the investment news: august 2010
DESCRIPTION
The newsletter of Mid-America Association of Real Estate Investors.TRANSCRIPT
August 2010
u MEMBER DISCOUNT SHERWIN WILLIAMS
PAGE ............. 15
u CALL TO ACTION
LEGISLATIVE ACTION COMMITTEE
PAGE .......... 10
u MONTHLY MEETING
AUGUST 23TH
PAGE ............. 8 Investment news NEWSLETTER OF
MID-AMERICA ASSOCIAT ION OF
REAL ESTATE INVESTOR S
For Real Estate Investors & Property Owners
BOOTCAMP & BUS TOUR
ARE YOU PROTECED As small business owners all members of MAREI from in-vestors and landlords to our support team members, we all need to protect our assets, our profits, and all of our hard work. Don‘t get caught with out protection. Find out at our August meeting how to protect yourself. Details page 23.
Don DeRosa and Pete Youngs are teaming up with MAREI in September to offer you a cost savings bootcamp. Total cost is less than $200 and it‘s right here in Kansas City, so no airfare or hotel expense.
Don is well know for using creative financing techniques to purchase and sell homes combined with using private money to have a truly no money down transaction. And he has totally automated his office on his new IPad and is going to share his secrets.
Pete is know for his money savings techniques when it comes to rehabbing houses to sell or rent. If you want to do it yourself or you want to hire a contractor, he will have tips to save you money. See Page 27 for more details. Register Online
www.MAREInet.com
Page 2 MAREInet.com
Organization
MAREI Notes
Contact Information
Mailing Address PO Box 8685, Prairie Village KS, 66208
Phone: 816-523-4400 x 222 Fax: 816-523-4440
Our Mission Statement Mid-America Association of Real Estate Investors is dedicated to promoting ethical real estate investing
and to protect and promote the best interest of our membership through educational and networking
opportunities as well as community, legislative and public relations.
Legal Disclaimer MAREI does not exist to renter and does not give legal, tax, economic or investment advice and dis-
claims all liability for the action or inaction taken or not as a result of communications from or to its
members, officers, directors, employees and contractors. Each individual should consult his/her own
counsel, accountant and other advisors as to legal, tax, economic, investment and related matters con-
cerning real estate and other investments.
Content Disclaimer
The views and opinions expressed by authors of articles contributed to this newsletter do not necessar-
ily reflect those of the association, the board of directors or the staff.
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Kim Tucker 816-523-4400
Director
Don Tucker 816-523-4400
President
Steve Burns
Audio Visual
Robin Sage
Meeting Ambassador
John Welchert
Meeting Ambassador
816-268-3849
Larry Prato
Commercial Subgroup
913-227-4693
Dan Goodwin 913-642-5218
Meeting Ambassador
Shelda Goodwin
Meeting Ambassador
Frank Janssen
Creative Financing Subgroup
816-865-6514
Investment News Page 2
MAREI Staff
Page 4 MAREInet.com
Member Profile
Realtor
Frank Janssen Active Member of MAREI
since Feb 2007
DOUBLE
DUTCH
HOMES
real estate investors, he said you need to
“learn the art of putting a deal together.
Listen to the seller‟s needs and offer a win-
win solution for both of you.”
He also offered that you should “never quit”.
We asked him for some advice for new in-
vestors trying to get their first deal. His re-
sponse was: marketing. Learn how to im-
plement marketing systems to generate
motivated seller leads. The more leads you
can generate, the better you will become in
finding a truly motivated seller. Don‟t deal
with sellers who are not motivated.
He also said: money. Start with as little as
possible. “It‟s a curse to have a lot of
money as a new investor.” Another word
was: education & implemen-
tation. “Make a commitment
to read a lot and implement
what you learn. Don‟t be the
investor who reads for 10
years but never takes ac-
tion. Invest in your educa-
tion. This is the most profit-
able business I know. It‟s
worth it to invest in your
education, I did and I have never regretted
it.
We asked him one last question on his
thoughts on the current real estate market.
Frank shared that it is obvious that there are
a lot of motivated sellers out there. In this
market if we have the marketing, are dealing
with the motivated sellers, we will have
deals. Then the focus is going to be on get-
ting the houses sold or rented. The key to
this is offering a good product for a fair price
and to be loyal to your customers, especially
those investor buyers that purchase the
wholesales. And remember your reputation
can go a long way.
Frank Janssen not only joined MAREI in
2007, but he started his real estate investing
career with the purchase of his first property
in June 2007. He bought it for $7,000 and
resold it, “as-is”, meaning no work for
$17,000. Not bad for a first deal!
Currently his focus is on residential real es-
tate investing. Frank is a “wholesaler”
meaning he buys and sells houses with out
doing any repairs, he also holds properties
as a landlord. His specialty is creative fi-
nancing meaning using subject to, lease
purchase, and contact for deed as a way to
buy and sell properties and is now venturing
into the fix „n flip property
method.
We asked Frank to share a
good learning experience he
had and he wanted to share
his “worst deal”. It‟s a property
that he wholesaled for $500
and he had to work very hard
to get it sold and was not a
good use of his time, but at
least he didn‟t loose on the deal. So before
you jump into a marginal deal, think about
the profits to be made vs the time you are
going to spend on it.
Some other example deals include his 1st
two wholesales in 2007, that made him
$10,000 each. His highest gross profit on a
wholesale deal was $15,800. His best sub-
ject to deal (meaning he bought it subject to
the seller‟s existing financing and did not go
find a new mortgage) was from one seller
who sold 2 duplexes and a 4 plex with $0
down. He still has these units today.
When asked for advice to share with new
Get the best deals on beautiful homes in your
area even before real es-tate agents know they‘re for sale! Through our
massive network, we have access to tons of
motivated sellers who want to sell their houses quickly, and at the low-
est prices in the market-
place.
Investors be sure to sign up for our email list of
homes!
Visit:
DoubleDutchInvestments.com
To register for our buyer‘s list.
DoubleDutchHomes.com 816.359.3337
F: 888.996.2010
Interested in learning
more about creative fi-
nancing? Be sure to at-
tend the 2 day Bootcamp
with Don DeRosa & Pete
Youngs, they will talk
about creative financing!
And be sure to watch for
upcoming meetings of
MAREI‘s new subgroup.
Words of Advice:
Learn Deal Structuring
Market for MOTIVATED
Sellers
Start with very little money
Educate Yourself
Implement
Never Give Up
Advertiser’s Directory
Investment News Page 4
Features ׀ August 2010
Double Dutch Homes 4 Market Updates 18
MAREI 2.0 6 Classifieds 24
Online Networking 13 kcmoHomeBuyer 25
Sherwin Williams 15 T.O.T.L. Renovations 25
Accurate Title 17 Home Depot 25
Rockstar Investor 17 F4 Bootcamp 28
16
Do you own a
business, hire
employees,
have tenants,
show houses,
drive a car.
Make sure you
are taking the
proper steps
for protection.
20
Don DeRosa
interviewed
one of his
recent buy-
ers find out
how she
ended up
being his
buyer and
what works
for market-
ing.
In This Issue
Member Profile 2
Staff 5
MAREI 2.0 6
Things that make you go . . .Hmm. . 8
Legislative Trends 10
Give Back 12
Membership Has it‘s Privileges 14
Worker‘s Compensation Issues 16
Market Update 18
Conversations with Betty Buyer 20
Calendar 22
Investment Opportunities 24
Find it, Fund It, Fix It, Flip It Bootcamp 27
Contents MAREI News
New Web Site
It‘s up and running
Check it out
www.MAREInet.com
Click on New
Website
Page 6 MAREInet.com
Director Notes
Our former Commercial Leader, Frank Janssen
is looking at starting a new sub group for us—
Creative Real Estate Financing as that is his
specialty. If you are interested in Creative
Financing, then please look for Frank at the
Next Meeting.
And finally we had our first meeting of our
Government Affairs committee and are work-
ing to get a solid base under us to monitor our
local governments, focusing on Kansas City
Missouri to Start by the committee and we are
also tapping into several other legislative ac-
tion committees in other groups to monitor
Kansas, Missouri, and National Legislation.
Last but not least, our Face Book and Linked
In Groups are growing, we would love to have
our members interact and share their exper-
tise, and deals on our social networking
groups. Look for Kansas City Real Estate In-
vestors on both Facebook & Linked in and
share: your deals, interesting news articles,
things that are happening in real estate. This
not only brings more people to our social net-
works, but also brings recognition to you. So
please network with us.
Kim Tucker
Director
MAREI
Last month we were talking about MAREI 2.0
and all the changes . . . Have you had a
chance to look at a few?
Blog: This is an excellent place to interact and
drive traffic back to your web site. You see
when you read a blog post and make a com-
ment on it, the comment tool has a space for
your name and your web site. So you can not
only share your knowledge by commenting on
a blog, but get a quality link back to your web
site, increasing your rankings in Google.
Business Associates: Have you checked out
the Business Associates on the MAREI web
site? Have you used one? Have you rated
them yet? As a member of MAREI, log into
the member‘s section and make your way to
our list of vendor‘s online. When logged in the
comment section will be active so you can rate
a Vendor or Business Associate.
Sub Groups: We are getting some interaction
in our sub-group level. We want more.
Our Lee‘s Summit investors lead by Gary
Cross continue with their Saturday morning
breakfasts.
Our Commercial Group is growing and chang-
ing with Larry Prato stepping up to become
group leader supported by the members. I
am hoping the commercial group can track
market trends in the commercial sector for the
rest of us and help lead an Invest in Kansas
City campaign in the next year or so. If this
or any commercial topics interest you, be sure
to join this group.
MAREI 2.0 Interactive
Investment News Page 6
Get Involved
Admission to Monthly Meeting . . .
Free (For Members)
Volunteering Monthly at the General meeting
Acquiring enough MAREI Bucks to pay for Membership
Volunteer in MAREI Office
Real Live Working Real Estate Investor Office
Sponsor a Sub Group
Your own Private Coaching Group
Teach a Class
Be the Expert in Your Field
Join a Committee
Give Back
For more information on becoming a volunteer,
Page 8 MAREInet.com
September Guest Speaker
gutter situation). An inspector would have
picked up on this and made a big deal out of
it. You see, siding must not touch the ground
around the house. This makes for easy insect
infestation such as termites, and also stops
some loan institutions from financing a deal
with this situation. Commonly, siding must be
about 6 inches from the ground to be consid-
ered correct. To save money, we did not tear
out the siding and start over. We got on both
ends of the side portions of the house and
measured up six inches from the ground, and
then snapped a chalk line that marked the sid-
ing all the way across each side of
the house. Then we adjusted the
blade on our skill saw to ½ inch
and used it to trim the bottom six
inches off the house. This now
was acceptable when an inspec-
tion would be done.
The toilets in the house seemed
as if they could be kept if they
were given new working parts on
the inside. I put newspaper
around the bottoms and flushed a
few times, then left the newspa-
per overnight. When we returned
the next day, we found that the paper had ab-
sorbed some water. This indicated that the
wax ring in both toilets had been seeping a
little. So by the time you have added up the
moving parts . . Or guts to be replaced, then
the wax rings and then the plumbers labor
cost per hour it was actually cheaper to just
buy new toilets. The new ones came complete
with all new parts, most installed already.
Therefore, it takes the plumber less time at
his hourly rate to install new toilets rather
than rebuild the old ones. It also looks good to
the buyer to see brand new fixtures.
(Continued on page 9)
In my latest deal that closed on Friday, there
were many things that happened from the in-
spection that most of the people doing rehabs
might have overlooked. Part of my teaching
style in my systems and live events are to
teach you things that you would not have real-
ized on your own.
Sometimes you must look very hard a prop-
erty to find the little things that will add up,
and cost you thousands of dollars that you had
not intended to spend. I teach how to do prop-
erty inspections…one of the most important
tasks that will save you big bucks, if you know
what to look for. See, the
buyer will hire a property in-
spector to list the defects of
your property as a tool for
getting a discount on the deal,
or get you the seller, to pay
for these repairs. Here‘s what
we had to recognize on my
last deal.
First, the gutters did not have
a nice line to them. They had
sagging areas that made the
property look as if it would be
best to replace the gutters. This would have
cost around $800.00 to do. But for under
$20.00, I got some gutter brackets that at-
tached with a screw gun, and had a helper use
a 2 x 4 stud to push up on the gutters to get
them back in line as I screwed the brackets
tightly into the fascia board. This made the
appearance 100% better and saved about
$780.00.
Next problem was something that most would
have missed seeing, unless you have a trained
eye. There had been some siding replaced due
to moisture rot on the bottom of the house
around the entire exterior. (Probably from the
Pete will be our guest
speaker in September and
is partnering for a 2 day
Bootcamp & Bus Tour
with Don DeRosa right
here in Kansas City.
Things that . . . Make you go hmm . . .
Investment News Page 8
Find it, Fund it, Fix it, & Flip It . . .
A 2 Day Bootcamp & Bus Tour
Saturday & Sunday September 18th & 19th
With Pete Youngs and Don DeRosa
Where to find the best real estate investment deals!
Don & Pete‟s best ways for funding these deals!
How would Don & Pete Fix them up for fast sale!
How they flip houses.
You get two full days packed with both class room and in the field training with two of the countries
best real estate investment trainers who actually practice what they teach.
Details and Registration on the MAREI calendar or go to our special web site at:
https://sites.google.com/site/4fweekend/
- there are only 50 seats on the bus, so be sure to purchase your tickets today!
The cabinets were stained dark
brown and had a thin layer of
poly on them. They really needed
a fresh look to avoid replacing
them. I have written techniques
on how to prep and paint stained
cabinets to a nice white look but
here; this is a great way to re-
store a brand new look for under
$5.00. There is a product in most
any store that sell cleaning sup-
plies called ―Old English Scratch
Remover‖. You pour this dark oil
onto a white terry cloth rag and
rub over the entire cabinet area.
This will not only blend in any
light and dark areas, but also
give the appearance of freshly
stained and varnished cabinets.
Saving easily about $1000.00
(Continued from page 8) it‘s expensive to replace. But us-
ing the techniques I teach in Re-
hab 101 we got our estimate to
replace the entire pipe in the
house and the underground ser-
vice from the street down from
$7995.00 to about half the cost
at $4200.00. That‘s a great sav-
ings on just that item alone. So
be careful not to overlook a
houses ―fine print‖ when you do
your initial walk around. See be-
yond what you think you see,
and learn to look for the less ob-
vious repairs that could make or
break a good deal. These and
other great money saving tech-
niques are on my site
www.peteyoungs.com
this one tip is one you will use
over and over in your investing
career.
Last, was the big killer. If over-
looked this could easily cost you
several thousand dollars and in
many cases is a deal breaker if
you do not replace it. It is also
something you should use as a
discount when buying the house
as an investor.
Either way, somebody is likely to
have to pay for this replacement.
I am talking about polybutelyne
water piping. Usually identified
by being blue in color, this pipe
has a reputation of breaking and
leaking causing thousands in wa-
ter damage. Though many
houses may have it, nobody
wants it. Not only is it unpopular,
Page 10 MAREInet.com
Legislative
A safe harbor from the ―ability to repay‖ re-
quirement was created, which limits the total points and fees collected by lenders and their affiliates to 3. This provision was included
over NAR’s strenuous and repeated objec-tion.
However, we believe there is some regulatory
flexibility in this provision including flexibility for smaller loan amounts with ―smaller‖ being left undefined.
NAR will work diligently to ensure this provision
is interpreted in a manner consistent with the best interests of real estate professionals, their lender partners, and their clients and custom-ers.
Seller Financing
NAR and National REIA was successful in get-
ting the legislation amended to allow an indi-vidual to conduct three seller financed transac-tions in a 12 month period without being sub-
ject to the complicated mortgage rules in the new Act. NAR has asked HUD to adopt a similar approach to exempt seller financing, up to three transactions in a 12 month period, from loan originator licensing requirements under the S.A.F.E. Act.
COMMERCIAL
Accounting Rules Study
The Act requires the Federal Reserve to study
the combined effects of the risk retention re-quirements with recent new accounting rules put in place by the Financial Accounting Stan-
dards Board (FASB) that represent dramatic changes in securitization accounting (FAS 166 and 167).
Accredited Investor
The Act gives the SEC the authority to review
the current standard and update it to reflect inflation and the characteristics of the modern
(Continued on page 11)
President Obama has signed sweeping financial services reform into law. The law creates an over-sight agency for financial services companies and a consumer financial protection bureau. It also in-
cludes provisions to curb risky mortgage lending and to address appraiser selection by lenders.
It is important to note that quite a few changes were made in the law due to efforts by government action committees from several different trade as-sociations including National Association of Real-tors (Realtors, this is your REPAC dollars at work) and National Real Estate Investor Association and
their Government Affairs Committee.
Effects of this lobby effort include:
CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
An exemption for Realtors & real estate agents
performing traditional real estate activities
from the jurisdiction of the Consumer Financial Protection Bureau except to the extent they are governed by existing laws such as the Real Es-tate Settlement Procedures Act (RESPA) that will now come under the bureau‘s purview.
MORTGAGES
Risk Retention – Qualified Mortgage Exemption
At NAR‘s request, Congress included a qualified
mortgage exemption from potentially costly--for both lenders and consumers--risk retention requirements.
Congress gave the regulator flexibility in deter-
mining what a qualified mortgage is, however the mortgage must meet the standards laid out in the predatory lending portion of the bill. These standards include underwriting based
upon full documentation, ability to repay, and limitations on fees among other things.
NAR will work with the regulators to ensure
that the regulatory framework maximizes ac-cess to affordable mortgages for consumers.
Qualified Mortgage Safe Harbor
Legislative Trends
Investment News Page 10
To find your congressman:
Visit http://www.house.gov and put in
your zip code in the top left hand cor-
ner of the screen.
To find your senators:
Visit http://senate.gov/general/
contact_information/senators_cfm.cfm
economy. The bill excludes the investor‘s primary residence from $1 million net worth stan-dard. The SEC review may raise
the threshold for defining a cus-tomer as an accredited investor, forcing companies that sell secu-rities to them to register the products with the SEC.
Commercial End Users
The Act appears to allow com-
mercial end users – including owners, operators and develop-ers of commercial real estate –
to continue to engage in swaps used to manage commercial risk without being subjected to cen-tral clearing. However, regula-tors would now be authorized to impose initial and variation mar-
gins on these un-cleared trades.
Modified Crapo Amendment
As for provisions governing se-
curitization, the final language retained --with minor modifica-
tions-- an amendment by Sena-tor Mike Crapo (R-ID), allowing ―third party‖ (B-piece) investors to satisfy new risk retention re-quirements for commercial mort-gage-backed securities (CMBS).
This language also directs bank regulators to consider exemp-tions or different risk-retention requirements for CMBS.
Securitization
The Act requires banks that
package loans into CMBS to keep 5% of the credit risk on their balance sheets. Directs regulators to exempt low-risk mortgages that meet certain
minimum standards. (See ―Risk Retention – Qualified Mortgage Exemption‖ above.)
Swaps
Financial firms, a class that likely
includes mortgage real estate investment trusts (REITS), will be required to centrally clear
their swap transactions and meet margin requirements.
APPRAISAL
Appraisers are to be compen-
sated at a rate that is reasonable and customary for appraisal ser-vices in the market area of the property being appraised.
Home Valuation Code of Conduct
(HVCC) sunsets when Consumer Financial Protection Bureau is-
sues interim final regulations implementing the appraisal pro-visions of the Dodd-Frank Act.
A subprime mortgage requires a
written appraisal of the property to be mortgaged.
The applicant is entitled
to one free copy of the appraisal.
The applicant must be
notified that the ap-praisal is prepared for the sole use of
the creditor.
It is unlawful to coerce, extort,
collude, instruct, induce, bribe,
or intimidate an appraiser in an at-tempt to influ-ence
the independent judgment of the appraiser.
An appraiser may consider addi-
tional, appropriate property in-formation Including addi-tional comparable sales to sup-port an appraisal, provide fur-
ther detail, or correct errors.
Appraisal Qualifications Board
(AQB) Qualification Criteria for
licensed and trainee appraisers becomes mandatory for the states (currently voluntary).
The Federal Housing Finance
Agency (FHFA) and the new Consumer Financial Protection
Bureau become members of ASC. The Office of Thrift Super-vision is no longer a member of ASC because it is being merged
into the Office of the Comptroller of the Currency.
1031 LIKE KIND EXCHANGE IN-TERMEDIARIES
NAR supported language re-
quiring the SEC to conduct a study
on how best to regulate 1031 Like
Kind Exchange Intermediaries to end
the fraudulent practices that have
been taking place.
There are more laws in the works
that will affect not only Realtors, but
Investors, Mortgage Lenders, and
other‘s in the industry. It is very
important that we as the Real Estate
Investor trade organization and our
respective individual trade associa-
tions such as NAR work hard to sup-
port our leaders working in Washing-
ton, State Capitals, and City Govern-
ment.
Watch the MAREI Blog for Updates . . .
And Working Links.
Page 12 MAREInet.com
Membership
tional 30 minutes to the meeting. Then we would need experts to create the 30 minute presentation and teach it. Again by evaluating what you do in your chosen field and breaking it down to teach to others give you more knowl-edge and being an “expert” gains you more rec-ognition and business.
Do you know someone at MAREI who has a lot of knowledge to share who would be a good trainer? Please email us their contact informa-tion.
Legislative / Government Affairs Committee: We are under attack! Okay, you hear that often, but it‟s truer now than ever. Our governments at all levels need money and they will take the path of least resistance. This means that people or groups that are not represented, will be targeted for increased fees and taxes. So while we do not currently have funding to employee a full time lobbyist, we need to form a committee to at least be a watch dog for local and state legisla-tion and report back to the membership as a whole. Allowing us to be proactive rather than reactive. Get involved here as a member and have a great impact on your business.
Community Involvement: Will be designed to involved the associate, it‟s members and the broader real estate investing community in worthwhile community programs or project that delivers a valuable service to the community, creates a “sense of community” within MAREI, provides value to our members that generate and promotes MAREI‟s positive vision and mis-sion. Get involved by being part of the commit-tee that selects what we become involved in and give of your time or money to help support these worthwhile charities. We are currently support-
(Continued on page 13)
One of the best ways to grow your real estate business is to GET INVOLVED. From volun-teering at events, serving on committees, to just giving back to the community your business will grow. When you get involved, you meet more people, you learn new things, and you gain rec-ognition in the community, all resulting in either more business or more profitable business or both.
Here at MAREI we have a goal for the 2010 – 2011 year, to get more members involved and more interaction at all levels. We would like to share with you a few of our goals that are also opportunities for you to become involved.
Quarterly Market Report: We would like to of-fer a 30 minute state of the market in the Kan-sas City Metro area once a quarter or divide up the metro into 3 areas and offer one a month at the monthly meetings. Would need to add an extra 30 minutes to the meeting.
We need to locate 3 – 6 people who are experts or who could become the expert on the markets in Kansas City and be able to provide a detailed report to the group. We are getting examples from other REIA‟s across the country. The Vol-unteers here would become much more knowl-edgeable about the market as a whole and by being the “expert” gain recognition and business in the community.
Do you know someone who we be a good ex-pert on the Market? Please email us their con-tact information.
Educational Session: We would also like to offer up a 30 minute educational session pro-vided by one of our expert investors or business associates on a specific topic of interest. Can be basic real estate concepts to advanced ex-change techniques. Will need to add an addi-
Give Back Get Involved
Investment News Page 12
Online Networking
Update Your Profiles!!!
Use MAREInet.com to update
Your profile and ensure your
Information is correct.
MAREI is a networking organization and part of the MAREI 2.0 plan is that we interact. One of the best ways to ensure interaction is to make sure (1) you know how to access member profiles (2) make sure that members know WHO you are and HOW TO REACH YOU!
1. Log into the Member Area of www. MAREInet.com
2. Update your information by going to “My Info”
Be sure your contact info is correct
Be sure you include what you do
Be sure your profile is turned on at the top
3. After updating your info, check off the boxes on the right side to dis-play the contact info in your “Member Profile” in our online member directory
4. Make sure to hit the update button at the bottom of the screen
5. Get fancy
Add a Photo
Preview your Profile
Edit Your Bio
Once your profile is updated, click on Profiles to find out more about your fellow member! MAREI staff cannot provide any member‟s contact info to another member if it is not on your profile.
ing: Harvesters Food Bank, Habi-tat for Humanity, and Habitats Re-store.
Subgroups: Group leaders do not have to be experts in the topic, but have some general working knowledge. More importantly they need to be organized and able to secure a speaker from time to time, locate and reserve space to meet, communicate with our Mar-keting team to get the word out, and control the meetings.
Could meet monthly, twice a month, or quarterly. Meet at a lo-cal eating establishment for FREE space.
Proposed Sub Groups
Women in Real Estate Wholesale Investors Rehab Investors Short Sale Investors Lease to Own / Subject To Private Funding Note Buyers Self Directed IRA Investing REO Buyers Apartment Investors 1031 Exchange Group Landlords Other Topics Groups based on Location in
Metro our other cities Cash Flow Investors Advanced Investors Realtors who are Investors
Page 14 MAREInet.com
Benefits
Office Max: From printing & binding,
to finishing & customizing - to reduc-
ing time & money with discounts from
10% to 60%, Office Max ImPress of-
fers solutions for the full range of your
needs.
Rentals.com: Save time and money
while shortening the duration of va-
cancies between tenants with our mar-
keting and save time with our tools.
Members receive 20% discount off
regular pricing. Number 1 in the
search engines.
Travel Discounts with avis, Budget,
and Enterprise.
Real Estate Books by the nation‘s larg-
est provider of real estate training ma-
terials—Dearborn, Nolo, and Kaplan.
To find out complete details on all these
member discounts log into the member
area and look at the Benefits Section in
the Library. We also mail a complete
booklet with all discounts and instructions
on how to access when you renew or join
or upon request. To request email
[email protected] and ask for the
member benefits booklet.
Besides getting awesome deals on train-
ing programs on our webinars and at our
seminars, are you taking advantage of
everything MAREI has to offer you? As a
Member of MAREI you are also a member
of the National Real Estate Investors As-
sociation (MAREI). These and many more
benefits are available to you for FREE!
Home Depot: A biannual rebate of
2% of your net sales for your pur-
chases at The Home Depot and Home
Depot Tool Rental through an unparal-
leled Material Purchase Rebate Incen-
tive Program. Many members across
the country have cashed checks for
$1,000, $2,000 and $3,000.
Sherwin-Williams: One of our most
popular and most used benefit, Sher-
win-Williams offers unbeatable pricing
to National REIA members. Enjoy
deep discounts on paint, applicators,
floor covering, paint sundries, wall
covering, spray equipment, and even
window treatments! Your discount
card is in your membership package.
FedEx: Receive significant inbound
and outbound discounts on small
package shipments through FedEx, as
well as copying and printing services
through FedEx Office.
Membership Has Privileges!
Investment News Page 14
All MAREI membership packages include a
Sherwin Williams Discount Card
to be used at Sherwin Williams Stores Nationwide:
Most Paint discounted 40% or more off Retail.
Paint Sundries discounted about 35% from List
Not just for Paint, Sherwin Williams also offers:
Paint & Supplies
Demos & Training
Floor Coverings
Page 16 MAREInet.com
Tim Norris
this tenant to be injured while doing such work, only to find your liability insurance will
deny the claim based upon such an arrange-ment‖.
Pertaining to hiring contractors and third-party service providers, be certain that they
carry not only ―General Liability‖ (GL) cover-age, but also current WC coverage, whether State sponsored or from a private insurer.
The best time to obtain such validation of coverage is at the onset of the bidding proc-ess. Once Certificate (s) of Insurance (COI)
are secured from the contractor or service provider a quick phone call (or email, which I prefer as it creates a ―paper trail‖) to the
carrier or Agent can confirm the coverage (s) are current and valid. Being named a ―certificate holder‖ is typically sufficient for
most scenarios, especially when you do not utilize a contractor more than a few times a year. For larger/longer term jobs and pro-
jects, being named as an ―additional in-sured‖ may be preferred. Put simply, a cer-
tificate holder is simply notified in the event the policy cancels. An additional insured not only is notified when the policy cancels, they
are actually protected by the coverage/policy. Review with your legal advisor, and be advised that being named as an addi-
tional insured may cost the contractor some additional premium, usually no more than $50-100 per year. Depending on the situa-
tion, it may behoove you to pay this addi-tional premium, if the contractor ―balks‖. My attitude is ―no insurance, no project award‖.
If the contractor or service provider decides to cut expenses by sacrificing these vital coverages, then I do not want them doing
(Continued on page 17)
Worker’s Compensation Issues . .
For the Real Estate Investor
Though frequently overlooked by many real estate investors, worker's compensation
(WC) and related issues should certainly be addressed early in your business planning stages. Bear in mind, that advice from your
attorney, accountant and/or from the State Department of WC (if applicable) certainly trumps what I communicate here.
The most important consideration is to un-
derstand that how you compensate your la-bor may or may not excuse you from carry-ing WC coverage on them. In effect, just
because you pay them on a 1099/independent contractor basis, doesn't mean that the courts or WC commission will
agree. Be sure you understand (seek legal advice) on what constitutes an ―independent contractor‖ relationship. It may not be what
you think (and may vary from state to state, as well).
Be wary not to create an unintentional em-
ployer-employee relationship, which could create a WC exposure for your business. Having tenants do odd jobs, such as clean-
up, grass cutting, or landscaping as a way to reduce rent may be construed as consid-eration‖ and potentially subject you to car-
rying WC insurance. Do not confuse this with upkeep and maintenance requirements of your lease. What I am addressing here is
the reduction, discount, or even waiver of rent in exchange for labor provided by a tenant, especially when such labor takes
place on/at locations other than the tenant's residence. The last thing you want/need is
Worker‘s Compensation Issues .
Investment News Page 16
any work for my business.
Understanding that the rela-tionship between you/your
business and those that provide labor and services is not simply a by-product of how you com-
pensate them is the first step in making sure your real estate (and any other business) is pro-
tected appropriately from WC (and GL) exposures. Securing and confirming coverages is a
must when dealing with any and all contractors and service
(Continued from page 16) with National Real Estate Insur-ance Group. NREIG was built
to specifically address the unique needs of the real estate investor. Tim Norris is an in-
vestor and NaREIA, OREIA and Cincinnati REIA member. We can be reached at 513-275-
1350, 888-741-8454, or . Check out
providers. Unfortunately, in to-day's litigious world, the risk of
using uninsured ―spot labor‖ far outweighs any short-term time or financial benefit. If you are
currently using and satisfied with such labor, review with your legal and accounting advi-
sors and consider securing cov-erage for them, in the most ap-propriate and efficient manner
they/you decide. It only takes one uninsured claim to put you out -of-business.
Article provided by Tim Norris
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Page 18 MAREInet.com
Trends
Inventory saw a 37% decrease in new
homes from last year and existing is 3% higher that last year and just 3 % higher
than April. Overall for May we have a 5% increase in total inventory for 2010 over
2009.
Supply of Homes in the Kansas City Re-gion is determined by taking the ―inventory‖ and dividing it by the 1‖2
month average of number of sales.‖ As a rule of thumb a 5-6 month supply of
homes on the market is balanced, over 6 months is a buyer‘s market and less than 5 months is s sellers mar-
ket. Combined supply of homes in the metro is at
about 7.7 which is up slightly over the 7.4 in May. Existing homes is at 7.7, up
slightly from 7.4 last month and the new home supply
was 8, down from the 8.3 supply in May. The good news is that these numbers are lower than 2009 and the existing and
combined totals are nearing a balanced
market.
Local data is from www.KCRAR.com where you can read the complete report.
So if we look at housing trends in the nation as a whole we see that Unit sales were up 28.3% in June 2010 over 2009. The average home price was up 8.8 over last May and we saw a continued 10 month trend of stronger sales and raising prices
Looking at the years sales over all, Real Trends predict that while we have seen our 10th month
(Continued on page 19)
June 2010 Housing Trends
The Kansas City Regional Association of
Realtors project that we will see fluctua-tions in in sales and prices until the fall
and then they expect prices and sales to start increasing slowly but steadily. They
also expect as the inventor of New homes continues to fall, the price of the new
homes will start to rise.
One key factor that is keeping the market
where it from rebounding very quickly is the high unemployment. And they expect
that interest rates which are at historic lows will start to go back up getting a lot of buyers to get off the fence and buy be-
fore they go to high.
If we look at the Kansas City Market:
Average Sales Price of a new home in May was $296,768 which is a little lower
than a year ago. There were price in-creases in Cass, Clay/Ray, Jackson & Plat
with decreases in Johnson, Leavenworth, Miami, and Wyandotte. Existing home prices averaged $167,487 which was a
4% increase over last year. All counties except Cass saw an increase in the aver-
age sale price for existing homes over
June of last year.
Home Sales saw sales of New homes of 308 properties which is a 23% increase
from 2009 and New home sales increased in June by 31% over May . Existing home
sales were down 5% over last year and down 13% over last month. June‘s com-
bined total sales were down 10% from
last month but only down 3% last year.
Market Update
Investment News Page 18
of increases in a row, we expect this to fall off in the 2nd half of th year.
On the National Level we have pulled information from Real Trends June 2010 issue. Com-plete digital issue is in the member library. Be sure to log in and read.
(Continued from page 18)
From Real Trends June 2010 Market Report
Market Experts Wanted
Are you an expert on the market in your area or
field of expertise? We are looking for experts on
Residential, Apartments, and Commercial to
contribute to the newsletter, the blog, and the
meeting. Be seen an expert in your Niche.
Contact [email protected]
Page 20 MAREInet.com
Marketing
listing for ‘Owner Finance or Rent to Own.
Just Like the Banks, with No Credit
Check.’
ME: So you were looking to buy, but
weren‘t sure if you could?
BETTY: I don’t exactly have bad credit,
but I had stumbled a bit with a job loss.
Now that I have a good, stable job with a
steady income, I wanted to find out
whether I could buy outright or whether I
would have to rent to own. But at that
point, I didn’t completely understand how
rent to own worked. You know – how
much of my monthly payment would go
toward the purchase price or the down
payment. How soon could I buy? How
would I qualify? etc.
ME: And what did you work out with the
seller?
BETTY: The seller was very flexible. I
really like the terms. Given my current job
situation, he was willing to sell or rent to
own, whichever I wanted. We agreed on
seller financing, so I don’t have to mess
with a bank, and he’s giving down-
payment assistance. So that’s why I am
paying retail, but since it works with my
budget, it’s good for me.
(Continued on page 21)
This article is a compilation of two Blog
Posts from Don DeRosa‘s Web Stei
Betty Buyer (believe it or not, that isn’t
her real name!) is in the process of buying
one of the rent to own homes in the At-
lanta metro area.
She has found a home she loves, and she
closes in a week.
I love finding buyers like Betty, and I
thought it might be instructive to let her
tell you about her purchase.
Betty, by the way, refuses to let me use
her real name, because she is pretty sure
she‘s paying a lot more for the house than
I would have. (Like I said, Betty is just
the kind of buyer I‘m always looking for!)
But here – let‘s let Betty tell you:
ME: So, you say you‘re paying too much
for the house?
BETTY: Well, I didn’t exactly say that. It’s
a fair price, but it’s definitely retail. I
started out looking for a bargain, but this
house has a lot going for it. So it’s worth
it to me to pay some extra.
ME: How did you find the house?
BETTY: Well, I didn’t think I could qualify
for a loan, so initially I looked on Craigslist
at a rent to own homes listing and saw a
conversations With Betty Buyer
Investment News Page 20
ME: I always tell my students – negotiate on
price or terms. So you got the terms that
worked for you.
BETTY: Yes, and he made it really easy to
look at the house, too – he gave me the lock-
box code, so I could look by myself and not
have to coordinate schedules with him.
ME: What specifically appealed to you about
the house?
BETTY: Well, there were a few things that did
it for me. First, it’s in a good neighborhood,
and my daughter won’t have to change
schools. Next, the house is brick, which I like,
and it has a lot of curb appeal. The minute I
saw it, I liked it.
ME: What else did you like about the house
itself?
BETTY: Well, the house has been completely
renovated. On the inside, it’s like a new
house: new kitchen, new bathroom, new air
conditioner, new floors, and new paint. New
roof, too. It’s even going to have new
stainless steel appliances. I don’t have to do
a single thing but move in, and I won’t have
to worry too much about repairs.
ME: But when you buy on owner finance, as
opposed to rent to own, you take care of the
home and repairs, don‘t you?
BETTY: Yes, that brings me to the last point.
I had looked at the different home warranty
companies and he agreed to put an Old Re-
public Home Warranty on it, too. With every-
thing new in the house, it seemed like over-
kill. But I am NOT a fixer-upper, and I don’t
(Continued from page 20) have a lot of discretionary income after the house
payment.
ME: So the home warranty helped seal the deal
for you.
BETTY: It took some of the hesitation away about
owning my own place. I didn’t want to have to
worry about garage door openers, water heaters
or my washer/dryer going out on me. So I just
pay the co-pay if there is a problem with any of
the systems – which is kind of like having the
comfort of renting where the landlord takes care
of most things.
Spotting a trend? Our friend Betty wants a house
with easy finance terms, and she wants it to be
move-in ready. It‘s worth it to her to pay signifi-
cantly more for a house that fills those require-
ments. She‘s willing to pay you, the seller, to
take care of the details.
We‘ll continue our conversation in my next post.
You can find out more about how to sell a house
quickly in a buyers market in Sell Your House
Fast. And if you have any comments or experi-
ence with this , please leave a comment below.
I was looking at ads that I thought would attract
renters and home buyers and came across one
that said ‗Buy Now Pay Later No Credit Check‘
and another that said ‗No credit check apartment
in Atlanta Georgia.‘
Now, these aren‘t that attractive to me because I
DO check credit. But they do work to attract rent-
ers and buyers who might not have stellar credit.
In my last post, I wrote about my conversation
with Betty Buyer, who is paying retail for a house
she‘s purchasing from an investor. She has had
(Continued on page 26)
Page 22 MAREInet.com
Calendar
Upcoming Events
July
7
Absolute Auction (www.BillFair.com)
Nineteen Bank Owned Homes to be auctioned. Absolute
all sell regardless of price. See complete details online at
www.BillFair.com
July
9
Table
Deadline
Industry Partner Expo Table Deadline MAREI members
may reserve table space for the Expo & Networking time
from 6 to 7pm at the Monthly MAREI Meeting. Must be
reserved by July 12th. Reserve through the calendar at
http://www.MAREInet.com
July
10
Monthly
Meeting
MAREI Monthly Meeting MAREI meets for networking &
education on the 2nd Tuesday of the month from 6pm to 9
pm. At the Sylvester Powell Jr Community Center. No
Charge for Members, Guests $25 at the door, $15 if pre-
registered.
July
11
Sub Group: MAREI‟s Commercial Investors meet every
other week. This month on July 11th and July 25. This
group is for MAREI members and their guest. See online
calendar of events for more information.
July
14
Lee’s Summit Investor Breakfast Lee‟s Summit Investors
Networking Group meets the 2nd Saturday of the month for
coffee, breakfast, and conversation at the Panera Bread on
Douglas in Lee‟s Summit. Open to MAREI Members &
Guests.
Children & College Students
Is your child interested in real
estate? Is ready to learn?
Add your child aged 12 to 18
to your membership.
College Students with student
ID, we have internships
available. Work in the
MAREI office for $10 in MAREI bucks to use for
Membership & Workshops
Contact
MAREI Office for more info. [email protected]
Investment News Page 22
Monthly Meeting
Sylvester Powell Jr
Community Center
6200 Martway, Mission KS
913-722-8200
Tuesday, August 10th Doors open at 5:30
Members: FREE
Guest Fees: $25 at door . .
Pre-register online for $15
If guests join with in two days of
the meeting, their guest fee will be
applied to the membership fee with
proof of payment.
Please call 816-523-4400 x 222.
5:30 Member Benefits
5:45 Set Up / Registration
6:00 Industry Partner Expo
6:00 Member Networking
7:00 Haves & Wants (new
feature)
7:30 Presentation w/ Tammy
Robb & Janice Dehart
See Page 8 & 9
9:00 Informal Q & A
9:00 New Member
Registration
Invite your friends
colleagues to visit the
Monthly Meeting for
with a Guest Pass
(available online at
www.MAREInet.com).
For each new member you
refer, earn MAREI Bucks
which can be used towards
seminars, advertising,
or membership fees.
Location
6200 Martway
Mission, KS 66210
North of Shawnee Mission Pkwy
South of Johnson Dr
East of Lamar
Park in North Lot
2nd from the Building
Less Kids & Door Dings
Page 24 MAREInet.com
Properties
Investment Opportunity
Address City Offered as Price Bed / Bath Contact Phone
1112 E 42nd St Kansas Coty Rehab $25,000 4 Plex Eric Deeter 913-579-3354
2912 Lockridge Kansas City, MO Rehab $29,000 6 Plex Candace Vanice 816-268-4722
No address Grandview Rehab $30,000 3 bed, 2 car Candace Vanice 816-268-4722
6009 Cherry St Kansas City, MO Wholesale $55,000 1 + Home Maggie Sheehan propertyloca-
Truman Library Independence Wholesale $105,000 3 duplexes Bill Textor 913-206-0979
Market Your Properties
Do you have investment properties to market to the membership? Be sure to log into the
MAREI member area and post your properties on the classified page.
Be sure to include:
Address: Street & City, State
Type of sale: Wholesale, Listing, Turn Key
Price: Your asking price
Type of Property: Single, Duplex, Multi, Etc
Contact: Name & Phone Number
Web Link: For more info and more photos
You can include 1 photo, but make sure it is not too high quality a photo or it will have too
many pixels to load. New web site will have direct link on the main page to the properties
on the Classified section of the web site. You may also want to list on the message board
as well and post links on our social media pages.
Investment News Page 24
PROPERTY LEADS WANTED
NOTICE:
WHOLESALERS, INVESTORS
Our company money is sitting idle for
lack of houses. Looking for rehabs
to retail in Lee‟s Summit, Blue Springs,
and Johnson County.
www.kcmoHomeBuyer.com
816-523-4400 x 223
NEED TO FLIP A
PROPERTY FAST?
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Top of the Line Renovations for all your rehab needs quickly, at a reasonable price.
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Licensed and Insured Call Anthony @ 816-606-0266
or Emily @ 816-252-0095 [email protected]
Roger Holyfield
(816) 510-9199
[email protected] All MAREI members can register through our spe-
cial link to receive a 2% rebate on all purchases
made at Home Depot. From a $5 item for a week
end project to a $10,000 rehab: kitchen, lights, ap-
pliances, Etc.
Page 26 MAREInet.com
Continued from page 21
some bumps with her credit, but now has a
good, stable job that will allow her to qualify
with an investor to buy a house with seller fi-
nancing.
This post is a continuation of our conversation.
ME: Betty, you told us you wanted something
that was move-in ready and had easy terms,
and you were willing to pay extra for a house
that fit those qualifications. Now I‘d like to find
out how the house was marketed. How did you
find it?
BETTY: I found the ad on Craigslist, actually.
There are tons of properties on that site!
ME: What made you follow up on that particular
property?
BETTY: It’s kind of a fluke that I found it. It was
listed under rentals, not under sales, because
the seller was willing to do a rent to own or
lease purchase as well as a sale. The ad said the
house was for rent or for sale with owner financ-
ing, and that’s just what I was looking for.
(So list your home in the ‗Rental‘ section as a
rental or a rent to own house. And of course,
you can put it under Homes for Sale, too. It also
helps put the listing in Spanish – broaden your
market reach!)
ME: What other tips would you give to investors
on how to attract home buyers and renters?
BETTY: Well, I do look for certain things. First of
all, I always limit my Craigslist search to ads
with pictures. I don’t want to waste my time
driving to a place that ends up looking horrible.
If there hadn’t been a picture, I wouldn’t have
seen the ad.
ME: With all of the sites that you can add pic-
tures of the entire interior and exterior of the
house, there really is no excuse for not putting
pictures on any web site you advertise on.
BETTY: Another thing: if there’s no price in the
ad, I don’t call. I don’t want to waste my time
on houses I can’t afford.
ME: So, put the list price of the house in the
ad. And if you‘re offering good terms, and will
work with folks with less than perfect credit,
put something like ‗No credit check loans‘ to
get their attention.
BETTY: Yes. And finally, curb appeal is impor-
tant to me. The first time I saw my new house
in person, the lawn was neatly trimmed and
the house seemed well cared for.
( As I‘ve said before, fix it up like they do on
the Curb Appeal TV Show. You can read this
post to see some pictures and get some more
ideas.)
ME: Thanks for those tips, Betty. When do you
close on your house?
BETTY: In less than a week! I’m excited about
moving in!
Betty could have gotten a house for less
money. But because of the seller‘s successful
marketing, she chose his house out of hun-
dreds, and happily paid more for it because it
was move in ready. I‘ll do that kind of deal all
day long!
From Don Derosa‘s Web site:
www.DonDeRosa.com
Investment News Page 26
Find it, Fund it, Fix it & Flip It
Join Pete and Don DeRosa on Saturday and Sunday Sep-tember 18th and 19th for their renowned, Two-Day Find It, Fund It, Fix It and Flip It Boot Camp and Bus Trip.
On Saturday, Don will teach you where and how to find and evaluate the best properties in the market, so you can make at least $20,000 on each deal. He‟ll also share ex-actly what to say to get private money to fund all of your deals, so you never have to go to the bank or qualify for a loan (do you really want to try to get a loan in this market, anyway?) Then on Sunday morning, you‟ll take a bus trip to 2 bank-owned houses, where Pete and Don will show you the specific things they look at when they evaluate a house for purchase and repair. You‟ll get the perspectives of both of these real real estate investors (yes, they actually buy houses. They don‟t just travel around talking about it!) Then Sunday afternoon, Pete will talk about rehabbing the houses, what he‟d do and how much it would cost. In addi-tion Pete will go over the new EPA LEAD PAINT work practices to stop the spread of lead dust. So… you‟ll walk away knowing exactly what to do if you
want to buy one of those houses. (Remember, these are bank-owned. YOU can buy them!)
Be sure to join us on the Tuesday preview with Pete shares his contractor knowledge with investors and homeowners alike, teaching everyone how to put THOUSANDS OF DOL-LARS into your own pocket.
To register go to www.MAREInet.com and click on Calendar and look for both the Tuesday Meeting on the 14th & the Bootcamp and Bus Tour on the 18th & 19th.
We only have room for 50 people on the bus, so if you want to attend be sure to register as soon as possible.
Saturday: 8 am to 6 pm Sunday 8:30 am to 5:30 pm
Early Bird Pricing:
$149 for Non-Members
$79 for Members
After September 16th
$199 for Non-Members
$99 for Members
Or use form on back page.
Sign-Up Form Title
Check
Method of Payment
Discover
Sign up for:
Find it Fund it Fix It Flip It Non-member Early Bird
Find it Fund it Fix It Flip It Non-member Early Bird 2nd Person
Find it Fund it Fix It Flip It Member Early Bird
Find it Fund it Fix It Flip It Member Early Bird 2nd Person
Find it Fund it Fix It Flip It Non-member After Sept 16th
Find it Fund it Fix It Flip It Member After Sept 16th
$149.00
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Mail to: PO Box 8685, Prairie Village, KS 66208