Chat Transcript - September 24, 2007
Posted on September 25, 2007
Mike_Summey Hi everyone.
santo hi mike
wood Hi,mike
Mike_Summey Well zoe, santo & wood, it looks like wer early
Mike_Summey We have a zoe & a zoe3
Mike_Summey Wonder where zoe 2 is?
Zoe Hello Mike
Zoe3 sleep
Zoe I’ve been Zoe before there were any other ones
wood you are brothers ,zoe?
Mike_Summey I’ve had a long day today. I am finishing the last bit of the marketing package for the new office building I want to build.
Zoe No, It is the name of my Investment Company called Zoe Doxa
santo mike, i tried to buy from your site, but it says it has my email address, and to enter another, i don’t have another, oh, me, oh, my, what am i doing wrong now
Mike_Summey Roger may or may not be joining us. He is traveling and isn’t sure if he can get online.
Mike_Summey Hi Alex
alex.elsiete@gmail.com hi
Mike_Summey Santo, if you have already set up an account, you don’t have to do it again. What do you want to buy?
santo mike, the mindset coin and carleton’s real estate tool-kit
Mike_Summey Alex, it the future you can just login to the chat as Alex.
alex.elsiete@gmail.com ok
wood zoe,what do your company invest most?
Zoe Wood, REI mainly
wood Mike ,what tool-kit?
Mike_Summey Santo, try again and don’t try to set up a new account. I think you laready have one. If you have problems, let me know.
wood zoe,sorry,what is REI?
santo mike, will do, why don’t i just send a check to your po box, would that work
Mike_Summey wood, Carleton Sheets Toolkit is a computer program that has a property analyzer, property manager and real estate forms. It also has a great mortgage calculator.
Carleton Hello Mike, my firend and everyone in the chat room. Had a few minutges so thought I’d join you, Mike.
Mike_Summey Speaking of Carleton, there he is. Thanks for joining us Carleton. People are asking about your Toolkit so I’ll let you tell them.
santo hi carleton
Zoe Sorry Wood, Real Estate Investing. Mainly Single Family Homes
Mike_Summey Santo, it would be better if you could order from the website.
Zoe Hello and welcome Carleton
Mike_Summey Hi Carleton. Thanks for joining us.
Carleton I use the TooKit regularly and the nice thing about it is that it can be customized and filled out right on your computer. Very professional.
Mike_Summey Carleton, orders are pouring in for your Toolkit. Want to comment on it?
santo Carleton, i will be getting your tool-kit soon, i enjoy all your dvd’s
Carleton Hello Zoe. Where are you located.
Zoe Carleton, I am in Anchorage, Alaska
Mike_Summey Carleton, about as far away from you as one can get and still be in the US
Carleton Mike, I’m serious when I say the that if the ToolKit was $500 it would be worth every penny…really.
Mike_Summey Hi Ryan
Carleton Zoe, I have some fond memories of Anchorage. I’ve been there 3 or 4 times.
Carleton Hello Ryan
Mike_Summey Carleton, I know that. That is why I recommend it in our books. When you find something that is good, there’s no need to try to duplicate it…just recommend it.
Mike_Summey Hi Penny
Carleton Hello pretty Penny!
Penny Hi Mike
Zoe Yes Sir, right now things are cooling down a little with temps in the low 30’s
Carleton Wow. Living in Florida that sounds pretty good for a change.
Mike_Summey Zoe, they are in the low 30s here too…centigrade.
santo Carleton, latest bargains in buffalo ny 2 fam. $27,000 4 fam. $39,000
Penny & Carleton, Thank-you
Carleton Santo, I know not too much appreciation in Buffalo but great cash flow. Am I right?
Mike_Summey Hi Kelly
Zoe Carleton, I am presently working with PEI to get the unlocking code for my tool kit
Carleton Hello Kelly
Kelly hello
santo carleton, yes
Mike_Summey Zoe, di you get the Toolkit from our website?
Ryan-NC Santo - those prices are unbelievably low … sounds like great cash flow
Zoe No Sir, I purchased it directly from PEI
Carleton Is there a problem Zoe?
Mike_Summey Zoe, okay. Just wanted to be sure we weren’t the problem.
Mike_Summey zoe, PEI is a great company and I’m sure they will get it worked out for you soon.
santo ryan, but i am sitting tight to build a cash reserve, i won’t buy again till 2008
Zoe No Sir, I have changed my computers and the software on the new computer didn’t recognize it
Mike_Summey santo, nothing makes you feel better than to have a good cash reserve.
Zoe Minor detail soon to be worked out
santo mike, you are so right
Carleton Good! Amazing but I had the same problem!!
Ryan-NC any thoughts on buying out of state properties ?
Zoe Yes Mike, they are a great company and I would also like to add that the OG along with the toolkit has just been a huge blessing for me.
Ryan-NC y I think the hassle -factor is too great
Carleton Thanks for your nice comments about PEI, Zoe.
Zoe Welcome
Mike_Summey When I first got started, I was struggling from month to month to keep the cash flow going. That’s when I first realized that if I had some cash reserves I wouldn’t be under such pressure. Today I keep 4-6 months in cash reserve. That’s much more than I need, but I haven’t been able to find good investments in the past few years so the cash reserve has grown.
Mike_Summey Hi NCD
Kelly Mike, last week I mentioned that I have made several offers on Pre-forclosures and a bank owned house. The only one that hasn’t been rejected yet is a pre forclosure that goes into forclosure on Thursday. The bank said they would only consider it if I agreed to pay the Attorneys fees to delay the forclosue so they could “Consider” my offer. Obviously, I wouldn’t pay several thousand dollars for them to consider my offer. They got the offer 3 weeks prior to forclosure date.
NCD Hi Mike
santo mike, my broker says the banks are giving everyone a hard time on loans, will this let up soon
Ryan-NC Kelly - three weeks is a very short time for the bank to consider a short sale
Mike_Summey Kelly, be patient. I believe you will find that more and more offers will be accepted in the coming months.
Kelly I think the banks are so bogged down with forclosures the under paid employees don’t really give the offer good consideration.
Ryan-NC generally, working a short sale within 30 days of sale is hard to accomplish
Mike_Summey Carleton, see Zoe’s comment above. That’s what I’ve been telling you…that the OG & the Toolkit are a great team.
Zoe Mike would you suggest someone to go to the Divorce Court to broaden one’s REI portfolio?
Carleton Ryan-NC, I agree. Absentee ownerhship looks good on paper, especially if you have a competent property manager. But in actuality it can be a pain. I keep trying it over and over. When will I learn? Ive been an investor for 37 years, owning property in Texas and Md.. Finally sold all then bought another in LV, NV. STill haven’t learned.
Mike_Summey Ryan, several years ago, I bought 9 properties on a short sale. The deal was signed on Tuesday and closed on Thursday…the day of the schedulaed foreclosure auction. Banks can move quickly when it is in their interest to do so.
Mike_Summey Zoe, I’ve bought several properties as a result of divorces, but never from going to the divorce court to do so.
Carleton Mike, did you have any qualms about there being other liens on the property that the foreclosure would eliminate?
Zoe Mike, did it come from referals
santo carleton, the short sale, explain please
Mike_Summey Carleton, not in this case. I have a good enough relationship with my real estate attorney that they were able to do a complete title examination in the two days. Also, the bank did all the paperwork to let me assume the loans it that time too.
Mike_Summey Zoe, most of the properties I have bought from divorce situation have been found by my buyers agent and brought to me.
Ryan-NC SAnto - the short sale is simply buying a “pre-foreclosure” from the owner with the bank’s blessing and the bank accepting less than what is owed on the property
santo ryan, thank you
Zoe Excellent, thanks mike that helps alot. My wife is
Kelly Mike, in a short sale, do you still get a clean title? As if you purchased the property through the regular channels?
Mike_Summey Ryan, in some cases the banks will accept a reduction in interest rate rather than writing down the laon. Same difference if you plan to hold the property long term as I do.
Ryan-NC Mike - that is an excellent idea - I’ll try that approach next time around
Mike_Summey Kelly, you should have your real estate attorney or title company check the title and get title insurance for you.
Zoe continuing: My wife is in the legal field and I have direct access to these cases because of the time I have on my hands.
Mike_Summey Zoe, go for it. I don’t have that kind of insider information.
Ryan-NC Kelly - always make sure title insurance is part of all cllosings - very important
Kelly Mike, currently in this area the seller usually picks up the title ins. Is that adequate? or should it be someone I know and trust?
Kelly I usually don’t specify closing agent and let the seller use who they want. Is that prudent?
Mike_Summey I have just received a list of 9 properties that are available from an estate. Just got the info since last chat. I will inspect them next week and make an offer.
Zoe Carleton, could please explain roughly about the positives concernning partnerships
Mike_Summey Kelly, I prefer to have my attorney handle clsoings and get title insurance. I trust them more that way.
Kelly Mike, can you get burned by someone not doing a proper search? Wouldn’t the ins. cover me either way?
Carleton Zoe, it’s just a matter of a group of several individuals (or more) accomplishing what a single person cannot do. It’s how I got my start and what I did for 5 years…put together partnerships. It can be very lucrative and a win/win situation. Do you have my course on partnerships. It tells everything I know about the subject.
santo mike, why don’t you make some dvd’s like carleton has, with your vast knowledge and you are a great speaker, i think they would be great for the new invester,like me and all the people who are trying to get started
Carleton Zoe, you can get a fee going in, a management fee and possibly a % of the on-going cah throw-off and a fee upon sale.
Mike_Summey Kelly, attorney’s general work for the one who is paying them. Enough said.
Ryan-NC Carleton - is the partnership info in your course or a separate program
Kelly Mike, Point taken!
Mike_Summey santo, Carleton’s Wealth and Empowerment Course has a 2 hour video of me doing a program for him.
Zoe Yes Sir, I asked because there are several people now who would to get on board with me in RE because of what I gained from not only your course but also WM
Carleton Ryan, it’s a separate program. Very inexpensive and as with all my courses, has a thirty day guarantee.
Zoe Thank you very much Carleton
santo mike, is this new, i did not see it on the site
Mike_Summey Those of you who have both the WM course and Carleton’s, how do you find they complement each other?
Mike_Summey Carleton, when di we do the Wealth & Empowerment Course? I t was several years ago wasn’t it?
Carleton Yes, Mike.
Carleton …and a great course I think.
santo mike is it on your site or carletons
Zoe Extemely well Mike. I have gained some awesome techniques from both courses which propelled me above and beyond other investors who went with someone else.
Mike_Summey Carleton & I have known each other for over 20 years and he is the only one of the TV real estate gurus that I would invite to join this chat.
Mike_Summey santo, it is on Carleton’s site.
Carleton Thanks, Mike!
Zoe Much respect their fella’s
alex.elsiete@gmail.com where is the site ?
santo carleton, when i get the monthly newsletter, the podcasts are not on it what happened
Kelly Mike, I don’t have Carleton’s but I bought one by Ron Legrand and his compliments your program by not satisfing me and leading my search to your program. It looks like I should try Carleton’s as well.
Mike_Summey Carleton’s course offers many more techniques than Weekend Millionaire. Our course is strictly about long term investing to build wealth, not about fix ups, flips and other quick buck techinques. Carleton’s course covers it all.
Carleton Alex, you can put in PEI.COM or carletonsheets.com
alex.elsiete@gmail.com thank you
Zoe Kelly, I can vouch for Carleton’s course coupled with the WM!
Carleton Kelly, that’s cute. You have made lemonade from lemons.
Mike_Summey Everyone, you’re going to love the new book that will be out in Dec or Jan. It is Weekend Millionaire Secrets to Real Estate Negotiating.
santo carleton, will i get the podcasts with that PEI.COM
Mike_Summey Everyone, I’m trying to get Carleton to offer the OG on his website like we do his Toolkit on ours. What do you think?
Zoe Thank you for furthering my knowledge in RE Mike & Carleton, but I must go and get my wife now and take my son to football practice. Thank you and goodnight
Carleton Well, hard to leave after all these nice comments, but my second love to real estate, or is it my first love…my wife, is calling so I’m going to bid you good night. And yes, Santo you can get the podcasts or a link to them. And Mike, we’ll work on the OG availability through my website.
Mike_Summey Santo, just FYI, I have a full 4 hour seminar on video, but haven’t had the time to get it edited and turned into a product we could put on the website.
Mike_Summey Goodnight Carleton. Thanks for joining us.
NCD bye all. this is very informative as far as chats go.
Mike_Summey Carleton is a great guy who genuinely trys to help people. I guess that’s why I like him so much.
Mike_Summey Goodnight NCD
NCD good nite, mike
Kelly Mike, is there any way to get the OG to just take once purchase scenario with an NOI and give us the two extremes of 100% financed and 100% owner terms? Then we could just put that out there as a range of offers? I know This can be done by putting in the data twice but it may be nice to be able to do it once. What do you think? Offer Generator version 2.0
santo mike , these dvd’s and videos give me great motivation
Mike_Summey Kelly, compute it one way and then select the option to generate another offer and compute it that way. You don’t ahve to reenter all of the dats. You can keep on generating offers once the initial data is entered.
Kelly Thanks
Mike_Summey Kelly, it only takes seconds to generate another offer once the initial data has been entered.
Zoe3 goodnite all very informative thanks
Mike_Summey Zoe3 are you related to Zoe?
Zoe3 no
maria hello ….better late than never!
Mike_Summey Kelly, since interest rate, length of loan, etc. can vary so much it is almost impossible to have the program create a range for you.
santo hi maria
Mike_Summey Hi maria
Mike_Summey maria, whare are you from?
Mike_Summey where
maria Hi mike , new zealand here …had probs logging on today
Mike_Summey As always, the transcript from this chat will be posted on the website tomorrow.
Mike_Summey Wow maria, what time is it there?
Kelly This changes the subject some but has anyone used a forclosue listing service to hunt down potential forclosures? I tried Realtytrac or something last month but haven’t seen much in the way of results
maria Yes …an Antipodean! It is 12:50 pm tues mike
Mike_Summey I’m always amazed by the people around the world who get in these chats. Maria, say hello to wood. He is from China.
maria Hi Wood. we do live in an amazing age dont we.
maria Mike I found your book in my local library
wood hi,maria
Mike_Summey Kelly, my experience is that the foreclosure services don’t give you any better information than you can get onlin for free, they just charge for it.
Kelly I would love to see China and New Zealand. I think you are right Mike about the forclosure services.
Mike_Summey maria, that’s amazing. I didn’t even know it was in New Zeland.
wood sorry,i don’t understand what is amazing age
maria mike, good news always spreads around
Mike_Summey maria, set your clock for next week and try to join us at 12:00 noon your time.
Mike_Summey then you can get in on the entire chat.
wood I just graduate from University,and am eager to learn to invest.
Mike_Summey maria, how is the real estate market in New Zeland?
maria Mike thank you. I have made a couple of your chats already, today I was having trouble logging on …dont know why
santo wood, amazing age, would be advanced times, better times
wood santo ,thanks
Mike_Summey maria, were you using a different computer? If so, the computer must have the latest version of JAVA to run the chat program.
Kelly As always, I’m thankful for this resource. Catch you next time.
maria Mike, we are a growing country and have had more increases in immigration over the last 2 decades and continuing, so there is a housing shortage here so prices are going up but now seem to be steadying
Mike_Summey Only a few of us in the chat now, but we’ve had people from all over the world tonight.
Ryan-NC Pile of bills to pay tonight, thanks everyone; I enjoyed the chat … see you all next time
Ryan-NC good night
maria I think the prices here will level and rise then level then rise again
Mike_Summey maria, do you know Dolph DeRoos? He is a real estate speaker & author that I believe is from New Zealand.
santo mike, i will try again on the site, goodnight
maria Mike I have not heard of him ( I am in a small country town though)
alex.elsiete@gmail.com good night all
Mike_Summey I’m going to have to leave you. I’ve had a long day and I need to get to bed. Big day tomorrow.
Mike_Summey Goodnight all.
maria bye mike
wood Goodnight,mike
Peter Hi
wood hi Peter
Peter Hi Wood
wood you just miss the chat,it is over now
Peter oh I see
Peter sorry
Peter my computer has bad time….today
Peter good bye
maria well I’m going now bye all
wood see you wood
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