Chat 4-11-05
Posted on April 11, 2005
Scott_T: Hello all » Filed Under Uncategorized Leave a Reply
Scott_T: Nobody here I guess?
Ralph_Roberts: hi jeff!
Ralph_Roberts: hiya, Kim!
Kim-OH: Hi Ralph how are you tonight?
jeffscott: Hello
Ralph_Roberts: pretty good, pretty good
Ralph_Roberts: welcome, Jeff
Kim-OH: Hi Jeff
jeffscott: Thanks
Ralph_Roberts: buncha peoples should be along momentarily
Ralph_Roberts: hi Bob
jeffscott: Hello to you also Kim
bob: hello
Kim-OH: Ralph I’m looking forward to this chat in a huge way
Kim-OH: Hi bob
Ralph_Roberts: should be a good un
bob: Hi kim-oh
Kim-OH: Ralph I would think so my friend
Kim-OH: Ralph do you know if Roger bought a new Lexis?
Ralph_Roberts: really nice weather here for a change… buzzy bees a
buzzing, etc.
Ralph_Roberts: no, Kim… have not heard yet
Kim-OH: Ralph where are you?
Ralph_Roberts: near Asheville, NC … about a mile from Mike’s house
Kim-OH: Hi amithis
Ralph_Roberts: hi Amithis
AMITHIS: hello
Ralph_Roberts: welcome
Kim-OH: Ralph so you were looking for warmer weather too eh?
Ralph_Roberts: yep!
Kim-OH: Ralph I feel sorry for the folks in CO
Ralph_Roberts: except now the grass is growing like crazy… been mowing
Ralph_Roberts: yeah, bit of a blizzard in the high country out there
Kim-OH: Ralph Ralph didn’t anyone ever tell you that you can’t have it
both ways LOL
Ralph_Roberts: where are you located, bob?
bob: I’m also located in Asheville
Ralph_Roberts: well… i WANT it both ways… except in moderation :p
Ralph_Roberts: ah… are you our guest?
Kim-OH: Ralph I’m baby bear LOL
Kim-OH: Hi Mike!!!!
Mike_Summey: Hello Everyone
Kim-OH: Hi TT
Ralph_Roberts: yo, Mike!
bob: Yes, I guess I am.
Mike_Summey: bob, is that you?
bob: Yes, I’m here
TT: hi
Ralph_Roberts: great… I bank at your establishment, both biz and
personal
bob: Thanks, Ralph. Good last name as well.
Ralph_Roberts: heh, heh… yep
Kim-OH: hi tc
Mike_Summey: bob, why don’t you log out and log back in as Bob Roberts
because that’s the name people will be looking for.
bob: will do
Kim-OH: hahah Ralph and Bob are twins LOL
Ralph_Roberts: at least cousins
Kim-OH: Mike did Roger buy a car?
Mike_Summey: Hi TC & TT & Kim and Jeff
Mike_Summey: Hi dschapman
Kim-OH: wb bob
tc: Hello, everyone
Ralph_Roberts: okay, I’m turning over the controls to Mike
dschapman: Hi
Mike_Summey: Roger should be along shortly
Mike_Summey: i Paul
Ralph_Roberts: did he get the Lexus?
PaulCA: hello Mike
Mike_Summey: Yes
Kim-OH: Mike did he beat them down on the price?
Ralph_Roberts: heh, heh… I suspected he would
PaulCA: I pity the sales lady
Kim-OH: hi zert
Mike_Summey: You’ll have to ask him when he gets here.
Mike_Summey: rt
Mike_Summey: he is.
Kim-OH: Hi Roger, how’s the new car?
Mike_Summey: There he is.
Rob_FL: Roger, so how much was the final cost of the car?
Roger_Dawson: I love my new Lexus! It’s the cat’s meow!
Mike_Summey: My keyboard is not cooperating tonight.
Roger_Dawson: They started at 42.995 and I got it for $35,995.
PaulCA: Roger,Did you go back the next day (after birthday)?
Mike_Summey: Everyone, we have Bob Roberts with us. He is our banking
expert tonight, so talk to him.
Mike_Summey: Hi Doug & Carol
Carol: Hello, all
Roger_Dawson: We love bankers!
Doug_CT: Hi Mike, Roger and Bob the Banker
Roger_Dawson: Hi Doug!
bob_roberts: You’re the only one….
jeffscott: Bob, how do bankers look at investors?
bob_roberts: Hi, Doug
Mike_Summey: I love you too Bob.
Doug_CT: Congrats on the new Car Roger!
Carol: Well, what he means is that we love bankers when they loan US $$$!
Roger_Dawson: Thanks Doug
Kim-OH: Bob, how can a new investor establish a good banking
relationship?
Mike_Summey: Bob is one of the most astute bankers I have met. He was my
banker until I gave him so much business they promoted him to head cheese.
bob_roberts: Well Jeff, each bank looks at Investor Real Estate
differently
Roger_Dawson: Bob, let me start out by asking you a question our guests
may feel uncomfortable with. What’s a good credit score and what can investors
do to improve it?
Carol: Hello, bob thanks for joining us tonight. Here’s a question. How
does a bank view an investor compared to a home buyer?
Mike_Summey: Hi Penny & Brian
Carol: Hi, Penny & Brian
Penny: Hello Mike
Kim-OH: Hi Penny
Doug_CT: Bob, Do you think it is best to develop a local relationship
with a banker, or with our virtual world can you develop a relationship
anywhere?
Brian: Hi Guys!
Penny: Hi Carol and Kim
Kim-OH: Hi Brian
Carol: Hi, Kim.
Brian: Hi Kim
Mike_Summey: Hi Bruce
Penny: and everyone.
Kim-OH: HiCarol!!!
Carol: Hi, Bruce
Bruce: Hi Mike
Penny: Looks like you guys have started off with a bang!
bob_roberts: A good consumer credit score is in the mid-600’s and you can
improve it by paying on time and by limiting revolving credit
Mike_Summey: Hi Peter & Jake & Shawn
Shawn_Mason: Hi all
Carol: Hi, Peter, Jake, Shawn
jake: hello
peter_j_amador: hello every one
Bruce: Hi Carol
Kim-OH: Bob, my credit scores took a hit with shopping for mortgages,
what can I do about that?
Mike_Summey: Hi JD
Kim-OH: Bob do you have any helpful information on how to deal with
inaccurate credit info?
bob_roberts: I think it is best to develop a good local relationship. If
a banker can see and feel a property, then it’s more likely to make a good
business case for the deal.
Bruce: Bob, In your experience, what is mistake most investors make that
could have been avoided?
Mike_Summey: Hi Jack
Kim-OH: Hi Jack
JackB: Hello
Mike_Summey: Looks like we’re getting a full house tonight
JD: Hi Mike
bob_roberts: Limiting inquiries is important to keeping a good score I
think someone searching for a mortgage should limit their search to 3
institutions when shopping around.
Doug_CT: Does Mike, "take you for a ride" to show you current
and potential new properties Bob?
Kim-OH: Thanks Bob
Kim-OH: Does using a mortgage b roker screw up your credit reports?
bob_roberts: Most investors make a mistake of not providing their bank
with sufficient information on an on-going basis to get the banker comfortable
with their properties
Kim-OH: Bob fortunately my scores are still 686 and higher
Mike_Summey: Everyone, if you will click on the white square to the left
of the question mark just above the line you type on, it will turn the chat
window into one you can grab the corner of and enlarge to full screen size. Just
a tip.
Kim-OH: Hi Horst
Mike_Summey: Hi Horst
Kim-OH: wb Paul
Brian: Thats much better!
Bruce: Bob, what would you recommend to keep bankers informed? Monthly?
Quarterly?
Doug_CT: Mine are aobut the same as Kim’s — I found lots of inquiries
and using my heloc to the max has brought me down a bit.
zert: and what types of information??
Carol: Bob, when an investor goes to apply for a loan, what is the best
way to explain the target number of properties and how I expect the numbers to
work?
Mike_Summey: Bob, feel free to discuss what I do with the bank. I have no
problem with you doing so.
bob_roberts: Mike has taken me out several times to view properties and
he always always keeps us informed and up to date on the status of all of his
portfolio of properties
Horst: Hello
Roger_Dawson: heloc=home Equity Line of Credit
Mike_Summey: Hi sandraw
Kim-OH: Hi sandraw
sandraw: hi all
Mike_Summey: Hi Scott
Kim-OH: Hi Scott
Carol: Bob, Exactly what information should be included on the
spreadsheet to keep the bank informed?
Scott_T: Hi folks
Mike_Summey: Bob complains that I give him too much information.
Doug_CT: When you find a guy like Mike, do you see an opportunity for
lots of secure loans? or do you see lots of work Bob?
Bruce: Bob, many different views on types of loans for Investment
property. What is your view on Interest Only for a specific time period, such as
5 years, versus a 15 year fixed?
Kim-OH: Bob, what should be included in a business plan to present to a
lender?
bob_roberts: Carol, the answer to your question depends on your ability
to handle the properties in an efficient and profitable manner
Carol: OK, Bob. Could you flesh out what you mean a bit there?
Mike_Summey: Hi Mr Matt
Kim-OH: Hi MM
MrMatt4u: Hi Mike
Bruce: Bob, does profitable mean cash flow only? Or can it also mean
equity?
MrMatt4u: hi Kim
bob_roberts: The spreadsheet should have a quick and dirty recap of the
income statement including any vacancy factors
Mike_Summey: I keep the banks informed through good times and bad. I
believe Bob will tell you that adds credibility to the numbers I send them each
month.
Kim-OH: wb Rob
Carol: OK. Thanks, Bob.
PaulCA: Bob, what about a bank where the decisions are made at
"corporate". Time to change banks?
Kim-OH: Hi mal
bob_roberts: carol, if you are a full time investor with the
infrastructure (time & desire) to handle multiple properties and enough
equity to sustain rapid growth based on cash flow, then the number is easier to
determine.
Mike_Summey: My spreadsheets include income, expenses, debt service (if
any) depreciation, taxable income, cash flow and loan balances.
Roger_Dawson: Hi Jim!
Kim-OH: Bob, does using a mortgage broker mess up one’s credit scores?
What information should be in a business plan presented to a lender?
Rob_FL: Mike, do you use that rent_roi spreadsheet that Al Lee put
together? It looks like a pretty good tool…
Kim-OH: Hi Jim
Mike_Summey: You’re welcome Horst. Be sure to get our new book Weekend
Millionaire Mindset.
bob_roberts: Bruce, I like to see the true cash flow. Mike is good at
including the data on a monthly basis
Mike_Summey: Hi Jim
Carol: Right now, I’ve only got enough cash to put 20% down on 3 sfhs.
TT: Bob, what ltv do you loan on doublewide mobile home rentals?
Kim-OH: ^5 Carol
JackB: Mike, were can I get a spreadsheet like the one you use?
Mike_Summey: Rob, no I have my own that I designed. It even includes a
color picture of each property.
Jim_FletcherNC: Hi everyone. Actually, Jim’s not here right now but he
will be later.
Carol: Thanks, Kim.
bob_roberts: Paul, I think I would continue to work with a bank that has
an appetite for what you’re investing in. If they don’t then it’s time to chnage
banks
Kim-OH: Mike I thought you were going to say that it had your picture LOL
Kim-OH: Carol you are welcome
Horst: Bob, I have a heloc on my current home. I plan to move shortly and
would like to keep the heloc when I buy a new house, is this allowable?
Mike_Summey: Jack, I don’t know right now. At some point I may make it
available on the website or on CD, but no plans yet.
bob_roberts: TT, mobile homes are a bit tougher than normal
"stick" built homes. LTV around 75% max.
Carol: Mike, making a sample spreadsheet available would be extremely
helpful.
Rob_FL: Mike, I will be happy to test it for you if you want to email it
to me 
bob_roberts: Horst, Yes you can have a heloc on the new home as long as
there is sufficient equity in the new home
Mike_Summey: Paul, Bob may not like this, but I think its important to
build relationships with several banks. When one loses its appetite for investor
loans, another one gets hungry.
Roger_Dawson: Bob, what about manufactured housing that is delivered to
the site in modules and assembled there on proper foundations, etc?
TT: Bob, who at your bank should I approach for such a loan?
Jim_FletcherNC: Bob, I don’t know if you have already discussed this, but
do you offer interest only loans on commercial properties?
Penny: Thanks for asking that question, Roger.
PaulCA: Thanks Mike.
Bruce: Bob, will your bank refinance a property before the original loan
is seasoned for one year? If yes, under what circumstances?
bob_roberts: TT, The local branch manager can handle most requests. Where
are you located?
Kim-OH: Penny would you mind changing colors that one is difficult for me
to read?
TT: asheville
Mike_Summey: Rob, I’ve been testing it for over 15 years. It works, but
it’s not for everyone. What do you think Bob? Would you want to get the kind of
information I send from all of your clients?
JackB: Mike do you have any advice about buying a condo in fklorida for
investment?
Carol: Kim, actually, your pale brown color is hard for me to read, too.
bob_roberts: Jim, Interest only loans are difficult to come by for
commercial properties unless the ltv is under 50% which is usually not the case.
Kim-OH: Carol, really? It’s black to me
Horst: Bob, If I try to get a loan on a investment property that requires
20% down, can I use my heloc from a different property to fund the 20%?
Mike_Summey: Jack, personally, I’d stay away from it.
Rob_FL: Anyone: I want to start building a relationship with a banker
locally. What banks do you target? The small ones? Not the Wachovia, B of A,
etc. right?
Kim-OH: Hmmm, Carol is this better?
JackB: why, too far away to oversee
Penny: Is this better?
Roger_Dawson: Yes, Penny, much better!
Kim-OH: Penny thanks, the purple was great and the fuschia is good too
Doug_CT: Bob, What do you think about 90% LTV loans on sfh’s with
Interest Only Loans?
Penny: Godd Roger, I like pink.
bob_roberts: Bruce, we will consider refinancing the a property under one
year, but it is generally where property values are sky-rocketing. Appraisals
generally are good for 6 months, so it would need to be between 6 months and 1
year.
Mike_Summey: Rob, smaller banks will probably give you more attention
when you’re getting started.
Kim-OH: Carol you are welcome
bob_roberts: Horst, absolutely
PaulCA: Rob, I tried the bigger banks… recommend the smaller ones.
Horst: Great, thanks.
Kim-OH: Hi Ahinsp
Roger_Dawson: One of the things that scares us about condos, Jack, is the
homeowners association. They can do crazy things that run the dues up.
bob_roberts: Doug, we prefer 85% ltv, but in some cases will go 90%. fdic
is coming down hard on banks now when they have too many loans over 85%.
Jim_FletcherNC: Bob, I know they are not too common. However, we were
able to find a two year interest only. Financed 80% ltv. Do you think more
lenders will be offering them in the near future?
JackB: thanks
Kim-OH: Bob that’s great information thanks
Mike_Summey: Hi ahinspections. Would you mind loging out and coming back
in with a short name that is easier to type. Thanks!
Mike_Summey: Hi Truth
Roger_Dawson: Bob, does your bank hold your loans, or do you sell them
off?
Kim-OH: Hi Truth
Kim-OH: Hi gabi
Mike_Summey: Hi Gabi
Truth: Good Evening!
gabi: Hi everyone
bob_roberts: Jim, it depends on the prospects of the economic front. When
times get a bit tougher things tighten up. It looks good now so things might be
loosening a bit.
Doug_CT: Bob, I have 6 sfh’s that all have about 60-70% ltv’s so I feel I
have a lot of "dead equity" that I want to free up for more
investment, What is the best way to get that equity out? Refi, heloc, Subt. of
Collateral?
bob_roberts: Roger, we hold most of our loans. All of our commercial
loans are self funded
Horst: Roger, I just got your new book Secrets of Power Negotiating and
its fantastic. I cant wait to use what I learned during my next buy.
Jim_FletcherNC: Thanks, Bob.
Carol: Bob, how common is it to find a heloc that allows a fixed rate
partition on the credit you’ve used? I recently saw this for the first time as
my bank was eaten by a larger one.
Penny: Bob, Roger’s question about LTV on modules built on proper
foundation? Do you look at those differently than a mobile home regarding loan?
JackB: Mike or Doug, Is it true if mortgage rates go up, home prices do
not go up as fast?
Roger_Dawson: Wow, Horst, thanks a million. Spread the word for me!
Mike_Summey: Doug, if I were you, I’d try to refinance 3-4 of them and
pay off the others completely. Then you can use the free and clear houses as
collateral for loans to buy other properties.
bob_roberts: Doug, I would suggest a refi. Heloc’s are good, but when
combined with the 1st mtg. the payments are much higher than a combined refi
mortgage
Doug_CT: Thanks guys…
gabi: Mike - what do you think about 30 year mortgages but having the
first 10 years interest only
Mike_Summey: Jack, that is generally true.
bob_roberts: Penny, yes we do
Penny: Good. Thank-You Bob
TT: Mike what do you mean use the free and clear ones as collateral?
Scott_T: Mike, I’m new to both investing and the usa. That being the case
I have no credit history. I brought about 100k cash with me. Any ideas where/how
to start? I doubt any bank will want to know me.
Mike_Summey: Gabi, personally I don’t like interest only loans. I like to
get the properties paid off. the cash flow improves dramatically when the loans
are gone.
Kim-OH: Bob, don’t 80/20 loans that are used to defeat PMI just transfer
the higher payment to the 2nd and actually cost more than paying the PMI until
the 20% is reached?
Mike_Summey: Hi steve
Kim-OH: Hi steve
stevek: hi guys
Bruce: Hi Stevek
zert: Scott_T - try to get a secured personal loan for 1 year. Pay it off
on time monthly, it will help establish credit history
bob_roberts: Kim, you are correct…it is just about the same either way
(depending on the rate charged)
gabi: that’s what I thought tto, but I’m seeing alot of loans out there
that are structured with an interest only part, so that the payments can work
with the NOI
Mike_Summey: TT, you can borrow against a property you own free and clear
much easier than you can against an investment property you are buying.
Jim_FletcherNC: Bob, what about Carol’s question regarding heloc with
fixed rate on credit that’s been used? I haven’t heard of those.
Penny: Whow Steve. As Mike says, Cash is king! Yes, a bank would want to
know you.
Roger_Dawson: Scott, Bob would no better, but I think banks would love to
have you deposit 100K with them. You may get lower loan to value ratio loans
until you’ve built a credit history but don’t be reluctant to approach them and
lay your story on the.
Carol: Bob, to introduce myself to a lender, would it be best to first go
in person, or to mail a letter spelling out my game plan first and then setting
an appointment for a face-to-face meeting?
Mike_Summey: Scott, if you have $100,000 in cash there are a lot of
banks, especially the smaller ones who would like to get to know you.
Kim-OH: Bob thanks, that’s been my argument with the 80/20 and at least
PMI will drop off when 20% is achieved
bob_roberts: Jim, there are some of these heloc’s around and can be good
in an increasing rate environment
Mike_Summey: Hi Gary
gabi: Mike - I wanted to know what people do if they don’t have a lot of
money for a down payment
Gary: HI Mike
Kim-OH: Hi Gary
Gary: HI Kim.
bob_roberts: Carol, I would go meet the lender in person and ask what
information that they liked to see before sending them my business plan
Scott_T: Thanks Mike. I loved your book. Do you think buying a property
outright and renting it out would be goon in my circumstances?
Carol: OK, Bob. Thanks.
Mike_Summey: gabi, they look for properties they can buy without a lot of
money down…seller financed deals.
Mike_Summey: Hi oz
Roger_Dawson: Scott, when you pay cash, you lose the advantage of
leverage. Better to buy two homes and borrow 50% on each.
Penny: Whow Mike and Roger, I feel honored to be thinking on the same
lines as you guys.
Mike_Summey: We feel honored to have you with us Penny
Penny: on the response to Scott
Bruce: Bob, as a banker, what is your view on Option Arm’s with 4 types
of payments? 1) minimum payment, 2) i/o, 3) 15 yr. fixed, 4) 30 year fixed
Penny: 
Scott_T: Bob, would a bank give me a loan against a home I own outright,
given my complete lack of credit history?
zert: btw Mike - congrats on UNC winning last week
Mike_Summey: Bob, participation in these chats will improve your typing
speed.
Mike_Summey: Thanks zert
Kim-OH: Bob aren’t you glad you came tonight?
bob_roberts: Bruce, I’m not sure I understand your question, but
depending on your specific cash flow situation, you may want the minimum payment
to get started, but I’m with Mike….bankers like to see the debt reduced eac
month
Jim_FletcherNC: And your reading speed! Ha!
Penny: Good question Carole, Thanks for the answer Bob.
Roger_Dawson: I think Scott Peterson could get a 50% loan on property he
owned outright, couldn’t he Bob?
Doug_CT: Didn’
bob_roberts: Scott, generally speaking banks like to make loans to first
time homeowners even with a lack of credit history….it gives them CRA credit
gabi: Mike - How long would one wait to refinance a home for a better
interest rate, and is it possible to do it after let’s say only 3 months
Scott_T: I’m just thinking alon the lines of Chapter 27 - Free and Clear
Doug_CT: Didn’t Scott Peterson buy the "big house?"
Kim-OH: Bob, what is CRA credit?
Roger_Dawson: Scott Peterson is on death row.
bob_roberts: Roger…yes he certainly could….and at an attactive rate
and terms
Mike_Summey: gabi, back to your question about not having muchto put
down. If you can find situations where the numbers work, you can often get a
20-30% 1st mortgage from a bank and then get seller financing for the balance. I
done a few like that.
Mike_Summey: Hi brad
Penny: good one dougct
Penny: Roger, thats right.
Mike_Summey: gabi, a refinance in 3 months wouldn’t make much sense. I
would think after at least a year or two.
bob_roberts: Kim, CRA stands for Community Reinvestment Act and gives a
bank credit to certain gov’t goals annually to 1st time homebuyers and others
Kim-OH: Bob, thanks
Kim-OH: gabi also only refi if you are holding long term
bob_roberts: All….sorry about my slow typing skills….I’m not as quick
as Mike….but not many people are!!
gabi: Mike - see I thing I blew it with getting a credit line on our
house but it’s based on a 20 year mortgage, which makes the payments higher than
the rent coming in. I was told (wrongly) by the bank that the payments would be
a certain amount and ound out after it was too late and the papers signed, that
the person telling me was wrong
Kim-OH: Bob, it’s ok you hold the purse strings LOL
Mike_Summey: Sounds like Bob is setting me up for arate increase doesn’t
it?
Bruce: Mike, yes it does.
Penny: But Bob, just look at all the people that’ve joined the chat to
participate in your slow typing!
Mike_Summey: gabi, how much higher is the payment?
Penny: You joining tonight has really made for an active chat!
Doug_CT: Lots of good information Bob, keep it coming, by keeping those
fingers churning.
gabi: Mike - almost $ 300
bob_roberts: Thanks, Penny & Doug….
Kim-OH: gabi, ouch
brad: Bob, I am thinking about getting a home equity line to finance a
new car. A bank is offering no closing costs and Prime + 0.5%. Good deal or not?
gabi: Kim - I know, it makes me feel really bad that I was this gullible
Carol: Earlier, someone said to limit your application to only 3 lending
institutions so as not to damage one’s credit rating. What criteria would be
best to use to identify the best 3 lenders to approach? If I only get three
shots, I want to make sure I hit at least one that will give a rate I can work
my NOI with.
Mike_Summey: That is a bit much babi. I see why you would want to
refinance. Did you follow our advice in the book before you made the deal?
bob_roberts: brad, if you need the tax deduction…then perhaps it’s a
good deal. If the car dealer is offering a 0% deal…then no way
MrMatt4u: Brad what are you considering a new car…brand new or slightly
used
brad: Brand new
gabi: Mike - It had already been set up by then
MrMatt4u: if you can work the dealer try to get financing through them or
if you belong to a credit union they normally have pretty good interest rates as
well
Mike_Summey: Brad, you’re going to love my comments on that issue which
are in our new book Weekend Millionaire Mindset.
Kim-OH: gabi you always have a 3 day right of recision I believe
gabi: Mike - I’ve been reading and re-reading your book and now I’m
terrified to make a mistake again
Bruce: Brad, here’s a different view, buy a used car for cash. Why pay
interest on a deprecating asset?
BK_FROM_OK: hello all!!
BK_FROM_OK: hello mike!!!
gabi: Kim - yes I know - but the error in amount of payment didn’t show
up until later
Kim-OH: Bruce, I’m with you on that one
bob_roberts: Carol, do some research on the net to locate the 3 to 5 best
rates for a mortgage, then contact the bank to make sure the rate posted is
attainable, then narrow your choices to the top 3
Mike_Summey: gabi, mistakes are the tools with which we learn and
improve. Just vow to never make the same one again.
Carol: Bruce, that’s always been my policy when buying cars. That way you
don’t tie up $$$ on something that is NOT an investment.
BK_FROM_OK: Mike I have a question
Mike_Summey: Hi Mike
Mike_Summey: Hi BK
Roger_Dawson: The rule of leverage is very simple: if it’s going up in
value, pay as little down as you can. If it’s going down in value, pay cash
(like I did for my Lexus last week).
BK_FROM_OK: Mike is it wise to take out a heloc on one house to buy
others?
gabi: Mike - I hear you, it’s been and interesting learning curve,
because I’m usually quite good with money
BK_FROM_OK: Oh, and Hello Roger!!
brad: Bruce, good thought although I am interested in a hybrid and I
cannot find a good used one. Plus I like the idea of a tax deduction and putting
my cash to work in other places.
Kim-OH: Roger, does that mean you believe in putting down as little as
possible on a bank financed property?
Roger_Dawson: Hi BK
Mike_Summey: Bk,yes. That is one way to use the equity you have in
properties.
MrMatt4u: if the bank has taken the house back apparently you are still
good with money to come up with it and pay the bank each month
Carol: OK. Thanks, Bob. I figured that would be the best route. The ‘net
is such a help. How did we function without it?
MrMatt4u: hasn’t
BK_FROM_OK: Guys, I am very excited about your new book! I read Chapter
14 and loved it!!
Roger_Dawson: Yes, Kim as little down as you can and still get a good
loan and make cash flow.
Mike_Summey: Thanks BK
BK_FROM_OK: you really go through all that as a teen?
BK_FROM_OK: Wow, so I guess what they say is true, what doesn’t kill you
only makes you stronger!!
Mike_Summey: ss I should let everyone know that there are selected
excerpts from the new book on the website. but wait until May 6 to buy it.
Kim-OH: Roger, that’s what I thought and I am looking at a duplex that
will cash flow 600 a month after all expenses with nothing down
Roger_Dawson: Kim, will you marry me?
gabi: Mike - do you think I should try to get out of this creditline and
get another one that is more flexible just until I can get a good fixed mortgage
rate?
BK_FROM_OK: So Mike and Roger, I am online tonight becuase I have a
delima.
Kim-OH: Roger, am I on the right track? LOL
Bruce: Kim, why are you waiting?
zert: Bob - could you talk a bit about the process after the bank takes
back a property due to forclosure?
Carol: Kim, how did you find such an excellent deal?
Kim-OH: tehehe, it’s listed on MLS and I have a niche rental market
Roger_Dawson: Kim, you better believe you’re on the right track! Buy all
you can get!
Kim-OH: Bruce not waiting lol
Mike_Summey: On the idea of tax deductions. How is paying $1000 out in
interest to get a deduction as good as keeping the $1000 and paying $300-$400 in
tax.
Bruce: Kim, congrat’s
Kim-OH: Mike I agree with you there
Kim-OH: Bruce thanks
BK_FROM_OK: I have a channce to buy three properties at once, One is a
great bread and butter that I already have a contract in on with a closing of
4/22 the other two are from a friend who wants to sell me his two duplexes. How
do I pull this off?\
Mike_Summey: Hi raleighbound
Kim-OH: hi raleighbound
BK_FROM_OK: I was going to go through a bank on the 1st one and a mort.
broker on the other two.
raleighbound: hi guys
gabi: Kim - How on earth did you find such a great deal. That’s what I
want to find too
Kim-OH: gabi, I just looked on the MLS lol
bob_roberts: zert, once a bank takes the house back , the property is
marketed and sold just like any other property….but generally the bank has the
ability to negotiate a better selling price due to the equity it has
accumulated…the bank just wants their money back, not necessarily a profit for
the sale
Mike_Summey: Great deals are out there. You just have to be patient and
wait for them to show up.
BK_FROM_OK: It is looking like I can buy all three in using the mort.
broker.
Kim-OH: And it’s a REO
BK_FROM_OK: What should I do?
gabi: Kim - which one?
Carol: What’s the best way to determine if somethings
Kim-OH: Mike I get great deals once every two years lol
Kim-OH: gabi which what?
BK_FROM_OK: Mike, didn’t yhou say a big banker VP from your area would be
with us tonight?
gabi: Kim - you seem to be good at this
Gary: Bob, do you turn your REO properties over to a realtor to sell, or
does the bank handle marketing of the reos?
Carol: something’s an reo? I found out by accident that one I’m looking
at is. The county auditor’s website does not show foreclosure, but does show
$11K in back taxes.
Mike_Summey: I think Bob would probably classify me as a conservative
investor. Maybe more conservative than he is.
Kim-OH: gabi, my first deal was a short sale with 16 liens, you bet I’m
good and I love it
bob_roberts: gary, we generally sell them to Mike…..smile
Mike_Summey: BK I sent out 2 emails to that effect.
Gary: I see. thats a good deal for both of you!
bob_roberts: mike is definitely a conservative investor
Bruce: Bob, If I go to your bank asking for an 80% LTV and the seller
carries the 20% down payment, would you loan me the money? Of course I
understand good credit, income etc.
BK_FROM_OK: Oh, I must have missed them
gabi: Kim- I’d love some help finding one
Kim-OH: Mike, I"m also a very conservative investor
Gary: Now, Bob, I"m sure you sell them to mike at what your balance
due is, right?
Roger_Dawson: BK, Bob is the banker. He’s done a great job.
Kim-OH: gabi where are you located?
Rob_FL: Ron Legrand is a well-known investor who says never put loans
under your own name b/c that could get you into trouble; he preaches all
creative ways outside of banks. This group here believes the opposite, right?
BK_FROM_OK: I have been running around like a mad man trying to fig out
how to pull off three buys in 30 days.
bob_roberts: bruce, yes in most cases that would be acceptable
BK_FROM_OK: hello bob!!!
gabi: Kim - Northern California
bob_roberts: Gary….absolutely
BK_FROM_OK: Bob, what are some of the secrets for getting financed
through a bank?
Kim-OH: gabi, lol, I"m in Ohio an entirely different market
bob_roberts: hello bk
Roger_Dawson: Rob, why does
Roger_Dawson: Ron think that loans in your own name get you into trouble?
BK_FROM_OK: I had a great banker but he moved away. Now I have to start
over it seems.
Penny: Everyone, Thanks for all the wonderful info tonight! Gotta run.
Roger_Dawson: Bye Penny
Kim-OH: Night Penny!!!
Mike_Summey: Goodnight Penny.
BK_FROM_OK: The latest banker I met is young and not very knowledgable
bob_roberts: BK, give the banker more information than he/she asks for.
provide them with a monthly p&l that coves
gabi: Kim - I don’t mind where we buy as long as it works, because here
in our area the market is insane
JackB: Good Night All, Talk to you soon
Kim-OH: night Jack
Gary: Gabi, where are you?
Kim-OH: gabi, I’m always looking for money partners
Mike_Summey: BK, that’s one of my biggest complaints with all of the bank
mergers. I seem to spend half of my time training new loan officers.
Rob_FL: Roger, because of debt under your own personal name.
Mike_Summey: Goodnight Jack
Penny: dnight everyone. And Bob, thanks again for sharing your knowledge.
Maybe I’ll get to deal with you in person in the near future.
Penny: and goondight.
BK_FROM_OK: Like a P&I from a Excel spread sheet? Just an In vs. Out?
Scott_T: Mike, what do you think of gabi’s comment? You recommend against
buying out of area right?
gabi: Gary - 3 hours north of San Francisco
bob_roberts: BK, bankers need to be able to buy into your process of
determining cash flow and risk
BK_FROM_OK: I agree Mike, the last banker I went to had less then a year
in and was all worried about giving me 40K??!!!
Gary: I see - CA is crazy!
Rob_FL: He preaches controlling real estate via options, lease options,
subject to, seller financing, etc.
BK_FROM_OK: I had already borrowed well over 200K in less then a year
from different places.
gabi: Kim - how can we connect ?
zert: Bob - do we have the ability to negotiate the rate with the bank or
are they set in concrete?
Mike_Summey: Scott, if you buy outside of your area, you need to be very
comfortable with a property manager or two where you are buying.
Kim-OH: gabi, how about we exchange email?
Carol: Back to my REO question. How can I determine if a property is an
REO when the county auditor’s website doesn’t show foreclosure, only $11K in
back taxes.
Roger_Dawson: Good question Zert
Bruce: Bob, my understanding is that if I quick claim a property from my
personal name to my LLC it is illegal. If I have a loan with you and want to
transfer to my LLC legally, how would I go about doing that if all I wanted to
do was change the name on the loan?
bob_roberts: zert, you certainly have the ability to negotiate
rate…ltv, cash flow and credit scores all can be a good argument for a lower
rate
Kim-OH: Carol, sometimes you have to check the court sights to find out
if a property is in FC
BK_FROM_OK: So Bob, do I really need an account at the bank I want to
borrow from?
Gary: Isnt everything negotiable - even interest rates?
zert: I’m coachable Roger!!
Mike_Summey: Rob, we don’t preach smoke and mirrors. Start slow, do it
right and you will be better off in the long run.
gabi: Kim - sounds great, can we give each others e-mail in this chat
room?
Carol: Kim, I’m ignorant of how to check the court sights.
bob_roberts: carol, good question. post offices are where fdic insured
banks are required to post reo’s
Kim-OH: Carol are you up north in OH?
Carol: Great! Thanks for that tip.
BK_FROM_OK: Mike, what do I need to do about trying to buy three at the
same time? Use a different lender for one deal and a second for the others?
Roger_Dawson: Gabi, it’s up to if you want to give out your Email.
Kim-OH: Bob are you serious?
Carol: Kim, yes. I’m in the Cleveland area. Good memory!
Kim-OH: I never see anything like that at the PO
bob_roberts: bruce, you have the right to do so, but each state sets
parameters around the legality of such things
BK_FROM_OK: See the bank I went to on the first will loan me enough to
cover the 1st deal but not the 2nd
Mike_Summey: gabi, go to the names list on the right side and double
click on Kim’s name. that will give you a private route to share info.
Kim-OH: Carol, check out the county website and see where it takes you,
ours is court-clerk.org
bob_roberts: bk, not necessarily, but it helps with banks that believe
that buidling a relationship is important
Carol: OK. Thanks, Kim.
Mike_Summey: BK, if the deals are good, the same lender will want them
all.
bob_roberts: kim, yes
BK_FROM_OK: But I can’t have money in every bank right?
Mike_Summey: Kim, most of the banks have a list of REO for the asking.
BK_FROM_OK: Well I can go through one lender for all three deals but it
will cost me more.
Bruce: Bob, do I understand your answer as: If the state of Tenn. allows
me to quick claim from my personal name to my llc, it’s not an issue with my
lender?
Carol: That’s an excellent tip, Mike. I didn’t know that. Do you just
call up and ask?
Kim-OH: gabi mine is azurepropertiesllc@fuse.net
PaulCA: Mike, reo’s have been elusive for me. Thanks for the advice.
Kim-OH: mike yes I have asked a few for them without good results they
say check with their listing agents grrr
Mike_Summey: Carol, yes.
Carol: Kim, have you put all your properties into a llc?
Roger_Dawson: Got to run folks. Great cat. Bob Roberts, thanks so much
for your time and expertise!
gabi: Kim - I did what Mike suggested and sent you my e-mail
Mike_Summey: Hi mejones
gabi: Kim - I’ve got yours too now, thanks
bob_roberts: bruce, somewhere in your documents for the loan, there is a
sentence that equires you to notify the lender if you change title to the
property….as long as pay on time, they may never know
Bruce: Goodnight Roger, enjoy your new Lexus
Kim-OH: bye Roger
Carol: Thanks very much, Roger.
Mike_Summey: Goodnight Roger.
Scott_T: Goodnight Roger.
bob_roberts: bye roger…good luck with book sales!!!
Kim-OH: gabi and I sent you mine
Doug_CT: See ya, Roger–Don’t let the "Cat’s Meow" run too much
like a tiger tonight!
BK_FROM_OK: Mike when will you be in the midwest and can I take real
estate courses off my taxes lol?
mrjones30: Hello room, how is everyone tonight?
Mike_Summey: Hi Joe
gabi: Kim - great - I’ll e-mail you right away
Kim-OH: great gabi
Kim-OH: gabi scroll up it’s in the chat transcript
BK_FROM_OK: Bob, tell me more secrets about borrowing from banks? What do
I do when I have lots of money already borrowed from a bank? How do I get them
to give me more!!!
gabi: Kim - got it
brad: Great info, thank you.
Kim-OH: gabi and I have yours
Mike_Summey: Bk, my plans of the next 2 months keep me on the East Coast,
but I’m sure I will be heading your way before long. Yes you can deduct real
estate courses off your taxes if you are an investor.
gabi: Mike - Are you doing any seminars in the San Francisco area ?
bob_roberts: bk, continue discussions with your lender and ask them what
the upper limit of exposure to you would be and what you need to do to ensure
that they’ll be there for you when you run into a bargain.
BK_FROM_OK: I AM AN investor!!! Just like you told me to say hahaha!! I
went right out and got the cards after reading your book!!
Scott_T: Mike, will you be doing any seminars - NYC area?
Mike_Summey: gabi, I don’t have any scheduled there now.
bob_roberts: bruce, we do not have any right now in Nashville
BK_FROM_OK: Bob, like I was saying the banker I built a relationship with
leaft for another bank and his replacement is not to savy.
Carol: Bob, will a bank look differently at making loans to an individual
investor as compared to a llc?
Mike_Summey: Scott, I will be in NY for TV appearances the week of May16
and will be speaking in Hartford on May 21.
mrjones30: I have a question: How important is property management when
first starting out? Is it possible to get a property management company and
still have a positive cash flow?
BK_FROM_OK: Other banks see less friendly because i am not banking with
them?
gabi: Mike - too bad, Al Lee had one scheduled for tomorrow but it got
re-scheduled. I was so disappinted. I feel that I need al the help I can get to
make this all work
bob_roberts: bk, find that persons supervisor and let them know you
appreciate the relationship and ask what you need to do to keep it solid
Doug_CT: The hype has already begun here in CT for Mike’s big visit next
month.
BK_FROM_OK: So I would just make an appointment and spend an hour talking
with him?
bob_roberts: carol, not really. most banks are looking to the person
behind the llc to repay the loan
Carol: Mike, here’s another property manager question. My phone book
lists about 200 different property managers. How can I winnow through all of
those to find a few good ones?
bob_roberts: bk, put all your cards on the table and the banker will
respect you for it. you’ll find out right away if you need to go elsewhere
Carol: Bob, that’s good news. Thanks.
Mike_Summey: mrjones, if you can’t afford to hire management, you didn’t
buy right. Only hire management if you want to be an invesotor, otherwise you’re
simply taking on a second job that doesn’t pay very well and is filled with
headaches.
Scott_T: Thanks Mike
Mike_Summey: Bob, that is the best advice you’ve given tonight.
mrjones30: Good point….Thanks Mike.
BK_FROM_OK: One banker told the friend that sent me to him that I talked
a lot?? lol!! He couldn’t tell me his rate, term, min max amont and so on?
bob_roberts: bk, sounds like you’ve got to find out where you stand
BK_FROM_OK: I sprent to hours going over my taxes and my net worth
staements and still he couldn’t tell me what the rate was on a 45K loan??
Mike_Summey: Everyone, keep in mind that bankers are loaning their
depositors money. Would you want them loaning it to some of the hair brainde
schemes we encounter if it were your monay?
BK_FROM_OK: Looks like I need a new banker!!
Bruce: BK, time to move on to someone who understands.
bob_roberts: bk, then after trying to meet with the supervisor, you may
need to make a change
Mike_Summey: Hi jfinger
Kim-OH: Mike I know that if I was a depositor at ABN amro I would be very
worried LOL
raleighbound: hi, jjfinger
BK_FROM_OK: What do I do? Just ger all my paper work together and go
frombank to bank until I find the right guys?
Carol: Mike, did you happen to see my propery manager question for you?
Mike_Summey: Hi hancock
hancockproperty: hullo, mike
Mike_Summey: Carol, no I missed it. give it to me again.
mrjones30: I wish I had a friend who was a banker it would make life a
lot easier…. lol
BK_FROM_OK: everyone, what is the opinion on banks vs. Mortgage Brokers?
Mike_Summey: mrjones, make one!
Carol: OK, Mike. My phone book lists over 200 property managers. How can
I effectively winnow through all those to find a few good ones?
BK_FROM_OK: Mike, what ever happened to your stepfather?
bob_roberts: bk, work a few connections…ask your accountant or lawyer
or the lady at the diner who the best banker is in town….then ask the banker
who would be best suited to loan you the money
hancockproperty: banks better than brokers
Doug_CT: Mortgage Brokers are supposed to find you good deals at banks,
so the two can work together BK
Bruce: BK, get a relationship with a bank first, mortgage broker second.
Good bankers are harder to find than good brokers
BK_FROM_OK: Brokers have such huge fees though
Mike_Summey: Carol, start with phone interviews. See if you can narrow it
down to 3-4 that sound good on the phone. Then meet with them to outline what
you expect and what they have to offer. Most importantly is to find one you feel
comfortable with.
Mike_Summey: BK, you’ll have to buy the book on May 6 to find out.
Carol: Mike, that’s a huge project!
hancockproperty: also, when interviewing anyone for anything, i ask them
for their opinion on their 3 best competitors….it always catches them off
guard, but it werks
BK_FROM_OK: I have one problem with you next book mike…..
Mike_Summey: Carol, you don’t have to interview them all.
Mike_Summey: BK, what’s that?
Carol: Yes, Mike, but I would have to call them all.
BK_FROM_OK: After i read it I will be all sad, waiting and hoping for the
next one!!!
hancockproperty: hehe
BK_FROM_OK: I have read the first one twice and I ref. it all the time
gabi: Carol - I called a bunch of realtors when we were looking for our
property manager and found one that several pointed out was a good company
Carol: Gabi, that sounds like a good idea.
hancockproperty: yeah, just ask each one who their top 3 competitors
are….
Mike_Summey: Carol, you only need to call enough to find 3-4 that sound
like good prospects. After interviewing these 3-4 if you don’t find one you like
then go back to calling some more.
zert: my problem is that I have to wait another month to get it!!
BK_FROM_OK: Didn’t you say something against lumping everal houses into
one purchase? Blanket mortgages right?
Carol: Ahhh, Mike. I get it now! Thanks.
mrjones30: Mike I would like to thank you for all of your time giving
information to us…You are awesome!!!
Carol: Hankcock, your 3 top competitors idea is a good one.
Doug_CT: *harp* *harp* *harp* *harp* *harp*
hancockproperty: i got a blanket mortgage for 20 units 
BK_FROM_OK: Yes Mike, Thank you!! Your first book changed my life!!
hancockproperty: i think i stole the idea from someone
mrjones30: I haven’t brought any properties yet but I’m going to start
very soon.
BK_FROM_OK: ‘t wait for the 2nd 3rd 4th 5th…..
Mike_Summey: Everyone, bankers are not gods! They are people just like us
who are trying to do a good job for their employers. Help them do their job
better and they will be your friend. Don’t pee on their leg and try to dinvince
them it’s raining.
hancockproperty: teehee
mrjones30: But in order for me to start I have to dedicate myself in
learning how to play the game.
hancockproperty: learn as u go
Kim-OH: Mike I agree wholeheartedly, don’t bite off more than you can
comfortably chew
BK_FROM_OK: So will the book be in stores on May 6th?? FOR sure??
hancockproperty: im looking for an autographed copy "_~
hancockproperty: ;)~
BK_FROM_OK: :D
mrjones30: me too lol
Mike_Summey: hancock, buy on May 6 form Amazon and you will get one. Read
the deal on the website.
BK_FROM_OK: Mike have you met Trump?
Kim-OH: Bob what are the best type of lenders to get a working line of
credit from and what does that usually take?
hancockproperty: oohhhh no, i dont want a signature plate
Mike_Summey: You’ll even get your first $1,000,000.
Bruce: Bob, are you seeing loan applications increasing, staying neutral,
declining?
Mike_Summey: I think Bob’s fingers are worn out.
Mike_Summey: BK, yes.
BK_FROM_OK: Bob what are some of the thing that would scare a banker away
from me? What do I need to know going in?
bob_roberts: kim, plenty of collateral and a banker that can buy into
your vision sufficiently to assess the risk
raleighbound: Mike, what do you think of this new loans(at least here in
Florida) 40 year 1.4% with four options of pymts?(30 yr, 15 yr. int only ? have
you used them?
Kim-OH: Bob Thanks
BK_FROM_OK: Is he down to earth like you?
hancockproperty: mike, <——dave hancock from Chicago Carlton shoot
bob_roberts: bruce, things are on the upswing since the end of Feb. even
with the increase in rates.
Mike_Summey: Oh, hi Dave. Why didn’t you say so earlier. We’re all friend
here.
hancockproperty: great
Mike_Summey: i rhonee & bub
Carol: Bob, that’s interesting. I thought the rate increases would slow
things down.
gabi: Mike - did you get my question about whether I should look into
another credit line for more flexibility than the one I have until I can get a
better mortgage
Bruce: Bob, do you view that as part of the economic cycle? Or people
trying to get their loans now before rates reall y increase?
hancockproperty: ralieghbound i like the sound of those loans
bob_roberts: bk, just don’t paint a "rosey" picture. Be honest
and assess the risk with the banker.
BK_FROM_OK: My brother is a realtor, he says he get dozens of calls a day
from investors. It seems everyone is trying to do what Mike teaches.
zert: Did anyone catch the Real Estate boom forum on cnbc last week
hancockproperty: zert, i did
Mike_Summey: gabi, since I don’t know all the details, I really can’t
advise you.
Carol: Zert, what did you learn?
bob_roberts: bruce, i think it’s some of both, but the rate increases are
sending some people to act now
hancockproperty: typical noninvestor mumbo jumbo
hancockproperty: not one real estate investor in the bunch
BK_FROM_OK: Mike, what do you think about taking in partners? I am
against it. Other then my wife lol.
zert: I learned - Read Mike’s book and follow his plan. Most of the panel
were not in the industry
Bruce: Bob, of course you don’t have a crystal ball, but what type of
increases are you forecasting for year end?
hancockproperty: i was against partners until i found one who had more $
than me
Mike_Summey: BK, I’ve never had a partner or an investor.
gabi: Mike - would you mind if I e-mailed you the details later to see
what you think?
BK_FROM_OK: Mike do you so private consutations?
BK_FROM_OK: I feel the same re: partners.
bob_roberts: bruce, we’re forecasting another 100 bps in rate increases
by year end taking prime to 6.75% or so
Mike_Summey: gabi, even if I had the details, I don’t know enough about
California law or banking to be much help.
BK_FROM_OK: Okay, so when is the next book mike!!!
Bruce: Bob, thanks
gabi: Mike - ok thanks
hancockproperty: yuck, all my arms are gunna go thru the roof 
Carol: Wow, Bob. That gets my attention. that mean’s you’re factoring
that into today’s loans.
Kim-OH: gabi, you may want to check with a guy named Ed Garcia in CA
BK_FROM_OK: Bob, what all should I walk into a bak with in hand when I go
to ask for a loan? Also, do I call ahead? Get feel them out over the phone?
Mike_Summey: BK the next book after Mindset will be this fall. It will be
Weekend Millionaire: Frequently Asked Real Estate Questions. We are working on
it now.
Mike_Summey: Hi sermiex
gabi: Kim - thanks Kim - where is he
Kim-OH: Hi sermiex
Bruce: Mike, keep the books coming.
bob_roberts: carol, the interesting thing about rate’s today is that
short term rates are growing more rapidly than long term rates…meaning that
the rates make increase well into 07, then slowly decrease
Kim-OH: I think he’s in Souther CA
BK_FROM_OK: mike- you just brought a smile to my face!!! I can’t wait for
the 2nd and 3rd books!! I am going to put a shelf up, your books, my first deed
and first dollar along with pictures of all my properties!!
Carol: Bob, why is that?
gabi: Kim - thanks I’ll look into it
sermiex: Hi all - really sorry to have missed this chat - I’m getting
myself started - hope to have good news soon
Mike_Summey: BK, sounds like a shrine to me.
PaulCA: Gabi, I may be able to help… send me the details
mrjones30: Good luck sermiex
Kim-OH: Mike you are being enshrined LOL
sermiex: Thanks
Carol: Sermiex, be careful what you worship!
BK_FROM_OK: Mike, well you deserve it. The change my life has taken since
I start this because of your book is amazing!!
gabi: Paul - thanks Paul I will
bob_roberts: bk, make an appt to just discuss your plans and the banks
requirements/appetite for investor loans; then decide what you feel like you
should bring to a follow up appt
BK_FROM_OK: I feel safe and am ready to get old now lol!!
Mike_Summey: Bob, you’ve been a big draw tonight and we appreciate all
your great advice. I realize it is getting late, so feel free to sing off
whenever you need to.
Mike_Summey: Or you can stay and talk all night.
Kim-OH: Bob, thank you so much for being here for us
BK_FROM_OK: Bob where are you located again?? I need some money!!
bob_roberts: carol, consumer confidence is a bit shaky and long term
rates reflect the hesistance of the markets
PaulCA: Thanks for your insights, Bob!
Bruce: Bob, thanks for the help.
Carol: Bob, thank you very much. This has been excellent, due in large
part to you. (And to you, Mike.)
mrjones30: Thanks Bob!!!!
Scott_T: Bob, thanks for your advice
Shawn_Mason: Thanks, Bob
raleighbound: thank you Bob
Doug_CT: Your the best banker I know Bob,
PaulCA: Goodnight Mike and all.
BK_FROM_OK: Is 8% to9% a good rate right now on a 2/20?
gabi: Bob - thank you
Mike_Summey: Goodnight Paul
sermiex: Carol: Good advice - I’m being really prayerful about this
bob_roberts: all…thanks for including me. I wish all of you well in
investing…Mike is a great person for advice….heed his advice…good night
gabi: Bye Paul
Kim-OH: goodnight Bob
Mike_Summey: Goodnight Bob.
mrjones30: Good night Bob
BK_FROM_OK: bbboooobbbbb don’t go!!!! noooooo
zert: goodnight Bob, thank you - come back soon!!
gabi: Goodnight Bob
Carol: Good to hear, Sermiex. I have to constantly remember not to let
thinking about real estate dominate my life.
Ralph_Roberts: Thanks, Bob…. good night!
Kim-OH: Mike thanks for inviting Bob here, this was great
Ralph_Roberts: this has been a good one!
BK_FROM_OK: Mike, looks like you the man now!!! Oh wait let me bother
Roger
Mike_Summey: maybe we can have Bob back again before too long.
Kim-OH: Ralph that’s for making this chat all possible
Doug_CT: Prayer is a great idea Sermiex, Like Chrisitian in Pilgrim’s
Progress, the road to your heavenly home is littered with other investors who
turned the wrong way.
Gary: goodnight all
Carol: Mike, thanks very much for inviting Bob to join us tonight. This
was even better than I hoped.
sermiex: Ralph, Mike I will most certainly get the transcript of this
one!!
hancockproperty: i hate i missed it
gabi: Bye Mike - thanks so very much
Kim-OH: Carol, it’s good to see you here again
Bruce: good night all,
BK_FROM_OK: That is one thing I have really noticed in this.. A lot of
people give up fast!
Kim-OH: gabi, we’ll be intough
Kim-OH: ooops touch
Carol: Good insight, Doug.
gabi: Kim - great
Ralph_Roberts: yep, transcript will be posted shortly, but we seem to
still be a goin’ :>
Mike_Summey: Everyone, don’t forget may 6th. Buy our new book on
Amazon.com and get your friends to do the same. You’re going to love it.
Kim-OH: Carol, how’s your youngun?
BK_FROM_OK: Roger, what are some really good ice breakers for bankers?
hancockproperty: i like to learn about makin $
Carol: Kim, kids are great. Thanks for asking.
Kim-OH: Mike is Amazon.com better than getting it directly from you?
BK_FROM_OK: It will be signed Mike??
hancockproperty: you gotta convince a banker you dont really need the $
Mike_Summey: Kim, yes. They have a great discount.
Kim-OH: Carol, you are welcome, I remember you had to run last we chatted
BK_FROM_OK: Well I don’t want to come off as to cocky??
Kim-OH: Mike Thanks
hancockproperty: confident, not cocky
Mike_Summey: BK read the May 6 offer on the website.
sermiex: Mike, please be sure to send out a reminder email so we don’t
miss the date
hancockproperty: and always open an account with them
BK_FROM_OK: I will. I am buying right now!!!
hancockproperty: i have a checking account at 6 diff banks
BK_FROM_OK: So, Hancock, how many properties have you bought through
banks vs. M brokers?
Mike_Summey: Bk, don’t buy now! You will only get the deal on May 6.
hancockproperty: hmmm about 10 houses thru brokers
BK_FROM_OK: dang!! I want the book asap!!!
raleighbound: BK whats Mikes book you recommend the most among them?
Carol: Hancock, do you actually write checks from all 6 in order to show
activity to each bank?
hancockproperty: apartments and the rest with banks
mrjones30: Well, you will have five sales (May 6th) from me.
BK_FROM_OK: I will wait then, Thanks mike.
Mike_Summey: You have to order on May 6 and themn forward the order
confirmation to mike@weekendmillionaire.com.
hancockproperty: i guess i should have said 4 savings, 2 checking
BK_FROM_OK: Hancock, the banks I deal with do not seem to lend as much as
a M broker?
hancockproperty: are you dealing with small town banks?
Doug_CT: It’s a deal. I canceled my preorder last week so that I could
get the "special offer" patience is a millionaire mind virtue.
Carol: Hancock, I see now. How much do you have to put into each account
for the bank to like it?
hancockproperty: im in North Carolina
Mike_Summey: Everyone who buys on May 6 and forwards their order
confirmation will get a very nice personalized autographed label to affix inside
their book and an authentic looking million dollar bill to use as a book mark.
hancockproperty: Oh, a coupole grand is a good start
BK_FROM_OK: Well not really small twon banks but not the large antional
one either.
hancockproperty: my advice is pick the small town banks, Mike may have a
diff. opinion
Carol: Whoa, Hancock. that would tie up 12K.
hancockproperty: well, not at first, dont put money at 6 banks to start
BK_FROM_OK: cool!!! I will wait for that then!! Now when will you be in
the Midwest Mike so I can meet you!! Dallas or OKC or Kansas
hancockproperty: ive been doin this a while
Mike_Summey: Small banks are the best to start with, but you can quickly
outgrow a small local banks lending limit.
BK_FROM_OK: My problem is that I have bout 7 houses in less then a year
and now I have to kind of slow down and it is killing me!!!
hancockproperty: you can say that again!
Doug_CT: We fully funded our self directed Roth IRA with an overnight
letter tonight. We plan to use the funds to buy property and watch our tax free
portfolio grow.
hancockproperty: thats a great start BK
Mike_Summey: BK, my schedule will be posted on the website calendar
starting next week.
Carol: Doug, have you found a source for nonrecourse financing for your
sda?
Doug_CT: sda? do you mean ira?
BK_FROM_OK: Well I am trying to buy three right now!! I am going to make
offers on two duplexes and have a cntract on one that closes the 22nd
BK_FROM_OK: That will give me 10 in less then a year.Comments