Chat 2-6-06
Posted on February 7, 2006
elba_NY: good evening everyone.
elba_NY: did Bozo leave?
elba_NY: hi Mike
Roger_Dawson: Hi Mike
Mike_Summey: Hello everyone
jeff_of_ny: hello everyone
Mike_Summey: It’s cold here tonight.
jeff_of_ny: hello mike, roger
Roger_Dawson: HI Jeff
elba_NY: Im almost sure is not as cold as nyc,mike
jeff_of_ny: its cold here… 37 degrees out
Mike_Summey: elba, it’s supposed to snow here tonight. I think it’s
31 degrees right now.
elba_NY: Wow.
Mike_Summey: I’m in the mountains on North Carolina and it gets
quite cold here at times.
elba_NY: Jeff I dont think anyone mentioned any snow around here
did they?
jeff_of_ny: didn’t see.. i did see flurries earlier today though
Mike_Summey: Anyone make a deal this past week?
elba_NY: Mike, Roger I finally received the 3rd book. Great stuff
so far
jeff_of_ny: yea, i finished it as well… great book
Roger_Dawson: Good, Elba, glad you’re enjoying it.
Roger_Dawson: Thanks Jeff.
Mike_Summey: Great elba, I was wondering if anyone had gotten it
yet. I received my shipment today.
elba_NY: Yes we did both offers were “denied” because they had
received all cash offers.
Mike_Summey: Jeff & elba, do you like the way it ties back to the
first book?
Mike_Summey: Theo
elba_NY: Absolutely.
jeff_of_ny: yea, i really like that
Roger_Dawson: I had preordered one from Amazon and got it last week.
Theo_SC: hey Mike, I am reading the book & it’s good
Roger_Dawson: Hi Zert
Mike_Summey: Hi zert, haven’t seen you in the last few chats.
jeff_of_ny: some things that I had questions on, or weren’t clear..
that books cleared most of them up
Mike_Summey: Hi jaynyc
jaynyc: Hello everyone
elba_NY: As a matter of fact Im trying to find the page. Can you
explain a bit more about fix montly payment/adjustable rate?
Theo_SC: hi Roger
Mike_Summey: That’s great Jeff.
jeff_of_ny: i have a few questions though. Mike did you receive my
e-mail? it was somewhat long.
Mike_Summey: All of you who have the FAQ book, I hope you will go
on amazon.com and do a review pointing out how the book is a great companion to the
real estate book.
Roger_Dawson: I’m speaking for a nationwide mortgage company in
Orlando next week. They were telling me today that they’re planning for a major slow
down in the market because of saturation and rising rates.
jeff_of_ny: i figured I would come into the chat and ask you and
roger as well too
Mike_Summey: jeff, yes I did, but my outgoing email is messed up so
I haven’t been able to respond.
elba_NY: you are still in Orlando Roger?
elba_NY: Roger, The market in that area?
Mike_Summey: jeff, here’s the place to get answers and get them
quickly.
zert: hi Mike& Roger
jaynyc: Hello Penny. I met you and Mike in NY a little over a year
ago..
jeff_of_ny: i did some more research in my area that may have
changed a few hings
Roger_Dawson: No, I was there earlier in the week but now I’m back
home in California Elba
Mike_Summey: Hi cjflaherty & bob
Penny: Hi Jay. Still in nyc?
jaynyc: Sure am.
Roger_Dawson: Hi Penny
Mike_Summey: Hi Penny, I didn’t see you come in.
cjflaherty: Hi guys…
elba_NY: Three New Yorkers? I think that is a first.
Penny: Hi there Roger and Mike!
elba_NY: hi cfflaherty
Mike_Summey: elba, you’re taking over.
Bob_(vegas): greetings from Las Vegas
Penny: kinda snuck in quietly as usual.
Mike_Summey: Hi marvin, welcome to the chat.
elba_NY: 
jeff_of_ny: a majority of houses here are 450k+ however I can find
houses between 200k-400k rents i’ve seen been around 1,500 - 3,000 a month… think
i should still go for it here? or out to binghamton?
Mike_Summey: Hi Bob
jaynyc: Hey everyone I was reading the chat from last week. Can
anyone explain the difference between leas to own and owner financing? Benefits or
pitfalls of either?
Bob_Carr: Hi Mike,Got your book Sat.
elba_NY: Jeff, my landlord went to Jersey to invest.
Theo_SC: Mike…when will the software be release?
Bob_(vegas): couldnt find it at barnes in vegas
Mike_Summey: jeff, we have found that some of the major markets are
very difficult to apply the Weekend Millionaire principles due to the extremely high
demand for close in living. In those markets we recommend that you look further out
until you can find more reasonable deals.
Mike_Summey: Hi tc
jeff_of_ny: elba, how did your landlord do in NJ?
Bob_(vegas): does anyone use realtor.com? is the info accurate?
jeff_of_ny: Mike, do you suggest the move?
Mike_Summey: Theo, it may be ready for release before the week is
out. I’ll email everyone when it is available for download. Everyone will get it
free for a 30 day or 30 use trial period.
Roger_Dawson: Jaynyc: If you as a buyer lease to own be sure that
the purchase price is fixed, otherwise the seller gets the benefit of inflation. Be
sure that you can sublease to a tenant and cover your expenses.
jeff_of_ny: NJ prices seem to be 350+ for single family homes
Mike_Summey: jeff, you don’t have to move, you just have to be more
careful when you interview property managers and be sure you get a good one that you
can trust.
elba_NY: So far he expects the rents to be able to support the
expenses. However he will need to find another property the first was turned down.
cjflaherty: Hi guys, love your books and website. My question, is
that I have an IRA account with about 15,000 dollars. I Just bought my first home in
Cleveland Ohio 6 months ago (a duplex, I live in half and rent the other). I don’t
have any money for a downpayment on another purchase. Your FAQ book mentions cashing
in the IRA for a downpayment. Is this a wise choice considering that there will be
substantial taxes and penalties taken out?
jaynyc: Thanks Roger. But if the price is agreed on, is it any
different from ownder financing?
jeff_of_ny: so it is possible here in these markets, just have to
search harder. I am in the ny/nj suburbs close to NYC
Penny: Roger, on jaynyc’s question, how much of the lease to own
goes principle?
Mike_Summey: cjflaherty, if you will go back and review the old
chat transcripts, there is one with a special guest named Jim Hitt. It is about
using self directed iras. You may want to read it.
elba_NY: cj, my husband and I did that with our 403b so far it has
worked for us.
Roger_Dawson: jaynyc, if you purchase with the owner carrying back
the financing you get the benefit of being able to depreciate the property on your
taxes. However, you will probably have put more down so you’ve lost some benefits of
leverage.
cjflaherty: Thanks Mike…..
jaynyc: that makes sense
Mike_Summey: Penny, the amount that goes to principal is whatever
you negotiate.
Theo_SC: why not convert your IRA to a Roth Self-direct and invest
it that way
Mike_Summey: It could be all or just a little.
jaynyc: Is there an average downpayment percentage on such owner
financing deals. Just to get a sense. More than 20%?
Penny: okay, thanks Mike, I was about to clarify my question to how
much of the monthly rent does the leasor apply to purchase. That answers my
question.
elba_NY: jay my first purchase was with owner financing. He
accepted 10%
jaynyc: wow. great
Penny: Hi Bob-Carr!
Mike_Summey: When you get my email about the Offer Generator
program, be sure to download it and give it a try. You will quickly learn what we
have been talking about when it comes to balancing price and terms to make deals
work.
Theo_SC: cjflaherty…email me & will get you Jim Hitt info
jeff_of_ny: Elba, what are the prices of homes in your area that
you have been purchasing?
Bob_(vegas): how much to buy Mike?
Penny: This time this IS nurse Penny!
zert: When you use an agent/broker to help locate properties, do
you normally pay for their sevice or let them negotiate to split the listing fee?
Bob_Carr: Penny!!!,How are you doing ?
Mike_Summey: Bob, a permant license for the Offer Generator program
will be $49 if purchased from the website. It will be there very soon.
Penny: Great! thanks. missed a chat several chats ago and read
transcripts, saw where someone had signed on as Penny.
jaynyc: The first deal I’m considering is a big one. I’m starting a
business, a preschool, with 3 other partners. I found a space for us that, if
purchased, could cost the business a monthly mortgage that would equal what we would
have to pay in rent. Only eventually we would own the property.
jeff_of_ny: so you visit dallas, tx how often to farm.. or how do
you farm from ny?
Roger_Dawson: Zert, the agent usually gets paid a commission from
the seller. The listing broker and the selling broker split the fee.
Penny: Bob_Carr, bet you’ve got a few more properties under your
belt now?
jeff_of_ny: that’s nice to have there… makes it easier
Theo_SC: hi Bob
Bob_(vegas): tickets are bought to san antonio…..going to look
zert: Roger - so nothing extra from my pocket?
jaynyc: I’ll look foward to that offer generator program Mike. Way
to go with forging ahead with the technology.
Mike_Summey: From everything I read, Texas is still a great market
for investors.
Bob_Carr: I was wondering why you didn’t respond that night.I
thought you were mad at me.
Roger_Dawson: That’s right Zert. There are some buyer’s brokers out
there that charge you but they are very few.
jeff_of_ny: that’s great, hopefully I can find such a realtor like
yours
Bob_Carr: Theo,how are you and the wife ?
zert: Roger - thanks
Penny: No way Bob. I could never be mad at someone as sweet as you!
jeff_of_ny: mike, do you suggest I stay with my aunt every so often
and farm that area?
Mike_Summey: jaynyc, the Offer Generator program will not only help
you create the offers, but will actually print the letters you will present to the
sellers.
Mike_Summey: jeff, that would be agood idea.
jaynyc: excellent idea
jeff_of_ny: thanks elba, i’ll keep that in mind
jaynyc: my biggest insecurity is my lack of imagination when it
comes to figuring out offers
Roger_Dawson: Hi Mark
Mike_Summey: Hi Mark
MarkCT: Hi Mike. Hi Roger.
Bob_Carr: You guys where together at the Tech Center in Nov.,I
assumed that was your wife!
jeff_of_ny: is it possible to private message people in the chat room?
elba_NY: It takes practice jay, but as mike and Roger say:Just make
them.
Penny: Hi markct!
MarkCT: Hi Penny.
Mike_Summey: welcome markct, he is the program who has worked with
us on developing the Offer Generator. He came up with the idea after reading our
first book.
MarkCT: I’d be happy to answer any questions about the program.
Roger_Dawson: Mike do you remember how to private message someone?
I forgot what Ralph told us.
elba_NY: Double click on the name
Mike_Summey: Mark, remember they will only want to know what time
it is, not how to build a clock…ha
jaynyc: Hey elba, on that first property. Was it 10% down and the
rest owner financed?
MarkCT: I’ve learned alot about generating offers from Mike during
the year and a half it took to develop the program.
Mike_Summey: Hi gina, welcome to the chat.
jaynyc: great elba
Roger_Dawson: Jeff, there’s your answer. Double click on their name
in the right hand box and you’ll be able to Email them.
Theo_SC: just click on the person name to the right
Bob_(vegas): can anyone tell me if realtor.com has reliable info ???
jeff_of_ny: thanks
Mike_Summey: Hi merritt, welcome to the chat.
MarkCT: Using the program is like having Mike sit next to you and
him guiding you through the offer generation process. Not a bad mentor to have.
merritt: Hi, this is my first time here
Roger_Dawson: Bob that’s the official site of the Realtors Assn so
it should be very good info.
elba_NY: That awesome Mark
Bob_Carr: Hey guys the Offer Generator at $49.00 is a steal.It will
pay for itself many times over.I’m amazed that Mike & Roger are letting us buy it at
that price!
Mike_Summey: merritt, we’re all friends, so please feel free to
just jump in.
jaynyc: Mark, does it give you a bunch of different options for
offers?
Bob_(vegas): someone told me the info is 3-6 out of date
jeff_of_ny: the area that I may be farming will be close a
university. How well does that help, if at all
MarkCT: It gives you unlimited options for offers. You are only
limited by your imagination.
gina: Hello, thanks for the welcome mike
Theo_SC: hi merrit, why r u from
Bob_Carr: Theo,at least I remembered that you had someone with
you,LOL.
Bob_(vegas): weeks that is
Theo_SC: LOL
MarkCT: Using the offer generation methods I’ve learned from Mike
I’m the proud owner of 13 cash flowing rental properties.
merritt: I am in Michigan - Grand Blanc, but from Fayetteville NC
jeff_of_ny: i remember trying to look for the offer generator for
half and hour finally realzing it wasnt out *)
Theo_SC: welcome
Theo_SC: must be cold in Michigan
Mike_Summey: The Offer Generator computes the NOI for you and then
walks you through the creation of unlimited numbers of offers that will all work
with the noi.
merritt: I have read the first several chapters and just ordered my
business cards
Mike_Summey: Using the program you will quickly learn how price and
terms work together to creat scenarios that might work under many circumstances.
MarkCT: Roger using the “You’ll have to do better than that”
negociating tactic, I saved my wife $200 a year for a gym membership. Amazing what
those tips can do.
Mike_Summey: merritt, which book?
Roger_Dawson: Thanks Mark, that’s great
Theo_SC: Mike…would u use the offer generator to present offers
to say Banks, etc..
MarkCT: No Roger. Thank you.
Bob_(vegas): roger your commission?
Penny: Thats great markct
Mike_Summey: Theo, absolutely. If they question your offers, then
ask them to show you how to make it work with the NOI at another price.
Theo_SC: great, thanks
merritt: It is too cold. the w/end mill secretes… I have been
searching for local homes to get up to speed on prices and rental rates. Sounds like
the offer generator may be a good tool.
gina: I am new-what is the NOI
jeff_of_ny: net operating income
MarkCT: Can’t tell you how many thousands I saved using the tips
during real estate negociations. Every where from the price of the home to the bank
fees. I negociate everything now.
gina: got it thanks
elba_NY: alright Jeff!
Mike_Summey: gina, NOI is Net Operating Income. That’s what’s left
with which to buy a property after covering all of the expenses.
Theo_SC: yes..it is, I was using in the beta trail. I can’t wait
for the release
Bob_Carr: That is a great idea Mike.The answer is always no if you
don’r ask.
Mike_Summey: Theo, you have the full version shortly.
elba_NY: Mike my earlier question. Page 21 fixed payment/adjustable
rate. Do you place it in the offer? ask the bank for it?
MarkCT: The program lets you compute the NOI based on monthly or
yearly expenses. It also lets you compute your vacancy rate based on a yearly
percentage or number of days vacant.
jaynyc: So Roger just so I’m clear… the major difference between
lease to own and seller financing is that I may need a greater downpayment to own it
from the start but can reap the tax benefits from ownership. Where with lease to own
I can’t?
Mike_Summey: Everyone will get the full version and have a period
of time to try it out before you have to purchase a license to use it permanently.
Penny: Mike, any set date the program will be ready?
Bob_Carr: That’s great marketing Mike.
Roger_Dawson: That’s right jay, you’re renting the property with an
option to buy instead of buying it with the seller carrying back the financing.
jaynyc: Okay
Theo_SC: Roger…I am still listening to your tapes.
Bob_(vegas): am taking a hit on my FICO……..wished I could raise it
Mike_Summey: Penny, hopefully before the week is out. The program
is ready, but we still have a few minor things to get in place before we can turn it
loose. Things like getting everything in place to be able to provide the licensing
keys to activate it..
elba_NY: Bob, dont be late and keep the balance low. That alone
helped my husband alot
Mike_Summey: Hi Rob
Rob_L: Hi!
elba_NY: hello Rob
jeff_of_ny: hi Rob
Bob_(vegas): which one of our many balances???
Mike_Summey: elba, I usually negotiate the fixed payment/floating
rate acenario before making my offers so I don’t include it in the offers.
Penny: Thanks Mike. Look forward trying it out.
Theo_SC: Roger…I negotiate everything…with is that the best u
can do!
Roger_Dawson: That’s great Theo. If you’re still listened to tapes
you should think of ungrading to cds.
gina: Bob you want to always be below half of your total limit.
actually 30% of the total limit is best. When you go over 50% you start taking a hit
and yes always no matter what be on time.
Bob_(vegas): mama got an offer for 1.9 % for the life of the
loan……so now that card is maxxed out…….
Theo_SC: OK,will do
jaynyc: : )
MarkCT: I hope you like it Penny. I may be biased but I trully
believe that once you use it it will become an essential tool for coming up with
cash flowing offers.
elba_NY: gina is absolutely correct.
Bob_(vegas): agree we need to get them down to 50%
elba_NY: Mark, it will be heaven sent when its ready.
Mike_Summey: elba, you can visit the bank and discuss this with a
loan office. Tell them you want to buy an investment property and don’t want to get
in trouble with the financing. If they want a floating rate, asksk them if they can
structure the loan so that it has a fixed payment.
Theo_SC: Roger…how was your trip to Kwiat? Middle East?
Theo_SC: did they welcome u?
elba_NY: :>
MarkCT: Hopefully you get to try it for yourself in a few days.
Roger_Dawson: It was fascinating Theo. We spent a week in Kuwait
teaching Arabs how to negotiate. The two days in Dubai and a week in Malta
jaynyc: incredible roger
Mike_Summey: Theo, he forgot to mention that he came back without
his shirt.
Theo_SC: WOW…awson
Theo_SC: LOL
jaynyc: There’s a story there
MarkCT: I have to go now. I hope you all enjoy the Offer Generator.
Roger_Dawson: If you’ve seen the movie Munich, 60 percent of that
was filmed in Malta, which is just south of Sicily.
jaynyc: Thanks Mark
Penny: I believe you are right Mark. Are you still purchasing
properties also? I know you said that at first your wife was a little leary but I
bet she’s convinced now?
elba_NY: Please come back Mark im sure we will have more questions
then
Rob_L: Roger, I sure hope Al Qaeda doesn’t get a hold of your
materials!
Mike_Summey: Mark, thanks for joining us. Hopefully we’ll have a
lot to talk about next week or the week after.
MarkCT: Penny what she doesn’t know won’t hurt her.
jaynyc: 
MarkCT: Will do Mike. I look forward to the feedback.
Bob_(vegas): Mike do you prefer to let the morgage co escrow taxes
and insurance?
merritt: Is it worth trying the offer generator prior to making
your first purchase or best to get your feet wet first…
Penny: Mums the word Mark! Goodnight!
Mike_Summey: I have an interesting scenario I’m dealing with right
now. I want to buy a property but the seller won’t talk to me. I learned that he is
in default on a private mortgage, so I’m going to buy the mortgage and foreclose the
on the loan.
Mike_Summey: Hi ken
Bob_(vegas): cents on the dollar?
ken: I’m late
Mike_Summey: May work…may not. That’s how you learn.
Theo_SC: that’s Mike
Mike_Summey: ken, we’ll still be here for a while.
Theo_SC: didn’t think about that
ken: I just got the FAQ book, I’m 30 pages deep.Not to bad so far.
Bob_(vegas): some pretty deep stuff?
Mike_Summey: The owner of this property bought it with virtually no
money down two years ago. The seller financed the sale, but the buyer hasn’t made
the first payment yet. He is now two years past due and the seller didn’t know what
to do so I said just sell me the note and let me deal with it.
Penny: Keep us informed Mike on the potential learning process!
Mike_Summey: ken, do you have the first book?
ken: yes, all 3
Mike_Summey: Great. I hope you find the FAQ book a good companion
to the first book.
Bob_(vegas): not in stock at barnes
jeff_of_ny: thats an interesting scenario mike, how did you end up
finding that one?
Theo_SC: Mike…if u buy the note, how long do u think it will take
to foreclose?
Mike_Summey: Bob, it will be within days. McGraw-Hill said it
should be in all the stores by the middle of the month.
jaynyc: How would that work Mike? Would you buy it outright, or
agree on a downpayment to transfer the note to your name, and then you’re in charge
of the payments.
Bob_(vegas): good
Mike_Summey: jeff, the property is adjacent to property I already own.
Mike_Summey: Theo, I’m not sure, but even if it takes a year I’ll
be fine.
Bob_(vegas): should take no more than 3 months
Theo_SC: that just give me an idea
Al_Lee: HI, Better Late Than Never!
Theo_SC: al, where have u been?
Roger_Dawson: Hi
Mike_Summey: jannyc, I would give the note holder a lump sum
payment for the note and then I would own it and all the rights that go with it…ne
note that is.
Penny: Welcome Al
Al_Lee: I had soem family stuff I had to do. Treid to get back
sooner, but didn’t manke it
Mike_Summey: Hi Al, where ya been?
Penny: yes,
Al_Lee: Hi, Mike, Elba
Theo_SC: Mike…is the deal sweet?
Roger_Dawson: I need to leave you now. Next week I’ll be sailing in
Mexico but I’ll join you again in two weeks.
Mike_Summey: Theo, it has real potential.
Al_Lee: Hi, Roger, Ralph
Bob_(vegas): must be nice….roger
Al_Lee: Bye, Roger
Penny: Roger, have beautiful sunny time! Goodnight
elba_NY: Hi Al, good to “see” you
Theo_SC: later Roger
Mike_Summey: We might learn something from Roger if we could keep
him in one place long enough.
jaynyc: Great Roger. Have fun.
Al_Lee: Elba, thanks for calling in to express your happiness with
your purchase. That was good to hear.
tc_MA: mike if the note owner has not forclosed after 2 yrs, 1st
why and 2nd the note would have to have a huge discount yes?
Penny: Roger moves quickly doesn’t he?
Bob_Carr: al,i was thinking of you when I passed thru DFW on the
way home from Mexico on Sat Nite.
Mike_Summey: Al have you received the FAQ book yet?
Al_Lee: Mike, No, I haven;t.
Al_Lee: Bob, you should have called
elba_NY: It was my pleasure A.
elba_NY: Al.
Bob_Carr: I spent all my time in customs
Mike_Summey: tc, the note holder is an elderly lady who doesn’t
know what to do and yes it will have a good discount.
Mike_Summey: Bob, you shouldn’t try to bring all that contraband
into the country.
jeff_of_ny: has anyone had experience with college students renting
your houses?
Penny: Whow Bob, you’ve been in Mexico also? Must be hot spot right
now!
jaynyc: Literally, Penny. : )
Mike_Summey: jeff, only with my college students renting them.
Al_Lee: Bob, I am helping one of our builders (not the one whose
houses you saw) to put together a package of about 2 dozen houses for me to buy in
bulk. They will be priced right
Bob_Carr: I saving for my next property for this month,it is a
quick way to raise funds !
jeff_of_ny: i guess i’ll have to find out and let everyone know in
a few months how they are =)
Al_Lee: Mike, when I had my plane my insurance wouel not allow me
to fly to Mexico. I coudl fly anywhere else I wanted to, but not Mexico
Bob_Carr: al,i will you this week and catch up !
Al_Lee: Bob, do you have my cell#
Theo_SC: who think the fed will keep raising the rates?
Mike_Summey: I will have a weekly newspaper column starting later
this month titled “Tips for Financial Success” All of our website subscribers will
receive it on a couple of weeks delay via email.
Penny: Okay, goodnight all. I have few things to get done. See you
guys all next week!
Bob_Carr: Al,asked for forgivness not permission,scud at 500′
jaynyc: Goodnight Penny.
Bob_(vegas): has anyone seen Peter Conti in person and a sucess
seminar?
Mike_Summey: Theo, I thought they were done with the last raise and
now we’ve just gotten another one and it looks like maybe another one is in the
works.
Al_Lee: I’ve done my share of scud running. I can never wear that
underwear again, though.
jeff_of_ny: what happens in the case of theft or vandalism? My
cousin’s house he was renting at school got robbed.
Theo_SC: i know, didn’t like that
Bob_Carr: Al,it is my phone,what you think we would never do a deal
together
elba_NY: Bob i’ve read some of his books
Bob_(vegas): he will be in vegas nest week
Theo_SC: i have to go, see u guys next week
Al_Lee: Bob, I have confidence.
elba_NY: you guys are too funny :p
elba_NY: bye theo
jlbburn: good evening….
elba_NY: renters should always have renters insurance jeff
Mike_Summey: jeff, what was stolen? Personal items of the renter?
jeff_of_ny: personal items
tc_MA: mike Iam getting a line of credit on a second home so I will
have cash for the 1st purschse, how long would it be before I can show a lender I
have a profitable rental prop so I could get my $ back
Mike_Summey: Hi jlbburn
Mike_Summey: Hi Carol
elba_NY: hello carol
jlbburn: hi Mike
jeff_of_ny: hi Carol
elba_NY: Hi jilburn
zert: goodnight everyone
Mike_Summey: tc, you can usually refinance and get the best deal
afte one year.
jeff_of_ny: g’night zert
Mike_Summey: goodnight zert
elba_NY: bye zert
jlbburn: Excited to hear about your Offer Generator software!
Carol: Hello all
Al_Lee: tc+MA, my lender says one year, too
Mike_Summey: jlburn read the transcript later. We talked about it a
lot tonight.
Mike_Summey: Carol, where are you from?
tc_MA: ouch where does the $ come from for the next cash deal
Carol: Florida
Bob_(vegas): naples is 79% over valued
Mike_Summey: tc, patience! I only bought 1 property my first year.
2 the second, 4 the third and the rest is history.
Al_Lee: Mike, did you get that email I sent you with the new law
changes that affect lease option?
tc_MA: bob, I read 84% here it is 48%
Al_Lee: That kind of thing is happening in other states also
jaynyc: I was asking about lease option earlier. How can I read
more about it?
Mike_Summey: Al, yes I did. I still can’t quite follow what they
are trying to do.
Mike_Summey: jaynyc ask Al to send it to you.
jaynyc: Would you mind Al?
Mike_Summey: l, that’s one I think may be overturned.
jeff_of_ny: mike, since my farm area is about 3 hours away. Do you
suggest I go there and stay every other week to farm and look at properties?
Al_Lee: Mike, they are trying to make is so you can not do lease
options or contract for deed. I did a whole radio show on the subject with an expert
guest
Mike_Summey: jeff, that would make sense.
elba_NY: Mike may God hear you.
Mike_Summey: t
Mike_Summey: Hi Matt
matt_s: hi
elba_NY: hello Matt
Mike_Summey: This Matt seems awfully familiar.
jaynyc: Where you thinking of buying Jeff?
Al_Lee: I heard that in Sacramento the city governors imposed rent
control until they themselves owned most of the proeprties, then they repealed it.
matt_s: yeah, it’s me….just taking a break from studying
jeff_of_ny: i have an aunt whom I can stay with at binghamton, so
that’s where i will start
Mike_Summey: That’s my Matt. Student at Furman University. See
everyone, even my kids join in occasionally.
elba_NY: Hi matt
jaynyc: Hi matt
matt_s: hi everybody
jeff_of_ny: hello matt
Mike_Summey: jeff, I have a group of properties in Anderson, SC. I
acquired them when I had to spend 1 or 2 days a week there.
elba_NY: a weekend jeff, thats all it takes.
Mike_Summey: Matt will graduate in June and then he’s off to fly
Apache helicopters in the military.
Al_Lee: looks like we are getting a lot of peopel from NYC
elba_NY: WE are invading Al
Al_Lee: Matt, Wow! That is cool!
jaynyc: True dat!
elba_NY: congrats matt
ken: Good luck matt
gina: Mike or whoever can answer this one. I am refinancing a loan
that I got screwed over on-we live and learn right. Anyways, now I have a dilema.
They locked me into a rate that I didn’t okay I could have gotten a rate that would
have saved me $150. I am not paying any closing costs. My morgage guy says once I am
locked it cannot change. Is this true. Can I get this “unlocked” and lower rate
without going to another morgage banker?
jeff_of_ny: that sounds like alot of fun matt
Al_Lee: Elba I invaded from NYC to Texas in 1969, so you have to
follow me.
jeff_of_ny: why a chopper instead of a plane?
gina: 150/month that is
Mike_Summey: gina, that all depends on your financial situation.
Are you in a position where you could get it refinanced if the lender won’t work
with you?
Al_Lee: jaync, if you will go to www.RentHouses.org and look at the
bottom of the page for a link to “email Al”, it will let you send me an email and I
will reply with a link for you.
Al_Lee: Elba, just visiting? Moving?
jaynyc: Thanks Al. I’ll do that.
Al_Lee: Elba, You will love it here. You have to meet Vee in
person, too. She is terrific.
gina: Yes, I have great credit and I just payed off a couple minor
debts which will raise my credit even more.
Mike_Summey: gina, then I’d give the lender the option of keeping
the loan at a better rate or losing it. I just did that with 6 loans last week.
Bob_Carr: Nite everyone
Mike_Summey: Goodnight Bob
Mike_Summey: I’m going to have to run also. I have several more
things to do before bed and have a big day tomorrow.
Mike_Summey: Goodnight all!
Bob_(vegas): night
jaynyc: Goodnight and thanks
gina: So they have the power to lower rate once it has been locked?
Al_Lee: Goodnight, Mike
Mike_Summey: See you next week.
elba_NY: good nite mike bob
gina: Is there any cost to myself or the morgage banker?
jeff_of_ny: gnight
jeff_of_ny: gnight everyone
Al_Lee: I have to go put my daughter to bed, so I will be signing
off momentarily
jaynyc: Goodnight everyone. I’ll email you Al.
Al_Lee: I came late, so I have to leave early to make up fo rit.
Al_Lee: jaynyc, yes, do email me and I will send you the new law.
elba_NY: :p Al.
jaynyc: will do. Night all.
jlbburn: I’ll check out the transcript later….gotta prep for a
staff meeting. Goodnight all.
elba_NY: good nite.
Al_Lee: Goodnight, all
gina: good night everyone 
» Filed Under Chat Transcripts
Comments
Leave a Reply