Chat Transcript March 26, 2007
Posted on March 27, 2007
Roger Dawson Hi Everyone! You’re here early!
Peter yup couple of mins early today
Peter as I am here after long time
laurimcclain Hi Roger: I’ve been listening to your negotiating cd’s driving home from Jackson Hole today.
the krone greetings all
Roger Dawson I haven’t spoken to Mike Summey today but he should be here soon.
Roger Dawson Lauri: I think Jackson Hole is one of the most beautiful places on earth. Were you skiing there?
laurimcclain No. I was visiting friends there. I live 70 miles south.
Roger Dawson What a great spot!
laurimcclain Yes, Indeed!
Roger Dawson Did any of you make an offer this week?
Peter not me
Peter I havent started making any yet….
Peter I am still waiting for the market to get softer
laurimcclain Me either. but am looking at financials of 2 diff duplexes.
davidmmartin Peter
sscercone I’m still getting my feet wet
sscercone trying to take it all in
Peter yes david
davidmmartin yes - reject
Roger Dawson The first property is the hardest. Once you’ve got that under your belt it gets a lot easier.
Peter Roger what is the best way identify pre foreclosure properties?
davidmmartin How can we investigate foreclosers in our area w/o getting a service?
laurimcclain Can someone explain a “short-sale” and some good literature to read on it?
Peter Hi Mike
Mike_Summey Hi everyone. Sorry I’m late.
Roger Dawson Hi Mike!
sscercone Hi Mike
davidmmartin hi mike
Mike_Summey I was having a discussion with one of my sons and let the time slip up on me.
Mike_Summey David, where are you from?
davidmmartin NC
Mike_Summey David, Asheville?
Mike_Summey Hi Tom
Roger Dawson Lauri, short sales are not as complicated as they sound. If a lender has a porrly performing loan they will ofter take less than they are owed for it. So make the offer to the seller. They take it to the lender to see if the lender will settle for the proceeds from the sale.
davidmmartin Fletcher/Asheville area
Mike_Summey Hi rlindsley
laurimcclain Thanks, Roger.
rlindsley Hi!
Mike_Summey David, was just curious. I have a David Martin who lives near me. Was just wondering if you were him.
Mike_Summey Hi Yameen
ihatecats78 So short sales are done before foreclosure?
Yameen hi everyone, haven’t been in the chat for a few months, nice to know its still going strong!
Mike_Summey Yameen, we’ve missed you.
Roger Dawson Peter, on foreclusures. Foreclosures must be published in a newspaper of general circulation, usually the local legal paper. But by then they are in foreclosure. You find pre-foreclosures by driving the neighborhoods looking for run down property, lawns not mowed, etc. Also talk to bankers and ministers who know if a member of their congregation is in financial trouble.
Mike_Summey ihatecats78, yse, short sales occur before foreclosure. that’s why lenders are willing to take discounts; so they don’t have to put the property on their books.
sscercone How should I approach my banker to become preapproved for financing?
Peter thanks Roger…and how do one buy REOs…..in general are REOs better deal then pre-foreclosures?
Mike_Summey Hi tom
tom Hello
Mike_Summey Hi Scott & Al
Scott S Hi
Al Lee Hi. This is where millionaires and future millionaires meet
Roger Dawson Peter: REOs are pre-foreclosures are very similar. Talk to the real estate loan officer in your bank and see if they’ve taken back any properties (Real Estate Owned or REO) or if they have anything in foreclosure that it looks like they will soon own.
Roger Dawson Hi Al! Missed you last week.
Al Lee I tried to make it
Peter Hi Al
Al Lee I think that there is anew law (Texas only?) that says that banks have to list their REO on MLS now.
Peter oh I see…..
Peter I talked to my loan officer from bank and she knew nothing about REOs….
Mike_Summey Al, they may have to list them on MLS, but they aren’t limited on what they can take for them to get the off their books.
ihatecats78 I’ve heard several strategies on this to include talking to the owner about purchasing their property, or talking to the lender. Which way has everyone found more effective in terms of getting the best price on a property?
Peter should I be dealing with major banks like BOA or Wells Fargo….and whom should I talk to get started?
Al Lee Mike, Right, but I think it meas that finding a “REO officer” at a bank is no longer the way to access REO.
Mike_Summey Peter, most banks have workout specialists that handle the foreclosures and the loan officers don’t know that much about what they do. That’s my experience.
Peter Mike how do I get in touch with those work out specialists?
davidmmartin great stuff keep talking
Roger Dawson Al, do you know what the point of that (REOs on MLS) law is?
Roger Dawson Hi Penny
rlindsley Do people typically find homes to buy via foreclosure? What/’s the most common way people here have found homes?
Al Lee Roger, I am not certyain, but I think it was to eliminate the insider deals. The “workout specialist” could sell cheaply to a buddy, I guess.
Mike_Summey Peter, I’ve asked my banks to give me the names of the people to contact and they have done that. I’ve never had any problem getting the information. I’ll also say that some of the workout people are real jerks to work with.
Mike_Summey Hi Sol & Penny
Penny Hi Roger & Mike, everyone.
Sol (Cali) Hello
Al Lee Maybe it is just an egalitarion concept that gives John Q. Public that saem acces as anyone else to the REO
Roger Dawson There’s a great chapter about workout specialists in Tom Wolfe’s book A Man in Full
Scott S I was told by my banker last week that the infomation is “BAnker-client priviledged” Is this true?
Mike_Summey ‘rlindsley, foreclosures are the big thing right now. It’s all over the news. ABC news had a segment on it tonight. Personally, foreclosures is just one way to find deals. I still prefer getting out and riding neighborhoods and getting to know people and their problems before it gets to foreclosures.
Roger Dawson Banker client privilege sometimes means that they can’t talk about it untile you’ve bought the second round of drinks.
Sol (Cali) Mike, what about “pre-foreclosures” like the kinds that are listed on Foreclosures.com?
rlindsley Thanks Mike. I live in New York City. Do you have any thoughts on homes in the NYC area? Bad investment?
Mike_Summey Roger, I read that book. You gave it to me when you were worried that I would make some of the same mistakes the character in the book made.
Mike_Summey Hi santos
Al Lee Mike, I have looked at a few foreclosures and know people who have looked at many and the consensus is that before an owner lets a house get foreclosed he raraly takes care of it and often trashes it. Also, many of them have serious problems, which is why the owner let it get foreclosed instead of selling or making the payments.
Mike_Summey Scott, you have to get the property owner who is in trouble to give the bank permission to talk with you.
Peter Roger is that a real estate book?
santosleigh hi mike, hi al
Al Lee Hi,l Santo
ihatecats78 I’ve been following the Sub-Prime mortgage company scandals on CNBC and I’m wondering if there isn’t going to be a huge drop in real estate prices in the near future. Bad news for property holders. Good news for those who are about to get into the game now. Comments?
Mike_Summey Sol, the best time to buy is before the property goes into foreclosure or well after the bank has taken posession. I’ve never had much success biddign on the courthouse steps.
Peter ihatecats yes that seems to be a good conclusion I think
Al Lee The Sub-prime Lender COllapse is particularly good news for us who own ren property. All the people who can not get a loan have to live soemwhere. Samre with all those people getting their hosues foreclosed on.
Al Lee There is about to be a big rise in the number of tenants. Rents will go up. Vacancy rates will go down.
Peter Mike in coming days/market will be it easier and better to buy after bank gets the possesion as you have to go through less hassles
Mike_Summey Al, you are correct, which is why it is best to get to the owner before the deal is too far gone. Have the owner give the bank permission to talk with you and then discuss how you can keep the bank from taking back the property in the trashed condition.
Roger Dawson Peter, no it’s a novel about a real estate developer in Atlanta. A good read.
Peter Roger I will definitely read that book thanks
Al Lee Mike, no question about that. Much better!
santosleigh hi Roger
Mike_Summey ihatecats, you are very perceptive. I think we are entering one of the best times for long-term investors in my lifetime.
Sol (Cali) Mike, sites like Foreclosures.com and RealtyTrac supposedly list homes that are in “pre-foreclosure”. I’m not particulary interested in foreclosures, but in response to rlindsley, it sounds like “pre-foreclosures” is what you are talking about: getting to the seller before it is up for auction.
Mike_Summey Hi eryk
Roger Dawson I don’t know how foreclosure.com gets there listings. Foreclosures don’t become public knowledge until 90 days before the sale and by that time you need all cash.
Al Lee This will be a really bad time for the flippers and fast-money seekers, though.
eryk76 hello Mike, and everyone
Roger Dawson Hi Eryk
tom In the area that I live in, real estate prices have been increasing fairly rapidly in the past three years. I have been wondering about the idea of purchasing a 13 acre piece of land that is close to schools and shopping and is surrounded by other neighborhoods. This land is currently undeveloped so it would need to have a few roads built, electric and water delivered, and homes built. There are more and more companies getting into the pre fab home building market and I have heard good things about some of them. When looking at price per square foot, they are much less expensive. Has anyone else done or concidered doing something like this? Could this qualify as a whole sale purchases or am I getting into something bad? I think the land could be purchased for 200,000. Possibly less…
Peter Mike what abt financing pre-foreclosures…..should we go the normal route ie doing it by a bank?
Al Lee Folks who buy cheap houses and fix them up to resell will find that nobody can get a loan to buy them. That measn that real investors can step in and buy at bargain prices–but beware: rehabbers are notorious for doing shabby work.
Mike_Summey Roger, if you have good credit you don’t necessarily need all cash. I’ve been able to assume many loans prior to foreclosure and have gotten major concessions in interest rates and other terms from the banks. They would rather let me assume the loan under favorable condition than have to take ownership of the properties.
Peter Mike what all is involved in assuming a loan and what does it mean?
ihatecats78 Thanks Mike. I’m new to all of this, but I’m trying to soak up everything I can about the RE game. I’m in the military and can use a VA loan (no money down) I thought about buying a fixer upper in a nice neighborhood and putting 20k into it for my first deal. We’re allowed to use the VA loan as many times as we want. I’ve been thinking about flipping my first two or three deals, but if the market drops I may have to start holding onto them instead
eryk76 Rodger I am currently listening to your Power negotiating CD set. It’s a terrific set learning so much. even all the mistakes I have made in the past. :O)
Roger Dawson Mike, so the bankers are letting it go to sale to wipe out the junior loans and then selling to you?
Roger Dawson Thanks, Eryk, you made my day!
Mike_Summey tom, we don’t advocate buying raw land as an investment. That’s speculating and you may win or lose in the transaction. There’s no income and unless the property doubles in value about every 4 years, you falling behind plus its a big cash flow drain.
Mike_Summey Hi sedwards
sedwards Mike_Summey hey
sscercone Mike, I have 26K in debt I can clear up by the end of the year before I start investing, should I wait?
Al Lee ihatecats. First, than you for your service. Second, read what I just said about flippers. Don;t be one!
Al Lee thank you
Mike_Summey ihatecats, you better recheck with the VA about using your VA exemption to buy investment properties. I’m not sure you can get another loan until you’ve paid off the first.
Roger Dawson ihatecats, I would buy a home with your VA and then, when you get transferred, rent it out and buy another one at the new location.
sscercone It would put me in a much better financial position to start investing and making offers.
tom Thanks for the advise Mike. I was actually thinking about the possibility of building rentals… Hence the pre-fab homes…
Sol (Cali) Mike, any tips on where we can get more info on assuming loans? I met a seller who somehow had a 4% fixed and it would have been great to assume her loan, but she was convinced it was unassumable.
eryk76 Rodger, I am going to be persuing a used auto mobile any advice on negotiating the purchase? I am unsure of what else there is to negotiate besides price. so I am having trouble seeing how to set up a win win situation.
Mike_Summey sscercone, I’d pay off the debt and accumulate a little cash reserve before buying the first property. Use the time between now and then to learn as much as possible about real estate investing.
Al Lee tom, I actually am building rentals now. It is working great. I don’t use prefab, thoug. Standard construction.
Roger Dawson With FHA you can buy a home and then buy another one if you get tranferred. I think it’s the same with VA
ihatecats78 hmmmm… that would put me into a predicament. I’ve heard that we can use it as many times as we want, but come to think of it, those people had sold their original homes.
Mike_Summey tom, if you have a plan to convert the raw land into income producing properties that’s different from just buying the land as an “investment”
sscercone Thanks, that’s the impression your book gives me.
tom That’s what I had in mind.
sscercone Should I secure financing with my Banker before making offers?
Mike_Summey ihatecats, that’s why I suggest you check with the VA first. I wouldn’t want to see you get in trouble.
ihatecats78 At this point, I’m not sure who’s right. Either way I’ll do more research before purchase. I’m sure that there are other avenues of financing if I have to pay off the loan first.
laurimcclain The market is so hot in my area that I’ve been putting houses and duplexes on raw ground already owned…this is the only way to make the numbers work right now
tom Al Lee. Can you shoot me your email address? I would love to ask you more about your experience. My address is tlynch@gcpud.org
Mike_Summey laurimcclain, what area are you in?
tom That seems to be similar to my area right now.
Sol (Cali) sscercone, I’ve asked that ? here before…. the gist I got was that it’s good to have options in your pocket, but your best bet is to look for other means of financing, like seller financing.
Sol (Cali) Bank financing generaly gives you the worst terms.
laurimcclain Mike, North west Wyoming
ihatecats78 Mike, what do you think about bring in investors or partners?
sscercone Thanks.
Mike_Summey sscercone, if you can get preapproved that is always the best. It lets you negotiate the same as if you were offerring cash.
Al Lee tom, go to www.RentHouses.org and click “email Al” or go to www.buyRentHouse.net to see about the houses. My email address is al@RentHouses.org but clickong on the link on the website is easier and always bypasses my spam blocker.
Al Lee tom, where do you live?
Mike_Summey sscercone, as Sol indicates, there are many ways to finance purchases. Bank financing is just one of them.
Yameen Anybody getting numbers to work in So Cal?
tom we have a world class fiber optic broadband network that has attracted microsoft, yahoo, REC and our local market is reflecting this influx of industry and people
Peter Yameen anybody getting nos to work in no cal?
Mike_Summey Yameen, somebody must be otherwise there would be no rentals.
Sol (Cali) Hi Yameen.
Roger Dawson I googled VA loans. Current max is $417,000. No money down. No credit score required. Couldn’t find out about multiple purchases yet. Sounds like a great program for vets.
Al Lee tom, pre-fab houses do not appreciate like standard houses do. They are treated more like mobile homes by lenders, too
Mike_Summey Roger is our resident research guru! 
Peter If that is the case then join vets
Sol (Cali) I’m looking at Central California (Fresno) and I’m also having a hard time getting the numbers to work. I’ve been making offers that are around 50% of the asking price or 0% terms and people are laughing at me… but I’m hanging in there.
ihatecats78 It is Roger. I have some dings on my credit from a few years ago. They’ll all be gone in 2008, but I would have to go sub-prime if it weren’t for VA
Al Lee The structure of most banks’ construciton financing does not work well with pre-fab houses. It is geared for the progress stages of standard construction. With pre-fab you have a large lump of your cost up front and the banks don;t like to dole out money that way.
laurimcclain IBC modulare homes are being placed on foundations here in Wy and are getting 30 year mortgages. We are getting good treatment but the key is IBC built.
Mike_Summey Sol, I’ve said it many times before, I once made 50 consecutive offers that were rejected. Once one was accepted, 6 of the next 10 were accepted. It’s a numbers game and it will get better for us the cooler the market gets.
Roger Dawson Yameen, So. Cal is tough to make the numbers work. You’ve got to blue collar areas in San Bernardino or Riverside Counties. Incidentally those two countires were both in the top ten fastest growing counties last year. The rest were Las Vegas, Phoenix and six in Texas, Al!
tom how about nelson homes or lange construction homes?
tom That’s the kind of stuff i’ve been looking at.
tom Do they still qualify as pre-fab?
ihatecats78 For those who have rent properties, what do you find the average renter is willing to pay for rent?
Al Lee Texas is on fire!
Sol (Cali) Thanks, Mike. Those are some of the very words I think about (and tell my wife) each time we get a rejection. We’re still low in the “threshold”, but steadily clinmbing. :p
santosleigh Mike, sometimes i just like to listen, being a rookie that i am, just closing on my second property. the thoughts and words of Mike, Roger, and Al Lee are gospel to me, I am so glad i found this site.
Al Lee so, Dallas is the hottest metro area in Texas. That is where I build adnb where most of my own houses are.
ihatecats78 I’m from Houston, and I just can’t fathom renting anything for $2000 a month.
rlindsley Roger do you have area in the NY metro area that are the places to look? New Jersey, Long Island?
Mike_Summey Al, I just learned today that regulations are being passed to limit the amount of a banks capital that can go into investment real estate. That has the potential to cause problems like we saw with the 1986 tax law changes and the S&L industry.
Mike_Summey Thanks, santos!
Peter Mike how will that affect us…does that mean less loans for investors?
Al Lee Mike, That sounds like a problem we will be dealign with!
Roger Dawson rlinddsley, New York is tough when you’re near to big population areas. But there are plenty of opportunities in small towns.
sscercone Where should I find rental rates for my area so I can calculate my NOI?
rlindsley Right. I was thinking upstate New York. Rochester, Binghamton, etc…
Mike_Summey sscercone, check sith property managers in your area and ask them for rental rates.
rlindsley Thanks!
Mike_Summey Al, there are some banks that will totally have to shut down investor financing and purge many of their existing loans.
ihatecats78 thanks mike, I had the same question. Do you find that property managers will be straight forward when quoting rental rates?
Sol (Cali) Al, Mike, and Roger, in your experiences do rental rates go up when there are more renters (maybe due to foreclosures)? This could help the numbers work too.
Al Lee Mike, that is troubling. We will have to look to other sources for financing.
Peter can purge existing loans anytime as well?
Mike_Summey rlindsley, Buffalo has some great opprotunities, but be careful. There are some shysters there also.
Al Lee Sol, yes. I think rental rates are going to go up noticeably and soon
Roger Dawson Peter, I don’t think they can call in loans that are current.
sscercone Would you suggest going to each of my local Real Estate agencies and letting them know that I am going to invest in Real Estate so they will know I am out there?
Al Lee Roger, they wouldn;t call them, but sell them to other institutions. Maybe life insurance companies.
rlindsley Shysters? Anything I should be aware of in particular?
Mike_Summey ihatecats, I’ve always found that the rents property managers give me are conservative, especially if they think they will get to manage the properties if I buy them. They don’t want to have egg on their faces if they can’t get the rents.
Roger Dawson sscercone: yes, keep talking to agents until you find one that likes to work with investors and is not afraid to present low offers.
Mike_Summey Peter, usually banks purge loans they don’t want by refusing to renew them when baloon payments are due.
Peter oh I see
sscercone I am in a small town radius, I may have to expand beyond the 10 mile radius to start.
Peter I didnt knew that when baloon payments are due bank may renew them as well
ihatecats78 Mike, in my situation I may be asked to move across the country (or even overseas) every few years. Do property managers try to help you keep tenants in your property?
Sol (Cali) Roger, so far the agent I’m working with is being patient with me, but I’m concerned that she wil get tired of presenting offers that are s low. Any insights?
Mike_Summey rlindsley, I read an article recently about people selling properties in Buffalo that were not what they represented them to be. As with any other investment, investigate before you invest.
rlindsley Thank you very much! I have to run, but you guys are great to help us out.
Peter Mike and Roger regarding getting in touch with work out specialist should I try to get in touch with every major bank
rlindsley I won’t be a noobie forever 
santosleigh rindsley, in buffalo a $50,000 property rents for $650 to $750 also i have a $35,000 property that rents for $585.
Mike_Summey Peter, nearly all loans that have balloon payment will be renewed provided payments have been made timely during the original period.
rlindsley Wow. Thanks Santo.
Peter Mike if I had fixed rate….then they will revise the rate at that time?
rlindsley How’s the climate in Buffalo? Good for investing in general?
sscercone Mike, what are your thoughts on vacation rentals, I live in a very desirable area for vacationers.
Roger Dawson Sol, it’s really important to explain to the sellers why you’re making the offer you are. How much you’re going to spend fixing it up, what the payments will be and how much it will rent for. That way they don’t think that you’re just trying to steal their property.
Al Lee I make only 30-year fixed-rate loans, so my loans can’t change until I want them to (by refinancing). That is what I recommend to everyone.
Mike_Summey Peter, unless you have some experience, don’t even try to talk with the workout specialists. They all are overwhelmed with investor want-to-bees who have been to a seminar on buying foreclosures. You’ll have to sell yourself as a serious investor before they will talk to you.
Sol (Cali) Roger, I do explain that to my Buyer’s agent, but I haven’t spoken with any sellers yet. How do I speak directly to the seller?
Roger Dawson Sscercone, I’d take a good bread and butter rental over a vaction rental any day. When the economy weakens, second homes are the first things to lose value.
santosleigh rindsley, plenty of homes and the banks offered me better deals than in n.y.c. where i am.
Peter Mike in that case what do I do get the deals from work our specialists?
sscercone Thanks Roger
Mike_Summey peter, that is correct. Usually the reason for the call or balloon payment is to give the bank the opportunity to adjust rates upon renewal.
rlindsley santosleigh, thanks very much!
Peter oh I see
Sol (Cali) Mike, any tips on how to speak directly to sellers when working with a buyer’s agent?
Peter Mike also how do show that one is a serious investor I am only a newbie
Mike_Summey All of thes talk about foreclosures tonight must be due to the media coverage we’ve been seeing the past few days.
Mike_Summey Hi jesse, welcome to the chat.
jesse-n-houston hi all sry so late i could not get chat working
Peter or do you suggest I should be looking at pre-foreclosures instead?
Roger Dawson Sol, hard to talk directly to the seller if they have listed with an agent. But always tell you agent that you’d like to explain your offer directly to the seller is they can’t get it accepted. It challenges them to try harder.
Mike_Summey Sol, if you’re working with a buyers agent he/she represents you, not the seller. If you want to talk with the seller have the agent set it up.
jesse-n-houston mike ignore email i sent you about my trouble with chat
Roger Dawson Mike, is there a way to make my chat window bigger?
Mike_Summey Jesse, may I assume you solved the problem?
Al Lee Roger, click on Floand & Dock which looks like tw little windows, themn stretch it
jesse-n-houston yes sir
Al Lee Fload & Dock
Sol (Cali) Thanks Mike and Roger.
ihatecats78 Earlier, we were talking about an influx of renters in the market due to stricter standards from mortgage institutions. I’m primarily looking at properties within 30 minutes of military bases. With the guaranteed loans that the military are offered, does anyone have any theories on whether or not this trend will hold true in my investment areas?
sscercone Foreclosures seem to be the way to make the NOI work.
Roger Dawson Al, thanks you’re a genius
Al Lee Roger, No, I am not. Mike told me that months ago.
Al Lee I just remembered it.
Peter Al was a software engineer too if I am not wrong…he would know about computers
Mike_Summey Roger, yes, click on the 3rd button from the right…the one with two windows overlaying each other. Then use your mouse to drag the corner of the window to as large as you want. Then you can click on the magnigying glass with the + sige to make the type as large as you want.
jesse-n-houston hey Mike im working on trying to get my first rental.When it comes to replace carpet do u go with the cheapest or a stain resistant?
Al Lee Peter, you are correct. But, what I knew is fast becoming ancient history
Peter lol
Sol (Cali) Goodnight all, and thanks for another informative session!
Roger Dawson Who is using the offer generator? Any feedback?
Al Lee If you stop following the computer industry for one year, you are obsolete.
Mike_Summey Roger, it didn’t take Al as long to explain it as it did me. Obviously I’m a real estate investor, not a software engineer.
jesse-n-houston The offer gen is very useful Roger
sscercone My neighbor had her house listed at $115,000 for about three months and recently reduced it to $99,000, what does this tell me?
Mike_Summey For anyone interested, we should have the Carleton Sheets Toolkit in our online store by the end of the week.
jesse-n-houston Roger I have made several offers with the letter of intent
sscercone Would it be a good time to make an offer?
Mike_Summey sscercone, it should tell you that the market is cooling and the longer the properties stay on the market the more flexible seller will become.
Peter sscerocone. that tell there are not enough buyers in the market
Roger Dawson Sscercone, it sounds like it. That’s a big drop in price. Sounds like she is desperate. But wihtout knowing the comps I can’t judge the value.
Al Lee sscercone, Whether a hosue is a good deal for you is not a funcitn of its price vs. its former price, or even other house prices in the area, as much as it is a funcitn of the ratio of rent / price — Will it cash flow?
Roger Dawson Penny, you’re quiet tonight. Are you watching basketball on the side?
Al Lee I would look at rental comps FIRST!
Mike_Summey sscercone, calculate the amount you can pay and the circumstance under which you anc pay it an make an offer. If it is rejected, tell the seller to keep your offer and let you know if they decide later it might work for them.
jesse-n-houston Mike .When making an offer on an REO does the lender have a time limit on how to repond to offer?
Penny as usual Roger
sscercone Should I contact the real estate company to see what it would rent for?
Al Lee Ask a good property manager what it will rent for
Al Lee Never rely on what a sellign agent says about rent, they know very little — and they lie!
Penny done with basketball watching ’till Sat. of the final four games.
Mike_Summey jesse, only the time limit you put in your offer. I never give a seller more than 24 hours to accept or reject my offers.
Roger Dawson Al, real estate agents lie for personal benefit! What next?
Mike_Summey Al, that should be they LIE!!!
jesse-n-houston Mike I didnt think of that thx
Al Lee Mike, I was being generous
Mike_Summey jesse, that’s why we host these chats. To exchange information to make everyone better.
jesse-n-houston Mike how do you feel about prospective rentals with foundation work needed?
Mike_Summey Al I should have said they L$E!
Al Lee Roger, I was shocked when I learned that, too.
jesse-n-houston I can really appriciate that
sscercone There are no property managers in my immediate area, it’s a small town, I’m afraid I may have to rely on the REA.
Roger Dawson Foundation work makes my knees shake, just thinking about it!
Al Lee The property manager will give you a fair appraisal becasue they might have to live with it after you buy the house.
ihatecats78 Everyone, this was my first time to visit this chat. I really appreciate what you do for us newbies. I have to sign off for now, but I’ll definitely be back next week. Thanks Again!
jesse-n-houston Why Roger?
Al Lee I need to run along, too.
laurimcclain Thanks for the informative chat tonight! Hope to see you all here again next week.
Roger Dawson Thanks, ihatecats. We assumed you love dogs
Al Lee Goodnight, all
sscercone Thanks Al
Al Lee Thanks
Roger Dawson Goodnight. See you next week
sscercone Thanks Roger
ihatecats78 you assume correctly. goodnight.
Mike_Summey sscercone, check with the real estate compaines in you area to see if any of them both sell and manage. If so get your rental amount from the ones not listing the properties. That may be the best you can do.
Mike_Summey I’m going to have to run also. See everyone next week.
sscercone This is my first time on this chat, but I’ve been reading up on you guys for some time now. Thanks for the info.
Mike_Summey NOW ALL OF YOU GET OUT THERE AND BUY SOMETHING THIS WEEK!!!
jesse-n-houston bye
Mike_Summey Goodnight
sscercone CYA
jesse-n-houston anyone here with lots of expirience?
sscercone How long has everyone been at it?
sscercone Not me
jesse-n-houston I just started making offers
jesse-n-houston I been paralized for about a year
sscercone Does the info from the books work in real life?
jesse-n-houston I dont see why they wouldnt
sscercone It all seems to make sense, but I haven’t had the opportunity to try it yet.
sscercone I am looking forward to the first offer.
jesse-n-houston I have read lots of books on the subject and talked to lots of ppl doing it and Mike and Rogers approCH is conservative
jesse-n-houston I’m sold on it
sscercone Have you heard of Real Estate Riches out of PA?
jesse-n-houston Just gotta find some deals
jesse-n-houston not me
jesse-n-houston Is that a club?
sscercone They seem to have the same ideas as Mike and Roger.
jesse-n-houston Does it cost anything to join?
sscercone Building passive income.
sscercone Check out thier website, realestateriches.com
jesse-n-houston will do
sscercone They have a mentoring program for thier area
sscercone would like to find one in my area.
sscercone Maybe Mike will expand, I’m in his backyard.
jesse-n-houston Mike tends to stay close to home with his properties as I understand
sscercone It feels right so you can keep an eye on them.
jesse-n-houston It is worth checking out if you can get a mentor
sscercone This is my first live chat, I find it very useful, hope to see you all next week.
jesse-n-houston sscercone have you been looking into investing long?
sscercone For a couple of months
sscercone t seems to be the logical way out of the working world.
jesse-n-houston there is alot to learn
jesse-n-houston I’m sure if we give it a try it will work for u
jesse-n-houston tIll see you next monday ,goodnite all
jesse-n-houston *ill
sscercone CYA
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