Chat Transcript - February 18, 2008 with Guest Expert Shane Backer
Posted on February 19, 2008
Shane Backer is a Manhattan-based mortgage broker with Robbins & Lloyd Mortgage. He holds a Bachelor of Science degree in economics from SUNY Albany and has written articles on topics including no-money-down mortgages, credit card consolidation and the different mortgage products that are based on varying rates. He is a certified mortgage planning specialist and is particularly knowledgeable about tax and financial implications of mortgage and real estate investment strategies.
shane_backer Hello Santo
santo hi Shane
santo are you the Shane from kentucky
shane_backer No i am not
santo Shane, are the rates going down again
shane_backer Well 2 weeks ago they where the lowest they have been in the past 3 years. as far as the rates right know it’s hard to predict because of the government changing the conforming loan limits
santo thank you
shane_backer hello mike
santo hi Mike
Mike_Summey Hi everyone! Looks like I’m late.
Mike_Summey I have a house full of people. One of my sons is cooking quail for his friends. They were quite good.
Mike_Summey Hi mac
Mac Hi Mike
Mike_Summey What have I missed?
shane_backer Hello everybody I am mike’s guest today and you guys can ask me any questions pertaining to the mortgage industry.
gonzama Hi there.
shane_backer Nothing yet we are just getting started
Mike_Summey Hi gonsama. glad to have you with us.
DavidO Hey Shane, i have a question: how are mortgage brokers preparing for July 1 and the new conforming loan limits?
Mike_Summey Good question David
Mike_Summey Hi danko
danko hi mike. hi everyone
DavidO Being from California, I’m so ready to conform. 
Mike_Summey Roger Dawson will not be with us tonight. He is traveling to a speaking engagement.
gonzama what is happening on july 1?
DavidO Or is it that we don’t conform in California?
DavidO dirty hippies and all.
shane_backer We are trying to put people on a list so once the limits change we can send the deal right in, many lenders will be backed up since they have fire dhalf their staff. Also since a lot of lenders went out of business there aren’t many banks to choose from.
DavidO so shane, are you suggesting that I contact a mortgage broker now and get on a list?
Mike_Summey I see we already have some first timers. Welcome everyone. Please feel free to jump in with a question at any time. there are no dumb questions, only people who stay dumb because they don’t ask.
shane_backer Well I would contact one now just to see how you can benefit once the limits are changed, so you can see exactly how much you can save and if it makes sense to refinance!
gonzama lenders r already backed up. is taking longer than normal to refi
Mac Shane, I’m finding it difficult to refinance loans using stated income. Do you expect that to ease up in the near term?
DavidO good idea. it didn’t occur to me that their would be a backlog, but now that i think about it, it makes sense; that is if interest rates stay down.
shane_backer Yes they are because the rates 2 weeks ago dropped a lot so a lot of lenders got swamped with loans, right now I am seeing underwriting times of 9 days
shane_backer Once the new limits go into affect I think the underwriting times will become even longer
shane_backer Yes stated income loans will come back it’s a matter of time
Mike_Summey Shane, any prediction on what the Fed will do at their meeting on the 18th?
DavidO Shane, to add to Mac’s quesition about stated income loans; what about self employed people. I’m self employed, but am happy to provide full documentation if requested. Will I get knicked if I’m self employed?
shane_backer I think they will lower the rates again
santo shane, when i refinance, i don’t know the process, how does it work– I have one loan that is 9.5%
Mike_Summey Hi sparky
gonzama I’m new here can you tell me what r the limits you guys r talking about?
cferrier66 Does the weekend millionare program work with foreclosures?
shane_backer For self employed borrowers there is a type of program that is a stated income stated asset program, you need to have a 700 or better score
Mike_Summey Hi Al & rggamel
Al Lee Hi, Mike. Hi, everyone
santo hi Al,
Al Lee Hi, santo
shane_backer The government is going to raise the conforming loan limits, which is currently 417k
Mike_Summey cferrier, yes the weekend millionaire program works in any situation. Either the numbers work or they don’t. If they don’t, then pass on the deal.
Mike_Summey Hi eric
cferrier66 Thanks!
ericl HI
Mike_Summey santo, I got your lette today about the immigration issue. Very interesting!
Al Lee santo, I am gong over to your buddy, Gandolfini’s, home country next week.
gonzama can I purchase a home from an equity gift from my parents? as a stated loan?
Mike_Summey Hi Ryan
John(NC) hi Ryan
shane_backer Yes you can depending on your credit score and loan to value
santo al, you mean Italy
DavidO Shane, have you ever heard of a lender changing the terms of the loan outright to help an existing debtor? For example, lets say I can’t make a payment at 7% now but if they work with me to lower it to 6%, I’d pay. I know it sounds crazy, but these are trying times in the market and I’m sure it would help lots of folks out.
Mike_Summey gonzama, if your parents give you a gift, you don’t have to report it. Just use it to make the down payment.
Al Lee santo, yes. Rome and Venice. Taking the kids fo rthe first time. It will be quire different form anything they have seen so far.
Mike_Summey Hi oz
gonzama 75% ltv 598 fico
cferrier66 What is the mean FICO score lenders are looking for to make a loan?
oz hi mike
Mike_Summey Hi Penny
Penny Hi Mike
shane_backer Yes they are doing something called a loan medication. If you have a rate that is going to adjust you can call your lender and they will freez the interest rate so it doesn’t adjust, the lender does look into your financials though to see if you can continue to make the payment
Mike_Summey David, anything is negotiable, including rate reductions. Most banks would gladly forgo a little interest to avoid having to foreclose.
shane_backer Cferrier, all depends on the loan scenario. Some lenders will go down to a 520 score
santo Al, the closest i get to Italy is a Italian restaurant in Astoria !
DavidO interesting; i’m actually in good standing; but i sure could use 1% off the rate. do i start buy calling the customer service line of the lender?
Al Lee What most people do not realize is that during the Great Depression most houses that were foreclosed on were paid off. they were foreclosed for taxes. Lenders do not want to foreclose because they don’t knw what to do with that inventory of REO.
shane_backer David, yes
Al Lee santo, I grew up in Astoria.
DavidO hmm….i might call tomorrow. i’m in a 10 year interest only loan at 6.5%
DavidO and i want it to move to a fixed at 5.5%
shane_backer Since banks don’t want foreclosures on their books a lot of them are doing short sales and letting the borrower get away with 70 cents on the dollar
DavidO the 10 year i/o is fixed too
santo Al, I know –28th ave.
Mike_Summey David, I wouldn’t try to squeeze the banks unless you really need to. You made a deal so stick with it. You’d expect the bank to do the same. Negotiated rate reductions should only occur as a last resort, not because of a desire to change a deal you’ve already made.
shane_backer David, they won’t just give you a lower rate, the rates of the day have to be lower and then they can modify your loan to a lower rate
DavidO i see
ericl Shane, how can I continue to get conventional loans? I have 5 residential properties. My credit is good, but I’m told my debt to income is too high. Lenders only consider 75% of my rental income. How do I get past this wall so I can keep purchasing?
shane_backer 
Al Lee santo, I could walk to the 59th street bridge and smell the Silvercup bakery.
DavidO good question eric
santo al, now the silvercup studio’s
Al Lee santo, probably does not smell as good.
shane_backer Some banks will do a piti wash and actually wash out the rental income from the new mortgage payment, also you might want to consider a stated income loan or putting more money down
Mike_Summey eric, I’ll respond to you question also. If you compute the genuine NOI of a property you’ll see that 70% is generous. You repay debt with the NOI, not the gross rental income.
sparky37 eric, just di it as investment property rates are not that much different
Al Lee santo, I have a faxcinating topic for the radio program about using oil & gas royalties as an exit strategy to extract equity form your accumulated real estate investment when you retire. I really need to get back to doing the live show. Maybe after Italy.
sparky37 do
Mac Shane, what do you mean “wash out the rental income from the new mortgage”
gonzama are the option ARM’s still available ? and is it ok to get one for investing on property?
DavidO gonzama, option arms are posion
Mike_Summey Al, I understand Rhonda called you about doing a show.
DavidO if you are a long term investor, get a fixed rate loan
DavidO you’ll feel much better
shane_backer They will take the rental income and actually subtract it from the mortgage payment, so you don’t need as much money to qualify.
shane_backer Yes you can still get option arms, but again you have to use caution when using this type of program
Al Lee Mike, yes. I have postponed doing the live shows for a while, but will try to get the equipment set up to do an interview and record it. I intend to get back to the live shows soon, but it has been very busey around here with starting the new company up.
shane_backer Gonz, yes you can get them for investments, but at a lower loan to value, you can get them up to 70 percent
Al Lee Mike, I have to get a piece of equipment fixed.
DavidO shane, i don’t think mortgage brokers should be pushing option arms at all. that’s the problem we are in today. it’s not a good product for 98% of the population.
draegonaudio please explain what option arms are
Mike_Summey everyone, I’ve been at this for over 35 years and throughout this time I’ve always used adjustable rate loans. I get fixed payment, adjustable rate loans that are initially set based on 1/2 to 1% above the prevailing rate at the time of the loan. Then my cash flow is steady and the principal and interest amounts adjust, not the payment amount.
shane_backer David, yes you are correct. I would only recommend it for somebody who is very investment savvy.
Al Lee I use fixed-rate loans with an I/O option fo rthe first 10 years. That gives me most of the benefits of an option arm (lower payments) without any of the risk.
shane_backer al, very good point
DavidO mike, i’ve never heard of that loan you are talking about. what’s it called? the option arms i know adjust with the prevailaing rate and adjust regularly; as does your payments.
Mike_Summey shane, Al & I differ on this point. I like to pay the loans off, Al like to owe as much as possible.
Mike_Summey Hi alex
Al Lee When the ten years is almost up, I look at the loans to see if I want to refi and get another 10-year I.O period
alex hi,
Mike_Summey David, it’s something I came up with and sold the idea to my banks.
cferrier66 Does the Weekend Millionare address only single family homes or does it also work with multi-family and apartments?
Al Lee Mike, now Shane likes me better 
DavidO Mike, is that in the book?
shane_backer Most people get comfortable paying the min payment on an option arm and spend the savings on luxury items, if they reinvested the difference they could end up gaining an arbitrage, but you have to be very carful
santo Al, I am having a problem with s.s.–they are refusing my wife her s.s. check of $943 a month because her birth certificate was lost years ago, and the vital record dept. can’t find her on file–so they are saying she can’t prove citizenship
Mike_Summey cferrier, the way we teach you to buy income properties works with everything from single family homes to big apartment complexes.
Al Lee Having paid-off properties is too risky. Too much equity locked into one property. Banks don;t want to reposess propertie sthat are heavily mortgaged. Nobodywants to win it in a law suit.
sparky37 Santo what about tax returns and passport?
Al Lee santo, I am no expert on SS, but I have to think you can solve that problem. Church records might be the answer.
santo tax returns don’t count–she has no passport
danko Can you get fixed rates on properties over 4 units? Aren’t they considered commercial?
gonzama Mike as an investor what is better to get a single home or a multiunit.? I have heard different opinions on adv, and disadventages.
sparky37 Where was she born?
Al Lee Heck, santo, if she sloke Spanish she wouldn;t need any documentation :{
DavidO Al, in 10 years, by what amount do your rents go up by? average estimate is fine.
shane_backer Santo, do you need her to help you qualify for a loan?
santo al, no church records
Al Lee David, you can estimate 3% per year on average.
Mike_Summey David, not it’s not. I couldn’t put it in the book, because it’s not a convention way of financing. You have to sell the idea to your banks. It works well because you know what your fixed monthly cost will be just as with a fixed rate loan, but you get to take advantage of the rate changes. In 35 years, I’ve found that I’m well ahead of what I could have done with fixed rate loans.
santo shane, no but it is $11,316 she won’t get every year
Al Lee santo, try for affidavits form witnesses.
Al Lee from witnesses.
santo Al, explain
Mike_Summey gonxama, I recommed that new investors start with single family homes as these are easier to finance and if you find that real estate investing is not for you, they are the easiest to sell.
Al Lee ts of people have trouble finding old records like that, so I woudl expect the government to have soe remedy
santo the remedy is you lose
Al Lee santo, it there are people alive who remember your wife being born. Also was it at t hospital, look for hospital records.
DavidO Mike, so you have a fixed payment amount but as the interest rates adjust you pay more or less interest and principal, but your monthly mortgage amount never changes?
sparky37 Santo, where was she born?
Al Lee santo, the d*** government is trying to give checks ot illegal immigrants and they don’t want to pay a citizen !!!
santo born in mass. but no record there–her mother dumped her in a orphan home when she was a child–that orphan home is closed now
cferrier66 Mike does you program show how to find good properties and then turn them over to investors for a percentage?
shane_backer There is a cool mortgage program that most people don’t know about called a 2/1 buy down, which can help investors sell their property and make it look more attractive to buyers. It really works great in this market!
Mike_Summey David, that is correct. The initial payment amount is usually based on a rate 1/2 to 1% higer than the current market rate and the payment amount never changes. I currently have loans that were based on 7.5 - 8% rates, but the payment is split between principal and interest based on the current prime rate. I’m tonning the principal now just as I was throughout the low rates a few years ago.
gonzama Mike what do you think about the TIN numbers. Why the banks are giving these kind of loans to people who do not have a real SS? Is not this a risk for the banks to get foreclosures?
Al Lee santo, tell those bums that if they don’t do right by you I will come up there an give them what for. Then, they will regret it !
Mac Shane, I have several lease/options with people with credit problems. They expect to clean up the problems in 2 years and apply for a bank loan. Maybe this is too far for your crystal ball, but what do you think the market is going to be for people with repaired credit in 2 years.
sparky37 That orphan home has to have records somehere, also where did she go to school? They have copies of birth certicates to enroll
Mike_Summey cferrier, I’m not sure what you mean by turning them over to an investor.
shane_backer Yes banks give loans biased on tin numbers but they finance less
Mac Shane, what is the 2/1 buydown?
Mike_Summey Hi eli
Eli Hi everyone
Mike_Summey gonzama, I’m not sure what you are asking. maybe Shane can answer your question
alex What is a “tin” number?
DavidO Mike, you should do an article on that deal you got going with banks. We want to know the secret sauce there.
cferrier66 Mike maybe I asked my question wrong. I mean I find the deals and then them over to investors with more money to invest!
shane_backer Mac, with the lease options you need to tell those people with poor credit to start fixing there credit now! 2 year is plenty of time. even if they have a bankruptcy , two years out they can get full financing!
John(NC) Tax Identification Number (TIN)
alex thanks
Mike_Summey cferrier, I’m not a good one to ask about that type deal. I’ve been buying properties for 35 years and have never sold one.
shane_backer A 2/1 buy down is where whoever is buying a house can get financing ,where in the first year they will have a 2 percent rate reduction and in the second year a one person rate reduction
cferrier66 OK thanks!
santo Al, thanks—my wife was just diagnosed with cancer, and she said she would like to collect at least one check before she dies
shane_backer Mac, the 2/1 buy down program is perfect for you!
Al Lee A bankruptcy or foreclosure can be overlooked after 2 years, but a 30-day late–now that will take about 5 years.
Mac Shane, what does the 2/1 buydown cost the seller of the house
maria hi everyone apologies for being so late
shane_backer wrote an article on how you can use a 2/1 buy down in a rent to own scenario
DavidO Mike, do you ever work with mortgage brokers or do you deal with banks directly?
shane_backer It costs the seller the exact amount of the buy down, or the broker can also pay for some of it in their rebate
Mike_Summey everyone, keep in mind that the Weekend Millionaire method of investing is making deals that will work for you in your current situation. The more dire your situation, the more difficult it is to find deals, but its not impossible. You just have to be patient and keep making offers.
Mike_Summey Hi maria
Mike_Summey What happend to you danko?
Mac Shane, can I get a copy of the article
danko sorry, I froze up.
shane_backer yes i can email it to you
maria Hi Mike
shane_backer whats your email adress?
Al Lee danki, it is just nerves. Relax!
Mac Shane, send to mac.johnstone@earthlink.net
DavidO Shane, when applying for a loan, what fees do you consider to be junk fees?
danko did my question come through? I sent a question and immediately froze up…don’t know if there was an answer
Mike_Summey maria, how are things down under?
danko if my question was answered, just say so and I will look up the chat tomorrow
maria Well our housing market is slowing (selling)
Mike_Summey danko, I don’t recall seeing a question from you.
DavidO danko i didn’t see your question
danko ok, will ask again
Eli shane: can you send me that article to: Eli@mercuryinterstellar.com
Al Lee danko, if you start typing in the entry box and hit the up arrow, you will be able to recall your old messages and re-send
shane_backer artial sent
Mike_Summey shane, if you will forward the article to me, I will post it on our website for everyone to read.
danko can you get fixed rate loans on multi unit properties over 4 units? Up to 4 is still considered residential. But all the larger properties I’ve gotten quotes on, they all say ARMs
sparky37 cool trick Al
danko scrolling up only works to the point you entered the room. I had to leave and come back
Al Lee sparky, I guess you tried it.
Mac Shane, got it. Thanks a lot!
shane_backer ok mike i will do that
sparky37 yep
gonzama Mike from your own experience when do you think the market will get better? I know that this is only a cycle that happens in this market
Mike_Summey danko, on larger properties, most of the time the banks want floating rate loans.
shane_backer I will give mike the article and he can post it on the site for all of you to read!
danko is that different than ARMs?
DavidO mimike, before you answer gonzama’s question; you have to admit thatthis time is totally different market. we haven’t seen anything like this. have we?
danko or just another way to say it?
cferrier66 I know all area of the country are good but what do you think about the Dallas Fort Worth Texas area? They are starting a “Forclosure Tour Bus” ride in Dallas. There are a TON of newbies (like myself) trying to get into the market. Also, there are literally dozens of “gurus” selling “No Money Down” deals over TV and the internet.
Al Lee This market is excellent for owners of rental properties. We have hoses being repaired and people are trying to get the workers to rent the houses to them. If we put a sign in a window, we get calls immediately/
santo mike, a 4 unit you can get a fixed rate?
Mike_Summey gonzama, I’m not a fortune teller, but I’ve been through 4 of these cycles. If I had to make a prediction it would be late 2009 or early 2010 before we see the market start to firm up and them another year or two before it is really beginning to come back strong.
shane_backer Yes a 4 unit can get a fixed rate
Al Lee cferrier, are you in Dallas/Fort Worth? Look at www.buyrenthouse.net if your are interested in rental property in DFW.
DavidO Al, i though the dallas area didn’ see much of the bubble, but they have foreclosure buss tours?
shane_backer al are you from new york?
Mike_Summey Danko, it is different from an ARM
Al Lee DavidO, you are right.
Al Lee shane, I am from NY originally, but now I am a Texas (Dallas)
danko I’m going to have to study up on this. I don’t know the diff between ARM and Floating Rates
DavidO bus tours are surprising in the DFW area. i didn’t think that would happen there.
santo shane, but anything bigger than a 4 unit has to be a arm?
shane_backer There is somebody in my area names al Johnson who does a lot of rehab tours I thought it might have been you
cferrier66 Yes they are advertising the bus tour on the radio!
Al Lee Teh foreclosures in Dallas are mainly because of the ARMs and because of irresponsible lending practices on the part of lenders from 2003-2005
Mike_Summey David, you are right. This cycle is different from any I’ve experienced. Usually the down side just about mirrors the upside in length and movement. We have just come through the biggest upswing in my lifetime and I expect the downturn to be just as bad ans the upswing was good.
Al Lee Be careful about foreclosures. They are usually not worth the price you pay. One out of 100 is a good deal.
shane_backer Santo, you can get fixed rate on stuff over 4 units, but anything over 4 units is considered commercial, anything 4 units and under is residential
danko I’m always afraid with ARMs (or Floating Rates) that I’m getting into something I don’t understand…and it will come back to bite me because I haven’t done my homework
DavidO I seen the ARM thing happen to friends and folks around me. Don’t like it. but I do want to know more about this Mike adjustable loan thing he has going.
Al Lee I know a guy named George Roddy, who works with his son, George ROddy, selling lists of foreclosures and teaching courses in how to buy them. If you listen carefully it is a LOT OF WORK to keep from getting burned.
shane_backer Danko , do you have any special ARM related questions
danko are there any good books that clearly explain ARMs and Floating Rates and such? Any recommendations
Mike_Summey Danko, a floating rate loan changes every time the rate changes. An ARM only adjusts annually or every 2-3 years. I use fixed payment floating rate loans and have been very successful with them.
danko fixed payments floating rates
santo shane, you mean it’s up to the bank if they want to give you a fixed rate on something bigger than 4 units
Al Lee When an owner is geting a house foreclosed, he does not take much care of it. If the house was really worth more than he owed, he woudl probalby be able to fnd xomeone to buy it.
shane_backer yes correct
danko so with Floating Rates, the payment stays the same?
Mac Danko, I have several commercial loans. The rate holds for 5 years, then is renegotiated. Technically the loan is called in 5 years, but they just want to adjust the rate to current levels
Mike_Summey danko, the payment is fixed and the amount that go to principal and interest adusts every time the rates change. When rates fall, you pay the same amount, but more of the payment goes to principal. When rates rise, less goes to principal and more to interest.
danko Shane, I have lots of questions about ARMs…but I am so clueless about them that I wouldn’t know where to start. And I’m always afraid there is something that I’m not being told that will come back to bite me. No paranoia here.
DavidO mike, what if rates rise above your fixed amount?
danko Mike, can I get a floating rate loan through a mortgage broker?
Mike_Summey danko, with this type financing, you can predict your cash flow needs and not get caught with rising payments as you can with an ARM.
Mike_Summey danko, these type loans are usually made through the commercial loan officers at a bank.
danko Yes, I can understand that. If you know your NOI, then a fixed payment would work well
shane_backer Danko, well with an arm, it’s just an adjustable rate mortgage that is fixed for a certain period of time, and once it adjusts then the rate can change on a monthly biases. If you get a 5 year arm it’s fixed for 5 years, a 7 year arm is fixed for 7 years.
danko Ohhhhhhhhhhh…bank officers. That’s why no one has suggested it to me. Usually go through a broker. I need to widen my sphere of friends…lol
gonzama Mike what would be the main point for someone to look when want to start buying property as an investor?
DavidO you guys have six minutes left, but i gotta run now. catch you all later. thanks for the info all.
shane_backer bye david
Al Lee ‘night David
Mike_Summey David, that’s why the payment is set in the beginning based on 1/2 to 1% above the prevailing rate. Then you are getting ahead of the amortization schedule and rates can go up some without making any difference. The only time the bank would want to change the payment would be if the rates went up so much that the payment would put you in a negative amortization situation. That’s really rare. It’s never happened to me.
santo getting a nosebleed, have to go, nite all
shane_backer night santo
DavidO got it mike. signing off for real this time.
Mac Danko, spend some time meeting with local bankers. They want to see you in person. Tell them about yourself–what you’re trying to do and what your resources are. They want a relationship, not just make a loan.
Mike_Summey gonzama, the main thing to look for is can you buy the property with the NOI. If not, it’s not a good deal.
cferrier66 Mike I have been looking at someone out of California that is an expert in buying foreclosures. Her program is almost $700.00 and her 3 days seminars is <$10,000.00. Is there anything that she could teach me that your program could not?
gonzama what is the noi? Sorry
danko Mac, I tried to do that with my credit union…told them I wanted to have a relationship and they just quoted rates at me. I left disappointed.
Al Lee cferrier, don’t waste your money!
danko Shane, thanks for the info on ARMs. I wish I hadn’t frozen up so much tonight. I look forward to reading the chat tomorrow.
sparky37 cferrier, stay away that is russ whitney course
shane_backer danko, you need to go to a private banker not a credit union
danko Shane, thanks. I think that’s been my problem
maria Gee $10,000 is investing money
danko I’m going to make an appointment tomorrow
Mike_Summey Danko, if you take a bank officer a deal you calculated using our Weekend Millionaire Offer Generator I think you will get their attention unless your credit is lousy.
Mac Danko, try the local banks–the ones who only have branches in your immediate area. Credit Unions cater to consumers.
danko Mike…credit is in the low 800’s Is that good enough? lol
Mike_Summey cferrier, yes ther is. She can teach you how to waste $10,000.
Al Lee cferrier, I have had many people join my investor club who hav paid thousends of dollars for some course like that and I have to unteach them the BS they paid for.
shane_backer Credit scores range from 350 to 850 anything over 740 is the same as 850.. so 800 is perfect
sparky37 nite all
maria I’d put the money into real estate and learn through experience
danko Shane, Mike…thanks for all the info.
shane_backer nite sparky
danko I will see you all next week. Thanks for the great info
danko good night, all
shane_backer night
Al Lee For $10,000 I could find you a house and you wouel be an investor, not a sucker for some class on how to buy a house.
Mike_Summey everyone, read the chapter in the Weekend Millionaire’s Secrets to Investing In Real Estate on building a support team. Part of it is about building banking relations.
cferrier66 So long everyone thanks for the info!
Mac Got to go. Thanks, Shane. This has been a great chat. Good night, all.
alex good night all, thanks
shane_backer night mac
Al Lee Goodnight
gonzama Goodnite all
shane_backer any other final questions?
maria Mike I have learnt from that chapter and now know my bank manager better
Mike_Summey Shane, we usually stop at 9:00 Eastern, but you are welcome to stay as long as you want ans as long as others want to talk.
Mike_Summey maria, good for you! It works, doesn’t it.
gonzama what is the noi? Sorry
maria Yes I was surprised at the information she gave me. It was really helpful
shane_backer Does anybody have any final questions before I call it a night?
oz g/night all, very informative
Mike_Summey gonzama, that’s Net Operating Income, the amount left over after allowing for vacancy and all expenses such as management, maintenance reserve, taxes, insurance, etc.
gonzama I need to read the RE investing book
Mike_Summey Shane, thanks for being my guest tonight. I know everyone learned a lot.
gonzama nite all
shane_backer Hey mike this was a great chat! Anytime I would love to help!
Mike_Summey Shane will send me his article and i will get it posted on the website tomorrow.
shane_backer Let me know if you don’t get the article and I will resend it
Mike_Summey Shane you are welcome anytime you want to join us. Al Lee is a real estate expert that I invited a couple of years ago to join a chat and he has been here almost every week since.
rggamel1 Thanks for a first time fast ride! Looking forward to next time. Good Night
Mike_Summey I have to run tonight. Goodnight all. See you here next week.
Mike_Summey rggamel1, glad to have you.
Mike_Summey Goodnihgt
shane_backer Yes I think I will attend next week this is a great place for gurus and newbie’s to come together and share experience and knowledge!
shane_backer ok all goodnight !
maria night all
John(NC) Thanks and good night to one and all!
» Filed Under Chat Transcripts
Comments
Leave a Reply