Chat Transcript April 24, 2006
Posted on April 25, 2006
BozoB: hello?
BozoB: anyone else here?
VJ-UK: Yep Me! Am I early?
BozoB: yeah mate
BozoB: we are both kind of early
BozoB: by a half hour or so
VJ-UK: Its 00.35am here in London. Where are you?
BozoB: I live in Hawaii my friend
BozoB: what level of investor would you consider yourself?
BozoB: I am a beginner still
VJ-UK: Wow! Please send some sunny shine this way! Brand brand new! Still working thru the book
BozoB: LOL I will do my best
BozoB: lol
VJ-UK: Have you done your first deal yet?
BozoB: no not yet
BozoB: the advice I keep getting from people is to start with a small deal. But, here in HI most homes begin at the $500k range
VJ-UK: in a nut shell whats going to be your strategy?
BozoB: I like the buy and hold mostly
BozoB: but, I love challenges and I love learning, so I will be experimenting no matter what
VJ-UK: same here the prices in london rocket and am looking to buy n hold
BozoB: yeah, I don’t see any reason to ever sell unless you bought wrong
BozoB: if you don’t mind my asking, what do you do for a living right now?
VJ-UK: in the uk you can have freehold ie its completely yours OR lease hold typically 99 years which means it reverts back unless you extend
BozoB: hmm, I am not sure what it is here
BozoB: should find out though huh? lol
VJ-UK: have you heard of Primerica well they came here too as I have been financial services prior to that
VJ-UK: YEP it would help! so mate what to you do?
BozoB: actually, I am getting started in Primerica as well
BozoB: but, I am also a Security Guard
VJ-UK: here mate welcome abroad! Guarding those lovely ladies visiting is hard work!
BozoB: hahahaha It sure is
BozoB: how long have you been working in Primerica?
VJ-UK: Around two years on and off but its great fun
BozoB: is it really? how so?
VJ-UK: You learn loads you meet lots of people you get to help and make a diffrence and it pays well too
BozoB: that is actually the only reason I am trying it, because you get to not only help people out of financial binds, you get to educate them as well
BozoB: have you heard of Robert Kiyosaki, author or Rich Dad, Poor dad?
VJ-UK: Have you heard to Bob Safford - he’s my diret upline - he is THE man!
VJ-UK: Thats books great an another is “the richest man in babylon”
BozoB: no, I don’t recall a Bob Safford
BozoB: so, you heard of Kiyosaki?
VJ-UK: Bob make $3.5pa and was here for 2 yrs teaching and now visits every other month. Whose team are you ultimately reporting to?
VJ-UK: Sorry yes I have but yet to read more
BozoB: $3.5pa?
VJ-UK: Ooops I mean $3.5m pa doing primerica and yes I have heard of Kiyosaki
BozoB: $3.5m anually?
VJ-UK: Yep 
BozoB: wow, that is pretty good
VJ-UK: Hi Alan
BozoB: what does he do to get the $?
BozoB: does he just make it from the people below him?
Alan: Hello VJ
Alan: *evil* *evil*
VJ-UK: Yes he now just coaches
BozoB: what if he stopped coaching?
VJ-UK: Alan - whats up mate
Alan: Hey Mike!!!
Mike_Summey: Hey everyone!
BozoB: Hey Mike
VJ-UK: Mike - hey Good Morning!
Mike_Summey: Well, I see we’ve got Hawaii to England represented already.
Alan: Perhaps you’ll talk to me now Mike…you ignore my im’s
VJ-UK: Boz He still gets it …. yum yum
BozoB: lol
Mike_Summey: Hi Alan.
BozoB: that is cool VJ
Alan: I rode around today scouting houses
Mike_Summey: Not ignoring you, just very busy.
VJ-UK: Boz- just follow the system
Alan: Both feet in…won’t quit; I even looked at making some business lol i know
Alan: cards
Mike_Summey: Hi Oz & Ken
ken: Hey all
Mike_Summey: Hi Eric
Eric_NE: Hello….
BozoB: I am not interested in getting there through Primerica
VJ-UK: Mike - can i get a copy of your card you use
oz: HI mike
BozoB: My only goal is to help people
Mike_Summey: VJ, send me your address and I’ll send you one.
Mike_Summey: Hi yameen
Alan: It’s bright green
Mike_Summey: Hi Doug
yameen: hi Mike, everyone.
Doug_in_CT: Hello Folks
VJ-UK: Boz - yep use it to get the contacts and money to invest
Eric_NE: Are lawn care, snow removal, painters, electricians, plumbers, etc. all “included” in our maintenance reserve costs? It seems like these costs could really add up fast. Do single-family home renters usually take care of their own grass and snow removal?
Alan: I am going with purple if I can find the right designer
Mike_Summey: Right Alan! Do you have one?
BozoB: great advice vj!! that is what I planned to do
Alan: I went to staples today, but i didn’t find anything quite right yet
Alan: I wonder if Kinkos has the same stuff
elba_NY: Hello everyone.
VJ-UK: Vijay Maru, 21 Aboyne Road, Neasden, London, nw10 0eu, UK
BozoB: Hey Elba!
Mike_Summey: Eric, usually all of those things are covered under the maintenance reserve. You have to adjust the amount reserved to compensate for the condition of each property. Usuall in SFH the lawn & snow removal ar eth responsibility of the tenant
Mike_Summey: Hi elba
elba_NY: Hi Bozo,Mike Eric, Yameen and everyone else.
Alan: You ever run into another investor selling a renovated house??
ken: I bought a home and when taxes came up i find out that i didn’t buy the land it went right past the attorney they told me they will straighten it out, has this happened to anyone?
yameen: hi elba.
Eric_NE: Hey Elba…
yameen: this color is terrible.
elba_NY: Its loud.
Eric_NE: Do you ever include a “fudge factor” in your NOI calculations as a percentage of the net rent? …just to be safe? Or do you pretty much stick to management fee, maintenance reserve, taxes and insurance? (when pertaining to sfh’s).
Mike_Summey: VJ, email it to me at mike@weekendmillionaire.com
BozoB: ok, what does sfh mean?
BozoB: Single Family Homes?
elba_NY: Ken,the land where the property is?
VJ-UK: mike - Okie Dokie!
Mike_Summey: Alan, I’ve bought many properties from other investors.
elba_NY: Yes Bozo.
Eric_NE: Bozo…..yeppers.
Mike_Summey: Ken, that’s why we say to always get title insurance when you buy.
Alan: I wonder if they know the same game; I imagine its harder to negotiate?
ken: Yes, a home in a town
BozoB: aaahhhh, got it. Don’t speak your language. Crazy Americans
BozoB: 
Mike_Summey: Eric, I always include a fudge factor.
ken: i’m learning
Alan: Usually the investors are in trouble though, right?
Eric_NE: About how much?
Eric_NE: Percentage wise
elba_NY: MIke, Does Title Insurance covers the kind of problem Ken just mentioned.
Mike_Summey: Hi Bob
elba_NY: Hey Vegas.
Bob_(vegas): hey Mike
BozoB: what are the usual closing costs that one can expect to incur?
Alan: So here is the order…
elba_NY: Do you have good news? I have not closed yet?
Doug_in_CT: One thing nice about Title Insurance, it is the only insurance I am aware of that you only have to pay once.
Mike_Summey: Alan, most of the time that is correct. People who think they are investors don’t study the Weekend Millionaire methods and they get in trouble.
Alan: 1) Interview Property Managers
elba_NY: Hello Doug, thanks
Alan: 2) Get A read on the rental rates in your area
Mike_Summey: elba, yes it does.
Alan: 3) Cold Call the fsbo’s first?
Mike_Summey: Hi galvin
elba_NY: Hi galvin
Alan: 4) Wait 3) Get prefinancing to see if you qualify
Eric_NE: Mike, how much of a fudge factor do you include? I don;t remember reading about it in the book.
galvin: hello everyone
Mike_Summey: Eric, there’s no set percentage. I just use something that makes me feel good. usually not very much, just something to give me a little wiggle room in case I missed something.
Alan: It is important to cl;ose pretty fast so the financing should be studied first? Mortgage brokers
elba_NY: Bozo, prorated taxes, insurance filing , processing and many more
Eric_NE: Thanks Mike
BozoB: wow
Alan: Elba…where in NY?
Eric_NE: How do you calculate your maintenance reserve? I know that you show 10% in the book. I know Al uses 3% on some of his properties listed through Turnkey. I’m just a little confused on how I can determine a reasonable number (so my numbers still have a chance to “crunch”) while still having that warm fuzzy feeling inside knowing that if something goes wrong I have the funds to cover it. Just ask the property manager?
elba_NY: Brooklyn
Mike_Summey: Alan, you’ve already got it too complicated. Each transaction is different. If you try to fit everything into a mould you’ll miss a lot of good deals.
yameen: can someone give me a quick & dirty idea of what lenders look for when i go for a loan? I heard that lenders want to see that 75% of the rents exceed the monthly pmt + taxes + insurance.
Alan: Such as what? I thought the preparation was good. I thought that I need to see what I can get with a 628 fico
BozoB: what is the best way to find out what the closing costs would be? Those still have to come out of pocket right?
elba_NY: Mike I think we are definetly going to welcome that lender next week.
Alan: you can negotiate closing costs in purchase price
Doug_in_CT: I am currently renting out a house in the town I live in. Lots of interest in the house from the one Ad I put in the paper. Several couples have come to look, and two have been back for a second look. So rental demand seems strong in my area of CT.
Mike_Summey: Eric, the newer the property the smaller reserve you can use…the older it is the more you need to set aside. Also you need to look for deferred maintenance…roofs close to their life…paint, carpet, applainces etc. that will need to be replaced soon.
BozoB: Thank you Elba and Alan
elba_NY: you got it Bozo.
galvin: what would be a better investment property…a house or duplex??
Mike_Summey: Alan, speaking of fico scores. I will have a guest from Fair Isaac company in a future chat to discuss the fico scoring system and how to improve yours. Would everyone like that?
BozoB: I am just a little worried because I don’t see Closing costs mentioned anywhere. IT is just me looking for an excuse to delay my moving forward
Alan: Make sure ROI is a good percentage when factorinbg within NOI if you use your own $$
Eric_NE: Mike, what’s a good way for a novice to see if there are any major problems with the property (Electrical, plumbing, etc.) before I consider buying it and paying for an inspector to take a look?
BozoB: Mike, I would love that!!!
Mike_Summey: elba, not only will we have the lender, but Carleton Sheets is going to join us also.
BozoB: next monday?
elba_NY: galvin, single family house is the way to start.
Mike_Summey: galvin, either can be a good investment.
Alan: Yes…I am a 31% risk I raised it 34 points in 18 months
Bob_(vegas): I am seeing offers in banks of 40 year mortgages! any anyone else seeing them?
oz: Mike, having the guy from fico would be great
Doug_in_CT: Gavin, I think people prefer the SFH over the duplex, so it may be a bit easier to rent. Nothing like the American dream.
Eric_NE: When is this chat coming up?
elba_NY: I find it easier in the learning process.
Alan: I you fog a mirror…qualify up to 50%? then try to get owner financing
Mike_Summey: Bozo, closing costs are something to factor in at the beginning the same way you would repair costs.
Bob_(vegas): fico is your “I love debt score”
Eric_NE: 40 years? That could help with the NOI coverage!
Mike_Summey: Eric, use a home inspector. It’s woth the money until you get competent to do it yourself.
Alan: More rejections makes you meaner for deals {speak for myself}
Doug_in_CT: Alan what was your key to raising the score 34 points in 18 months.
elba_NY: Vegas, Ive seen 40 and 20 as well.
BozoB: I have never bought a home, I have no idea where to start when figuring closing costs. There are obviously many variables that I have no experience with. Points? Insurance? etc…
Alan: but patient though *)
BozoB: I am just afraid obviously haha
BozoB: I love it, something to work though
galvin: I currently own a house already for rent but I wanted to invest in another property
Mike_Summey: Hi Bob
Bob_Carr: Hey Mike
Alan: I got 4 new credit cards with a low debt ratio paid ontime; closed three open accounts and paid off three old debts
elba_NY: Bozo, it may be scary but the journey is fun and the destination worth the while.
Mike_Summey: Bozo, just food for thought. There are virtually no closing costs if you can find owner fiancing.
Eric_NE: Bozo, if you find a friendly title/escrow company they’ll probably talk to you about it all. Convice them you’ll use them and ask if you can buy them lunch or something…..
elba_NY: Hello Roger.
Bob_Carr: Mike,I picked up a house last night!Right place at the right time.
Mike_Summey: There’s Roger Dawson. A little late, but he’s here.
Roger_Dawson: Hi Elba and everyone. Sorry that I’m late
Eric_NE: Elba, never heard it put better…..
Alan: How they factor that is anybody’s guess; the ratios are known though
Eric_NE: Hey Roger.
Mike_Summey: Good Bob. Tell us about the deal.
Doug_in_CT: How was the timing right for you Bob?
ken: bozo i have 2 properties and i still chew my nails about them. i get nervous to
BozoB: Eric, thanks! Elba, you’re the best!
BozoB: lol
elba_NY: Please Bob do tell.
BozoB: Ken, thanks for sharing that with me
BozoB: most of the people here are so advanced, I don’t know where to begin
Eric_NE: A mortgage broker I talked with said that the interest rates for smaller loans (about $65,000 and under) are higher than if you borrowed more. Is this right? I was thinking that if “Seller A” is willing to hold some of the financing I should be able to get a smaller bank loan to cover what the seller “needs” to pay off their loan, have some moving money, etc. at a decent rate since they would be in first position with a lot of equity in the property (ie: purchased property for $80k, it’s worth $100k, seller is holding $50k, bank loan = $30k (on a $100k house)). Shouldn’t that be a great position for the bank to be in?
Eric_NE: Okay, long post….sorry
Mike_Summey: Bozo, the first property is always the scarriest. The nex one is easier and each one thereafter gets better.
BozoB: Mike, Thank you so much for your time as well. You guys are truly the best
BozoB:
BozoB: I know it. for some reason, I am still stalling though
Bob_Carr: Widow looking for a cash deal,to be able to go to a retire home.I got the call Sat. night from a family friend and did the deal yesterday
BozoB: haha
Mike_Summey: Eric, even if the bank wants a little higher rate for a small loan, you can usually make it up with lower rates from the seller.
elba_NY: Eric banks only want money. And yes We had that happen to us.
Alan: You said if the first deal is accepted you paid too much; that okay though, right? If it happens to fit the NOI
Mike_Summey: Bob, that’s the type thing I look for all the time. People are always finding themslves in situation where they need to sell quickly and are willing to offer good deals to do so.
Bob_Carr: Patience pays off Mike,I think you have told me that a time or two.
elba_NY: Alan our first deal was accepted. After we ran the number with the Offer Generator the offer we put in was right on the bullseye.
ken: i just got 7.34% for a 32,000 loan
ken: is that good?
Eric_NE: Elba, Mike, when is that chat with the lender and Sheets?
Alan: Dawson have laryingitis?
BozoB: if the SFH median is around $500k, should I try to look at Condo’s instead which are at about $250k to $300k?
Mike_Summey: Alan, if the numbers work with the NOI and the sellers accept the first offer it is an indication that you might have been able to do better, but just remember pigs get fat, hogs get eaten.
Alan: lol
elba_NY: Next MOnday. dont miss it.
Alan: He always was a ham
Alan: {kidding}
BozoB: nevermind, I think I get it
Mike_Summey: ken, I don’t know the circumstances, but if the numbers work it is good.
Eric_NE: Definitly won’t…..
BozoB: Price isn’t as important as long as the income will support payments
Roger_Dawson: Sometimes when they take the first offer they may just be poor negotiators.
BozoB: Hey Roger!!
Mike_Summey: Eric, that chat will be next Monday.
Eric_NE: Thanks
Eric_NE: How do you approach banks to make offers on their reo’s? What times of year are they more motivated to move them? (ie: When are the government deadlines for when they start getting penalized for having houses “on the books”/bad loans)?
Mike_Summey: elba, I’m glad to hear you ran it through the Offer Generator program.
Alan: hogs? I don’t understand the metaphor. Who’s the hog?
Eric_NE: The greedy pig.
elba_NY: Mike we had to make sure we read the book correctly.
Mike_Summey: ne, if you don’t have the Offer Generator program, get it tonight! It will save you enough time on your first couple of offers to pay for it.
Roger_Dawson: Hi Penny
elba_NY: Hey Penny
Mike_Summey: Hi Penny
Mike_Summey: Hi Eddie
Penny: Hello Roger, elba & Mike!
Alan: I the Generator program available through the free trail still? Can’t find it
Alan: trial
Mike_Summey: Eric, the best time to work with banks on their reos is just before the end of each quarter with the 4th quarter being the best.
Roger_Dawson: Eric, I think that banks always want to convert real estate, which is a liability, to a loan which is an asset.
BozoB: Roger, I have a negotiation question, do you have any negotiating games that you use to help teach? I would like to teach Negotiating to some of my family members also. How can i go about it?
yameen: do banks “list” their reo’s?
Eric_NE: Can we get the actual disk when we buy the Offer generator? Instead of just downloading it?
Mike_Summey: Alan, it is on the website in the store and on the home page if you scroll down to find it.
Alan: cool
Mike_Summey: Eric, the program is not available on disk at this time. It may be in the future if the demand is strong enough.
Alan: *choochoo* I chugging through
Mike_Summey: Eddie, no I won’t be there.
Eric_NE: lol
Roger_Dawson: Bozo, I do workshop exercises at my seminars but I don’t have any games. Best way to teach them is to have them listen to my cds.
elba_NY: good one Alan
Alan: ;>
Doug_in_CT: Hey Roger, I think I just had a million dollar idea: A board game called “Negotiations” by Roger Dawson. I can see Roger’s picture on the front of the box. It think it costs $79.95.
Mike_Summey: yameen, they do at times, but the best way to find out about them is to make friends with someone at the bank who can introduce you to the person handling reos.
Roger_Dawson: Doug, do you see millions of people with credit cards in their hands?
BozoB: well, unfortunately, they are young kids (around 15) and they don’t have the greatest attention span. They would rather play PS2 than listen to the Prgram
Alan: Yeah, but if I do a nibble gambit, my girlfriend might get the wrong idea
Doug_in_CT: Do go there Alan?
Alan: ??
Doug_in_CT: Don’t
Eric_NE: Doug, but if you use the negotiating gambits he’ll let it go for $78.00!
BozoB: hahahahaha
Mike_Summey: Next week’s chat will be a real barnburner. You don’t want to miss it. Be sure to tell a friend about our website and invite them to join us too.
Alan: okay……?
BozoB: you really wanna try negotiate with Roger?
Doug_in_CT: In the game I am envisioning, you draw cards thats are beginning, middle or ending gambits.
BozoB: nah, think of something like Madgab or somthing
Mike_Summey: Roger is a push over. You just pull out your .45 and tell him to give you the thing for free. Best gambit I know.
Alan: I really think you are barking up the wrong tree Doug
Eric_NE: Good one Mike!!!
ken: Mike you I think you said you made 21 offers the other week how did those turn out?
BozoB: what is the name of that Gambit? Criminal Gambit?
elba_NY: Roger Doug may be unto something. I see myself beating my husband in that game.
Eric_NE: It’s called the “Hold-Up Gambit”
BozoB: aaahhh, the old Hold Up gambit
Mike_Summey: ken, I made an offer on 21 properties. It is still being considered. It’s a big transaction and I’m asking the seller to take a big loss.
BozoB: Elba, good luck to your Hubby
Doug_in_CT: Mike sounds like a good one. If it gets accepted, How many houses would you have?
BozoB: Roger, I think that would be a great idea. Seriously. a Negotiatin game can open many doors
yameen: Mike, what is your next step? wait and see that the seller says? are you considering any move to help the seller decide?
Mike_Summey: VJ, why is there no seller financing. Do you mean that a seller can’t finance the purchase for you if he want to do so.
BozoB: kind of like Cashflow 101 from kiyosaky
Eric_NE: Mike, does it ever seem odd to think about your rental empire in the context that there are hundred’s of people who’s biggest expense every month is paying you? They all go to work every day and the largest check they all write is to you. Has to be a good feeling!
Mike_Summey: Hi drbranson
ken: is it a multiunit? I’m finding that on the average i have to ask for 70% of the cost of the home to make the numbers even think of working.
Eric_NE: Ken, are you considering owner financing?
BozoB: lol
drbranson: Hello
Mike_Summey: Eric, the way I see it, if they aren’t writing that check to me they’re writing it to someone else. Better me than them.
BozoB: Eric, you make it sound so….dirty
BozoB: hahahahaha Good point Mike
yameen: if that’s dirty, i dont want to be clean!
Eric_NE: I don;t mean it in a bad way!!!!!
Mike_Summey: ken, that’s about right if you only think in terms of conventional financing.
Eric_NE: Definitly a good way
elba_NY: Bozo I like to play with that kind of dirt.
ken: No I’m not to sure how that works yet, I’m new and I don’t want to look like a clown, but that could be an option
Alan: Mike, what was the biggest adjustment to suddenly having money? Those twenty years of it building must have been ansy
VJ-UK: Mike - Thats right my mortgage pays off the sellers mortgage, and in turn they take out another one for their purchase.
BozoB: hahaha
elba_NY: Hi PR
Roger_Dawson: The alternative to people like us owning the rental properties is for the government to do it and that has always been a disaster. Look at those government projects in Chicago and New York that are crime infested jungles.
ken: most of the people i come across just want to get rid of the property for a fare amount.
Eric_NE: Ken, I’m new too. I don;t even have one rental yet. Ouch, did I just admit to that?!?!?!?
elba_NY: Mike Roger what is the deal with the underwriter’s participation in a purchase transaction?
Mike_Summey: Alan, it wasn’t a big sudden adjustment. Roger visited me for 15-20 years and thought I was broke the whole time.
BozoB: Eric, the first step toward recovery is admittance
Eric_NE: Dang! I really didn;t mean it in a bad way. Just a philisophical, isn;t this cool way.
Eric_NE: Bozo, that’s funny!
elba_NY: Ken most of us are humble learners.
Doug_in_CT: But isnt that still true today when Roger visits you Mike?
Mike_Summey: VJ, if you buy a property from a seller that owns the property free and clear, is there anything to stop them for financing the purchase for you.
Alan: lol…i read that….I mean did you have a wild period? Many new millionaires do to vent off steam
BozoB: Elba, you have only one investment right now right?
Roger_Dawson: Doug, these days I make him pay for his own breakfast at Denny’s!
elba_NY: Yes Sir
Mike_Summey: Doug, you’l have to ask him that.
BozoB: I remember when you told us that you got it. I didn’t even know you yet and I was proud of you
ken: yeah, I’m going though the school of hard knocks but it could be way worse, i’ve picked up alot from the 3 books and these chats. and getting out and talking to people
BozoB: I am glad to be here as always. Only good people here
Roger_Dawson: Alan, I think that everyone goes crazy with the first big money they make. You get over it.
Alan: when does FAQ come out… this week?
elba_NY: 
Mike_Summey: Alan, I never thought much about it. I have always been steadily working my way toward financial independence. When I finally got there I hardly even notice it.
Mike_Summey: Alan, FAQ is in the bookstores now.
Eric_NE: Hardly even noticed!!!!!! What about the whole, “Not going to work anymore” thing?!?!?!?!?
Alan: i checked on Saturday….nothing
BozoB: hahaha. Great question Eric
Mike_Summey: Hi PR, I didn’t see you sign in. Sorry!
Alan: In fact…only ONE book your first was even around
Mike_Summey: Hi noalba3
drbranson: I’m find the FAQ books really helps me fill in the things I missed while listening to the CDs
BozoB: hmm, Alan, you need to get there quicker then
noalba3: hello and thanks
BozoB: hahaha
Roger_Dawson: If anybody is still working for someone else I want to plug my new book “Secrets of Power Salary Negotiations.” Due out July 4, you can preorder it on Amazon.com
VJ-UK: Mike - Humm? Me thinks not! As the mortgage has to be the same people as the legal title plus ages / income etc …
ken: i have to get the cds
Alan: Is that it? I hope so for your sake…lol
Mike_Summey: Alan, you can get all of them at amazon.com or on this website. If you will ask at the bookstores, they can get them also. They may just be out. The books do sell very fast.
Eric_NE: Roger, that should be good. Whenever I have my performance reviews I feel like a little mouse in a room full of wolves.
elba_NY: Does Anyone know about underwritting process?
Doug_in_CT: But Roger, you are trying to sell refigerators to eskimos, the folks in here are getting away from Salary’s.
Alan: Y Eric? I always feel like the wolf
Mike_Summey: Vj, you buy…you give the seller a mortgage…the seller holds the mortgage until you pay him/her off. I’m sure that works in England just as it does here.
Roger_Dawson: Good analogy Eric. The book is about negotiating increases in pay and negotiating compensation for a new position.
Eric_NE: I just feel like they have the upper hand. If I don;t like it I can leave. I guess I just feel ,gulp, replacable. I don;t have any specialized knowledge, etc. College degree but lots of people have that.
Mike_Summey: ken, the CDs will let you actually listen to what you are supposed to be doing while you are out in your car doing it.
ken: Has anyone have any thoughts about larry goins and his products?
ken: I will get them soon
Alan: I am checking out PM this week. I will now become the boss
elba_NY: Alan I loooove that part
Alan: yeah! What ever happened with that? I felt very weird from that experience
Alan: I heard 70% pm’s were no good
Mike_Summey: ken, I had Larry on a conference call recently, but i don’t know anything about his methods. What I do is so different from him that I thought it best to let him eplain his program. Were you on that call?
elba_NY: Ask for references.
Roger_Dawson: Doug, I agree with you. Working for the man sucks.
BozoB: Hey, Mike and Roger, could I get a deal on the Audio Programs? the whole set?
Alan: You know anyone who went with Larry?
Eric_NE: PM?
noalba3: Mike, Local market question…Denver (huge inventory and growing) & foreclosures piling up. Do you have any insights? suggestions? Thanks
elba_NY: Im refering to any PM.
Doug_in_CT: But, It is kind of you Roger to help folks get more $ from the Man, prior to their departure.
BozoB: pulls out gun using the hold up gambit
Alan: The man is always in Vegas
BozoB: lol
Alan: seriously
ken: I did pick it from the computer. i also listened some on some of his calls on pick a pro or somthing like that.
Eric_NE: High property values in Denver isn;t there? Are rents that much higher?
elba_NY: Doug 
elba_NY: Hi Shane
noalba3: rents…hard to get cash flow
VJ-UK: Mike - Unfortunately it doesnt here! The Lender holds the title deeds and they dont assign to others….
Eric_NE: Where is Mr. Al Lee tonight?
Mike_Summey: noalba3, it sound like what I described in my article “When the Bubble Bursts, Deals will Blossom” is beginning to happen in Denver. You will find many opportunities in the coming year or two.
Shane_Ky: Hi everyone
Mike_Summey: Hi Shane
Mike_Summey: VJ, the lender is the seller! Forget about banks, etc. The seller is the bank when they carry the financing.
Roger_Dawson: Talking about Vegas I’m appearing at Venetian this week and the Bellagio next week. Wish I could tell you I will be headlining but I’m speaking to conventions there. Tough life but somebody has to do it.
noalba3: Thanks Mike, I hope to smell the flowers…where is your article?
Doug_in_CT: I saw a new product for looking at home in Seatle. It is called Red Fin. Check it out at http://www.redfin.com
ken: I just sold my primary home well i sell on the 8th of may I”m walking away with $170,000 and i’m relocating to a way cheaper area. i’m affriad of the housing bubble here
Bob_(vegas): the President spoke at the venetian today
Mike_Summey: noalba3, it is on the home page of the website. You’ll probably have to scroll down a bit to find it.
Alan: *harp*
noalba3: We are getting very (read extremely) picky on our fix and flips
Bob_(vegas): Roger I am working in the hole next to the venetian soon to be the Pallazo……
noalba3: thanks Mike I will read it
Doug_in_CT: The idea is you get up in the satelite and fly over the area of the city you want to live in. All the houses for sale are a colored red and the recently sold ones are blue. Theny you google zoom into your area and click to compare prices. You can zoom all the way into the living room. When I saw it, I felt like I was looking at the future of real estate purchases.
Roger_Dawson: Bob, I love the Venetian. I think it’s one of the world’s great hotels.
Mike_Summey: Bozo, there is a deal on the sebsite in the “store.” It includes the entire Weekend Millionaire Library.
BozoB: so i’ll check the sebsite
BozoB: thanks Mike
Alan: Mike, you get those two houses three weeks ago?
Roger_Dawson: Doug, that sounds sensational!
Alan: Northern NC
Doug_in_CT: I am thinking that Seatle is a hot market now. Drawing in all sorts of young educated people, and the demand for housing far exceeds the supply.
Mike_Summey: Doug, we’re going to have to make you our honorary website reseach member. Thanks for the tip.
Bob_(vegas): with interest rates climbing I am seeing builders here advertising “open to investors” in their sunday ads. Also the builders are buying down the interest doing a 3-2-1 buydown to attract new buyers
Eric_NE: Anyone using RealtyTrac.com? Thoughts, opinions?
Mike_Summey: Alan, yes I did. I made a handshake deal on Tuesday and closed on Thursday. I’ve already collected a month’s rent on them.
VJ-UK: Mike - If its ok will email later on this.
Alan: beautiful
BozoB: Aloha Mike, Elba, Roger, Alan, Eric, Everyone
Bob_(vegas): eric I had it for 6 monthes then stopped it and guess what ?? Havent missed it yet
Eric_NE: See you Bozo.
elba_NY: Aloha my friend
Alan: later
BozoB: I have to go. pleaase take care of yourselves and I will see you next monday
Mike_Summey: Bob (Vegas), just be patient. The deals there are going to get a lot better before they turn around.
VJ-UK: Cheers Bozo
Mike_Summey: Goodnight Bozo. See you next week.
BozoB: See ya VJ. thanks for chatting with me mate
Eric_NE: Bob, are the leads bad?
Alan: I am committing 7 hours a week to RE in any format
BozoB: see ya Mike thanks again
Bob_(vegas): no but I never did follow up
ken: what are some disadvantages to having an llc?
Roger_Dawson: Eric, I just took a quick look at RealtyTrac.com. It might be a good way to find agents who want to work with investors.
Bob_(vegas): good point roger
Alan: Where are all the 3rd party lenders?
Eric_NE: Thanks Roger, what about the preforeclosures?
kevin: what was that website again??
Eric_NE: Those aren;t with Realtors yet…are they?
Mike_Summey: ken, probably the biggest disadvantage to an LLC is the problems with obtaining financing. You will be expected to personally guarantee bank loans.
elba_NY: I will “see” everyone next week. Enjoy the rest of the week. Good luck on your transactions.My boss is calling.
Eric_NE: See ya Elba!
Mike_Summey: Goodnight elba
Alan: no sleep to brooklyn!
ken: mike are there any pros beside estate planning?
Eric_NE: lol
Roger_Dawson: The site is http://www.realtytracker.com/
Eric_NE: Good one Alan!!!!!
Bob_(vegas): realtytrac.comn
Alan:
Bob_(vegas): oops
Bob_(vegas): com
elba_NY: Alan, my boss has only been here 11 mths and it does not seem like he will be off my back anytime soon.
Mike_Summey: ken, llcs offer some liability protection, but i don’t think they offer much omre than good insurance unless you are going to set up a separate LLC for each property.
Eric_NE: Roger?? http://www.realtytrac.com/
Alan: what’s he doing to you? Yelling?
kevin: thanks Roger
Bob_(vegas): maybe two sites?
elba_NY: No. He has the mommy may I have my milk now look
Roger_Dawson: Eric, I don’t know how to locate foreclosures until the lender files a legal notice, which appears in your local legal newspaper.
Alan: what you do now?
ken: does any one use bandit signs such as “I buy Homes” or have signs on there cars ?
Bob_(vegas): some title companys track foreclosures
elba_NY: Eric try the local court houses. email me.
noalba3: Signs ..yes
Alan: summey
Roger_Dawson: If you go to church be sure to let the minister, priest or whatever know that you’re a real estate investor. They hear of parishioners who are in financial trouble.
Alan: there’s a bright sign right there
Mike_Summey: ken, those are good gimmicks, but I’ve never seen much use in them. That’s a method being taught by some real estate speakers who advocate speculative ventures in real estate. They’re not for me!
Bob_(vegas): maybe a funeral?
ken: me either mike, But i hear they get good returns. my friend hired someone to put some up and he put some on yeild signs in a city. my buddy got lots of calls from the city.
Mike_Summey: Does anyone have a special interest that you would like for me to bring a guest in to discuss?
Roger_Dawson: I have to leave you now. Be sure to get in on next week’s chat, when Mike has arranged for his banker to answer your financing questions.
Eric_NE: Negotiating! Oh, wait. Building a high net worth with real estate, Oh wait.
Eric_NE: lol
Alan: I guess trying to manage the managers is a good topic
Mike_Summey: I’m going to have to sign off as well. It’s been a long day. Goodnight all! See you next week.
noalba3: Thanks Mike and Roger, I am off to read Mike’s article…
Bob_(vegas): night all….
Alan: okay
Eric_NE: Thanks everyone!
VJ-UK: Cheers Mike
Alan: too fast…not much learned
Penny: goodnight all
Alan: everyone is dieing
Alan: dance
VJ-UK: Alan I’m tired too its 2am here in london
Alan: wow
Alan: *whip*
Alan: i’ll lock up
VJ-UK: Alan promise to chat next time
Alan: okay
VJ-UK: Night all
Alan: night
» Filed Under Chat Transcripts
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