Chat 1-03-05
Posted on January 3, 2005
Welcome to the chat, Ralph Roberts!
[Seminar Room]: Ralph Roberts has entered (7:59 pm)
Ralph Roberts: hiya, Mike
Mike Summey: Looks like business is booming
[Seminar Room]: Steve has entered (8:00 pm)
Mike Summey: Hi Steve
Ralph Roberts: welcome, Steve!
Steve: Hi guys!
[Seminar Room]: David V has entered (8:01 pm)
[Seminar Room]: Bruce has entered (8:01 pm)
Mike Summey: Ralph, I got the new cover design from M-H today.
Mike Summey: Hi David & Bruce
Ralph Roberts: welcome, David
Bruce: Hi Mike
David V: Hi
Ralph Roberts: that’s great, Mike… hope we can see it posted here soon
[Seminar Room]: Roger Dawson has entered (8:01 pm)
David V: first time I’ve been able to catch the chat
Steve: Cover to a new book I hope?
Ralph Roberts: Roger! Hi.
Mike Summey: I’m trying to get permission to do that, but they want to get it finalized before we post it.
Mike Summey: Hi roger.
Ralph Roberts: Yes, Steve… Mike and Roger’s second book in the Weekend series.
Roger Dawson: Hi Everyone. Happy new year!
David V: I bid on a house on the courthouse steps today.
David V: didn’t win
[Seminar Room]: JackB has entered (8:02 pm)
Ralph Roberts: kinda small place for a house 
Mike Summey: Hi JackB
Steve: Excellent! I have been looking forward to a sequel!
Bruce: Happy New Year to all as well
JackB: Hello
Ralph Roberts: hi Jack
JackB: Mike, do alot of the properties you buy need alot of work
Ralph Roberts: hi Bruce
Roger Dawson: At the CA foreclosure sales you run into the gang of thieves. They pay each other to stop them bidding on properties.
Mike Summey: The new book will be Weekend Millionaire: Mindset…scheduled for release in May.
David V: I went up as high as iI could raise in 15 days. winning bid was 300 more
Bruce: Hi Ralph
[Seminar Room]: jdupont has entered (8:03 pm)
Ralph Roberts: hi jdupont
David V: that’s clever. Dirty but clever
Mike Summey: Jack, some do some don’t. I once bought two city block in one transaction and those properties took nearly $2,000,000 to renovate.
Mike Summey: Hi judupont
JackB: I looked at three houses today and they all are complete gut jobs
jdupont: Hi Ralph
Roger Dawson: Hi jdupont. I’m reading Tom Wolfe’s new book about (the mythical) Dupont University.
David V: I would never think of something like that. Guys like that would eat my lunch
jdupont: Hi Mike
jdupont: Hi Roger
[Seminar Room]: Bryant has entered (8:05 pm)
David V: I put an offer on a house today as well. It will need some renovation work
jdupont: How is the book
Mike Summey: Jack, there’s nothing wrong with buying properties like that so long as you factor in the cost of renovation when you buy
Ralph Roberts: welcome Bryant
Mike Summey: Hi Bryant
Bryant: Hi all
JackB: I don’t think I am ready to bid on stuff like that
Roger Dawson: I spent New Years at north Lake Tahoe. Homes that used to sell for $300,000 are now selling for $10 million.
JackB: My first couple I would like just to paint and new floors, not rip the place to the studs
JackB: Wow
[Seminar Room]: Doug in CT has entered (8:07 pm)
Mike Summey: Jack, unless you have a contractor that you trust and that will give you some firm numbers on the renovation cost, I’d advise you to wait until you get more experience.
Mike Summey: Hi doug
JackB: I think I am
Steve: Mike, do you accept Section 8 in any of your properties, and would you recommend it for beginning investors?
Doug in CT: Hi Mike, Good to be in the room.
Bruce: Mike, was it hard to still work in the coporate world while you were buying so much real estate?
Mike Summey: Doug, I just got the agreement for the CT meeting today so I guess I’ll be seeing you guys on May 21st.
jdupont: We
Doug in CT: Excellent! We can hardly wait.
Ralph Roberts: hi Doug
Doug in CT: Hi Ralph.
Mike Summey: Steve, I don’t like Section 8, but that doesn’t mean it won’t work for you. My friend Carleton Sheets swears by it.
Bruce: Mike, Roger are either of you coming to Nashville anytime soon?
jdupont: Mike where will that be
JackB: I think it will be harder to find properties below market that need fresh paint and carpet
Mike Summey: Bruce, it was not hard at all. I worked on my real estate on the weekends.
Roger Dawson: Bruce I’m all over the country this year but nothing in Nashville at this point
Steve: I have heard pros and cons of Section 8. The people who are in favor of it say they LOVE it.
JackB: what about St. Louis?
Roger Dawson: With section 8 you know you’re going to get paid and the tenants want to stay there.
Steve: Good question Bruce. I have become so focused on real estate that I find he hard to concentrate on my main job!
Mike Summey: jdupont, I’ll be at the Marriott Hotel; 4 Sebethe Drive, Cromwell, CT on May 21.
Doug in CT: I had a couple of milestones this week. One good, one bad.
Roger Dawson: JackB. No, nothing in St.Louis either.
Roger Dawson: Tell us Doug
Doug in CT: First we closed on our first 4 Plex and I think it was a fantastic deal.
Mike Summey: Steve & Bruce, it’s easy to get enthused about real estate and not pay attention to your jobs. That’s not good. Your real estate investments are supposed to be passive, not time consuming.
jdupont: Thanks Mike, is there a cost who do I contact?
Bruce: Steve, I’m in the same situation. Trying to focus at work, but thinking about the deals waiting to be found is making my mind wander
[Seminar Room]: Michele has entered (8:12 pm)
Mike Summey: jdupont, contact info@ctreia.com
Mike Summey: Hi Michele
JackB: I want to eventyally quit my day job and focus on real estate
Michele: Hi Mike
David V: what was the bad milestone Doug?
Doug in CT: Second, I got a tennant evicted in a single family home and found that some people really do live like animals. I almost have to do a complete rehab job on the place that was in great shape just 6 months ago.
Steve: Bruce, me too. I think real estate was my true calling and I can’t wait to do it full time.
Roger Dawson: Many moons ago I became so fascinated by real estate that I couldn’t focus on my work. So I quit what I was doing and went into real estate sales.
Mike Summey: Jack, that’s a great goal, I did it, but it took years, not months.
jdupont: Thanks Mike
David V: That was our first experience with renters. They completely trashed the place.
JackB: I know
Doug in CT: I am talking turkey dinner on the front step.
Bruce: Roger, maybe you should open and office in TN
JackB: what else Doug in CT
Roger Dawson: Best advice to any landlord. Check out the tenants thoroughly before you give them the keys. Talk to their last two landlords. Their current landlord may give a glowing report just because he wants them out.
Doug in CT: The oil Tank was empty but the bathtub was full.
David V: Mike, is it legally possible to still do subject to purchases?
Mike Summey: Everyone, one way to mitigate damage done by bad tenants is to inspect the property within 60 days after a new tenant moves in to see how they are caring for the property.
Steve: Roger, I have thought about doing the same but I hear Realtors don’t make enough starting out
jdupont: Tub full of what?
Doug in CT: I am now the proud owner of three junk TV’s and 4 broken bicycles, 3 very used mattresses, etc.
Mike Summey: David, not unless you plan to deceive the lender by allowing them to think the original owner is still in the property.
Steve: Poor Doug…..
jdupont: LOL
Roger Dawson: Steve, I found a broker who would give a salaried job. I learned so much about the properties that investing became a snap.
Doug in CT: The bathtub was stopped up so instead of clearing the clog, they decided to give up on bathing.
JackB: Doug in CT will you do the work yourself or pay someone?
Doug in CT: Probably a combination of the two.
jdupont: O Gross1
Steve: Roger, don’t Realtors report to a “higher power” which makes investing a slight problem?
David V: Mike I have no intention of doing anything that I have to hide.
Mike Summey: Doug, that experience is one of the reasons why we recommend starting with single family homes and getting some experience. One thing you have to understand is that bad tenants are part of the game. Eventually everyone get them.
Doug in CT: Well my day has come.
Roger Dawson: When you only have a few properties one bad tenant that ruin your attitude. The more properties you have the less impact one bad tenant has.
Doug in CT: Fortunately I have been able to weather the storm financially.
Steve: Doug, you said “we”. Do you invest with a partner?
Mike Summey: I once had a tenant set fire toone of my units. He skipped town and has never been heard from since. Thank goodness for insurance.
David V: I’d want to find a hit man
JackB: Mike, when I start out I plan to do as much of the work myself, I know you oppose this but until I build up some cash reserve I may have to.
Doug in CT: My wife and I have an LLC. But we formed another LLC with another couple from CA who think our market is better than theirs.
Mike Summey: Jack, just be careful that the work doesn’t use up all of your valuable time.
JackB: Mike I have been talking to a couple of wholesalers for property, Do you think this is advisable?
Steve: I formed a single member LLC (my wife would rather take care of our house than any others) but some lenders do not like giving money to a LLC. Have you experienced that?
David V: The ones who trashed our rental basicly dropped out of society.
Roger Dawson: If you can find a handman that you can trust, they can do wonders for you. Pay them by the hour but make it clear that you only pay when they’re working, not when they’re running to the store to buy something they forgot.
Doug in CT: Steve, We buy in our own name and then “quit claim” into the LLC.
Ralph Roberts: Mike —> “…just be careful that the work doesn’t use up all of your valuable time…” WONDERFUL quote ;-).
Roger Dawson: JackB, what do you mean by wholesaler?
David V: can’t that force the mortgage?
Steve: “quit claim”?? Can you explain?
Roger Dawson: Quit claim is a deed that surrenders all ownership rights in the property.
jdupont: That is why you should do it by contract
JackB: people who find properties and offer to the public. there are a few companys in st. louis who do this
Doug in CT: We deed the property from our own name into the name of the LLC. Our Lawyer is very good and says this is very standard in our area.
Bruce: standard in Tenn. as well
Steve: Hmm, I’ll have to check into that. Thanks.
[Seminar Room]: zert has entered (8:24 pm)
Steve: What’s the name of your LLC, Doug?
David V: That’s one of those things that sounds kind of grey. My mortgage specifically prohibits that since I refinanced.
Mike Summey: Hi zert
Roger Dawson: Hi Zert!
Doug in CT: When it is time to refinance, we find we have to reverse the process.
zert: Good Evening all - Happy New year
JackB: these are the people who get properties on the courthouse steps or bank foreclosures
JackB: they then sell them to investors
[Seminar Room]: justin has entered (8:25 pm)
David V: I tried that today.
Steve: Speaking of foreclosures, Mike do you have any tips for finding them?
David V: that’s probly what the guy who bought the property I was bidding on did.
Mike Summey: I just buy in the name of my LLCs and skip the quit claim step.
Mike Summey: Hi justin
Doug in CT: I hope to get where Mike is some day.
JackB: ME too
Roger Dawson: JackB: doesn’t sound like there’s anything wrong with wholesalers. Just be sure they haven’t taken all the profit out of the property. Try to get to know them so they call you before they advertise or list the property.
[Seminar Room]: justin has entered (8:26 pm)
justin: hi, what’s the quit claim step?
JackB: Mike is current idol, next to spiderman
Bruce: Roger, any negotiation tips on buying at auctions? Wait for the countdown? Be strong up front?
David V: Well I read the book 6 months ago and today I put an offer on two houses. took me this long to be ready.
Doug in CT: My LLC’s don’t have the equity that a bank desires….yet.
Mike Summey: Steve, there are several way fo find foreclosures, but I think one of the most effective is to go to the court house on a regular basis and check filings.
JackB: that is what i am trying to do. one guy has 200 properties he rents and he claims 3/4 are paid for
David V: is there usually a list of the filings?
Mike Summey: Steve, there are websites that list VA & FHA foreclosures.
Roger Dawson: Private auctions can be tricky. An autioneer invited me to one once. I could have sworn there were six people bidding on the property but there was only one real bidder.
[Seminar Room]: TT has entered (8:28 pm)
Mike Summey: Hi TT
Steve: A bank told me about a great website. ($19.95 per month fee)
TT: hi
Roger Dawson: Hud forclosures are at HUD.org. Stay away from HUD.com, it’s a repo information site.
David V: thanks for the info. I have to go pick up my kid.
Doug in CT: See ya David V
Steve: The one I know is www.foreclosuresnet.net and it shows all states.
Mike Summey: I’ve bought a few properties at auction, but I’m not sure my method is the best. I go with a price in mind I’m willing to pay and then I just watch until it looks like the high bid in in. If it is below my preset price, I will them bid.
Mike Summey: Bye David, Join us again next week.
Bruce: RE: HUD foreclosures, does the govt. have any guidelines on how much discount off the list price?
Mike Summey: Bruce, lately in my market they are getting their asking price or more, but the real estate market has been very hot due to the low interest rates.
Roger Dawson: I don’t think that it’s a discount off list for HUD. They have local brokers who tell them what to price it at.
Bruce: thanks
Steve: In my area, they do a foreclosure auction at the courthouse on the first Tuesday of every month.
Roger Dawson: If you’re a broker you can take the HUD classes and get qualified as a HUD broker.
JackB: my friend who is a VP for wells fargo as a mortgage broker claims that property in the midwest will double in value in the next 5 to 7 years
Mike Summey: Those oy you who were asking about when we would be in certain markets, you need to do what Doug did. He went to the real estate investing club and told them he wanted me to be a speaker. It took us a few months to work out the details, but I’ll be there in may.
Bruce: Jack, based on what facts?
Doug in CT: I heard about a high end property for sales today. One of my customers is moving and offerring his fantastic 150 acre estate including: A skeet range and 3-hole golf course, all on national park-like grounds. The owners home is reminiscent of a mountain retreat. A nice office complex, carriage house, warehouse, and on and on. I think it might be a steal at 1.8M. Anyway to “flip” such a thing?
[Seminar Room]: justin has entered (8:33 pm)
JackB: I guess the east and west coast rise in property in the last few years
JackB: the midwest needs to catch up.
Roger Dawson: Courthouse foreclosures are not like a crowd of people waiving bids in the air. Usually it’s holder of the first biddning what they’re owed, or the holder of the second bidding what they’re owed. Plus a few investors who circle looking for bargains.
Mike Summey: Doug, that sounds like a property that could sell from $800,000 to $8,000,000 depending on who is interestd or not interested.
Steve: Roger, that is exactly what is is like! I’ve been to two and don’t care to waste my time again. That’s why I am looking for other avenues.
Mike Summey: That’s true Roger.
Doug in CT: Yeah, when the right “sportman/outdoorsman” turns the courner on the 35 acre duck pond they may go bananas.
Mike Summey: Steve, why don’t you just follow the steps in our book?
Mike Summey: Steve, they work…I’ve been using them for nearly 30 years.
Doug in CT: Mike, the property reminded me a little of your place as view in the slides at NYC
Steve: Mike, I am doing that. I just like to broaden my options.
Mike Summey: Doug, I only have 25 acres.
Roger Dawson: But his are in downtown Dallas
Doug in CT: But is has a “great prospect” as they say in Jane Austin.
Mike Summey: Steve, patience is the name of the game. Just keep looking and making offers that work for you and eventually some of your offers will be accepted.
Steve: Thanks Mike
[Seminar Room]: justin has entered (8:39 pm)
Bruce: Mike, speaking of your book, using your formula for NOI, with a 15yr. fixed rate mortgage, how much cash flow do you need to move forward? I understand it is on a case by case basis, but what is your start point of cash flow for a great deal? $300 a month?
Roger Dawson: Hi Justin!
Mike Summey: Steve, I’ve said this in previous chats, but I’ll repeat it here. I once made over 50 offers that were all rejected before one was finally accepted. After that 6 of the next 10 were accepted. It’s a numbers game.
Mike Summey: Bruce, if I can’t just break even I’m satisfied. When you break even in the beginning, you are still gaining the appreciation and the debt reduction on the mortgage. In time rents will rise and cash flow will grow.
Roger Dawson: Bruce, it depends on the market but if you could break even with a fifteen year loan and pay no more than twenty percent down, it would sound good to me.
[Seminar Room]: justin has entered (8:41 pm)
Mike Summey: justin, are you getting kicked out or does it just look that way.
Steve: Mike, I looked at a 2BR 1 BA SFR where the owner paid $59K one year ago. I can pay that for it and she needs to sell it for even more to cover the commission. Do I waste my time offering her less than she paid or move on?
Roger Dawson: Is anyone in an area where foreclosures are picking up?
Bruce: Mike, based off of your answer, how important is ROI in year one?
Steve: (I can’t pay that much)
Doug in CT: My four plex “worked” according to the NOI formula. And there was “instant equity” and owner financing. I notice that my closing costs with owner financing were about $2,000 when I am used to some purchases and refinances that are more like $10,000.
justin: yup.. but i don’t get disconnected.
jdupont: Mike Lets talk about no momey down financing, who and where to find it
Mike Summey: Bruce, ROI is increasingly important the more cash you put into the deal. If you can buy for no money down ROI is a moot point.
Roger Dawson: Steve, let’s start with the basic definition of value. It’s what a willing buyer will pay a willing seller when both are informed and neither one is under pressure. It doesn’t say anything about what the owner paid for the property.
[Seminar Room]: justin has entered (8:44 pm)
[Seminar Room]: JackB has entered (8:45 pm)
JackB: I never left
TT: Mike, nice article in the citizen-times!!
Mike Summey: jdupont, I find very few deals that are true no money down deals that will work. There are plenty of no money down deal that don’t work. There’s never been a problem finding properties you can buy for no money down that you can’t afford to own once you buy them.
[Seminar Room]: JackB has entered (8:46 pm)
Steve: Roger, neither one of us are under pressure and I can’t see her selling for less when if she holds out someone will give her what she wants.
Roger Dawson: Steve, ignore what she paid. Make a lower than that offer and then move up. Make her work for any concessions you make.
Doug in CT: I mentioned before that I have learned how to set a “google alert” and find it a powerful tool. So you could say show me all the articles that appear with the name Mike Summey and you would get an email whenever a local paper did a story on this guy.
Bruce: Mike, thanks, I assume you base your Real Estate ROI buying decsion off of your return on other investment vechicles such as gold, stocks etc. Is that correct?
Mike Summey: Steve, sorry I missed your question and had to go back to it. Offer what will work for you and forget about what she paid. I once bought a property that the seller had to bring over $50,000 to the closing to make the deal work.
Roger Dawson: Mike, you going to comment on your stock portfolio?
Steve: I’ll give it a shot…
Mike Summey: Doug, did you get the article I had in yesterday’s paper?
jdupont: So you get conventional bank financing is the way to go if you have no money to put down?
Roger Dawson: I haven’t read Mike’s article yet. It’s not another one of those liberal white wine sipping diatribes, is it?
Steve: Mike, do you have a regular column in a newspaper?
Doug in CT: No, but now that I have thought of this “google alert” idea I will.
Mike Summey: Bruce, I own no stocks.
Roger Dawson: He only just bought a pair of shoes
JackB: good one
Bruce: Mike, with Roger’s question to you I figured I was in trouble with my question
Steve: Roger, does Mike squeek when he walks?
[Seminar Room]: Penny has entered (8:51 pm)
Doug in CT: They call him “Barefoot Summey” in NC.
[Seminar Room]: jeff has entered (8:51 pm)
Roger Dawson: Hi Penny, we’re just beating up on Mike!
Mike Summey: Hi Penny & Jeff
[Seminar Room]: justin has entered (8:51 pm)
Penny: I see that!
Penny: Hi Mike and Jeff, and Roger.
jeff: hi everybody
Penny: and why do we call him Barefoot Summey? I’ve never heard that?
Steve: Mike, you didn’t have a 401K when you were in the corporate world? Or did you cash out for real estate??
Mike Summey: Steve, I don’t have a regular column, the one I had in yesterday’s paper was a political commentary on why the country is moving more conservative. You can find it at citizen-times.com
Roger Dawson: When I left the corporate world I cashed out every penny of the profit sharing plan I’d been paying into for 13 years. Tripled it in real estate in six months.
Mike Summey: Steve, I have not stocks, no 401K and don’t care if I ever see Social Security.
Penny: Yes MIke, I had a message left for me today about your political commentary. Remind me to tell you about it!
[Seminar Room]: Ralph Roberts has entered (8:54 pm)
JackB: i am thinking of doing the same. I have about 75,000 in my 401k
jdupont: That’s easy Roger all the jobs are going off shore…
Roger Dawson: Like clogging at which I’m very good
Doug in CT: I have made so much money on my personal residence in the last 6 years, I am tempted to consider another move up. I know it isnt really an investment proper but the leverage, the low down, the good owner occupied interest rate….What do you think?
Ralph Roberts: didn’t even know I wuz gone
Mike Summey: I’m glad our hour is about up. You guys are picking on me tonight.
Bruce: Roger, welcome back
Penny: oh Roger, I’d love to see you clog!
Steve: That what happens when you’re on top, Mike, everyone is shooting for you!
Roger Dawson: Jdupont: I don’t think it’s jobs going to India that’s costing us. It’s job lost to technology. You can check into hotels and get onto planes these days without having to talk to an employee.
Roger Dawson: Penny, brace yourself, because I’m coming to Asheville in two weeks.
Mike Summey: Jack, Steve, I showed a return on investment in excess of 100% per year compaunded for over 20 years by investing in real estate.
JackB: Nice
Penny: Okay, I’ll hold you to that clogging proposition!
Doug in CT: That is what they call “tall cotten”
Roger Dawson: You bet it is
[Seminar Room]: justin has entered (8:57 pm)
jdupont: I would like to have you discuss that with the people who are training people from other countries to take over their job… I see that every day…
Roger Dawson: People who have jobs are going to be in trouble. Establish your financial indpendence by investing in real estate so you don’t have to worry about that.
Mike Summey: If you can buy a $100,000 property with $10,000 that appreciates %7 in a year and pays down the mortgage 3% that will give you a 100% return on investment. $10,000 gain on $10,000 invested.
Doug in CT: In the computer field when you call “tech support” you had better know a little Indian if you want your problem solved.
jdupont: Agreed .. why I am here .. talk more about realestate
Penny: Roger, re: the cashing in of 401K. What do you think about borrowing from your 401K for down payment?
Mike Summey: Doug, same hold true for almost any call center, credit cards, computers, etc.
JackB: even home depot
Roger Dawson: Jay Leno called tech support and got an Indian who said his name was Abraham Lincoln. They had told him to pick a name that Americans could relate to.
Doug in CT: ‘ol honest Abe…they call him now.
Mike Summey: There are so many ways to benefit from real estate investing, appreciation, debt reduction, tax breaks, etc.
Roger Dawson: Penny, I think there’s a way that you can redirect the funds in your 401 to real estate investments. You don’t have to borrow against it. Ask your CPA.
Mike Summey: Penny, it depends on the type plan you have. Is it a self directed plan?
[Seminar Room]: justin has entered (9:02 pm)
Penny: Really? okay, thanks Roger.
Steve: The only reason I stay in the 401K now is for the pre-tax benefit but I can see that real estate will out-weigh that advantage!
Doug in CT: Anybody doing anything with a self directed IRA with Mid Ohio securities?
Penny: Mike, I’m not sure.
Steve: Mike, my plan is self-directed (a simple IRA). Any suggestions?
Mike Summey: I think we all get caught up in the 20% down 80% bank financing quagmire when it comes to real estate. Don’t be afraid to ask for seller financing. There is a ton of it available for the asking.
jdupont: As you say in yor book they may not want o be tied up with that issue
Mike Summey: Steve, I’m reluctant to make any recommendation on the use of IRA or 401K funds because I’m not a tax advisor and I don’t know enough to make an intelligent recommendation.
Roger Dawson: Don’t forget that the 20 percent down that the seller will be providing doesn’t have to be secured by that property. You can put it agains any other property you own.
Penny: Well, I’m off of here to watch the Sugarbowl. My DSL is out and I’m on dial-up service tonight. It is snail slow! I’m receiving messages about 2 min. after they are entered.
[Seminar Room]: justin has entered (9:04 pm)
Bruce: Mike, other than making principle payments for a second as discussed in your book, what are some terms you would recommend?
Penny: Goodnight everyone. Happy New Year! and Roger, I look forward to seeing you clog!
Roger Dawson: Bye, Penny. Strike up the band at Magnolia’s and I’ll be a clogging
Roger Dawson: I have to leave you now. See you next week.
Mike Summey: Yeah, Penny, I nearly forgot about the game. I’m going to call it a night also and go watch. Only tonight and tomorrow night left for college football.
Doug in CT: Roger…Over and Out.
Steve: Me too. Go Auburn!
Mike Summey: Who’s going to win?
Doug in CT: Green Bay.
Bruce: Auburn
Mike Summey: I’ll see you next Monday! Have agreat week.
JackB: See ya
Bruce: USC tomorrow
jdupont: thnaks
Doug in CT: Good Mike, Thanks again for the sagacity.
Ralph Roberts: chat will be post shortly… a good one tonight!
Ralph Roberts: posted
Mike Summey: Goodnight all. Feel free to stay and talk among yourselves as long as you want.
[Seminar Room]: justin has entered (9:07 pm)
Doug in CT: Sugar bowl sounds fatting.
Ralph Roberts: throw a few hundred tons of milk and cornflakes in there
Doug in CT: See Ya, the next time around. Good nite stragglers.
Ralph Roberts: night all
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