Chat 12-12-05, Also Featuring Carleton Sheets!
Posted on December 13, 2005
20:00:47 Carleton: Hello Mike and everyone
20:01:03 justin: hi
20:01:13 Al_Lee: Heloo, Carleton
20:01:18 Carleton: Hello Al.
20:01:27 Al_Lee: We beat Mike here!
20:01:30 MarkNC: Hi everyone
20:01:37 ritchie: Hi Everyone
20:02:03 Al_Lee: Hi, Mike
20:02:17 MarkNC: HI Mike
20:02:28 Mike_Summey: Hello everyone! Sorry I’m late.
20:02:32 elbaC: hello everyone.
20:02:35 Mike_Summey: Food calls!
20:02:55 Carleton: Al, I know one of the benefits of chat rooms like this, are the networking opportunities. Question: I have a friend with a two bedroom condo for sale in Houston. Looks to me like a good investment. Do you have a club there, that he can contact to try and sell the property?
20:03:13 Mike_Summey: ritchie, I got your Beta Tester Agreement. We’ll be ready to start on it shortly.
20:03:19 ritchie: oh, great
20:03:25 ritchie: I can’t wait
20:03:40 Mike_Summey: Hi Bob
20:03:43 Bob_Carr: Hi Mike
20:03:43 MarkNC: What are you Beta testing Mike?
20:04:08 ritchie: Sorry I missed last week, had other commitments
20:04:17 ritchie: Looks like it was a busy chat
20:04:23 Mike_Summey: Mark, we’re testing the Offer Generator Program. It is expected to be ready next month.
20:04:25 Al_Lee: Carleton, I have investors from all over who buy properties in Texas. If you can send me the details I will post it on the website and we can see what happens.
20:04:25 Carleton: The market here in south eastern Florida has really cooled. Are any of you experiencing the same thing?
20:05:01 MarkNC: Great I’ve been looking forward to seeing that
20:05:04 Carleton: Great Al. Thanks so much.
20:05:19 Mike_Summey: Carleton, did you get the email I sent you about the developer who is willing to pay the 1st 12 monts of payments, association dues and taxes for anyone willing to buy one of his units?
20:05:24 elbaC: Al is rigth.Im one of them.
20:05:26 Mike_Summey: Hi Penny
20:05:39 Penny: Hi Mike
20:06:01 Carleton: Hello Elba. How’s it going so far??
20:06:07 Al_Lee: elbaC, maybe you will buy Carleton’s friend’s house ???
20:06:50 elbaC: It’s going great first offer accepted. closing on Han 15th.
20:07:04 Carleton: I sure did, Mike. You talk about prima facie evidence….
20:07:06 elbaC: January 15th
20:07:22 Carleton: Elba, I’m so happy for you. Where are you located?
20:07:28 ritchie: Carleton, in my market, the housing prices have risen while rents have fallen. It seems nearly impossible to buy a house with no money down, or even 10% down, and get cash flow. Do you hear that often?
20:07:33 elbaC: NYC
20:08:02 MarkNC: Well, today is my anniversary and my wife got home and thinks I should be doing something other than chatting on the internet. Even with you all. I’ll have to catch the rest on the transcript.
20:08:08 Mike_Summey: Hi shoji
20:08:29 Carleton: I sure do in some areas Ritchie. You have to try and overcome that problem with terms. Where are you located?
20:08:30 elbaC: Al lee is so pationate about TX. we had to check it out.
20:08:47 ritchie: Carleton, I’m in the Raleigh, NC area.
20:08:49 Mike_Summey: It seems that the chat reminder I sent out today did not go to a lot of AOL members.
20:09:03 Al_Lee: elba, I am passionate about profits!
20:09:25 elbaC: I hear you.
20:09:57 Carleton: Ritchie, I know or at least “knew” about Raleigh. Lived in North Hills for 4 years but that was some time ago.
20:09:58 Mike_Summey: elba, I called Al during his radio show on Sunday to wish him a Happy Birthday (60th…shushhhh!) and we ended up talking throughout the whole show.
20:10:04 shoji: Hi Mike, I’m still trying to get my bearings here.
20:10:21 ritchie: Carleton, the other thing I’ve been told, is that banks don’t want to lend money on a zero down deal. They want to see you have some “skin in the game”. Is that true? For example, if the seller finances 20% and you want 80% from conventional financing?
20:10:24 Mike_Summey: A lof of what Al & I talked about was how great the Texas market is for investor right now.
20:10:45 Mike_Summey: shoji, we’re all friendly, so just jump in any time.
20:10:45 elbaC: I did hear part of your show Al. It was very nice this past weekend.
20:11:15 Al_Lee: Mike is a terrific guest for a radio show because he knows a lot and likes to talk about it. That is what we look for in a radio guest!
20:11:29 Mike_Summey: A loud mouth!
20:11:44 elbaC: Hope Carleton could join soon, Al.
20:11:47 Al_Lee: Mike, we also talked about interest rates moving upward. They definitely are.
20:12:10 Carleton: Ritchie, many banks are indeed that way but on the otherhand there are lenders out there who will loan with zero down. If you’re having trouble with some banks, see if they will hold a first mortgge for 80% and a second mortgage for 20%
20:12:14 Mike_Summey: And as the rates move up, more and more deals appear.
20:12:15 lou: hello
20:12:31 Al_Lee: Do you suppose that Carleton would be a good guest on a radio show about rel estate investing?
20:12:35 Mike_Summey: Hi lou, welcome to the chat.
20:12:57 Al_Lee: Mike, and more and more people who might have bought will remain tenants.
20:12:58 shoji: Thank you Mike for the friendly welcome
20:13:15 lou: thank you, Mike. Hi Carleton.
20:13:24 Mike_Summey: shoji, you’re welcome! Any questions fo us?
20:13:26 ritchie: Al, where can we get info about this radio show? What markets are you heard in?
20:13:52 Mike_Summey: Al is world famous! All you have to do is listen via the Internet.
20:14:30 Al_Lee: ritchie, we are in Dallas/Fort Worth, but webcast nationwide. Go to www.RentHouses.org and just click the scrolling link at the top of the page every Sunday at 2pm Central (3pm Eastern, 12n Pacific)
20:15:05 Al_Lee: I’ve even had big names like ROger Dawson on the show !!!
20:15:21 Mike_Summey: ritchie, who knows, I may call in again and take over the show! Al wasn’t expecting me this past week.
20:16:05 Mike_Summey: Carleton, you should call Al next week and take over the show. He does a great job of getting out of the way and letting you do it.
20:16:10 elbaC: Don’t take over his show. Have one right after his.
20:16:10 Carleton: Elba, that hasn’t come up before that I know about. My thought (if it was happening to me) would be to call the manager of the coaching department and talk to him or her. Call the PEI coaching number and ask to talk to Jen Shah (Shay) and tell her I told you to call. Ask her who to talk to.
20:16:49 Al_Lee: Mike, that is because youmake my job easy. I just ask one leading question and sit back and sip coffee.
20:16:55 ritchie: Mike, Al, hmm. Looks like we can still listen to previous broadcasts.
20:17:44 Carleton: Al, I will call you soon, but it seems like I have guests every weekend, or at least until the end of the year.
20:17:53 ahinspections: I am just getting the hang of this chat room concept. Loks like I should have a shorter user name- you can call me Stretch.
20:18:04 Mike_Summey: I wonder if my chat reminder got out okay tonight. It seems that a lot of people did not get it…especially those on aol.
20:18:25 Mike_Summey: Hi stretch! Welcome to the chat.
20:18:41 ritchie: Mike, I’m on road runner, and did not get it.
20:19:03 elbaC: welcome stretch.
20:19:12 Mike_Summey: I have 2 AOL screen names. I got it on one and not on the other.
20:19:22 Mike_Summey: Hi dave
20:19:54 Al_Lee: Carleton, just email me and let me know when you are available and I will schedule around your schedule.
20:19:55 Mike_Summey: Penny is being quiet tonight!
20:19:59 DaveNRichmond: Hi Mike.
20:20:02 Carleton: Mike, I’ve been gone all day so just checked my mailbox and did not get your notice.
20:20:11 Penny: as usual, just observing
20:20:13 Carleton: Hi Penny
20:20:20 Penny: Hi Carleton
20:20:32 DaveNRichmond: The Bust is coming. run for your lives. Heard that again today at work.
20:20:41 Mike_Summey: Ralph switched the website to a new T1 line this week. I wonder if that messed things up.
20:20:51 Penny: Mike always manages to make me chat one way or another.
20:21:02 DaveNRichmond: I have a question about screening applicants.
20:21:12 Mike_Summey: Go Dave!
20:21:30 Carleton: Al, I assume your show is live and to appear on it, I would have to be home on Sunday at 2 PM eastern time????
20:21:41 DaveNRichmond: If they had steller credit, they’d own. but how banged up can their credit be and still be ok?
20:21:51 lou: local reia group speaker spoke last month, said Rent is likely to increase…What do you think Carleton and Mike?
20:21:54 Mike_Summey: Al, that cuts into Carleton’s golf time.
20:21:57 ritchie: Mike, Carleton. Does it seem to you like the number of individuals landlording houses has increased in recent years? I believe that tax laws have created an incentive for more of us to be landlords which has helped lower rents.
20:21:59 Carleton: Where are you DaveN
20:22:06 Penny: Mike, I got the email but not until aroun 7:30 pm, know you sent it out mid afternoon
20:22:17 DaveNRichmond: Richmond VA
20:22:24 DaveNRichmond: in Chesterfield
20:22:55 Mike_Summey: Lou, I am already seeing rents start to increase. I just asked my property manager today to bring me a list of all of my units and the dates of the last rent increases. It’s time to start raising them.
20:24:00 Al_Lee: elbaC, I wouel ask Brian Burns, the inspector, to refer you to a roof inspector. I recall about 2 years ago when we had a roof specialist from Texas A&M come up to inspect a roof because Pulte had built a lot of roofs using an unusual joint. It turned out that the Pulte roof was fine–maybe even superior.
20:24:23 ahinspections: I am a home inspector in NJ, I have a scheduling service in Kentucky, they tell me it is slow across the board- but it always gets slow for me this time of the year. Stretch
20:24:26 DaveNRichmond: I had some people apply for a small 3 bed house today. Terrible credit.
20:24:30 Mike_Summey: Hi Doug! Welcome to the chat!
20:24:31 Carleton: I think rents will go up, but the affordability index is sure to affect the time line. But when you think about it, every area in the country has affordable housing. Even in LA or Washington or Boston, where is the Marriott maid, the Ruth Chris busboy or the hospital orderly going to live?
20:25:04 Penny: Mike are you talking about the small nuisance raise you write about in your book, or is this different increase?
20:25:06 lou: thanks Mike & Carleton, the speaker also said the rent may be double in a few years…any thoughts?
20:25:24 ritchie: Folks, being summoned by a higher power, gotta run. Thanks everyone
20:25:32 Mike_Summey: Stretch, I think it will get slower. As the interest rates rise, it takes more and more people out of the market and causes things to slow down.
20:25:47 Mike_Summey: i jh4377! Welcome to the chat.
20:26:12 Mike_Summey: Hi Rob, Welcome to the chat.
20:26:46 Mike_Summey: Hi Sandy! Welcome to the chat!
20:26:53 Al_Lee: About 50% of Americans manage their financial affairs well enough to manage owning a home. About 70% of Americans own a home.
20:26:59 sandy: Hey, I didn’t get my reminder email and I’m late!
20:27:10 sandy: Hello Mike and all.
20:27:28 Doug_in_CT: I got my email reminder and I am still late.
20:27:38 ahinspections: Mike doesn’t this scenario open other oppotunitites to us as investors?
20:27:40 Mike_Summey: Sandy, we were talking about thqt earlier. It seems that the reminders did not get to people on time. Sorry! They were sent out this morning.
20:27:41 sandy: Doug LOL
20:27:46 DaveNRichmond: Mike, Carleton, my wife thinks I’m too picky with the renters. It’s a 950 sf 3 bedroom across from a fire station on the edge of a renovation zone. 1 block behind is bad neighborhood but things on the other side have really turned around. what standard do you put the renters to to determine who you accept?
20:27:59 Mike_Summey: Hi lanlizer, welcome to the chat.
20:28:22 Carleton: Rents doubled….my guess is 2015-2018. Hope I’m here.
20:28:40 Mike_Summey: Stretch, reqd the article posted on the website titled “When the Bubble Bursts, Deals will Blossom”
20:29:12 ahinspections: Thanks
20:29:17 Al_Lee: I have to run a quick errand–be back in a few minutes !
20:29:40 lou: Thanks Carleton.
20:29:41 Mike_Summey: Dave, they must have good credit and no criminal history…no exceptions! I’d rather have a vacancy thana big problem.
20:30:24 Doug_in_CT: So just what is “good credit” Mike, you have a number that you use?
20:30:33 DaveNRichmond: good. That’s what I said. I’m turning them down tomorrow. I hate that part of it. Gotta get professional management.
20:31:02 Rob_FL: Mike, do you have an excel spreadsheet that will help you calculate offers?
20:31:23 Doug_in_CT: What about accepting rent in cash, any problem doing that?
20:31:49 DaveNRichmond: Carleton, do you take section 8?
20:32:33 Carleton: DaveN, most people are concerned about two areas: food and shelter. So if I run a credit check and find they have bad credit, that’s not necessarily a problem. So, I only run a criminal background check and an employment check. I insist on a security deposit and in areas where I can get a last month’s rent, I might be willing to spread that out over a few months.
20:32:47 Mike_Summey: Doug, that’s what I hire property managers to do…evaluate tenant’s credit. My criteria with them is simple…if they rent to someone who doesn’t pay timely, I’ll eat one month’s rent, but they have to eat any over that. I explain to them that they do not have permission to loan my money, which is what they are doing if they let a tenant get past due.
20:34:06 DaveNRichmond: What about kids? what if the parents are decent buy you suspect the kids have been in trouble with the police, how can you find that out?
20:34:16 Mike_Summey: Rob, I don’t have an excel spredsheet to do that, but we will have a program called the Weekend Millionaire Offer Generator that will do just that. It will be available by the end of next month.
20:34:21 Carleton: Yes, I do take Section 8. The best advice I can give you here is to take the Section 8 contact out for lunch a couple of times and get to know him or her. then, when they know you, they’ll be willing to openly (but in their case secretly) give you advice on the quality of the rental candidate.
20:34:36 sandy: Mike, that is a good point that I’ve been wondering about. Exactly what can you expect from a property manager for their fee? It seems there are always add on fees for this and that. So what exactly do they do for what price?
20:35:50 sandy: Actually, Mike or anyone could answer that question
20:36:00 Mike_Summey: Sandy, you should spell out exactly what you want the property manager to do and find one that will agree to do it. I have them sign my agreement, not the other way around, but I’ve been at it a long time and have more clout that a beginning investor.
20:36:24 elbaC: We had credit problems coming in to this apartment. Our landlord asked for 2mnths worth of deposit.we gave it to him.It turns out we are the only tenants that do not give him any problems.we have even paid our rents 1-2 mnths in advance sometimes.
20:36:42 sandy: Yes, I am beginning, but can you make fire come out of your eyes?
20:36:50 lanlizer: 1 chapter left in Weekend Milliomaire Mindset-thanks for writting the book. I write down what I spend daily-have my goals on a 3×5 card and carry it with me. Using other advice from the book. Tuesday start your other book. Ordered your 3rd book from amazon. Last week asked Mr.Sheets if getting a RE License in Tenn would be helpful in investing for my self. Found a broker to place me license with in 06. This chat is very helpful for people like my self. thanks. Blessings & Good Health.
20:36:55 Mike_Summey: Sandy, I don’t have any add on fees from my property managers. I spell out what they are to do in our initial agreement and then I sexect them to do it.
20:37:07 Doug_in_CT: Carlton, I have enjoyed using the Toolkit that I purchased from Mike’s website. Does that progam get updated from time to time?
20:37:11 DaveNRichmond: Carleton…how would you phrase it when you ask to meet them for lunch? so that it doesn’t sound innapropriate?
20:38:17 Mike_Summey: lanalizer, thanks for peing part of our chat. we do this to help people just like you.
20:38:40 Mike_Summey: Hi susan
20:38:50 Carleton: Doug, updated as needed but so far, more than adequate.
20:38:50 susanbrigante: hello
20:38:54 Mike_Summey: Hi dhan, welcome to the chat.
20:39:02 dhan: hullo mike
20:39:09 susanbrigante: I got your email Carleton, thanks
20:39:10 elbaC: True indeed. I found out about our target market(TX)from reading the chats.
20:40:21 susanbrigante: Carleton if I might adress Doug’s question, the tool kit is updated and the last update vresion 7 was done about 6 months ago
20:40:26 dhan: hi carleton, its dave hancock from burlington nc ive been on your infomercial a couple of times and im on the black tape in the program, been in the newsletter, too….thx for hangin out with us 
20:40:28 Mike_Summey: These cahts are our way of helping our readers. If you’ve participated in them before, you know that we don’t bombard you with buy this and buy that from us. We sincerely want to help you improve your future.
20:40:39 Al_Lee: Hi, I am back. I noticed talk about Sec. 8. I think that it is a terrific program for investors if you property manager know how to work within the system. Schmoozing the administrators in each of the city and county offices is a good first step.
20:41:01 Doug_in_CT: Thanks susan. I think my version is more than 6 months old. How do I get the updated version.
20:41:09 Carleton: There’s an old saying about building relationships…ask a favor or tell a secret. To the Section 8 person….”Would you be abe to have a quick lunch with me. I’d love to have your advice about (dupleses vs. single family homes….3 vs 4 bedrooms…what ever you can come up with)
20:41:40 susanbrigante: look on the front, and if the version is something other than 7 then call the 800 number
20:41:53 Carleton: Hi Susan. Thanks. You didn’t respond to it>
20:42:32 susanbrigante: I will, I have been sick. I absolutely intend to when I am feeling well
20:42:44 Doug_in_CT: I have found that building a relationship can be more valuable than gold.
20:42:45 dhan: i have lunch with my section 8 contact at least once a quarter
20:42:47 Mike_Summey: Carleton, I want to thank you for being with us tonight and last week. We all know you don’t ahve to do this and we appreciate you’re being willing to share your knowledge with our readers.
20:43:13 Carleton: DaveH…you aare welcome. Congratulations for all you have accomplished.
20:43:14 DaveNRichmond: Carleton, they recently reduced the amount they will pay for section 8 here. house I bought in August had previously been rented section 8 for 780 and now they seem to want to only pay 729. Any way to address that?
20:43:51 Mike_Summey: Dave, collect the difference from the tenant!
20:43:51 dhan: i just followed the program….step by step
20:44:40 Mike_Summey: Carleton, Dave H visited me in Asheville recently. Nice guy with a lot on the ball.
20:44:48 dhan: ive got 150 units now…..im rdy to do the millionaire tape :)~~
20:45:06 dhan: jus tryin to keep up with you guys…..i want a plane like Mike
20:45:16 Carleton: You’re kind to say that, Mike. You know I’d do anything for you, my friend (except loan you money) wink!
20:45:27 sandy: dhan….can I ask how much money you started out with and how long ago?
20:45:31 Mike_Summey: dhan, the plane’s not the problem…learning to fly it is!
20:45:43 DaveNRichmond: I’m afraid that might put me in legal hot water…sometimes they will allow the tenant to pay extra and sometimes they won’t. It’s confusing…especially starting out.
20:46:07 ahinspections: Carleton, I am being mailed by Robt. Allen about mentoring programs. Do you do mentoring? (Please answer your other questions first). Stretch
20:46:08 DaveNRichmond: They said I could submit comps..but I don’t know where to get them.
20:46:15 elbaC: yes dhan do tell.
20:46:16 dhan: hehehe id have to have a pilot…..sandy, i have put in zero cash and bought over 7 million worth of property NO money down! about 8 years
20:46:20 Mike_Summey: Carleton, I’d rather win it on the golf course than borrow it…that way I don’t have to pay it back.
20:46:21 shoji: How about the landing part!
20:47:03 Mike_Summey: shoji, if you can get them off the ground, they will come back down…eventually!
20:47:28 dhan: you cant have a side deal with tenant, but they do have to make up the diff as long as sect 8 knows
20:47:32 elbaC: See Carleton. something else for me to look at.
20:47:40 Doug_in_CT: Hey dhan, What is your favorite no money down technique, if you use them?
20:47:49 Mike_Summey: Carleton, I fley toi Chicago this past week. Met with your company and others. It was a good trip.
20:47:52 dhan: i like them all
20:47:57 Carleton: Ihinspec….we do coaching rather than on site mentoring. Much less expensive for the practioner and we think more effective. You agree Susan?
20:48:11 DaveNRichmond: I’m gonna have to ask the person there to lunch. Gotta be a way to pick their brain.
20:48:15 Mike_Summey: Bob, you’re being awful quiet tonight…sort of like Penny.
20:48:16 sandy: hello! I keep hearing no money down, but that seems to be a dream wherever I am. And even Dhan…….so, no money down does not mean no money down…..does it, there seem to be realtor fees, etc.
20:48:17 susanbrigante: Yes, very much believe in the Coaching program
20:48:20 dhan: i like anastasia best at PEI
20:48:25 Carleton: On the other hand, that may be what Bob is doing but calling it mentoring.
20:48:31 DaveNRichmond: That’s great advice Carleton…I never would have thought of it. Thanks
20:48:55 dhan: 7 million…none of my own money, does that sound better?
20:49:02 dhan: i like partners best
20:49:03 Bob_Carr: Just watching and thinking
20:49:08 Mike_Summey: dhan, Anastasia is with child again…twins this time!!!!
20:49:25 Doug_in_CT: What do you mean “partners” dhan?
20:49:27 dhan: ack!!! doesnt she know what causes that?
20:49:34 dhan: karen still there, too>??
20:49:39 Mike_Summey: Apparantly not!
20:49:43 shoji: Yeah! Right off the runway, but you have a computer that lines you up. Right
20:50:08 elbaC: For someone who had an idea of how to start,but needed a bit of back up the Coaching Program is great.
20:50:12 dhan: let partners put up the money…..you find the deal, the money is the easy part
20:50:25 Mike_Summey: dhan, yes Karen and Estelle are both there. I talked with them this past week. Great people! Carleton could do a lot worse.
20:50:33 dhan: hehe
20:50:43 dhan: estelle is super sweet
20:51:07 dhan: in fact, if you find a good deal, call me, ill get u the money
20:51:12 dhan:
20:51:36 susanbrigante: ah, you could call 800-417-5037 to learn more about Carletons Coching Program
20:51:41 dhan: ill just ask al lee for it
20:51:45 susanbrigante: are you in the coaching program?
20:52:08 susanbrigante: elba?
20:52:14 DaveNRichmond: I had a collegue come by today to warn me about my “exposure”. He means well but it makes me wonder what he thinks I’m doing.
20:52:19 Carleton: Doug/CT…I’m not here to sell any of my programs but one that I am particularly proud of is my course on partnerships and how to put them together. I think it’s about a hundred bucks and like all my programs, comes with a money bach guarantee.
20:52:38 dhan: i need to get that….
20:52:49 Mike_Summey: Good program Doug! I have it!
20:52:58 dhan: what does your colleague do doug?
20:53:06 ahinspections: elbaC, You mean coaching with Carleton’s Company? Stretch
20:53:07 dhan: i mean dave
20:53:12 susanbrigante: I know Carleton, I just wanted him to have the number since he asked 
20:53:16 elbaC: Sorry susan, Im with my 7 mnth old.Yes i am 2mnths in. 1st deal will close on Jan 15th.
20:53:17 susanbrigante: sorry
20:53:29 susanbrigante: who is your coach?
20:53:52 DaveNRichmond: I’m a network engineer. HE is the guru.
20:53:56 Doug_in_CT: I don’t have a colleague except the one who is will me til death do us part.
20:54:16 dhan: does he work for someone else? your colleague?
20:54:17 susanbrigante: I know him
20:54:32 shoji: Mike, do you think it’s a good idea to start an LLC when working with other invester’s
20:54:57 DaveNRichmond: He’s very methodical. extraordinary effort to avoid any kind of mistake. I’ve learned a lot. but the unwillingness to take a risk crosses into the rest of his life.
20:55:11 dhan: tell him his “exposure” is bad because he could lose his job at any minute…
20:55:46 Doug_in_CT: I guess I do have some colleagues. We met a retired couple at a real estate event and one thing let to another and we own a four-plex together.
20:55:55 susanbrigante: Usse the resource line alot
20:55:56 Mike_Summey: shoji, I own all of my properties in llcs, but I do it for estate planning not the typical “protection” reasons. Insurance does an adequate job of providing liability protection for me.
20:56:09 Mike_Summey: Hi Shane, welcome to the chat.
20:56:11 susanbrigante: the resource line is staffed my the most senior coaches
20:56:24 shane: Hi Mike
20:56:43 dhan: yeah but you dont have part5ners do you Mike?
20:57:21 Mike_Summey: dhan, I don’t have any partners, never have and never will. I guess you could say I’m a loner!
20:57:51 susanbrigante: Ed is wonderful
20:57:57 dhan: llc’s are good for partners, in my opinion
20:58:00 susanbrigante: kind of like a grandpa you never had
20:58:08 Mike_Summey: I’ve never found a real need for partners. I’m a very patient person and I’m willing to wait for the deals ai can make on my own.
20:58:15 DaveNRichmond: He’s a great guy and very smart. but he thinks the time for real estate has passed. Says I’m 10 years too late. He’s a doom and gloomer on what’s gonna happen next year and the year after when all the arm’s get jacked up
20:58:17 shoji: Just regular insurance liability protection?
20:58:31 shane: Hi Carleton, I chated with you about some of my apartments Last Dec.
20:59:28 susanbrigante: Ken is good too, he is usually on the RL in the AM
20:59:31 dhan: carlton, i got a house worth 100k ill sell you for 5 grand….. i just want to be able to tell people i sold you a house
20:59:33 DaveNRichmond: I don’t buy that. The time for everything has passed. and the time is also right here and now.
20:59:41 Mike_Summey: Dave, the time for people with a Weekend Millionaire strategy is just beginning. There are going to be more deals in the next 3-5 years than we have ever seen before.
20:59:50 dhan: you tell em Mike!
21:00:03 lou: dhan, can i buy it from you, have Carleton as my partner?
21:00:18 Al_Lee: I believe in having “strategic partners” who are really business associations. They make money making me money, but I do not own any properties in partnerships.
21:00:23 shoji: Mike, you mention Estate Planning. Have you done anything with self-directed Roth irs’s
21:00:33 DaveNRichmond: I haven’t even gotten past the 3rd chapter of mindset yet mike but I was convinced before I bought it.
21:00:52 susanbrigante: check out the new solo 401K
21:00:56 elbaC: Hoora Mike.
21:01:14 DaveNRichmond: I have got to finish that book. I couldn’t put millionaire down but I’ve been busy…..gonna have to change that.
21:01:24 Mike_Summey: shoji, I haven’t done anythig with Roth iras
21:01:52 Mike_Summey: Dave, I think you will like it. I hope you will give it a review on a
21:02:06 Mike_Summey: Review on Amazon when you finish it.
21:02:24 Doug_in_CT: shoji, last year my wife and I fully funded our Roth IRA with the hope of using it in real estate investing, using the Weekend Millionaire approach. But my initial feeling is that the Roth IRA is really best suited for the “flippers” and Buy and Sell in a short space of time.
21:02:29 elbaC: Mike, is the 3rd out already?
21:02:30 Al_Lee: Just owning rental property is a far better retirement program than 401k’s, ira’s, Keogh’s, or any other deferred taxation program.
21:02:48 ahinspections: I have to call it a night.I really don’t want to leave. good night all! Stretch
21:02:52 sandy: Next chat, I’d like to hear the pros and cons of using Roth IRA in RE vs not using
21:02:59 dhan: nite ahinspections
21:03:16 Mike_Summey: Hi Raleigh, welcome to the chat!\
21:03:25 elbaC: Al, we used part of our 403b for our first deal. Cannot be happier.
21:03:28 susanbrigante: solo 401K allows you to invest in RE and borrow up to 50% of it if you pay back within 5 years
21:03:29 raleighbound: hi Mike, guys
21:03:40 Mike_Summey: Goodnight Stretch
21:03:50 dhan: ugh i gotta run
21:03:54 Carleton: Penny, Mike, Susan and everyone. It has just been a real pleasure for me to participate, but duty (read wife) calls. Until later…………..continued success!
21:04:06 dhan: thanks for coming Carlton, and thanks as always Mike!
21:04:07 susanbrigante: I will email you this week Carleton
21:04:08 DaveNRichmond: you can do some flipping in a roth? NOW that is interesting to me.
21:04:10 lou: goodnight.
21:04:14 elbaC: Thank you Carleton.
21:04:21 Doug_in_CT: Sandy one of the problems I have encountered is that you have to find a way not to have your investment encumbered by a loan. Not too many people can do this early on.
21:04:33 dhan: let me know if you need me for any more commercials :)!
21:04:39 lou: dave, you can have your ira do a option of a property.
21:04:57 Penny: thank you so very much Carleton. go tend to your duties, we understand.
21:05:02 DaveNRichmond: Lou, no kidding…tell where to get more info on that.
21:05:02 dhan: i tried to talk PEI into dropping me off in a random city to recreate the Challenge….they didnt go for it 
21:05:07 Mike_Summey: Thanks everyone for participating tonight.
21:05:08 sandy: Doug….hold that thought. I don’t quite get what a loan has to do with Roth IRA
21:05:28 Mike_Summey: Carleton has left the building and I’m going to have to leave you soon alson.
21:05:39 lou: Thanks Mike.
21:05:45 Al_Lee: ALl of the deferred tax programs have the benefit of deferring yoru gains from taxation as their main feature. In RE, done right, it will all be tax free anyhow. All the retirement program have stipulations and restricions–particularly on the use of leverage. It is better to jsut buy and get the best financing deal available and forget aobut the tax deferral
21:05:58 elbaC: nity Nite my little baby is sleepy. Thanks again for another one Mike.
21:06:01 DaveNRichmond: Hey Mike. Thanks. Carleton. Thank you also. I am always amazed that so few people show up for this. some of the best nuggets I’ve ever heard come from this chat.
21:06:08 Mike_Summey: goodnight all. Please join us next week. It will be out last chat until after the new year.
21:06:26 sandy: Thank you.
21:06:29 shane: Thanks Mike
21:06:36 Al_Lee: i need TO RUN now, too. Goodnight, all
21:06:42 Doug_in_CT: C’ya Mike, Thanks again.
21:06:45 Al_Lee: Night elbaC
21:06:47 lou: dave, you have an ira account?
21:07:22 DaveNRichmond: Yeah. I have some money in an IRA that I inherited from my second wife.
21:07:37 susanbrigante: check out 401Khelpcenter.com
21:07:59 susanbrigante: its a new self directed 401K, and I believe iin 1031, for tax deferral as well
21:08:07 lou: contact your administrator to see whether he knows.
21:09:22 DaveNRichmond: wow. that would be pretty cool tax free real estate growth. Damned cool. That really opens up some things. buy a retirement ranch and lease out the land till I’m old enough to retire….
21:09:27 DaveNRichmond: hmmmmmmm
21:10:04 susanbrigante: read about it, most the larger firms are implementing it start of the year
21:10:23 lou: yes, in that case, you are not “contributing” your own ira, the limits doesn’t apply there.
21:10:37 DaveNRichmond: Susan I will….definately. I have to get going so my family doesn’t forget who I am. Gnite all
21:10:43 susanbrigante: take care
21:11:19 lou: good night. heading to another re chatroom.
21:11:45 Doug_in_CT: I have heard Jeff Desecth of Equity Trust, formerly Mid Ohio and I was pursuaded at the time that getting a piece of real estate in a Roth IRA could be incredibly powerful, especially using options on real estate. But Now I am not so sure.
21:15:29 shoji: Well, it kind of looks like every one bailed out?
21:18:52 shoji: Bye and thanks
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