Chat Transcript - October 27, 2008
Posted on October 28, 2008
Roger Dawson Hi bdj!
bdj256 HI Roger How are you tonight?
Roger Dawson Hi Joe!
Joe from CT How ya doin Roger
bdj256 Hi Mike
Mike_Summey Hi everyone
Roger Dawson Fine Joe. The sun’s just setting here in LA and it’s been another delightfully warm day.
Roger Dawson Hi Mike!
Mike_Summey Brrrrrrr!
Mike_Summey I just came in from out in the yard. It’s blowing snow.
Joe from CT Roger I saw you at the 2000 CRE convention in Atlanta and learned a lot from your talk
Joe from CT Its raining up here in CT Mike
Mike_Summey Joe, you aren’t Joe the Plumber are you?
Joe from CT lol
Mike_Summey Sarah Palin was here yesterday. She drew quite a crowd.
bdj256 Did you go see her?
Joe from CT No but i’m in the same line of work though I install fire sprinkler systems
Roger Dawson Thanks Joe, I remember that convention. It was a great group of people!
Joe from CT Yeah Roger a lot of fun to
Mike_Summey bdj, no I didn’t. I was flying in from Florida about the same time she was coming in.
Mike_Summey Joe, you need to get that group to have me at a meeting next year.
Mike_Summey Where is everyone tonight?
Mike_Summey bdj, where are you from?
bdj256 Asheville NC
Mike_Summey I know where that is! 
Joe from CT I only been in contact with only a few them,havent been back there since 2000because i took care of my father who eventually passed away from cancer
Mike_Summey Hi GStoner
Mike_Summey Hi Sparky
sparky37 Hi Mike
GStoner42 Hi Mike and everyone else
sparky37 site was acting strange
Roger Dawson Mike, that’s JPVaughan’s group. I think you’ve been a guest on her radio show, haven’t you?
Joe from CT But it would be great to have you speak at one of the Connecticut Real estate Association meetings
Roger Dawson Hi Sparky!
sparky37 Hi Roger
Mike_Summey One of my computers died today. I turned it off when I left town Friday, but today it won’t turn back on. It’s like it is getting no power.
Mike_Summey Roger, yes I have.
Mike_Summey Hi Sandy
Roger Dawson Mike, get your self a Mac!
sparky37 Mike sounds like power supply
Sandy Hello
Mike_Summey Joe, I’ve spoken at the one in Hartford.
Joe from CT I remember Mike I was there
Roger Dawson We have a strange real estate market in California. Prices are still coming down but sales are way up.
Joe from CT The California market al ways seemed tough
Mike_Summey Prices are falling all over the country and I think they will keep falling for quite a while. We’re a long way from the bottom of this cycle.
Mike_Summey Joe, have you been buying anything?
sparky37 Mike I agree at least 18 -24 months of more bad stuff
Joe from CT No but i’ve been looking pretty hard though
Roger Dawson At least half the sales are foreclosures, mostly bank owned (REO) properties.
Mike_Summey sparky, as bad as it is for some people, the country needs this downturn.
sparky37 i agree even though it hurts!
Joe from CT There seems to be a lot of bargains around i’m looking to put those bargains in my IRA
sparky37 Mike it puts things a little closer to reality
bdj256 Who in here is buying or actively looking?
Mike_Summey I was reading an article today that said in 2005 3 of 5 home sales were to speculators. that’s bad.
sparky37 Mike, it is no different then gambling just higher amounts
Joe from CT bdj256 I’m actively looking
sparky37 and the bookie was the lender
Mike_Summey Hi John
bdj256 joe, I’m just beginning to target deals myself.
Joe from CT Is anyone buying with no money down or 0% owner financing or are you going to banks right now?
Mike_Summey I think the failure of our school system to teach personal financial literacy is a major contributor to today’s problem. If people had been taught about money and credit they would not have been so willing to be led into stupid mortgages by greedy bankers.
John Hi Mike, I am first time to join your chat, after I read your book, thank you so much of your valuable and practical knowlwdge !
Roger Dawson Over the years Mike and I have been preaching only to buy property that will cash flow or at least breake even. The people who got into trouble were the “flippers” and the ones that were hoping inflation would make their properties cash flow one day.
Mike_Summey Thanks John! Glad you could join us.
Roger Dawson Joe, did you mean 100% owner financing?
sparky37 Mike I have volunteered to teach kids about finances and the value of money and 9 out of 10 schools say no thanks
Joe from CT yes Roger
Mike_Summey Joe, buying with no money down is very difficult for most people. Unless you have stellar credit and substantial assets, even sellers are reluctant to finance without you putting something into the deal other than sweat equity.
Joe from CT Yeah I Mike I hear that
bdj256 Has anyone had luck with bank short sells?
Joe from CT Hi Penny
Mike_Summey sparky, that’s a huge problem everywhere. I’m working on trying to get personal financial literacy added to the end of grade testing and give it extra weight on the scoring. Until teacher’s pay is tied to teaching it, it won’t happen.
Mike_Summey Hi Penny
Roger Dawson Hi Penny!
Penny Hello everyone.
sparky37 Mike, from my experience a lot of teachers are terrible at managing there own finances
Penny whow, baseball must be keeping people away tonight
Mike_Summey bdj, I’ve had more luck dealing with the banks after the foreclosure sale. Short sales are often hampered by leins that aren’t cleared until the property goes through the foreclosure process.
bdj256 How do you find the foreclosed property? Just contact the banks?
Mike_Summey sparky, I agree. Over half of the ones I have interviewed don’t know how to balance their own checking acounts. I recently had dinner with a principal and her husband said she never balances her account and when it gets totally screwed up she just closes it and opens another one.
sparky37 Mike sad but very true
Mike_Summey bdj, I have been at it so long many of the banks know me and will call when they have properties they need to sell. That’s one of the advantages of having done this for 37 years.
Joe from CT Mike and Roger I bought your book Millionaire Mindset back when Mike was in Hartford a few yrs ago and loved it.Also i found when i read the book that i was fortunate to have my parents already have taught me a lot of the lessons but I WAS JUST TO THICK HEADED TO SEE IT !
Roger Dawson Short sales are not as complicated as most people think. The buyer makes an offer to the seller that is for less than is owed for the first mortgage. It’s up to the seller to convince their lender to accept what the purchase will generate and write off the balance.
sparky37 Mike, those who can do, those who can’t teach!
bdj256 I hope to get there someday. Are you currently buying and do you see any areas that are good to target?
Mike_Summey Joe, I’m glad you enjoyed it. Spread the word. As Carleton Sheets said in the foreword, “It should be required reading for every high school student in America and most of the adults too.”
Mike_Summey bdj, the advice I gave in the real estate book is exactly what I do.
bdj256 Mike, I’ll have to pick one up then.
Mike_Summey Roger, with a short sale, the buyer needs to be sure to get a good title search and title insurance. Often times the seller is in trouble and has leins against the property that need to be cleared before the buyer can get a good title.
Sandy Hello, I am a teacher and my credit score is in the 800’s. My apt. has double to 1200 and I keep getting paycuts, now making less than I was in the 1980’s. I am now renting only a room and am able to save beaucoup money. However,as an adult, there still is no where to go to learn what I need to make my money grow. The seminars that want $4000+ to teach you in 3 days are not helpful. I have paid for those too.
Sandy I teach math’
Joe from CT Roger when you talk in your course on power negotiating about flinching.Do you find it hard during a tough negotiation not flinch or get anxious I know its all about persuading the other person to go your way but sometimes you feel like screaming at them,I know its wrong but thats sometimes how i feel
Mike_Summey Sandy, have you read Weekend Millionaire Mindset?
Joe from CT Wow Sandy great credit score
Sandy Yes, I have the books, the CD’s, and drove across country to meet you, checking out the housing markets along the way.l
Mike_Summey Sandy, I’ll bet you got nothing about personal financial literacy in school, did you?
Sandy I also have the beta version of your generator.
Mike_Summey Sandy, you just need to get started. As the old Chinese proverb says, “Man sit in chair with mouth open for very long time waiting for roast duck to fly in.”
Sandy I went to visit the guy who wrote a book about an auto millionaire. He talks about the latte factor. I was the only person to take the blue line into L.A. to avoid gas and parking. The Suze Orman’s and these guys are not helpful for good savers.
John mike , right ! is the cousre of action per your book said
Mike_Summey John, rephrase your question please.
Sandy Unfortunately, I would have to be one of those stated income people. I can save, but I job is not secure, even though I have been teaching 12 years. I live in SoCal (near Roger)
John man sit in chair ! wait and get nothing ! I motive by your book’s wisdom language
Roger Dawson Joe, I realized the importance of flinching while watching my students in mock negotiations. The buyer would make an outrageously low offer. The seller wouldn’t flinch and the buyer, thinking they’ve got the seller “on the ropes” would become a tougher negotiator.
Mike_Summey Sandy, believe it or not there are people who go broke spending money on courses about how to make money. You have to get started. It sounds like you know what to do, you just need to start doing it. It takes patience and persistence. It doesn’t happen overninght.
Roger Dawson John, where are you from?
John Hong kong
Sandy Thank you.
Mike_Summey John, glad to have you joining us from the other side of the world. I’m glad you like the book.
Roger Dawson Good to have you with us. I spent two weeks in China at the start of August. I did a seminar in Goungzhou and a huge book signing in Schenzen. 1000 people showed up.
Mike_Summey John, as I said to Sandy, it takes action to create success. Just thinking about it and studying won’t do it.
John I read a lot of financial book, some call turnaround you financial , millionaries etc, but no others book can really motive people to think and take action. those book talk a lot not practical suggestion, As per your suugestion on the book, I write down the main pont. then i can reviewit and take actions. if your book can translate to different, it must benefit many people.
Mike_Summey John, do you have the English version or the Chinese translation?
John Roger, Who attend you seminar, who will be a luck person.
John English version
Mike_Summey John, the book has also been translated into Chinese, Korean, Japanese and many other languages.
Sandy Yes Roger, you referred to your “students”. Do you teach here in SoCal?
Mike_Summey John, you might want to get the Chinese version in a book store there or order it from Amazon.com
John where can I buy it, can you sent me information, let me share with our chinese friend.
Mike_Summey John, you should be able to get the Chinese version in your local book store.
John wonderful !
John is the cover same with your english version ?
Roger Dawson Sandy, I do three types of seminars. For corporations, usually at their annual sales meetings. For associations having their annual meeting. My overseas seminars are usually “public seminars” where the promoter is selling tickets. I’m doing a semianr in San Diego the week after next for an association of life insurance brokers, but it’s not open to the public.
Sandy Thanks, Roger. I also have your tapes and practiced with myself for a long time. Just need some real life practice.
Mike_Summey John, it is similar, but in Chinese
Roger Dawson John, it’s probably in Mandarin, not Cantonese, but I assume that’s not a problem for you?
John the chinese writting is same
Mike_Summey John, yes it is the same.
Joe from CT Another great chat tonight guys!Goodnight
sparky37 Goodnight Mike & Roger
Mike_Summey John, I tried to find a link to the Chinese translation, but my computer is in English and I can’t find it.
John the bank rate is cut to low now, why mortgage rate still high ?
Mike_Summey John, short term rates and long term rates are not the same. If banks think rates will be going up, long term rates will be higher than short term rates.
Mike_Summey John, that’s a short explanation. there are other factors involved, but that’s a good rule of thumb.
Roger Dawson Sorry, I accidentally logged out. John, my book is published by Grand China Publishing House of Schenzen.
Roger Dawson Mike, how many people showed up to hear Sarah Palin?
Mike_Summey Roger, the civic center was packed and hundreds were left outside.
John Thank you Roger, if fed cut the interest rate to 1% will the mortgage interest rate drop too
Roger Dawson Yes, John but not that low. The 1% would be for banks borrowing from the Feds.
Roger Dawson I need to run. See you next week!
John thank you Roger and Mike !
Mike_Summey John, the Chinese translation of the Mindset book is published by McGraw-Hill Education. It’s ISBN # is 986-167-161-2
Mike_Summey You can also check www.mcgraw-hill.com.tw
bdj256 John, I’m curious to see how the media on your side of the world shows the current financial situation. Is America a good place to invest?
Mike_Summey John, America is a very good place to invest.
Mike_Summey John, I wish I could give you more information on how to get the Chinese version, but I can’t read Chinese.
John Mike and Roger you are the kind of person as mention in your book, Thank You, see you next time, I will buy this book.
Mike_Summey I need to go now. I’ll see everyone here next week. Goodnight.
bdj256 I couldn’t agree more, but I’m interested to see how the world views us.
Mike_Summey Thanks John. See you next week
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