“Guru Review” – Mike Summey & Roger Dawson

I am reviewing both Mike Summey and Roger Dawson together because they have written many books together and hold a weekly chat on Mike’s website for anyone to join and ask questions.

Mike spoke at my local REIA group in 2007.  He has been investing for about 31 years and has NEVER sold a property.  This is known as FISH – First In Still Holding.  He owns several single-family homes, multi-family units, apartment complexes and commercial investments, and he uses the same formula I referred to in my earlier posting on Buying Rentals Right when purchasing all of his properties.

Roger is an expert in negotiations and has written many books on the subject, including the books written with Mike.  Roger currently is a full time speaker teaching managers and salespeople how to improve profits and make more sales with Power Negotiation tactics.

Together Mike and Roger have written 4 books and a fifth that has either recently released or will be soon.  The four books are:

• The Weekend Millionaire’s Secret To Investing In Real Estate
• Weekend Millionaire Mindset
• Weekend Millionaire Real Estate FAQ (a companion to the first book)
• Weekend Millionaire Secrets To Real Estate Negotiating

I have read the first book and it was well worth the read.  I would suggest it to anyone who plans to own rental properties.

Like most “Gurus,” Mike also has a computer program to help his students.  Unlike most “Gurus,” Mike’s program only costs $69.95, NOT $699.95!!!  His computer program is called The Offer Generator. This program is geared toward investors who are buying rental properties and uses the previously mentioned formula when determining if your offer will cash flow.  The program allows you to create several different offers on the same property and print them out to submit to the seller.  You enter the data on the property, like gross rent, maintenance reserve, taxes, insurance, loan information, down payment information, etc. and it will tell you if that current scenario has a negative cash flow and to consider adjusting your offer to avoid the situation.  Once you have created as many cash flowing offers as you want, it prompts you to add any stipulations you want, such as subject to an inspection or loan approval, and then it creates the offer letter(s).  From there you can make any additional changes you’d like, or print the letter as is.  You can also save the letters to a file.

Mike and Roger have one of the best systems in the business and have a proven track record.  Mike has not changed his formula in 30 years and it has stood the test of time.  The only thing I disagree with Mike on is when he says “If you have to sell a property to make money, then you’re a speculator, not an investor” and maybe the key words here are “HAVE TO.”  But when you have so many investors out there buying properties at 50 – 70 cents on the dollar, and reselling them in as little as 2 hours to other investors or end buyers, is it really speculating if you already have those buyers lined up?  If I buy a home in foreclosure for $350,000 and it’s worth $500,000, there’s very little chance I’m going to rent that house and cash flow; I HAVE TO sell it; however, if I have a client lined up who has already agreed to buy that home from me for $450,000 and they have a bank approval and/or cash to do it, am I really speculating?

Every Monday at 8:00 PM Eastern on Mike’s website, http://weekendmillionaire.com/, Mike and Roger hold a weekly chat with investors around the country.  Everyone is welcome, you do not need to be a member and it is free.  I’m usually there myself except the 3^rd Monday of the month when I have my monthly REIA meetings.  Also on his site are links to past weekly chat transcripts, articles Mike has written for his local newspaper and interviews he has done for TV and radio shows.  Visit and check it out.  Hope to see you on a Monday night chat soon.