Chat 12-13-04
Posted on December 13, 2004
Welcome to the chat, Ralph Roberts!
[Seminar Room]: Ralph Roberts has entered (7:56 pm)
Ralph Roberts: hi guys
CoachKarl: Hi Ifcarr3
[Seminar Room]: RickCanuck has entered (7:57 pm)
Ralph Roberts: welcome, Rick
RickCanuck: Hello!
lfcarr3: evening guys
Ralph Roberts: we’ll be starting about 8
RickCanuck: Great.
[Seminar Room]: Mike Summey has entered (7:58 pm)
Ralph Roberts: hi Mike!
Mike Summey: Hi rveryone
Ralph Roberts: snowing heah!
lfcarr3: evening mike
Ralph Roberts: white stuff
Ralph Roberts: cold
[Seminar Room]: Shane has entered (7:59 pm)
Ralph Roberts: welcome, Shane
Mike Summey: I just spoke with Carleton, he will be with us ina minute.
Mike Summey: Hi shane
[Seminar Room]: Mickey has entered (8:00 pm)
Mike Summey: Hi Mickey
Ralph Roberts: great!
[Seminar Room]: Katherine has entered (8:01 pm)
Mike Summey: Hi Katherine
[Seminar Room]: David has entered (8:01 pm)
Katherine: Hi Mike
Mike Summey: Hi David
David: Hi There.
CoachKarl: I am joining you tonight from Carleton’s coaching campus, In Salt Lake.
Shane: Thanks Ralph
Mike Summey: Don’t be bashful. Let get some questions going.
lfcarr3: I have one
Mike Summey: Hi Karl, Carleton will be with us shortly.
Mickey: Hello all
Shane: Hi Milke
David: Alright…Does anyone have any opinioins on the St. Louis market?
CoachKarl: Money is made every day there!
Mike Summey: Yeah, its in the middle of the country.
CoachKarl: What do you knoe about the market?
Mike Summey: I spoke with a gentleman from St. Louis last week who has bought 3 houses within the last 3 months.
[Seminar Room]: Carleton has entered (8:03 pm)
David: That’s not an opinion. That’s a fact. I have an opportunity to get an existing property there. The current owner makes $100 a month on it. and I told him that if I could get the numbers to work, I would buy it. That is, break even first year.
Mike Summey: Hi Carleton
CoachKarl: Using “no Down Payment”?
David: That would be the plan
Carleton: Hello everyone!
CoachKarl: Hi Carleton
lfcarr3: evening carleton
Mickey: Hello carleton
Mike Summey: David, that’s the rule for all markets, if the numbers work, but it, if not don’t.
RickCanuck: Greetings Carlton
David: It’s a two rental property for $140k
Carleton: Do I have to get dressed up for this?
[Seminar Room]: Jason in NYC has entered (8:05 pm)
Katherine: Mike and later for Carlton - I am reading both the Weekend Millionaire and listening to the No Money Down series. HOw can I use them together? Can they complement each other. I am an absolute beginner.
Mike Summey: Hi Jason
CoachKarl: David, Do You have a Cash Flow Analisys?
Mickey: carleton i have you course now looking forward to putting it to use.
Jason in NYC: Hello Mike
Jason in NYC: Hi everyone
David: I haven’t done it yet. But I should, Karl.
Mickey: In Texas near Houston
Carleton: Katherine, I think both compiment one another
Mike Summey: Katherine, there is valuable information in both programs. I strongly recommend Carleton’s program. I’ve learned much from it.
Carleton: Great, Mickey!
David: Carelton, I just bought your program and it’s on the way. I got Mike’s book first. 
Carleton: Mickey, I think you’re in one of the best markets in the country
Mike Summey: David, you were smart!
Mike Summey: w
Carleton: My brother lives there so I know a little about it.
Shane: Can anybody recommend a property management software
Mickey: carleton do you know if anyone from Houston has been using your course.
Mickey: great
Carleton: Absolutely. No names but many many people
Mike Summey: Shane, there are numerous property management software programs, but I believe they are more suited to management firms than to individuals.
CoachKarl: David, That is the best way to make a decision. Determine if the property meets your Cash Flow needs first.
Katherine: Mike - How much do you think a three bedroom house would rent for in Asheville area - toward Candler/West Asheville? I was thinking about 1000-1200 - What do you think - the house is 1.5 years old and in excellent condition - needs a repaint.
Mike Summey: Katherine, a lot would depend on the number of baths, whether or not it has a garage, A/C, etc. I’d say the range could be $750 - $1300
David: Thanks, Karl. I know he’s making $100 a month from it now, but he doesn’t have a property managment company.
David: I’d have to factor all that in.
Katherine: My company uses Timberline - I hear it’s good. Carlton has a Real Estate toolkit too.
Mike Summey: David, are his rents at the right level for the market?
Mickey: Living in tx are there certain contracts that have to be used for TEXAS?
CoachKarl: David, that doesnt mean you will make it. Run the #’s
Katherine: there is still the decision to put on a garage and add a four bedroom. It’s 2 baths right now
lfcarr3: A seller wants to sell his property and turn around and rent it back from me. Any suggestions on how to go about purchasing it? Terms?
RickCanuck: Mike,You recommend Carltons toolkit, is there a Canadian equivalent?
David: I believe so, might be a little under. He rents upstairs $600 and $575 downstairs
Carleton: Mickey, local real estate brokers have their favorite contracts but the ones in my course work in all 50 states
Mike Summey: Ifcarr3, there is a story in my book about that very issue. I’ve done it a couple of times and have been very satisfied. Both times it allowed the owner to cash out equity to clear up debts without having to move.
Mike Summey: Rick, ask Carleton.
David: CoachKarl, if the cash flow is break even for the first year do you believe in buying the house like Mike suggests in his book?
RickCanuck: Carlton, same question…
Mickey: Carleton Do you have to use special contracts just for TEXAS when buying real estate?
CoachKarl: YES>
CoachKarl: Raise rents year over year, and let the market apprciation work for you!
Carleton: RickC. We do not have a special Toolkit for Canada but I would be surprised if it would not work in Canada. Order it, use it and talk to brokers and attorneys and if it’s not right for Canada, return it and get your money back. Even if the contracts don’t work though, there are so many forms and calculators that will be of enormous value to you.
David: Great. I’ll run the numbers and determine cash flow. Does anyone know of a good property management company in St. Louis?
Mike Summey: Mickey, I believe most states are like NC. The Board of Realtors has an approved contract, but that doesn’t mean it has to be used. I’ve written a deal on a legal pad before and closed on it.
CoachKarl: What type of techniques are you guys using?
RickCanuck: Thank you.
Mike Summey: Rick, the calculators in the Toolkit are worth the money.
Katherine: Mike - what do you think of the rhouse rental market in AVL? Everyone I talk to has a plan to get into rentals and in today’s AVL CItizen they are talking that there is an oversaturation of the market - What do think is the real deal?
RickCanuck: I’ll give it a try gents…
Carleton: David, contact your local investment group officers for a good management company.
Mickey: Thanks so Carletons contracts should be fine for TX?
Carleton: Mickey, yes.
Mike Summey: Katherine, there may be a bit of oversaturation of rental properties in most markets due the low interest rates of the past couple of years. this has allowed many habitual renters to buy leaving fewer to rent. As rates rise this will change.
Mickey: ok i was really wanting to get that question anserded.
David: Because of rates and demand in California, there aren’t many opportunities in this state.
Welcome to the chat, Ralph Roberts!
[Seminar Room]: Ralph Roberts has entered (8:20 pm)
Robert: Hi
Mike Summey: You back Ralph?
Jason: Hey there
[Seminar Room]: larry has entered (8:21 pm)
Ralph Roberts: urk! too much snow on the roof, I guess
skamin01: Hi. First time in the chat room!
Mike Summey: Welcome
[Seminar Room]: Dennis has entered (8:21 pm)
Shane: They pay $375 now with utilities paid. I thought maby $395 instead of $400
Mike Summey: skamin01, just jump in anytime with a question. We’re all friends here.
Carleton: Welcome everyone.
Mike Summey: Hi Dennis
[Seminar Room]: larry has entered (8:21 pm)
Dennis: Hello everyone
CoachKarl: Shane, compound $19/mo by 22 units over 12 months, then project that over the number of years you plan on owning that property..
Robert: I’ll be closing on a house in a few days. I need to rehab it. Should I try to cram in as much rehab as possible for 2004 tax deductions?
CoachKarl: it is a fun exersice.
Carleton: Shane, why not 397? I like to try and maximize my rents without turning the tenants off.
Mike Summey: Robert, only if you need them.
CoachKarl: Good Point Carleton, People will not question an odd amount like $397.
[Seminar Room]: Robert has entered (8:24 pm)
Carleton: Robert, I agree with Mike. If you do need them and you are getting all your supplies from Home Depot for example, you could write them a large check and draw against it in 2005
Robert: I will only rehab what is needed, but I was just wondering if I should hurry it up for tax reasons.
Shane: Thanks, CoachKarl, and Carleton, I will do that.
[Seminar Room]: Penny has entered (8:25 pm)
Mike Summey: Everyone, sorry about the problems we had with the new chat program last week. It was a great program, but when a number of people started talking at once we found it had a bug.
Mike Summey: Hi Penny
CoachKarl: Shane, Good Luck!
skamin01: I have a question. I currently own two properties with about $80,000 equity between the two. I’m confused on how to use this to purchase more property.
Ralph Roberts: hi Penny!!
Carleton: Hello Penny!
Penny: Hi MIke.
Penny: and Carleton!
Carleton: A penny saved is…….
Penny: better late than never, I guess.
Mike Summey: skamin, can you refinance one of the properties and pay off the other?
Katherine: Mike or Carlton - when you have multiple apartment properties to manage what key performance indicators do you look at or metrics to know you are on track or not?
Robert: Could I do this? If I don’t know ALL the materials yet, could I get a gift card from Home Depot and draw from that for months to come and be able to deduct teh gift card as a 2004 rehab expense?
CoachKarl: Skamin01, “Crank” the equity out, refi, like mike said, or a line of credit.
skamin01: Yes, I can you refinance one of the properties and pay off the other.
Carleton: Katherine, I’m not sure what you mean.
Mike Summey: Robert, that question would be better answered by your tax advisor.
larry: i was wondering, im looking into purchasing my first rental property but im told by lenders that i’ll need atleast 8,000 down, i know people are doing this without putting so much money out. can someone tell me the correct way to do this?
[Seminar Room]: Al Lee has entered (8:28 pm)
skamin01: Meant to say “I can refinance one of the properties and pay off the other.
Al Lee: Hi, Mike–evberyone.
skamin01: What good would that do?
Al Lee: everyone
Mike Summey: Katherine, I have numerous apartments, and what I look at is the bottom line for all of them, not just a single building. I’ve had times when a 4 unit building was completely vacant, yet my overll vacancy was at an all time hi.
David: When you guys speak of tax advisors, are you using tax advisors that focus on real estate transactions or will an H&R Block rep do?
Penny: Hello AL.
CoachKarl: Larry, Does this lender sound creative?
Mike Summey: Hi Al, glad you could make it.
Katherine: Vacancy would be one, rents collected vs. owed, are you on budget are the broad stroke measures - but what about how long it takes from application to signed lease, or ad cost per signed lease -
Mike Summey: Katherine, that shoud have beenoccupancy not vacancy, sorry.
Al Lee: Just got in form dinner and had time to join the last half of the chat
CoachKarl: David, A tax plan is important, prior to selling property.
Carleton: Lenders programs are all so different. Some allow for no money down, others require 10-20% down.
Katherine: Mike - I understand the bottom line piece but what about the llittle measures that get you to the bottom line
[Seminar Room]: Craig has entered (8:29 pm)
Mike Summey: Hi Craig
CoachKarl: David, I dont feel a tax preparer is the same as an dvisor.
Craig: hi Mike.
[Seminar Room]: Shane has entered (8:30 pm)
David: I see
Mike Summey: Hi shane.
Craig: Hello Carleton
larry: not really. i talked to another lender and he said i could refinance my home and take equity out of it for a downpayment for the new property, but my payment on my house would go up about 75 dollars, the n ote for the rental would be 450 and it rents for 700. i was going to go this route but wanted advice before i did.
David: So what does one look for in a tax advisor? Relevent real estate experience?
Mike Summey: Katherine, that’s why I use professional managers. I let them worry about the details and I judge them on the bottom line.
Shane: Hi Mike, my computer cut me off
skamin01: Mike, back to your statement about refinacing one property to pay off the other. Why?
[Seminar Room]: Craig has entered (8:31 pm)
Carleton: Katherine, I’ve never been that sophisticated. In one large property I own, we run a criminal check, check with the employer and have an answer within 24 hours. I don’t do all this though, without a deposit.
Al Lee: Mike, I’ve been working on deals to buy entire portfolios from old investors who just want to cash out and go live on an island, or something.
Mike Summey: David, I use a CPA who id familiar with the tax code. As with anything else, some tax advisors are better than others.
CoachKarl: David, Yes, RE experience, but an experianced CPA would be helpful.
Carleton: Excellent, Al Lee.
Mike Summey: Al, I have done that a couple of times.
Al Lee: I’ve got soem very interestig deals. One is for about $8M worth of properties. I will look for folks who want to buy a piece of this because it is bigger than I can reasonably do myseelf.
Al Lee: myself
Al Lee: spelling and typos don;t cout, right?
Al Lee: count
Carleton: Do you have my course on partnership investing, AL?
Craig: Carleton, have you considered adapting your course material for the Canadian real estate maket? I live in Cnadad and although I find your techniques and the material interesting, there are some differences between the Candian and US real estate market, especially concerning legal and taxation issues.
[Seminar Room]: Kim-OH has entered (8:33 pm)
Mike Summey: Al, my experience with buying a large block of properties from another investor is that often times they have pulled a ton of money out and the deferred maintenance is horrendous.
Craig: Canada
Mike Summey: Hi KIm
Kim-OH: Hi Mike
Al Lee: No, I don’t, but have a mechanism to share the properties either through an LP, or our Turnkey Investments program
larry: coachKarl. i talked to another lender and he said i could refinance my home and take equity out of it for a downpayment for the new property, but my payment on my house would go up about 75 dollars, the n ote for the rental would be 450 and it rents for 700. i was going to go this route but wanted advice before i did because my interest rate would rise 2 percent on my home as well.
Al Lee: I do expect that the deferred maintenance might be huge. I will have to inspect every property before maing any sort of deal.
Al Lee: My keyboard makes a lot of typing errors–sorry!
Carleton: Craig, in spite of the deficiencies, we think there enough good ideas in the program that maintaining a separate inventory would be cumbersome and expensive.
Shane: Mike, given the choice fixed 6.5 maby 6.9% interest for 5 yr amt out 20yr or 1% over prime which would be more feasible
CoachKarl: Larry, Factor the increase in your payment into the debt service of the new property’s cash flow analisys.
Mike Summey: larry, if your rate would go up 2%, I’d look for other alternatives before going that route.
CoachKarl: Larry, can you get a HELOC on your home?
skamin01: What’s a HELOC?
Craig: I agree that the ideas are good,but I have trouble trying to resolve the differences between Canadian and US real estate issues………
CoachKarl: good point mike. Larry what is your current and proposed rate?
larry: umm what mite tha tbe
CoachKarl: Home Equity Line Of Credit
Carleton: we have a number of Canadian students but by comparison to the U.S>, it is so small. I hope that’s not a turn-off to you but my marketing company just can’t justify it…or so they sAy
larry: current rate is 5%
skamin01: Where’s the best place to get a HELOC?
CoachKarl: It allows you to only pay on what you borrow, and when you pay it off, borrow it again. It’s open ended.
Mike Summey: Shane, for years I’ve used floating rate fixed payment financing. That works for me, but everyone is different. By fixing a payment, maybe based on a rate .5 to 1.5% above actual rate, the rates can move around a good bit without effecting cash flow.
Craig: ok………do you have any ideas that might help me?
Carleton: Craig, can you be more specific on the differences?
[Seminar Room]: WNCInvestor has entered (8:38 pm)
Mike Summey: Hi WNC
CoachKarl: skamin01.. I feel credit union offer the best HELOC rates.
WNCInvestor: How ya’ll doing tonight?
Craig: government agencies for example………
Craig: we also have a tax called the Goods and Services Tax (GST) that comes into play…….
WNCInvestor: Mike, Do you think the wnc investor market is getting too saturated
Carleton: In what regard, Craig?
Mike Summey: Craig, I suggest you use what you can from Carleton’s course or ours and try to translate the rest the best you can. My experience has been that if I could pick up one idea from a program that put a deal together it was worth the price even if I got nothing from the rest of it.
Carleton: That tax though, is just another expense to factor in, isn’t it?
WNCInvestor: It seems that a lot of people are getting into it now
Carleton: Into what, WNC?
Katherine: Carlton - I am really enjoying listening to your property management CD’s and had begun listening to your foreclosure ones too - I am on the road a lot! I liked the idea of giving something to a long term tenant like new carpet or something. I am trying to get my site managers to start thinking of who would be eligible for that reward and also what they would appreciate. Thanks for sharing your ideas on the CDs since I appreciate not having to as you say “brain my way through”.
WNCInvestor: investing
Mike Summey: WNC, it’s always been like that here. For 25 years I’ve had people tell me that there were too many people trying to buy investment properties.
Ralph Roberts: Just ran across a nice term on the Internet, it seems I live in a “micropolitan” area … and … gee… I thought I just lived way out in the country. ;-0
WNCInvestor: So you say that it hasen’t changed all that much
Carleton: What a nice compliment, Katherine. Where do you live?
Craig: I see…………
David: What is WNC?
Katherine: Asheville NC
Ralph Roberts: Western North Carolina, David
WNCInvestor: western north carolina
Carleton: Ralph…cute!
David: ah
WNCInvestor: asheville
Penny: Hi Ralph. I kinda like that term that you found.
Ralph Roberts: also The Land of the Sky
Mike Summey: WNC, the market swings back and forth but the competition has always been there. You just have to out hustle them if you want to be successful.
Ralph Roberts: also, Mike Summey’s backyard
Penny: imagine that, we live in in a Micropolitan area!
CoachKarl: WNC, I live in the same market place as 50 of Carleton’s coaches.
WNCInvestor: are you from wnc ralph?
Ralph Roberts: yep… beautiful downtown Alexander
Mike Summey: WNC, —-Old Chinese proverb…man sit in chair with mouth open for very long time waiting for roast duck to fly in! w
Kim-OH: Coach what market is that?
CoachKarl: I am still able to find more deal than I can act on.
CoachKarl: Salt Lake City, Utah
Shane: Carleton, my mother (now deceased)bought your course in 98. I t has been very inspirational. I have not had a chance to up date yet, but will
Carleton: I love your city and area, CoachKarl!
Katherine: I think that WNC is being categorized a micropolitan since AVL/ Buncombe County would not have the numbers to support the large chains I see moving in - They - Chamber and other people have broadened the geography so I could believe we are a micropoiltan
[Seminar Room]: catstar has entered (8:44 pm)
Mike Summey: Carleton, have you heard when the new show will begin to run?
Mike Summey: Hi catstar
Carleton: I’m so glad, Shane!
Craig: new show??????????
CoachKarl: Thanks, Carleton, But Florida is nice this time of year!
Mike Summey: Craig, Carleton’s 20th anniversary TV show.
Craig: ok
Katherine: So Mike - Hoe do you outhustle people when they know what you do and that if you are interested in a deal that they should be interested too? Or keep people from driving up the price since they know you are interested?
Carleton: The new show (20th anniversary show) will start right after Christmas, tentatively, I love it except for me.
Katherine: HOw
Kim-OH: Carleton a friend of mine is in one of your shows
Katherine: Carleton - where would I see your show?
CoachKarl: Craig, I have seen some “previews” and carleton still looks Great!!
CoachKarl: 20 years have nothing on him!
Mike Summey: Yeah, he’s a real ham!
WNCInvestor: How are you doing in the asheville market Katherine?
Carleton: I can partially answer that for Mike. He makes an offer that LOOKS better…like zero interest finanacing.
WNCInvestor: Have you made any deals yet?
Penny: Yes Carleton. I bet you are one of the highlights of the show from beautiful Hawaii!
Carleton: Penny, if I am, the show’s in trouble.
Mike Summey: Katherine, you have to think creatively. Make offers that fit the seller’s needs better.
Katherine: I am drowning in analysis paralysis and need to make my first move to get unfrozen - I found some interesting foreclosures over T-giving but amshying away at the plunge. I was thining participating here might get me going
Craig: Will the show be broadcast in CAndad?
WNCInvestor: Mike, any hints or suggestions for the asheville market?
[Seminar Room]: Jason has entered (8:48 pm)
Craig: Canada
CoachKarl: Kathrine, Mike just hit the nail on the head.
catstar: what do you know about Land Trust Informers ? folks who tell the loan company that ther is an encumberance file on the property.
Katherine: OK - The creative financing piece - helping people out of their bad situations - divorce, lost jobs, etc.
Mike Summey: Katherine the best way to get out of analysis parylisis is to make some offers.
WNCInvestor: Where did you find the foreclosures, Katherine?
CoachKarl: Kathrine, but dont forget what your investment Profile.. in other words, your needs!
Carleton: The media people at my marketing company tell me the show plays over a thousand times a week…whew!
Katherine: I was on the internet - realtytrac and had a call from a broker.
CoachKarl: Carleton, almost as much as re-runs of m*a*s*h*
Katherine: But after listening to Carleton’s perspective I think I started shying away thinking I needed more information.
Carleton: LOL
skamin01: Got to go. Thanks for your answers everyone! Hope to make it again next week.
Carleton: Katherine, I want to be a positive force in your life, not an inhibiting one.
catstar: Carleton, has any of your students been successful in the Santa Cruz, CA market place ? As it is obsenely expensive out here !
CoachKarl: Kathrine, Use Carleton’s Property analaysis form. It’s on the Tollkit.
Mike Summey: Katherine, I used to think I had to have all the answers too, but I soon found out that I would miss a lot of deals trying to learn techniques that I may not need. I just started making offers and learning as I went.
Katherine: It’s not inhibitating more - get the facts and make a better educated decision. . .
Mike Summey: skamin, thanks for joining us.
Katherine: Mike - How expensive was that tuition from learning like that?
Mike Summey: Karl, did I meet you the last time I was in Salt Lake?
CoachKarl: Kathrine, Your Right.
Shane: Mike, thanks for the opportunity to you have provided, and your book is priceless
CoachKarl: yes. in Deer Valley.
Carleton: I too must leave. A delightful experience. Some very good questions and answers as well. And Catstar, I would guess that there are investor students in every nook and cranny of this great country although I don’t know of any one specifically in your area. P.S. I love Santa Cruz.
Mike Summey: Katherine, not expensive at all. In fact it was quite profitable. I made offers that worked for me and over time figured out how to make them work for more and more sellers. I’ve never lost money on a deal.
Katherine: Mike - I agree with Shane Thanks for putting it into manageable steps and pieces.
Mike Summey: I thought so.
Katherine: OK - Good to know about the tuition piece.
CoachKarl: Carleton, I will talk to catstar about Santa Cruz.
Carleton: Good night everyone!
Jason in NYC: Thanks Carleton
Katherine: Good NIght and Thanks!
CoachKarl: Good Night Carleton!!
RickCanuck: Good Night Carlton
Mike Summey: Carleton, thanks for joining us tonight. You’re welcome to stay as long as you want. We’re not going to run you off.
Penny: Goodnight Carleton, say hello to Galina from me.
Shane: Good night Carleton and Thank You
Kim-OH: Goodnight Carleton and Thanks
[Seminar Room]: S. Claus has entered (8:56 pm)
Mike Summey: Hi S. Claus
S. Claus: hi
CoachKarl: HO, HO, HO, s. claus
Mike Summey: Carleton has left the building.
Shane: Hi S.Claus
Robert: Mike, how important is it that the property manager actually RIDE with you in the car looking for properties? I read about that in your book…
Katherine: So have we been naughty or nice?
Ralph Roberts: if you’re making real estate offers, you are being nice
CoachKarl: Catstar, Alot of people in your area are making money
Robert: I’ve talked to various ones and they just told me of areas over the phone
Mike Summey: Robert, its a help, but not mandatory. It works better in the beginning while you are learning, but as you get to know the market it becomes less and less important.
Katherine: Yeah Robert - that’s a good question about how to pick a good property mgr
CoachKarl: catstar, alot of buy/sell
Robert: Mike does talk about how to pick good property managers in his book…it’s an interview process.
catstar: Mike, sorry I couldn’t keep up with this = it’s my 1st time.
Katherine: but top three things now that he’s more experienced
Katherine: #1 - Bottom line
CoachKarl: catstar, options, and assings
catstar: Did anyone answer the Land Trust Informers question of mine earlier ?!?
Mike Summey: catstar, no problem, if you ask a question and we miss it just ask it again.
Mike Summey: catstar, I missed it.
Mike Summey: Al Lee, are you buying anything now?
catstar: who knos about folks who call the lending companies & let them know the now have an encumberence on their property via a recorded Land trust by us
Dennis: Goodnight all
Mike Summey: Goodnight Dennis
Shane: Goodnight Dennis
Mike Summey: catstar, I’m not sure I understand your question. Could you be more specific.
CoachKarl: Catstar, I am not sure either.
[Seminar Room]: sermiex has entered (9:01 pm)
Mike Summey: Hi sermies
Mike Summey: Sermiex…that’s hard to type…sorry
sermiex: HI
catstar: heard that compaines hire folks to keep tabs on land trusts that are recorded, then they inform the lending Cos about it, but I don’t know if that affects us (who’s recording the LT) at all ?
sermiex: How much did I miss?
Mike Summey: Sermiex, you missed it all, but only until the chat is over. Then the text will be posted for you to read.
CoachKarl: I have to go all.
CoachKarl: It has been fun.
Mike Summey: Thanks for joining us CoachKarl.
Mike Summey: Hope to see you next week.
CoachKarl: Thanks Mike!
Robert: Mike, any update on the offer software you mentioned in the past?
Jason in NYC: I have to go now too. Goodnight all, as always a pleasure. Thanks.
Mike Summey: catstar, I still am not familiar with what you are asking. Sorry
Mike Summey: Robert, it is still in the works. Nothing to report yet.
Penny: Goodnight Jason in NYC
Mike Summey: Goodnight Jason
Penny: Glad you were here watching.
Penny: Hope everything is good there for you guys in NYC.
Robert: Let me know if you want a beta tester…I emailed you in the past 
Shane: Good night Jason
catstar: I’d give you more info on it, but that’s what I’m trying to get. Thought you mite kno. I’ll ask the lady who told me about it & try to get back to this talk in a couple of weeks = Thanx !
Mike Summey: Robert, will do! As things now stand, that will be the responsibility of the developer.
Mike Summey: catstar, if you can get more information, join us next week, same time and we’ll try again. I’ll bet its going to be something we know by another name.
Mike Summey: catstar, you may be talking about people who research tax liens, contractor’s liens, tec.
Shane: Is there any Insurance companie that specialize in rental Like older building of 15 units taht are hard to insure
catstar: I’ve given a letter of intent, no response from the seller yet. Do I need to withdraw/cancel it in writing, verbally or do nothing about it.
Shane: sorry for typos
Mike Summey: catstar, on any letter of intent you should always leaft yourself an out clause such as “subject to inspection” etc.
Mike Summey: Shane, why are you having problems insuring the building?
Shane: IT is an old school buildi renovated 10 years ago. Need roof but cant put it on until I clos. Nice outside (cut stone) Hard wood floors
catstar: Mike movin back home to Coeur d’ Alene, Idaho (2 do RE investing) this week = no computer for 2 Wks. Surely have enjoyed this altho it’s hard to follow it all & type !!! I used CS Ltr of Intent, so I think I’m ok = it was my 1st offer.
Mike Summey: catstar, you’re probably fine. Good luck on your trip. See you in a couple of weeks.
[Seminar Room]: sermiex has entered (9:13 pm)
Mike Summey: Shane, can you get a builder’s risk policy while you complete renovations? Why do you need insurance before you close?
Shane: I am suppose to close 4:30 tommorrow, I have binders on the other 5 buildings, but the insurance company said after I put the roof on the will insure
Mike Summey: Won’t they issue a builder risk policy temporarily until you get the roof on?
Mike Summey: Builder insure construction long before getting a roof on.
Shane: I have not tried that, but will, the bank said I needed to have it on the building. It appraiseed for over 100,000 more than I am giving the way it is
Mike Summey: Ask you agent about a builders risk policy. I’ll bet you can cover it that way.
Shane: glad to know that, the broker is suppose to let me know in the morning ,but I am cutting it close
Mike Summey: Shane, where do you live?
Shane: I will do that first thin in the morning, I hate to cancel closing espeacially with the seller not pro rating the rents for dec. around 7 to 8 thousand
Shane: Kentucky
Mike Summey: Well folks, I’m going to have to go as well. Roger & I will be back here next Monday same time. Talk with you then.
Mike Summey: Shane, I think the builders risk policy will be your answer. Good luck!
Katherine: Thanks
Mike Summey: Goodnight all!
Shane: Good night mike and everyone and Thanks again
Mike Summey: The rest of you are welcome to stay and talk as long as you want.
[Seminar Room]: Curly-CA has entered (9:22 pm)
sermiex: Goodnight - I’mm of f to the transcripts - Will try to be prompt next week.
[Seminar Room]: sermiex has entered (9:23 pm)
Ralph Roberts: well… I’m off to post the transcript… night, all.
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