Chat 12-06-04
Posted on December 6, 2004
Welcome! You have entered [Seminar Room] at 7:48 pm
/backtime 240
[Seminar Room]: Mike Summey has entered at 7:56 pm
7:57 pm [Ralph Roberts]: hiya
7:57 pm [Mike Summey]: What’s up?
7:57 pm [Ralph Roberts]: not much yet.
7:57 pm [Ralph Roberts]: waiting for people to show
7:57 pm [Mike Summey]: I’m a little early, but I wanted to check out this new
program.
7:58 pm [Ralph Roberts]: yep, it’s working mighty good
7:58 pm [Mike Summey]: My meeting was dull.
7:58 pm [Ralph Roberts]: nice how you can change text colors, huh?
7:58 pm [Ralph Roberts]: mine, too
7:58 pm [Mike Summey]: I like that.
[Seminar Room]: kamal has entered at 7:58 pm
7:58 pm [Mike Summey]: We’ll encourage Roger to pick a color for himself.
[Seminar Room]: Roger Dawson has entered at 7:58 pm
7:58 pm [Ralph Roberts]: welcome, Kamal!
7:58 pm [Mike Summey]: Hi kamal
7:58 pm [Ralph Roberts]: hi Roger!
7:59 pm [Mike Summey]: there’s Roger!
7:59 pm [Ralph Roberts]: color Roger, all right!
7:59 pm [Roger Dawson]: What’s this about picking a color?
7:59 pm [Mike Summey]: Roger, click on the little square next to options and pick a
good bright color for yourself.
7:59 pm [Ralph Roberts]: Roger, you have this same new chat on your website, also.
7:59 pm [Mike Summey]: Red is not good!
7:59 pm [Roger Dawson]: How’s this?
[Seminar Room]: Cliff J has entered at 7:59 pm
8:00 pm [Mike Summey]: Hi Cliff
8:00 pm [Ralph Roberts]: you’re well red, Roger
8:00 pm [Cliff J]: Hello.. Nice new chat room !
8:00 pm [Ralph Roberts]: Thanks Cliff
8:00 pm [Mike Summey]: Thanks!
8:00 pm [Roger Dawson]: Hi Cliff and kamal!
[Seminar Room]: larry has entered at 8:00 pm
8:00 pm [Ralph Roberts]: Roger’s turned green!
8:00 pm [Mike Summey]: this is Ralph’s latest creation.
8:00 pm [Ralph Roberts]: welcome, Larry
8:00 pm [Mike Summey]: Hi larry
8:01 pm [kamal]: mike,if you remember we met n.y.& i took a photo
8:01 pm [Mike Summey]: I think we’re going to have a busy night tonight.
8:01 pm [Mike Summey]: I remember.
8:01 pm [Ralph Roberts]: photos are good.
8:01 pm [Mike Summey]: How are you?
8:01 pm [Cliff J]: Roger and Mike (and Ralph for the nice chat program) It’s great
you’ve got so many chats running right now.. thanks for taking the time to do them !
[Seminar Room]: larry has left at 8:01 pm
8:01 pm [Mike Summey]: Larry didn’t like us.
8:02 pm [Ralph Roberts]: he fell out
8:02 pm [Roger Dawson]: Hey Ralph! I can see Mike’s heart beating. I didn’t know he
had one
8:02 pm [Mike Summey]: Hope he didn’t get hurt.
8:02 pm [Ralph Roberts]: he does now
8:02 pm [Mike Summey]: Roger, you’re too funny. Linda says I’m the world’s only
living heart donor.
8:02 pm [Ralph Roberts]: heh, heh
[Seminar Room]: hushpup27 has entered at 8:02 pm
8:03 pm [Mike Summey]: Hi hushpup
8:03 pm [Ralph Roberts]: hi hushpup!
8:03 pm [Roger Dawson]: Hi hushpulp 27
8:03 pm [Mike Summey]: We’re all playing with this new chat program right now.
[Seminar Room]: Kim-OH has entered at 8:03 pm
8:03 pm [Mike Summey]: See Roger…I do have a heart
8:03 pm [Cliff J]: Mike or Roger, quick question.. Do you always get a title search
prior to purchasing ? and if so, do you put it in the offer that it is subject to clean title
search ? also, do you use a title company or are there any good online companies ?
8:03 pm [Mike Summey]: Hi Kim
8:03 pm [Kim-OH]: Hi Mike
[Seminar Room]: hushpup27 has left at 8:03 pm
[Seminar Room]: Al Lee has entered at 8:03 pm
8:04 pm [Ralph Roberts]: welcome Big Al!
8:04 pm [Mike Summey]: Hi Al
8:04 pm [Mike Summey]: Welcome to the new chat program.
8:04 pm [Al Lee]: Hi All–Wow, this looks different. You’ve rearranged the furniture or
something
8:04 pm [Mike Summey]: I’ve heard from several people who said they would be
joining us tonight.
8:05 pm [Roger Dawson]: Cliff, I would always get a preliminary title report from a title
company. They do it as a free service to attract your business. Make your offer
subject to you approving the prelim.
[Seminar Room]: hushpup27 has entered at 8:05 pm
8:05 pm [Roger Dawson]: Hi Al. How are things in Dallas?
8:05 pm [Cliff J]: Thanks Roger, what’s the difference between a prelim search and a
full search ? Do you ever get a full search ?
[Seminar Room]: Robert has entered at 8:05 pm
8:06 pm [Al Lee]: Hi Roger, things are going great guns here in Big D
8:06 pm [Ralph Roberts]: welcome, Robert
[Seminar Room]: hushpup27 has left at 8:06 pm
8:06 pm [Mike Summey]: Cliff, in some states, NC being one of them, we use
attorneys for title searches and yes, by all means always get a title search before
buying.
8:06 pm [Robert]: Hey, cool new interface….
8:06 pm [Mike Summey]: Hi Robert
[Seminar Room]: hushpup27 has entered at 8:06 pm
8:06 pm [kamal]: can everyone share there experiences trying to get seller
financing.my experience seller wants you to be out of there home & broker wants you
to be out of there office a.s.a.p.as soon as you ask for seller financing.
8:06 pm [Mike Summey]: hushpup, are you getting kicked outor are you just playing?
8:07 pm [Ralph Roberts]: yep, you get to see what’s happened before ya got here,
Robert … and if you fall out (like Hushpup), you don’t miss anything
8:07 pm [Roger Dawson]: Cliff, the full search comes when you buy title insurance.
However, since everything is computerized these days, there’s not much difference
between the two. In the old days, a title officer would manual search the records, just
skimming it for the prelim.
8:07 pm [Al Lee]: I am going to like this new format once I get used to allthe visual
stuff. Colors! Shaded, 3D controls–Wow!
[Seminar Room]: larry has entered at 8:08 pm
8:08 pm [Cliff J]: thx
8:08 pm [hushpup27]: i’m getting kicked about but i thin all is better thanks
8:08 pm [Roger Dawson]: Mike, title insurance is the same way back East, isn’t it?
You wouldn’t buy without title insurance?
8:08 pm [Mike Summey]: kamal, there are many sellers and brokers just as you
describe, but there are many others who would rather have financing. You just have
to look until you find them.
8:08 pm [Ralph Roberts]: no to mention the emoticons!
8:08 pm [Ralph Roberts]: not
8:08 pm [Ralph Roberts]: that is
8:08 pm [Al Lee]: I forgive typos liberally
8:09 pm [Roger Dawson]: We don’t allow liberals, Al
8:09 pm [Ralph Roberts]: i nuvur mak tipos!
8:09 pm [Cliff J]: hahaha
8:09 pm [Mike Summey]: Title insurance in NC is sold through the closing attorney
rather than dealing directly with the title company.
8:10 pm [Al Lee]: I just did a radi show about foreclosures and the subject of buying
“Subject to…” came up. Has anyone done that since assumable loans went away
fifteen years ago?
[Seminar Room]: Steve Testut has entered at 8:10 pm
8:10 pm [Mike Summey]: I always buy title insurance, but I also always ask the
seller to pay for it. Some do…some don’t.
8:10 pm [Mike Summey]: Hi Steve
8:10 pm [Ralph Roberts]: welcome, Steve
8:10 pm [Al Lee]: I always finance the purchase, so I never do that type of deal any
longer.
8:10 pm [Kim-OH]: Hi Steve
8:10 pm [Steve Testut]: Hello All
[Seminar Room]: junlee has entered at 8:11 pm
8:11 pm [Mike Summey]: Hi junlee
8:11 pm [Ralph Roberts]: welcome junlee
8:11 pm [junlee]: hello, sorry I’m late
8:11 pm [kamal]: mike/roger,for n.o.i.to work in n.y.,n.j.area you have to offer 40-50
% less than asking & sellers/brokers feel insulted.
8:12 pm [Ralph Roberts]: no problem, with this new software, you don’t miss anything
8:12 pm [Roger Dawson]: I see that the Feds will increase the amount of financing
that they will underwrite as of Jan 1. It’s up to $357,000 I think.
8:12 pm [Kim-OH]: LOL Kamal I’m working up an offer now which will be for about
60% of asking price lol
8:12 pm [Al Lee]: Ralph–that ability to see what was said while you were out is really
nice!
[Seminar Room]: ralph2 (atest) has entered at 8:12 pm
8:12 pm [Mike Summey]: kamal, wholesale offers will insult a lot of people, but that’s
their problem. You can’t make money buying at retail.
8:13 pm [junlee]: excuse me Ralph Roberts, what software are you referring to?
8:13 pm [larry]: Mike, Thanks for coming to Raleigh a couple of months ago. I hope
you got over your cold
8:13 pm [Mike Summey]: Hi ralph2
8:13 pm [Ralph Roberts]: the chat software, junlee
8:13 pm [ralph2 (atest)]: hi
8:13 pm [Robert]: I’ll be closing on my first property this week. It’ll need
rehabbing. What insurance do I need to get during and after the rehab (once
tenant occupies the home)?
8:14 pm [Mike Summey]: Larry, I feel fine now. Working hard on the new book “The
Weekend Millionaire Mindset”\
8:14 pm [Mike Summey]: Robert, you will need fire and casualty insurance and
liability insurance.
8:14 pm [Kim-OH]: Robert you want to check out builder’s risk insurance and then a
good hazard policy when you have completed the rehab
8:14 pm [Steve Testut]: Roger, I’ve been listening to your Power Performer and Power
Persuasion CD series…Good Job! Lots of useful info in those sets.
8:15 pm [Roger Dawson]: Robert, just fire insurance. You can’t get homeowners
unless you live in it. Your lender will require fire insurance.
[Seminar Room]: ralph2 (atest) has left at 8:15 pm
8:15 pm [Roger Dawson]: Thanks Steve!
8:15 pm [Mike Summey]: Every landlord needs liability insurance, but that covers
everything, not just a specific property.
8:16 pm [Ralph Roberts]: just one of me, now
8:16 pm [larry]: I listened to all your and Roger’s cd’s. All were great. You changed
the way I look at long term financing properties
[Seminar Room]: zert has entered at 8:16 pm
[Seminar Room]: deej has entered at 8:16 pm
8:16 pm [Ralph Roberts]: hi Zert! hi deej!
8:16 pm [Mike Summey]: Hi zert & deej
8:16 pm [Roger Dawson]: Thanks Larry!
8:16 pm [Robert]: I talked to an insurance agent and they told me I have to
have a minimum of 3 months of fire/hazard/vandalism paid upfront. Then
after it is occupied, I will need to do a 4-point inspection to determine what
my 1-year policy is going to be…
8:17 pm [Mike Summey]: Larry, what was your biggest change?
8:17 pm [Ralph Roberts]: you’re late but, no problemo, we have new software, so
you’ve missed nothing!
[Seminar Room]: zert has left at 8:17 pm
8:17 pm [junlee]: Mike, last week you said buy property in blue collar
neighborhoodds. I research 2 towns nearby that would qualify as blue collar. I
noticed that alot of foreclosures in my county are concentrated in those areas. Am I
looking at the right neighborhood here?
[Seminar Room]: zert has entered at 8:17 pm
8:18 pm [Ralph Roberts]: wb, zert
8:18 pm [Mike Summey]: Robert, most insurance has to be paid upfront, but I’ve
never heard of having to get an inspection after it is occupied.
8:18 pm [larry]: I’ve always been told to keep refi’ing every 5 years and pull $ out. You
convinced me to pay off and build cash flow
8:18 pm [Roger Dawson]: Robert, it’s news to me that an insurance agent can insist
on anything. I would just get the minimum that your lender requires.
8:19 pm [Robert]: Mike, actually, it is before it is occupied. They require a
4-point inspection from a licensed contractor before they will insure it
8:19 pm [zert]: hi everyone, sorry I’m late, having a problem with the new software
8:19 pm [Ralph Roberts]: CHAT TIP: clicking on SAVE lets you print out the
entire chat to date… then just hit the ‘x’ to return to the chat, still in progress
8:19 pm [Mike Summey]: junlee, you’re looking in the right area. The reason you’re
seeing a lot of foreclosures is because people living in this type neighborhoods seem
to have more problems than others.
[Seminar Room]: Penny has entered at 8:19 pm
8:20 pm [Mike Summey]: Hi Penny
8:20 pm [Roger Dawson]: Hi Penny!
8:20 pm [Ralph Roberts]: hi Penny!!!!
8:20 pm [Kim-OH]: Hi Penny
8:20 pm [Ralph Roberts]: (new software)
8:20 pm [kamal]: mike/roger,which states/cities you feel will appreciate most in next
5-10 years.also when bubblr will burst & what you expect price drop.
8:20 pm [Penny]: Hi Ralph, great new look looks great!
8:20 pm [Mike Summey]: Penny, it looks like you have excited Ralph.
8:20 pm [Al Lee]: People who have their houses foreclosed on still need to live
somewhere. They become tenants.
8:21 pm [Mike Summey]: Robert, I think you should shop some other insurance
agents.
8:21 pm [Penny]: Hi Kim ,Roger and Mike.
[Seminar Room]: Kim-OH has left at 8:21 pm
8:21 pm [Penny]: thats cute, how’d you do that Ralph.
8:22 pm [Roger Dawson]: Robert, different insurance companies have vastly different
standards. Shop around. What may be a high hazard area to some isn’t to others.
8:22 pm [Mike Summey]: Kamal, what do you think I am a fortune teller…
8:22 pm [zert]: I had to pass on aa pretty good opportunity last week. I found out the
Prop Mgr I was going to use isn’t totally honest
[Seminar Room]: Kim-OH has entered at 8:22 pm
8:22 pm [Steve Testut]: Mike/Roger, its been a few weeks since I have been on this
chat (been to investor meetings), any update on you new book release date?
8:22 pm [Robert]: Kamal, the best place to invest is where you live!
8:23 pm [Mike Summey]: Zert, why did that keep you from making the deal and
looking for another property manager?
8:23 pm [hushpup27]: 4 point inspection, is that a standard ins measurement??
8:23 pm [zert]: The property had a nice NOI so I was rather bummed but better find
out now than later on
8:23 pm [junlee]: Zert, how did you find out he was dishonest?
8:23 pm [Roger Dawson]: Amen, Robert. Buy close to where you live.
8:23 pm [Mike Summey]: Steve, the new book is scheduled for release in May 2005
8:23 pm [zert]: Mike: ran out of time with the seller
8:24 pm [Robert]: The 4-point inspection is something that insurance
companies require if the property is more than 50-years old. It is something
like plumbing, roof, electrical, and something else
8:24 pm [Ralph Roberts]: chat tip: clicking on OPTIONS let you change colors,
backgound, sounds, lots of stuff
[Seminar Room]: Cliff Jefferson has entered at 8:24 pm
8:24 pm [Mike Summey]: Robert, so you mean it’s sort of like insuring the Titanic.
8:25 pm [hushpup27]: if less than 50 yrs old, different measurement??
8:25 pm [kamal]: mike,robert,i like your answers.
8:25 pm [Roger Dawson]: That’s why I’ve never heard of it. We don’t have anything 50
years old in California
8:25 pm [Kim-OH]: Ralph onc e I changed colors my computer wouldn’t allow me to
post to the chat lol
[Seminar Room]: Al Lee has left at 8:25 pm
8:25 pm [Mike Summey]: Hi Cliff Jefferson. We already have one Cliff J in the chat,
why don’t you log out and back in with a =nother name for now.
8:25 pm [Cliff J]: Mike and Roger, That’s my father !!!
8:25 pm [Robert]: Titanic would be a good investment
[Seminar Room]: rnguyen has entered at 8:25 pm
[Seminar Room]: Cliff Jefferson has left at 8:26 pm
8:26 pm [Ralph Roberts]: hmmm…. i’ll look at that, Kim… I’ve had no problems like
that, tho
8:26 pm [Mike Summey]: Hi rnguyen
[Seminar Room]: Cliff Jefferson has entered at 8:26 pm
8:26 pm [rnguyen]: Hello everyone.
8:27 pm [Kim-OH]: Ralph I’m testing it out on my end
[Seminar Room]: rnguyen has left at 8:27 pm
8:27 pm [Kim-OH]: Hi mguyen
8:27 pm [Mike Summey]: Everyone, please report any problems you experience
tonight with the chat program. This is the first time we’ve used the program so Ralph
needs your feedback if you encounter any problems.
8:27 pm [junlee]: Zert, how did you know prop mgr was dishonest?
8:27 pm [Ralph Roberts]: okay, Kim… let me know if you have any problems
8:27 pm [larry]: Mike, I’ve maxed out CCB $. B of A is useless. Any good agressive
commercial banks for rental properties?
8:27 pm [Kim-OH]: I will Ralph, it could be my puter grrr
[Seminar Room]: Cliff Jefferson has left at 8:28 pm
8:28 pm [Ralph Roberts]: bad puter, bad, bad
8:28 pm [Ralph Roberts]: i generally hit mine on the nose with a rolled up newspaper
8:28 pm [Mike Summey]: Larry, First Citizen’s is very aggressive here.
8:29 pm [zert]: found that he made some bad checks and took some $$ for
properties that weren’t available
8:29 pm [Kim-OH]: Ralph ROFLMAO
8:29 pm [junlee]: I have a Mac and the chat seems to be working beautifully..
8:29 pm [Cliff J]: FYI, speaking of problems, my father (the other Cliff) is not entering
and exiting like it says.. he’s having problems and will try again
8:29 pm [Ralph Roberts]: thank you
8:29 pm [kamal]: roger,i am planing to settle in ca for last 10 years.my friend stoped
me because he read somewhere one day in a big quake ca can fall into ocean.i love
ca.san diego or la where is less possibility.
8:29 pm [Mike Summey]: Cliff, tell him to enter as CJ
[Seminar Room]: Jeff has entered at 8:29 pm
8:29 pm [Mike Summey]: Hi Jeff
8:30 pm [larry]: I was working in a First Citizens today. I’ll try them tomorrow. Thanks
8:30 pm [kamal]: anyone knows aggressive bank in n.y. area.
8:30 pm [Roger Dawson]: Kamal, we spread those earthquake rumors to stop
everybody from moving here. I think Southern California is the greatest place in the
world to live.
8:30 pm [Mike Summey]: Larry, they are probably my lead bank right now.
[Seminar Room]: Al Lee has entered at 8:30 pm
[Seminar Room]: Jeff has left at 8:30 pm
8:30 pm [Roger Dawson]: WB Al!
8:31 pm [Ralph Roberts]: this is a test: “One of the best books I’ve read on real
estate in ten years.” — Albert Lowry, Ph.D., New York Times best selling author of
How You Can Become Financially Independent by Investing in Real Estate
8:31 pm [Mike Summey]: If many more people move to California, forget the
earthquake, the weight alone will break it off into the ocean.
8:31 pm [Ralph Roberts]: yes… that works… you can now cut and paste stuff… keep
it relatively short, tho, please.
8:31 pm [Kim-OH]: Ralph I’m sure Albert will thank you for that test lol
8:31 pm [Roger Dawson]: Ralph, I know the answer to that test! It’s the Weeknd
Millionaire!
8:31 pm [Steve Testut]: Mike, I believe you own over 100 properties. Have you ever
had a time when a large portion of these tenants gave notice at the same time? If so,
did this cause any financial worry on your part?
[Seminar Room]: Al Lee has left at 8:31 pm
8:31 pm [Ralph Roberts]: correct, Roger… pick up up your prize before you live
8:32 pm [Ralph Roberts]: er… leave
8:32 pm [Ralph Roberts]: hahaaha
8:32 pm [junlee]: Larry, what kind of problems have you had with banks you
mentioned?
[Seminar Room]: Fore-NC has entered at 8:32 pm
[Seminar Room]: Al Lee has entered at 8:32 pm
8:32 pm [Ralph Roberts]: welcome Fore-NC
8:32 pm [Mike Summey]: Hi Fore
8:33 pm [kamal]: roger,where in ca you live.l.a. or sandiego which is better.
[Seminar Room]: Jeff has entered at 8:33 pm
8:33 pm [Roger Dawson]: Steve, that’s one of the reasons why we recommend that
no more than 20% of your assetts be in one property.
8:33 pm [Ralph Roberts]: chat tip: the ‘Here’ dropdown list lets you set your
status
8:33 pm [Kim-OH]: wb Jeff
8:33 pm [Robert]: I love San Diego the most in CA
8:33 pm [larry]: CCB has been great for 8-10 years but I am building many new rental
homes and need lots of mortgages.
[Seminar Room]: Mike Summey has left at 8:33 pm
[Seminar Room]: Fore-NC has left at 8:34 pm
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[Seminar Room]: Mike Summey has entered at 8:34 pm
8:34 pm [Ralph Roberts]: (BRB means “be right back) … and I will
8:34 pm [Kim-OH]: wb Mike
[Seminar Room]: CJ has entered at 8:34 pm
8:34 pm [Roger Dawson]: It’s hard to find fault with San Diego. The world’s best
climate and a growing vibrant metro area.
8:34 pm [junlee]: Larry, so what is CCB not doing? Also aren’t mortgage bankers
more flexible?
[Seminar Room]: Mike Summey has left at 8:34 pm
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[Seminar Room]: Mike Summey has entered at 8:35 pm
8:35 pm [Kim-OH]: wb Mike
[Seminar Room]: CJ has left at 8:35 pm
8:35 pm [Kim-OH]: Larry pardon my ignorance but what is CCB?
8:36 pm [larry]: Every bank has limits on “their exposure to any one person”. Thats a
good problem to have but it is about to be a problem
[Seminar Room]: Mike Summey has left at 8:36 pm
8:37 pm [larry]: Central Carolina Bank was just bought out by Suntrust
8:37 pm [Kim-OH]: Mike would you like some duct tape?
[Seminar Room]: Mike Summey has entered at 8:37 pm
8:37 pm [Kim-OH]: Larry thanks!!!
[Seminar Room]: Fore-NC has entered at 8:37 pm
8:37 pm [Robert]: Tell me if this is a “dumb” thing to do. I have 40K sitting in a
low-interest bank account. Well, I was going to buy my property using that
money (cash), rehab it in 1.5 months, and then refinance it IMMEDIATELY
after that to get all my money back. Then have the tenant pay the mortgage.
Is that smart? Or should I still use OPM and pay the “high” interest rates?
8:38 pm [Ralph Roberts]: Mike: see you didn’t miss anything, at least
8:38 pm [Mike Summey]: I just got kicked out when I tried to change font size.
[Seminar Room]: Fore-NC has left at 8:38 pm
[Seminar Room]: Jeff has entered at 8:38 pm
[Seminar Room]: Al Lee has entered at 8:39 pm
8:39 pm [Roger Dawson]: Robert, if it’s only for 1.5 months, I’d use your own money.
There’s not much point in putting financing on the property for such a short time.
[Seminar Room]: Al Lee has left at 8:40 pm
8:40 pm [Mike Summey]: Larry, that’s the reason we recommend that you
develop relationships with several banks.
[Seminar Room]: deej has left at 8:40 pm
8:41 pm [larry]: roger, love the accent on your cd’s. you have great tips on negotiating
8:41 pm [Mike Summey]: Larry, I currently bank with 7 different banks.
8:41 pm [Ralph Roberts]: i’m back
[Seminar Room]: junlee has left at 8:41 pm
[Seminar Room]: junlee has entered at 8:41 pm
8:41 pm [Mike Summey]: Larry, he actually talks funny like that in person.
8:41 pm [Kim-OH]: wb Ralph and junlee
8:41 pm [Roger Dawson]: Thanks Larry, I’m actually from Alabama. It took me years
to learn that accent
[Seminar Room]: junlee has left at 8:42 pm
[Seminar Room]: junlee has entered at 8:42 pm
8:42 pm [larry]: Yea, I’ve talked to that many in the last week. They all promise the
moon
8:42 pm [Mike Summey]: ANNOUNCEMENT! Next week Roger is not going to be
able to join us, so I’ve invited Carleton Sheets and he has accepted.
8:43 pm [Cliff J]: That’s great.. I just got his toolkit !
8:43 pm [Mike Summey]: Larry, tell them to keep the moon, all you want is a
little money.
8:43 pm [Kim-OH]: Roger we will miss your presence here
8:43 pm [Mike Summey]: Cliff, how do you like it?
8:43 pm [Robert]: Who is Carleton Sheets? LOL
8:43 pm [Roger Dawson]: I’m going to be in Chicago for a seminar next week, but I’ll
be here the week after.
8:44 pm [larry]: Doesn’t sound like my cousin from Mobile
[Seminar Room]: junlee has left at 8:44 pm
8:44 pm [Mike Summey]: Carleton is the one you see on TV with the No Money
Down Program.
8:44 pm [Robert]: I was kidding
8:44 pm [Cliff J]: Literally, just got it VERY recently and haven’t given it much of a
look.. I’m listening to his audio CD’s right now !
8:44 pm [Steve Testut]: Roger, do you ever do siminars in Nashville?
8:44 pm [Mike Summey]: His show is the longest running television infomercial
in television history.
8:44 pm [Robert]:
[Seminar Room]: Fore-NC has entered at 8:44 pm
8:45 pm [Roger Dawson]: I’ve known Carleton for 20+ years. He’s a great guy and his
programs are excellent.
8:45 pm [larry]: any of you that don’t have Mike and Roger’s cd’s you need to get
them all- best $ i ever spent
8:45 pm [Mike Summey]: Thanks Larry.
[Seminar Room]: markct has entered at 8:45 pm
[Seminar Room]: junlee has entered at 8:45 pm
8:45 pm [Mike Summey]: Hi Mark
8:45 pm [Kim-OH]: Hi Mark
8:46 pm [larry]: Will he take us to Burger King in his Rolls?
8:46 pm [Roger Dawson]: Steve, Nashville’s a big convention city. I almost always
speak at the Opreyland Hotel, but I don’t have anything booked there in the near
future.
8:46 pm [Mike Summey]: Has anyone made any offers this past week?
[Seminar Room]: markct has left at 8:46 pm
8:46 pm [Kim-OH]: Mike or Roger do you ever speak in OHIO?
[Seminar Room]: Fore-NC has left at 8:46 pm
[Seminar Room]: markct has entered at 8:46 pm
8:47 pm [Roger Dawson]: Larry, thanks for the plug! Keep spreading the word.
8:47 pm [Mike Summey]: Kim, we will both probably be in Ohio, but I don’t
have any dates currently.
[Seminar Room]: Fore-NC has entered at 8:47 pm
8:47 pm [larry]: Closing on new lots tomorrow and starting a 4bdrm/2.5bth duplex and
4 homes for rentals
8:48 pm [Kim-OH]: Great I’d love to hear you and meet you in person
8:48 pm [junlee]: I tried changing the font to Mike and everything froze..I had to
reboot.
8:48 pm [Roger Dawson]: Kim, I did a public seminar in Cleveland last year. Great
town. I was very impressed.
8:48 pm [Mike Summey]: Larry, did you ever answer my question about what
changes our programs made in the way you think?
8:48 pm [zert]: I did Mike, I mentioned it a bit ago. We were very close to agreeing
until I found out about the PM situation. they gave me a Friday deadline and I
couldn’t/didn’t have a replacement lined up
8:49 pm [Kim-OH]: Roger you are right Cleveland is a great city unfortunately it’s
at the complete opposite end of the state from my location
[Seminar Room]: Fore-NC has left at 8:49 pm
8:49 pm [Roger Dawson]: Ohio’s a big state. Am I allowed to say thanks for electing
Bush?
8:49 pm [markct]: Hi Roger. Question on the “You have to do better than that”
gambit. How do you respond when they say “How much better do I have to do?”
8:50 pm [Mike Summey]: zert, don’t let a good deal pass by because you don’t
have a property manager. It will take several days to close and you can use
that time to find one. You can always take care of things yourself for a few
days rather than miss a good deal. Just a thought!
8:50 pm [Ralph Roberts]: you are now, Roger… it was made offical today that Ohio
went for Bush
8:50 pm [Kim-OH]: Roger you may say so lol
8:50 pm [larry]: yes, was always told to keep refi’ing every 5 years but you said to
pay off and build cash flow. You changed a lot of people in Raleigh
8:50 pm [Roger Dawson]: Markct: That’s when I’d go to the Higher Authority gambit:
‘I’ve got to sell this to my partners. Give me a number that I have a chance of selling
to them.
8:51 pm [Roger Dawson]: But has Dan Rather called Ohio for Bush yet?
8:52 pm [Ralph Roberts]: He would rather do that
8:52 pm [Mike Summey]: Roger, Jason used you higher authority “me” today to
negotiate an Internet purchase at $100 less than they said they could possibly
go.
8:52 pm [kamal]: roger/mike,have you had any experience of coffee mortgage.a
broker is after me & says it can save me lot of money.which mortgage you rec.15 or
30 or arm.
8:52 pm [Robert]: If the seller refuses to say the first number, even after I ask
him several times in different ways, what do you say to get him to be the first
to open up?
8:52 pm [zert]: Mike, finding out what I did and the timing of it didn’t sit right. It may
not be totally dead, I’ll just move on, there will be others right???
8:52 pm [markct]: Thanks. You’re one gambit about asking the least someone would
take for a property saved me $12,000. These negociating skill are great.
8:52 pm [Mike Summey]: kamal, give me more details please.
8:53 pm [Steve Testut]: Roger/Mike, Thanks, got to run.
8:53 pm [Kim-OH]: bye Steve
8:53 pm [larry]: If I keep pulling out $ and never paying off just to save taxes. You
stress to pay off and build cash flow
8:53 pm [Mike Summey]: Bye Steve. See you next week?
8:53 pm [kamal]: mike,cost of fund index mortgage.
[Seminar Room]: Steve Testut has left at 8:54 pm
[Seminar Room]: Fore-NC I can\’t get in to talk? has entered at 8:54 pm
8:54 pm [Mike Summey]: zert, wait a month or two and see if the property is
still there. If so make another offer for less that the original one.
8:54 pm [Roger Dawson]: Robert, you’ve got to motivate the seller. Get them talking
about what they’re going to do with the money that they get out of the sale? Are they
buying a condo in Florida. Make them smell the sea breezes blowing across their
pation. Get them to taste the salt on their margaritas!
8:54 pm [Mike Summey]: Ralph, see if you can help Fore.
8:55 pm [Ralph Roberts]: go ahead, Fore… you are in now
8:55 pm [zert]: will do - thanks
[Seminar Room]: Fore-NC I can\’t get in to talk? has left at 8:55 pm
8:55 pm [Ralph Roberts]: er… no, you are gone
[Seminar Room]: Bob S. has entered at 8:55 pm
8:56 pm [Ralph Roberts]: hi Bob
8:56 pm [Mike Summey]: kamal, I’ve used flosting rate mortgages many times,
but currently I wouldn’t enter into one if I had to rely on rates staying low to
make the numbers work.
8:56 pm [Kim-OH]: Zert I’m following a property where the seller isn”t motivated
enough yet and the price has dropped 3 times so far lol
8:56 pm [Roger Dawson]: Underlying our entire philosophy is the belief that wealth is
an income stream. It’s not what you own. It’s what cash is it generating for you.
8:56 pm [Mike Summey]: Hi Bob
[Seminar Room]: B Saint has entered at 8:56 pm
8:56 pm [Mike Summey]: Hi B Saint
8:57 pm [Ralph Roberts]: welcome B Saint
[Seminar Room]: markct has left at 8:57 pm
8:57 pm [kamal]: roger/mike,please reply.
[Seminar Room]: Bob S. has left at 8:57 pm
8:57 pm [Mike Summey]: kamal, see above.
8:57 pm [Ralph Roberts]: TIP: CLICK ON ‘SAVE’ TO SEE THE WHOLE CHAT
8:58 pm [Ralph Roberts]: (instant and complete transcript)
[Seminar Room]: bsaint has entered at 8:58 pm
8:58 pm [Robert]: Roger, given that philosophy, would you say using ‘owner
financing’ is a great income stream?
8:58 pm [Mike Summey]: THEN CLICK ON THE X IN THE TOP RIGHT CORNER
TO RETURN TO THE CHAT.
8:58 pm [Ralph Roberts]: wb, bsaint
8:58 pm [Roger Dawson]: Kamal, I don’t know what you mean by coffee mortgage. I’d
go with a fixed rate right now. 15 years if the numbers make it possible, 30 years if
not.
[Seminar Room]: B Saint has left at 8:58 pm
8:59 pm [bsaint]: Hello all. Had a little trouble sogning on.
8:59 pm [Roger Dawson]: Robert, I don’t think it matters much who finances the
property. Go with what makes the numbers work.
9:00 pm [Ralph Roberts]: that’s okay, you’re here now
9:00 pm [Ralph Roberts]: welcome
9:00 pm [Mike Summey]: Robert, the advantage you get with owner financing
is flexibility. An owner can decide to accept any interest rate he wants or
accept 0% if he wants. That’s the advantage of dealing with owner financing.
9:00 pm [Kim-OH]: Mike will the IRS impute an interest rate?
[Seminar Room]: Jason has entered at 9:01 pm
9:01 pm [Cliff J]: Mike, do you find most owners understand the concept of owner
financing, or does it usually require an explanation of the concept even before you
pitch the benefits of going that route ?
9:01 pm [Mike Summey]: Owner financing is where you will find the flexibility
to pay the asking price and stillmake the m=numbers work.
9:02 pm [Roger Dawson]: Kim, the seller has to pay taxes on an inputed rate. It
compesates for the fact that income taxes on interest earned is higher than on
capital gains. But it’s not a huge factor.
9:02 pm [Mike Summey]: Kim, the IRS will impute interest, but unless the seller
has more than $94,250 in taxable income, the tax rate is the same whether it
is considered ordinary income or capital gain. Above that the difference is
only fractions of a point.
[Seminar Room]: Jason has left at 9:02 pm
9:03 pm [Kim-OH]: Thanks Roger, I’m working on an offer using owner
financing and I may have to explain that to the owner
9:03 pm [Kim-OH]: Mike Thanks!!!!!!!!!!!!!!
9:03 pm [Roger Dawson]: Kim, if you do a Google search for imputed interest, you’ll
know all you need to know.
9:04 pm [kamal]: roger/mike,broker says rate is 4.45% in 8 th year starts at 1.25%
every year goes up.50% 8th yeaqr on 4.45.it fluctuates with cost of fund index which
he says fluctuates very less unlike arm mortgage.
9:04 pm [Mike Summey]: Cliff, I usually just make an offer that asks for seller
financing and give the seller the opportunity to ask for more information if
necessary. I treat it as if I fully expect them to offer the financing.
9:04 pm [Kim-OH]: Roger thanks once again, I will do that
9:04 pm [Roger Dawson]: I need to leave you now. Good luck with your offers. I’ll see
you in two weeks.
9:04 pm [Ralph Roberts]: imputed interest
Interest considered by the IRS for tax purposes to have been paid, even if no interest
was actually paid.
9:04 pm [Ralph Roberts]: that’s the definiteion
9:04 pm [Kim-OH]: Roger have a good trip
9:05 pm [Mike Summey]: See you Roger.
9:05 pm [kamal]: thanks,roger.
9:05 pm [Ralph Roberts]: nite Roger
[Seminar Room]: Roger Dawson has left at 9:05 pm
9:05 pm [Ralph Roberts]: he slammed the door!
9:06 pm [Kim-OH]: Ralph thanks for the explanation but I did know that lol
9:06 pm [Mike Summey]: The concept of imputed interest arises when a seller
sells for a higher than market price and then tries to say the profit is capital
gain, which is taxed at a lower rate.
9:06 pm [Ralph Roberts]: what it means is what the IRS auditor wants it to mean
9:07 pm [Kim-OH]: sign Ralph what’s new with that
[Seminar Room]: Penny has left at 9:07 pm
9:07 pm [Mike Summey]: Ralph, my curser is continuously flashing when sitting
on the chat box. Is that to be expected?
9:07 pm [kamal]: anyone having success with seller financing.can you share.
9:07 pm [Kim-OH]: Mike thanks then it won’t be a problem with my seller, I’m
not offering above market price lol
9:07 pm [zert]: mine too
9:08 pm [Ralph Roberts]: yes… it shows you are ready to type a reply
9:08 pm [Mike Summey]: Thanks.
9:08 pm [Ralph Roberts]: if you click outside the box, it goes dark (the outline) and
there is no cursor
9:08 pm [Ralph Roberts]: and you can’t talk
9:09 pm [Mike Summey]: Kim, if your offer is low enough, the seller may be
placed in a loss situation if part of the payment is considered interest.
9:09 pm [Ralph Roberts]: test
9:09 pm [Ralph Roberts]: ooops
9:10 pm [Kim-OH]: Mike I’m aware of that and will find out but the property is
owned free and clear as far as I can tell and she’s owner them for decades and
decades lol
9:10 pm [Cliff J]: thanks guys and gals.. I’m off for tonight but will be joining you all
next week !
9:10 pm [Kim-OH]: bye Cliff
9:10 pm [Mike Summey]: Kim, unless she has a very high taxable income, she
may not be affected even if you get 0% financing.
9:11 pm [Ralph Roberts]: see ya Cliff
9:11 pm [Mike Summey]: Goodnight Cliff
9:11 pm [Kim-OH]: Mike that’s exactly what I’m sitting here thinking and I’m also
thinking her reason for selling is to get out of landlording and also it is likely
there is plenty of deferred maintenance on the properties
[Seminar Room]: Cliff J has left at 9:11 pm
[Seminar Room]: Fore-NC has entered at 9:12 pm
9:12 pm [kamal]: mike,opinion on commercial property.heard 25-30% down need.
9:12 pm [Mike Summey]: Fore, you back?
9:12 pm [Ralph Roberts]: wb, Fore
9:13 pm [Mike Summey]: Kim, you will want to be sure you factor in any
deferred maintence costs in your offer.
[Seminar Room]: Fore-NC has left at 9:13 pm
9:13 pm [Kim-OH]: Mike absolutely
9:13 pm [Kim-OH]: Plus between the two properties it’s at 50% vacancy lol
9:14 pm [Mike Summey]: kamal, that all depends. some commercial deals are
easy to finance 100% if you have a great credit tenant and a solid long term
lease.
[Seminar Room]: Fore-NC has entered at 9:14 pm
9:14 pm [Mike Summey]: with speculative commercial properties you may
have to come up with 505 to finance them.
9:15 pm [Mike Summey]: Fore, are you trying to type in the message panel and
hit enter or the send button?
9:15 pm [kamal]: mike,opinion on appartment building.
[Seminar Room]: Fore-NC has left at 9:15 pm
9:15 pm [Kim-OH]: Mike what is 505?
9:15 pm [junlee]: Mike, in the blue collar towns I was referring to, home values rise
slower. Also if the town isn’t managed right perhaps value won’t rise much at all or
drop. How does this factor into the overall strategy of buy and hold and generate
income?
9:15 pm [kamal]: mike,what is 505.
9:16 pm [Mike Summey]: I don’t know what a 505 is.
9:16 pm [Mike Summey]: Someone help me. Maybe I know it by another term.
[Seminar Room]: Fore-NC has entered at 9:16 pm
9:16 pm [Kim-OH]: Mike did you mean 50% for speculative commercial
financing?
9:16 pm [larry]: Mike, I think you talked about Al Lee? What is his specialty?
[Seminar Room]: Fore-NC has left at 9:17 pm
9:17 pm [Mike Summey]: junlee, if you buy right and the property never goes
up in value, you will build an income stream. The rate of appreciation is
primarily of concern to speculators…people who buy expecting to sell for a
profit.
9:17 pm [Ralph Roberts]: he’s gotta to doing something wrong
9:17 pm [Ralph Roberts]: to be
9:18 pm [junlee]: Mike, I new that..
9:18 pm [junlee]: I mean, I knew that..
9:18 pm [Mike Summey]: Fore, send Ralph an email with your phone number
at ralph@abooks.com and let him call you to give you a bit of help.
[Seminar Room]: Penny has entered at 9:19 pm
9:19 pm [Mike Summey]: larry, Al was in earlier. I’d rather he explain what he
does. Try him at al@myrentproperty.com
9:20 pm [Ralph Roberts]: wb Penny
9:20 pm [Mike Summey]: Hi Penny. Where you been
[Seminar Room]: Penny has left at 9:21 pm
[Seminar Room]: zert has left at 9:21 pm
[Seminar Room]: zert has entered at 9:21 pm
[Seminar Room]: Penny has entered at 9:21 pm
9:21 pm [Mike Summey]: junlee, if you buy right and the property never goes
up in value, you will still make money, just not as much.
9:22 pm [junlee]: Ok.
[Seminar Room]: Penny has left at 9:22 pm
[Seminar Room]: zert has left at 9:22 pm
[Seminar Room]: Penny has entered at 9:22 pm
9:22 pm [larry]: Mike, We have turned over the property management to others so we
can buy and build more
9:23 pm [Mike Summey]: junlee, you make money when the rent goes up and
the mortgage pays down. If the rates don’t go up, the mortgages still pay
down.
9:23 pm [junlee]: yes, understood,
[Seminar Room]: zert has entered at 9:23 pm
9:23 pm [junlee]: Its just that the town scares me a bit..
9:24 pm [Penny]: glad to see your heart.
9:24 pm [Mike Summey]: junlee, that’s why you use property management that
is familiar with that area.
9:24 pm [Penny]: I keep getting a message that the script is being canceled.
9:24 pm [junlee]: ok… now I see the link.
[Seminar Room]: zert has left at 9:24 pm
9:24 pm [Penny]: then it locks up.
9:25 pm [Penny]: locks me out
9:25 pm [Mike Summey]: I got that same message a while ago. Ralph…HELP!
[Seminar Room]: mike has entered at 9:25 pm
9:25 pm [Ralph Roberts]: does it say something about Flash, Penny?
9:25 pm [Mike Summey]: Hi Mike
[Seminar Room]: bsaint has left at 9:25 pm
9:26 pm [Mike Summey]: Larry, I believe you will find that by turning the
management over to a professional, you will ultimately make far more
money.
9:26 pm [Penny]: Yes.
9:26 pm [junlee]: I get a script message too (including flash). It asks if I want to
cancel it because its going to slow down my computer.
[Seminar Room]: mike has left at 9:26 pm
9:26 pm [Penny]: same here.
9:27 pm [Mike Summey]: That’s the same message I was getting.
9:27 pm [Penny]: Mike, are you having trouble staying in?
9:27 pm [junlee]: I just let the script run.
9:27 pm [Mike Summey]: HELP Ralph!
9:27 pm [Penny]: It keeps showing you signing in and out of seminar room?
9:27 pm [kamal]: mike4,in our area people rent basements even though not
legal.opinion.
9:28 pm [larry]: They will raise my rents when i didn’t and they can handle the stove
problems on thanksgiving morning
9:28 pm [Mike Summey]: That may be a bug that Ralph has to work on.
9:28 pm [Penny]: As smart as Ralph is, I’m sure he will have it working perfectly
soon.
9:28 pm [junlee]: Is Ralph the computer wiz?
9:29 pm [junlee]: Computer & Real Estate?
9:29 pm [Mike Summey]: kamal, there are several places where people rent
when they are not supposed to do so. I don’t know what would happen if they
got caught. I guess it would vary from place to place.
9:29 pm [Ralph Roberts]: i’ve been checking… there is a bug and it’s being working
on… i’ll fix it as soon as possible….. in the meantime, it’s still a lot better than the old
chat and even if ya do get kicked out, you NEVER lose anything…. and that is NEAT!
9:29 pm [Penny]: ooops Ralph, I thought that was a little smiley face whistling a
toon, but it looks like it is blowing smoke.
9:29 pm [kamal]: any one knows aggressive lenders in n.y.
9:30 pm [Mike Summey]: Ralph isn’t talking to us. Maybe he’s checking on the
problem now.
9:30 pm [Kim-OH]: Kamal in some areas if an apartment is found to be illegal the
landlord can be compelled to repay all the rent the tenant has paid so be careful
9:30 pm [Ralph Roberts]: i wuz reading bug reports
9:30 pm [Penny]: I agree Ralph. This new chat process is awsome.
9:30 pm [Mike Summey]: Did you locate our bug?
9:31 pm [Penny]: Really neat.!
9:31 pm [Ralph Roberts]: Firefox is the best browser for this chat.
9:31 pm [Mike Summey]: Never heard of it!
9:31 pm [junlee]: A friend bought a home with an illegal renter, now he has a problem
selling it and neighbors have complained to township.
9:31 pm [Kim-OH]: Ralph funny you just mentioned firefox as a friend is trying to
get me to change to it
9:31 pm [Ralph Roberts]: no, just the fact there is one… BUT, it does not matter
because nobody loses anything… however, we will get it fixed
9:31 pm [larry]: Mike, need to go but do you send out emails for the next chat?
9:32 pm [Mike Summey]: kamal, most lenders in NY are aggressive…if you
need $50,000,000 or more.
9:32 pm [Ralph Roberts]: Firefox is the way to go … much more secure that IE
9:32 pm [Ralph Roberts]: than
9:32 pm [Ralph Roberts]: more efficient, etc.
9:32 pm [junlee]: Ralph, I find that ffox is not fully compatible as IE is.
9:32 pm [Ralph Roberts]: and also free
9:33 pm [junlee]: Though is seems more secure.
9:33 pm [Kim-OH]: Ralph is the place to get it www.firefox.com?
9:33 pm [Mike Summey]: Larry, be sure to join us next week and talk with
Carleton.
9:33 pm [Ralph Roberts]: i’ve not encourntered incompatibilites so much
9:33 pm [Ralph Roberts]: http://mozilla.org
9:34 pm [kamal]: mike,i called an ad.of an individual.he wants 12% & 2 points.thief.
9:34 pm [Kim-OH]: Thanks Ralph
[Seminar Room]: Jeff has left at 9:34 pm
9:34 pm [Mike Summey]: Ralph, just fix it and don’t get us lost in technicalities.
9:34 pm [Mike Summey]: I’m already in over my head.
9:34 pm [Kim-OH]: Ralph sometimes there is a lengthy delay before the text is
displayed in the chat
9:34 pm [larry]: OK, Thanks again for coming to Raleigh. Glad your over your Hawiian
Cold. see you next week
9:34 pm [Penny]: yes Ralph, we don’t want to get Mke all confused!
9:34 pm [Mike Summey]: Goodnight Larry.
9:35 pm [Mike Summey]: Talk with you next week.
9:35 pm [Kim-OH]: bye Larry
9:35 pm [Ralph Roberts]: nite, Larry
9:35 pm [Mike Summey]: I’m going to have to go as well. Let’s call it a night
until next week.
9:35 pm [Penny]: He’s so smart in realestate, but acknowledges that your are the
genius with computers!
9:35 pm [Penny]:
9:35 pm [Kim-OH]: Goodnight Mike and thanks
9:35 pm [Ralph Roberts]: Kim, that’s your computer …. more memory speeds things
like that up
9:35 pm [Mike Summey]: Where’d you get the football?
9:35 pm [junlee]: Mike, there are adds in the paper where investors are advertising a
quick closing and other solutions. What is your opinion of this method to find
sellers?…for next week.
9:36 pm [Ralph Roberts]: wow!
9:36 pm [Penny]: off the smileys
[Seminar Room]: larry has left at 9:36 pm
9:36 pm [Penny]: smileies
9:36 pm [Kim-OH]: Thanks Ralph
9:36 pm [Ralph Roberts]: wotta go, Penny!
9:36 pm [kamal]: mike,thanks & good night.bye all.
9:36 pm [Ralph Roberts]: nite, Kamal
9:36 pm [Mike Summey]:
9:36 pm [Kim-OH]: goodnight all
9:36 pm [junlee]:
9:36 pm [Ralph Roberts]:
9:37 pm [Penny]:
[Seminar Room]: kamal has left at 9:37 pm
9:37 pm [Penny]: you found them!
9:37 pm [Penny]: okay,
9:37 pm [Ralph Roberts]: oh my
9:37 pm [Penny]: I’m outa here also
[Seminar Room]: ozzie has entered at 9:37 pm
9:37 pm [Mike Summey]: Until next week!
9:37 pm [Ralph Roberts]:
[Seminar Room]: Kim-OH has left at 9:37 pm
9:38 pm [Penny]: winding down in the comfort zone.
9:38 pm [Mike Summey]: Goodnight all.
9:38 pm [Penny]: goodnight everyone, it was fun watching and learning, as usual.
[Seminar Room]: Mike Summey has left at 9:38 pm
9:38 pm [Ralph Roberts]:
[Seminar Room]: junlee has left at 9:38 pm
9:38 pm [Ralph Roberts]: nite, Penny
[Seminar Room]: ozzie has left at 9:38 pm
9:38 pm [Ralph Roberts]: transcript will be posted shortly
[Seminar Room]: kamal has entered at 9:39 pm
[Seminar Room]: kamal has left at 9:40 pm
[Seminar Room]: Penny has left at 9:40 pm
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