Chat 12-5-05 with Carleton Sheets
Posted on December 5, 2005
19:11:26
Susanbrigante: is the Carleton chat still at 8
eastern?
19:20:14 Mike_Summey:
Hi Susaan! Yes the chat is on for 8:00. I was just checking the
room.
19:24:58 Susanbrigante:
Mike do you remember me? I met you at Deer Vallet when I worked for
Carleton…
19:25:41 Susanbrigante:
I will be back for the Chat at 8
19:25:46
Susanbrigante: 
19:39:32
Ralph_Roberts: hi Mark
19:40:12
MarkNC: So am I early?
19:40:43
Ralph_Roberts: sorta …. I was just here pasting up some
signs for our special guest tonight.
19:40:58
MarkNC: OK I’ll be back
19:56:26
Mike_Summey: Hi Al
19:57:03
Mike_Summey: Hi JD
19:57:12
Al_Lee: Hi, Mike
19:57:17
Ralph_Roberts: greetings, gents
19:57:18
Mike_Summey: We’re a bit early, but Carleton will be along
shortly.
19:57:45 Ralph_Roberts:
I pasted up some signs for Carleton
19:57:50
Mike_Summey: I’ve been on the phone the last hour trying to
sell my airplane.
19:58:02 Johnny:
any luck?
19:58:03 Mike_Summey:
I saw those Ralph. He will be surprised.
19:58:18
Ralph_Roberts: hi David
19:58:22
DavidOro: Hi there
19:58:25
Mike_Summey: I think I may have a sale on it. This is the
Beechcraft Duke
19:58:31 Mike_Summey:
Hi David
19:58:39 Mike_Summey:
Hi Orlando
19:58:49 Mike_Summey:
Hi liopold
19:59:11 Mike_Summey:
We expect a good crowd tonight
19:59:29
Johnny: how long do these usually last, Mike?
19:59:53
leopold: Hi Mike
20:00:14
Mike_Summey: I just received an email from McGraw-Hill letting
me know that the Mindset book is now being translated into Hungarian
and Japanese and the Real Estate book is being translated into
Polish.
20:00:19 DavidOro:
Mike – I own your book. Al Lee – I own your book too. Just wanted to
let you know. I like them both. Al, was hoping to see you in SF at a
Learning Annex this past month, but it was cancelled.
20:00:30
DavidOro: Next time.
20:00:34
Mike_Summey: Johnny, we usually run for 1 – 1.5
hours.
20:00:50 Mike_Summey:
Thanks David
20:01:00 Johnny:
excellent
20:01:10 Mike_Summey:
There he is! Hi Carleton
20:01:13
Ralph_Roberts: there he is! Hi Carleton
20:01:59
Mike_Summey: Carleton, I may have sold the Duke tonight. I’m
waiting on a call back from the buyer.
20:02:03
Al_Lee: Hi, Mike, Carleton. I had to go do soemthing for a few
minutes, but am back now. What did I miss?
20:02:13
Mike_Summey: Hi jt
20:02:19
jt: hi mike
20:02:23
Mike_Summey: Hi Bob
20:02:27
Mike_Summey: nd Sandy
20:02:36
Bob_Carr: Hi Mike
20:03:04
Mike_Summey: Anyone made any deals this week.
20:03:05
sandy: Hi everyone
20:03:07
Carleton: I couldn’t find the chat box
20:03:21
Carleton: Hello everyone
20:03:28
bolt767: hi mike
20:03:29
sandy: I was the closest I’ve ever been. Still
recovering
20:04:00 leopold:
Hello Carleton, it’s great to have you in the chat room
20:04:02
Susanbrigante: made 7 K on a 1 hour deal this morning
20:04:21
Mike_Summey: Carleton, I see you found it. If you will click
on the third box from the left on the toolbar just above the message
panel it will give you the chat in a new window that you can grab the
corner of with your mouse and enlarge it to full screen. That works
better for old eyes like ours.
20:04:28
Carleton: Thanks Leopold. And congrats to my good friend
Mike
20:04:37 Mike_Summey:
Susan, that great. How’d you do it?
20:04:50
DavidOro: Al, you missed the note I had earlier to you and
Mike. I have both your books. Like them both. Was hoping to catch you
at a Learning Annex in SF in November but it was canceled. Next time.
Carlteon, I own your course too!
20:05:04
Susanbrigante: assignment
20:05:14
Carleton: Mike, the third box has musical notes in
it.
20:05:15 Al_Lee:
David,
20:05:17 Mike_Summey:
Hi lanlizer
20:05:43 Mike_Summey:
Carleton…oops! I menat the third box from the right.
20:05:43
Susanbrigante: Mike I have met you, I worked for Carleton for
4 years, Hi Carleton!!
20:06:00
Carleton: Good, David. Bought any property?
20:06:02
Mike_Summey: Hi rickct
20:06:12
Mike_Summey: Susan, where did we meet?
20:06:19
Mike_Summey: Hi Jack
20:06:33
Al_Lee: sorry about the canccellatiion. The Learning Annex
cancels the coruse if they don;t feel they have enugh preregistratins
to make money after paying my expenses. The end of the year is pretty
slim as far as seminar registratiosn go aroudn the holidays
20:06:35
JackB: Hello Mike good to speak with everyone
20:06:35
Carleton: Hi Susan. Where are you now?
20:06:37
Susanbrigante: Deer Valley, millionaire event, when I worked
for Carelton
20:06:39 DavidOro:
Well, I’m buying my first home and move in on Dec 23rd. 2006 will be
the first investment property. Shooting for 1 a year at least, but
hope to own 100
20:06:50
Susanbrigante: Still Salt Lake
20:07:04
Susanbrigante: I was sad I didnt get to see you in Naples in
October
20:07:14 Mike_Summey:
Susan, that was a very nice event.
20:07:17
Susanbrigante: But I understand I had students there
20:07:18
DavidOro: No worries, Al. I’ll catch you next time.
20:07:20
Carleton: Excellent, David.
20:07:51
Carleton: And Susan, I think I remember. Me too re:
Naples
20:07:56 Mike_Summey:
Susan, one day Carleton might invite me back for another
event.
20:08:15 Susanbrigante:
You remember me, I am the red head
20:08:20
Mike_Summey: Yes
20:08:31
Carleton: Yes, absolutely now.
20:08:51
Susanbrigante: and I met your friend you worked with at Buns
on a plane….
20:08:58 Carleton:
Hello Rob
20:09:18 Mike_Summey:
You guys & gals have Carleton here, you’d better start asking him
the questions you want answered or we will run out of time.
20:09:28
Mike_Summey: Hi Rob
20:09:32
Mike_Summey: Hi Penny
20:09:42
Al_Lee: I just got back form Vegas thsi afternoon. A builder
called me with a deal. he thought it was sold, but his sale fell
through. House is brand new, leased for 1200 (section 
and will
definitely appraise for more than the $102k total price. Need very
fast sale, though. Anyone wants it, it’s yours. I am planning to by a
few dozen hosues from same builder in 2006
20:09:42
Susanbrigante: what do you think of the Real estate market in
Lousiana
20:09:49 Penny: Hi
Mike!
20:09:59 Carleton: Sure.
Bob. You’ve got a great memory.
20:10:07
Mike_Summey: Hi busdriver
20:10:21
Carleton: What ppart of LA?
20:10:29
Susanbrigante: Lake Charles
20:10:41
Carleton: Uh…………….
20:10:45
lanlizer: Carleton-would having a RE license in Tenn. be a
benefit for a Re investor?
20:10:47
jt: carleton — what do you see happening out there in 2006
with interest rates? Will we finally be able to start raising
rents?
20:10:47 Mike_Summey:
Hi Dean
20:10:49 leopold:
Carleton, What’s your opinion on Condos and Townhomes as investment
properties?
20:11:09 Dean-nc:
Hi Mike and everyone
20:11:16
DavidOro: Now that they are in the same room, I have a
question for Mike re: Carleton. Mike, did you really begin your real
estate investing career with Carleton’s course? If so, you must be
his most successful student. I know you wrote in the book, but I
kinda want to hear it from the horse’s mouth.
20:11:28
JackB: Carleton, What do do think of the St. Louis Market? I
have alot of east and west coast investors are starting to look in
the midwest
20:11:28 Al_Lee:
Carleton, I’d love to hear your take on the hoa’ for condos.
20:12:26
Al_Lee: H O A’s
20:12:38
Mike_Summey: David, I started investing before I got
Carleton’s course, but it was the tool that really kick started my
investing career. the course is very solid and has a lot of different
ways to make money with real estate.
20:12:55
Carleton: I can’t see where having a license is a hinderance.
Only drawback is disclosure. I think interest rates will top out at
about 6.5-7% for 30 year mtgs. then demand for rentals will increase.
Rents twill probably go up then….next 12-18 months.
20:13:08
DavidOro: Yes, all kinds of good info in there, Mike.
Thanks.
20:13:44 Carleton: I
own about 25% of one condo development and am having a problem with
their management. Am just starting to get in the middle of it as we
speak.
20:13:45 bolt767: mike,
do you invest primarily in the carolinas ??
20:13:46
Susanbrigante: I agree, It helps people eliminate most of the
mistakes that beginning investors make by analysing properties prior
to purchase properly
20:13:53
Mike_Summey: I’m already seeing the rental market firm up in
the Asheville, NC area. We are raising rents for the first time is a
couple of years.
20:14:00
Susanbrigante: and throughly
20:14:06
Rob_FL: Carleton, I too am in FL. What types of properties do
you look for? i.e. how old, within what price range, etc.?
20:14:27
Carleton: Basically, I have no problem with townhouses and
condos. I discuss these at great length in my course…things to look
for and beware of.
20:14:28 bolt767:
<<<< florida also
20:14:33
Mike_Summey: bolt, yes! All of my investments are in North &
south Carolina. I don’t like to get too far from home.
20:15:21
Johnny: Carleton, all the major networks are talking about the
RE bubble? Will it burst? Or only in certain areas (Ex. California,
Connecticut, etc.)
20:15:35 Carleton:
Rob and Bolt, what part of FL?
20:15:42
Rob_FL: I am in Jacksonville
20:15:48
Dean-nc: Mike, as far as maintenance, do you prefer oil, gas
,or heat pumps for heat?
20:15:52
DavidOro: I live in California, the expensive Bay Area, people
I talk to who are trying to sell properties are holding it for much
longer. And for the first time in recent memory, I walked into open
houses where real estate agents actually had to sell the place. They
showed me everything and talked up a good game. Just this past summer
they were handing out leaflets and not giving tours and telling
people deadline for offers were on XX date. Market has
changed.
20:15:53 bolt767:
mike, just wondering, i was stationed in fayetteville for a few years
and i would like to get out that way again, so i’ve wondered about
the market
20:15:59 bolt767:
carleton, i’m in orlando
20:16:01
Rob_FL: I think it is an awesome market…lots of competition
though 
20:16:09 Mike_Summey:
Johnny, have you read the article I posted on this website titled
“When the Bubble Bursts, Deals will Blossom”?
20:16:29
leopold: Mike, what about Myrtle Beach, I was ther recently
and was quite surprised with the volume of homes that are being
built, is the market saturated, or is there still
opportunities?
20:16:40 Johnny:
No…I’ll check it out Mike…what is the gist?
20:16:45
DavidOro: Mike I read that Bubble Blossom article. Good
One.
20:16:46 Mike_Summey:
Dean, I prefer heat pumps or natural gas.
20:17:16
Johnny: nevermind…I can tell by the title….
20:17:22
Mike_Summey: David, I think you will see much more of that in
the coming months.
20:17:33 DavidOro:
I concur.
20:17:51 Carleton: I
know that Mike believes we’re going to have a nationwide bubble.
Until I read his convincing article, I believed it was going to be
regional…primarily west coast and the Washington to Boston
corridor. Now, I don’t know what to believe
20:18:03
Susanbrigante: and if we invest smart, we can make money
picking up the pieces for investors who tried thier hand, without the
proper tools
20:18:34 Mike_Summey:
leopold, I’m not familiar enough with Myrtle Beach to comment, but if
you follow the advice in The Weekend Millionaire’s Secrets to
Investing in Real Estate, you won’t get hurt.
20:18:47
Carleton: Absolutely,
20:18:50
Susanbrigante: cfa, proper evaluation and multiple exit
strategies
20:18:57 Mike_Summey:
Hi Ryan
20:19:27 bolt767:
carleton, i’m reading a book on condos that says one thing to be
careful of with condos is make check out the condo associations
financial status before you buy from them
20:19:49
Carleton: …Susan. Someone asked me what kind of properties I
prefer. It doesn’t matter as long as they make economic sense. I have
even invested in two businesses this year.
20:19:56
jt: carelton — i think the toolkit mike recommended is great.
use it regularly. could you talk a little about the challenges that
face an investor such as myself with 10 properties who finds it
difficult to finance any more. is lease option now the best way for
me to go?
20:20:33 DavidOro:
What’s going to kill the market in California is people coming out of
Option arms, especially those who used Option arms to buy investment
property. They bought houses and paid the lowest payment because
price appreciation alone made them money. When price appreciation
slows (as it is now), that’s when it will get ugly for them, and good
for me, I hope.
20:20:35
Susanbrigante: I agree Carleton
20:20:55
Susanbrigante: and neg- am loans
20:20:59
Susanbrigante: CA
20:21:31
Carleton: Very true Bolt. And if the condo assoc is still
under the control of the developer, that’s very hard to do. there are
so many condo conversions here it’s causing a shortage of rental
units.
20:21:53 Mike_Summey:
The exotic financing package that lenders have created in the past
few years are going to get a lot of people in trouble.
20:21:57
Susanbrigante: I dont look for specific types of properties, I
know my area well, and let the bottom line speak for itself
20:22:00
leopold: The problem that I have with Condos is the POA and
the property management fee, I live in NJ and I’m currently looking
at a few opportunities in South Carolina but the aforemention will
drastically cut into my bottom-line. What do you think?
20:22:04
DavidOro: Option ARM has the neg-am payment. Brokers out here
sell them like crazy to anyone. Anticipating higher interest rates, I
bought my home with a 30year fixed with a 10 year interest only.
Option Arm scared me.
20:22:26
Carleton: And Mike, these packages are even hard to decipher
even with experience.
20:22:42
DavidOro: Mike, are the majority of your investment loans 30
year fixed?
20:22:47 Susanbrigante:
and some people close, not knowing what they have gotten
into
20:23:04 bolt767:
carleton, on the cover of the orlando sentinel, friday, the front
page, is title “condo crazy orlando” good luck finding an
aparment, discussing these conversions
20:23:04
Mike_Summey: David, almost all of my financing is 15 year
term.
20:23:27 Rob_FL: Mike,
how much down payment do you put with the 15-year term? 20% all
cash???
20:23:39 DavidOro:
wow, mike. you must defintely be finding good deals if you’re using
the NOI technique in your book.
20:24:00
DavidOro: I can’t get a NOI to work on a 40 year loan here in
California
20:24:18 Carleton:
…or Mike, making a lot of offers, huh?
20:24:28
Mike_Summey: I’ve been at this a long time as has Carleton.
I’ve found that when the market is red hot I’m better off investing
in my own properties…solving my own problems. When the market turns
and people start getting in trouble I will solve their
problems.
20:24:38 DavidOro: A
$350k house in Sacramento only rents out at $1500/month. and that’s
Mmax!
20:24:50 Carleton:
David, I believe it. Things will get better this year for you, I’m
sure.
20:25:11 Susanbrigante:
thats why you have to look for motivated sellers
20:25:26
DavidOro: And as you know, the $350k debt service is more than
the rental income.
20:25:34 Carleton:
…and there will be more and more of them
20:25:36
sandy: $1500 is a 1 or 2 bedroom apt. in Long Beach
20:25:41
Al_Lee: DavidOro, Everythign we buy here in Texas rents for at
least 1% of pruchase price per month. Many for more. That includes
brand new houses from builders.
20:25:42
Orlando: Carlton, do you think that it is better to buy and
flip a property for quick profit or to buy and hold with real estate
prices at their peaks?
20:25:53
Susanbrigante: everyone should be using forms like the one
Carleton has in the Real Estate tool kit
20:26:08
Mike_Summey: Rob & David, I just keep making offers that
will work with 15 year financing and only buy the ones that get
accepted. I realize I’m probably passing up a lot of deals that other
would make, but I’m at the stage in life where I don’t have to
stretch myself to make a deal work. I’ll be just fine if I never buy
another property.
20:26:19 bolt767:
carleton, if there is a shortage of apartments, that could be good
for investors ?? because people are being forced to move from their
apartments because of these condo conversions
20:26:32
Johnny: I always use the forms that are in Carleton’s No Down
Payment Real Estate Forms Portfolio
20:26:39
Carleton: Orlando, I believe in buying and holding. Mike has
taught me well. (Wink)
20:27:02
DavidOro: Mike, then earlier in your career were you doing 30
year loans? Al Lee suggests it in his book.
20:27:07
Carleton: Al, I think you have the best investment market in
America,
20:27:07 Dean-nc:
Mike, one local investor thinks Asheville will get expensive like
California. What do you think about that?
20:27:37
Mike_Summey: Hi JS
20:27:57
Mike_Summey: David, yes earlier in my career I had several 30
year loans.
20:28:14 Al_Lee:
Carleton, That is exactly what I think and I’be been preaching that
for a long tme. The hardes tpeopel to convince are Texans. They take
all this “gold” for granted. Don’T appreciate IT.
20:28:32
Susanbrigante: Use the Cash flow analysis even if you are not
intending to use as a rental, who knows the person you sell to may
intend to rent it out
20:28:42
Mike_Summey: Dean, it alread has gotten expensive compared to
past years. I’ve seen this happen before and I feel sure we are in
for a correction.
20:28:50
Susanbrigante: or it may give you a plan “b”
20:29:04
bolt767: carleton, you have property in texas also right
??
20:29:18 leopold: Carleton,
I live in NJ and I’m looking at a few Condos on a golf course in
South Carolina, the problem is the POA and the property management
fees, in there a way to get around this cost?
20:29:38
Carleton: Amazing, Al. I relate to that. In Port ST. Lucie Fl,
just 20 or so miles from where I invest, you literally could not give
away a lot for $5,000 in 2000. Now they are $80-100,000.
20:30:20
Susanbrigante: I had a student who was buying and selling
jumbo repos in Roselle Park NJ, dont forget to look in your own
backyard
20:30:26 DavidOro:
Al, Carleton – So I live in CA and want to invest in Texas, and I
know there are good deals there, but Mike advises we stick close to
home, but CA has no good deals, at least not now. Is Texas the way if
I can get the economics to work, depsite not living there.
20:30:30
Al_Lee: Values for lots near the donwtown area are soaring,
but still cheap compared to most parts of the US
20:30:40
jt: carleton– how much time do you devote these days to your
own hands-on investing, vs. teaching the rest of us?
20:30:41
Mike_Summey: Carleton, that’s because there are only 6
left…the rest were blown out to sea by 3 hurricanes.
20:31:15
Carleton: Leopold, I don’t know what your problems are with
the condo assoc and the POA so hard to comment.
20:31:51
Carleton: Al, I’ll give you a call, hopefull this week but I
really am jammed. We’ll do one soon tho. Thanks for asking
me.
20:32:34 Mike_Summey:
David, my first recommendation is to invest close to home, but if you
can’t be successful then concentrate in another area. What you don’t
want are properties scattered all around the country. Keeping you
investments in close proximity to each other (a 10 mile radius or so)
allows you to ride by all of them in a relative short period of
time.
20:33:07 leopold: When I
factor in the rent then the POA and the management fees, it makes it
very difficult to realize a profit, am I missing something?
20:33:12
JS: mike, doesn’t that also put all your eggs in one
basket?
20:33:16 Al_Lee:
Carleton, that is great.. I know we will have a great show.
20:33:26
Mike_Summey: Hi slaurain
20:33:38
Carleton: It certainly is best to invest within 15 miles of
you home. But say you live in Orange County, you may have to go to
Apple Valley or Hemit to invest. That’s not much different in a way,
than investing in Houston.
20:33:44
Rob_FL: Al, with your Rent_ROI.xls file, do you base your
decision to buy or not to buy from the NOI and ROI strictly?
20:34:24
bolt767: i’m from anaheim california originally, my mother
lives in laguna beach, i know its expensive out there
20:34:25
DavidOro: Thanks, Al. It’s good to know that stat you shared.
I’ve been to that site. You’re on my list to contact in 2006. I have
to move into my first home the end of this month, but you’ll hear
from me.
20:34:35 Al_Lee: Rob,
ROI is the key to everything. It factors in all expenses, including
debt service and that is what you are really looking for-Return on
Investment.
20:34:39 Mike_Summey:
JS, not necessarily. I’m not talking about buying just in one or two
neighborhoods. My investment portfolio is widely scattered, yet all
located in one geographic area.
20:35:18
Rob_FL: Al, so when you make your offers, you simply vary the
“price you pay” field and what the ROI change in the
spreadsheet?
20:35:19 Carleton:
Leopold, you’re not missing anything. If it doesn’t work it doesn’t
work. Maybe the answer is a lease option to a tenant…charge a high
rent with a large monthly credit to make it attractive.
20:35:52
Al_Lee: I have lined up some fabulous commercial financing for
our club members that gives great roi.s because of very low costs adn
good terms.
20:36:23 Al_Lee:
Rob, you can vary the price and you can vary the financing. Both have
a direct effect on roi.
20:36:42
Al_Lee: A good deal must include a good price and good
financing
20:36:48 Johnny:
Carleton, do you invest in many commercial properties? (business type
vs. 4 unit plus commercial?)
20:37:27
Al_Lee: One more thing-never use adjustable rate financing or
balloon notes. They can eaxily wipe out a new investor in a hurry and
can give an old investor premature grey hear, too.
20:38:21
Carleton: Johnny, I am an ivestor in three large commercail
properties, totaling over 300,000 square feet. I am a minority owner
but they’ve been very good to me (the properties).
20:38:45
DavidOro: Al, on your site you ran all the numbers on the
properties you listed already. Very snazzy.
20:38:48
Carleton: Good advice al.
20:38:56
Carleton: Al
20:39:10 Al_Lee:
Rob, I never pay above market (comparables), of course. I soemtimes
pay below market, but will also pay full market price if the property
will postiive cash flow. That is what makes the real
diffierence
20:39:23 Al_Lee:
Carleton, did you ring?
20:39:34
Mike_Summey: Al, I do a lot of financing that has a fixed
payment-floating rate. The payemtn is set based on 1 – 1 1/2% above
the actual rate so the payment remains the same even as the rate goes
up and down. I’ve used this type financing very successfully over the
years.
20:39:38 Al_Lee: David,
we try to make it easy for you
20:39:45
Carleton: Just corrected my punctuation.
20:39:47
DavidOro: Agree, Al. My dad has a rental property using an
Option arm. We would have been better with a fixed. Fortunately,
we’re stil ahead but we’ll be refi’ing to a fixed.
20:39:50
JackB: Al lee what is your web site?
20:40:38
Al_Lee: Jack, ther eare three of them
www.TurnkeyInvestments.net, www.RentHouses.org,
www.myRentPreoperty.com. They all link to one another, of
course
20:41:24 Mike_Summey:
Carleton, did you notice that Ralph put your No Down Payment Course
and Toolkit on the chat screen?
20:41:26
Al_Lee: Mike, I don’t put you in the ordinary guy category,
You are exceptional.
20:42:02 Al_Lee:
We po folk can’t add any more risk than is absolutely
necessary
20:42:27 Carleton: I
sure did not. Thanks Ralph. And thanks for your good work with my
friends here in Stuart!
20:42:29
Al_Lee: Jack, I spelled one of them wrong it is
www.myRentProperty.com
20:42:34
Mike_Summey: Al, that type financing is something very few
bankers know about or will recommend if they do. As far as I know, it
is something I started here over 25 years ago and gradually trained
my bankers.
20:42:49 Mike_Summey:
Hi jfsislo
20:42:57 JackB:
Mike, I am hveing a hard time finding rental property in st. louis. I
think it the St. Louis is a hot investor market right now.
20:43:06
Al_Lee: Mike, proving my point that you are an exceptinal guy
20:43:29 Al_Lee:
exceptional
20:44:06 Mike_Summey:
Al is good at blowing smoke, isn’t he?
20:44:11
Carleton:
20:44:39
Carleton: Just gettin used to all these symbols. Am I dating
myself?
20:44:55 Susanbrigante:
And Carleton as well…. mike to you remember the story you told
about Carleton taking house guests through the Burger King drive
through in his Rolls Royce…….Incredible, humble normal
guys!!
20:45:10 Al_Lee:
Carleton, only in California do folks date themselves
20:45:14
JFSislo: Hi Mike! Do you know if the updated No Down Payment
program has web address as part of the program?
20:45:20
Mike_Summey: Jack, there are deals in all markets. They are
harder to find in the red hot markets, but they are there. If you
don’t want to look further out from your area, just be patient and
let the market come to you. I’ve been through 3-4 of these cycles and
I can tell you it will come back to you.
20:45:26
Carleton: If St. Louis is hot, that’s new. Make sure you
explore the entire market there.
20:45:56
Dean-nc: Pain meds kicking in… goodnight all and thank you
Mike and Carleton
20:46:18 JackB:
I hear that alot of investors from east and west coast are looking
and buying here.
20:46:19
Mike_Summey: Carleton, click on the first box on the left of
the toolbar and put your text in dark blue or dark green. Tah way we
can spot your answers easier.
20:46:28
jt: mike – what % of your properties do you own outright and
how many do you still have notes on?
20:46:32
Susanbrigante: www.carletonsheets.com
20:46:54
Carleton: Done
20:47:07
Carleton: But not good enuf
20:47:09
Mike_Summey: jt, I own about 70% of my properties free and
clear. It took a long time to do it though.
20:47:20
Johnny: Carleton, any plans on doing seminars again? I’d love
to learn from you 1on 1
20:47:25
Carleton: Try again
20:48:23
bolt767: mike, i’m sure that took time, but you said you do 15
year mortgages right ?? i am sure that helps
20:48:33
jt: mike what are your thoughts on how soon to pay off a
property vs. using the cash to acquire more…is there an ideal
balance there?
20:48:33 Carleton:
Johnney, funny you should ask. We started just a month ago…a three
day program that includes a one day bus trip into the field. Being
well received.
20:48:59 DavidOro:
Carleton, did you recently do that in the Bay Area? I saw an add in
the paper, but it was for that day and missed it.
20:49:17
JackB: Carleton, where is the seminar and how much is
it?
20:49:19 Carleton: Yes,
David.
20:49:37 Johnny: Thanks
Carleton….I just looked on www.carletonsheets.com for info on the
seminar! I can’t wait for it to be in my area
20:49:40
Mike_Summey: bolt, 15 year financing definately helps if your
goal is to get the properties paid off. I’ve found that the cash flow
increases dramatically when the mortgage is paid off.
20:49:44
Mike_Summey: mebrown
20:49:58
JD: Thats a Robert Allen thing
20:50:15
DavidOro: Carleton, what were your thoughts on the Bay Area
and what types of questions did you field here? also, any feedback on
what folks said about your course?
20:50:31
bolt767: mike, i bet it does increase, i read some about this
in my book on condos, sounds worth looking into
20:50:44
DavidOro: I ask because the Bay Area is such a freak in real
estate. It’s ridiculous here.
20:50:47
Carleton: Jack, it’s about $2950 unless you own my course, the
$2450 BUT…if you have not made the tuition back in 6 months, it’s
refunded. Plus, you can attend quarterly conferences at no charge
where I’ll be attending also.
20:51:00
Susanbrigante: and for
JFSislo…..www.millionaireelite.com
20:51:22
JackB: Where is it?
20:51:25
bolt767: carleton, what quarterly conferences do you have
planned ??
20:52:02 Mike_Summey:
Carleton, I’m having lunch at your company’s office in chicago
tomorrow.
20:52:16 Mike_Summey:
Anything you want me to pass on to them?
20:52:38
Susanbrigante: tell them I said hello….. LOL
20:52:48
Mike_Summey: Will do Susan
20:52:57
Johnny: Jack….I just saw info on the seminars at
http://www.carletonsheets.com/real-estate-investing/free-investing-program.php
20:53:03
jt: carleton you mentioned you had started two businesses this
year. could you share with us what they are?
20:53:03
Susanbrigante:
20:53:12
JackB: Thank You
20:53:17
Johnny: they are called Real Profits Live Training
20:53:23
Carleton: Just say “hello” to everyong. Yes, Susan,
it’s best to go to my websites www.millionaireelite.com or
www.carletonsheets.com.
20:53:29
Carleton: Thanks
20:53:54
Susanbrigante: anytime….
20:54:15
Carleton: The next quarterly conference is scheduled for
Phoenix, I bleieve. sometime in April
20:54:50
DaveO: hello there
20:55:16
Carleton: JT, they are existing businesses that I bought in
to. Applied the same analysis that I would have to a piece of real
estate.
20:55:48 Mike_Summey:
I made an unusual offer last week. I offerred the 4 heirs of an
estate property three separate ways to buy each’s one fourth interest
in the property. (1) All cash (2) Part cash, par owner financing (3)
All owner financing. Haven’t heard back yet, but the offers are
contingent on all 4 of them accepting one of the options.
20:55:58
Mike_Summey: Hi Dave
20:56:02
Johnny: Carleton, do you ever catch yourself flipping through
the TV and watching yourself on your infomercial?
20:56:35
Carleton: I see that Penny has joined. Hello my
friend!
20:57:12 Mike_Summey:
Carleton, she’s been sitting there all evening wondering why you
wouldn’t talk to her.
20:57:24
Carleton: I hate to admit this but I don’t watch TV. I’ll bet
less that 3 hours a month.
20:57:27
Penny: Hi Carleton. I’ve been observing since beginning. So
glad you joined tonight.
20:58:30
Penny: Carleton don’t pay any attention to Mikey, I snuck in
early. Usually all I do is observe anyway. I’m kind of quiet that
way
20:58:50 Mike_Summey: Shy
is the word!
20:59:03 Carleton:
Susanbrigante, you’ve always been special to me. So glad you joined
tonight…and keep up the excellent work.
20:59:08
Penny: shy in most instances, yes
20:59:26
Susanbrigante: I know, I am sad I dont get to see you any
more
20:59:26 JFSislo:
Carleton, I’m sorry I didn’t make myself clear…..Does this newer
looking Nothing Down Course give web address as references for the
new investor? I browsed through the program from 2002 (with the blue
cover) and it seemed pre www
20:59:35
Johnny: Susan I saw before you said you work for
Carleton…what do you do?
20:59:45
Susanbrigante: I coached for him for 4 years
20:59:55
Johnny: no longer though?
20:59:57
DavidOro: Mike, do you often invest in foreclosed proprerties?
i.e. you go down to the court house for an auction?
21:00:12
Susanbrigante: investing full time now
21:00:22
Susanbrigante: He is incredible though
21:00:31
Susanbrigante: I would go back anytime
21:00:41
Mike_Summey: David, I’ve bought many foreclosed properties,
but most of the time I’ve bought them from the banks after they got
them in foreclosure.
21:00:44 Johnny:
Is the Carleton No Down Payment coaching worth while?
21:00:53
DavidOro: Susan, if you don’t mind sharing, you coached
Carleton on what?
21:01:10 JD:
LOL
21:01:12 Susanbrigante: I
Coached FOR him
21:01:18 DavidOro:
Ah
21:01:27 bolt767: mike, the
foreclosed properties have been worthwhile investments, havent they
??
21:01:27 Susanbrigante:
worked for PEI coaching NDP students
21:01:59
Susanbrigante: great program
21:02:04
DavidOro: Mike, you came across the foreclosed properties
because of your relationships with the banks, that is they told you
first>?
21:02:05 Johnny:
JFSislo…I have the new course and it has many websites
21:02:25
Mike_Summey: bolt, believe it or not, I’ve never bought a
property that wasn’t profitable. I’m a pretty conservative investor,
but I have a ton of patience…it really pays off in the long
run.
21:03:23 Mike_Summey:
David, many of the foreclosures I’ve purchased were because the banks
called me; however, I have bought several that I found on my
own.
21:03:31 Mike_Summey: Hi
Lou
21:03:39 lou: hello
mike
21:03:41 Penny: signing
out of chat now, Carleton thanks for chat and tell your lovely wife
hello from me. Goodnight Mike and all.
21:03:45
DavidOro: Thanks, Mike. I need to get the banks to call me.
I’ll get there one day.
21:03:47
Carleton: This has been awonderful experience and I thank alll
of you for making it that way. The only thing worse than a negative
cash flow is a wife yelling that dinner is ready. Thanks again and
Mike, fly carefully!!!
21:03:52
Mike_Summey: Goodnight Penny
21:03:54
bolt767: mike, well, patience is the key
21:03:57
Penny: see all next week.
21:04:00
Susanbrigante: take care Carleton
21:04:11
Carleton: You too!
21:04:17
Mike_Summey: Let’s all tahnk carleton for joining us
tonight
21:04:22 Johnny: Thank
you Carleton for your time and your wonderful course…I recommend it
to everyone!
21:04:25 DavidOro:
thanks carleton!
21:04:27
Mike_Summey: be back with us again next week.
21:04:33
DaveO: Thanks, Carleton
21:04:40
Mike_Summey: ally appreciate you Carleton.
21:04:41
jt: thanks carleton
21:04:42
mebrown: Thanks!
21:04:43
JFSislo: Thanks for sharing!
21:04:53
bolt767: or a wife yelling at all 
21:04:55
Al_Lee: Godo night, Carleton.
21:04:56
Susanbrigante: You all are great!
21:05:02
Al_Lee: I need to run, too.
21:05:06
Al_Lee: Godonight everyone
21:05:14
Al_Lee: Goodnight
21:05:15
Mike_Summey: Be sure to tell all your friends to join us next
week.
21:05:17 lou: good
night.
21:05:19 Johnny:
www.carletonsheets.com!
21:05:33
Mike_Summey: merritt933, you’re late
21:05:54
bolt767: goodnight mike
21:05:58
Mike_Summey: merritt join us again next Monday at 8:00 PM
Eastern
21:06:00 Susanbrigante:
thanks Mike, If you dont mind, pass my Email address to Carleton will
ya?
21:06:13 Mike_Summey:
Susan, do I have it?
21:06:20
merritt933: I’ll join next week
21:06:28
Susanbrigante: yes, I am registered on your site
21:06:51
merritt933: had some computer problems logging on
tonight
21:07:05 Mike_Summey:
Susan, why don’t you email it to me so I don’t have to hunt for it.
Mike@weekendmillionaire.com
21:07:24
Susanbrigante: ok
21:07:27
Mike_Summey: Susan, it was great having you with us tonight.
Will you join us next week as well?
21:07:33
Susanbrigante: sure
21:08:04
Mike_Summey: Goodnight all. Have a great week and I’ll see you
next Monday.
21:11:45 Theo_SC:
hi Mike
21:12:12 Theo_SC:
missed tonight chat
21:12:21 Theo_SC:
was it good?
21:13:28 Theo_SC:
ye
21:29:17 BozoB:
hello?
21:29:52 BozoB: did I
miss the chat already?
21:30:10
BozoB: I thought it was at 5pm Pacific time?
» Filed Under Chat Transcripts
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