Chat 6-13-05
Posted on June 13, 2005
Ralph_Roberts: hi Mike
Ralph_Roberts: hi Roger!
Ralph_Roberts: hi Carol
Roger_Dawson: Ralph, am I in
tonigt’s chat room? It looks like last week.
Ralph_Roberts: yes… you’re
in the right place
Ralph_Roberts: five people
so far
Ralph_Roberts: some text
left over from last week
Roger_Dawson: Oh, good!
everyone else must be out celebrating Michael’s acquital!
Ralph_Roberts: yep
Ralph_Roberts: so… how do
you feel about that fine use of your California tax money? 
Roger_Dawson: Did you all
see that real estate investing was the front page story in Time magazine last
week?
Roger_Dawson: Also the lead
story Sunday on This Week with George Stepanopoulis.
Ralph_Roberts: hi Bob
Roger_Dawson: Hi Bob!
Rick_D: Greetings all!
bobcarr: Hi everyone
Ralph_Roberts: there’s Mike
Summey
Mike_Summey: Whew! Just
barely made it!
Roger_Dawson: A cooling down
in the market is not a bad thing for long term investors like us. More property
becomes available, prices moderate, and more renters are created.
Mike_Summey: Hi everyone.
Roger_Dawson: Hi Mike!
Mike_Summey: I’ve been out
most of the afternoon. Just made it back.
Paul_CA: Greetings everyone.
bobcarr: Mike, how did you
do in SC on Sat
Mike_Summey: Does everyone
know how to make the chat screen fill you computer screen and how to enlarge the
text so you can read it?
Roger_Dawson: Another
California celebrity goes free! What a country! ;> ;>
Mike_Summey: Hi Bob! We had
about 55-60 people in spartanburg.
Mike_Summey: Hi michael
michaellambert: Hi Mike
epeele: No Mike I don’t
Roger_Dawson: Click the page
symbol at the bottom, then the plus symbol.
epeele: thanks
gabi: Hi everybody
Roger_Dawson: Hi Gabi!
Kim-OH: Hi Gabi
bobcarr: Mike, you ever
thought of doing a day session for a client
Mike_Summey: to make the
screen full size or as big as you want it, click on the little whate box to the
left of the ? just above the line where you type. That will convert the chat
window into a window you can grab the corner of with the mouse and drag it to as
large as you want.
gabi: Kim - How are you
feeling today?
Mike_Summey: Hi Gabi
Mike_Summey: And Kim
Ralph_Roberts: hi Kim
Kim-OH: Gabi, I feel pretty
good having gotten the first chemo out of the way, thanks for asking
Kim-OH: Hi Mike
Mike_Summey: Bob, are you
talking about a one on one session?
Kim-OH:
Ralph!!!!!!!!!!!!!!!!!!111
epeele: got it
bobcarr: Yes
Kim-OH: Hi Penny
Roger_Dawson: Hi Penny!
Penny: Hi Kim and Roger!
Ralph_Roberts: hi Penny!
Mike_Summey: To enlarge the
text, just click on the + sign.
Penny: Hi Ralph and
everyone.
Kim-OH: Mike that sure is
handy for my old eyes
Mike_Summey: Hi Penny
Carolsheffield: Hi everyone
Penny: Hi Mike!
Mike_Summey: Hi Carol
Kim-OH: Hi Carol
Kim-OH: I was just
researching a property and got an eyefull on piercing the corp veil LOL
Mike_Summey: What did
everyone think of the Michael Jackson verdict?
Roger_Dawson: Is anybody
involved in the Miami market? They say things are crazy down there.
Carolsheffield: not a
surprise for these days
Kim-OH: I didn’t know there
was a verdict, what is it?
Mike_Summey: Kim, NOT guilty
on all counts.
gabi: Mike - wanted to tell
you, I went on a 8 hour round trip the other day and listened to Zig Zigler and
the Millionaire next door. Zig had me laughing all the way. All very inspiring,
and I’m goal setting like mad.
Roger_Dawson: I think
Michaels been a very naughty boy, but this particular family was just out to
scam him
epeele: another guilty star
goes free
Mike_Summey: gabi, Zig is
quite a motivator isn’t he?
Kim-OH: I think Michael
needs to get a new plan and stop with the kids already
Mike_Summey: If the jury had
found him guilty there might be a real deal on Neverland.
gabi: Mike - yes he is!! and
so are you and Roger.
Mike_Summey: Thanks Gabi.
Penny: Yes Mike, and maybe
now he will quit thinking he is Peter Pan!
Roger_Dawson: Thank you
Gabi! That’s praise indeed.
Penny: and get his head out
of Neverland.
Mike_Summey: did a program
in Spartanburg Saturday that was professionally filmed. If it turns out good, I
may turn it into a 4 DVD series. They’re reviewing and editing it now.
bobcarr: Cool
Kim-OH: Mike that sounds
interesting
Carolsheffield: This is my
first time in a chat room so I might not type to much –more reading
gabi: Roger - I was at a
real estate seminar this last week in the Bay Area and what they said was, go
ahead and buy anywhere for the appreciation, never mind about the cash flow.
What’s that supposed to mean? Don’t they want to make any money right away?
Mike_Summey: Bob, it was
very similar to the one I did in Charlotte that you attended.
Mike_Summey: gabi, I’d run
from that suggestion as fast as I could. I know dozens of people who have gone
broke doing that.
Roger_Dawson: Gabi, I think
they’re preaching the Bigger Fool theory. It doesn’t matter how much you pay
because they’ll always be a bigger fool coming along. Needless to say, Mike and
I don’t subscribe to that.
Mike_Summey: If a purchase
doesn’t make sense today, under today’s conditions, stay away from it. Buying
for appreciation is gambling, not investing.
Kim-OH: I agree with you
both there
bobcarr: That’s Great Mike,
I bet that those folks got a lot out of your program. I know I took a lot away
with me !!!
gabi: Mike - I thought so,
it makes no sense to me. There were a lot of Arizona Agents there touting the
same message and I pointed out that the rents are not making it there. Needless
to say - I wasn’t very popular in that group.
Roger_Dawson: Met with a
couple of my wife’s friends last week. They already have 12 properties. There
theory is the same as outs. Don’t buy unless it will cash flow. Plan to never
sell.
Kim-OH: ^5 Gabi
Mike_Summey: People were
buying up properties like crazy just before the 1986 tax laws change and paying
too much because they were relying on tax savings from excess depreciation to
make up the negative cash flow. I bought many of those properties in the late
80s & early 90s after the 1986 tax law change took away the accellerated
depreciation.
Mike_Summey: Hi Eddie
Penny: thats great Roger,
had they read the book!
gabi: Roger - Yes I must say
that I feel much more comfortable about the idea of making some money right
away.
Carolsheffield: Mike if I
have real good credit scores no debt and some assets how do I get started
finding financing
Roger_Dawson: Kim, what was
your experience piercing the corporate veil?
Mike_Summey: Carol, with
excellent credit, no debt and assets to boot, lenders will be seeking you out
once they know you want to start investing.
Eddie: Hi everyone
Kim-OH: Roger, not mine, but
a property was just listed and when I checked the court clerk’s site for a
pending foreclosure I got way more than I bargained for
gabi: Hi Eddie
Carolsheffield: That sounds
good
Mike_Summey: Carol,
especially if they see that you are willing to be patient and buy right.
Mike_Summey: Hi Tribal
Carolsheffield: do I try for
a guidance line yet
LTtribal: Hi Mike, is there
audio or just text, new to all this
Kim-OH: Roger, I thought I
would find a recently filed FC suit but I found a recently filed accident suit
concerning a falling staircase and I was able to follow the filing and they seem
to have found all the entities involved with the suspect property, doesn’t mean
they’ll win the suit but it was an eyeopener
Roger_Dawson: This is text
only Lieutenant
LTtribal: Thanks
Mike_Summey: Carol, if you
have property that is owned free and clear, you may want to use it as collateral
for a revolving line of credit and use that to begin making purchases.
LTtribal: I will just
listen(read) in for the moment I have just started to REI and just finished your
weekend cd set
LTtribal: good cds set BTW
Eddie: Mike, what do you
think about someone putting all of their properties under one loan if the
current loans aren’t more than a couple of years old. Also if the payments are
lower and it increases the cash flow total
Carolsheffield: I just got
the paid off so is it a good idea to put a line against it it feels real not
paying a mortgage
Mike_Summey: LT, just join
in any time you have a question. We’re all friends here. No dumb questions, just
dumb people who stay that way because they’re afraid to ask.
Roger_Dawson: Thanks LT!
LTtribal: thnx I will, oh
and th ename is Pierre the rest is from my email use.
Kim-OH: Carol, you can let
your equity in your property sit there not doing a thing for you or you can use
it to make some wise purchases and some income
Roger_Dawson: Eddie, I’d be
very cautious about blanket loans unless you have very clearly stated release
clauses.
Mike_Summey: Eddie, don’t
ever encumber all of your properties under a large blanket loan. The lender owns
you when you do that.
Carolsheffield: makes sense
Mike_Summey: Carol, if you
establish the credit line, you don’t pay anything until you draw against it and
then you usually only pay interest.
Eddie: oops, mistake
Mike_Summey: Thanks LT
LTtribal: I have been
searching for the deal or a deal for 6 months and am finding it hard to just get
started somewhere? I am on the Central Coast of Cali and there is actually no
investment groups to join or it seems like much in the way of having someone I
could mentor with
Eddie: however they have
given us charge of selling off indiviual properties if need be
Roger_Dawson: LT have you
checked the list of investment clubs on our website?
Mike_Summey: LT have you
checked the investment club listings on this website?
Mike_Summey: Hi Rick
LTtribal: yes I did, but
that was a few weeks back.
Rick_D: hello mike
LTtribal: I have been gone
Carolsheffield: will a
guidance line work the same way as an equity line
LTtribal: I actually put a
bid on 5 acrers of land in New Mexico but thast is not so much investment as for
future retirement
Mike_Summey: LT, I’m not a
big fan of raw land. All it does is cost you money until you sell it.
Roger_Dawson: Land doesn’t
generate cash flow, no tax benefits because you can’t depreciate it and it’s
hard to get cash out if you sell.
gabi: Roger - Given that I
live in a small town here on the NO. Calif. coast and the way you guys drive
through the neighborhood to search for properties doesn’t apply here and also
the prices vs. rent dont work, what do you suggest I do?
Mike_Summey: Carol, you are
correct, except that a guidance line usually depends on using the properties to
be purchased as security for the loans and that usually takes more time because
you have to wait for appraisals, surveys, etc. before you can close.
LTtribal: yes,
understandable, that is why it was not so much an invstment as it was a place I
want to have for myself, BTW it was only $16,000.00 for the whole parcel, I
know, there are other stipulations etc. I did not go and become hte unknowing
new investor.
Roger_Dawson: Gabi are you
in upscale part of the coast or further North, where prices are more reasonable?
gabi: Roger - Mendocino area
LTtribal: t the moment I
will not waste your time and knowledge I will jsut see others Q and A until I
have specific ?’s. Do you do this chat on a regular schedule?
Roger_Dawson: Gabi, have you
taken a look inland, say Chico or Red Bluff. They should be better for rentals.
Carolsheffield: thanks for
that info I really enjoyed the meeting in Spartanburg. I am so excited to buy a
house and get this business started
Mike_Summey: LT, as long as
you understand that raw land will only cost you money until you do something
with it and you’re comfortable buying it, by all means go ahead with it.
LTtribal: thanks Mike.
Mike_Summey: Carol, I’m glad
you enjoyed the program.
gabi: Roger - I am
re-checking Chico and Red Bluff is on my list. Chico is quite high already
unless you can find students to rent to. Eureka is up there already and Redding
might be another place. What do you think?
Roger_Dawson: Gabi, I think
it’s better to stay in areas that have an established economy where you have
renters in the workforce and stay away from upscale resort areas.
LTtribal: Gabi, I have heard
Redding is blossoming and a good place to invest but take that info for yourself
and investigate as you are closer to the area than I am.
Mike_Summey: gabi,
California seems to be more volitile that the rest of the country. I’ve seen
huge run ups in prices followed by huge declines. I don’t see that in most of
the rest of the country. You may just need to be patient.
Mike_Summey: Wonder wher
everyone is tonight?
Roger_Dawson: A friend is a
broker in San Diego, where she says the RE business has come to a screeching
halt because of outragiously high prices.
gabi: Mike - I’m coming to
your place to invest. Enough of this California stuff!!
Mike_Summey: gabi, come on!
Roger_Dawson: You could do a
lot worse than Asheville. It’s a great town.
LTtribal: Where are you
located Mike? Roger? I am sure you have stated but am drawing a blank at teh
moment
gabi: Mike - Sounds good to
me!! When is good for you?
Roger_Dawson: LT, I’m in La
Habra Heights California. About 10 miles north of Disneyland.
Mike_Summey: I posted two
radio shows on the events calendar that I’ll be doing Saturday that are streamed
via the Internet. The EncourageMint Radio Show and The Michael Dresser Show.
Check the times and tune in if you can.
LTtribal: Roger, are you
primarily invested in Cali then? I grew up in Laguna Beach and know OC well
Mike_Summey: Hi mrmac
Roger_Dawson: Orange county
is too expensive for rental houses. Investors need to look in Riverside county.
LTtribal: What do you think
of the Bakersfield area? I hear it is one of the fastest growing cities in the
state?
Mike_Summey: One thing I’ve
learned in my 30+ years of investing is that no matter how hot the market is,
there are always deals to be had, but just not as many.
michaellambert: Mike, I also
want to thank you for the fantastic seminar in Spartanburg over the weekend.I
got alot out of it. I work as a realtor in the Greenville area and want to
expand into investment property as well.
Roger_Dawson: Mike, you’re
going on the encouragemint show!!!
LTtribal: As I live close to
San Luis Obispo Bakersfield is only about 2 hours away and more affordable than
the coast
Mike_Summey: Roger, yes from
San Diego.
Mike_Summey: Thanks Michael.
I’m glad you enjoyed the program.
Mike_Summey: Roger, that’s
the correct spelling in case you making a joke.
Roger_Dawson: I lived in
Bakersfield for 3.5 years 1970 - 1974. Bought a two bedroom house on a nice
street by the college for $32,000. Miserable town. Hated every minute of it.
LTtribal: thanks good info
to have
Roger_Dawson: Though I’d
made a killing when I sold it for $54K. Probably worth $400000 now.
Mike_Summey: Roger now lives
in a castle overlooking LA.
Carolsheffield: Mike I have
found a house selling for 134,000 It needs 5000 in repairs I can get 600/mo rent
if I buy it for 110,00 will that work
Mike_Summey: Carol that all
depends.
Carolsheffield: tell me more
please
Roger_Dawson: Carol, it
looks to me as if you’d have to get some creative financing from the sellers to
make it cash flow. Could you spend a little more and get the rents up?
Carolsheffield: I can try
but this is the first house I have considered so I don’t know
Roger_Dawson: I read
somewhere that the average rent for a house in this country is now $1400, so
$600 a month sounds low.
Mike_Summey: Carol, price is
only part of the equation. What you’re looking for is value and that is based on
the combination of what you pay and how you pay it. If you could get seller
financing at 0% interest, you could pay $132,000 and pay it off in 20 years with
a payment of $550 per month.
Mike_Summey: Hi Still
Looking
still_looking: Hi Mike
still_looking: my first time
in one of these chats
Roger_Dawson: What are you
still looking for, still looking?
Mike_Summey: If he makes it
back from Europe in time, Carleton Sheets is going to join us for the June 27
chat. Roger will be gone that week.
Mike_Summey: Hi market
still_looking: I have been
trying to find some good investment property up here in the north east for over
a year and I have yet to find something that isnt falling down but has good NOI
Carolsheffield: this is the
kind of info I need to learn I bought your CDs but have not listened to all of
them yet Is this kind of info in them
Mike_Summey: markct
markct: Hi Mike
Roger_Dawson: I’ll be
speaking in Kuala Lumpur, Malaysia. If anybody wants to come, there are some
seats left.
still_looking: problem is, I
don’t have a lot of cash
Mike_Summey: Carol, yes!
mrmac: hi everyone am new to
the room so forgive if i go over issues already covered. I live in nyc and as in
almost everywhere else prices are through the roof!!! whats a brand new green
investor to do????
still_looking: same here
Roger_Dawson: Yes, Carol,
listen to then several times and you’ll learn a lot.
markct: I justed closed on
rental property number 6 today. So far so good…
Mike_Summey: Great Mark
Roger_Dawson: Fantastic,
Mark
still_looking: mrmac, I am
with you!! I live in the Boston area - same deal
Kim-OH: Congratulations Mark
markct: Thanks. I was
actually signing closing papers while we were speaking today.
gabi: Good job Mark
Carolsheffield: I am so
encouraged and excited thanks you’all.
Roger_Dawson: Boston and NYC
was what Alan Greenspan described as "Froth" meaning what could easily
turn into a bubble.
markct: I live in Fairfield
county Connecticut where prices are just as ridiculous as everywhere else. You
have to expand the area where you want to buy to make the numbers work.
gabi: Markct - wher did you
end up buying?
still_looking: markct, how
far out? I have been looking in NH and the problem is the rentals are really low
there any other thougths?
still_looking: the rents I
mean
markct: I own in upstate New
York, Texas and Florida.
Mike_Summey: still looking
& mrmac, the past couple of years have been a very strong sellers market and
deals have been harder to find. That happens periodically as the market cycle
shifts. I’ve been through 3-4 of these periods. You just have to be patient and
keep making offers that work for you. By the time the market begins to swing in
favor of the buyers, many want-to-be investors will have given up and quit. Then
the deals will be there for the patient people who keed at it.
Kim-OH: Mike that’s exactly
right, I write several offers a week and so far they all get shot down LOL
still_looking: markct, what
sort of remote management issues do you face?
william_tx: greetings all,
im a little late
Roger_Dawson: Kim, you’re on
the right track. That’s exactly what you should be doing.
markct: I’ve found some very
good property managers who lookout for my interests in those areas. The only
thing you have to do is make sure you stay on top of them. Make them aware they
although your far away you won’t let them get away with not looking after your
property.
gabi: Kim - good for you for
doing it though!!
Mike_Summey: I once made 50
consecutive offers that were rejected before on was accepted, then 6 of the next
10 I made were accepted.
Kim-OH: Roger, thanks I know
it is and now I see my chemo treatments as a good place to spend time writing up
my offers
still_looking: what sorts of
rates do they get in those areas?
Roger_Dawson: Kim, I admire
you!
markct: still_looking. I do
a very thorough screening of my property managers before I even consider buying
in a particular area. Only after they meet my criteria to I buy and then hire
them.
gabi: Kim - you are
amazing!!
Mike_Summey: We all do Kim!!
william_tx: mike/roger, i
just ordered your book from amazon. lookin forward to it. i have the first one.
Mike_Summey: Hi William
Kim-OH: Roger, thanks, I
have to sit there and let that stuff drip in on it’s own time, might as well be
productive
Mike_Summey: Who has read
the Mindset book?
LTtribal: Thanks all, have
to go for a bit. It feels good to know there are others out there where I am
starting out hungry but konwing we are in such a unbelievable market for RE. It
seems crazy the last few years (IN CA is all I really konw or have seen but
incredible rise in prices.) My house has increased $100K in just over a year and
a half.???
gabi: Mike - Loved it
Roger_Dawson: Thanks,
William. I think you’ll be impressed with Mike’s story of rising from the
coalfiends of W. Virginia.
markct: So far I haven’t had
any property management issues. The 8 - 10% I pay them each month is well worth
the money. Probably them most valuable lesson I learned in the Weekend
Millionaire book.
Mike_Summey: Thanks gabi,
would you be so kind as to post a reader review on Amazon?
william_tx: mike, can you
elaborate as to why its not a good idea to get a real estate lisense if you plan
on buying rent homes.
still_looking: I will expand
my search radius markct, thanks.
Mike_Summey: Hi mr king
mr_king: Hello all, this is
Bucky from Oklahoma
markct: Good luck
still_looking. If you’re willing to take the risks there are some good deals out
there.
mr_king: hi ya Mike!
Roger_Dawson: William, if
you have a
mr_king: e, Roger, I just
signed a contract for my 10th property in little over a year today!!
gabi: Mike - yes I will
still_looking: I am willing,
but I don’t have an inventory to leverage yet so getting in has been tough
bobcarr: fantastic book Mike
& Roger
Kim-OH: Way to go Bucky
mr_king: Thanks! I am
excited!!
Mike_Summey: william,
because if you are a licensed Realtor, you are under a much higher level of
scrutiny than an unlicensed investor and are subject to lawsuits alledging that
you took advantage of unsuspecting sellers because you’re a professional. That’s
jut a small part of it.
Roger_Dawson: real estate
license you have to be careful to declare everything and not take advantage of
people. I think it’s a plus, but Mike’s disagrees because of the liability
issue.
mr_king: Only a few more and
I will be doing it fulltime
Mike_Summey: Thanks Bob, I’d
appreciat it if you would post a reader review on Amazon also.
still_looking: Room - any
thoughts on buying near a military base, transient poplulation means a lot of
rentals but also means a lot of turn, thoughts?
william_tx: roger, can u
give ur side of that
bobcarr: Done Deal Mike
Kim-OH: Roger the property
I’m was looking into that brought me to the lawsuit is agent owned and list by
himself but there is no disclosure in the listing that it’s agent owned
Kim-OH: oops I was
Mike_Summey: mr king, that’s
wonderful.
Roger_Dawson: William, I
think it’s a plus because you get better access to the market. You spot deals
the minute they’re listed. I have a broker’s license and nobodies every sued me.
markct: mr_king do you own
any of your properties free and clear?
mr_king: Thanks Mike! I
loved the letest book as well
LTtribal: MR. Dawson, btw, I
also have your tape set for the Secrets of Power Negotiating. My mum had passed
it on eons ago to me but it had just sat on a shelf for probably years until I
happened upon it and recognized your name form the Weekend Millionaire set(which
she also gave me). that is a great learning set. Thank you. Well stated,
enjoyable to listen to and very easy to understand as well as very applicable as
you hear it. Thanks. Pierre
mr_king: No, not yet because
I have only been doing it since April of 04.
Roger_Dawson: Kim, you must
state that owner is a licensed real estate agent in the listing, and on any
offers you make.
Mike_Summey: still looking,
buying near military bases has it’s pros and cons. It’s great when most of our
troops are in the states, but when they get deployed in big numbers as is
presently the case in Iraq, the vacancy rate can be horrendous.
william_tx: thanks roger.
mr_king: I could have paid a
few off I am sure but I use all the money I make to buy more properties
william_tx: would a career
in the mortgage industry be a wise decision?
markct: Mike if a property
increases in value would it be better to take out the equity and buy additional
properties or take out the equity and pay off an existing loan?
Kim-OH: Roger several agents
here are not doing that
Roger_Dawson: When an agenet
makes an offer he should state. "Buyer is licensed and buying at below
market value for possible resale at a profit" That protects you.
mr_king: Buy more
property!!!
still_looking: so, Mike, it
would seem now might be a good time to get deals if current owners are in
trouble, no?
Mike_Summey: mr king, glad
you loved the book. Would you also write a reader review on Amazon for us?
william_tx: ok i see
mr_king: Buy more
property!!!
Kim-OH: Roger, I mean the
sellers and owners are the agents and they are not disclosing that in the
listings
Roger_Dawson: Kim, it’ s a
firm rule in CA, and most state base their RE laws on CA law.
markct: That’s what I’m
thinking (buy more property) but it would be a nice feeling to own some outright
and keep all that cashflow.
william_tx: mike/roger, u
say to purchase homes that u wouldnt live in. would u recommend section 8
investing?
mr_king: Sure Mike I woulf
live to. What I would really like to do is make it to one of your speeches!!
Roger_Dawson: Mark, that the
eventually goal, when you pay off all those mortgages.
Kim-OH: Roger I understand
that an I agree what I am saying is that the local agents are not doing that
mr_king: I don’t do section
8 because the goverment has so much say in what you do and how you do it. Lots
of rules.
Mike_Summey: markct, equity
is always best used to buy additional properties when they are available.
Eventually, however, you will want to consolidate debt and start paying off
properties to give you a greater cash flow.
Kim-OH: Hi Rhino
william_tx: mrking, how
about during these times when its very easy to buy a home?
Roger_Dawson: Section 8
tenants tend to be fairly good tenants. At least you know where the money’s
coming from. But they don’t take as good care of the property.
markct: How do you know when
you are at that "eventually"? How did you know?
Rhino: hey
mr_king: Mike, what about
umbrella mortgages? Getting some of my properties together all as one payment?
That will make it easier for me to buy more. As you know, banks and lenders have
limits on how many laons they offer.
Mike_Summey: still looking,
think of all the reason someone may have to sell at a discounted value: Loss of
job, illness, accident, divorce, job transfer, retirement, etc. Any of these
give people reason to sell at a discount.
markct: Not that I am
anywhere near the "eventually". I very well stuck in the "maybe
some day".
Mike_Summey: Hi Rhino
Roger_Dawson: Mr. King, Mike
and I are both very negative on blanket loans. The lender has too much control.
Rhino: hello
Rhino: Are there other ways
to make money that you recommend besides real estate
Roger_Dawson: Rhino, No!
Mike_Summey: markct, when
you get ready to quit working and start living off your investment income.
mr_king: Mike, what are your
plans for the near future? Going to sell off all the property and run off to the
beach or just fly away or will you leave them to the boys?
william_tx: roger, is a
career in the mortgage industry a good idea? similar to getting a RE lisence….
Rhino: bye
mr_king: Roger, thank you
for the info, I was kind of wondering about a blanket mortgage because my money
man keeps pushing it lol!! I know he is out for himself so I knew it wasn’t a
great idea.
markct: Mike I’m ready its
my finances that are not.
Roger_Dawson: Willian, it’s
a very cyclical industry. When rates are down and everyone’s refinancing, you
make a killing. As soon as rates go up you starve to death. Stick with RE sales
where you get a chance to invest in the product.
Mike_Summey: mr king, I have
no plans to sell. My boys will probably take over and run the show one day.
mr_king: How are book sales
Mike and Roger? When is the next one due lol?
Roger_Dawson: Could I be one
of the boys, Mike?
mr_king: I will sale some of
my houses off one day but that is many many many years down the road.
gabi: Mike - I just
remembered, the guys at the seminar told me that if you bought a bunch with
negative cash flow but for equity and a bunch with pos. cash flow, it would
balance out!!
Mike_Summey: markct, if
you’re finances aren’t ready, then neither are you.
william_tx: roger, i thought
it would be a good way of learning where the money is.
Kim-OH: Goodnight all, I
have some more research to do yet tonight
william_tx: the ins and outs
of loans, etc
Kim-OH: Thanks Ralph once
again
Mike_Summey: Roger, I tried
to get you to adopt me for 25 years. Why the sudden change of heart?
mr_king: Roger, I have never
asked, do you own property as well?
Ralph_Roberts: you’re
welcome, Kim!
gabi: Bye Kim - stay well
Roger_Dawson: Maybe, William
but that’s not hard to learn. Buy lunch for a mortgage broker and keep him
talking.
Mike_Summey: gabi, did they
have any bridges for sale in Arizona?
william_tx: lol, roger. ok
mr_king: Also, Mike how
often do you build properties? That is a long time dream of mine, to build
something!!!
Roger_Dawson: Yes, I do, all
in California, but I make my living speaking.
mr_king: What do you guys
think of owning a car wash? Mike, do you invest in anything other then property?
gabi: Mike - I’m laughing
Mike_Summey: mr king, book
sales are fantastic. The first book keeps selling well and the next one is due
to come out near the end of this year.
Roger_Dawson: Got to run
folks, Good chat.
Ralph_Roberts: nite, Roger
william_tx: thanks roger,
good nite
mr_king: reallyy?? By the
end of 05?? great!!!!! I can’t wait!!
Mike_Summey: mr king, I’ve
built many of the properties I own.
gabi: Bye Roger
mr_king: Nite Roger!! Thanks
for being here!
william_tx: whats the new
book about?
Mike_Summey: Goodnight
Roger.
mr_king: How do I get into
that? I would love to build a few 4 plexes
mr_king: Is all your
property in SC?
Mike_Summey: mr king, it
will be Weekend Millionaire: Frequently Asked Real Estate Questions.
Carolsheffield: OhI like
that book already
Mike_Summey: Many of the
questions that will be in the new book have come from these chats.
gabi: I have to run you all
- have a good night
Mike_Summey: Goodnight gabi
william_tx: mike/roger, i
thought it might be a good idea to get into rent homes AND flipping AND even
building homes. advisable to do all three? mix things up..
mr_king: great!!! I really
really enjoy your books! I have read about 30 different books and yours are the
only two that really stuck with me.
markct: Time to pay the
bills. Good night.
mrmac: when is the next
chat? hope to have more input then!
mr_king: So if I jumped on a
plane and brought my books with me to your next even could I get them signed? I
can take it all my taxes any way lol!
Mike_Summey: william, Roger
has expired, but I’ll give you my thoughts. I buy and hold for income only. Many
people have made a lot of money building and/or flipping properties, but that’s
another job, not investing. I’ve got enough to do without taking on another job.
Mike_Summey: mrmac, next
chat is next Monday. Same time…same station.
william_tx: mike, i
understand. but i’m in the midst of a career change and a relocation so i
thought why not…
mr_king: I saw the clip
where you were at a book sighning, I wish I could have been there. Did you have
a good turn out?
Mike_Summey: mr king, you
can do that or you can order autographed bookplates for the books from our
website.
mr_king: I have that
already, but I just really want to meet you lol!! To tell you thanks for
everything!!
Mike_Summey: william, if
you’re comfortable with it, go for it.
Mike_Summey: mr king, where
are you located?
mr_king: Tulsa Oklahoma.
mrmac: thanks mike. will be
sure to return next monday. very interesting comments goodnite all. and good
investing!!!
Mike_Summey: Goodnight mrmac
william_tx: i’ll be starting
things off as soon as i sell my house here in california.
mr_king: ots of development
underway here. I think it will really help my property value
Mike_Summey: mr king, see if
you can get your local real estate investment club to bring me to Tulsa.
mr_king: Mike what kind of
boards and commitiees would you suggest I look into?
william_tx: mike, will al
lee be around next week? i’m moving to texas so i wanna pick his brain
Mike_Summey: Well folks,
I’ve got to run for tonight too. See you all next week.
Carolsheffield: Thanks Mike
I apreciate your willingness to share so freely your knowledge
Mike_Summey: william, Al is
usually in the chats. He must have been busy tonight.
mr_king: As for the REI club
here, it is kind of lame. A lot of house flippers and people buying junk
property. I lot of guys out for themselves and trying to one up one another you
know?
bobcarr: Thanks Mike
william_tx: ok
william_tx: c ya mike!
Mike_Summey: Goodnight all!
mr_king: Well dang Mike, I
always get here to late. Talk to you soon!!
william_tx: gnite all
Carolsheffield: goodnite
Ralph_Roberts: chat
transcript will be posted shortly
mr_king: People, stick
around lol!! I want to talk!
Ralph_Roberts: you guys are
welcome to carry on as long as ya like. 
mr_king: Bob, tell me about
you, how is it going for you?
mr_king: Carol? Penny?
lol???
» Filed Under Uncategorized
Comments
Leave a Reply