with them) that I believe supports NC.
Ralph Roberts: hi Doug… welcome to the group
[Investment Chat]: Connie in Fletcher has entered (8:08 pm)
Doug in CT: Hi Ralph, Good to be with you
Ralph Roberts: hi Connie!
arennhack: whats their contact info cliff
Al Lee: JJ: I have several. Mike also has several. They are a local business and cannot manage properties that are not in their own territory. In our club we have managers for Dallas, Fort Woorth, Austin, San Antonio, and Houston. No one manager could handele that
Connie in Fletcher: Hi everyone!
Cliff: It’s www.rehabfunding.com
Ralph Roberts: Just talked to Mike on the landline… he’s on his way.
[Investment Chat]: Mike Summey has entered (8:09 pm)
Ralph Roberts: welcome, Mike!
Mike Summey: Thank goodness for Ralph.
arennhack: thanks
Ralph Roberts: heh, heh
Connie in Fletcher: Jim in Fletcher willl be here soon. He’s stuck at the airport.
Cliff: Hi Mike.. LOVE the book !
JJ: so AL around one management company per city would be a good bet then
Mike Summey: I was so engrossed in doing an edit on our next book that I let the time slip up on me.
Mike Summey: Thanks Cliff.
Cliff: Mike, question.. I asked this in the forum but didn’t get a response. Is the CD material different than the book ?
Al Lee: JJ: you may even want more than one in a city, so they have a little competition.
JJ: true
JJ: ok mike… how do you figure out the present value of an income stream?
JJ: example would be with the divorced couple in the book
Mike Summey: Cliff, it is similar, but not the same. We made it similar because some people learn better by lestening than they do by reading, but everyone learns better doing both.
Cliff: trhx
Cliff: thx
[Investment Chat]: Doug in CT has entered (8:11 pm)
JJ: AL… whats your opinion on Section 8 Tenants?
[Investment Chat]: arennhack has entered (8:12 pm)
Mike Summey: JJ, you need a financial calculator. If you know the monthly payment, the interest rate and the lenght of time you can compute present value.
JJ: ok thanks
Mike Summey: Hi Doug
[Investment Chat]: arennhack has entered (8:13 pm)
Mike Summey: Hi arennhack
JJ: recommend any specific calc?
Doug in CT: Hi Mike–Glad your getting that new book edited just right.
Connie in Fletcher: We have income properties in Calif. Whenever a tenant moves out, it takes anywhere from 30 - 60 days to secure a new tenant. Any suggestions on how to improve on this?
Al Lee: JJ: if you listened to my radio show a week ago, it was all about Section 8. I think the program has terrific promise for investors and I am starting to use it on some of my properties. I have “hired” a new proeprty manager that has 14 years experience with Section 8
Mike Summey: JJ the Carleton Sheets Toolkit on our website has all the tools you will need including a great financial calculator.
[Investment Chat]: Cathlena has entered (8:13 pm)
Mike Summey: Hi Cathlena
Ralph Roberts: welcome Cathlena!
JJ: sounds good AL
Cathlena: Hello everyone
brian: Mike just finished your book, and have some basic questions.1- I have $200,000 cash to invest what is the best way to invest in several properties at once, $50,000 down on 4 homes $100,000 on 2 homes what are your thoughts?
Mike Summey: Connie, has it always been like that?
JJ: AL can you try having the radio company to put your shows online?
Al Lee: Section 8 offers a rent check that is always on tome and never bounces
JJ: so people can listen whenever they want
JJ: i nkow thats why i asked, cuz of the ontime check
Connie in Fletcher: Not always. But, now rents are considerably higher but there also seem to be more rentals on the market
JJ: and i think they even pay while your evicting the tenant
Al Lee: JJ: I am in the process of adding online streamed audio for my radio pwograms on demand to my website, or to the Tortoise Club website.
JJ: thatd be great
brian: By the way the range of investment homes i am looking at are $140,000- $160,000
[Investment Chat]: spencer has entered (8:15 pm)
[Investment Chat]: WALT-BRTN has entered (8:15 pm)
Mike Summey: brian, you may want to use the $200,000 as security for a revolving line of credit and move money in and out of the line to purchase and then term out the financing later to repay the credit line. this will let you have an interest only loan while you are getting the property leased.
JJ: AL you mind if I email you later, cuz I have a question, but id rather ask through email?
Al Lee: The key to Seft. 8 is having the right manager. They MUST know how to deal with the administrators in each city where your houses or other properties are located. It is somewhat a political thing
JJ: ok
JJ: best bet on finding a manager that knows sec 8?
RyanCP: Can you explain the legal steps we should take before we venture into our first property?
JJ: NARPM?
Mike Summey: Hi Spencer & Walt
Al Lee: JJ: the easiest way to email me is to go to my webstie, www.Renthouses.org and click on any of the hundred or so “emailAl” buttons you will find.
JJ: ya i know
JJ: ive done it be4
[Investment Chat]: spencer has entered (8:17 pm)
Mike Summey: Ryan, that is a difficult topic to deal with in a chat because there are so many variations from state to state.
Cliff: Mike, what do you think about the forecast “real estate bubble”. Do you believe it ?
RyanCP: I see, but should we seek advice from an accountant or lawyer?
JJ: mike i think your book is so succesful because you explain the math behind it all, it really is just a formula
[Investment Chat]: spencer has entered (8:18 pm)
Cliff: and how many times have you heard of such in your years of investing ?
Al Lee: JJ: I think that Section 8 is a different sort of cat form ordinary rental property management and the manager must have soem experience and a good working relationship with the city officials. That makes all the difference in the world.
JJ: ok good
[Investment Chat]: honor has entered (8:19 pm)
Mike Summey: Cliff, I think it is real for people looking to buy and sell. I don’t see much problem with it for people who buy and hold.
JJ: ill make sure i ask the management companies that
Mike Summey: Hi honor
Mike Summey: Thanks JJ
[Investment Chat]: WALT-BRTN has entered (8:19 pm)
honor: Hello. I’m excited to be here
Cliff: yes, your book mentions that. Do you think the bubble is nationwide, or just local to certain markets?
WALT-BRTN: hello mike its a privilege to be chatting with you
WALT-BRTN: i saw you on carletons show now chat i love the technology
JJ: AL explains real estate appreciation quite well in his book
brian: Thanks mike, now what about if you own a home clear and want to borrow against it . This confuses me slightly , do you have to pay off what you borrowed in addition to interest or just the interest being you are borrowing in essence your own money?
[Investment Chat]: spencer has entered (8:21 pm)
Mike Summey: Cliff, it is probably nationwide due to the low interest rates. there are some areas that are not inflated, but most are seeing a strong sellers market.
spencer: Good evening
Mike Summey: thanks Walt.
JJ: basically appreciation is here to stay becauise of inflation…the government needs inflation because of their debt…and also cuz the population is increasing therefore causing more demand
Al Lee: Thanks, JJ.. BTW: regarding “bubbles” several of us here have lived through the bug bubble bursting in the mid 1980’s and we can tell you that for the long-term investor (as compared to flippers or speculators) is is a non-event
JJ: am i sort of right AL?
Cliff: THanks Al !
Mike Summey: I’ll be going to Hiawaii next month to film a segment for Carleton’s 20th anniversary show.
Al Lee: jj: You must have read carefully
JJ: about 3 times actually
JJ: and i heard you explain it on your show one day
Cliff: Al or Mike.. Is it fair to say rising interest rates create a renters (vs buyers) market?
JJ: i try explaining it to people
JJ: but they just dont listen
WALT-BRTN: oh my gosh it has always been a dream of mine to meet him evry since i saw him on tv in 95 i hate im gonna miss that
[Investment Chat]: jeff has entered (8:23 pm)
Mike Summey: Cliff, the higher the rates go the more renters we will see.
Mike Summey: Hi Jeff
WALT-BRTN: i feel like i know his students personally
Ralph Roberts: welcome, Jeff
Al Lee: Cliff: centainly if rates rise fewer people will be buying houses and will therefore be likely to rent.
Al Lee: Also, many of the marginal buyers who qualified only because of relaxed standards and low rates will have their houses foreclosed on and wil be back in the renter pool
Mike Summey: Walt, Carleton and I have been friends for nearly 20 years. He is a class act and the people on his show are real.
JJ: AL i know you like interest only loans right now… do you think a person should always get one…like IO for 10 years on a 30 year fixed mortgage?
JJ: i think ppl can buy more homes this way right
WALT-BRTN: i believe you mike
JJ: cuz the home will cash flow for sure at the beginning
WALT-BRTN: reckon carleton will ever stop doin his show mike
Mike Summey: Again, I want to appologize to everyone for being late for the show, but I was so wrapped up in an edit on the new book that I would probably still be ther if Ralph hadn’t called me.
Ralph Roberts: gotta get them books out
Mike Summey: Walt, I guess we will all stop at some point.
Al Lee: If you can get an i-O loan and the interest rate is reasonable, you probably should always get it. Compare the payment for it versus another loan and take the lower payment. That pays off to you in cash 360 times, once a month for 30 years
WALT-BRTN: lol….
JJ: uhhuh
JJ: ever heard of a lender lending to you at the prime rate?
JJ: which is what i think banks charge other banks for borrowing
JJ: correct me if im wrong
[Investment Chat]: spencer has entered (8:28 pm)
Mike Summey: jj, that’s the rate banks charge their best customers.
JJ: its always lower than the regular rate correct?
brian: Can anyone explain to me how borrowing against a free and clear home works in terms of repayment( do you pay principal and interest or just interest being you are borrowing against your own money?
Al Lee: I am doing a limited partnership in which I am the genaral partner and I got money at prime +1. That is pretty good. I thik you might soemtimes get money a little cheaper, but not likely at prime–unless you are Mike Summey, of course!
RyanCP: If I have 2000 to use for investment purposes, should I try to get a 0-down deal and use the reserve I have built up for unexpected costs? Is that a good strategy?
Mike Summey: jj, not necessarily. In recent months, I’ve found some permanent financing at below prime rate.
JJ: hmm
Al Lee: See, I told you Mike could get money cheaper!
JJ: cuz i found a lender that has a new program that does lend to folks at the prime rate
Al Lee: Problem is__ you ai’t Mike!
JJ: mike where did u find that financing?
[Investment Chat]: spencer has entered (8:30 pm)
Al Lee: ain;t
JJ: no no
JJ: regular folks
JJ: not u or mike
Al Lee: Who is it?
JJ: its not a big company
JJ: im meeting him tomorrow at 1030
JJ: get more info then
Al Lee: What are the other terms? costs, etc..
Mike Summey: jj, If you can find money at prime plus 1/2 - 1% that is good for a new investor.
[Investment Chat]: spencer has entered (8:31 pm)
JJ: its 3.25 fixed for 6 months, then ARM with the prime rate…it adjusts to whatever the prime rate is
JJ: how does that sound?
Cliff: I agree with Mike’s approach to buy-rent-hold. If foreclosures are the way to buying, anyone recommend a good program to learn from?
Mike Summey: I used to have to pay 2-3% over prime when I first started, but as my assets grew and my cashflow improved I was able to get better rates.
[Investment Chat]: Jim_Fletcher,NC has entered (8:32 pm)
[Investment Chat]: spencer has entered (8:32 pm)
Al Lee: jj: Sounds good, so far. What are the other terms?
JJ: i know it does
JJ: thats why im meeting him
JJ: can buy so many more properties cuz more will cash flow
Jim_Fletcher,NC: Hello all
JJ: umm lemme see.
Al Lee: jj: how long a commitment? What amortizatin schedule? What are the up-front costs?
JJ: i asked what would a purchase for $200,000 cost….
Al Lee: amortization
Mike Summey: Hi jim
Jim_Fletcher,NC: hey Mike
JJ: he said, he could get me a no doc loan at 90% or purchase price, I-O for ten years then ARM for 20 more years…and i think he said about $5000 in costs
JJ: how does that sonud AL?
JJ: of purchase price**
JJ: but im pretty sure it can be rolled into the loan
Al Lee: Sounds good, what are the payments, though?
JJ: well what do u mean?
Mike Summey: JJ, I’ve never seen loans like that in my area, but I’ve heard of other people getting them.
Jim_Fletcher,NC: Just got back from San Juan
Mike Summey: Good trip?
Doug in CT: Al, can you recommend a lender for i/o loan with a good rate?
Al Lee: jj: teh monthly Principal and Interest payments
JJ: AL i think its just one of your i-o loans
Ralph Roberts: see any hurricanes on the way up, Jim?
[Investment Chat]: WALT-BRTN has entered (8:35 pm)
JJ: just like one of yours
brian: Hey mike by the way the 200k is being done with a 1031 exchange, i dont think i can do the revolving line on that basis can i ?
JJ: only pay interest for 10 years
Jim_Fletcher,NC: yeah… 3 day
JJ: then pay of the principal the last 20 years + interest
WALT-BRTN: so mike where on wkn millionaire does it tell a lil about your book ??
[Investment Chat]: free2live has entered (8:36 pm)
Al Lee: jj: does that mean the payments are about $926 plus your taxes and insurance?
JJ: cant give you payments AL…cuz that depends on the purchase price and amount financed, right?
Jim_Fletcher,NC: Does anyone know anything about a LIBOR INDEXED LOAN?
Mike Summey: brian, I’m not sure. That is a question for you CPA. All I know is that if you can get a revolving line of credit set up to buy investment properties, it sure opens a lot of doors.
JJ: yes correct
JJ: thats only PI
[Investment Chat]: WALT-BRTN has entered (8:36 pm)
JJ: you have to add in TI
Al Lee: JJ: I am assuming a $200,000 loan amount like you said
JJ: yes
JJ: 3.25% fixed for 6 months
JJ: then ARM to prime rate
JJ: i-o for 10 years
JJ: then pay off loan the next 20 years
Al Lee: Oh, at 3.25 it worul be about $870
Al Lee: would
WALT-BRTN: so mike where on wkn mill does it tell a lil about your book ??
JJ: for the first 6 months
JJ: AL ur asking all these questions cuz it sounds awesome right?
[Investment Chat]: richard has entered (8:38 pm)
Mike Summey: LIBOR is the London Interbank Exchange rate and loans tied to it usually offer a better rate than the prime rate.
JJ: thanks mike
Al Lee: JJ: the problem with your deal on the loan is that it is an ARM. your interest rate coudl be 12% in a few years. I always prefer fixed-rate loans
Mike Summey: Hi richard
WALT-BRTN: did not mean to repeat
Mike Summey: Waht is your question Walt?
JJ: but it adjust to whatever the prime rate is
JJ: not regular rates
JJ: still not a good thing?
Al Lee: JJ: prime could be 12% some day!
JJ: ya i know
WALT-BRTN: where on wkn mill does it tel a lil about your book
JJ: ok but realistically
Mike Summey: JJ, I’ve seen the prime rate at 21.5%
[Investment Chat]: Penny has entered (8:39 pm)
Al Lee: I think that unless you have a large reserve, you shoudl only use fixed-rate loans. It is a risk-avoidance measure.
Mike Summey: Hi Penny
Ralph Roberts: hi Penny!!
Penny: Hello everyone.
Mike Summey: Walt, the Table of Contents and Chapter One are on the website.
WALT-BRTN: mike do you advocate landlording or do you invest in other real estate techniques as well
WALT-BRTN: thx mike
Mike Summey: There are samples of the audio program that you can listen to to see if it is right for you.
Al Lee: Mike, you must be talking about the late 1970’s when I owned a retai lstore and could nto sell enough stuff to pay the interest on the loan for the merchandise
brian: mike what about borrowing against a free and clear house , does the $$$ borrowed get repaid plus interest or just the interest?
Jim_Fletcher,NC: MEntioned in another chat was an interest only loan. Was that a 30 year loan with the 1st tne years interest only? And was it a fixed or ARM loan?
JJ: im also goingt to advertise where elderly people live to see if they would like to earn more % on their money than what CDs or other horrible things the bank pays them
Mike Summey: Walt, I’m strictly a buy and hold person.
Mike Summey: I like the income stream.
WALT-BRTN: mike do you plan any public appearances where i might you to sign your book
Ralph Roberts: Walt, click on the book cover graphic in ANY article and it will list all the stories about the book.
WALT-BRTN: get
Al Lee: Jim.. The loan you might have heard me mentionis a 30-year FIXED-RATE loan with interest-only payments for the first 10 years
WALT-BRTN: thx ralph
Mike Summey: brian, you may be able to set up the revolving line of credit using the free and clear house.
Mike Summey: Walt, where are you located.
WALT-BRTN: in bristol tn
Cliff: Al, do you refi that after 10 years, or raise rents enough to cover Principle and interest
Jim_Fletcher,NC: AL Lee… are those interest-only loans deadily available?
Al Lee: I have a friend who uses ARMS and does well–BUT, he keeps about $5Million in liquid asset so he can pay off his loans if rates go up too much
Mike Summey: Walt, I was born in Abingdon, but I don’t currently have anything booked in that area. Sorry.
WALT-BRTN: oh my gosh that is so cool
Al Lee: Jim… I got 8 such loans in June and July of thsi year. I can get you all you want–in Texas for Texas properties. You can live anywhere, but the collateral must be in Texas
Mike Summey: I graduated from Abingdon High School
[Investment Chat]: richard has entered (8:43 pm)
WALT-BRTN: oh my goodness
Mike Summey: Probably played you high school in football.
Ralph Roberts: welcome Richard
Jim_Fletcher,NC: I need the loans in N. Carolina
Mike Summey: Battle???
JJ: AL u dont know anyone outside of texas?
WALT-BRTN: mike the apple doesnt fall far from the tree does it
WALT-BRTN: lol….
Jim_Fletcher,NC: You finished high school, Mike????
Mike Summey: I guess not.
Al Lee: Jim… I can ask around, but I only buy in Texas, so I do not have ready info about NC
Mike Summey: Amazing isn’t it JIm.
WALT-BRTN: MIKE - when do you think carleton might come back to chat
Jim_Fletcher,NC: Ok, Al Lee… I will shop around here
RyanCP: where in TX exactly Al?
Jim_Fletcher,NC: I’m still trying to get my GED, Mike…
WALT-BRTN: mike is there ever a time i could come to ashville and get it signed after i buy it
Al Lee: Ryan… actually, anywhere in Texas, but i focus on Dallas, Fort Worth, Austin, Houston, and San Antonio
WALT-BRTN: mike is there ever a time i could come to ashville and get it signed after i buy it
Al Lee: Ryan… actually, anywhere in Texas, but i focus on Dallas, Fort Worth, Austin, Houston, and San Antonio
brian: Mike if you dont go the line of credit route how would borrowing against the free and clear house work , i did not qite catch that in your book?
WALT-BRTN: al lee you must travel by plane huh like jr ewing
Mike Summey: Everyone, we are currently in the strongest sellers market I can remember. That makes good deals a little harder to find. Just be patient! Things will change and the deals will be there again.
Al Lee: I like to invest in the metro areas where people from other states are moving to
WALT-BRTN: lol…
RyanCP: Oh. My parents are in the Lewisville area, and I’m in Lubbock for now
[Investment Chat]: richard has entered (8:47 pm)
Mike Summey: Did everyone die?
Al Lee: Walt… I used to own a small plane, but it was more for fun than work (unless you are an IRS agent!). I did use it for business soemtimes, but I am not IFR rated and neither was my plane. I was a good scut runner, though!
Cliff: Mike, do you recommend any particular forecloseure book / program ?
Mike Summey: Jim is the sirline pilot!
RyanCP: I’m here
Jim_Fletcher,NC: Mike, how do you work through an agent to talk to a seller to talk to them in order to find out their situation? I am having a lot of difficulty actually talking to the sellers to ask them what they need in terms of selling theeir home.
Al Lee: Dalls is currently the number one city for relocations from all over the country
Cliff: I’m taking action (attending my first auction this week) but want to get more info.
Cliff: I’ve bought one book but looking for guidance.
RyanCP: I don’t doubt that
JJ: mike and AL…as rent go up you pay the management company more right?…if they are working on a % basis
Al Lee: JJ: Right!
JJ: ok
Mike Summey: Cliff, there are several good books on foreclosures, but I don’t recommend one over another. Foreclosures are such a small part of the deals I look at that I don’t focus too much on them.
JJ: thats good and bad…rents go up but then gotta pay a lil more to C.
JJ: o well
Cliff: k, thanks…
richard: mike : what is the focus of your next book?
Mike Summey: Jim, I usually ask the agent to accompany me on a visit with the sellers.
Al Lee: JJ: 90% of a big number is more than 90% of a smaller number
JJ: ya i know
Jim_Fletcher,NC: ok. Thanks, Mike
Mike Summey: JJ right…ditto
Jim_Fletcher,NC: by the way, ehllo Ralph
Jim_Fletcher,NC: hello***
JJ: and hire a compoany from your first property right?
Ralph Roberts: hiya, Jim
Mike Summey: richard, the new book will be The Weekend Millionaire Mindset: How Ordinary People Can Achieve Extraordinary Financial Success.
Mike Summey: richard, those who have see parts of the manuscript say that the new book is the “why” and the real estate book is the “how to”
richard: thanks mike when will it be out?
JJ: AL hows the tortoise club doing
Mike Summey: They will dovetail together very well and will help you understand more of the process of wealth building.
Mike Summey: The new book will probably be a spring release by McGraw-Hill.
Jim_Fletcher,NC: I think it is a very good time to invest in real estate… Greenspan had some more bad news this week regarding Social Security
Al Lee: JJ: doing great. we have more vacancies than usual, but I am cultivating the Section 8 program to keep the ball rolling and it is looking pretty good. We are getting great deals form builders, too.
Mike Summey: Penny has read a little of the manuscript, maybe she would like to comment on it.
brian: Doug, how is the market in CT?
WALT-BRTN: is a matter of fact mike iwas in abigdon va today i applied for a job with dutt &wagner foods
Doug in CT: Very HOT, HOT, HOT — Too Hot to Handle.
JJ: do you have more deals than investors?
Mike Summey: Doug, have you heard anything from your REIA?
Doug in CT: Not yet.
Mike Summey: Walt, I know them well.
Mike Summey: Old company.
WALT-BRTN: i c
RyanCP: Mike: I replied to this post http://weekendmillionaire.com/index.php?name=PNphpBB2&file=viewtopic&t=99 and I was wondering if I was correct or not. Could you please read it and see if It was a correct answer?
WALT-BRTN: 4 day work week so i can invest the other 3 days i hope
Doug in CT: We found a house for sale listed on the first day and ours was one of four offers.
Mike Summey: Ryan, I’ll let Ralph respond to your question.
WALT-BRTN: if i get the job
RyanCP: oh ok
brian: Doug what do you look to buy,range?
Al Lee: JJ: I am assuming you are directing that to me, so I will respond. I get deals that are not available to other people because I often buy a block of houses at one time from a builder and I structure the deal so the sales staff, their lender, and everyoen else wins.
Ralph Roberts: he’s talking about a post in the Forum, Mike
Doug in CT: We went $6,000 over asking price and I think we have a shot.
Mike Summey: Well answer his question. You’re the website guru.
RyanCP: can you copy and past from these forums Ralph?
JJ: thanks AL
JJ: im gonna email you later with a question
free2live: Yes, I’ve already copied and pasted from the forum.
Al Lee: JJ: I’ve already started a glass of wine, but I will try to give a coherent response.
JJ: lol
WALT-BRTN: lol…
Doug in CT: Our price range in SE CT is $175,000-$200,000 for a 3 bedroom, 1 bath bed and butter starter home.
RyanCP: right on
JJ: well itll be late
Penny: The parts I’ve read are great!
Jim_Fletcher,NC: Wine?
JJ: so you can respond tomorrow
Ralph Roberts: Where does the wealth come from? is the thread.
JJ: with no wone in your system
JJ: wine*
Doug in CT: That’s Bread and Butter.
Mike Summey: Al, drinking on the job , uh?
richard: mike, what do you think of building low cost houses for rentals - sort of building wholesle?
Jim_Fletcher,NC: lol
Al Lee: Mike, this is extra-curricular
Penny: Should encourage a new way of thinking for those wanting to succeed financially.
brian: Doug what do you usually put down on those priced homes?
Al Lee: Richard, I love the ide of building for rental and I have been wroking on a project to do just that for almost 3 years. We may get it off the ground soon.
Mike Summey: richard, I think it is a good idea. I’m currently looking at building several myself.
JJ: tlaking about the steel homes AL?
Jim_Fletcher,NC: Mike, the cost pre sq foot is pretty reasonable at the constuction level, isn’t it?
Jim_Fletcher,NC: *per sq foot***
Al Lee: We intend to use the steel / concrete methods so the houses are indestructible and we can reduce the cost by taking advantage of the economy of scale inherent to manufactuing, as opposed to on-site construction.
Mike Summey: I’m currently looking at building some of the new modular homes. They look good and are treated the same as stick built homes in this area.
JJ: yeah
Doug in CT: Brian, I have been putting 10% down, that is where you get the best rate. But in my most recent efforts I have attempted the No Money Down 80/20 Mortgage. My Good Faith estimate came back in the 8% area after a promise in the 6% area.
Al Lee: PERFECT Section 8 hosues–affordable, efficient, and nearly maintenance-free
Jim_Fletcher,NC: Mike, are modular homes as good as a stick-built as far as appreciation and what you can borrow from the bank and all?
JJ: nice
WALT-BRTN: so MIKE do you own mostly sfh’s or multi family
JJ: want to build in texas AL?
brian: Doug and do you do 15 or 30 yr loans?
Mike Summey: Jim, the houses I’m looking at are in the $70-$80 per sq ft range…plus land of course.
Jim_Fletcher,NC: I C
[Investment Chat]: richard has entered (9:03 pm)
Al Lee: JJ: I ONLY invest in Texas residentil property. I do own some commercial peroperty elsewhere, but no residential. I have an article on my website defining why. It is titled “Why Texas”
Doug in CT: In the 80/20 mortgage they are talking the second 20% mortgage up around 10%!
JJ: yes i read it
Al Lee: BTW: It has nothing to do with the fact that I now live in Texas
JJ: i know
WALT-BRTN: AL LEE what is your website
Doug in CT: We can only swing a 30 Year in our area, 15 probably would not cash flow.
Mike Summey: Walt, I started with single family homes, but eventually migrated into multi-family, commercial, mobile home parks, office buildings, storage units, etc. In other words a little of everything.
Al Lee: Walt… www.RentHouses.org — the articles are there for free
JJ: but AL surely there are other great areas to invest
WALT-BRTN: thx mike and al lee
Jim_Fletcher,NC: Mike… there is a difference between modular and manufactured, right?
Jim_Fletcher,NC: or are they one and the same?
JJ: but its just texas is #1 right
JJ: just that*
Al Lee: People use the terms interchangeably, but they are not entirely synonyms. Mobile homes are manufactured, not modular
Jim_Fletcher,NC: that’s what i thought
Mike Summey: Jim, what I’m talking about are the modular homes that are build on permanent foundations an look just like stick built homes. I’m not talking about single and double wides.
Jim_Fletcher,NC: OK. I know that some “manufactured” look like a single or double wide on a foundation
Al Lee: JJ: There are other good places, but I have found none that has ALL the attributes that make Texas GREAT. Cheap land, no income tax, favorable laws, growing population, etc. etc.
JJ: ya
Mike Summey: There are a lot of people just watching. Don’t you guys have any questions?
brian: Yes doug where i invest , (cape coral , florida ) a 30 yr. is best on cash flow!
Jim_Fletcher,NC: Mike, would you say that a modular on a good foundation is comparable to a conventional stick-built home in the eyes of banks, renters, and such?
Al Lee: BTW: I ALWAYS use a 30-year fixed-rate loan to get best cash flow. I am not in business to pay the bank back their money. I am in business to use the banks money to make me money for as long as they will let me.
Jim_Fletcher,NC: Al Lee… don’t forget grea Mexican food too
JJ: hows cape coral brian?
Doug in CT: Brian How many properties have you been able to secure.
arennhack: if you buy a rental property and have a lot of fix up costs how do you afford to rent it and not sell?
Cliff: Mike, I’ll ask another (I have been quiet so others can ask).. DO you find SFR’s are tough to rent in more rural communities ?
Mike Summey: One area that Al & I differ is on financing. Al likes 30 yr financing while I like as short as I can get and make it cash flow. I like to get to the point where all the income is mine as soon as possible.
Al Lee: Jim.. As a guy who has traveled all over, I can tell you that the Mexican food in Texas is better than in California, Arizona, or even Mexico!
Al Lee: Ya gotta like it a little hot, though!
Jim_Fletcher,NC: I agree, Al Lee…
JJ: brian how is cape coral for investing
JJ: and what county is it in btw?
Rick: Jim, I’m looking into a company that does systems-built homes and mult-family units as well. The company is All American homes
Mike Summey: arennhack, when you buy a potential investment property, you take into consideration the fix-up cost and let that determine what you offer. Even with major repairs, if you buy right you should still have cash flow.
Jim_Fletcher,NC: Thanks, Rick. Do they have a website?
Al Lee: If it don’t cash flow, it ain’t an investment
Cliff: Mike or Jim (NC)… HOw is the Wilmington area doing for property values (appreciating or not ?)
arennhack: but aren’t your fix up costs out of pocket?
Mike Summey: cliff, sfh’s are tougher to rent in very rural areas, but that is only because there are less people to rent to.
Jim_Fletcher,NC: Cliff… sorry… I don’t know what Wilmington is doing
Cliff: By the way Mike, one of the BEST things about your book is the concept of terms vs price and how if one is required by the seller, the other may still be flexible and allow a deal !
Mike Summey: Good point Al.
Rick: Jim, www.allamericanhomes.com
brian: Cape coral is a great waterfront market
Jim_Fletcher,NC: Thanks, Rick
JJ: how are the home prices there brian?
[Investment Chat]: JT has entered (9:12 pm)
Mike Summey: Thanks Cliff! I’ve negotiated some unbleivable deals by understanding this concept.
JJ: and what county?
Mike Summey: Hi JT
Al Lee: I’ve heard Mike say that negative cash flow is a good way to go broke
JT: Hi Mike! I just finished your awesome book!
brian: but waterfront properties are starting to skyrocket
Jim_Fletcher,NC: negative cash flow sucks
Mike Summey: When you have negative cash flow you are paying for the privledge of owning the property.
JT: Mike, when you do a HELOC for a down payment, have you ever financed the remainder with conventional bank financing?
JT: Or do you always try to find seller financing?
Al Lee: I’ve heard people say the accept negative cash flow to get a tax wrtie-off. I get a tax write off with positive cash flow because of the low land costs in Texas. Why not have both?
brian: I have bought and sold 3 homes in the cape, but have now built up enough cash to do mikes method of buy and hold.
[Investment Chat]: James La has entered (9:15 pm)
Jim_Fletcher,NC: It’s no privilege, Mike
Doug in CT: Brain What city are you in?
JJ: AL through the turnkey investments program, do i have to use your lender?
JJ: i understand the 20% down
Mike Summey: JT, I have purchased a number of properties with revolving credit lines, be them HELOCs or just credit lines. I usually buy with the credit line, get the property rented and then secure the long term financing.
JJ: but may i use another lender or no
JJ: but may i use another lender or no
brian: West Islip, Long Island
JJ: through turnkey
Mike Summey: Hi James
Al Lee: JJ: Yes, you do. they are an approved lender for the builder and the builder will not sel me the properties at those prices unless I use that lender.
JJ: ok
James La: Hi Mike - better late than never! :^)
Mike Summey: We misse dyou.
Al Lee: It is part of the “everybody wins” program.
JJ: yes i understand
jeff: mike on a sf what is the minimum cash flow target
T: Mike, do you just use the credit line for the down payment? I’m sorry, I’m a beginner.
JJ: wow 915
[Investment Chat]: WALT-BRTN has entered (9:17 pm)
Jim_Fletcher,NC: Ralph… this chat room is getting quite popular!!!
JT: Trying to figure out if I should use a HELOC along with cash to make a down payment on a first investment. But I’m wondering how to finance the balance if I can’t find seller financing.
Mike Summey: jeff, for me it is break even. I know that the passage of time ad the pay down of the mortgage will soon turn a break even into a cash cow.
jeff: i see
honor: Mike, I just finished reading your book. I live in Northern VA/DC area. I am feeling discouraged because the market is so hot that I am finding that it’s very difficult to have apositive cash flow. I’ve looked into hud and foreclosure properties but the choicese are very limitied to none. Do you recommend waiting until the market cools? I”m afraid that if I do, the market in my area will never cool off
Al Lee: jeff, I preach 5% cash-on-cash, but Mike is right, break even will make you rich eventually
Mike Summey: JT, I use my lines of credit for the entier purchase. This gives me the option to offer cash and close in a week. Very powerful! Then once I get the property rented and generating cash flow I get a permanent mortgage.
arennhack: how much do you usually put down on your properties?
Doug in CT: Honor, I think you have to keep on looking. There are great ineffiencies in the market.
Ralph Roberts: Yes, Jim… we’re getting popular ;-).
JT: Mike, you get a permanent mortgage even though you’ve already paid off the whole property with cash??? You get the permanent mortgage just to pay off the line of credit, right?
JJ: AL what lenders do you use?
JJ: local banks
JJ: or national ones?
JT: This is great having you on the chat Mike. I wasn’t expecting this.
jeff: in west palm you hope for break even
JJ: jeff u in florida?
Mike Summey: honor, don’t despair! Keep making offers and trying to find deals. You don’t know a sellers motivation until you make an offer. If you only buy one property in a year, that one property in 15-20 years will probably pay you more than Social Security tha tyou work you whole life for.
jeff: yes florida
JJ: west palm beach is bad huh
JJ: im in miami
Al Lee: JJ: I’ll give ou contact info when yo uemail me later. we have three in our club. I always use one of them myself.
JJ: ok thanks AL, yes ill email you later tonight
Jim_Fletcher,NC: Mike, would you say cash offers give you a higher percentage of purchases than some of the other methods you use in your book?
Mike Summey: JT, the reason you get a permanent mortgage is so you can repay the credit line and do the same thing all over again.
JJ: jeff do u have any properties?
JT: Awesome Mike
James La: Mike, how much can expect to negotiate with a foreclosed property? DO we treat it as a typical property or is the price posted pretty firm- I was thinking of making an offer of 24k on a 27.5K property- Is this negotiation typical w/ foreclosures? (forgive me if I missed negotiations of foreclosures in the book)
honor: Thanks for the encouragement. w
brian: Doug is there a way to contact you via e-mail to get more info. for some questions i have?
jeff: yes 2 duplex and 2 contracts on 2 townehomes
JJ: using mikes method?
JT: If I use a HELOC just for the downpayment, how could I finance the remainder at that time since I won’t be able to pay all cash?
Mike Summey: Jim, not necessarily. Some people are motivated by cash while others are motivated by a steady income stream. Both are powerful motivators to the right people.
Jim_Fletcher,NC: ok… thanks
Doug in CT: Brian Yeah my website is www.integrity.net
Mike Summey: James, make an offer that will work for you. Forget about the asking price. If you don’t get it, big deal you’re no worse off for trying. Eventually the right deal will come along.
JJ: jeff u using mikes methos?
JJ: method?
James La: Mike,
JT: maybe I need to go over section 5 in the book again….
brian: Thanks doug .hope you dont mind if i pick your brain some!
Mike Summey: Good idea.
jeff: i am for long term
Al Lee: He, Doug.. I used to be an IBM Business Partner, too. I suppose I still am! look at www.magec.com for my old software company. I still own it, but there isn;t anythign to do any more. I am retired since 1999
JT: Has anyone invested in Chicago or the suburbs? I’m from Aurora, IL.
JJ: doug how many properties do you own?
James La: Mike, the asking price works, but I was wondering if I should get it at a lower price or just forget about the price and worry about getting it before someone else gets it.
[Investment Chat]: jeff has entered (9:28 pm)
Mike Summey: JT, when you use your HELOC for the down payment you gradually tie up uour credit line. If you can buy for cash using your credit line, you can often finance 100% of the purchase once you get it up and running.
JJ: k everyone i gotta go
JJ: great chat
JT: I’m guessing my credit line won’t be too big… I’m not sure since I haven’t applied for one yet. I guess to get the HELOC, I’ll have to have my personal home re-appraised and that will be my credit line.
JJ: ttyl AL
Mike Summey: Goodnight JJ
JJ: nite
Ralph Roberts: nite JJ
JT: Bye JJ
Al Lee: James… Though you didn;t ask me, I will throw in my 2-cents worth. Every piece of real estate has an intrinsic value. The asking price may be more or less than that, so it is not very important. The intrinsic value (in my humble opinion) is 100 months rent. IF you can buy it for that value or less, you will maek money. Does not matter what the asking price is.
Al Lee: So long JJ
JT: That is interesting Al.
JT: Ever since I started thinking about real estate, and now that I’ve read the book, I find it fascinating.
brian: Mike if i cant do the revolving line because of the 1031 ex. would $50k down on 4 homes at 6%, 30yrs, drawing $950 mo. work?
JT: After reading the book, I feel that I can actually do it once I learn more about the financing part.
Al Lee: I love it when the asking price is lower–and is often is where I buy. IF the asking price is higher, I will offer less and see what happens. If they won;t sell for that intrinsic value, I pass on it.
James La: Thanks Al. The numbers work with that as well. I was just wondering if I needed to worry about the asking price on foreclosures.
Al Lee: I love it when the asking price is lower–and is often is where I buy. IF the asking price is higher, I will offer less and see what happens. If they won;t sell for that intrinsic value, I pass on it.
James La: Thanks Al. The numbers work with that as well. I was just wondering if I needed to worry about the asking price on foreclosures.
Mike Summey: I’m a very conservative investor. That’s why I only use NOI to determine a purchase price. When you consider the wide range in terms, there can be a correspondingly wide range in price.
brian: Mike and that would be carrying 100k on ea. home?
Mike Summey: What’s the difference between paying $100,000 financed at just under 9% for 15 years or paying $180,000 at 0% interest for 15 years. Either deal is going to cost you $1,000 per month for 15 years.
Al Lee: You have lots of things to worry about on foreclosures. Do yo suppose that the previous owner did not know well in advance that the house was going to be forecloesd on? Do you think they took good care of it? IF the house is really worth mroe than they owed, do you think they could have found someone to buy it?
Jim_Fletcher,NC: brian… i did about the exact thing you are talking about… and i have a slight negative cash flow…Mikeor Al probably have a better idea
Penny: Gotta run. I missed so much due to phone call, but will look forward to reading the posted chat.
Mike Summey: One problem with foreclosures is that you seldom know waht you are buying. That’s why they seem so cheap.
jeff: AL LEE in west palm nothing hear rents at 1 % of purchas price
Al Lee: I hae know people to buy a foreclosure and learn aftwerard that there is an IRS lien on the property. Or that the house needs more in repairs than it is worth. Or that a drug dealer operates next door ant they will never get it rented or sold.
Al Lee: Goodnight Penny
James La: Good point Al
jeff: ALL LEE what is the apresiation rate now
Al Lee: Buy quality and hold it for the long term
Ricardo: I just remembered about the chat - did I miss a lot of good stuff
Jim_Fletcher,NC: yes you did, richard
Mike Summey: Only about an hour and a half of great commentary.
JT: Everyone, when you make an offer with a clause that says “on the condition that I can get $100k at 5%”, how can I find that financing without going to a bank and getting a mortgage? I seem to be hung up about financing my first SFH investment if I can’t do seller financing.
Jim_Fletcher,NC: excuse me, ricardo
Al Lee: jeff, it varies. I estimate 5% per year generally. When we buy new constructin in new neighborhoods, we usually expect much higher for the first few years, though
Jim_Fletcher,NC: but you can go to the archives and see it all
Ralph Roberts: yes, you did, Ricardo ;-)… but I have it all recorded and will post it in the Chat Transcipts soon.
jeff: its 21 to 29 % here
Ricardo: Ralph you are the best
Jim_Fletcher,NC: where is that, jeff?
Ralph Roberts: Thanks.
jeff: prices have doubled the last 4 years
jeff: west palm fla
Jim_Fletcher,NC: oh ok
Mike Summey: JT, you can always do like I did when I first wanted to try to buy at 0% interest. I told my buyers agent what I wanted to do and he told me I was crazy. After several offers were accepted, he said, “Maybe this will work after all.” He has since bought with 0% financing as well.
Al Lee: jeff, If your are INVESTING, you care about the ration of rent to price more than apprecaition rate. Over time, all properties will apprecaite in good areas. Some go up a lot for a while, then cool off. Others go up steadily for a long time. In the end, it all even sout, though. If you were making money all the while you were holding it, you will be rich.
Al Lee: ratio, not ration
Jim_Fletcher,NC: Rich…. that has a nice ring to it
Al Lee: I’ve been rich, and I’ve been poor. Rich is better!
Ty from NY: i recently got up enough courage to finally start calling realtors in NYC. And today I think I finally found the one I was looking for. She is going to feed me all the MLS listings for the bronx so I can run the numbers before I go to see the properties.
jeff: i seeyour point
Mike Summey: Is anyone going to attend the Real Estate Expo in NY where I will be speaking?
JT: Mike, I don’t remember now, did you describe that in the book? the way you first tried buying at 0%. Thank you for answering my questions!
Ty from NY: I will
Jim_Fletcher,NC: Mike, I am going to try to get a NYC trip on that date…
brian: yes i will mike!
Ty from NY: I think I am finally on my way to buying my first investment property
Mike Summey: JT, I just started making offers with 0% financing. Amazingly several of them started being accepted. I didn’t know whether it would work or not until I tried it.
WALT-BRTN: WHEN MIKE what dates
Ty from NY: October 16 & 17th
brian: where is your 1st property going to be ty?
WALT-BRTN: with steve john hal william you mean
Mike Summey: Ty & Brian, be sure to look me up at the program.
Ty from NY: In the Bronx
JT: Mike, so in getting your 0% financing offers accepted, were you just taking over the seller’s mortgage and paying them equal payments? Is this a stupid question???
Ty from NY: I will the same way I did in April when u was in NY
Al Lee: Mike, I gre up partially in MYC. My daughters hav enever been there. I may try to fly on up then and pop in and see you. it is a good time of year for the city. Not as hot as it is now.
brian: I will DEfinately mike DONT forget me now!!
Mike Summey: Walt, some of the presenters will be Donald Trump, Rudy Guillani, Suze Orman, Robert Kioysaki, and ME!
jeff: ALL LEE what is the price for your sf homes VS rent?
Ty from NY: Out of all the programs and books I have read I have learned the most from your book Mike
Al Lee: jeff: typical new construction is about $130k, typical rent about $1450
[Investment Chat]: Ty from NY has entered (9:47 pm)
WALT-BRTN: oh my gosh waht an outstanding line up
WALT-BRTN: !!!!!!!!!!!!
Mike Summey: JT, NO, I bought properties that had no mortgage and got the sellers to provide the finacing.
jeff: its 230 here
Jim_Fletcher,NC: Al Lee… you have some terrific price to rent ratios there in Texas
Mike Summey: Ty, were you at the last program where I presented in NY?
WALT-BRTN: jeff where r u
Al Lee: Jim… one of th eother reason why I only buy in Texas
Mike Summey: Jeff, where are you?
[Investment Chat]: brian has entered (9:48 pm)
jeff: west palm fla
Mike Summey: Jeff, its only 9:50.
Mike Summey: Wake up!
Jim_Fletcher,NC: lol one is talking apples, one is talking oranges
Jim_Fletcher,NC: jeff… explain what 230 meant
James La: This may seem stupid but there are alot of properties around me (Louisiana) that “fit” the NOI model. Do I just pick the best ones from a location and structure stand point or just as long as it fits the NOI model?
Al Lee: A guy recently wanted to well me some duplexes in Oklahome (Tulsa). When I looked at the prices and the rents, I told him what price he woeul hafve to reduce it to to meet my standards and he said that they could never get the ratios I require in Oklahoma. I get them routinely here.
Mike Summey: I didn’t realize how late it is. I’m going to have to sign off and get some sleep.
Ty from NY: Yes I really didn’t get to speak to you to long because of the crowd but in October hopefully I will get to show u one or two properties that I will own or have under contract
jeff: 230k VS 1450 rent
Al Lee: wanted to sell me
JT: Thank you for the explanation Mike. I appreciate it. I will reread the book again.
WALT-BRTN: james r u a member of noreia
WALT-BRTN: that is the finest reia in the country
James La: ? noreia? I guess not
WALT-BRTN: i think
James La: what is it?
WALT-BRTN: new orleans real estate investors association
Doug in CT: Good Night All — I off to check in the on Republican Convention
Mike Summey: I’m doing with this chat what I did with the book editing earlier. I’ve gotten all wrapped up in it ans lost track of tiem.
Al Lee: jeff, that $130k buys a 3/2/2 central heat & air, all new appiiances, full warranty, yard, sodded, fenced, sprinklered, etc. etc. and it is about 1,650-1,800 sq. ft.
Ty from NY: good nite doug
brian: See you doug talk to you soon .
Jim_Fletcher,NC: it’s been a long day…. need to return to the hanger… over and out… Jim
JT: Good night everyone. Thanks again Mike for being on the chat and answering my questions.
James La: Walt, I saw them on the list but I am 2 hours from them so I have not looked them up yet.
Ty from NY: Good nite everyone see you next week
WALT-BRTN: MIKE ITS BEEN A PLEASURE CONGRATS ON ALL YOUR SUCCESS AND CONTINUED SUCCESS
Al Lee: Doug, you mean the pro-American convention, as compared tot the anti-American convention the other party holds
Mike Summey: Goodnight all. It will probably be another 3 weeks before we will be able to have another chat.
jeff: that is incredable how much are lots?
WALT-BRTN: MY HERO MIKE
Mike Summey: Thanks Walt.
free2live: Thanks, to you all. I’ve learned a lot! Good night!
Jim_Fletcher,NC: G’nite, Mike
James La: Thanks for everything MIKE! Great info here!!
Al Lee: lots here are $10-20k for the hosues we buy
[Investment Chat]: brian has entered (9:53 pm)
brian: Al lee what is your web address, so i can contact you!
WALT-BRTN: GOOD NIGHT EVERYONE
l Lee: brian www.RentHouses.org — there is an “email Al” link on almost every page
Mike Summey: The transcript of this chat will be posted soon. Let’s all thank Ralph for his excellent work with the website.
Al Lee: Thanks Ralph. Thanks Mike. See you all soon.
RyanCP: Thanks
Mike Summey: He’s the best!
WALT-BRTN: thanks ralph
Ricardo: Yes, Thank you Ralph
Al Lee: Signing off.
brian: Thanks ralph , thanks al lee!!
James La: Thanks Ralph
WALT-BRTN: thanks for a great room mike
JT: Yes, thanks Ralph, the site is cool!
Ralph Roberts: yeah, he’s a great guy… oh, wait… that’s me!
Mike Summey: goodnight all. You’re welcome to stay and chat as long as you like.
WALT-BRTN: wonderful site
JT: Good night
jeff: ALL LEE thanks
WALT-BRTN: !!!!!!!!!!
Ralph Roberts: nite all!
Ricardo: Good night
James La: Good night all.
[Investment Chat]: bob has entered (9:56 pm)
Ralph Roberts: just wrapping up a two hour chat, Bob… but…
Ralph Roberts: complete transcript will be posted momentarily.
bob: I guess I’m late
jeff: buy
bob: Sorry
Ralph Roberts: yep
brian: ralph when is the next chat like this?
Ralph Roberts: when Mike announces it… should be soon, though
brian: thank you ralph!
Ralph Roberts: glad ta do it
Ralph Roberts: see you guys
JT: bye
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