Chat Transcript September 11, 2006
Posted on September 12, 2006
Al_Lee: Hello, looks like I am here first!
Al_Lee: Hey, ROger
Roger_Dawson: Hi Al and everyone
Mike_Summey: Hello everyone!
Al_Lee: Hi, Mike
Roger_Dawson: Hi hottie
hottie: Hey Roger
Mike_Summey: Hi hottie
Al_Lee: Mike, I had Denny Chipollini as my guest yesterday, Great guest!
hottie: Hey Mike
DaveR: Hello Everyone!
Mike_Summey: Hi Dave
hottie: Mike, I am finally getting email updates
Mike_Summey: Hello stock
Mike_Summey: Hottie, so you finally got it fixed?
Al_Lee: Hearing his story makes you shudder !
Mike_Summey: Denny is quite a guy isnt he?
stock13: My real name is Mark. Sorry for putting stock13 as my name. I really have one which is Mark
hottie: Mike, yep. I had to have been doing something wrong. Not too technically inclined
Mike_Summey: stock, you can use whatever you want here, but Mark is easier to type than stock13
stock13: I aggree
Al_Lee: Mike, I have a really special guest lined up for next week.
Mike_Summey: Who Al
Mike_Summey: Hi Theo
Al_Lee: A real Big Shot!
Al_Lee: t’s Roger Dawson
Theo_SC: Hey Mike
Mike_Summey: Al, you know what a Big Shot is don’t you?
Al_Lee: A little shot who kept on shooting
stock13: I presently have a home for sale that I rebuilt in N.J South River and boy is the market slow
Theo_SC: Hey Roger
Mike_Summey: Good Al
Roger_Dawson: Hi Theo
Al_Lee: I think you might have told me that.
Theo_SC: Mike, I heard the seminar in G’ville was a big hit
Mike_Summey: stock, unfortunately I’m afraid it is only going to set slower before it gets better. We’re coming upon a great time for Weekend Millionaire type investors.
Theo_SC: Glad to back on the chat
Mike_Summey: Theo, sorry you missed it. It seemed to go well.
Mike_Summey: Hi Tom
stock13: The inventory is alot and very few lookers
Tom: Hello everyone
Al_Lee: Interest rates are about a point higher tan thsi time last year. that slows down the buyers a lot
Mike_Summey: stock, that’s what happen when the market cools. Propeties stay on the market longer and it’s difficult to get close to asking prices.
Al_Lee: Somebody who knows how to negotiate ought to be able to tak advantage of this situation, right?
Theo_SC: how is the rent market in different parts of country?
Mike_Summey: I think we will see mortgage rates move up at least another 2 points before they stop rising. That will really cool the market.
Theo_SC: the buyer are still on the side line
Mike_Summey: Hi Penny
Roger_Dawson: Hi Penny
stock13: I am very much aware of this. This seems to be repeating itself like in the early 90′s
Theo_SC: hi Penny
Mike_Summey: Yep!
Penny: Hello Mike and Roger, everyone.
Mike_Summey: stock, I bought 65 properties in 1993 when the bottom fell out of the market.
Mike_Summey: Hi 1099
Theo_SC: Mike, I got the email today for the crusie next year
Roger_Dawson: There was a survey on the web last week. Most people thought we’d see the hot markets cool off, but no major meltdown like in 1991.
1099: Hello Mike and everyone
Mike_Summey: Theo, DaveR is in the chat. He is the cruise promoter so if you or anyone else has questions about it, please direct them to him.
Theo_SC: ok
DaveR: Hi everyone…I’ll be available after the call to tell you about our cruise and answer your questions!
stock13: For the savory investor they will be able to pick up good bargains
hottie: DaveR, when can we start booking?
Roger_Dawson: DaveR: I remember that the cruise goes to some great ports. What are they?
ken: I read about lots of homes on the market but they all say the cost of homes is still raising
Theo_SC: DaveR…how soon can start booking?
ken: I don’t understand that
DaveR: WE can book today!
hottie: DaveR, what is the rate for couples?
Theo_SC: what the cost?
Mike_Summey: Roger, this is the 4th cycle I’ve been through and the downside always seems to mirror the upside. We’ve just been through the biggest upswing of all and I expect the downside to be quite dramatic when it really gets going.
ken: Yes
DaveR: Ocho Rios, Cozumel, Grand Cayman, and Labadee
1099: It is hard to go on a cruise when you are working on being a investor lol
stock13: We presently have one that we listed for 489.000 and now is down to 439,000 and we only had 1 prospect in 3 months
DaveR: Depend on the type of cabin but about $4400 for both
Mike_Summey: ken, I think what your are hearing is that asking prices are still rising. Look at selling prices.
stock13: The house is far from being overpriced
ken: True Mike
ken: I”m hoping the houseing market goes down about 20%
ken: soon
Theo_SC: DaveR…can u do better than that?
Mike_Summey: 1099, the crusie will give you a full week with Roger & me so hopefully you will come away with more than enough knowledge to justify the cost.
ken: Mike do you have a number on how many openings there are
Mike_Summey: Hi switt
DaveR: That’s the price for a whole week with Roger and Mike!
hottie: Theo, I’m doing the silent thing to negotiate
Mike_Summey: DaveR, don’t forget a great cruise too!
Theo_SC: Hottie…got it
1099: That may well be true but now I am working out on your program and in time I will be able to enjoy whatever comes up. Your just keep me in mind lol Mike
Mike_Summey: ken…openings?
ken: Mike I thought it said limited openings for the cruise.
Mike_Summey: 1099, we’ll talk about you…how’s that?
1099: That work for Big Mike
Mike_Summey: ken, DaveR is the cruise promoter. He has a limited number of cabins blocked for the cruise.
Mike_Summey: Hi kwhit
kwhit: HI – My first time here
Theo_SC: welcome kwhit
Mike_Summey: kwhit, we’re all friendly so just jump in anytime. Glad you have joined us.
1099: Your weekend mindset book is very good Mike and Roger it really going to make a different for me in my life.
Mike_Summey: great 1099
Roger_Dawson: Thanks 1099! Help us spread the word!
DaveR: It changed my outlook on financial independence
hottie: Mike, I have found the mindset a great tool for negotiating with my daughter
Mike_Summey: hottie, why do you have to negotiate with her?
Mike_Summey: hottie, where is Corey tonight?
1099: I am studying so much Roger the on word I can spread for now is for me.But I will do my best
Al_Lee: Mike, Sandy from the chat room is travelling around the country and is in Dallas now.
kwhit: I am just starting to try to get into rentals. I have been going to my local REI group. Do you guys use Birddogers to find your deals?
hottie: Mike, she tries to negotiate everything from phone time to bed time and dating
DaveR: Al, tell me more about Dallas vs. Austin?
Al_Lee: She is meeting me tomorrow to go look at the Section 8 houses we are building and will most likely buy one of them.
hottie: Mike, Corey is currently in canada. He has to go to Virginia in a couple days, then back to San Antonio, I think
Mike_Summey: kwhit, I have bought a number of properties from people who birddog. Some are quite good at finding deals.
Al_Lee: Dave, You will find that both are great areas, but if you want positive cash flow, you can not beat the Dallas/Fort Worth market
Mike_Summey: Hi elba
elba_NY: Good evening everyone.
Theo_SC: hi elba_ny
Jim: Any thoughts on how to motivate a tenant to pay the rent on time. She has money problems, and eventually pays. But I need some help. Apartment isn’t an easy rental, so I don’t want to kick her out and go through the tenant search process all over again.
Al_Lee: Prices are a bit high and rents a bit low in Austin. Austin is a beautiful place, though. It is in the hill country.
elba_NY: Hey there, Mike, Al, Penny, Roger,Hottie
Penny: Hi elba.
DaveR: Al, for duplex? single family? tell me more about rour sec.8?
hottie: Mike, what is “birddog”?
Al_Lee: Hi, Elba
hottie: Hey Elba!
1099: Trying to get that first SFH is hell Mike & Roger but we are not giving up. I feel that once that one is in our hand all hell is going to break loose.
Theo_SC: good point Jim, I got one like that also
Theo_SC: pays late, but does pay
Mike_Summey: Jim, offer her a discount if she pays by the 25th of the previous month, normal rent until the 5th, then a late fee if she pays after the 5th.
Roger_Dawson: 1099, the first one is the hardest. Once you’ve done that, it gets easy.
elba_NY: Jim, Can you split her payments in 2?
Al_Lee: Dave, I prefer SFH over all other formats, but also own some duplexes and commercial proeprties. You can buy a brand new 1412 sf house with 4 bedrooms, 2 bathrooms, 1-car garage for $106k and lease it for $1050-1200
Mike_Summey: hottie, a birddog is one who finds deals and then flips them to investors for a small fee.
1099: I hope so brother Roger
Jim: Mike, that is all in the current lease. Elba, she is also Section 8 and only pays a portion of the rent herself.
ken: I got a tenant that is a month and 12 days behind :<
Al_Lee: Dave, about 20% of that price is land, so as the price of land rises the pricce of hosues rises too
elba_NY: I see.
kwhit: What do I need to have prepare (ie Financially) before I start making any serious offers?
Theo_SC: Jim…I just offered my tenant a bi-weekly payment plan to late her pay on time
hottie: Mike, I thought those were supposed to be called real estate agents. Never heard of birddogs. Are they just people that want finders’ fees?
Theo_SC: first month into it
Al_Lee: We build in SE Dallas now becase we can still buy land cheaply and it is the next big growth sector in Dallas
elba_NY: Theo. I bet you did the math. You know that tenant will make you 13 payments instead of the reg 12 per year.
Theo_SC: oh yeah
Roger_Dawson: Hottie, birddogs are usually people who can’t buy becuase they don’t have the down payment or can’t qualify for the financing.
elba_NY: hottie, thats a good one.
Mike_Summey: ken, my property managers has very specific instructions on collections. Send late notice on the 5th then file eviction papers if not paid by the 15th. If the tenant wants to stay they have to bring the rent current plus pay the cost of the eviction.
DaveR: Al, how can you find a god prop mgr when you live in NJ?
elba_NY: They are also start up investors.
DaveR: meant good of course!
Mike_Summey: hottie, yes most birddogs are not licensed agents.
Al_Lee: Dave, if you want one in dfw, I can give you one. I can’t help you with other areas other than to tell you to go to narpm.com and do your homework
Mike_Summey: Hi Bryant
Jim: Theo, are you saying tenant pays every 2 weeks – a set amount. Do you get more rent this way or is the annual rent divided by 26?
Al_Lee: Hi, Bryant
Bryant_CA: Hi Mike… its been awhile
ken: Mike i’m in the process of interveiwing a manager now, but for now the one tenant bounced a check I told them to pay with money orders for now on, they have 5 kids so i guess they are behind with school stuff we’ll see what happens
Bryant_CA: Hi Al
DaveR: Al,, that means that Austin has a real shortage of narpm pms…I tried!!!
Al_Lee: Dave, that might be. I have some connectins in Austin so if you email me later on I can try to get you connected. I don’t own any properties there, but I have friends who do.
DaveR: thanks
kwhit: Do you recomend that I set up an LLC before buying my first house?
Mike_Summey: ken, most tenants that get behind have a good sob story. If you let them pay late, you are only transferring their problem to you and not helping them at all. You will lose in 99% of the cases where you do this.
Theo_SC: the monthly rent is divided by 2, due on 1st & 15th, late fee after the 5th & the 20th. $25 late fee=$50 late fee if they are late both time
Theo_SC: eviction file on the 11th & the 21th NO exception
elba_NY: Theres a new show called Flip This House.on A&E Network. they feature a small Co. from San Antonio the other is from Atlanta.
Mike_Summey: When it comes to collections, I tell my property managers that I hired them to manage my properties not loan my money. If they want to work with a tenant on a payment plan they can loan the tenant their money and let the tenant sign a note and pay them instead of me financing their problems.
DaveR: I’ve seen flip this house…highly recomended!
Theo_SC: Good point Mike
Mike_Summey: kwhit, in the beginning you might find an LLC to be more trouble than it is worth.
Jim: I charge $10/day late fee after specified date. Can really accumulate. Sometimes they pay late fee after reminder. If not, I eventually take it out of the security deposit.
elba_NY: You may be able to get an idea on what the houses can go for. Some neighborhoods look just like the ones you would find in some parts of Dallas.
Roger_Dawson: Al, I don’t understand why you would build Section 8 housing. What’s that about?
stock13: What is shown on TV is not really like that in real life
kwhit: really? So how do you protect yourself?
Bryant_CA: Mike, how do you protect your properties, trust, llc, etc?
hottie: kwhit, i set up an llc so that when i have a tenant, i can use the llc as the bad guy. when it comes to collecting rent or defining the lease, it’s always the “llc” that makes the rules, not me.
Al_Lee: Roger, that is where we get the best returns now. It is a terrific program for the investor.
elba_NY: I agree 13. I still like to see what they do.
Al_Lee: The Section 8 rent checks are never late and never bounce. they come form the government.
Theo_SC: I have 2 tenants that are on my bi-weekly payment plans because they have a hard time getting the pymnt. in on time
Roger_Dawson: Al, does the government subsidize the construction cost?
kwhit: Mike, what kind of trouble would an LLC be?
1099: And one have to know what they are doing in that filpping game
jacepharm: hello Mike and Roger
Theo_SC: I also send them about 6 pre-stamped evevelops.
Roger_Dawson: Hi jacepharm!
Al_Lee: No, we pay the construction costs, but we build to maximize the return on investment baes on what the govt is paying in rents
Mike_Summey: Bryant, I owned properties in my name personally until about 4 years ago. Then I transferred allof them into LLCs, but I did it for estate planning purposes not for protection. I protected myself with insurance and by using property managers.
Mike_Summey: Hi jacepharm
elba_NY: hello jace
stock13: When you watch these programs they never take in effect the obtaining of the mortgage or inspections on the house
jacepharm: Hi Elba
ken: Mike,how many property managers do you have?
jacepharm: Sorry I have been out of the chat loop for awhile….Work gets me home late
elba_NY: I believe they use over all numbers 13.
Mike_Summey: kwhit, putting properties in an LLC may cause you some problems with getting financing. You will always have to sign the notes personally even if you use LLCs.
Jim: Theo, thanks for the idea. I might test it out with the problem tenant. My only concern is having to chase her for 2 pauyments each month rather than just one. It’s very time-consuming.
Bryant_CA: Mike, What kind of insurance do you use? One policy for all properties or each property has its own?
Mike_Summey: ken, I am using 4 now.
1099: He has a lot of property I would said a lot lol
elba_NY: jace, as long as you catch up with the archives and drop in every now and then you should be okay.
miah: goodnight everyone
ken: Mike, do you have a operations manual to keep the managers all doing the same process for manageing your properties?
Theo_SC: Jim…enforce the eviction policy on the 11th so that you are eviction on the first payment
1099: goodnight miah
Al_Lee: Roger, people think that Section 8 tenants won’t take car of the property, but that is not the case. They are getting a new hosue to live in and they knwo that if they get evicted, they will eitehr return to an apartment or ket kicked off the program altogether.
Mike_Summey: Bryant, in the beginning you will probably have to get an individual policy on each property. After you acquire a few (5-10) you can move to a blanket policy, which is the best.
kwhit: I live in the Raliegh/Durham/Chapel Hill are so lots of colleges – are college rentals good investments?
ken: Mike or do they have different strategeis
Mike_Summey: ken, no I use a big stick! 
ken: LOL
Mike_Summey: Hi miah
DaveR: I’m trying to get a sec. 8 tnenat out…my proerty is getting trashed..this lady will lose sec. 8 and I’ll will have to fix up my house!’
ken: OK at 9 i’m going into the woods to widdle mine
miah: hey Mike
Al_Lee: I have rented to college students before and I recommend getting their parent sto sign the lease and guarantee the rent.
ken: Al, I’m getting my first section 8 tenant tomarrow.
1099: Al do you have anyone on your old show that speak on proprety management?
jacepharm: Mike I have a deal im working on its a two property deal where the owner is willing to hold a note but only for 5 years.The property cash flows 8% on one and 6.5% on the other. Do you shy away from deals like that
Mike_Summey: miah, leaving so soon?
elba_NY:
jacepharm: Thanks Elba I have definitely been reading the transcripts
Jim: Like I said earlier, it’s not an easy rental. I get $912/month from section 8. Tenant pays $359. She eventually gets the rent in. Not easy to evict Section 8 quickly. I’m inclined to live with it, and just try to motivte her to get her act together.
Al_Lee: ken, I hope that goes well for you. It has become a big part of my investing strategy in the past couple or years
elba_NY: jace that does not sound too bad.
Mike_Summey: jacepharm, NO! Go for it. If you pay timely for 5 years you can then refinance the balance with a bank and keep going.
miah: I have a few questions for you in Mike
Mike_Summey: Hi lar
elba_NY: Thats the deal I got and we are veeeeery happy.
ken: AL Yes, I”m investigating all options in my area, The only problem is that the rent are not up to standards
Mike_Summey: miah…shoot!
jacepharm: DaveR It cost me $6k+ to get a tenant out that was section 8 and they ended up losing their section 8 and ended up holding the wrong end of the stick
Al_Lee: 1099, I did have a property manager as a guest a while back, but I have switched to a better manager now and I may heve them on as a guest soon
miah: I was reading your book and I
Theo_SC: Mike…I think you might have answered the this question before, but you have had any tenants wanting to buy the house they renting? If so, what did you tell them?
1099: Thanks Al
Al_Lee: ken, how much did you pay for the proeprty and how much rent are yo ugetting?
jacepharm: Thanks Elba and Mike…Im on it
miah: could not figure out what wholesale and retail purchases are
Theo_SC: I am typing too fast…mike
lar: hi all!
Mike_Summey: Theo, yes that happens quite often. I simply explain to them that I am an investor and the properties are my business.
elba_NY: hey lar
ken: after i make the repairs i pay out about $33,000 for a duplex that rents for $350 each side
Theo_SC: tenants wanting to buy the house
hottie: hey lar
ken: I”m hoping to get to $400 in 5 years
Al_Lee: ken, that ought to cash flow but you might have peoblem tenants at that rent.
Roger_Dawson: I can answer that for Mike. He would encourage them to buy because he believes in it, but not buy his rental.
Mike_Summey: miah, a wholesale purchase is any purchase that the Net Operation Income (NOI) will support. A retail price is the amount above this the people spend because they let their emotions get in the way of their better judgement.
elba_NY: Mike never sells
Theo_SC: ok
ken: Yes and no I”m on the boarder for the war zone. on the plus side is that i can sell the properties for about $50,000 if things go south
Theo_SC: roger…what about your rentals?
miah: Thank u for clearing that up for me Mike
Mike_Summey: Theo, I politely tell tenants who want to buy that the properties are not for sale.
Theo_SC: Roger…do you deal with a lot of rentals?
Roger_Dawson: Theo, I would only sell if the neigborhood was going to hell.
1099: Mike what made you come up with not selling and holding on to all your property’s?
elba_NY: 1099 I guess you havent had a chance to read the books huh?
DaveR: Mike does not sell!
1099: I am reading alll of your book I think I read it again lol
Theo_SC: I got one that been asking me to sell, but I just can’t seem to get past the cash flow of $210 a month
Mike_Summey: 1099, when I have a property with a renter in it, I have an employee who gets up each day, goes to work for someone else, is supervised by someone else, someone else pays the taxes, etc and when they pay the rent they make a deposit into my future. Why would I ever want to fire these employees? That’s what I would be doing if I sold the properties.
elba_NY: Ohh Theo, Too bad for them \
Mike_Summey: You must all be thinking about that last response!
1099: That’s why I know that your way is great for me because it real Mike and I see that it works
elba_NY: Mike its my motto.
hottie: Mike, actually I was thinking about all the change I have been saving because of the mindset book
Mike_Summey: everyone, just realize that building wealth takes time. It doesn’t happen overnight, but it doesn’t go away overnight either.
Theo_SC: Don’t worry guys, I won’t sell
Mike_Summey: hottie, it surprises you doesn’t it?
stock13: Mike you feel properties should be held on to
Mike_Summey: stock, I’ve been buying every year since 1972 and I’ve never sold one.
hottie: Mike, unbelievable. I put change in my ashtray, in a little tray by my bed and in my purse. About once a week I empty it. Since January, I have saved over $500!
1099: Mike Iam 45 going on 46 this year Iam working on a 10year plan I have to get it right before my time is up. I want that pool table you have i love pool.
Theo_SC: I have learned from Mike & Roger, they are the reason I became an investor. I am long term investor.
Mike_Summey: hottie, wait 30 years and see how much you have!
miah: Heres my other question please explain conventional and unconventional financing
elba_NY: My employees give us and extra 240ish a month. I dont work for and are putting down for our next deal.
hottie: Elba, how many properties do you have?
Jim: I think there is a time to sell. I recently sold a house for a big gain (after only 6 years). It was no longer working as a positive cash flow. I can use the gain for other investments. Sometimes holding on is a losing proposition.
elba_NY: ready for this….
Mike_Summey: miah, convention financing is usually bank financing while unconventional financing is usuall seller or 3rd party financing.
1099: Goodnight everyone see your next week
Mike_Summey: miah, that’s a quick answer.
elba_NY: One (1) glorious little property.
Roger_Dawson: Bye 1099
elba_NY: our 1st
Mike_Summey: Goodnight 1099
stock13: But how do you go about buying each property. Most of us need to put down some type of downpayment. The problem is that someone might have great credit but they still need money for the down payment
hottie: Elba, cool. positive cash flow. that’s all that matters. i am impressed. how long have you had it?
elba_NY: Jan 25,06. right before my Bday.
Theo_SC: I want to thank Mike & Roger for all they are doing because of them I am watching my life change before my eyes. 3 years ago, I knew nothing about real estate. Now I am buying 3-5 to rentals a year. Thanks Mike & Roger. Don’t teaching…love you guys.
Roger_Dawson: Thanks Theo — you made my day!
GA_Guy: need some help figuring out a deal
Theo_SC: Don’t stop teaching
GA_Guy: I have a owner that wants to get out of their house
GA_Guy: is worth $ 360,000 and is in great shape
Roger_Dawson: Stock13: while no money down deals are possible, it’s hard to make them cash flow regardless of how creative you get.
Mike_Summey: stock, here’s a quick one. If you can find a property with a small mortgage and mostly owner equity you can get a small 1st mortgae from a bank (20-40%) and get owner financing for the balance. That type deal takes no money and the more equity the owner has the more you can adjust terms to make the numbers work.
GA_Guy: they will take $ 300,000
hottie: Elba, we have 3. our littlest property has the highest cash flow.About $300
elba_NY: Theo, Ive been telling Mike to make a little sub group. of Weekend Millionaires in the making and in their 20s
elba_NY: That lovely hottie.
Mike_Summey: Thanks Theo! I’m very happy for you.
Mike_Summey: Hi GA Guy
GA_Guy: uggestions on how to limit my money into the deal and get into the house and get them the $ 25 k equity that they want out of it
Roger_Dawson: Al are you going to plug your show for next week?
Bryant_CA: Mike, have you ever done a subject-to deal? Pros/cons
Mike_Summey: GA Guy, what do you propose to do with the house?
Al_Lee: Roger, I did once. I will have Roger as my guest on Sunday, Sept 17 at 2pm Central time. That is Noon pacific time, 3pm Eastern time.
elba_NY: Assuming that youre in your 20s Theo
elba_NY: That show seems very promesing already.
Al_Lee: We air on 1360AM in Dallas, but you can also listen on the internet by going to RentHouses.org and clicking on the scrolling link at the top of th epage.
Roger_Dawson: I’m going to leave a few minutes early to catch the President’s speech. See you with Al Lee on Sunday and here next Monday.
Mike_Summey: Bryant, no I haven’t. Most of the subject to deals are not legal as they require someone to deceive the lender.
Theo_SC: If anyone have not got the offer geneartor, it’s a must. I have been able to increase the amount of offers that I can submit in a short time.
jacepharm: Mike, What I have found out is that most owners want first position if they are going to be holding any note….So I have had to structure deals accordingly….Im sure there are does out there that are ok with 2nd position although not the ones ive come across
elba_NY: GA Guy join us next Monday.
Al_Lee: I will be broadcasting form my new studio that I had built and you can call in live using a toll-free number that I will announce on air
hottie: Bye Roger
Theo_SC: elba_ny…unfortunely, I am out of my 20′s…
jacepharm: Mike do you ever develop vancant land into apartment buildings?
Al_Lee: Everyone listen in on or show and call in to ask questions.
Theo_SC: thank God for that
elba_NY: hottie,Penny, Al, Mike. Nice chatting again. Everyone its always a pleasure to see you all here.
elba_NY: Theo, the wine theory is a great one.
Al_Lee: Goodnight, Elba
hottie: Bye Elba, hopefully I’ll see you next week
elba_NY: the older the better.
Theo_SC: yes sir, I agree
elba_NY: :p
Mike_Summey: jacepharm, with a small 1st to the bank, you can always point out the the owner that he is getting the cash and if you should default he can pay off the bank and be right back in the same position he is in before the transaction. I find its the large 1st that owners don’t like to be behind.
Al_Lee: Elba, I ought to be pretty darn good by now
miah: Goodnite one and all
Mike_Summey: Goodnight elba
hottie: nite miah
elba_NY: Nice and ripe Al nice and ripe.
elba_NY: Bye to all.
jacepharm: Good point…Did not see it that way…Although, I would think they would probably blow that money on another property
Mike_Summey: jacepharm, yes. Over the years I’ve built about 40 apartment buildings.
Mike_Summey: Well, the President is about to speak and I’m going to leave you to listen to him.
hottie: Goodnight Mike
Mike_Summey: Please feel free to stay and talk with each other as long as you want.
jacepharm: Good night Mike and Roger
Al_Lee: I will go listen to him, too.
Theo_SC: i must go too, see you all next week
hottie: Goodnight everyone
Al_Lee: Goodnight all
stock13: I am going also
DaveR: Goodnight all
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