Chat 10-04-04
Posted on October 4, 2004
Welcome to the chat, Ralph Roberts!
[Investment Chat]: Ralph Roberts has entered (7:54 pm)
Jicheng: Hi Ralph.
Ralph Roberts: Hi Jicheng… how are you tonite?
Jicheng: pretty good, Thank you. And you ?
Ralph Roberts: good… nice day today… hint of Fall… just right.
Jicheng: It is getting cooler here in Phoenix which is very nice indeed.
Ralph Roberts: oh ya…. ;-)… I was in Phoenix this time of year a couple of years ago on biz… it was REALLY nice.
[Investment Chat]: Jim_FletcherNC has entered (7:57 pm)
Ralph Roberts: hi Jim!
Jim_FletcherNC: hello Ralph
Jim_FletcherNC: did you make it thru all the weather OK?
Ralph Roberts: I wuz at my 40th HS reunion this weekend… one of my old classmates is a captain for United… flies Air Buses
Ralph Roberts: yep… weather no prob
Jim_FletcherNC: good
Jim_FletcherNC: I fly the Airbus too
Ralph Roberts: I doan know how good he is ;-), but he’s still flying
Ralph Roberts: at 58
[Investment Chat]: Roger Dawson has entered (7:59 pm)
Jim_FletcherNC: i just turned 55
Ralph Roberts: Roger! hi
Jim_FletcherNC: Hello Roger
Roger Dawson: Hi Ralph and Jim. and Jicheng
Ralph Roberts: I’d much rather fly with an old pilot ;-0
Jicheng: Hi Roger and Jim
Ralph Roberts: guy who flew SpaceShipOne today was 51
Jim_FletcherNC: Hi Jicheng
Roger Dawson: This week in California, there were a couple of indications that the market is softening. Still going up in value, but not at the crazy pace it has been.
Jim_FletcherNC: Yeah… that was exciting to watch!
Jicheng: It is very hot in Phoenix for sure.
Jim_FletcherNC: I guess that could be a good sign, eh Roger?
Jicheng: I mean the market not the weather
Roger Dawson: I think it’s a good sign for investors. It gets the speculators out of the market.
Roger Dawson: Jim, did you ever get together with Mike Summey?
[Investment Chat]: Mike Summey has entered (8:03 pm)
Jicheng: I just wonder how long the hot market in phoenix can last ?
Jim_FletcherNC: Roger, do you have a problem with lenders as far as the number of loans you can get from lenders?
Jicheng: Hi Mike
[Investment Chat]: Penny has entered (8:03 pm)
Ralph Roberts: there he is! Hi mike
Mike Summey: Hi everyone.
Ralph Roberts: HI PENNY!!!
Mike Summey: Hi Penny
Roger Dawson: Hi Penny!
[Investment Chat]: Rick has entered (8:03 pm)
Jicheng: Penny ?
Mike Summey: Enough Pennies makes a dollar.
Mike Summey: Hi Rick
Jim_FletcherNC: Roger, I talked to him on the phone. We haven’t gotten together yet.
Penny: Hi Mike, Roger and Ralph
Roger Dawson: Jim, I’ll let Mike answer that.
Rick: Hi, Mike
Mike Summey: I didn’t see the question, Jim.
[Investment Chat]: Robert has entered (8:04 pm)
Mike Summey: Hi robert
Jicheng: I would like thank Mike for his book which got me started in real estate investment.
Robert: Hello
Mike Summey: Thanks Jicheng
Jim_FletcherNC: Mike, Roger, do you have a problem with lenders as far as the number of loans you can get from lenders?
Roger Dawson: Jicheng, I think that the Phoenix market has been hot because of equity emigrants who cash out and move to a less expensive area. That should continue.
Jicheng: That is one of reasons that people are talking about here in Phoenix.
Jicheng: Got a lot of people for CA.
Jicheng: from CA.
Jicheng: I bought seven new properties last year
Roger Dawson: Yes, Palm Springs and Vegas benefit from the same thing.
Roger Dawson: Congratulations Jicheng!
Jicheng: they are all appreciated more than 20% in less than a year.
Mike Summey: Jim, all banks have lending limits. Small banks can have very small limits…$500,000 or less. With this said, all banks have comfort levels based on experience, net worth and cash flow. Personally, I like to spread my business around.
Jim_FletcherNC: Some of the lenders will do only so many loans. How do you buy many many properties if you can only get a limited number of loans from lenders?
[Investment Chat]: ingrid from montreal has entered (8:07 pm)
Mike Summey: Hi Ingrid
Jicheng: I have to ’stated” now
[Investment Chat]: Rich has entered (8:07 pm)
Roger Dawson: Bonjour Ingrid!
Jicheng: I am refinancing two of my houses and has bought another there last week
Mike Summey: Jim, once you reach a certain number of loans, you are no longer considered a passive investor and your loans cannot be sold on the secondary market. That may be what you are running up against.
Mike Summey: Hi Rich
Jicheng: I did not know that
ingrid from montreal: hi there
Rich: Good Evening Mike and Roger
ingrid from montreal: sorry I am late
[Investment Chat]: Ev has entered (8:09 pm)
Mike Summey: Is it cold in Montreal yet?
Roger Dawson: Hi Rich!
Mike Summey: Hi Ev
Jim_FletcherNC: Mike, if that is the case, what kind of strategy do I need to consider?
Robert: Roger, Mike - with the weekend millionaire philosophy, do you all flip or rehab properties at all? There are also lucrative techniques such as subject-to, lease options, short sales for foreclosures, etc. I was just curious if you all even consider those techniques in your offers???
ingrid from montreal: damp and nasty tonight, ral hot chocolate weather, but yesteday was amazing, fall leaves, the works:-)
Mike Summey: Jim, you need to build relationships with several banks. Each one will hold a certain number of loans in their own portfolio.
Roger Dawson: My friend Andre lives in Montreal. For six weeks every year he lives in the Caribbean or Arizona. Says it’s cheaper than paying the heating bills.
Ev: Hello Everyone. This is my first time here so I’ll just listen in for a bit.
ingrid from montreal: i want to meet andre:-)
Jim_FletcherNC: Ok. Thanks.
Mike Summey: Robert, I’ve never flipped a property. I have rehabbed many properties, but I kept them all to rent. I’ve never sold a property.
Roger Dawson: I spoke to a group of 50 physicians in San Diego on Saturday. They were all making more money from real estate than from working.
Mike Summey: Ev, feel free to jump in any time. We’re all friends here.
Robert: Mike, what are your thoughts about using lease options?
Jicheng: I have got 30 years fixed loans on all of my rental properies but it is hard to make cash flow now as the property value has gone up so much
[Investment Chat]: Dean has entered (8:12 pm)
Mike Summey: Robert…to buy or sell?
Mike Summey: Hi Dean
Roger Dawson: Hi Dean
Dean: Hi guys
Robert: I am still new but I just signed a contract for a house that needs repair but I am not sure whether to rent or just sell it right away. I know your thought is to keep it…
Mike Summey: Jicheng, it’s hard to make any property show much positive cash flow in the beginning. The cash flow comes as the rents increase and the mortgages pay down. That’s why the Weekend Millionaire method is not a get-rich-quick scheme.
ingrid from montreal: ok, hang on, newbie here, what do you mean with lease option, as in option to buy?
Jim_FletcherNC: Jicheng… I feel your pain about cash flow. I just bought a house and got a 30 year fixed rate loan with the first tne years interest only. That will allow me to have a positive cash flow.
Jim_FletcherNC: ten*
Roger Dawson: In a hot market lease options make a lot of sense for the lessee or buyer. It doesn’t make much sense for the owner.
Mike Summey: Robert, if you can afford to fix it up and rent it I wouldn’t consider selling.
Robert: Lease with an option to buy. There are straight options which I think is what you are talking about.
Jicheng: I thought about interest only but I like to follow up Mike’s example to use 30 years fixed loand to build up equity gradually
Robert: Finding a tenant who wants to own the house eventually and will lease it from you with an option to buy it in a hear or two
Jicheng: How many years would take to reach there though ?
ingrid from montreal: thanks
Jim_FletcherNC: Roger, why doesn’t it make sense for the owner to do a lease/option?
Roger Dawson: I lease optioned a property once. The lessee paid $2000 a month for a year, and then didn’t pick up the option even though the property had gone up in value $80,000. I couldn’t believe my good fortune.
Roger Dawson: Jim, if it goes up in value, the increase goes to the buyer, not the seller.
Robert: That’s right! Only about 25% of the people exercise the option!
Jim_FletcherNC: Doesn’t that depend on how you strucvture the lease/option?
Robert: You get higher rent and still benefit from appreciation and a good hefty upfront option consideration
Roger Dawson: The seller could lease option and the price would be by appraisal at the time of purchase. That makes more sense for the seller.
Mike Summey: Everyone, just for your information, and Roger can confirm this, I took no money out of my real estate for 20 years. I just let it build up, bought more properties and built the cash flow. When I finally did start taking money out, I was in a position to take out a very tidy sum each month. It takes patience!!!!!!!!!!!!!!!
[Investment Chat]: Jason has entered (8:18 pm)
Mike Summey: Hi Jason
Roger Dawson: Hi Jason!
Jason: Hey, how is everyone?
Jicheng: Mike, why did you you sell any ?
Mike Summey: Is this my son Jason?
Jason: Yes it is
ingrid from montreal: and why would a tenant do that, pay more rect as a lease for the option to buy the place at the new apprsied rate?
Ralph Roberts: Hi Jason!
Roger Dawson: I’ll confirm that Mike. For the first 20 years I knew you, I thought you were broke!
Jim_FletcherNC: IS this the fledgling aviator?
Mike Summey: Jicheng, I didn’t sell any…never have! The money I take out is positive monthly cash flow.
[Investment Chat]: zert has entered (8:19 pm)
[Investment Chat]: Jeff has entered (8:19 pm)
Jicheng: I see. I will be broke for 20 years then.
Mike Summey: Hi Zert & Jeff
Robert: Because they will eventually own the home. Part of the rent can even serve as “rent credit” which goes against their future downpayment on the house
ingrid from montreal: oh ok thanks
Roger Dawson: Ingrid, I don’t think a savvy buyer would, but sometimes you can get them to do it.
Mike Summey: Roger used to harrass me about not spending any money!
Jim_FletcherNC: ingrid, the increased rent usually goes toward a down payment on the house they eventually will option to buy
Robert: If rent is normally $600, They can pay an extra $100 which will go towards their down payment. If they don’t buy the house, I got an extra $100 each month!
[Investment Chat]: zert has entered (8:21 pm)
Jeff: hi everyone
ingrid from montreal: ok got it, thanks, sounds good
Jeff: Hi Mike,,
Mike Summey: Robert, if they do exercise their option, you have just fired one of the people who is contributing toyour future.
[Investment Chat]: MarkNC has entered (8:21 pm)
Mike Summey: Hi Mark
Roger Dawson: Hi Mark NC
Jeff: sorry we have been missing eachother on getting together for Lunch
Robert: That is true, but there are lots of houses out there too. And buyers.
Mike Summey: No problem. We’ll make it one day soon.
[Investment Chat]: Al Lee has entered (8:22 pm)
MarkNC: Hi everybody
Mike Summey: Hi Al
ingrid from montreal: hi ther
Al Lee: Hi, sorry I’m llate
Mike Summey: I thought you had forgotten us.
Al Lee: Ni Mike
Jicheng: Mike, how many years that you have been doing this. What are the values of your properties now ? How much equity have you got ? I hope that this is not personal question. I just want to know how far that I can go to follow you.
Jim_FletcherNC: Hello Al Lee
Robert: I understand where you are coming from Mike. Also, with lease options, the tenant does all the maintenance on their house so I am not in the repair business like most landlords.
Al Lee: Mike! How can I forget YOU?
Al Lee: Hi Jim
Mike Summey: Al, why don’t you tell everyone about the show we are doing this coming weekend and how thay can listen in.
Jeff: My wife’s mom, Shirley Johnson said Hi
[Investment Chat]: zert has entered (8:23 pm)
Robert: However, I believe in the weekend millionaire philosophy and I believe in keeping properties for the long, long term for building wealth!
Jeff: Mike how’s it coming on the new book??
Roger Dawson: A Realtor friend of mine in San Diego took a 2.8 million listing on a beach front property. Got three offers at 2.7 million, which the seller turned down. No more offers for six months and then one of the three buyers made another offer at 2.4 million. An indication that the market here is losing some steam.
Al Lee: Great! As you know, I do a radio show that is webcast natinwide. Mike will be my special guest this Sunday. You can listen in from anywhere on the web by going to www.myRentProperty.com at 1pm this Sunday and clicking on tyhe Listen Live link
[Investment Chat]: zert has entered (8:24 pm)
Al Lee: I will bet that Mike will tell us a little about the new book. Just a guess.
zert: helleveryone, sorry that I am late
ingrid from montreal: what time zone, Al?
Mike Summey: zert, are you having problems staying in the chat?
Jeff: At least you made it
Al Lee: The shwo is at 1pm Central time (sorry, I forgot to mention that)
Al Lee: show
zert: not sure what is happening tonight Mike
ingrid from montreal: ok and central is one hour left of eastern?
Jim_FletcherNC: ingrid, i believe that is 2pm our time
Mike Summey: Al, I’ve just seen the first proofs of the cover for the new book.
[Investment Chat]: Seth, N. CA has entered (8:26 pm)
ingrid from montreal: thnkas
Mike Summey: Hi Seth
Seth, N. CA: Hello! I apologize I am late……
Al Lee: Caution. the link says “Listen Live” from 1pm to 2pm, but it says “Streaming Audio” other times. That is because I am not on the air then.
Robert: Roger, what is the negotiation book of yours that is best geared toward the real estate investor???
Jim_FletcherNC: Where in california, Seth?
Roger Dawson: No problem Seth
Jeff: Hi Roger, I am a mortgage Broker here in Asheville and wanted your insite on the market trend in the next 6 months??
zert: Does anyone know if 2nd Mortgages are assumable or transferrable from one partty to another?
Seth, N. CA: Sacramento area…..
Al Lee: IF you miss Mike’s interview, I will post it to the website so you can listen to it any time that is convenient
Roger Dawson: Jeff, it’s Mike that lives in Asheville, I live near Los Angeles.
ingrid from montreal: great, because I had thought to be out sleuthing then
[Investment Chat]: zert has entered (8:28 pm)
Mike Summey: zert, all mortgages are assumable if you’re credit is good. I learned this over the past 10 years. I’ve never had a bank refuse to let me assume a loan. They do expect you to be able to qualify for the loan you are assuming.
Jeff: Right, but a lot of the mortgage trends seem to come from the west coast. Is it not the same for Real Estate?
Al Lee: Ingrid: It takes me a while to get the recorded show on the website because IO hae to get the commercials edited out and stuff like that, but it will be there.
Roger Dawson: Zert, institutional seconds (that’s banks and mortgage companies) are usually not assumable or transferable. Private lenders it’s up to negotiation. They would probably ask for some points.
ingrid from montreal: ok, no problem Al thanks
[Investment Chat]: zert has entered (8:29 pm)
Jim_FletcherNC: Jeff, i live in Fletcher (just south of Asehville) can you give me a phone number so I can call you?
Al Lee: How are you, Ralph?
Roger Dawson: Al, how’s the market in Texas?
Jeff: Sure, Home is 687-9885/Mobile 919-356-8000. Don’t let the 919 throw you off, I have another office in Sanford near Raleigh.
Jim_FletcherNC: Thanks, Jeff.
Jeff: I also live in Fletcher off Howard Gap Road
Al Lee: Roger: we are having a slight slump in rentals. Vacancy rate is at 14% in DFW area, but getting better. I started using Section 8 to get more tenants and it is working well.
Jim_FletcherNC: I live off Fanning Bridge near HWY25
Mike Summey: I will be doing another show on Saturday at 11:00 AM Eastern. It will be the Reach for the Stars show on WNJC Radio in Philadelphia. It also is available over the Internet at www.wnjc1360.com and click on the “listen live” button.
[Investment Chat]: TT has entered (8:32 pm)
Robert: Roger, I know you write a lot of books about negotiation. Do you have one that is specific for the real estate investor? Or is that the weekend millionaire book?
Jim_FletcherNC: Mike, you are a regular celebrity!
Jeff: Yeah, go a speeding ticket on that road once
Roger Dawson: Al, is occupancy rate low because it’s so easy for people to buy?
Mike Summey: Hi TT
[Investment Chat]: TT has entered (8:33 pm)
Ev: Has anyone noticed the quality of renters has declined as ….exactly Roger, because it has been so easy to buy.
TT: Hi
Al Lee: Roger: that is part of it, and that is alleviating as rates creep up. The other side is builders rushing to build and getting caught with inventory. I am taking advantage of that by buying from the builders at discounts
Mike Summey: Robert, I’ve used Roger’s Secrets of Power Negotiating program for 20 years and made millions with the techniques and tactics he teaches.
Roger Dawson: Robert, Some of it is in the Weekend Millionaire, the best one at this point is Secrets of Power Negotiating, Second Edition, Career Press. We do plan to do a real estate investors negotiating guide as part of the Weekend Millionaire series of books.
Jim_FletcherNC: I have excellent tenants in North Carolina. MY Califo tenants are good too.
Jeff: Roger I have bought one of your books, (Secrets of power negotiatings for salespeople) thanks to Mike and its great.
Al Lee: I have had very few problem tenants
Al Lee: We screen them pretty well, though
Ev: Here in the Northeast, Boston specifically, it has been a topic of converstation at every REI meeting I’ve been to lately.
Mike Summey: Al, just be sure to factor that 14% vacancy rate into the NOI numbers when you put those houses under contract.
Seth, N. CA: Mike Summey…do you have many people that hve been successful buyinh houses at a wholesale rate in the Northern CA market? It is so hot that it seems next to impossible to make the numbers work!! Thanks
Robert: I must say that the weekend millionaire book is a great book and I have been reading lots of books and courses about ALLLL kinds of techniques in real estate from all kinds of gurus…
Jicheng: I have been to this country long so that I don’t have much experience on econmic cycles. Will real estate go down like stock market ?
Robert: It amazes me how many different philosophies are out there!!!
Roger Dawson: Al, in the last boom in California, a lot of builders got hurt when the market soured. This time around they are much more cautious. They won’t build out a tract until they’ve sold a high percentage from the models.
Al Lee: Mike, the 14% is the GENERAL vacancy rate. Our manager has a much lower rate, maybe 7%
Mike Summey: Seth, Roger is more in tune to the West Coast market. I’m on the East Coast in North Carolina.
Al Lee: I’m in Texas
Roger Dawson: Jicheng, if interest rates go up, demand goes down. You might see a 25% drop in a really bad market. Never as bad as the stock market.
Jicheng: Will Phoenix be one of bad market ?
[Investment Chat]: zert has entered (8:37 pm)
Jeff: Mike, what is the ratio usually for the first months deposit and rent??
Mike Summey: Jicheng, I’ve been buying real estate for over 30 years and I’ve never experienced a down year.
Jim_FletcherNC: Roger, a 25 % drop in what? price?
Al Lee: The worst decline in values I have ever seen in 30 years was in the mid 1980’s ant it was less than 20%, adn it was only very temporary
Robert: For those of you who are landlords, how much handy work do you all do with your dozens of properties?
Mike Summey: Usually when the real estate market softens for sellers, it strengthens for investors who buy to hold and rent.
Al Lee: I don’t do any handy work. I don;t even go to the properties. I hae professional managers who do all that
Jicheng: Thanks. Your answer gives me more confidence.
Roger Dawson: Robert, we teach that you should get somebody to do the maintenance for you. the highest and best use of your time is looking for properties to buy.
Jim_FletcherNC: I contractr out repairs. Mostly because I do harm to myself with tools.
Mike Summey: Robert, I don’t do any. That’s what I have managers to handle.
Robert: My wife doesn’t thikn I’ll succeed because I am not a handy person at all and I am having a hard time convincing her that I don’t need to be!
Mike Summey: Robert, have her read our book!
Robert: It is so cool that all of you are so successful without having to deal with all that mess.
Robert: 
zert: sounds familiar!!
Al Lee: Robert, listen in on the radio show this Sunday and I’ll bet Mike and I discuss exactly that
MarkNC: Robert, I am not in the league of these guys and I do some handy man, because I like it. However I always sure to budget to payh someone else to do it if I don’t want to or don’t have the time.
Jim_FletcherNC: Robert, don’t listen to your wife…. especially your income property
Robert: She is skeptical of what I am doing but believes in me so she lets me do it
Seth, N. CA: Roger, it seems almost impossible to make the numbers work in the Norther CA market….it is so hot prices keep going up and up. Any advice? Still looking for my first buy….that makes sense from a NOI….
Robert: I believe in myself and I know this can be done and I’ll find a way to make it happen.
Mike Summey: Robert, my wife thought I was crazy for about 20 years. Now she is in Europe haveing a blast. won’t be back until the 17th.
Robert: That’s awesome, Mike!
Roger Dawson: Remember out philosophy or only buying when the property will support itself. Don’t speculate on values going up and it’s very hard to get into trouble.
Al Lee: Seth, I will be in San Francisco doing a seminar on the 12th of October. If you can make it, I think I can show you the answer
Jeff: Mike, when you have a seller tell you they need cash now, how would you get them to enter a 1yr or longer lease option, closing in 90 days??
Mike Summey: Jason, how about telling everyone how many weekends you spent looking at houses with me when you were a little boy.
Jim_FletcherNC: Robert , I hope you understand I was being funny
Robert: For those of you who are full time, are you out there pounding the pavements and trying to get one house a month to hold on for even more cash flow???
Seth, N. CA: Al….I am all ears. I may be able to make that….
Jason: Quite a few
Jason: Seemed like every time we were out we went looking at houses
Jim_FletcherNC: Mike, is Jason the fledgling aviator?
Jeff: The 90 day is of course to give me time to get it sold or rented..
Al Lee: Seth, go to my website and check out the schedule of events. You can click to register through the Learning Annex. It is www.RentHouses.org or www.myRentProperty.com — either one should work
Robert: Jim, the funny thing is that I agree with you especially since I am making most of money in the house
Roger Dawson: I’m speaking at a real estate investors conference in Baltimore this weekend. I believe that it’s sold out, but if you’re interested, Email me (RogDawson@aol.com) and I’ll fill you in.
Mike Summey: Jeff, if the seller truly needs cash, you probably can’t. You don’t know what a seller really needs until you make an offer. In the beginning, all sellers want cash.
Jim_FletcherNC: cool, Robert
TT: Mike do you have another son named Mike? I used to know a Mike Summey in Asheville.
Seth, N. CA: Thanks Al, I have family there I can stay with…..
Al Lee: Seth: Good! Because the hotels are pretty darn expensive.
Mike Summey: TT, yes, he goes by Steve, but his full name is Steven Michael.
Jim_FletcherNC: Mike, which son of your’s is the one who wants to fly?
TT: I used to bowl with him when he was just about as big as a bowling ball!!
Mike Summey: Is anyone in the chat going to the Real Estate Wealth Expon in NY the 16th & 17th?
Jeff: Roger, question for you. How do you calculate the other side of half?? Where is the starting pt on that, when the seller will not state their position first??
Robert: In the book, you all have a great formula and a chart that contains all different prices based on different rates. Is there a spreasheet that can calculate all of that easily?
Roger Dawson: Jeff, I didn’t understand — the other side of half?
ingrid from montreal: Mike, I am going, I am very exctied to go
Mike Summey: Jim, Matt & Jason both have their license. Matt wants to fly for a living. He has his private and multi-engine.
Robert: Or do you have to work with a financial calculator very quickly while negotiating with sellers??
MarkNC: So, Mike, Jim and others in WNC any major hurricane damage to your properties? I am in Boone and a house I offered on this summer slid off of its foundation. I heard insurance doesn’t want to pay and the current owners are really upset.
Jim_FletcherNC: OK, I would love to talk to him about flying.
Jeff: In one of your books I read, Secrets of Power Negotiating, you said something about the counter offer so you can pay what you really want to pay for the property you are trying to get?? Is that not right??
Mike Summey: Roger, I think he means how do you know where to position yourself when the seller won’t state his position. How do you position yourself equal distance from where you want to end up.
Jim_FletcherNC: Mark, good thing you didn’t get that house! I got through it all in good shape. Thanks
Mike Summey: I had two commercial properties sustain significant flood damage. Fortunately, I was fully insured on both.
Jeff: Bracketing the offer
MarkNC: Robert, I have developed my own Excel spreadsheet that follows Mikes formulas. If fou know how to use the Solver in Excel a little it can really do some amazing things.
Roger Dawson: Jeff, it’s hard to get a good buy from someone who is not motivated to sell. You’ve got to spend some time with them and discover their motivations. If they don’t have any, create some. E.g. Wouldn’t you love to live closer to your grandchilden?
Mike Summey: Mark, we are working on a computer program called the “Offer Generator” It will allow you to input the variables and then it will comput all the offers you could make that will work based on the NOI.
ingrid from montreal: that program sounds very nice
Jeff: I see, sort of like the old man getting the shopping mall named after him thing
Roger Dawson: You got it!
Mike Summey: Hopefully we will have the program available before the holidays.
[Investment Chat]: ingrid from montreal has entered (8:52 pm)
ingrid from montreal: good, im time for santa
Roger Dawson: Tell them about your new book Mike. Don’t be shy!
ingrid from montreal: so regarding the expo oct 16′17, how does it work?
Al Lee: Shy? Mike?
MarkNC: Will do Robert
Mike Summey: If you haven’t studied Roger’s negotating programs, you are leaving a ton of money on the table every day of your life. There’s not a day that passes that I don’t save money using his materials.
Roger Dawson: Thanks, Mike. I love you too!
Jeff: Roger, I have been a mortgage broker for 9yrs and own the company. Now just starting to try and investing , I have the financial background but this is all new to me, as Mike will tell you, so I ask alot of question and read alot.
Mike Summey: The new book is The Weekend Millionaire Mindset, scheduled for a spring release by McGraw-Hill. You noticed Roger mentioner “your” new book. That’s because I can’t get him to work on it.
Robert: I think being a good negoatiator is one of the keys to making a lot of money!
Roger Dawson: Jeff, understanding the finances is half the battle. You should do well.
Robert: Mike, is that a book about real estate or it’s a book like “think and grow rich”
Jeff: I am having a hard time getting the creative financing thru the general public though and the real estate agents
Mike Summey: Roger, Jason has been studying your negotiating program and is becoming quite good at it.
ingrid from montreal: I have to tell you, I feel like I am learning greek most of the time here, I am violinist, so this is all new, slowly it is sounding a bit more familiar
Jim_FletcherNC: Well, folks, as usual, it was a very informative chat. Thanks to all for you your input and help. Ciao!
Mike Summey: Robert, it is about the thought process behind building wealth.
Roger Dawson: Robert, I think it’s going to be more like “Rich Dad, Poor Dad”
Ralph Roberts: good night, Jim
Al Lee: Happy Landings, Jim
Jeff: Jim call me lets do lunch,
Jim_FletcherNC: OK, Jeff.
Mike Summey: Goodnight Jim
Jim_FletcherNC: Good night all.
Jeff: Would love to pick you brain on some things
Jeff: Mike are you flying to NY for your conference??
Mike Summey: Yes
Mike Summey: Will fly into Teeterboro.
Jeff: I would love to go, how far is the drive??
Jeff: From Asheville??
Roger Dawson: I have to leave now. Great being with you!
Jeff: Thanks Roger for a great book
Penny: Goodnight Roger.
Mike Summey: Since I’m bragging on Roger tonight, let me tell you a real story about his negotiating tactics. I used one of them, exactly as he described it to negotiate an insurance settlement of $175,000 even after my attorney had offerred in writing to settle for $155,000. No lie!
Dean: Roger and Mike, Do you negotiate everything you buy just for practice?
Mike Summey: Jeff, I’m not sure.
ingrid from montreal: good night roger
[Investment Chat]: Ev has entered (9:00 pm)
Mike Summey: Dean, I never make a purchase without first negotiating.
Robert: This evening, I talked to a company called “RealNet” who primarily flips properties to investors. I told them that would be great if the “numbers work” and I even mentioned the book. Have any of you heard of such company or similar companies that just flip properites to others?
zert: I have to go, have a good night and thanks - when is the next session?
Jeff: Mike my wife’s mom said she knows you..she was a teacher at Erwin for 25 yrs
Mike Summey: goodnight sert. We’ll send out an email about the next chat.
Mike Summey: Robert, yes, I’ve heard of compaines that do what you are describing.
Mike Summey: Jeff, who is she?
Jeff: Some banks like to tell the public, flipping is illegal, Man that gets me hot!!
Mike Summey: Why do they say it is illegal?
Jeff: Shirley Johnson
Mike Summey: Jason, do you know Shirley Johnson?
Robert: It sounds like it would be real easy to just have bird dogs, flippers, etc. find you deals as long as the numbers work out….
[Investment Chat]: Ev has entered (9:03 pm)
Jeff: They will try and devalue the appraisal and only allow a 10% appreciation per yr.
Mike Summey: Jeff, was she a PE teacher?
Al Lee: I bet that when the banks say flipping is “illegal” what they are really talking about is that is the title to the property changes rapidly and the buyer is not “A paper”, they are suspect. I bet if your FICO is 720+ the bank doesn’t care how fast the title turns over
Jeff: You got that right AL
Mike Summey: I have someone here in Asheville who has flipped several houses to me over the years. No problems!
Al Lee: The moral is: guard yoru credit rating
[Investment Chat]: RyanFromTX has entered (9:06 pm)
Mike Summey: Hi Ryan
Mike Summey: Where you been all night…we’ve been waiting for you.
Ralph Roberts: Welcome, Ryan
RyanFromTX: Hello all
Mike Summey: Where in TX?
Al Lee: Hi, Ryan. Where in TX?
RyanFromTX: Lubbock
Al Lee: Dalls
Mike Summey: Great town!
Al Lee: Dallas
RyanFromTX: Thanks, I like it 
Mike Summey: Any deal there?
Jeff: She was the Librarian, Oh and Sible Allen is my wife’s Aunt, she said you bought her a pound of shrimp!!!
RyanFromTX: My parents are in Lewisville
Mike Summey: I did?
Al Lee: Ryan: I’ll run up and say hi for you
RyanFromTX: I’m sure there are plenty, but I’m just getting started. trying to train myself to find the good deals
RyanFromTX: ha
Jeff: Hi Ryan
RyanFromTX: appreciate it
RyanFromTX: Hello Jeff
Jeff: Well your guys beat mine yesterday!!
Mike Summey: Ryan, everyone is looking for deals. We’re all coming to Lubbock.
Mike Summey: Move over.
Mike Summey: Just kidding!
RyanFromTX: Ha
Mike Summey: Penny, are you alive?
Penny: Still here. Still watching and learning.
Mike Summey: You’ve been hanging around awfully quiet tonight.
Al Lee: Mike: I will send out an email to everyone on my subscriber list with a link to listen in on our Sunday broadcast/webcast.
Al Lee: Gotta go put the kids to bed now. It’s getting late.
Penny: Thats me, just a quiet kind of girl!
Mike Summey: Great Al, I’ll do the same here.
Al Lee: Looking forward to it. Goddnight!!
Ralph Roberts: see ya, Al
Mike Summey: Yeah, I’m going to turn in early myself. I have a lot of catching up to do after being sick all week last week.
Jeff: Everyone I am a 9yr mortgage broker so if you got questions maybe I can answer let me know. I am new to investing so I am trying to learn here from everyone as well..
RyanFromTX: Goodnight Al
Mike Summey: Thanks everyone for participating.
Penny: Yes, sure glad you are feeling better.
Jeff: Bye Al
Mike Summey: You are all welcome to stay and talk with each other as long as you like.
ingrid from montreal: good night Mike
Mike Summey: Goodnight all!
Jeff: Thanks for having us Mike
MarkNC: good night
Penny: Goodnight Mike.
Robert: good night
Jeff: I answered your question earlier Mike
Mike Summey: Hopefully we’ll be able to schedule again next week, but I’ll have to confirm with Roger to see if he is available.
Ralph Roberts: nite, Mike
Penny: Jeff, I’ll remember your name and get in touch with you through Mike in a few years!
Jeff: Ok Penny..If I can help you let me know
Penny: Goodnight everyone. Enjoyed it.
ingrid from montreal: ditto for me Jeff
[Investment Chat]: Andy has entered (9:14 pm)
Ralph Roberts: good night, Penny… g’nite, Ingrid
Penny: tata for now, see everyone next chat.
Jeff: Roger that,,,I get alot of questions and have the years of experience to help all of you!!
ingrid from montreal: sleep well
Jeff: But Mike and Roger are my heros!!! I wanna be like MIKE!!!
Andy: I must be late!
Dean: goodnight guys
Ralph Roberts: see you guys later… chat transcript will be posted shortly.
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