Chat 1-30-06
Posted on January 30, 2006
Ndstrukt: hmm
BozoB: hello?
EDDIE-NC: hey
BozoB: aloha my friend
BozoB: ss we are early?
BozoB: you are from North Carolina?
EDDIE-NC: first for me. I’m usually late
BozoB: yeah, me too
Ralph_Roberts: hi guys
EDDIE-NC: Greenville
Ralph_Roberts: hi Eddie!
EDDIE-NC: Hello Ralph
BozoB: hey Ralph
Ralph_Roberts: Hi Bozo
Ralph_Roberts: there’s Mike Summey
BozoB: how are you doing?
Ralph_Roberts: doing great
Mike_Summey: Hi everyone.
BozoB: Hey Mike
Ralph_Roberts: Big Al!
BozoB: I made it on time today
EDDIE-NC: hi Mike
Mike_Summey: Hi Al & eddie
Mike_Summey: Roger will be along shortly.
Al_Lee: Hi, Mike, Ralph, everyone
Mike_Summey: Hi Doug
Doug_in_CT: Hello Everybody.
BozoB: Hello
Mike_Summey: Doug, any comments on the latest beta test version?
Al_Lee: Ralph, I learned in Mike’s email that you write books on techie
stuff
Ralph_Roberts: yep
Mike_Summey: Ralph is a genius!
BozoB: I can’t wait to get it
Mike_Summey: Hi sharon
sharon: Hello
Mike_Summey: Sharon, is this your first chat?
sharon: yes it is
BozoB: welcome
Mike_Summey: I thought so. I didn’t recognize the name from past chats.
BozoB: Hey Roger
Mike_Summey: Hi jerry, first time for you too?
Doug_in_CT: I did find one spelling situation, in the phrase “all
appliance are to remain with the property.” But I think the product is a
good one and should make a lot of people a lot of money.
Al_Lee: Yo, Roger is here
jerryp: Yes, thanks
Roger_Dawson: Hi Al and everyone. I’m in Disney World Florida.
Mike_Summey: Doug, can you send an email to the betatest address with the
change?
Al_Lee: That’s a Mickey Mouse excuse!
Mike_Summey: i denise & gd
BozoB: lol
Doug_in_CT: That explains the mouse ears on Roger
Roger_Dawson: I’m from Southern California. We think that Mickey Mouse is
wonderful!
Doug_in_CT: Yeah I will email the beta test address with that suggested
change.
Al_Lee: Roger, Are you helping Donald Duck negotiate a new contract?
Mike_Summey: Looks like we’re getting some new people already tonight. do
any of you first timers have any questions for us?
Roger_Dawson: Al, I’m getting ready to teach negotiating to a software
compnay tomorrow.
sharon: not just yet. Would just like to observe right now.
Mike_Summey: I sent an email to all beta testers a little while ago
letting the know that we needed their final comments and input by the end of the
day tomorrow.
Al_Lee: I have some news regarding lease options and contract for deed.
We have had questions about that in here
BozoB: please go ahead
Mike_Summey: Sharon, I understand. Just wanted to let you know that we
are all friendly and you are welcome to jump in anytime.
Al_Lee: There wa a new law singned in September and effective January 1
in Texas that effectively makes lease options virtually impossible to do legally
sharon: thank you
Al_Lee: This is happening in other states, too
BozoB: whoa
Mike_Summey: How is that Al. I’ve never heard of a problem with a lease
option before.
BozoB: ok, that sucks
Roger_Dawson: Al, what’s the problem with lease options?\
Mike_Summey: Are you sure it is a lease option and not a wrap around
mortgage?
Mike_Summey: Hi justin
BozoB: isn’t a lease option basically 2 different contracts?
BozoB: lease and option to buy?
Al_Lee: A far-left lobby group has succeeded in getting a very ominous
change to the law that means that only their “non-profit”
quasi-government organizations can do lease options legally. There are a few
exceptions, but they are not very attractive
Mike_Summey: Al, I’d like to see a copy of the legislation. I don’t see
how they can do that. There’s nothing wrong with lease options that I know of.
How would one abuse them?
Al_Lee: I sent a copy of the new law out to all our Tortoise Club members
and have done two radio broadcasts discussing the law. This past Sunday I had an
“expert” guest on my show to discuss it in depth.
Roger_Dawson: Can you do an option without the lease? I don’t understand
the problem
BozoB: yes, I would like to see a copy as well
BozoB: I am no expert but it doesn’t make sense to me
Mike_Summey: How can leasing a property to someone and giving them an
option to purchase it at a future date be illegal?
Doug_in_CT: What is the weather like in Orlando Roger?
Mike_Summey: hris
Al_Lee: Mike, here is how some peopel abuse them. They lease with an
option taking a large deposit. If teh tenatn is late on a payment, they forfeit
the deposit. Another way is the seller puts a large lien on the property after
doing the lease and there is effecitvely no equity left in the property.
Sometimes they don’t make the payments.
Mike_Summey: Hi Chris, sorry, my fingers got faster than my computer.
BozoB: Al, in the first example, how is that abusing it?
elba_NY: hello everyone
BozoB: Aloha 
EDDIE-NC: Al that’s no different than going to a bank and putting down a
deposit and then defaulting on the loan, wouldn’t you think
Al_Lee: We had a bad storm (tornado, too) in fort Worth a few years ago.
A lot of people who had lease options lost the houses because the seller did not
have any insurance. There are other ways to abuse lease options, such as not
woning the hosue, but having a contract for deed on it
Mike_Summey: Al, in the first place, why not just restrict the size of
deposit that can be charged…although I think that is okay, and require the
lease option to be recorded which would put in ahead of the seller’s lein.
Roger_Dawson: Doug, it’s been raining all day but it’s supposed to me
sunny tomorrow. I left the chat to go on the balcony and watch the DisneyWorld
fireworks for a while.
Mike_Summey: Hi Elba & Josh, welcome to the chat.
Ralph_Roberts: hi Penny!
Penny: Hi Ralph!
gd: seems to me there is always going to be abuse
BozoB: yeah, that is the truth
Al_Lee: Eddie, the tenant who paid a bid geposit, say 10% of the price,
thinks he is building equity, but there is none because of a lien or damage from
a storm that is not covered by insurance that the seller is supposed to have
maintained
Mike_Summey: Hi Penny
Penny: Hi Mike, I made it this week. Sorry missed last week.
elba_NY: Hi Mike
Mike_Summey: Al, lease optioning a property you don’t own is fraud.
BozoB: I don’t think they should just outright ban it, maybe make some
new laws
Mike_Summey: No problem Penny
Al_Lee: Mike, I agree. I never do lease options, but I know peopel who do
and they aren;t cheating anyone. It is because of a few cheats that we now have
a law that hurts everyone. It is overkill, but that is what governments do.
elba_NY: Al, everyone we bought our 1st property, closed last Wed.
gd: yeah for you
BozoB: woo hoo
BozoB: congrats
Mike_Summey: Great elba. Want to tell us about it?
BozoB: I love stories
Al_Lee: Mike, ot maintaining the insurance is also a fraud, so is
borrowing out all the equity and defaulting on the loan after you have taken a
tenat/buyer’s deposit money.
elba_NY: Yes. Well at first the property was denied because it was a
duplex.
gd: I am a flipper and came to your seminar in ashvill and have your book
and might be looking to change from flipping to keeping
Al_Lee: Elbe, congratulations. Where is it?
Mike_Summey: Al, it seems to me that the problems you are describing are
not with lease options, but with fraud.
Mike_Summey: gd, then you are trying to decide if you want to be an
investor or a speculator, right?
elba_NY: We’ve been at it since Nov. After the declined happened 2 wks
ago. The seller contacted my realtor
Al_Lee: Mike, I agree, but legislators like to make new laws instead of
just enforcing the ones that exist. It shows “compassion”
gd: I advertised the last property to lease first and didn’t get any good
response got scared ane sold
elba_NY: She said owner finance it to them and he accepted. With better
terms than that of the Bank!
Roger_Dawson: I thought Texas was the last state where you’d find white
wine sipping liberals making laws!
gd: yeah you right
Al_Lee: I wish you great fortune with it, Elba.
Mike_Summey: Way to go elba. That’s how we investors make deals. Find a
way not an excuse.
elba_NY: And I learned it here.
Mike_Summey: Careful Roger, I like white wine.
Al_Lee: Elba was the first one to alert me about the new law change in
Texas. Since then I have talked to lots of people about it.
elba_NY: And the Book Mike can’t forget Mindset started it all.
Mike_Summey: elba, that’s a great testimonial for these chats. Thank you.
Ralph_Roberts: Mike: http://mikesummey.com/ now connects (through the
magic of the Internet) to http://weekendmillionaire.com.
Mike_Summey: Like I said earlier, Ralph is a genius.
elba_NY: Alright Ralph, thanks.
Ralph_Roberts: nameservers fear me and do my bidding
elba_NY: :>
Mike_Summey: I have just finished refinancing 20 properties and pulling
out over $1,000,000 in cash that I used to pay off other loans. I do that about
every 4-5 years.
Doug_in_CT: We see some new Toll Brothers homes going in behind our
house. We went up and looked at the model and we were severely smitten by the
high quality of the building and the layout.
elba_NY: By the way we were listening to your show yesterday Al. My
husband loved it and said it was my fault.
elba_NY: Thou are the master Mike. We hope to one day get there.
Mike_Summey: Doug, what does that mean? Are you looking to move?
elba_NY: 10 to 15 yrs to be exact.
Al_Lee: Elba, your husband is right.
Mike_Summey: Hi WPS
BozoB: man, that is such good news
Mike_Summey: wps, is this your first chat? If so welcome and feel free to
jump in any time.
EDDIE-NC: Al, is your radio show on the web?
Mike_Summey: Do any of you listen to The Frankie Boyer show from Boston?
Doug_in_CT: Well Mike, the price on these new homes seems reasonable to
me. Like $600,000 for a very nice Toll Brothers Marion Federal. I really believe
that our area is appreciating so nicely that in a couple of years these will be
$1,000,000 homes.
BozoB: not in Hawaii
Mike_Summey: She has asked me to be a regular contributor on the first
Monday of each month.
Al_Lee: Eddie, yes, if you go to www.myRentProperty.com you can listen
live at 2pm Central time on Sundays and I also have over 40 previous shows on
the website for free Streaming Audio listening.
BozoB: great!!!
Mike_Summey: You can listen live to her show by going to FrankieBoyer.com
and navigating to the listen live button.
BozoB: Aloha Elba
BozoB: I am very happy for you
Mike_Summey: Bozo, I meant to mention it earlier, but I see you got the
time right today.
BozoB: hahahahaha
Mike_Summey: Hi Bob
BozoB: yeah, left work early just for this
Al_Lee: Eddie, yesterday’s show will be ready for the website on
Wednesday, or so. There are lots of others you can listen to until then, though
BozoB: I have a question for all you Pro’s
Doug_in_CT: So the slick salesman tells me that maybe I can buy the model
and lease it back to the developers until they finish out the tract of about 12
homes. About 6 or 9 of them seem to be sold at this point. If I can make cash
flow, they may have got my interest.
BozoB: what is the best way to start?
BozoB: Small?
WPS: YES this is my 1st chat & I’m just going to observe for a minut
or 2
Roger_Dawson: Our latest book “Weekend Millionaire faq” is now
being shipped by Amazon.
Al_Lee: Mike, belated Happy Birthday. SInce you called my radi show to
with me HB right on my BD, I intended to be here last Sunday to return the
gesture, but I was tied up with stuff. I’m sure you are familiar with
“stuff”.
elba_NY: Bozo these pro’s to my knowledge started small.
BozoB: hahaha
raleighbound: hi guys,gals
Mike_Summey: As I put in today’s reminder email, I have a weekly
newspaper column that will begin February 24th. All of our subscribers will get
it via email on a 2 week delay following when it runs in the papers. There will
be information on each column about how your local papers can get the column, so
I hope you will help get it published all over the country soon.
Penny: Hello Roger, how were the fireworks?
elba_NY: like the tortoise, but look were they are at now.
Mike_Summey: Hi raleigh
elba_NY: You and me are next.
raleighbound: hi Mike
elba_NY: Hello raleigh
raleighbound: elba
BozoB: well, how do I start small when the median of property prices are
near $500,000?
Roger_Dawson: Always great fun, Penny. From my balcony I can see the
Eiffel Tower and the Amsterdam tour barges.
Mike_Summey: Thanks Al. I turned the big 60 last week. Wonders never
cease.
Al_Lee: BozoB, how about buying in Texas, where the median price is $150k
BozoB: Happy Birthday Mike
Bob_(vegas): where from Bozo?
Mike_Summey: Thanks Bozo
BozoB: I am from Hawaii, Kaua’i to be exact
Al_Lee: Mike, you have reached the age of majority
elba_NY: Happy belated Bday Mike. Mine was yesterday.
Penny: Sounds wonderful! Isn’t Orlando wonderful that way?!
BozoB: Happy Birthday Elba as well
Mike_Summey: Well, happy birthday to you too elba
BozoB: this is a good month
elba_NY: Thanks
Roger_Dawson: It’s a kind of magic!
BozoB: Mike, 60 years young
Doug_in_CT: Sounds like you have designs on being the next Kenneth R.
Harney who writes a syndicated real estate column carried by the Hartford
Courant. He seems to almost always have something interesting to say. But if
Mike Summey had a column in there too, I would read it first.
Al_Lee: Roger, you sound like you may be taken under the spell of
TinkerBell
elba_NY: Yes it is. My husband said name a friend you know whose husband
bought her an investment property.
Mike_Summey: I had quite a time last week in Orlando at the SimCom flight
training academy.
Doug_in_CT: I think I remember that SimCom is the one that make you hurl.
elba_NY: Gotta love Orlando beautiful magical place, Cant blame Roger,
Al.
Mike_Summey: Doug, the column is title “Tips for Financial
Success” and it covers much more than just real estate investing.
Mike_Summey: Hi Clinda
Penny: Yes BozoB, he’s 60 years young!
elba_NY: hello Clinda
BozoB: lol
Bob_(vegas): Hey Roger…..you ever hear the Norm and Mike realestate
hour out of LA?
Roger_Dawson: No, Bob, that’s new to me.
BozoB: How does one buy a property out of the state they live in?
Mike_Summey: Bozo, that’s what Al does.
Al_Lee: Elba, he is a youngster, about 6 weeks younger than I
Mike_Summey: He sells to out of state investors.
BozoB: Al, we need to talk
BozoB: haha
WPS: we have acouple of investment 1 - 1family 2 bedrooms & 1 2
family it just seem with mortgae, taxes & insurance they bout greak even
Hang on for the long haul?
Al_Lee: BozoB, Look at may websites, www,RentHouses.org and
www.TurnkeyInvestments.net for the answer.
Al_Lee: www.RentHouses.org
BozoB: great. thank you Al
Al_Lee: Bozo, there are links and buttons all ove rmy websites to
“email Al”. Just click one and we are in communication
Mike_Summey: wps, if they break even now, just be patient. As the
mortgage pays down and the rents rise you will see the cash flow start to build.
Roger_Dawson: Hi Linda!
WPS: thanks 4 the info
Mike_Summey: Hi Linda
Doug_in_CT: I think there must be some relation here.
elba_NY: I think so too.
BozoB: sorry, I got kicked by my PC
Penny: BoozoB, happens all the time.
justin: is there or someone’s playing some hoaks!
WPS: i’m staying on the chat as long as it stays focused on investment
properties
elba_NY: Even to the experts.
Doug_in_CT: I thought Linda’s orginal name was a little suspcious, but
now I think we are talking to someone Mike knows.
linda_summey: What is this sixty yeares young stuff
BozoB: lol
elba_NY: How do 80/20 loans work? Al, I think you talked about that
before.
WPS: sounds like we are more into ages though
elba_NY: We are all friends here wps.
Al_Lee: You can get 80/20 loans, but they can be hard to find and the
rate on the second loan will be high.
Roger_Dawson: I think that the best investment program pays off the loan
in 15 years. If you have to put more down to accomplish that, so be it.
elba_NY: About how high anything above 7 to me is high
Mike_Summey: elba, & others, a typical 80/20 laon is 80% bank loan
and 20% down payment. If you can find properties owned free and clear, 20-40%
bank loans and 60-80% seller financing works great.
elba_NY: Roger would 80/20 qualify for a 15 yr.
justin: i’m paying 8% on my second mortgage. it avoids the pmi.
Al_Lee: Elba you mighe see 9-10% on the second loan. Depends on how the
lenders a re feeling that day–it changes often
Roger_Dawson: Elba, I think of 80 / 20 as meaning 20% down. If you can’t
get cash flow with that, put more down.
elba_NY: Meaning, bank 20 seller 80?
Doug_in_CT: WPS I have been simply amazed to look at the way the
principle is being a-mort-ized (killed by the tenant) on my investment
properties. It seems like you just get around to looking at the loan on the
website or something. And you want to day, Where did it all go?
Roger_Dawson: No, meaning buyer 20% and lender 80%
justin: it’s 15yr balloon for the second mortgage.
BozoB: so, nothing down?
BozoB: buyer 20, lender 80
Al_Lee: Elba, Sorry, I was talkign about Bank1-80, bank2-20, down-0
Mike_Summey: elba, I have purchased several properties with very small
bank loans (20-40%) and gotten very favorable seller financing for the balance
to make the deals cash flow. I have several 0% seller loans.
BozoB: how does that work?
Mike_Summey: What Bozo?
elba_NY: Now I get you both Al and Roger.
WPS: doug missed what u where getting at
BozoB: I was told that your Down payment goes to the bank
elba_NY: Thank you.
Mike_Summey: Bozo, the down payment goes to the seller.
Doug_in_CT: wps, I am suggesting that hangin on is the only way to fly.
elba_NY: Is it true that after the 3rd property it gets harder to find
financing. Even for what you just said Mike?
BozoB: so, you don’t have to put the money up to the bank, instead it
goes to the seller
BozoB: and, you can work out a deal on what you put down and maybe they
can finance for you?
Doug_in_CT: But I think you need to find things to get your mind off of
your real estate, like a job.
WPS: doug thx; ibelieve it’s trus, but sometimes its hard 2 c
Mike_Summey: elba, you can get conventional financing until you have 10
properties. After that your loans are classified as investor loans and they come
under more scrutiny.
Al_Lee: Elba, that depends on how competent your mortgage broker is. I
have had one broker tell me that I could not get any more loans because I
already had too many and then another broker goet me 12 loans the next month.
Bob_(vegas): Looking at the Vegas sunday paper the phrase “cash
flow” is used too much.
Mike_Summey: wps, where are you located?
WPS: NJ
elba_NY: Wow.
Mike_Summey: Cash flow seems to mean different things to different
people. To me it is money left over after the mortgage and return on any cash
you put into the deal.
elba_NY: Mike, the financing we received the bank called it just that
because it was for an investment property. Is that the same?
Bob_(vegas): I think most realtors dont have a clue if a property will
cash flow
Doug_in_CT: But Bob it is such a beautiful phrase. Like watching the
river flow, watching the cash flow can also be very pleasurable.
Mike_Summey: what elba, conventional or investor?
Mike_Summey: Bob you are absolutely correct.
elba_NY: Conventtional
elba_NY: True Doug
BozoB: hahahaha, so I shouldn’t trust what the realtor says then?
elba_NY: Sounds like poetry.
Mike_Summey: elba, that would be correct. Conventional loans can be sold
on the secondary market, but investor loans are typically held in the bank’s own
portfolio.
Bob_(vegas): I have called on so called “investor” properties
and told the agent to “sell” me the property. Duh….. most never got
back to me with figures that were doable
Mike_Summey: Bozo, study our book and follow the advice it gives. Then it
won’t matter what the real estate agent says.
BozoB: yeah, I gotta go reread it again
EDDIE-NC: Mike, does the 10 property rule apply to LLc’s
BozoB: I must have had some mental filters when i went through it the
first time
WPS: Mike, what book r u refering to
Mike_Summey: Eddie, I believe so. Especially if the LLC loans are
personally guaranteed, as most have to be.
Mike_Summey: wps, The Weekend Millionaire’s Secrets to Investing in Real
Estate.
elba_NY: Did Roger get lost in the fire works?
WPS: thta is where we have a problem borrowing as a LLC
Mike_Summey: elba, were you questioning the comment about how what the
banks do with the loans?
WPS: thanks Mike on the book
Roger_Dawson: No, I’m still here but there are lots of distractions
BozoB: Mickey Mouse?
Penny: too many fireworks ey Roger?
Al_Lee: Roger is probably putting on his Mickey costume
gd: what are llc loans
Mike_Summey: wps, are you trying to borrow in the llc’s name without
guaranteeing the loan?
elba_NY:
BozoB: hahaha
Al_Lee: ordinary residential real estate loans can only be made to a
natural person, not a legal entity. An LLC must get a commercial loan
WPS: that would be nice , but not practical it seems
BozoB: hard to type with them mouse fingers
Mike_Summey: gd, lls’s are a type of business entity that is often used
to hold investment properties. LLC loans are loans made to these entities.
Al_Lee: BozoB, Yean, Mickey only had 3 fingers!
Roger_Dawson: LLC is a method of holding title. Limited Liability Corp.
Lenders typically want a personal guarantee from the buyer.
BozoB: lol
BozoB: Roger, where can I get a hold of your Negotiating and Persuasion
courses?
BozoB: I remember you had some other stuff out as well
Al_Lee: You mean Browbeating and coercion?
WPS: we do, but try to put the title in LLC to put a level against
Roger_Dawson: Bozo, go to my website www.rdawson.com and order by calling
the 800 number there.
Mike_Summey: Hi jss
jss6270: Hello
elba_NY: hello jss
elba_NY: there goes Bozo
elba_NY: Here comes Bozo
Penny: there you go again Bozo. welcome back!
BozoB: hahahahahaha
BozoB: just because I train Martial Arts the PC keeps kicking me
Bob_(vegas): Bozo you missed the most important point of the night
elba_NY: Bozo you have to change your work hours, if only for mondays
Al_Lee: I want Bozo to buy some properties via Turnkey Investments so I
can go to Maui to sign the papers.
BozoB: hahahahaha
BozoB: lol
elba_NY: see, what did I said earlier about experts with problems. Ha?
Ralph?
BozoB: Bob, what’d I miss?
Penny: Bob, that was cute
BozoB: hahaha
Mike_Summey: Bozo, I was in Hawaii last year. You are right about the
cost of things there.
Ralph_Roberts: I didn’t have a problem, this XP machine did
Mike_Summey: Walter
Penny: Bozo : )
Mike_Summey: Hi walter.
BozoB: Penny, Aloha
walter: hello mike.
elba_NY: Ill hold those papers for you Al.
Roger_Dawson: My clients are expecting me in the bar at 9.00, so I’m
forced to leave you. See you next week.
elba_NY: Okay Ralph
BozoB: It is expensive here, but i want to know how to make it work, the
challenge is the best part
Penny: Good night Rog, enjoy red wine for me!
BozoB: A Hui Hou Roger:D
Mike_Summey: Goodnight Roger
elba_NY: Bye Roger
walter: good night roger.
WPS: hey thanks for the info on my 1st night c u next week
elba_NY: Dont miss it wps]
BozoB: I am going to change my work schedule for Mondays for sure
WPS: miss what
elba_NY: The Chat.
WPS: OK
BozoB: lol
Mike_Summey: wps, we’re glad you join us.
WPS: thx
Penny: night WPS
WPS: night penny
Al_Lee: Bozo, I have a friend who has a property near Waikiki and he gets
$2000 rent for a proeprty worth $500k. He is tryign to sell it because his money
would by at least 5 houses here that would bring in at least $6000
Bob_(vegas): So Mike any ideas where I should farm in Vegas? seems all
the decent single family is of 250k
Mike_Summey: I’m planning to invite some guest experts again as I did
last year. Bankers, Accountants, Insurance Agents, Property Managers, etc.
BozoB: whoa!!!
elba_NY: Thats great Mike I like those
gd: that would be great
elba_NY: Do you mean in TX Al?
jss6270: Great
Mike_Summey: I’ll post it on the events calendar when I have them
scheduled.
BozoB: I am thinking about just doing stuff in the Mainland, but I don’t
want to leave HI
Mike_Summey: y of you have any type experts you would like to have join
us?
BozoB: and, I think it would be great to have homes here
Al_Lee: Yesm in TX. I only buy houses in Texas. I do own some commercial
property in other states, but the returns on Texas residential proeprties is
much higher
Bob_(vegas): Al are you talking San Antonio?
BozoB: anyone with good information is appealing
WPS: al-lee y is that
elba_NY: Al you know you made a believer out of me.
Al_Lee: Bozo, if you had a tenant who did not pay rent in HI, how long
would it take to evict them?
BozoB: do you get any of the Rich Dad guys here?
BozoB: honestly, I do not know
BozoB: I never got that far
BozoB: I started doing market research and…well…..
Mike_Summey: Bozo, we’ve had Garrett Sutton. I plan to have Dolf DeRoos
also.
elba_NY: Bozo here in NY its a migraine to do that.
BozoB: that would be excellent
walter: mike, that’s great!
BozoB: I would love to speak to them both Mike
elba_NY: Mike I liked the insurance expert.
Al_Lee: Let me tell you that in most states it might take 6 months if the
tenant objects. In Texas we will have him out before the next month starts if we
file for the 3-day eviction notice after he gets 15 days late
BozoB: hahaha, luckily, I don’t get migraines 
Penny: Bozo, Mike and Roger have also had Carleton Sheets as guest on
several occassion.
elba_NY: I think he came in sept.
Mike_Summey: I also plan to have at least 3-5 bank executives during the
year. Large banks, Medium banks and Small banks.
BozoB: Carleton?
Al_Lee: Elba, who is managing your new proeprty in Cedar Hill?
BozoB: man, I wish I hadn’t missed them days
EDDIE-NC: That’s great Mike. I was wondering what other realestate
investor book I could trust in
BozoB: good question Eddie
Mike_Summey: Yes, Carleton will be joining us again several times during
the year.
BozoB: great 
walter:
Mike_Summey: We Try to bring people who can add to the knowledge pool
these chats provide.
Al_Lee: Elba, email me from the website and I will send you a phone
number of the best property manager
WPS: hey all have a great week
Bob_(vegas): Al who do you use in San Antonio?
Penny: and Bozo, oc course there is the great Al_Lee who joins in most
weeks!
Al_Lee: Bob, I have never bought in SA because I cannot get positive cash
flow
Mike_Summey: Folks, I’m going to have to leave you also. I have to be up
early tomorrow and it’s already after 9:00 here.
BozoB: Aloha Mike
Mike_Summey: Goodnight all.
elba_NY: Thanks again Mike, Good nite
Bob_(vegas): so where in TX so you buy?
EDDIE-NC: Goodnight Mike
Penny: I’m headed out also Mike. Thanks for interesting chat.
Al_Lee: Elba, go to www.RentHouses.org and click “email Al”
WPS: night mike
Penny: Good Night all!
EDDIE-NC: Night everyone
BozoB: Al, I will email you soon my friend
walter: goodnight
BozoB: thank you all for all your help
BozoB: Much Much mahalos
Al_Lee: Mostly Dallas/Fort Worth, the beswt investor market in the US.
Al_Lee: Mahalo
BozoB: Al, what is it like Invesging in TX?
Bob_(vegas): I see what appears to be some hot deals in SA
BozoB: SA?
BozoB: San Antonio?
Bob_(vegas): see
Al_Lee: Bozo, go to mywebsite and read all the free stuff, including
actual properties, their rents, prices, etc.
BozoB: ok, thanks again Al, Elba
Al_Lee: Bozo, I also have dozens of free articles for you to read and
free recorded radio broadcasts.
elba_NY: I love Dallas. :p
BozoB: definitely going to be busy this evening
Ralph_Roberts: good night, all … chat transcript will be up shortly.
Al_Lee: It is all about positive cash flow!
BozoB: thanks Ralph
elba_NY: thanks Ralph
» Filed Under Chat Transcripts
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