Chat 6-20-05
Posted on June 20, 2005
Kim-OH: HI Mike
Ralph_Roberts: hi guys
Kim-OH: Hi Ralph
Mike_Summey: Here I is!
Kim-OH: I’m here and I brought strawberry shortcake for everyone
Mike_Summey: Hi Kim, Ralph & denmage
Mike_Summey: Hi NC Woman
Kim-OH: Hi ncwoman
NCWoman: Hello everyone !
Mike_Summey: NCWoman…that sounds interesting. We have a few ncmen that
will join us later.
NCWoman: I probably know a few of them 
I am a member of treia
Mike_Summey: Where’s Roger?
Mike_Summey: treia is a great group.
NCWoman: I have heard Larry Williams speak about you.
Kim-OH: Hi Mauggie
Mike_Summey: Hi Mauggie
Mauggie: Hey there!
NCWoman: I have learned a lot from treia and the educational
opportunities are outstanding.
Mike_Summey: NCWoman, I’m afraid to aks what Larry had to say.
gabi: Hi everybody
Kim-OH: Hi Gabi
NCWoman: Learned about you through treia.
Mike_Summey: Hi Gabi
gabi: Hi Kim
Mike_Summey: Hi pastorcortes
NCWoman: Larry thinks you are about the best
gabi: Hi Mike
Kim-OH: Hi pastorcortes
Mike_Summey: gabi, did you get my messages.
Kim-OH: Hi Mark
Mike_Summey: Hi marknc
MarkNC: Hi everyone
Mauggie: Mike, i’m just getting started, am reading your second book. You
are really on track.
Mike_Summey: Thanks Mauggie
gabi: Mike I got one and would love it if I could ask the question about
the refinance here. It is a bit lenghty are you ok with that?
Kim-OH: Hi Karen
Mike_Summey: Hi Karen
karen: hi.
Mike_Summey: gabi, go ahead and ask. That’s what these chats are for.
Mike_Summey: Karne, Maugie, denmage & pastorcortes…where are you
guy from?
denmage: Massachusetts
Mauggie: Tennessee
Mike_Summey: I don’t seem to be able to type tonight.
NCWoman: North Carolina
pastorcortes: from mexico city
Kim-OH: mike put on your glasses LOL
Kim-OH: Hi roger
Mike_Summey: I always like to try to keep up with where people are from.
It helps with my answers.
gabi: Mike - ok, here we go. I owe 104000 on the house in Washington and
applied for a loan of 107,000. Waht I owe includes the first years Homeowners
insurance ($668) and 1/2 of the property taxes $620.66. (1241.32)
Mike_Summey: Roger Dawson has arrived.
gabi: Oops Mike - I’m not done
Mike_Summey: Kim, I got rid of my glasses this week.
Kim-OH: ^5 Mike, did you have surgery?
MarkNC: Mike, thanks for the info on your property managers for my
brother in law moving to Black Mountain. He is still looking for a place. Tough
to find a place to rent with four kids and a dog.
Roger_Dawson: Kim, how are you feeling?
MarkNC: Ho Bob
MarkNC: I mean Hi
Kim-OH: Mark I remember the day when animals were always welcome but
children were not
BobCarr: Hi everyone
Mike_Summey: Kim, I’m experimenting with a contact correction to see if
it will work with my flyine. One eye corrected for distance and the other for
close up. Not sure how it will affect depth perception yet.
Mike_Summey: Hi Bob
BobCarr: Hi Mike
gabi: My new payments will be 624.43, 30 year loan, rent is $900 a month.
My dilemma is - if I take your formula with 8% management I end up with $95.43
negative. Should I pay some money as a down payment or be ok with this for a
while until my rents increase?
Kim-OH: Roger, I feel great thanks for asking, now if I could just get
some offers accepted grrr, How was your week?
NCWoman: Hello Roger. I to thank you for your Negotiating Tapes. I dusted
off $80 at one of Mike’s seminars and within three days had gotten a ROI of
about 300% LOL I have used the skills you taught often. And I listen to them
again and again. Thank you a whole lot.
gabi: Hi Roger
Roger_Dawson: That’s great NC woman! Thanks for the plug~!
Mike_Summey: Careful NCWoman…you’ll give him the big head.
Kim-OH: Mike, my suggestion is practice with the new lenses before you
fly
BobCarr: Mike ,I found a property this weekend ,going to present a offer
this week
Mike_Summey: Kim, that’s what I’m doing now.
Mike_Summey: that’s why I can’t type tonight.
Mike_Summey: Hi Jay
denmage: Sorry, my phone hasn’t stopped ringing…
Jay: Hello Mike…and everyone. I am a newbie to this group and the chat
session.
gabi: Mike - Did you get all this info ok about my question on the refi?
denmage: Hey, Mike, I have been dying to get on here and tell you my
news!
Kim-OH: Mike, you will get it eventually I promise, a head injury left me
with some of those situations and I drive without much difficulty
Mike_Summey: gabi, I missed the rest of your question. Maybe you can get
it all together and try again.
denmage: I bought 2 houses last WEEK!!!!!!
Roger_Dawson: Gabi, I don’t think that a $95 negative will be too hard to
deal with. The first rent increase you’ll be positive.
Mike_Summey: denmage, go with it!!!!
denmage: They are in Caribou, Maine
denmage: I got them from HUD
MarkNC: I got an offer accepted today too.
Jay: Hello Roger
Mike_Summey: denmage, that’s great.
gabi: Roger - thanks, I’ll have to decide this week about this.
Roger_Dawson: Hi jay, congratulations Mark!
denmage: I already have the people lined up for the rehab
denmage: we expect to have the houses fixed and sold in about 2 months
gabi: Roger - How much do you increase the rent? Is ist every year and
what percentage?
Kim-OH: Congrats denmage and Mark!!!!!!!
denmage: These aren’t keepers for me because they are 8 hours away
Jay: congrats denmage. Tell us how you did it!
karen: I am new to this chat stuff as well as real estate investment. I
don’t think my whereabouts ever came through. I am from Palm Beach Gardens
Florida.
Mike_Summey: Hi Big Al
Kim-OH: Hi AL
denmage: Jay, my partner and I found them on www.hud.gov
denmage: We called and found a realtor in Maine and made an offer.
Roger_Dawson: Karen, Palm Beach is booming right now!
Big_AL: hello
Kim-OH: denmage, how much below the ask price did you get them for?
MarkNC: Mine comes with tenants in place and positive cash flow from the
beginning 4 miles from my house.
Jay: and HUD accepted your bids, below fmv, huh>
denmage: They were so cheap I paid cash, using my Home Equity Line
Mike_Summey: karen, we don’t mind if you’re new to this chat stuff, we’re
glad you’re with us. Feel free to jump in anytime.
denmage: The ask was $25,000 and $27,000, we paid $21,000 and $23,000
Jay: denmage; are they in really bad shape?
denmage: Jay, they need a little work, but it was not enough to send me
running from the building
gabi: denmage - well done
denmage: I figure they will need about $25,000 total repairs
Jay: wow, thats gr8!
Mike_Summey: My son Jason said he may join us later. If he does, everyone
tell him hello.
denmage: They should sell for $65,000 and $75,000 when done
Kim-OH: Mike that will be fun
denmage: We already have the realtor on board to sell them for us
Jay: to all who can help, I am a newbie to investing, although I have
read books, newsletters, etc and watched some TV shows, but haven’t done my
first deal yet. I really want to get going. Advise? Suggestions?
NCWoman: I have a question about using my Roth IRA to purchase
properties. My challenge is getting a lender to loan me money with EquityTrust
FBO My Name as the owner and borrower. How does one get started if you don’t
have enough to pay cash for a property?
Mike_Summey: denmage, why do you want to sell them? Will they not make
good rentals that would cash flow well?
Roger_Dawson: Jay, the first step is to learn your market by going to see
a lot of houses that are for sale.
Kim-OH: Hi dean
karen: Yes, I know that Palm Beach is booming! But I haven’t bought
anything yet. I am getting discouraged because the prices are so high it doesn’t
seem that I will get a positive ROI at the time of purchase. What do you advise?
denmage: Mike, they might…but they are 8 hours away from where I live.
I am not very familiar with management companies in the area and don’t want to
be a long distance landlord yet…one step at a time, lol
Mike_Summey: NCWoman, even if the loan is with a 3rd party entity, you
can still get a loan, but you will probably have to guarantee it personally.
dean: Hi everyone, I had trouble getting in
Jay: Roger, thanks. I have done that a little. Been out with a RE agent a
couple of times. I pretty much know the general values in my areas.
Jay: anything else?
gabi: Hi dean
Mike_Summey: denmage…good point.
Mike_Summey: Hi Ray
Kim-OH: Hi Ray
Mike_Summey: Hi dean
gabi: Hi Ray
denmage: Mike, the Weekend Millionaire Mindset really gave me a kick in
the pants… thanks!
Roger_Dawson: Karen, you’re probably looking at houses that you would
want to live in. You need to go to where the working people live. the people who
drive the buses and clean the hotel rooms.
Mike_Summey: pastorcortes, how are things in Mexico City?
gabi: Roger - what percentage do you use as rent increases and how often?
MarkNC: I plan to hold mine and have a question. I plan to use equity in
another rental for the down payment. I owe 123000 on this house and it will
appraise for 190-200. My question is whether I should look to a heloc or refi
the first. The first is currently at 5.5% so the rate will stay about the same.
Any thoughts?
Mike_Summey: denmage, thanks! I’m glad you liked it. We’d appreciate it
if you would post a reader review on Amazon about it.
Ray_NC: Hi All
denmage: Sure will, Mike.
gabi: Hi judyj
pastorcortes: They look ok but mortage rates are nos as good as in US.
rigth now they are 13%
Mike_Summey: Hi judy
Roger_Dawson: Gabi, the key to rent increases is to make them small and
often. Never wait more than a year. If you wait too long you may have to hit
them with a big increase that loses you a tenant.
MarkNC: OH I need about 35000 for the down payment and closing on my new
house.
Mike_Summey: Mark, it may be less expensive to get a heloc than to
refinance.
karen: Yes, you are right. Like I said, I am a beginner to your program.
gabi: Roger - ok. Waht about the increase in Homeowners and Taxes?
Mike_Summey: Hi Al
gabi: Hi Al
Al_Lee: Howdy Mike
Kim-OH: HI AL
Al_Lee: Howdy, everyone
Jay: Hi Al_Lee
Al_Lee: Hi, Kim. Hope you are felling well
dean: Roger, do you use one year lease and raise rent at renewal?
Mike_Summey: pastorcortes, just out of curriosity, what prompted you to
join us from Mexico City tonight. By the way, we’re glad you did.
Al_Lee: Holy Smokes! bright green on white is psychedelic
Roger_Dawson: Gabi, I suggest you don’t directly pass them through
because you stay even that way, Raise the rents but back it up with reasons,
like HO increases and taxes increases.
dean: Hows this
Roger_Dawson: Hi Al!
Al_Lee: A littel better.
MarkNC: Yeah Mike the fees, etc on the heloc are lower but I guess I
figure that the rates on the heloc are only going to go up so in the long run
the first might be better.
Kim-OH: Al thanks, I feel quite well, surprisingly well
gabi: Roger - ok, good point!
judyj: Hi all
Mike_Summey: Al, did I send you the bookplates you requested? My memory
fails me at times.
Al_Lee: dean, actually, nw that I look at the dark green it is quite good
Roger_Dawson: Dean, I’ve never used leases. To me they only protect the
renter. I would on commercial property, but not homes.
Al_Lee: Mike, no. Not yet.
Mike_Summey: Hi Jason
MarkNC: HI Jason
Kim-OH: HI Jason
gabi: Hi Jason
Jason: Hello all
pastorcortes: I knew you will ask. I am really trying to learn as much as
I can I started with the business with 2 commercial properties that I fully own
and now I am looking at forclosure opportunities, but I am preparing myself to
do it rigth.
Roger_Dawson: Is that Jason Summey, the famous author of "Be Cool,
Stay in School!" What a thrill!
Jason: it is…how are you roger?
Al_Lee: Hi, Jason. Are you the son I met in Dallas, or was that yru
brother?
Mike_Summey: Mark, a lot depends on how long you expect to keep the
property. If it’s a long term investment, I’d lock in a low rate on everything
even if it costs a little more.
Jason: Right Al, it was me
dean: Roger, do you use a monthly lease that tells tenants do’s and
don’t’s?
Roger_Dawson: Great thanks Jason, it’s been a hot day here in LA. I’m
going to Malaysia on Weds. so I need to get ready for the heat.
NCWoman: There are a lot of foreclosure sites that want to sell
information on foreclosures. Are they worth the money or is the information
available other places for the price I like to pay — free.
Jay: Jason, do you live in Dallas?
Jason: no doubt
Kim-OH: ncwoman
Jason: No Jay, I live in NC, just met Al in Dallas
Kim-OH: You can check the notice of defaults at the courthouse
denmage: NCWoman, I’ve found that a lot of those sites are not maintained
and up to date…they just want to get your money
gabi: Hi BobCarr
MarkNC: I thought the Weekend Millionaire always invested long term 
Al_Lee: Well, hello Jason
Jay: Anyone here live in the Dallas, TX area?
Mike_Summey: NCWoman, most of the sites are merely selling what you can
get for free on other sites.
NCWoman: I thought that might be the answer.
Al_Lee: Jay, I do!
Jay: Really, great Al
Al_Lee: Jay, where do you live?
Jay: We need to meet and talk, I suppose
Mike_Summey: Mark, that’s true for me, but not everyone follows my
advice.
Jay: I am in Allen. You?
NCWoman: msg [Kim-OH] Thanks, Kim.
Al_Lee: Jay, if you go to my website you can email me and we coudl
certainly meet for coffee. http://www.Renthouses.org
Al_Lee: I live in Dallas
Mike_Summey: Al owns Dallas.
Al_Lee: Aw, Mike. You’re just saying that becaue it’s true
Al_Lee: Jay, do you own proeprties?
Jason: I just noticed Al’s name is in Dallas
Mike_Summey: Roger will be awol next week, but Carleton Sheets said he
will be with us if he gets back from Europe in time.
denmage: Mike, when I bought insurance for the 2 houses, I told the agent
that my goal was to own Caribou, Maine…he said I could own it for about
$300,000! LOL We had a good laugh. The people up there are very helpful and
friendly.
Jay: Al_Lee; Not yet. I am a newbie, looking to get started in RE
investing.
Al_Lee: Jay, I might be able to help you.
Kim-OH: NCWoman, you are quite welcome
Mike_Summey: denmage, Caribou is an interesting place. Cold too!
Al_Lee: jay, have you read mike’s books?
Jay: Al_Lee; really? I was hoping to network with some folks from this
site. I would appreciate it. I bought Mike’s book this week.
denmage: Cold is no problem…I went to the University of Vermont!
gabi: Mike - What is the average you pay for homeowners insurance on your
rentals and how do you know if it’s too high?
Al_Lee: Jay, I focus on Texas properties, mainly dfw, and I have a huge
network in place already. that is the secret to success. you can not do it by
yourself. Even Mike uses professionals.
judyj: I’m a newbie as well, trying to get started
Mike_Summey: gabi, I have all of my properties covered in a large blanket
policy. Nationwide is my insurance carrier. I would guess that my average cost
per house is around $300 per year.
Al_Lee: Hi, gabi. Don;t want to neglect you
Jay: Al_Lee; I hear ya. I have a few people that I know, but I want to
expand that exponentially!
gabi: Hi Al - not a chance
Ray_NC: Mike, I am looking at a package of 6 homes @ 74,900 ea. or
449,400. for the lot. The owner has them free & clear and will finance a
portion, however he insists on a first position note. I thought about splitting
one off financed with the owner and the rest with a bank. I think the deal could
be structured so that the one house meets the 20% dwn required by the bank for
100% finncing. We have not yet talked final terms or price. Rents average $775
per mo in a good rental market. The homes are good condition currently rented
and have a retail value of 79 to 84K. Any suggestions
Mike_Summey: judy, we all had to start at one point. We’re glad you’re
with us and hope you learn from these chats. That’s why we host them…to help
our readers.
denmage: Mike, have you ever read "What No One Ever Tells You About
Real Estate Investing"? I just read it (after the Weekend Millionaire
Mindset) and it was kind of a "Scared Straight" for landlords. There
were some good stories, but some real horror stories in it.
dean: Mike, do you require tenants to get renters ins?
gabi: Mike - I’ll check out Nationwide. Maybe I can do better than what
I’ve got right now. Anybody in particular I should talk to there?
Al_Lee: denmage, teh horror stories can be avoided if you focus n being
an investor, not a landlord.
Mike_Summey: Ray, have you thought about getting a 20-30% first mortgage
from a bank and asking the seller to carry the balance on a second. Point out to
him that although he will be in a second position, he will have the cash from
the first.
judyj: Thanks Mike. That’s what I’m counting on. Your book inspired me.
Mike_Summey: denmage, no, I haven’t read it.
denmage: Good point, Al, but the big problem these people in the book ran
into was bad property managers that appeared to be good when they started.
Al_Lee: hello, Roger.
Mike_Summey: Hi TT
judyj: Thanks Mike. I’m counting on it. The Millionaire Mindset is what
inspired me.
TT: Hi
Al_Lee: denmage, you need to be in a position to fire them. I have done
that in the past.
gabi: Al - Do you use Nationwide as your Homeowners carrier too?
Ray_NC: Yes, So far he insists on a first position. I think he had a bad
experience with someone.
Mike_Summey: denmage, being an investor require managing the managers. I
have one now I’m getting ready to replace.
Al_Lee: denmage, I direct an investor club with over 100 members buying
properties that are all professionally managed. it gives me some influence with
the managers and if they don;t fly right, i replace them.
denmage: Thanks, Mike and Al, that’s good advice.
Al_Lee: gabi, I use a company called Allied and I use a commercial
business policy, not homeowners insurance
Mike_Summey: Ray, get to know him. Sell him on your qualifications and
ability. Have you ever financed anything with a seller before?
gabi: Al - What is the advantage of a commercial business policy?
Ray_NC: Yes I have. I think that I need to do just that - get to know him
I mean. I need to convince him he is not in a bad position just because he has a
second.
MarkNC: Gotta go, the wife is calling. Good night all
Mike_Summey: Ray, I’ve bought several properties with owner financing
behind the bank financing. None of them wanted to do it when we first started
talking.
gabi: Bye marknc
denmage: Ray, would it make sense for your seller to take a note for the
whole sale, they you go back to a bank and get an equity loan on a portion of it
so you can pay down the first. This would give the owner his first position and
move some of the debt to the bank.
Mike_Summey: Goodnight Mark
Al_Lee: gabi, it is a little cheaper. It is one policy for casualty with
a schedule of properties. When I buy nother proeprty it just gets added to the
schedule. Same for liability.
Al_Lee: gabi, the main advantage is that onc eyou get a couple of dozen
properties the commercial policy is easier to manage than individual policies
Mike_Summey: Al, that’s the type policy I mentioned. It’s not a typical
homeowners policy. It only insures my interest in the real property, no
contents.
Ray_NC: denmage, I hadn’t thought of that, but mainly because he doesn’t
want to owner finance a large portion. He needs to pay off a brother’s interest
in the property.
gabi: Al - does it give you all the protection a Homeowners policy will.
I know you also have liability insurance separately on yours.
Al_Lee: Roger, John Schaub said "Hello". I interviewed him this
past Saturday.
Roger_Dawson: That’s great Al. I did seminars with John 20 years ago.
He’s one of the best in the industry.
Mike_Summey: Ray, have you thought about giving the brother a mortgage on
one or two of the properties for the interest the other brother wants to pay
off?
Al_Lee: gabi, you can not get a "homeowners" policy on a rent
house, you get something similar that omits personal property
denmage: Ray, would the seller take a note for his portion and the
brother take a note for his portion? Then you could refi the brother’s note and
be left with the owner’s note and an equity loan.
Al_Lee: Roger, he and I got along very well. Nice guy!
gabi: Al - yes that’s what I’ve got on our rental but I don’t remember it
being called a commercial policy.
dean: Does any one require renters ins?
Mike_Summey: gabi, the type policy Al and I are talking about fully
insures your interest, but it doesn’t insure the tenants contents. One nice
thing about blanket policies is that if you have a loss covering multiple
properties, you only have one deductible to pay.
gabi: Mike - what do I ask for when I’m shopping around for this?
Ray_NC: Yes I have bt I have been told the brother wants to cash out if
the properties are to be sold. The brother has had no involvement in the
management and the guy I am talking with is about to relocate. He wants to
reduce his responsiblities for management.
Roger_Dawson: Dean, I’ve never required renter’s insurance. Does it
protect the owner in any way?
denmage: dean, renters insurance only protects the renters belongings,
doesn’t it? It wouldn’t make sense to require it. It would be their problem if
they lost everything in a fire or whatever. The investors first thought is to
protect his investment.
Mike_Summey: I recently had the roofs of 29 properties damaged by a hail
storm. Nationwide paid for all the roofs and I only had to make one $250
deductible payment on the entire loss.
Al_Lee: gabi, you can buy individual casualty insurance for each
house–that is not what I am talking about. I have one policy for ALL my hosues
Mike_Summey: Dean, my managers recommend that the tenants carry renters
insurance to protect themselves, but they make it very clear that we do not
insure any loss they may incur.
dean: I had an agent say on mobile homes my ins wont cover fire but
renters would
Jay: WOW Mike, that says it all as to the type of insurance investors
need to have!
Mike_Summey: Jay, the total loss was near $50,000.
BobCarr: Mike that’s good info
gabi: Al - Good, Can I start with one and then add the others as they
come? Will the insurance company let me do that, have a blanket insurance for
just one property so far?
denmage: Mike, is that commercial insurance like all was talking about.
denmage: like Al… sorry
Jay: Mike; omg! What kind of policy do you call that?
Al_Lee: gabi, you can buy individual casualty insurance for each
house–that is not what I am talking about. I have one policy for ALL my hosues
Al_Lee: You need some minimum number of properties to get a
"commercial" policy
Al_Lee: Some companies might require at least 5 houses. Som emight
require 50
gabi: Al - yes I got that - but I only have one so far. Do I start with
individual insurance and then later put them all under a blanket insurance or do
I get that right away and just keep addig as we get more properties?
Mike_Summey: denmage & Jay, it is a blanket policy that insures all
of my properties. The amount of coverage is based on the value of the
properties, but another nice thing about it is that each property is insured to
the full amount of the policy in the event of loss. Since the individual
properties make up only a small percentage of the entire policy, I may have a
$100,000 house insure for replacement cost up to millions of dollars.
Jay: Mike; Is there a minimum requirement for the Nationwide coverage
like you have?
Al_Lee: gabi, yes. Just keep doing what you are doing until you reach
critical mass to qualify for a commercial policy
Al_Lee: Then you will replace all the individual policies with one
dean: Mike, do you limit how many houses you have with one manager?
Mike_Summey: gabi, most companies have a minimum number required before
you can get a blanket policy.
gabi: Al - thanks, that answers my question
gabi: Mike thanks
Ray_NC: Any other thoughts on my 6 house deal?
Mike_Summey: Jay, I’m not positive, but I believe you have to have at
least 5 properties with Nationwide. Check with one of their agents.
Jay: Same here Mike & Al_Lee.
BobCarr: Mike that realy streamlines a lot of paperwork
Jay: Thanks Mike. That is excellent advise.
Mike_Summey: dean, I have over 100 with my largest manager.
Jay: Al_Lee; I look forward to meeting you and learning from you and your
group.
Al_Lee: Jay, sure thng!
Mike_Summey: dean, I use several managers. If one has problems with a
property, I move it to another one.
Al_Lee: Jay, I just had a guy named Jay join our club today, but he is
from California, so you can’t be the same guy
NCWoman: So long everyone. Thanks for all the ideas. See you next time.
Mike_Summey: pastorcortes, how is the rental market in Mexico City?
Kim-OH: night ncwoman
Mike_Summey: goodnight ncwoman
denmage: Well, I’ve gotta run folks. This was a lot of fun, but now I’ve
got a lotta work to get to. See you all soon!
Mike_Summey: goodnight denmage
Al_Lee: bye, denmage
Kim-OH: way to go denmage
Jay: Al_Lee; No, I’m not. My name is actually John. I picked Jay for
abbrev. and quick screen name.
dean: If you replace a manager will another take on 100 properties ?
Al_Lee: jay, are you sure you aren’t hiding from the law
Jay: Al_Lee; lol!! yep, no hiding out here!
Al_Lee: dean, if you offer a manager 100 new properties to manage he will
have to change his underwear
Jay: should have said "nope"
Al_Lee: Jay, gotcha!
Mike_Summey: dean, the manager with over 100 didn’t get that many by
being someone I thought I may have to replace. When I take on new managers, I
only give them a few properties and then let them earn additional ones with good
performance.
Al_Lee: dean, he wil wet himself liek my cocker spaniel when the UPS guy
comes to the door
Jay: Al_Lee; hahaha! You did. btw, how many houses do you have?
Al_Lee: Jay, I have a few dozen houses and a couple of commercial
buildings
Mike_Summey: Roger, did you die?
Jay: Al_Lee; thats nice. All rental houses?
Al_Lee: jay, I do a radio program here every Saturday called "Real
Estate & Wealth" on 990 Am at noon
Roger_Dawson: Nope, I’m still here
Mike_Summey: Just wondering.
gabi: Roger - I was just wondering if you were still here
Roger_Dawson: Somebody’s got to keep an eye on Mike
Mike_Summey: Will someone talk to Roger so he doesn’t go to sleep on us.
Al_Lee: Jay, I live in one of them.
Jay: Al_Lee; I will check you out this weekend. That is such a
coincidence, as radio was my career for more than 25-yrs. And there may be a
chance to get back into it.
gabi: Roger - Now that I’ve got a bunch of equity in my own property -
should I use that for the downpayments on others?
Al_Lee: Jay, we have to talk then.
Al_Lee: Jay, did you do music?
Jay: I really don’t want to necessarily, but its in the blood. I would
rather be a F/T investor and make my living from properties. Thats why I am
here.
Mike_Summey: Jason is asleep also.
Jason: Oh no, I’m here
Roger_Dawson: That’s correct Gabi! Leverage your rental properties first
and your home last (if you need to).
Jay: I did music and News Reporting/Anchoring. Always shyed away from TV
though.
Mike_Summey: I’m trying to get Jason interested in real estate.
Al_Lee: Jay, you have a "face for radio" then?
Jason: That’s why I’m here
Jay: More like the ‘bod’ for radio! Hahaha!
Al_Lee: Jason, i finally interested my son, Curtis, in real estate and he
has doen ver, very well
dean: Jason, How can you not be interested?
Mike_Summey: Ralph has been quite toinght also.
BobCarr: Jason I think you have a great teacher
Ralph_Roberts: quite, moi?
gabi: Roger - On my rental properties, should I not wait until the
positive cash flow is high enough to warrant a second or an euity line so that I
don’t end up with too much negative?
Al_Lee: dean, no man can be a prophet in his home town
Roger_Dawson: I spoke at t a couple of Natioanl Assn. of Broadcasters
conventions. Those people are a wild and crazy bunch!
Jason: I’m am interested, like I said, that’s why I’m here
Kim-OH: Goodnight all, see you next week, Roger enjoy your trip and y ou
will be missed next week
Al_Lee: gabi, don’e ever go negative!
Jason: I agree the teacher does a great job
Jay: Roger; I have to say I got hold of your tapes on "Power
Negotiating" years ago and really enjoyed it! Great stuff!! I still have
them, in fact.
Roger_Dawson: Thanks Kim!
mauggie: Thanks guys. i’ll be back.
Mike_Summey: I’m going to have to pull a Roger and sign off a bit early
tonight. I have an hour long radio show early in the morning and I need to get
some rest.
Ralph_Roberts: good night, Mike
Roger_Dawson: Gabi: an equity line means you don’t use it unless you need
it. So that makes sense if you don’t have the purchase in mind. If you do,
structure it the way that gets you the best deal, perhaps refinancing the rental
property you own.
Mike_Summey: Goodnight everyone. I’ll see you here next week.
BobCarr: Nite Mike, have a great week
gabi: Good night Mike
Jason: Good night
Roger_Dawson: Goodnight Mike.
Jay: Mike; thanks for being here and having this chat opportunity. I look
forward to learning more from you and all the good folks that come here.
Mike_Summey: night all
dean: night mike
Al_Lee: gabi, an equity line is usually adjustable rate interest, whcih
is soemthing to be very careful with
Roger_Dawson: I need to leave also. I’ll be in Malaysia next week. No
chat on July 4, so I’ll see you again July 11.
gabi: Bye Roger - have a good trip
Al_Lee: Folks, i need to run now. Family obligations. I have a 9-year old
looking me in the eye right now because it is past 8pm
dean: night all
Jason: Thanks all for the info, see you next week
Al_Lee: night
Ralph_Roberts: good night, Al
Jason: Bye AL
gabi: Bye Al - thanks
Ralph_Roberts: chat will be posted shortly
gabi: Good night all
Ralph_Roberts: good nite gabi
Jay: G’night all! Nice meeting you.
Ralph_Roberts: hi jay… you got here at the very end, alas 
Ralph_Roberts: but the full transcript will be posted shortly
Jay: Hi Ralph. Actually I was here about an hour. But logged back in to
say goodnight.
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