Chat Transcript November 13, 2006
Posted on November 14, 2006
DavidOro
are we in the correct chat room?
Mike_Summey
Hello everyone!
DavidOro
Hello
Doug_in_CT
Hello Mike.
Mac
Hello Mike; hello all
Doug_in_CT
How come Roger gets a face and Summey is faceless?
Mike_Summey
Hi Bob
Roger Dawson
Hi everyone!
BobMassing
hi mike…first time here
DavidOro
Hi Mike, great of you to pass around that article about buyers backing out of deals. I read it last week in the Journal. The market has really changed.
Mike_Summey
Glad to have you Bob
Mike_Summey
Hi Tony
BobMassing
thnaks…great job on the books, i’m enjoying them immensely
TonyB_OH
Hi MIke!
Doug_in_CT
Yeah David, I enjoyed reading that article too. Seems like you could call a couple of people mentioned in that article and maybe find a deal.
Mike_Summey
David, I thought the article would be of interest to people wanting to invest the Weekend Millionaire way. It is times like the ones approaching where we really do well.
Roger Dawson
That article is bad news for speculators trying to flip properties. It’s good news for long term buy and hold investors like us.
Mike_Summey
Hi intromaster
intromaster
Hi Everyone!
DavidOro
Being in California everyone was hoping to make money on appreciation and through market value via rental incomes out the door. We’re still not there yet, but it’s getting closer.
Mike_Summey
Doug, I just received an email about 10 minutes ago from my brother in Carson City. He knows the couple from there mentioned in the article.
Mike_Summey
Hi Ken
intromaster
didnt even know there was a scheduled chat today 
BobMassing
i’m looking forward to getting some properties in this environment….lucky to have some cash and credit available
Doug_in_CT
Are you going to call them Mike?
dytedison
hey mike do you think its smart to but forclosed houses at an auction?
Mike_Summey
Hi Sol
TonyB_OH
Mike, I am a first timer and I need your help. I am like the second personality that you describe in the “program your mind” article (fear losses). But I want to get started…
Sol (Cali)
Hi
Mike_Summey
Hi TD
td_sc
Hi all
Mike_Summey
dytedison, it’s smart to buy any propert, foreclosure or otherwise if the numbers work.
BobMassing
mike last week you mentioned refi rates are consistently better than new mortgages….would i be advised to use my cash or line of credit to buy, then look for good refi loans?
Roger Dawson
Dytedison, buying at foreclusure auctions is the topic of a book that Mike and I are working on. You can get some great buys but it takes cash and you have to deal with the problem of evicting the occupant.
Mike_Summey
Tony, my suggestion is to just start. In the beginning make offers you know will be a steal if one gets accepted. Expect most if not all of them to be turned down, but the exercise will give you experience at making offers. That’s the best way to start.
TonyB_OH
You mention in the WM program that you should get a property paid off and then use it like a “bank”, borrowing against it to leverage your holdings.
TonyB_OH
Here’s my question: Does it make sense to buy a B&B house at the right price using the Elm street formula and then pay cash??? That way I don’t have to worry about “the learning curve” with property managers/tenants etc. I can then get past initial worries, find a good PM and move on to #2?? I am in Ohio, so we are talking up to anywhere from 55 to 90K.
Mike_Summey
Bob, if you have a line of credit you can use to make purchases, by all means use it. Then after you have the property rented and cash flow coming in go to the bank and refinance it.
Mike_Summey
Hi KenJ
Roger Dawson
Tony, what’s a B and B. Not Bed and Breakfast I assume.
Mike_Summey
Hi Ryan
KenJ.onAI
Hey Mike - Coming to you from Amelia Island, FL
Mike_Summey
Hi 1099
Doug_in_CT
I am guessing “Bed and Butter”
1099
Hey Mike
TonyB_OH
yes
Ryan-NC
Hello from Charlotte
1099
Charlotte will be my new home next year Ryan
ken
mike that link you sent today didn’t work for me I eventried to paste it
Roger Dawson
Okay, I got it. Bread and butter.
1099
Buying a house
Roger Dawson
Ken I pasted the link and it worked. Maybe you didn’t get it all.
Mike_Summey
Tony, whether you buy for cash or finance you will still have a learning curve. You may be more secure if you hold on to your cash as a reserve and go ahead and finance your first purchase. The cash reserve can carry through the learning curve if you need it.
Sol (Cali)
Mike, is it a good idea to refinance a property that was bought by first pulling out money on a refinance of a property you already own, then paying back the original refi?
ken
never mind I just checked my mail
Mike_Summey
Ken, I resent the article as the text of another email. I had several people who had trouble with the link.
intromaster
MIKE-Im refinacing my second home to do some repairs and for debt consolidation and Im thinking about taking 1 year worth of cash reserves to make the payments if my tenants dont pay, move out or something else happens. Mike, do you think this is enough?
Mike_Summey
Sol, I’m not sure I follow you.
BobMassing
the link took up two lines but only the fist line was hyperlinked…you had to cut and paste twice
Mike_Summey
intromaster, having one year in cash reserves is very adequate.
Mike_Summey
Hi Jeff
intromaster
ok thanks! i just wasnt sure
jeff gonzalez
Good evening
Mike_Summey
Hi TT
Mac
Roger, I agree with you that the current slide in prices is good for long-term investors. Many of the areas mentioned are “hot” areas that are beginning to cool. None of these areas ever cash-flowed. Do you know of any areas where prices are cooling and where cash flow might be available?
Sol (Cali)
Sorry… Example: If I pull out money from property 1 to buy property 2, should I refi property 2 in order to pay off the property 1 refi? Hope that’s a little clearer.
TT
Hi Mike. Hi Ryan
ken
tony what part of ohio are you from? I hear the youngstown area is very cheap to buy houses, i’m not sure what the rents are.
Doug_in_CT
I heard of a Three-Plex for sale in my town (a very quaint New England town) that the present owner says “I have never missed a month of rent for the full nine years he has owned it.” It is very nice looking, I am going to see it on Wednesday. I would think a property like this, is worth more than one that has regular vacancies. Also it would indicate that rents are below market.
intromaster
Mike, what do you think about investing in the Syracuse, NY area? The properties can definitely be bought relatively cheap but Im just worried about the high property taxes…any thoughts?
Mike_Summey
Sol, what would be the purpose of doing that? It seems to me that it would only cost you additional fees and you would still owe the same amount.
TonyB_OH
Dayton area
Roger Dawson
Mac, Chicago would fit that bill but we recommend you buy close to home. where are you?
Mac
Roger, I’m in Raleigh, NC
dytedison
hey mike,i can go to an auction and buy property for as low as 1,500-3,000. Will it be easy you think to take out a mortgage for the appraisal amount on the house and get cash back?
dytedison
o you need credit to get a mortgage if you own a home?
Mike_Summey
Doug & intromaster, as long as the deals can be put together to where you can buy with the NOI it shouldn’t matter what the price is. Proper NOI calculations allow for vacancies, etc.
intromaster
ok, got it!
Sol (Cali)
Mike, good point. I guess I’m just concerned about keeping track of all the outstanding balances. It seems like it could become difficult after a while pulling out money from properties to buy others.
Mike_Summey
dytedison, what kind of properties can you buy for $1,500 - $3,000? Sounds like they would need huge amounts of repairs.
BobMassing
mike, here’s my next question..i have a homesite in greenville and plan to move there in the next few years (from FL)…how realistic is it to want to own rental properties there if i only go up there a few times a year? i’d like to get my investment portfolio ready for me by the time i move permanently.
KenJ.onAI
Roger - As I’m making offers using the Offer Generator I’m finding that most of them are getting rejected outright. This is what I would expect. However, do you think it may do some good to actually lower these offers and leave myself more room to negotiate should a potencial seller respond to an offer?
Mike_Summey
Hi Penny
Roger Dawson
Hi Penny
Penny
Hi Mike and Roger. Hello everyone.
dytedison
i can buy tax forclosed properties?
BobMassing
hello
Penny
Large crowd tonight.
Sol (Cali)
Hi Penny.
Peter
Hi Mike Roger and everyone in the chatroom
Mike_Summey
Sol, I keep a file on each property and keep up with the mortgages on each property separately. It’s not as hard as you might think.
Mike_Summey
Hi Peter
BobMassing
it’ll thin out when football comes on
Peter
Good to be here after long time
Penny
Hi Sol. Bob you are probably right.
Sol (Cali)
Thanks, Mike. Busy night tonight, eh.
Mike_Summey
Bob, you need to make that call. How comfortable are you owning properties you only see occasionally.
Roger Dawson
Ken, the rule in negotiating is make the lowest offer that will seem like a sincere offer to a seller. Explain to them why you’re offering that little and imply some flexibility to encourage them to negotiate with you.
BobMassing
i think if i have the right people supporting me it will be good
BobMassing
i have a great realtor and am scouting for a PM
Mike_Summey
KenJ, have you tried using the OG to create offers that are at or about the asking price. You can do that by adjusting the interest rate on seller financing.
Ryan-NC
BobMassing - what qualities make you realtor - a great realtor??
TonyB_OH
What is the offer generator??
Peter
Mike I read the article you send. It was a good read. So what best strategy to cash on the coming soft real estate market?
KenJ.onAI
Roger - Okay, so you’re saying explain that I’m a long-term investor and need to at least break even in the beginning, mention the obvious repairs, and the costs of financing or opportunity costs for downpayments, etc.
BobMassing
ryan…for me the best quality is responsiveness…plus understanding what i’m trying to do
Mike_Summey
TonyB, that is our computer program that allows you to calculate NOI and then balance price and terms to create literally dozens of different types of offers that will all cash flow with the NOI. It even prints the offer letters ready for your signature and presentation to sellers.
intromaster
MIKE-Do you think it’s wise to buy an investment property outright (no mortgage) if you have enough equity in another property to do it? Or just take enough for a down payment to purchase the investment property?
dytedison
hey mike is it easy to get a mortgage on a home if you already own the home?
Roger Dawson
Ken, that’s right.
DEL
HELLLO
BobMassing
the realtor brings me a good menu of options and helps me evaluate them
DEL
We have alot of people today
Mike_Summey
Peter, for one thing, the coming soft market will enable you to get sellers to give greater consideration to creative offers.
Mike_Summey
Hi Del
DEL
hows are you mike?
BobMassing
glad to see there’s no election talk this week
DEL
Do you know of any good deals in the chicago area that you could reffer to me?
TonyB_OH
Thanks Intromaster
Mike_Summey
Busy tonight. I guess its the move back to standard time. Not musch else to do in the dark.
Sol (Cali)
Bob, do you know the realtor well? I’m in a similar situation, looking to move in about a year and trying to decide if/where to buy.
Peter
Mike what is the best way to get started on Purchasing foreclosures..I have read your books is there any other course you would recommend. I have never done a foreclosure pruchase before
Doug_in_CT
Roger, How would you “imply flexibility” on you first initial low offer?
Ryan-NC
Realtors are great for providing comps - but I find most of the great deals are not listed on the MLS
Roger Dawson
Dytedison,when you say home do you meann you’ll occupy it? That makes financing much easier.
intromaster
TONYB- your welcome whatever the thanks was for
Peter
Ryan where are the good deals listed then
dytedison
no, i mean trying to get a 2nd mortgage
Ryan-NC
you don’t “find” deals- you create them.
TonyB_OH
Intro, you asked the same question I did…
Roger Dawson
Doug: “This is what I think the property is worth. Perhaps you know something that I don’t know.”
intromaster
Tonyb-oh, ok 
DEL
ROGER, are you saying that if we tell the house owner/bank that we’re buying to occupy the house for our self, its easier to get approved?
Mike_Summey
Peter, foreclosures are just one of many options. I wouldn’t limit myself to just one area. Divorce, illness, accidents, job loss, retirement and many other such situations cause people to become flexibile sellers.
KenJ.onAI
Mike - I’m typically coming up with 2-3 scenarios/prospect. One’s a cash only to show them how little it would be, another is a seller financed/no interest, and one is a seller financed with more interest. I’m finding some good prospects that are paid off where I only need to pay the closing costs, repairs, to begin with. These I can offer close to the asking price with the purchase money mort. Others this is more difficult if the owner has not built equity. I’m also seeing a lot of second mortgages and HE Loans that foil this type of purchase. There are more paid off properties out there than I ever imagined though. I’ve yet to find one that’s paid off and seller is motivated enough to sell. Do you see these as the best bet?
Roger Dawson
Del, absolutely. Owner occupant is much easier to finance.
TT
Mike, I’ve got a request that you ask a certain person to be a special guest on the chat.
Peter
Mike so you mean buy pre foreclosures…how de we find such properties
ken
Peter go to the court house.
dytedison
mike is it fairly easy to get a 2nd mortgage for profit?
ken
in my area its in the pothonatarys office you got like 6 months before they froclose
Peter
ken where is court house and what I say there (I am looking for poperties that are delinquent?)
BobMassing
ryan, thats true, you need a realtor that looks beyond the MLS
Mike_Summey
Ken, remember the most important part of being a good investor…its patience! If you make offer for an entire year before you buy your first property, so what. Buying one property a year will make you wealthy in a few years. Just don’t get discouraged and give up.
BobMassing
they’ll manage to get paid even on a FSBO
intromaster
(for anybody) - where is the old chat transcripts? cant find them…
Mike_Summey
TT, who would that be?
ken
Usually the morgage lender will hire an attorney to file for the foreclosure process. If I remember right I just ask for the forclosure filings. they mail them to me
TT
Charles Taylor
Ryan-NC
Honestly, I find vacant houses or neglected to be great prospects for submitting offers on. Or reviewing tax records with a different mailing address (indicating a non-owner occupied property) - many of these are reluctant landlords who would like to sell.
KenJ.onAI
Peter - try looking for your counties local website (clerk of court) to find foreclosure listings. For a book about foreclosure purchases try Robert Irwin’s “How to FInd Hidden Real Estate Bargains”. They have many ways to find motivated cellers, VA, and other foreclosures.
ken
Peter be prepared to meet stiff resistance. Everyone and their brother comes in asking about that stuff.
Mike_Summey
TT, why do you want him as a guest?
Roger Dawson
Charles Taylor, the former president of Liberia?
DEL
no
KenJ.onAI
Mike - 10-4 Patience is a virtue, definately a challange for me. . . . Will keep on keepin on.
intromaster
MIKE- Is it OK, to ask anyone if they can recommend something to me?
Peter
Men thanks for the book referral
TT
Well, he has been a real estate investor for many years, owns many rentals
DEL
hello lopez chicago
DEL
im from chicago too
Lopez_Chicago
Hello Del.
DEL
what part are you from?
Mike_Summey
ken, I’ve never found buying foreclosures to be very productive unless I can deal directly with a bank after they have taken title to the property.
Mike_Summey
Hi Lopez
Lopez_Chicago
Hey Mike.
DEL
if you joined earlier my fellow chicagoan, you would have learned some valuable information, that you missed out on
Lopez_Chicago
I’m multi tasking, studying for finals as well.
DEL
1. when buying say ur bying to occupy the property personally
DEL
2. go to the court house to find forecloser homes
ken
Mike your right I get about 100 listings amonth and only send out to my areas of interest and I get less than 1% callback. I don’t like those
Mike_Summey
Lopez, don’t worry, you can read the chat transcript tomorrow after it is posted.
Lopez_Chicago
Thanks Mike.
DEL
mike, who else would you deal with in a foreclouser house besides the bank?
KenJ.onAI
Ken down here in Florida you’ve got to pay cash for foreclosures within 24 hrs of purchase or loose your substancial deposit. It’s difficult to obtain financing on homes that quick and cash is the best option. Maybe your somewhere that’s different.
Lopez_Chicago
In addition to Dels question, How can you deal with a bank if your credit has not been fully established?
intromaster
how long do you have to occupy a property to be legally compliment if you are saying you are owner occupied?
KenJ.onAI
Thanks for the chat everyone, I’ll read the transcript later. I’m sure there’s some good stuff in here. Enjoy
DEL
lopez, if you came to the chat last week
intromaster
i want the owner occupied refinance rates but I dont want to lie on the 1003
Lopez_Chicago
Bye Ken.
Mike_Summey
Del, I’ve tried to buy a few foreclosures on the courthouse steps, but with little success. I find I have more luck dealing with the people at the banks who are responsibile for liquidating foreclosures
DEL
or the previous week
DEL
that question was answered
ken
Ken I think that might have somthing to do with assigning a contract and having people back out alot. fannie mae is cracking down also. but noyou can finance the property in PA.
DEL
you must find conventional financing options
DEL
which you can find in previous transcripts
Lopez_Chicago
Thanks.
Mike_Summey
KenJ, that’s one reason some people get good deals at foreclosure auctions. Most people don’t have the money to pay cash.
Mike_Summey
Hi m&e
DEL
HEY MIKE
Roger Dawson
Three stages to buying foreclosures. 1) From the owner when in default. 2) On the courthouse steps. 3) From the bank when they buy the property back to protect their position.
Peter
Mike how do you find those deals from banks?
DEL
roger, you answered my question before I asked it, your truely a genius
DEL
can you go to the bank and ask them for a list?
Peter
Roger thanks so based on what we are discussing step 3 is best
Mike_Summey
intromaster, I’m not sure what the residency requirement is. I think if you moved in and stayed a few months and then moved out you wouldn’t have any problem as long as you made the payments on time.
intromaster
ok
Mike_Summey
Everyone, if you make friends with a bank officer you can usually get a list of foreclosures unless you’re dealing with one of the big mega banks.
Roger Dawson
Peter, any one of the three stages could be good. It depends on the circumstances. Mike has such good relationships with his many bankers that they bring deals to him.
DEL
oh ok cool thanks
Peter
how do we get the deals from the big mega banks is there a way do they publish it somewhere?
DEL
who has more houses Roger or Mike?
TT
Follow the foreclosures that go back to the banks and wait for them to be listed.
TonyB_OH
Mike/Roger — In general you do not like foreclosures???
Peter
TT where do they get listed?
m&e
What are the main problems with land contracts?
TT
MLS
Mike_Summey
Peter, many of the big mega banks turn their foreclosures over to specific Realtors who market them. Ask Realtors in your area who handles a lot of foreclosures.
BobMassing
it seems to me it would behoove anyone to make friends with the people in the county clerks department
Mike_Summey
Good point TT
Sol (Cali)
Mike, did you read CNN/Money magazine’s 10 Worst Places to Buy article? If so, what was your take on it? I’m probably moving to one of those markets… 
Peter
thanks Mike that is a great idea and that is what I though…some realtors they specialize in foreclosures only and I need be friends with them
Roger Dawson
M&e, with a land contract the buyer doesn’t get title until he has finished paying the seller.
Mike_Summey
m&e, land contracts as I understand them do not transfer title until the property is paid off. What happens if the title holder is a crook?
DavidOro
does anyone have the link to the article CNN/Money magazine’s 10 Worst Places to Buy article?
Roger Dawson
Tony, it hasn’t been a good foreclosure market for the last three or four years. Soon it could be a very good foreclosure market as owners get into financial trouble.
Mike_Summey
Most county Register of Deeds offices ahve people whose sole job is to help people navigate throught the courthouse maze. Go to your local office and see if that isn’t true where you live.
BobMassing
yeah, bring chocolates
Ryan-NC
or the title holder files for Bankruptcy or kills someone in a auto collision? Where is your marketable title?
Mike_Summey
Sol, I read it, but I don’t recall where the areas were and I don’t have any magic bullets to offer. Sorry!
Mike_Summey
That’s true Ryan.
TonyB_OH
Thank You Roger. Thanks to both of you for the program!
Mike_Summey
Did anyone hear Carleton Sheets and me on the Frankie Boyer show today?
m&e
I know most banks have a Due on Sale clause which can be a problem but as proposed to me the land contract is placed as a second lien against the property naming an agreed upon price with a balloon payment due in the future.
BobMassing
Mike, is it very often that you found you underestimated the expenses on a property?
Penny
No Mike, I worked today. Sorry I missed it.
Penny
How’d it go?
Roger Dawson
Here’s the link for the article: realestate.msn.com/Rentals/ArticleForbes.aspx?cp-documentid=648559
Peter
Mike I missed it too
BobMassing
No, I was painting my garage
Penny
hey, thanks Roger
Peter
m&e what is the due on sale clause?
Mike_Summey
m&e I wouldn’t touch a deal like that. In the first place it’s fraud if you deceive a bank.
Ryan-NC
MIke - can we hear the FRankie Boyer show on the net ?
DEL
M&E can u explain ur situation to me?
Mike_Summey
Peter, a Due on sale clause is what banks put in all mortgages today to give them the option of approving or disapproving a new buyer.
Mike_Summey
Hi Rob
Rob_FL
Hi
Peter
Mike got it its upto the bank if they want to transfer mortgage or not?
Mike_Summey
Ryan, you can go to FrankieBoyer.com and see if she has it archived.
dytedison
hey mike how cheao you think i can buy a tax deed home or a tax lien home?
Lopez_Chicago
Mike and Roger is there any online site that you guys might use for real estate posting?
Peter
Mike and dytedison is it a good idea to buy Tax Lien certificates…has anyone done it and had good experiences
dytedison
i havent done it, i want to know this question also?
TonyB_OH
I don’t recall seeing that in the book/audio program
Sol (Cali)
Roger, I used the “you can do better than that” technique at a murder mystery game party and made a bunch of extra money. Thanks!
Roger Dawson
Great Sol!
Peter
Roger I want to tell you I have been using your “you can do better then that” technique at various places too…I tought that to my friend who got new job offer to negotiate his salaray and you cant beleive it he got a very good raise upfornt
Mike_Summey
dytedison, when you buy a tax deed, it doesn’t always mean you own the property. In many states, the previous owner has years to redeem the property. If that happens you make good interest on your money, but you could lose any money you invest in imporvements.
Penny
goodnight all.
Lopez_Chicago
night penny.
Sol (Cali)
Goodnight, Penny.
1099
good night everyone
Roger Dawson
That’s great Peter. Timid people make the mistake of watering it down to “Can you do better than that?”
Lopez_Chicago
I have yet to use that line, I should start soon. lol.
TonyB_OH
Use it. It works!
Mike_Summey
Personally, my favorite negotiating tactic is the “flinch.”
Lopez_Chicago
I don’t recall the flinch.
Lopez_Chicago
How does that work?
Peter
I do remember the silence tactic…
Mike_Summey
And then if you get a consession use the “You’ll hae to do better than that.” line.
Lopez_Chicago
Yes, I like the silience tatic.
intromaster
the flinch always works!!!
Rob_FL
How effective have you been able to use the negotiating tactics if going through a realtor?
Sol (Cali)
Good question, Rob.
DEL
*Flinch*
dytedison
hey mike how cheap you think i can buy a tax deed home, would i need to get a list of homes at the county office?
Mike_Summey
Rob, very effective. Keep in mind that the Realtor makes nothing until he/she makes a sale.
Roger Dawson
Rob, challenge the realtor by demanding to see the seller if they can’t the offer accepted.
Rob_FL
Mike, do you convince your realtor to have you talk to the seller directly or are you negotiating with the realtor primarily.
Mike_Summey
dytedison, go to the tax office and see what they have for sale and how they handle their sales. Each area is different.
DEL
good bye
Peter
good nite every one
intromaster
GOODNITE
Mike_Summey
Rob, I never negotiate with the Realtor. They can’t make decisions, they are only messengers. Convince the Realtor that you may be able to help him/her with the seller and see if you can arrange a meeting.
TT
goodnite
Lopez_Chicago
online sites, which ones do u guys use for real estaate posting…if any?
Sol (Cali)
Mike and Roger, do you guys have any say in whether or not your book is available at online audio book sites like SimplyAudioBooks.com or Jiggerbug?
DEL
do you guys use any online sites for finding properites in ur area?
DEL
is century21.com a good source or is it too main stream?
intromaster
jerry boutcher (he’s great and not interested in selling anything either. just good real estate advice)
Mike_Summey
Sol, our publisher McGraw-Hill handles that. I know they are available on Amazon and on this site.
Roger Dawson
Del and Lopez, I’m not familiar with any online sites.
ken
Del my best luck is just emailing a realtor and they send me the links for the best sources
Sol (Cali)
SimplyAudio and Jiggerbug are rental sites like Netflix.
Lopez_Chicago
Ok.
intromaster
http://podcast.askjerryboutcher.com/
Mike_Summey
Oh, by the way…if you buy from this site, you will pay retail, but you will get autographed books and a $1,000,000 bill to use as a bookmark.
Rob_FL
Has anyone done this with realtors? Get the listings sent to you, run it through the offer generator and just keep making tons of offers to them just like that?
Mike_Summey
Sol, I’m not familiar with either of those sites.
Roger Dawson
I have to run. I’ll be skiing next week but will be back in two weeks. Mike will be in charge next week.
Lopez_Chicago
Have fun skiing.
ken
Mike I could use that book mark everytime i just fold the page, after 3 readings it get messed up alot
intromaster
MIKE-definitely go to jerry boutchers site!
Peter
have fun with Skiing Roger
TonyB_OH
Thanks for your help
Sol (Cali)
Mike, if you like audio books, they’re great!
dytedison
hey mike i wanted to buy a house for cheap on the county sherrifs auction webste, are these houses tax deeds or liens?
Mac
Lopez, I’ve used Craig’s List and the local TV station web site to post properties for sale. Response was good.
Mike_Summey
Roger Dawson is bailing out on us next week. I’ll try to have another expert to replace him.
Lopez_Chicago
Thanks Mac.
DEL
hey mike you didnt answer my question though
ken
night everyone
Lopez_Chicago
night ken.
Sol (Cali)
Mike, getting your book (audio cd) on these sites could be a great marketing tool for you. I’ve bought other books from authors I listened to because I happened to find them on that site.
Mike_Summey
dytedison, I’m not sure how Sheriff’s sales work. I’ve never bought a house that way. My advice is to only buy when you can get a General Warranty Deed and Title Insurance. Everything is too risky for me.
DEL
Hey everyone
Lopez_Chicago
Yes, Del?
DEL
Whats the average price you pay for each house you buy?
dytedison
can i give you the website to take a look at it?
DEL
Please answer this question, it is very important for me to know
Mike_Summey
What question Del?
DEL
What is the average price you pay for each house?
Lopez_Chicago
average price, it depends Del.
Mike_Summey
Del, there is no average price. Each market is different. I try to buy properties that I can rent in the middle range of the rental market. That may be $400 - $800 in one market and $1000 - $1500 in another market.
DEL
ohhh ok
DEL
so aim for middle of the market?
Lopez_Chicago
In addition to than Question
Sol (Cali)
Goodnight. Thanks Mike, for hanging in there with us tonight!
Mike_Summey
Del, what’s important is that you make deals that you can pay for with the NOI.
DEL
mike do u remember me from pervious weeks?
Lopez_Chicago
say, ur renting for 400-800
Mike_Summey
Del, yes.
Lopez_Chicago
what neighborhood are you generall in?
DEL
previous*
DEL
mike is it possible to get a contact phone number?
Mike_Summey
Lopez, who was that for.
Lopez_Chicago
For you mike..
Mike_Summey
Del, I prefer to use email. mike@weekendmillionaire.com
DEL
oh ok, I hope to meet you some day soon
Mike_Summey
Lopez, I invest in Western North Carolina and Upper South Carolina.
Mike_Summey
The two markets are very different.
Lopez_Chicago
What type of neigborhood though?
DEL
wow you live far away
Lopez_Chicago
Yah, market i mean.
DEL
I gues ill never meet you
Mike_Summey
Where are you located Del?
DEL
Chicago
Lopez_Chicago
middle class?
Lopez_Chicago
upper class?
DEL
maybe we can have a beer together some time
Mike_Summey
Del, I get to Chicago a couple of tiems each year. I do business with Nightingale-Conant and American Marketing. both are in the Chicago area.
DEL
ohhh ok
Mike_Summey
Well everyone, I’m going to have to sign off too. I have another project to finish before bed tonight.
DEL
you wouldnt want to spend your time with a beginer unestablished person like me
Mike_Summey
Goodnight all.
Mike_Summey
See you next week.
intromaster
bye
Lopez_Chicago
ah
Lopez_Chicago
he never answerd my question.
Lopez_Chicago
so
Lopez_Chicago
anyone having luck with real estate
dytedison
no i havent started
Lopez_Chicago
same.
dytedison
never answered my question either
Lopez_Chicago
Thats the hard part, starting.
dytedison
is is competitive in chicago
Lopez_Chicago
where r u from?
Lopez_Chicago
Yah, its a bit hard in chicago.
dytedison
dayton, ohio
jeff gonzalez
the market in L.A. is too messed up.
Lopez_Chicago
how so jeff?
jeff gonzalez
too expensive. Rates are low but people want way too much. Even for forclosurs ist nuts
Lopez_Chicago
oh
Lopez_Chicago
I guess you have to do a lot of searching.
dytedison
does forclosed homes mean that you generally can buy them cheap?
Lopez_Chicago
Im confused about that too
jeff gonzalez
I have a feeling things are changing. Houses are sitting on the market a bit longer but sellers aren’t budging.
Lopez_Chicago
What are forclosed homes?
Lopez_Chicago
They’ll budge.
jeff gonzalez
When people stop makn payments the banks repos them and trys to resell.
dytedison
can you buy them for as low as 1 thousand and up?
jeff gonzalez
depends on the inventory , if there aren’t many the bank sella em at mrkt price.
dytedison
does anyone know anything about getting a 2nd mortgage?
jeff gonzalez
When inventory goes up price goes down
jeff gonzalez
later
dytedison
what is a 2nd mortgage?
Lopez_Chicago
mhm
Lopez_Chicago
im not quite sure
Lopez_Chicago
but i think
Lopez_Chicago
taking a loan out on ur house
Lopez_Chicago
so if u take out a loan and u already have one
Lopez_Chicago
then its a second mortagage?
Lopez_Chicago
on the home…of course.
Lopez_Chicago
but i have to go
Lopez_Chicago
night guys
dytedison
night
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