Chat Transcript – September 13, 2010 with Special Guest Bob Roberts, Regional President First Citizen’s Bank

Posted on September 14, 2010

mr.holtzman hello
Mike_Summey Hi everyone! Looks like I’m late.
Mike_Summey Hi Greg.
Greg_in_Boston Hi Mike … how ya doin’!?
Mike_Summey Hi Bob Roberts. Glad you could join us tonight.
Mike_Summey Hi Dennis
bob_roberts Thanks…glad to be in.
Dennis Hi Mike
Mike_Summey Did everyone get my late email about Bob?
Dennis yes
mr.holtzman yep, welcome bob
Mike_Summey He is the Western Regional President of First Citizen’s Bank.
Mike_Summey Hi mbk
bob_roberts Thanks for allowing me to crash your party:D
Mike_Summey Any of you who have questions about the state of banking tody, you may want to jump on bob before we get too busy.
jneun Good Evening all
bob_roberts I’ll try to keep up….
Mike_Summey Hi jneun & in
tonychang many investors transfer seller’s title directly into a land trust for privacy reasons… but lenders won’t allow this?
Mike_Summey Hi eliseo
eliseo Hi Mike and everyone
bob_roberts Tony, not exactly sure I understand your q, but lenders are concerned about who their borrower is and the fact that there are schemes out there to out fox lenders.
Mike_Summey I have done business with Bob for many years. He is a very sharp banker. That’s because I trained him!! 😀
bob_roberts Yes, you did…..
mr.holtzman Mike, I’m 25 yrs old and have recently begun studying the Wknd Mil within the last 2 weeks…besides consistent effort, what advice can you give me throughout my RE journey?…thanks!
in_dc Hi Mike.
Mike_Summey Bob, feel free to comment on the way I do business with banks as much as you want.
tonychang Hi Bob. Well, let’s say I want to buy a house. I apply with the lender with my credit, let lender run my credit, and signs the promisory note etc. with the lender. I’m not hiding from the lender, I’m trying to maintain privacy so people doesn’t search my name and know how many properties I have.
bob_roberts Mike is 100% up front and honest with our bank and shares all aspects of his property holdings with our account officers. His spreadsheets and detailed info is extremely helpful to us as bankers.
bob_roberts Tony,
bob_roberts Tony,
Mike_Summey mr, don’t buy into any of the get rich quick schemes you see peddled on TV. I’ll let Bob follow up on this comment…if you follow the advice in the Weekend Millionaire books, you won’t get in trouble and you will build good relations with your bankers. YOU WON’T GET RICH QUICK, BUT YOU WILL GET RICH IF YOU HAVE PATIENCE!
Mike_Summey Hi Mac, Ted, Steve, & Daniel
Mac Hi, Mike, Bob
Ted Hello Mike, glad to be on with you again.
bob_roberts What you’re describing should be fine as long as the lender clearly understands you are not attempting to keep them from a clear lien position.
eliseo How do you select a good lender…I recently walked into a bank and the loan officer was very helpful
Greg_in_Boston Bob, given the current economy, should I forget banks and go w/ private money? … seems easier to get a loan from them …
mr.holtzman great.
eliseo Yes…private lenders seem to be popping up….how do we know they are legit?
bob_roberts Greg, the current environment is tough, but there are good banks out there with plenty of money to lend.
tonychang Thanks Bob, good to hear it’s not an extraordinary request. 2 lenders I spoke with flat-out said “no.”
Greg_in_Boston Thanks Bob.
Mike_Summey Tony, be sure the banks you are trying to do business with are not awash in bad loans and foreclosures. If so they won’t be interested in doing business no matter how good your credit is.
Mike_Summey Hi Broadway
broadway Hello Mike, hello everyone else!
eliseo I recently went to a bank and seems that I can’t get the equity to pull out of the house…reason is there are too many people trying to refinance and maybe the bank wants to make/decide to limit…do you go with it or ask for more?
broadway Beautiful evening in Springfield MO. tonight
Mike_Summey Tony, I currently have one of my banks asking me to move my loans and I have a 20+ year perfect record with them. The problem is, they are in trouble, not me.
Mike_Summey Hi djpeterson & sparky
sparky37 Hi Mike
djpeterson Hello everybody
eliseo yes…there are more banks forecasted to close…how do we know they are not the ones?
Mike_Summey Bob, what’s the best website for our students to find out which banks are in trouble and which ones are not?
bob_roberts Eliseo, there are currently 829 banks on the troubled list. Ask for there annual report and review it just like you would for a partner or tenant.
tonychang Hi Mike, thanks for the insight. can you explain what “move my loans” mean? what are they asking you to do?
djpeterson If you have 10+ properties and 10 loans, what is a bank going to want to see before they will give you another loan?
bob_roberts Mike, there is not a published list of troubled banks (FDIC prohibits such a list), however, there are many rating agencies that list banks in various strength measurements. Try or
in_dc bob, what criteria such as rental income to debt ratio do you look for when lending to people with rentals?
Mike_Summey tony, I use 5yr loans with balloon payments due at the end. Nearly always the bank will renew for another 5 years, but in this case, the bank has asked me to pay them off when the loans mature. That means either using up my cash or getting new loans.
Mike_Summey Bob, is the one I was trying to remember.
bob_roberts in dc, we look at debt service coverage ratios of 1.25 to 1 on specific properties, but that is not the only factor. Loan to value is playing a bigger and bigger role these days due to the number of foreclosures and appraisal issues.
Mike_Summey There’s Roger Dawson
Roger Dawson Hi everyone. Sorry to be late.
in_dc bob, upto what LTV are you willing to lend?
tonychang Hi Mike, I see. So in other words, you’ve established a good relationship with the banks you use, and they have in the past let you “roll” the loan over for another 5 years instead of pay-off or ballon payment… but now they are not so civil anymore…? way to loose a good client…
bob_roberts in dc, typically 85% is the max, but due to the number of foreclosures and inconsistency of appraisals…we’ve lowered our ltv to 75% on rentals.
djpeterson Are the banks more open to giving a commercial loan on a 5+ unit or a single family? Or are they merely looking at the debt to income?
Mike_Summey If you read Weekend Millionaire Secrets to Investing in Real Estate, you will see that we tell you banks are businesses just like any other business. That’s why it is important to establish multiple solid relationships and be very careful not to appear that you are trying to play one off against another. I think Bob will tell you that he knows I deal with many banks and I don’t try to hide what I do from any of them.
eliseo A ha…that’s what happened to me….at first they wanted to give me 85% LTV and then, later, was lowered to 75%..the ballon payment sounds scary!
bob_roberts dj, banks look for debt to income regardless of property type, but in today’s market it depends alot more on what the demand is in your particular area.
Mike_Summey tony, the bank has its portfolio way out of balance with real estate loans and is trying to get it back in balance. They have told all their real estate borrowers to move loans. Once they get the portfolio bank in balance they will be looking for real estate loans again. In the mean time they will loose their best customers because these are the ones that can get refinance at other banks.
djpeterson Bob: If an investor has over 10 properties and can only get a commercial loan, what does a bank want to see before they will give the investor another loan (even if it’s the first with that bank)
tonychang Thanks Mike, makes perfect sense. Stop the bleeding first.
Mike_Summey Hi Kel
bob_roberts Mike does the best job of anyone at letting us know where he stands and the exact expenses he has on each property. We have doctors and lawyers that arent as detailed with their businesses as Mike is about his properties.
Kel Hi!
Mike_Summey I deal with about 10 different banks. Bob’s bank has the highest rating of any of them, but they are also the most conservative.
Greg_in_Boston Mike, re. not hiding anything, great advice. Works swell in real estate … as well as dating!
bob_roberts dj, if it’s over 10 properties then it’s a non-passive activity and will receive more scrutiny that the passive investor. This investor will need detailed spreadsheets and detailed financial data (along with projections).
eliseo So Bob…does your bank service everyone in the country or just your community???
tonychang How do we do business with Bob? I’m in Southern California.
Kel Bob, I came in late so sorry if you have already answered this but do you sell forclosures to Mike, make loans or both?
djpeterson Mike, Bob, Roger: What tips do you have for preparing your loan presentation/package to the bank?
bob_roberts eliseo, we’re a NC based bank (although we have locations in a few other states). We’re not a national lender. Where are you?
Mike_Summey I let my banks know what I’m doing even when its bad. One of the most frequent things I hear from bankers about “investors” is that they practically have to pull teeth to get valid financial information. Think about it, if you’re doing what you say you are going to do why hide anything…pe proud of it.
eliseo I’m in Hawaii…right now First Hawaiian Bank
bob_roberts Kel, we make loans to Mike. We have in the past sold foreclosures to Mike, but currently don’t have many.
sparky37 Bob what is the name of your bank?
bob_roberts eliseo, you’re in paradise!! Banking regs in Hawaii are different than in many continental US states…we can’t do business there…sorry.
in_dc what kind of rate should I expect to pay on a commercial loan?
eliseo I plan to relocate to NC because my son just got a job in Durham and I want to get into a property before his probation period is over and need a bank to finance…shall I come see you? I want to teach my son how to the mortgage for 3 years and then turn it over to him…good idea or not??
bob_roberts sparly37, First Citizens Bancshares out of Raleigh, NC
sparky37 Bob do you do business in Union County? I am looking for a lender now
djpeterson In addition to debt to income on each property, what are the banks looking for in personal income for a commercial loan? What calculation or formula do they want to see?
bob_roberts eliseo, how old is your son?
Kel Mike and Bob, I have access to some cash to make quick cash offers on forclosed properties but cant seem to get any banks to bite. What can one do to get something going? All bank owned properties around here (middle Tennessee) seem to sit on the marker forever trying to get full retail price.
bob_roberts sparky, we do business in Union County, but it’s not part of my responsibility. I can refer you to someone there.
eliseo Well Bob…my son just started working so he doesnt have cash for a down payment, I ‘m the one purchasing.
bob_roberts Kel,
eliseo My son is 27 years old…no experience in RE.
sparky37 Bob I would appreciate that how should I get in contact with you?
tonychang Kel, I’m looking into TN too.
tonychang Question for Bob: Sorry for this math question, I don’t know shortcuts to desribe this… I’m in California. I have $7000/mo pre-tax income, recurring debt of $800. I then buy 4 income properties (in TN) with $300/mo. cashflow each ($1200/mo total), but that gets my debt-to-income ratio to 45%. My question is…. after buying those 4 cahsflow properties, how much loan can I qualify for a primary residence in California? if any…
bob_roberts the real estate market in TN seems to be holding up better right now than other sstates
Mike_Summey Here’s some advice for everyone…just because a bank turns down a request, don’t get mad and vow not to do business with them in the future. As I said earlier, banks are businesses too and they have thier ups and downs. Bob has turned down several loan requests from me, but he is still my friend and we will do a lot of business in the future.
djpeterson When applying for a commercial loan on a single family rental, what are the red flags for a bank? What are the deal killers?
tonychang “don’t get mad and vow not to do business with them in the future.” LOL too true.
Mike_Summey Kel, do you use our Offer Generator program to make your offers?
in_dc Mike, I’m on the same boat as many people here — having a harding getting funding after a couple of purchases. How many properties or how much cash flows do I need before I can get a bank to look at me?
bob_roberts eliseo, if you’re looking for something in Durham, then I think teaching your son the ropes is a good idea and you should be able to find something affordable.
djpeterson I am investing in Durham and the deals are great. I’d be glad to help anyone.
Kel Mike_Summey , I do but the offers are typically 1/3 less than listing price. They indicate they may go down 5% or so but nowhere near the 30 % I would need to get it based on the offer generator price. Any advice on that?
bob_roberts tony, the issue with rentals vs. primary home qualifications is difficult to describe. Most primary residences are set to be sold to FNMA which requires a maximum dti of 36%. With rentals you are looking at net cash flow and taking advantage of tax breaks (as long as they last).
eliseo Hi dj…you can reach me at Thanks
Roger Dawson Kel, be sure that you’re explaining to the sellers why you
djpeterson Bob: In addition to the debt to income on each individual property, what formula do banks use for overall debt to income of the borrower, taking into account their personal income and debt?
Mike_Summey in_dc, if you have made a couple of purchases and that’s all you have, banks probably want to see you perform for a while before providing more financing. Even with a nearly 40 year track record of performance, if I tried to double or triple my portfolio in a very short time I would get resistance too.
Roger Dawson why you are offering what you are. Show the expenses needed to get it into rental condition, etc.
bob_roberts dj, deal killers include high ltv, high loan to value, lack of experience and poor credit,\.
tonychang Thanks Bob. 36% is a good guideline. appreciate it.
djpeterson What credit score would a bank consider strong or excellent? Above what?
Mike_Summey Kel, I hear much of the same thing with the offers I make, but I’m averaging about 2 purchases per month. Sometimes that’s the result of 5-10 offers and sometimes it may be 20-30 offers. This is a numbers game. The more offers you make, the more rejections you get, but the more properties you buy too. I just got 2 rejections today on bank owned properties.
Mike_Summey Hi Mike
bob_roberts dj, we use what’s called “global cash flow”. Its a combination of all debt and something the FDIC uses to grade commercial borrowers. It has it’s draw backs and won’t take into account all of your net cash flow. The bottom line is 1.25 coverage and excludes living expenses.
eliseo Roger…how do you calculate the expenses need to repair before renting out?
tonychang Hi Mike S., which city & state do you think it’s good to invest in right now, for cashflow?
Kel Roger, thanks for the advice. I can barely get any contact with the banks as they list using a realtor who shuts me out of any direct bank negotiations.
bob_roberts dj, a good personal credit score is high 600’s (680 or higher)… but banks also have business credit scores for non-passive investors. It’s customized for the individual banks.
Kel Mike_Summey , good advice. I really don’t make nearly that many offers. I likely would have some greater success if I was making 20-30 offers.
eliseo Well, if deal killers include lack of experience how can we get our foot in the door with good deals?
Mike_Summey tony, I invest in NC, SC & AL. Currently SC & AL are better for me than NC, but that is due to individual market conditions that may not apply across the state.
eliseo offer generator would calculate the risks…so we’d know we can manage the deal with little experience??
bob_roberts eliseo, a good well thought out business plan can offset lack of experience as long as the other parts are in place.
Ted Kel, Mike’s advice is good. While I don’t make as many as he does, on a recent day I made 5 offers, got one at my offered price and got another back with a modest counter.
in_dc I live in DC area, now. Any idea on how to properties that fit WM’s criteria?
tonychang Thanks, Mike S.
djpeterson Bob: What percentages to banks want to see allocated for property management, reserves, and vacancy when we run our numbers?
Kel tonychang , how are you finding your properties in TN from CA?
Mike_Summey Kel, I sometimes make 10-15 offers in a single day and put a clause in each offer that I will close on the first one accepted and have no obligation to close on any subsequently accepted offers. Of course, that doesn’t mean I can’t buy more than one of them.
bob_roberts dj, vacancy ratio of 10% is standard, property mgmt in NC is 10%, reserves of 5-10%.
eliseo What is the cost of living in NC Mike?
in_dc Mike, what do I need to show to the bank with my properties to convince them to lend to me?
in_dc How do I prepare?
Ted Mike_Summey, that pearl of wisdom was worth this entire session. I have worried when I go on an offer blitz that too many might accept. I’m writing a new clause . . .
Mike_Summey eliseo, it varies from county to county. Asheville, where I live is very high compared to counties further West and down East.
eliseo Can you give an estimate cost of living?
djpeterson Bob: People talk about building a relationship with a bank. What does that mean to you? How is it helpful?
bob_roberts eliseo, Durham cost of living is fairly high as well. Median income would be in the $45k range.
eliseo In Hawaii…cost of living is 39%..maybe more!
eliseo We have a rental problem with people doubling up…doing all kinds of negotiating just to sleep on a floor…
bob_roberts dj, a relationship is one where there is a give and take going on. Loans and deposit business is presented and offered to build confidence on each side. With rates as low as they are today, deposits are worth as much as loans in many cases.
in_dc bob, what information do you want to see from a small investor before deciding to lend to that person? what do I need to prepare to interview with a banker?
Mike_Summey Ted, I just closed 2 in Al August 30th. Here is the actual text in these offers. “This is one of six offers being made simultaneously. Buyer wants to purchase one property and will clsoe on the first offer that is returned accepted. Once an offer has been accepted, buyer will have no obligation to close on any subsequently accepted offer, so please note the date and time of your respones.” I had an offer accepted within an hour of these six being faxed and two acceptances within 3 hours.
Ted dj, a solid relationship got three loans closed for me when the bank I deal with was all backed up meeting the demands caused a few months ago when the incentive was coming to an end. They had decided to focus on first time homebuyers to meet their dedalines, but once I made a little noise about my loans being delayed, a VP stepped in and hand-carried my loans to approval. That wouldn’t have happened without a good relationship.
Mike_Summey Hi grills & joshua
Joshua Mike, sorry, very late. Hope you are well
djpeterson Bob: If you get a loan at one rate today and 5 years later have to refi at a new rate, does the possibility of an unusually high jump in interest rates scare you? It does me. Should it? How would you structure a real estate investment business to deal with that fear?
tonychang what do you guys think about Memphis TN to invest in? For rentals that cost $80,000 purchased?
Ted Mike_Summey, that’s perfect, thanks. I’m copying and pasting right now. Thanks again!
bob_roberts in dc, have your personal tax returns and financial statement ready to present. Explain whether this is a passive or non-passive business for you and have a solid business plan ready. Don’t go in with a lot of “hopes”. Have as many solid issues settled as possible Hi Mike sorry I’m late as well!
Mike_Summey Hi Linda
Joshua Mike, you mentioned you have quite a few 5-20 unit apt buildings. Do you have onsite mgmt for those or still off-site like you do for your SFH?
LindaA Hi,
Mike_Summey Joshua, I have no on-site managers.
in_dc bob, what’s the difference between passive and non-passive. How do you go from one to another?
Joshua Bob, are you one of the banks that Mike has the fixed payment, floating rate program with?
broadway Bob, how much does non-passive income affect the decision making? Would a bank be more comfortable if the customer is ‘all in’ this business if it’s non passive?
eliseo Bob….what does an out of state person prepare if they are relocating to NC to invest?
bob_roberts dj, yes the rate environment is always a variable. 5 year calls work well and provides com,fort to the banks so they aren’t afraid they’ll get stuck with a bad investment either. they’ll work with you at the balloon in order to make it a win win
bob_roberts in dc, passive investors are those with 5 or less properties
bob_roberts broadway, it depends on the bank and their current portfolio. Two banks may have directly opposite desires and needs for their balance sheets.
bob_roberts Joshua, Mike has 5 year fixed rates with our bank.
in_dc bob, how different is your criteria on loan approval between a passive and non-passive?
Joshua Mike, have you found it difficult to have off-site mgmt with a complex as large as 20 units? Seems could result in high tenant turnover and even costly repairs due to a lot of trips out by mgmt co
broadway Good to know, Thank you Bob….by the way, your typing is outstanding keeping up with all these questions 🙂
bob_roberts eliseo, same type of data that you would normally prepare. you have a big advantage with your son reolcating to NC.
tonychang Mike, what happens at the end of 5 year fixed, then ballon? what do you do after the 5 year?
Mike_Summey everyone, I find that by using a floating rate, fixed payment loan, it puts my banks and me in a position where we share equally in rate movements. When when a bank gives you a fixed rate loan, you can bet they have added a bit to protect themselves. I believe that I have benefited by .5-1% over the past 25 years with the type financing I use. Any comment on this, Bob?
djpeterson Bob: From a bank’s perspective, what is the best way for a borrower to shop a loan, knowing that each bank’s needs are different. What is the most respectful way to do that?
bob_roberts in dc, if it’s more than 5 total properties, then a Mike Summey type oif spreadsheet and information would be required.
Mike_Summey Joshua, I haven’t had any more problems than I have had with single family houses.
Joshua Bob, thanks. What kind of rates are you offering investors currently for 5 yr fixed, 15 yr am. Trying to get a gauge with some of the ones I use in Houston and Vegas
bob_roberts dj, interview banks for appetite and ask them what types of loans they are looking for. Then compare and match up your needs with theirs.
eliseo So…do we model after Mike to ask banks for a 5 year fixed…with the understanding we are new to this game…
eliseo l we follow the sensei?
Joshua Mike, thanks. I am correct in assuming your 20 unit complexes are managed by different companies than the ones you use for SFH? I am trying to screen mgmt for 10-20 unit complexes and looking for any advice you might have.
mike mike where is a good start in this economy for a beginner in asheville
bob_roberts Joshua, 5 year fixed rates for Non-owner occupied properties vary, but a good range would be between 6% and 8% (except for Mike where he negotiates harder)
eliseo If we follow Mike’s strategy maybe we can learn from our sensei, mentor, coach..yes or no?
Mike_Summey Joshua, the same companies handle both sfh & apartments.
bob_roberts eliseo, yes…follow Mike’s guide.
ryancp Any Dallas area investors here?
djpeterson Bob: What amount of reserves in terms of months of coverage are banks looking for? Is it 6 months?
Roger Dawson Mike’s youngest son Matt got married in Clearwater Beach Florida last week. Congratulations, Mike!
Mike_Summey Bob, I know you committed to an hour, but it looks like you’ve drawn quite a crowd. Please stay as long as you want, but know that you have filled you time committment. I don’t want to take advantage of you because I know how busy you are. I’ll stay as long as you do.
Joshua Mike, my SFH mgmt companies (I have 2) are both telling me they won’t do anything larger than a 4-plex. I kind of like to hear them in a niche like that. How did you get them to do your apt complexes?
bob_roberts dj, 6 months is a good guide. For the passive investor having 10% to 15% of cash reserves of total debt is important.
tonychang Hi Bob, what’s a good rate for non-owner occupied property, fixed rate for 30 years?
eliseo Bob….with so many properties and the runaround…wouldn’it it be better just to get one big apartment like 5-10 unitsand get yourinvesting over with? One big loan….5 tenants or 10 tenants and then rule that? Get experience and go back to a full time job or get into managing property???
Mike_Summey Joshua, all management compaines are different. Just follow what works for you.
bob_roberts tony, we don’t offer 30 year terms to Non-owner occupied properties.
sparky37 Nite Mike & Roger and All
sparky37 Thanks Bob
djpeterson Bob: Are your 5 year loans amortized over 15?
tonychang ok thanks.
bob_roberts eliseo, that is certainly a strategy that could pay off; however, you’re putting alot of eggs in one basket. If values drop in a specific area and your complex happens to be in that area then you could be sunk.
Roger Dawson Eliseo: I’ve always believed that you need variety in your real estate investments. Multi unit properties give better cash flow. Single families can show rapid appreciation and better liquidity in case you need to raise cash one day.
bob_roberts dj, yes 15 year terms with 5 year fixed rates
Mike_Summey eliseo, Bob’s comment is very on target. One reason I’ve never bought a large complex is because I never wanted to put myself in a position where the “tail coulg wag the dog” if you know what I mean.
Joshua Mike, thanks. Any additional interview questions for apt mgmt companies you suggest beyond the ones you cover in your book for SFH?
eliseo Well Bob…there’s students here investing in multi units…any community might still go down further…what is the strategy to stay afloat???
tonychang Mike, would you get a 30yr fixed rate for non-owner occupied cashflow property?
Ted Eliseo, to Roger’s point . . . also with SFR the tenants don’t know each other . . . if you drop the ball on service with one tenant, the others never hear about it 🙂
Mike_Summey Joshua, no that pretty well covers the basics.
djpeterson Bob, Mike and Roger: Thank you so much for your time and insights. See you next month.
bob_roberts eliseo, attempt to strategically purchase the best opportunities available regardless of the type of property. If you buy right going in, then it really doesn’t matter. Grow slowly and don’t over leverage is the key
Mike_Summey tony, I’ve never used a 30 year loan. If I couldn’t make it work with a 15 year amortization, I didn’t buy it.
tonychang thanks Mike.
Roger Dawson Ted, excellent point. I once owned 30 houses on one street. The tenants ganged up on me and made my life miseable for a while.
Greg_in_Boston What’s, “sfr”?
Mike_Summey eliseo, Bob’s comment “Grow slowly and don’t overleverage” really is the key.
Joshua Mike, what is the best way you’ve found you could acquire 5-20 unit complexes at prices that make sense?
Mike_Summey Greg sfh is single family homes
Ted SFR is Single Family Rental
eliseo So Mike…would your OFFER GENERATOR do the best case calculation for multi units…and then go for it? As the way to secure yourinvestment????
Greg_in_Boston Thanks Mike.
tonychang Mike, can you expand on “If I couldn’t make it work with a 15 year amortization, I didn’t buy it” ?
Greg_in_Boston Thanks Ted.
Mike_Summey Joshua, I built most of them. Made offer just like for houses on the rest.
broadway Mike, Roger and Bob, thank you all for the information tonight. Thank you for your time and advice. Have a great evening all.
eliseo I’ve seen this apartment building vacant and abandoned for 5 years…why hasn’t it been purchased? What are some things you got to check out with this case scenario…
Mike_Summey eliseo, the Offer Generator is the best tool I’ve ever seen to calculate offers. Some of my bank even use it to check investors requests.
eliseo Mike, Bob, Roger and all…I really want to thank you for a very fruitful chat…I’m inspired so! Thanks til next time!
bob_roberts Seems I have done all the damage I can do this evening. Good luck, good investing and good night.
Joshua eliseo, it’s possible they’re asking too much. If it’s completely vacant, you need to buy it severely discounted. There could even be fines from the city that could really up the cost.
Greg_in_Boston Hey Bob, LOL … thanks!
Steve thanks bob, mike, roger for another insightful evening. good night.
Roger Dawson Bob, thanks for all your time and exlpertise!
Mike_Summey Bob, thanks for your time. I’m sure everyone got some good advice tonight. The only remaining question is will they follow it?
eliseo Thanks Joshua….I’ll do the diligence!
Joshua Thanks Bob for all the help!
Mac Mike, Roger, Bob. Thanks for a great and very informative chat. Goodnight.
Roger Dawson Good night everyone!
Joshua Thanks Mike and Roger, always a pleasure!
Dennis good night
Mike_Summey Goodnight all!
Greg_in_Boston Dobranoc!

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