Chat Transcript – July 5, 2010

Posted on July 6, 2010

Alan_Charleston,SC [b]I am ready!
kim Hi. Anyone in?
Alan_Charleston,SC [b]Hello Kim!
Alan_Charleston,SC [b]Hi Mike!
guysmiley Hi Mike!
kim Hi Mike
Mike_Summey Hi everyone!
Mike_Summey Looks like we have a few early birds.
Alan_Charleston,SC [b]Yes, a month is a long time
guysmiley We lucked out finding out about the chat tonight
Mike_Summey Roger may or may not be joining us. He is in China.
Mike_Summey Hi Rudolph
RudolphtheRed Hi Mike
Mike_Summey Any questions early before we get crowded?
Mike_Summey Hi guy! How’d you find out about the chat?
Alan_Charleston,SC [b]What are the credit ratings banks usually look at…I might have to seller finance
Alan_Charleston,SC [b]minimum
guysmiley Web surfing!
Mike_Summey Alan, it all depends on the bank. For those in trouble with the Feds there may not be a number hih enough.
Alan_Charleston,SC [b]Federal?! wow, how does that happen
Mike_Summey Guy, be sure to register on the website and you will get email reminders about future chats.
Alan_Charleston,SC [b]typical business practices involving corruption?
kim too many bad loans
Alan_Charleston,SC [b]oic…how about reposessions?
Alan_Charleston,SC [b]s
guysmiley We would like to know a little more about seller financing. Where is a good place to start?
Mike_Summey Alan, several banks are in trouble with the feds because of bad real estate loans and an overwhelming number of properties taken back in foreclosure actions. Until they get their portfolios in balance they won’t loan any money on real estate.
Mike_Summey Hi Sparkey
sparky37 Hi Mike
kim Mike uninstalled and reinstalled OG no luck
Alan_Charleston,SC [b]oic….so even the best investors are hitting a snag
guysmiley We have a couple properties we’re interested in and both owners are very willing to work with us.
Alan_Charleston,SC [b]Do you have the OG on a trial basis like you did a few years ago?
Mike_Summey Guy, the best way I’ve found to get seller financing is to ask. Few sellers will volunteer to finance purchases, but if they have equity and are in a position to finance all or part of a purchase, you don’t know if they will finance until you ask. The way to ask is with a signed offer.
Mike_Summey Hi rh
rh Hello.
Alan_Charleston,SC [b]Is it possible to assume the loan?
kim do you put the financing in your letter of intent?
Mike_Summey Everyone, I spoke with Kim earlier today and she is having a problem with the Offer Generator I’ve never heard of. She is having a problem entering data. Has anyone else experienced this?
Alan_Charleston,SC [b]yes
RudolphtheRed Yes, I’ve been following the chats for a while and have noticed, naturally, that your deals and most involve all cash. I am not in that situation. I started investing several years ago, but I am still not able to do all cash deals although I have considerable equity in most of my properties. So I look great on paper in the net worth department but I am not as liquid as I’d like. What suggestions can you make towards offers as well as maintaining the portfolio and growing it?
guysmiley Do you offer more if the seller will finance?
Mike_Summey Alan, no the OG is no longer offered on a trial basis. It is only available on CD. The early version was only offered during the test period.
Alan_Charleston,SC [b]as long as you drop the financing
kim mike have you used wrap mortgages
Alan_Charleston,SC [b]lower
guysmiley Within reason, of course, if the ROI works.
Mike_Summey Alan, yes you can assume loans, but you now have to qualify for them.
Mike_Summey Hi Joel
Mike_Summey Hi eliseo
Mike_Summey Guy, I will offer more if the seller will finance at a very low or 0% interest.
Alan_Charleston,SC [b]Is there any difference in assuming one as opposed to just walking in and applying for a new one?
guysmiley OK, good to know
Joel Hi everybody. This is my first time here. I enjoyed the tape lessons and I would really like to talk. Is that possible at some point?
Mike_Summey Hi Janevan
RudolphtheRed About time JV
Mike_Summey Rudolph, can you get a line of credit and use your equity to secure it? If so you will be in a position to make cash offers and then finance the deals later.
Mike_Summey Hi Sam
Sam Hi Mike
Joel I was also wondering if this chat session will ever be at an earlier time? It’s 2 AM here in France.
Mike_Summey Alan, yes there is. If you qualify to assume a loan, you can save a lot of closing costs.
guysmiley If you are working with a FSBO, how can you still find comps in the area.
eliseo its been a while roger…last year I refinance my rental property and the mortgage officer sent me a letter last week stating the mortgage payment should be corrected to August 2009 instead of July.Can I void this contract and start over? I’d like to lower interest rate and change it from 20 year to 30 years because property taxes went upand excise taxes..creating a straightjacket on my cash flow?
Mike_Summey Joel, I understand your plight, however we have to keep the chat at a time that works for most of the people who participate. I know 2:00 Am is late in France, but we don’t have a lot of participation from that country.
Mike_Summey Guy, what do you need with comps?
Mike_Summey Hi Reynolds
Alan_Charleston,SC [b]Are 30 year mortgages out of the question? Wouldn’t they help with the finacing and qualify more payments under NOI?
Alan_Charleston,SC [b]n
Joel I understand. how should I ask my questions? I don’t want to make it too difficult since there are so many already. Is there ever a time when we can talk one to one?
eliseo Sorry, my question is for Mike…hey Mike how can I turn off the WELCOME …?
Mike_Summey Eliso, I can’t offer any suggestion on your problem without seeing the contract. Sorry!
Mike_Summey Hi Ted & mbroadway
Sam Mike, I was wondering what your current strategy is for acquiring properties in this market. Lenders are requiring 20% down and refuse to lend after you have four properties.
guysmiley Just to get an idea with property values, to better gauge our offers. Should we still talk to a broker, or is there anything online that could help us?
mbroadway Hello Mike and all!!! Happy 4th
Ted Hi Mike, nice to be here with you again.
Mike_Summey Alan, there is nothing wrong with 30 year financing, but most lending institutions want to stick with 15 yr for investment properties.
rh Elisio if you’re talking about the audio, look for the picture of the speaker at the bottom of the applet and click on it.
Mike_Summey Eliso, the welcome??
Alan_Charleston,SC [b]you should gauge rental rates and then NOI from a property manager first….the price has little bearing
mbroadway Mike, here’s a question I’ve been wanting to ask. Besides just not getting in the business or paying too much for real estate, what would you say is the 3 biggest mistakes we should avoid when getting into this type of investment/business
Alan_Charleston,SC [b]oic
Mike_Summey Joel, I wish I could talk directly with everyone one-on-one, but I simply don’t have time to do that. Sorry!
eliseo I’ve been getting too many confusing opinions of when to and when not to use home equity line of credit…would you go over this please? My bank has a 4.00% HELOC til 2012…
Sam Mike,
Alan_Charleston,SC [b]Impatience, Upscale properties and commingling accounts
Sam Im also trying to buy bank foreclosures but the banks are not willing to negotiate on price unless you have a cash offer. Any ideas?
Joel Mike, do you have any seminars in France or southern CA? We will be in SD this summer starting next week.
guysmiley Sam, so you have anyone that could invest with you?
Mike_Summey Sam, the 20% down varies with each lender. If you can get a line of credit so you can buy for cash, you can usually finance based on appraisal once the properties are rented. If you bought right (Use the Offer Generator) you can usually get all you money back out of the property and then some a lot of times.
rh Mike, do you encounter situations where the loan to appraisal value is higher than 80%? You would still have positive cash flow, but you wouldn’t be able to receive a full return on your cash.
Alan_Charleston,SC [b]How many banks fight you on the lower offer purchase versus appraisal? Do you do a delayed purchase?
RudolphtheRed Mike do you buy ONLY residential properties or do you also look at commercial?
Mike_Summey Guy, if you use the Offer Generator to computer what you should pay, why do you care about what other properties are selling for. You should be buying based on what will work for you, not what others are paying.
mbroadway Alan_Charleston, were you answering my question when you said impatience, commingling of funds and upscale properties?
Alan_Charleston,SC [b]yes
Mike_Summey mbroadway, Alan gavce a good answer to your question. The Weekend Millionaire Secrets to Investing in Real estate give 11 more reasons in the last chapter.
Sam Do you suggest applying for a line fo credit with my bank that I normally bank with? What type of rates can I expect?
Alan_Charleston,SC [b]Mike has it as 14 Biggest mistakes in his book
mbroadway Very good! Thank you both.
Mike_Summey Joel, I do very few seminars. I’m too busy buying properties to run around the country trying to earn a living selling books, tapes and boot camps.
guysmiley You have a point, Mike. I guess it’s trying to get in a different mindset. It’s our first one.
Sam Can you explain what you mean by getting “all your money out of the property and then some”?
Alan_Charleston,SC [b]Roger had to convince him of the book in the first place…negotiating!
kim mike what % return on investment do you look for
Mike_Summey rh, I never borrow more that 80% of the appraised value. Most of the time it is 60-75%. That’s because I buy the properties wholesale by using the Offer Generator to calculate the offers.
Mike_Summey Sam, you may want to shop several banks. Currently, the smaller community banks seem to be more receptive to making loans tied to real estate.
rh Mike, but offer generator will allow you to make offers that are cash flow positive, but still more than 80% of appraisal value. Do you take appraisal value into account for you offers or do you only consider cash flow?
Alan_Charleston,SC [b]Mike, iyo I know you invest in Western SC, but you have any wind of knowledge from experts on what will happen coastaly where I am at. I know there will be the baby boomer effect and things are starting to crowd. New interstate planning, etc
Joel Mike, Do you have an opinion on rental properties in San Diego and LA, CA? I have 5 rentals in the US (NY, TX and CA) and our French house where we live. I am looking for more rental properties starting next week in CA or elsewhere. I will be refinancing my NY house for a nice sum and would like to grow my RE portfolio. Do you have leads or tips?
Mike_Summey Sam, if you buy right, you may get the property for 50-60% of the appraised value and them borrow 70-80% against the appraisal once you won the property and have it rented.
Ted Sam, further to Mike’s point, I’m doing deals with local banks and the FHA limit on the number of deals is not an issue as long as the bank holds those loans in their portfolio rather than selling on the secondary market.
rh Mike, maybe to ask my question another way, when you make a cash offer what is the minimum rate of return you try to get?
Mike_Summey rh, I don’t think I’ve ever computed an offer using the Offer Generator that was more than 80% of appraised value unless it involved seller financing at a very low or 0% interest.
Alan_Charleston,SC [b]10% I would think
eliseo Mike…I am going to retire soon…would you rollover your 401K to a directed IRA and take all of it out to buy real estate instead of investing in mutual funds? Which would be better to tap…the IRA or HELOC to buy properties?
Alan_Charleston,SC [b]depends on you i guess
guysmiley Do you have to have a property rented before the bank will refinance?
Mike_Summey Joel, CA is difficult. The central part of the country and the South seem to be better.
Mike_Summey Hi Jess
Sam So, I should develop a relationship with a local bank and then ask for a line of credit. Is the line of credit based on my personal assests or the value of the property?
Jess hi Mike and everyone
guysmiley Heya
Mike_Summey Thanks for the clarification Ted! It’s hard to keep up with everyone.
Alan_Charleston,SC [b]where in ny joel?
Ted Mike, I don’t know how you do it 🙂
kim Mike what’s your minimum ROI on a property
Mike_Summey rh, the minimum rate of return is something that is personal with each investor. Some insist on 12-15% while other are comfortable with 5-8%.
RudolphtheRed Mike, There is an interesting property in my market that is getting ready to be sold at auction. It has been on the market for soon time and is bank-owned. Can you give me any feedback on what to expect? Are auctions a decent way to buy now?
Joel Wow, this makes me dizzy. I wish we could slow it down or talk on the phone or Skype. But it’s interesting. Upstate NY, 40 minutes North of Manhattan.
Mike_Summey Alan, I don’t have any experience personally with the coastal area on either coast, but with that said, I have seen a lot of really good deals on either coast.
Mike_Summey Hi Charlie
CHARLIE Hi mike did you have a good trip you and the boys
Alan_Charleston,SC [b]Okay, does SC have any peculiar laws {out of the ordinary} as compared to other states?
Mike_Summey Rudolph, who is conducting the auction? Is it a foreclosure auction or is the bank selling the property at auction?
RudolphtheRed I think the bank has hired a company to auction it. I will check.
Joel Mike, do you recommed 10% of total portfolio value for reserves?
Mike_Summey Everyone, Charlie is my buyers broker in SC. He has just joined us and can tell you a lot about how I work. Give him a few questions.
Mike_Summey Charlie, the trip was fantastic! Thanks for asking!
Joel What kind of deals do you have for us in SC?
Alan_Charleston,SC [b]Hey Charlie! Any suggestions on the market where I live?
sparky37 Charlie, how do you see the markets in NC / SC ?
Mike_Summey Alan, I’m not sure what you are asking.
Mike_Summey Joel, I try to keep at least 6 months of my total obligations to each bank on deposit with that bank.
Joel Do you all have an opinion about The Real Estate Guys podcas radio show and the Jason Hartman podcast? Are these good sources of education or just marketing?
bkwslumlord Anybody with any experience in TN, Nashville and surrounding?
Alan_Charleston,SC [b]States have different laws and I wondered if Sc had anything that was specialized to the state as opposed to the general real estate….squatters rights..etc
CHARLIE Sc has deals just like any other states. You have to look at propertiews and make offers based on the facts. The more offers you make the more deals you will get. It is a number game
Mike_Summey Hi bkwslumlord, when did you join us. I missed you coming in.
rh Mike, last month you mentioned your attorney found a problem with the title on one of your properties. Do you always have an attorney review the preliminary title report? I have always been relying on the escrow company, title insurer, broker and my own review to bring up issues.
bkwslumlord I was one of the early birds
Alan_Charleston,SC [b]Yes, so you sense nothing different then.
Joel Hey guys, how long does this chat last?
Alan_Charleston,SC [b]He and I were here before you entered
CHARLIE I suggest that you always have a attorney review the chain of title to protect your interest
bkwslumlord First time
Mike_Summey rh, some states use escrow companies, others use attorneys. In NC, SC & AL where I invest, they all use attorneys. The escrow companies do much the same work in states where they handle closings. Just be sure you have an escrow company or attorney who represents you, not the seller.
kim Charlie I’m thinking of expanding to Greenville/Spartanburg Send me your info
Alan_Charleston,SC [b]Okay there is one! Attorneys for Sc
Mike_Summey Joel the chat will last for another 25-30 min.
Mike_Summey bkwslumlord, sorry, I didn’t see you. Why have you been quiet for so long?
CHARLIE Kim my email is ccbrockjr@aol.com
Joel What do you guys think about changing a mall and flipping it in Dallas?
guysmiley Or about flips in general right now, for that matter.
kim thx Charlie
RudolphtheRed Mike, on the auction question earlier: The house is being auctioned on Auction.com. I assume the starting bid is the amount the bank, Bank of America is owed.
bkwslumlord I am new to this, have looked at real estate for years and found your books about 6 months ago. Not sure where to start other than getting my debts paid off and getting set to go. Any other suggestions?
mbroadway Joel and guysmiley, I’d think if you could buy wholesale, like Mike suggests and hold, you’d make more money in the long run
mbroadway with less risk
Mike_Summey Joel & Guy, flipping is not investing, it is speculating and if you engage in it, sooner or later you will get burned.
Alan_Charleston,SC [b]own your own home?
Ted guysmiley, my 2 cents is that flipping is working for living . . you have to keep finding the next deal to put food on the table, but buying for long term keeps checks rolling in even when you’re not working
Sam Mike, what is your advice to a new investor looking to acquire properties quickly? I just put my first rental property under contract and would like to purchase another before the end of the year. But with the 20% down required by most lenders for convetional financing, I’m not sure how to buy more with limited funds.
mbroadway ted, exactly right
Mike_Summey Rudolph, some of the banks try to auction their foreclosures, but I don’t waste my time with them. I want to make an offer, get an answer and move on.
guysmiley Yea, we’re looking to invest for sure. Just thought I’d throw it out there. We have our eye on a nice 4-plex right now.
Ted mbroadway 🙂
Joel My main goal is to develope a real estate portfolio. I now have 5 rentals and plan to continue. At the same time I am doing a private loan to a developer and I have a small stake in a mall flip.
mbroadway I really like Mikes phylosophy of buying and holding.
Alan_Charleston,SC [b]Joel, where in ny?
mbroadway Sam, I’m in a similar boat and I’m using an investor on the short term
guysmiley Sam has a point. If we have some really good deals cropping up around us (and the midwest is full of them), pacing ourselves and getting the financing available is a big priority.
Mike_Summey Sam, have you read our books? There are many ways to buy without having to put 20% down. The most important thing is to buy wholesale, which is usually well below the 80% threshold.
Ted Joel, it’s not that I wouldn’t do a flip if the right deal popped up in front of me and it did not divert funds from something else, but I saw a lot of flippers get caught short during this recent market drop.
Alan_Charleston,SC [b]Home equity
Ted I read all 4 of the books . . . I heartily recommend them and I’ve been in commercial real estate for nearly 30 years.
hawkeye775 Good evening Mike
Mike_Summey Everyone, patience is the name of the game. I’ve never seen anyone build wealth quickly without taking huge risks. I’d rather build wealths securely and solidly a little at a time over a number of years rather than risk everything I have by trying to get-rich-quick!
bkwslumlord amen
Joel My lender thinks he can find some good REOs in San Diego. Any other good strategies for finding wholesale properties? It’s challenging in that I live in France and only am in the US twice a year for a few weeks. That has not stopped me but it’s harder to get the best deals. My NY rental is 40 minutes North of NY City.
Mike_Summey Hi hawkeye, didn’t see you come in.
RudolphtheRed Mike, can you offer a comment or two on the state of the real estate economy going forward. I feel we may be heading further down before coming out. Your take?
Alan_Charleston,SC [b]Mike how long did it take beore you were ABLE to quit your job {Passive income exceeds Expenses} as opposed to just deciding?
sparky37 Hello Roger
Mike_Summey Joel, are you in France permanently or just for a limited time.
guysmiley Hi Roger
hawkeye775 Hi Roger
Mike_Summey There’s Roger Dawson, live and in person from the other side of the world.
Alan_Charleston,SC [b]In other ords how long at your pace did you have to invest to get this? 7 years?
CHARLIE HI ROGER
Alan_Charleston,SC [b]w
Mike_Summey Hi Roger
Alan_Charleston,SC [b]f
Roger Dawson Hello everyone. I’m joining you from Hong Kong where it is already Tuesday morning.
sparky37 Charlie, Is your phone ringing more often lately or are you calling to make appointments?
bkwslumlord Mike, actually, the way I found you was through an add or article in Flying magazine. I am a private pilot and read your story and started researching you through that mutual avenue.
guysmiley We’re new to your books, etc. How would you best describe the term “wholesale”?
guysmiley Yay pilots!
Sam Mike, yes I have read your books and believe in your philosophy of buy and hold. I agree with you that this is not a get rich quick strategy. I just would like to know other financing options. Lenders today are very strict and 20% down requirements hinders my ability to buy the number of properties I would like. HELOC is another option I’m considering against my primary residence.
Alan_Charleston,SC [b]anything below NOI
Joel I live in France personally but if I can generate some substantial income streams we may move back to America. Can I find your books in stores in San Diego?
mbroadway yay pilots is right!!!
CHARLIE Sparky37 i have built a list of clients that want certain things and i work more with them.
Joel Sam, how about instead of HELOC, refinance. That is what I am doing.
guysmiley (Oshkosh!)
Mike_Summey Alan, I worked in the advertising field and invested on the weekends for 20 years before I took any money out of the real estate. I know that seems like a long time and I could have quit earlier, but I enjoyed what I was doing. Now that I don’t have to work any longer, I’m enjoying it even more. Just FYI, I let my investments grow until they were producing a six figure income MONTHLY before I quit working a regular job.
bkwslumlord absolutely, been about 4 times
Ted the books speak to the other forms of financing but two that I have used and done well with; 1) borrow from family and friends paying them more than they make in their CDs, and 2) HELOC.
Roger Dawson Joel: It’s probably easier for you to buy our books through Amazon.com
Ted Joel, the books will pay for themselves immediately (no, I don’t for for Mike or Roger)
Mike_Summey bkwslumlord, I’ve been flying since the mid 1970s. Currenty fly a Beech King Air
kim Anyone had any issues with OG. I’m having trouble entering info
bkwslumlord I saw that, I’m jealous
Mike_Summey Joel, you can order everything on this website in our online store.
Joel Roger, are either of you ever in France or southern CA.? I would love to meet and learn.
guysmiley We may have to open a whole other pilot chat 😀
Mike_Summey Hi Grills
mbroadway guysmiley, that’s a fact
Alan_Charleston,SC [b]At a 15 year mortagage and let’s estimate $250 passive per home {16 homes} that’s $K Passive…thats reasonable in about 1o years if i should decide not to work anymore
Alan_Charleston,SC [b]4
Joel I really enjoyed the WM tape lessons. I have read around 10 books this year and this is one of the few that really gives the nuts and bolts. That’s what I need as a new RE Investor.
grillsjiujitsu@nexicom.net Hi Mike usually I am not lucky enough to catch the chat on Mondays but I am on holidays this week.
Sam Mike, how do determine what areas of the country to invest in? Are there certain trends or statistics you look for?
Alan_Charleston,SC [b]You know Robert Kiyosaki Mike?
mbroadway I’m going to run. Great chat as usual!! Thank you TONS Mike and Roger too!!!! I very much appreciate you all giving up your time for us
Mike_Summey Alan, I use 5 yr loans with a 15 yr amortization. When the loans come up for renewal, I pull part of them back up to the original loan amount and use the excess funds to pay off some of the others. Everytime I do this cash flow improves.
mbroadway you guys are awesome
Mike_Summey Hi sundde
mbroadway g’nite to all
Mike_Summey sundeep
Roger Dawson Goodby mbroadway
Alan_Charleston,SC [b]Nice point
Sundeep Hi Mike
Mike_Summey See you next month mbroadway
Mike_Summey Alan, yes I know him.
Joel Is there a way we can all meet individually and develope our conversations? This is great but it’s pretty fast for me. For those who are interested, my email is joel.lorello@orange.fr
guysmiley Mike, how does that improve cash flow by re-upping the loan?
Mike_Summey Who was from Nashville?
bkwslumlord Me
Alan_Charleston,SC [b]Okay, I got spooked by that report on Whitney Enterprises dealings
Roger Dawson Prices in Hong Kong make the US look like a real bargain. People pay over one million US dollars for a 1000 square foot condo.
Sam Mike, please explain your 5/15 loan strategy
Sundeep I have been hearing about double dip in RE. What do you guys think?
rh Roger, I’m hearing talk of a Chinese real estate bubble. With those prices it doesn’t sound as surprising. There’s a lot of land in China.
Alan_Charleston,SC [b]I know Joel! You missed my question to you twice 😕
rh Roger, sorry, Hong Kong, not so much.
Mike_Summey guy, if you have 10 laons on which you are paying $1000 per month each and you refinance 7 of them and pay off 3, instead of paying out $10,000 per month, you are only paying out $7,000 and the other $3,000 becomes available cash flow. When you reup the loans to the original amount, the payments stays the same.
guysmiley OK, thanks!
Roger Dawson Sundeep, don’t believe the figures you read for real estate nationally. They include Detroit, Miami and Las Vegas which have been disasters.
Penny 1
guysmiley It’s a lot of info to absorb…
Mike_Summey bkwslumlord, do you know DAve Ramsey?
guysmiley LOVE Dave!
kim mike would you buy in a really depressed market like Las Vegas now
bkwslumlord Love Dave Ramsey
guysmiley FREEDOOMM
bkwslumlord yes
guysmiley Lucky guy
guysmiley We’re debt free because of his teachings
bkwslumlord not personally, although I did take his course and am trying to get some debt under control
Mike_Summey I’m planning to fly over to Nashville and have lunch with Dave as soon as we can work it out.
Roger Dawson Miami and Las Vegas are disasters because investors were doing exactly what we preach NOT to do. Which is buy real estate hoping that you can sell it at a profit a few months later. That’s speculating, not investing.
bkwslumlord Hmmm
Mike_Summey Dave has some very good advice about debt.
RudolphtheRed Mike, Who is Dave Ramsey? Have him join us sometime.
kim will be in las vegas later this month, thinking of looking at properties while i’m there
bkwslumlord If you could become a special guest on his show, your books would explode. Not sure if that is your intentions, but anyway, Dave is awesome
guysmiley Please tell me you’re joking 😮
Mike_Summey Rudolph, he is anationally syndicated radio host and frequent contributor on FOX network. He preached getting out of debt.
Joel I am focusing on bread and butter cash flow rentals but wouldn’t 1 A class property in San Diego or LA make sense now for appreciation, given the current market? Crisis is a good time to pick up property, no?
eliseo Dave Ramsey has recommended we dont ever open a HELOC…what do you say about this?
Joel I find Mike and Roger’s work FAR superior to Dave Ramsey’s. Sorry if I offended anyone. To me D.R. is fluff and Mike and Roger demonstrate the real deal.
RudolphtheRed Thanks. No, I did not know about Dave.
guysmiley RudolphtheRed investigate Dave. He’s great.
rh Joel, I live in Los Angeles and I can tell you there is a lot of competition here already from investors that think it’s a good time to jump on the real estate market. Sometimes homes are getting 40 offers and prices are shooting past appraisal.
Mike_Summey eliseo, Dave is absolutely correct if you are like most people and use it like an ATM machine. If you use it to make cash purchases of income properties and then get mortgages that can be paid from the income the properties produce it is fine. Just don’t try to stretch to make the deals work.
Alan_Charleston,SC [b]I mean Dave serves to the common “right you ship” he is not wealth growth imo
Alan_Charleston,SC [b]r
Joel rh, would you have some numbers of great brokers for me in LA? My email is joel.lorello@orange.fr
bkwslumlord No offense taken, thats not what this is about, Dave helps people get out of debt, Mike helps people become millionaires slowly through real estate, you gotta love both
guysmiley RIght on that
sparky37 Night Mike, Morning Roger!
rh Joel, I don’t have a broker in Los Angeles, but I have one in the Palmdale/Lancaster area if you’re interested.
Roger Dawson Good morning to you , Sparky
Alan_Charleston,SC [b]What about the free OG trial Mike?
Joel Well put. I just try to find education that really can help me learn and move on. I hate debt… except when it comes to acquiring appreciating assets like RE.
Mike_Summey Joel, we are currently in the best time I’ve seen in my lifetime to invest in real estate. Forget about inflation! What you want is to be able to buy properties that will comfortably cash flow after all expenses including management fees and maintenance reserves. Rents don’t fluxuate the way sales prices do.
grillsjiujitsu@nexicom.net Thanks Mike & Roger for putting the Weekend Millionaire program together. I have study alot of other real estate programs but yours are by far the best!
CHARLIE Buy mike and roger see yall next month
eliseo So with a HELOC…would you say ask for the maximum so you don’t have to go in and out with these loans? Or just do one at a time??
Roger Dawson Bye Charlie
Joel rh, that would be a start. I hate fishing brokers out of nowhere. They have to be highly experienced real estate investors themselves or it’s not worth it for me.
Sam Mike, what is your thoughts about renting to section 8 tentats?
Ted eliseo, with a HELOC you typically get a checkbook and draw the line down as you need it.
Mike_Summey Alan, the only way the OG is available now is the CD version you can order off this website. The free trial period was available a few years ago when the program wqas being developed.
Alan_Charleston,SC [b]oic
Joel Can you guys recommend some excellent real estate clubs, especially in LA and San Diego but elsewhere too? This is great and I would love to pursue further conversations and learn and share the little that I know.
Mike_Summey eliseo, with a line of credit, you can draw against it to make a purchase and then when you get permanent financing you pay back the line of credit and do it again and again.
Alan_Charleston,SC [b]Joel is exuberant at 3 AM
Mike_Summey Joel, Google “Real Estate Investing Clubs” You’ll find hundreds.
Alan_Charleston,SC [b]Another good point
Roger Dawson I need to run. Best wishes from Hong Kong
Mike_Summey Joel, thanks for staying up late to be with us. I know it is hard when your several hours later that in the USA.
guysmiley Thanks Roger!
Alan_Charleston,SC [b]LOC
hawkeye775 Thanks everyone and goodnight
grillsjiujitsu@nexicom.net Thanks goodnight everyone!
bkwslumlord Ok, well if anyone wants to know, my email is slumlord@comcast.net and I am signing out, thanks for a great first time here on the chat
Joel I have been wanting to do this for so long but my son is 3 and my wife likes me to be around. They are sleeping and here I am. It’s a bit tough at this time though. That’s why I would welcome any of you to email me and maybe talk more. I can call anyone in the US for free. I guess we can all do that now.
guysmiley Happy flying
Joel Thanks all!!!
Mike_Summey Roger has to start getting ready to come home. I think he flies out later today.
RudolphtheRed I am also curious about Section 8?
Joel Are we still on Mike?
Joel I have 3 Section 8 rentals in Dallas.
Alan_Charleston,SC [b]Rumor has it that they make good tenants because it’s their only chance at apt living?
kim Calling it a nite. till next time
Joel One of my Section 8 tenants messed up the house.
Alan_Charleston,SC [b]okay, don’t believe rumors!
Mike_Summey Joel, I’m still here, but Roger has left.
Mike_Summey I will have to leave soon too.
Joel Mike, do you have any great deals that you don’t want? I know that would be hard to believe but maybe it’s the case?
eliseo thanks Mike….I will look into the Heloc and start buying…I will need the Generator too! Bye
guysmiley Well, we’re going to be looking more closely at your materials for sure.
Mike_Summey Wow, it’s 9:10 already and we usually quit at 9:00. This chat has gov=ne very fast. We’ll have the chat transcript posted in the morning for anyone who wants to come back and read it.
guysmiley Do we need the other books to make the OG work for us?
Alan_Charleston,SC [b]I read about 6 backlogged chats…prettay..prettay…pretty good
Mike_Summey Goodnight all! See you here next month! The next chat will be August 2nd.
Joel Mike, please remind me of future chats.
guysmiley Thanks
Joel Thanks!
Mike_Summey Joel if you are registered on the website, you will get email reminders.
Mike_Summey The rest of you can stay and talk with each other as long as you want, but I have to run. Goodnight!

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