the investment news: june 2011 newsletter for marei
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The monthly newsletter for Mid-America Association of Real Estate Investors. A Real Estate Investing Trade Association based in the Kansas City Metro Area. Find us online at www.MAREInet.com.TRANSCRIPT
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Investment News MI D - A ME R I C A A S S O C I A T I O N O F R E A L E S T A T E I N V E S T O R S
June, 2011 NETWORKING : EDUCATION : COMMUNITY
Page 2 MAREInet.com
BUSINESS MEMBERS
ADDRESSING THE NEEDS OF
THE REAL ESTATE INVESTOR
marei
Real Estate Investors and Landlords depend on a well
rounded team of professionals. If you are building your
team or looking to make a trade, start your recruiting with
our Vendor Members and Business Associates. See a
complete list of suppliers and any discounts they may of-
fer to MAREI members by visiting, www.MAREInet.com.
Look in under the Toolbox tab under “Service Directory”.
Type Company Web Phone Contact
Attorney Wise / Anderson BobWiseLaw.com 816-942-5925 Bob Wise
Contractor Te-Tee Light MAREI Vendor 816-356-1870 George Bai
Insurance APIA REOIns.com 877-752-2742 Lisa Goodner
Lender Argentine Federal Savings ArgentineFed.com 913-402-1500 Ann Wilkinson
Realtor Realty Resource KCInvest.com 816-523-4400 Kim Tucker
Supplier Canyon Stone Canyon-Stone.com 913-254-9301 Matt Puckett
Title Accurate Title Company AccurateTitleco.com 913-338-0100 Jackie White
Wholesale kcmoHomeBuyer kcmoHomebuyer.com 816-200-2198 Don Tucker
http://mareinet.com/marei-tool-box/business-associates
Investment News Page 3
Features ׀ June 2011
10
Who are private lenders,
where can I find them, how
do they work, how can I get
them to lend me money. 12
What are the reasons that investors advertise? To
find buyers or sellers and get the phone ringing? So
now the phone rings, now what?
In This Issue
MAREI Business Members 2
MAREI Staff 5
Notes from Director 6
Assessed Value vs Market Value 8
Private Lending 10
What Scares Investors 12
Creative Financing or Mortgage Fraud 16
Get Involved, Make a Difference 18
Training Events 20
Calendar 22
Classifieds 24
Foundations: 5 Tips for Inspections 26
Contents MAREI News
JUNE 14TH
MEETING
Page 4 MAREInet.com
MAREI Notes
Contact Information
PO Box 8685, Prairie Village KS, 66208
Phone: 913-815-0111 Fax: 816-523-4448
Our Mission Statement Mid-America Association of Real Estate Investors is dedicated to promoting ethical real estate in-
vesting 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 render and does not give legal, tax, economic or investment advice and
disclaims 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 concerning real estate and other investments.
Content Disclaimer The views and opinions expressed by authors of articles contributed to this newsletter do not neces-
sarily reflect those of the association, the board of directors or the staff.
Advertise in the Investment News
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lage, KS 66208 or request an online payment for to use credit or debit card.
Matt Puckett
Canyon Stone
JJ Pawlowski
Chartwell Realty
Investment News Page 5
MAREI Staff
Kim Tucker 816-523-4400
Director
Don Tucker 816-523-4400
President
Steve Burns
Audio Visual
John Welchert
Meeting Ambassador
816-268-3849
Larry Prato
Commercial Subgroup
913-227-4693
Spencer Cullor
Commercial Subgroup
913-324-5900
Dan Goodwin 913-642-5218
Meeting Ambassador
Shelda Goodwin
Meeting Ambassador
Scott Tucker
Meeting Ambassador
little bit south of central if we look north and
south.
For those of you who have never been there
you will find it is between State Line Road
and Ward Parkway and 85th Street and 89th
Street.. Enter the parking lot on the Ward
Parkway side at about 87th street. It is just
to the south of 24 Hour Fitness and they ask
that we park in the parking garage if at all
possible.
This location also offers quite a few choices
for our members to meet before the meeting
for a quick dinner at one of the many dining
facilities in Ward Parkway Shopping Center.
.
Kim Tucker
Director of MAREI
I am excited to announce a brand new rela-
tionship between MAREI and Career Educa-
tion Systems. Many of our Realtor members
are familiar with the very professional training
facility that offers Realtor training. We have
been in negotiations with them to hold not
only our monthly meetings, but also training
workshops.
So while we will be in the same location in
June, we will be moving our meetings to their
training facilities in JULY. They are located in
the Ward Parkway Shopping
Center at 8600 Ward Park-
way, Suite 130 in Kansas City
Missouri, which is fairly cen-
trally located. For the metro.
Located just of State Line puts
this location in almost the ex-
act center via east west. It is a
Director’s Notes
Career Education Systems
Your Guide to
Real Estate Excellence
Visit www.CESKC.com
To find out more about
Realtor Training Classes
Page 6 MAREInet.com
Investment News Page 7
Page 8 MAREInet.com
Assessed Value vs
Market Value When working to determine the true value of a prop-erty the Real Estate Investor must keep in mind that the tax assessed value is not the same as market value or the value that the home would sell for in today‘s market. These two numbers are two entirely different values.
According to the www.fiftystatesfsbo.com
Market Value: the value of a home in TODAY‘S market.
Assessed Value: Used by taxing authorities to de-termine taxable value only. Assessed Value is not an indication of Market value
In Johnson County in Kansas they feel market value or ―fair market value‖ is the amount that the well in-formed buyer is willing to buy and the well informed seller is willing to sell in an open and competitive market.
In Kansas, they used a county appraiser to deter-mine ―fair market value‖. The county appraiser will
conduct an exterior inspection every six years and attempt to speak with the owner as they look for changes in the property such as room additions, property dimensions and general condition. They then use computer-generated sales data to ana-lyze the property based on age, size, style of con-struction and replacement cost.
Once they have determined your ―fair market value‖ or appraised value based on this exterior inspection, they multiply that number by various percentages for all the parts of the community that have a hand out for your property taxes.
For example in Johnson county a residential prop-erty currently would have an 11.5% assessment of value, Commercial a 25%, and a vacant lot a 12%.. Once they have that assessed value, they then multiply again by the mill levy to determine your tax.
Annually your county will send you out a notice of value to let you know what they county thinks your
Attend the June MAREI Monthly Meeting to find out steps you can take to protect your profits from the tax man. We will be discussing con-testing your tax assessment from Real Estate Taxes.
Location: Sylvester Powell Jr Community Center: 6200 Mart-
way in Mission Kansas (*last meeting at this location)
Date: Tuesday June 14th: Doors open at 6:00
Cost: Members FREE, Guests $25 at the Door or Pre-Register for $15. See more & Register online.
PHP: 1 Credit Management PHP, members only, must be pre-registered through the website to receive credit.
Don’t miss this event!
Monthly Meeting 1
PHP
CREDITS
Don Swartz Managing Director
CBIZ MHM Professional
Services CBIZ.com
Investment News Page 9
speaker
agenda
The June 14th Monthly MAREI
meeting will host Don Swartz
with CCBIZ MHM. Join us to
find out more about the process
for Appealing your Taxes
Time Frames for Appeal
Qualifying for Reduction
What Information is Needed
How Long Does it Take
Do I Need an Appraisal
Needed Comparable Info
When do I Need Profes-
sional Assistance
If you own real estate for per-
sonal use or for investment or if
you are a real estate profes-
sional who assists others, the
information you learn tonight
will be invaluable. Please bring
any questions you may have.
properties current value is for this years taxes and they give you so much time to appeal that value.
All property owners have the right to appeal their appraised valua-tion. It may be that what the ap-praiser guessed at from the out-side is not correct, it may be that there have been major damages or deterioration to the property that is not visible from the outside.
But there are deadlines you must meet to appeal your values and you need to know what types of proof of lower value you need to provide at the appeal.
Some things you may want to have:
Correct figures on property de-
tails: square footage of all rooms, lot size, number of rooms, number of bedrooms, number of bathrooms.
Comparable Homes both
those the county used and those you feel that are similar to your property.
Correct figures on comparable
properties.
Recent Appraisal
Signed Sales Contracts
Photos of damage if it was re-
cent
Repair estimates of damage
Real Estate Investors need to be informed on all of this process be-cause an incorrect valuation in the counties favor can cost us $100 and $1000 in taxes over the time we own the property.
Some things to think about.
Buy and Hold: If you buy and hold real estate for rental purposes you pay real estate taxes each and every year. In single family, multi-family, commercial or what ever you are into, the more errors in
real estate taxes on your proper-ties and the less profit you put in your pocket at the end of the day.
Flip Properties: What if you buy and resell quickly. In some cases it may be that the property has not sold because the tax assessed value is way off and no one is will-ing to take on the expense of the out of whack taxes or the effort to get them changed. You could be the big winner if you could buy from the motivated seller cheap, adjust the taxes to a correct value, and then resell for a better price.
Last, the value of any property is going to be affected by the taxes assessed. In single family the in-vestor buyers are going to look at cash flow and the owner occupant buyers are going to look at monthly mortgage payments, both affected by the real estate tax. In multifamily or commercial property, the value is a direct result of net income, which is also affected by the taxes assessed.
So if you are a property owner of any kind, for your own use or for investment purposes, it could pay to find out the exact steps needed to review your tax assessed value for accuracy and to appeal the value if it is incorrect.
Most people don‘t realize it, but obtaining money
for real estate deals has nothing to do with sav-
ing money for a down payment, going to a bank,
filling out an application, and waiting to be ap-
proved.
In fact, if you‘re going about things this way, as I
did for many years, you‘re wasting time and los-
ing money.
For me, discovering how to use private lenders
in my real estate business has been truly life
altering. The amount of money I make and the
kind of work I do each day is incredible to me.
And not only is it possible, it‘s really very simple.
If I can do it, anyone can.
For seventeen years I languished in a full-time
corporate position. I wasn‘t happy and I was
barely making ends meet. I was thousands of
dollars in debt and it was only getting worse. It
wasn‘t the life I wanted. I felt that my life was just
ticking away. When I sat down and really faced
things, I knew in the end I could actually retire
poor.
Something had to be done.
Real estate investing came to me in the form of
an infomercial at 2 a.m. on a Tuesday. The
course piqued my interest, but the cost was
$159. Money was so tight, I didn‘t have $159,
but I did have a credit card and the company
offered a 30-day money back guarantee. I held
that credit card in my hand and considered the
future I wanted. Then I picked up the phone and
ordered the course. It was the first step toward
a brand new life and eventual wealth beyond
what I could have imagined.
But that was only the beginning. After a few
years I took a second step that propelled my
business and my life to a whole new level. In
2001, when I quit my corporate job and took the
plunge full-time into the world of real estate, I
was immediately faced with a very big problem.
It turns out that this problem was the best thing
that could have happened to me. You see, with-
out full-time employment, traditional lenders
weren‘t exactly eager to loan me funds. And
without consistently available money to fuel my
real estate transactions, I had no business at all.
I tried everything:
- Banks
- Line of credit
- Hard money lenders
- Partners
- Credit cards
If only I had known that all of these methods,
even if they had been eager to give me a loan,
were complete wastes of my time!
Finally, about five years ago I learned a lesson
I‘ll never forget. I came across a foreclosure on
a $150,000 property that was going for only
$70,000. I‘d hit the jackpot! It was almost too
good to be true. Of course I jumped at the
chance to get in on this incredible deal. But I
didn‘t have the available funds. It‘s every real
estate dealer‘s nightmare. I scrambled to the
bank, to my partner. I tried to extend lines of
credit. But all of this took time, and time is ex-
actly what you don‘t have with a lucrative short
sale like this.
(Continued on page 11)
Private Lending
Made Simple
Page 10 MAREInet.com
As you can guess, I didn‘t get the
sale. By the time I had secured
funds, the property was sold to
someone who had the cash ready
and could close within days. In this
one deal I lost a potential $60,000.
I swore then and there that this
would never happen to me again.
And it never did, because then I
discovered private lending.
A whole new world opened to me
and my investing has never been
the same. Private lenders literally
provide you with your own private
bank to fund your real estate
deals. Imagine: limitless funds that
are constantly and immediately
available. Today, I have more
available capital than I do property
in which to invest it. It‘s simply a
store of money waiting for me to
make use of it. And anyone can
have this; that‘s what‘s so amaz-
ing. It‘s like a dream come true for
any serious investor.
It sounds a little overwhelming,
doesn‘t it? Let‘s slow down. I‘ll ex-
plain the specifics of private lend-
ing, and you‘ll see for yourself how
this incredible system works.
Who are private lenders? First of
all, private lenders are everyday
people. Some are retired, some
work, some have substantial in-
vestment capital, and others have
only a little. They may want to
make the most of the savings
they‘ve spent their lives building,
or perhaps they suddenly came
into money through an inheritance
or property sale.
Regardless of their background, all
private lenders are looking for a
safe, high-yield opportunity for
their funds. I give my lenders a 6
to 8% return on their investment.
There‘s nothing like it anywhere.
The incredible thing is that most
people don‘t know about this op-
portunity. They let their hard-
earned money sit in CD‘s or IRA‘s.
Some even risk the volatile stock
market. The win-win reality of pri-
vate lending is unparalleled.
Really, you get immediate, limit-
less funds to invest in real estate
opportunities at a moment‘s notice.
Your lenders get an incredible 7%
simple interest on their money.
They are secured by both a mort-
gage and hazard insurance on the
home. There is safety in their in-
vestment because the total invest-
ment is never more than 70% of
the appraised value of the prop-
erty. If for some reason you would
fail to repay the loan, they have
the value of the property to reclaim
their funds.
Want to learn more, check out the
information from Alan Cowgill, the
author of this Article. Visit his
website and be sure to attend his
workshop right here in Kansas
City.
Learn more about Private Lending Right now, visit Alan Cowgill’s website: click here and check out his Saturday Workshop in July
Where: Career Education Systems in the Ward Parkway
Shopping Center
Date: Saturday July 23 : 9 am to 5pm, lunch included
Doors open and check in at 8:30
Cost: Members $39 / Non Members $59 through 07/20
After 7:20 Members $69 / Non Members $89
PHP: 6 Credits Financing PHP, members only, must be pre-registered through the website to receive credit.
Private Lending Training
Learn More
Investment News Page 11
Page 12 MAREInet.com
I would try to do it as often as I could, but the problem
is there‘s a disconnect because the phone rings. What-
ever will I say? Am I going to sound like an idiot? I
hope not, but maybe I let it go to voicemail, that way I
can kind of prepare myself and once I‘m prepared, I‘ll
call them back and find out that Tom already bought
the house or that some other investor already closed
the deal.
You need to be ready to respond. Preparation meeting
opportunity creates success. Very simple formula and it
really works.
Do you have fear? What kinds of things make you nerv-
ous or afraid, especially in this business? Fear, as an
acronym, is really false evidence appearing real. Fear
is one of those things that has been around for a really
long time. It‘s a very ancient and universal reaction.
Every culture experiences fear. If you think about it, the
fear mechanism is built into each one of us.
I think I‘d more accurately define fear as a sensation of
danger. I‘ve been involved in many, many, real estate
transactions and I‘ve known people involved in many,
many more and I have yet to find the fatal transaction. I
don‘t believe anyone has ever died from doing a real
estate deal.
Now, my wife said I could be the first, but it‘s not be-
cause of fear or the sense of something ominous. Have
you ever felt that something bad is about to happen?
What bad thing could happen in our business? Some-
body says, ―No?‖ That‘s probably the worst thing that
can happen.
This fear is usually accompanied by a host of physical
symptoms and those can be really disturbing. They say
the greatest fear in the world, often ahead of dying, is
public speaking. Even today, I can get a few butterflies
(Continued on page 13)
What are the reasons that investors advertise? You
may say to get leads, find sellers, find buyers, or to
market yourself. Those are all good reasons, but the
main reason an investor advertises is to get the phone
to ring. Until it rings, we don‘t know if there‘s anybody
out there in the world and until we answer it we don‘t
know if we have a buyer or a seller or whatever else.
Let‘s imagine that your advertising is successful and
the phone rings. What happens now? Don‘t say,
―panic.‖ The information in this blog series is designed
to help get you over that hurdle today that there
shouldn‘t be any fear when they call.
So many new investors will put money into advertis-
ing. They‘ll setup their office. They‘ll print business
cards. They‘ll run ads. That phone will ring. They‘ll
look at a strange number on their caller ID and say,
―I‘m letting it go to voicemail.‖ If you sit down and fig-
ure the average cost of a quality lead, it might be
$1,000, but if you figure the average transaction
should net about $27,000, how many times would you
spend $1,000 to make $20,000 or more?
Investors
What Scares
Investment News Page 13
before getting up in front of a group,
but I look at it from the perspective of
what‘s the worst that can happen. You
can laugh at me. You can laugh with
me or you can go‖ boo‖. I think I‘ll sur-
vive. It took me many, many years to
realize that mom was right. Sticks and
stones break your bones, but words,
not a big deal.
When fear isn‘t justified by danger or
a threat, or by any kind of rational
cause—and you find yourself avoiding
something because of that fear—
that‘s called a phobia.
If you consider all the investors you
will meet, you will see a great many of
them go to classes and focus groups.
They join organizations and buy prod-
ucts and setup LLCs and learn all
about land trusts. But they never do a
deal because they have success-a-
phobia. It‘s out there. Believe it or not.
People are afraid of failure and rejec-
tion, but they are also afraid of suc-
cess. They are afraid someone might
actually say ―yes.‖
Another fear, and one I experienced
during childhood, was fear of being
judged. I grew up in one those house-
holds where if you brought home a 98,
the only question that was asked was,
―Did anybody get 100?‖ The 98 I got
right wasn‘t nearly as important as the
two I got wrong.
Fear of being judged is a real thing
and if we get judged and we‘re judged
harshly, that‘s going to cause emo-
tional pain or embarrassment. Most of
us are afraid of emotional pain. ―Wow,
if I suffer emotional pain because I
was judged harshly, I‘m going to be
embarrassed. People are going to
know and then they‘re going to aban-
don me. Gosh, I‘m afraid. I don‘t want
to be abandoned.‖ Isn‘t abandonment
just another word for rejection?
If we get rejected and feel abandoned,
what happens? We kind of clam up
and we‘re afraid to express our true
feelings about things. We have a fear
of becoming intimate. Letting people
know our inner secrets. Letting people
know who we really are and that‘s a
problem.
I‘ve really learned that when you‘re
open, you‘re not only open to giving,
but you‘re open to receiving. I kind of
visualized it from the perspective of a
little kid and they grab a toy and go,
―Mine.‖ You ever see them do that?
Mine! Mine! And, they hold it in. Well,
the big problem with that is if you had
another bag full of toys, they‘re can‘t
get without letting go of what they
have. They couldn‘t take another toy.
But if they have their arms open, they
can get all that can be given to them
and we‘ve got to remember that too.
Another fear investors encounter is
fear of the unknown. Not knowing
what could happen is a very signifi-
cant fear. A good story to illustrate is
the one about the farmer‘s daughter.
Not THAT one about the farmer‘s
daughter. In this one, she is married
to this fellow Hans and they live with
her mom and dad on the farm. Hans is
out hunting one day and the daughter
comes home to find an ax stuck in the
beam over the hearth. Right away she
begins to fret.
What happens if Hans comes home
and the ax loosens and falls? Hans
could be hit on the head and killed.
The young woman thinks of how she
would be destitute. ―I‘d be desolate.
I‘d be lost without him,‖ she thinks.
With that, the girl‘s mom comes in
from milking the cow. She asks her
daughter what is the matter. The
daughter explains, ―The ax is in the
beam. Hans could come home from
hunting, it could fall and hit him in the
head and kill him and then where
would we be? No food and I‘d be all
alone.‖
The mother joins the daughter in her
despair. The two of them are sitting
there in front of the fireplace crying
their eyes out when the father comes
in from gathering the eggs. He asks
the women what‘s wrong and they tell
him the story. ―The ax, Hans could
come home. It could fall. It could hit
him in the head.‖ They‘re so worried.
They‘re fretting over this whole thing.
Hans walks in 10 minutes later and
sees the three of them there crying (Continued on page 14)
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Page 14 MAREInet.com
like lunatics. ―What‘s wrong? What is
going on?‖ His wife tells him, ―Darling,
that ax is in the beam. You could go
over by the hearth. It could fall out of
the beam and hit you in the head and kill
you. We’d be lost without you.”
Hans replies, “You people are sick,” and
he grabs the ax and yanks it out and
throws it in the corner.
Instead of taking action, they all worried
about what might happen. Fear of the un-
known paralyzed them. So many inves-
tors are like that goofy family. They
worry about what might happen. Will I
be a failure? Will I be a success? Will I
be rejected? Will I be abandoned?
Will I look foolish? God, don‘t judge
me because if you judge me and don‘t
like me, I‘m going to feel bad, but
what would happen if you did happen
to be successful and you did make a
ton of money and you changed your
life. How bad would that be?
Didn‘t we get into this business so we
could make money? There‘s lots of
businesses we can make money with.
I‘m in this business because I get to
help people. I get to help people solve
problems with their properties. I get to
help people who don‘t think they might
ever own a home, get to own a home.
I provide quality housing for people.
I‘m a professional home buyer and
with my PHP certification.
So, when I start walking up a driveway
or I get ready to get on the phone or I
answer a phone, I recognize that my
mission is to be helpful and helping
people is a good thing.
You want an example of how fear dis-
appears when you are focused on
helping people? Imagine if I saw a
little kid in the street about to get hit
by a car. Trouble is, I just jumped out
of the shower and I‘m wrapped in a
towel. If I go running out like a ma-
niac, I will certainly look foolish. God
forbid there‘s a strong wind. I would
really look foolish.
But, what‘s more important? My focus
is on helping the kid, not worrying
about me. Well, it‘s the same thing
when we‘re dealing with a seller.
We‘re trying to help somebody that‘s
got a problem.
Seek to solve those problems and if
you do that, you can provide some
benefits. One is peace of mind. It‘s
one of our primary products. The other
is debt relief. If somebody was just
transferred and they‘re worrying about
the fact that it‘s going to take six to
nine months to sell their home and
you can solve their problem right now,
they might sleep a lot better. If some-
body‘s in foreclosure and worried
about ruining the rest of their credit
and you can put a deal together that
stops the foreclosure and helps them
move on with their life, you‘ve pro-
vided them debt relief, haven‘t you?
How bad are those goals? How bad
are those missions? We provide solu-
tions. That‘s what we do and when
you think of yourself as a solution pro-
vider, you‘re going to have a very dif-
ferent attitude on those fear issues.
When I start thinking of you, I‘m not
nearly as afraid as when I‘m thinking
about me and what you might think of
me and at the end of the day, by me
not being afraid, I‘m putting the onus
on you.
I‘m here to help you. You can accept
or reject my help. It‘s not me you‘re
rejecting. It‘s the help I offer you. It‘s
the help I offer you that is being
judged. It‘s not me and when you can
kind of separate that, you have a to-
tally different mental picture and you
can hear people say ―no‖ all day long.
There‘s a story about Robert Allen.
He‘s the guy that started with the
book No Money Down back in the
early ‗80s. In one very famous ac-
count, Allen gets dropped off some-
where in California with $100. He
goes and buys a roll of quarters and
the newspaper and he sits there dial-
ing for dollars. He ends up buying
some real estate before he gets to the
end of his roll of quarters.
On that first deal, he only made about
$5,000, but let‘s say instead of making
40 calls he made 50. That‘s an aver-
age of 100 a phone call, is it not?
Since then every time somebody says
no, he says, ―Great. I made another
$100,‖ because there‘s only so many
―no‘s‖ between a ―yes.‖ So, every time
you hear a no, there‘s a ―yes‖ getting
closer and that‘s important to under-
stand.
Too many people take this business
personally. This is not a hobby. It‘s not
a crusade. It‘s a business. Now, do
you think if you go to Macy‘s and look
at something that‘s on sale and
choose not to buy it, they‘re offended?
It‘s business. Yes, they‘d like you to
buy it. I‘d like to buy somebody‘s
house. I‘d like to sell somebody a
house, but if they don‘t buy it or sell it,
it‘s not the end of the world. Remem-
ber this expression, SW-SW-SW-SW.
That stands for: Some will. Some
won‘t. So what? Someone‘s waiting.
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Investment News Page 15
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Free & Clear Homeowner
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New Business leads
Custom Consumer Leads
EZ Data Group Leads
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Page 16 MAREInet.com
I recently came across a post on several social media
sites that asked essentially the same thing. ―Is a for-
givable second mortgage, legal.‖ The funny thing is
that when I was a brand new investor just getting
started I asked the same question in a deal being pre-
sented to me. The lender and the attorney handling
the closing both explained that the lender would lend a
percentage of the purchase price and the other per-
centage the seller would take back a 2nd
mortgage.
After it was closed, some given amount of time, the
2nd
mortgage would be torn up and not need to paid.
My question ―Is that legal‖ and the attorney assured
me that it was, we just needed to make sure that the
borrower received a 1099 for the forgiven amount.
The post I saw said that she had received the re-
sponse that it has been done for decades, everyone
does it and it is fine. Which may have been true . . . .
then the foreclosure crisis hit. Now you need to un-
derstand that everyone is no longer ―doing it‖ because
it is Mortgage Fraud in most cases.
So what‘s the difference.
If you have a forgivable second, in and of itself, not
illegal at all, just as the attorney above said. As long
as the whole thing from 2nd
mortgage to how it will be
forgiven needs to be documented and disclosed in the
purchase contract. Then all that information disclosed
in the purchase contract is provided to the lender who
is making the first mortgage. If they know the 2nd is
imaginary money that does not need to be paid back
and still make the loan, great. They probably will not
make the loan.
For example, the MHDC loan of down payment or
closing cost money is a forgivable 2nd. It is included
on the contract and the 1st itself goes though the
MHDC program. The loan is fully forgivable if the
home owner lives in the house for 5 years. If they
sell before the 5 years all or part must be paid
back. The key here is that the first mortgage knows
the 2nd is forgivable . . . completely legal.
Now lets look at what I think the Investor asking the
question was getting at. I want to sell my house. I
have a buyer who can get qualified for an 90% loan
and the first mortgage says they have to have 10%
down. So I raise my price to sell to them and take
the 10% back as a 2nd mortgage. I don't care if they
pay me a dime and we have a gentleman's agree-
ment that they don't have to pay me any of that
2nd. They get the loan, they move in, the don't pay
me.
All well and good if they pay me and don't default on
the 1st mortgage. They default, the first lender starts
looking at the loan and find out that the 2nd mortgage
was a sham, someone is going to get fined and or
go to jail.
All well and good if you don‘t get caught and get
away with it, great. But then you need to sell the next
house, and the next house, sort of like a junkie need-
ing to get their fix. You need to make your profit so
you can eat right . . . so you did a fraudulent silent
second once and nothing happened, so let's do it
again, then again. Next thing you know you are on
the MortgageFraudBlog and being fitted for a
stripped, pink jump suit.
So no - silent forgivable seconds are not legal unless
fully disclosed in the purchase contract.
To find out more about mortgage fraud, check out the
MortgageFraudBlog and read about some of the
scams that people have came up with and been con-
victed.
Creative Financing
Or Mortgage Fraud?
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Investment News Page 17
MAREI
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Page 18 MAREInet.com
Investors what would your business and your prof-its look like if the banks required a 20% down pay-ment from all home buyers? What if they could no longer get a 30-year mortgage? What if they could not deduct the interest on those mortgages, if they were able to secure a loan?
Our Senators and Representatives are deliberat-ing bills and concepts that will have a huge impact on the residential and commercial real estate mar-kets as well as on the nation‘s economy as a whole.
Mortgage Interest Deduction: Proposals to re-duce and even eliminate the Mortgage Interest Deduction on our Taxes to help decrease the defi-cit. Here at MAREI as well with the National As-sociation of Realtors, we feel that this could put a damper on the housing market which could further slow down the economic recovery. To find out more online search for ―Mortgage Interest Deduc-tion or MID.
Secondary Mortgage Market: They are debating how Fannie Mae and Freddie Mac will look after a restructuring. With out their presence or one like them in the secondary market all our loans would need to be left to private lenders. In essence, it would reduce the availability of mortgages and quite possibly end the 30-year mortgage and in-crease interest rates and settlement costs. To find out more look on line for ―Government Spon-sored Enterprise or GSE.
Raising Down Payment Requirements to 20%: The belief seems to be that low down payments were the cause of the mortgage crisis. It is our belief that much of the mortgage crisis was caused by questionable loans with questionable lending criteria, not quality loans, to qualified folks.
According to the New York times, last year in 2010, more than 19% of all residential mortgages were made using the FHA loans that require 3.5% down. According to a Washington‘s Blog post , Fannie Mae and Freddie Mac, that typically re-quire 5 to 15% down payment account for another 71% of residential home loans. Add all of these up and we have 91% of all residential home loans that are backed in some way by the government and require less than 20% down. Putting in a 20% down requirement, would bring much of the residential home sales to a screeching halt.
National Flood Insurance Program: This one is not quite the headline grabbing item, but this pro-gram needs to be reauthorized as 5.6 million prop-erty owners rely on this program in communities where flood insurance is required to obtain a home loan.
So what can you do?
1. Do a little research and find out the facts and form your own opinions. Discuss them with friends and colleagues. Get the word out. Share on social media.
2. If you are a Realtor or even if you are not, visit www.RealtorActionCenter.com and sign up to stay up to date with these issues and to re-ceive Calls to Action as they are sent out. These emailed Calls to Action include an auto-mated link for you to use in notifying your Senators and Representatives.
3. Take the time to personally email, call, or write your representatives so they know your inter-est in the housing market and keeping the re-covery going.
Investment News Page 19
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Mortgage Loan Production 12501 Antioch Rd
Overland Park, KS 66213 Ph: (913) 402-1500
Fax: (913) 402-0673 [email protected]
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Asset Protection
Insurance Agency
www.REOIns.com
877-752-2742
Real Estate Owned / Forced Placement
For Investors & Finance Institutions
Page 20 MAREInet.com
TRAINING
Visit www.MAREIU.com to check out the
current and upcoming trainers that you
can learn from right now or any time you
can fit it into your schedule with our Online
Training.
Special Right now. Register for access to
12 FREE Videos from our experts . . .
Over 2 hours of quality training
Current Courses Available Now
REOs and Lease Options
Creative Financing
Auctions & Foreclosures
Government Grant Money
Automated Investment
Peak Performance
Training Calendar
We have a packed training calendar for June and July:
Constant Contact Webinars for those looking to ramp up their Online Marketing
Realtor Training Classes at Career Education Systems that are open to non-Realtors
This Months Meeting: Appealing your Real Estate Taxes
Next Months Meeting: Life After Short Sale, Foreclosure, Bankruptcy. Reviving Credit
Next Month Training: Live Saturday Workshop: Private Lending
See page 23 & 24 and visit www.MAREInet.com and click on Calendar
Investment News Page 21
“Presentation is Everything!”
Canyon-Stone.com
550 E. 56 Highway, Suite B
Olathe, KS, 66061
Phone: (913) 254-9300
Fax: (913) 254-9301
kcmoHomeBuyer.com
Do you have a house you need to sell? A wholesale
or Assignment you need an end buyer for?
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Tenant Screening
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816-436-0085
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Page 22 MAREInet.com
CA
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June 7 Webinar Realtor U: How to become a marketing ex-
pert and have your phone ring off the hook
June 8 Networking Commercial Investors Networking Group
meets every other Wednesday
June 9 Webinar Realtor U: Understanding & Applying the
Uniform Appraisal Dataset
June 11 Community Habitat for Humanity Restore: Donation
Days, on Saturdays in June
June 12 Networking Lee‘s Summit Investors meet for a network-
ing breakfast the 2nd Sunday of the month
June 13 Deadline Deadline for Reserving your Vendor Table,
Reserve online or email [email protected]
if you have prepaid tables to use.
June 14th Meeting Monthly Meeting: Networking from 6 to 7.
Announcements and deal share 7:30. Pres-
entation at 7:30: Appealing Your Taxes.
Last meeting at Sylvester Powell
June 14th Webinar Realtor U: Marketing with Facebook: Page
Optimization Strategies
June 15th Networking Northland Investors Quarterly Networking
Lunch by Metro North Mall
June 15th Webinar Constant Contact: Creating Marketing
Emails
June 15 Other Group KCIG monthly meeting - Networking at Fox
and Hound
June 15th Realtor
Training
www.CESKC.com Two Day ABR Training
Course. Save $100 each if two people regis-
ter together.
June 17th Realtor
Training
www.CESKC.com—Foreclosures and Short
Sales, applies to SFR certification.
June 18th Workshop JJ‘s Saturday Workshop: Deal Evaluation
June 20th Realtor
Training
www.CESKC.com 6 Day Missouri Broker Pre
-License.
June 20th Realtor
Training
www.CESKC.com 4 Day Kansas Broker Pre-
License
June 21 Realtor
Training
www.CESKC.com 3 Day Missouri Pre Li-
cense Practice Course
June 22nd Networking Commercial Investors Networking Group
meets every other Wednesday
Investment News Page 23
June 23rd Webinar Constant Contact: Newsletter Makeover
June 23 Other Group Landlords of Eastern Jackson County Meets
June 24 Webinar Constant Contact: Growing your list using
text messaging
June 25th Community Habitat for Humanity Restore: Donation
Days, on Saturdays in June
June 27th Realtor
Training
Www.CESKC.com 1031 Exchanges, Realtor
Training. Non-Realtors Welcome
June 28th Webinar Realtor U: The Proven Buyer Listing System
June 28th Realtor
Training
www.CESKC.com Commercial Leasing
June 28th Realtor
Training
www.CESKC.com Commercial Lawsuits
July 2nd Community Habitat for Humanity Restore: Donation
Days, on Saturdays in July
July 5th Realtor
Training
www.CESKC.com 4 Day Kansas Pre-License
Practice Course
July 2nd Community Habitat for Humanity Restore: Donation
Days, on Saturdays in July
July 8th Networking Commercial Investors Networking Group
meets every other Wednesday
July 10th Networking Lee‘s Summit Investors meet for a network-
ing breakfast the 2nd Sunday of the month
July 11th Deadline Deadline for Reserving your Vendor Table,
Reserve online or email [email protected]
if you have prepaid tables to use.
July 12th Meeting Monthly Meeting: Networking from 6 to 7.
Announcements and deal share 7:30. Pres-
entation at 7:30: Topic to be determined.
First Meeting at Career Education Systems
July 12th Webinar Realtor U: How to Go from 0-30 Listings in
30 days
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Page 24 MAREInet.com
Do you have properties for sale that other real estate investors might be interested in? We have a
great tool for our members to utilize . . . . . . . . . . . . . . . .
Our Classified Section.
So why would you want to post your properties here?
On the public side of our page, visitors can find a button to see
the properties for sale from our members.
We publish the properties listed in our classifieds in our monthly
newsletter. See the page 25 for the most recent.
We also email out newly properties in our weekly summary that
we send out at least 2 times a month.
What are the Rules:
First you must either own the property, have it under a valid contract to purchase, or have
a valid listing agreement.
Include your name, phone, and if this is a Realtor Listing, your company name.
Include the property address, basic details, and a price. If we don't know where it is or
what you are asking for it. We can‘t republish in the Newsletter or Summary.
To find out more about tools found in the MAREI members area, log into the member‘s only
section today. Then click on Member Discounts and download the latest version of the Mem-
ber Package for step by step instructions on how to post a house in the classified section as
well as how many of the other member only features work, plus all our discounts and tools
available. We update this every few months, so check back.
Properties for
Classifieds
Investment News Page 25
Offered As Address City Price Bed/Bath Contact Phone
Wholesale None Given Grandview, MO $49,900 3/2 Ryan Walls 219-864-1788
Fixer 705 E 60th Kansas City, MO $68,000 2/1 Maggie Sheehan 816-444-1950
Rental 3347 Askew Ave Kansas City, MO $15,750 Christoph Becker 816-419-1165
Rental 3722 Agnes Kansas City, MO $26,500 Christoph Becker 816-419-1165
Fixer 5137 Olive Kansas City, MO $8,450 2 / 1 Christoph Becker 816-419-1165
Fixer 3914 Norton Kansas City, MO $10,000 Christoph Becker 816-419-1165
Rentals/
Short Sale
1810 & 1812 E
70th ST
Kansas City, MO $39,000 2
Houses
Christoph Becker 816-419-1165
Fixer 6309 E 149th St Grandview, MO $25,000 4/2 Bilal Hazziez 816-686-5804
Turn Key 6 Houses Kansas City $260,000 Assorted Christoph Becker 816-419-1165
Commer-
cial
N Scott Belton Mo $175,000 Jason Dean 913-498-8100
Retail / Of-
fice
Downtown Lees Summit $1.5 M Jason Dean 913-498-8100
Rental 3619 Monroe Kansas City $15,500 Christoph Becker 816-419-1165
Land 5 Acres Lake Ozarks Owner Fi-
nance
Stephen Sum-
mers
816-350-7200
Rentals 110 & 407
Hawtorn
Belton, MO $126,000
each
Sherri Lidsey 913-579-7657
Rentals 309 Hill St Belton, MO $29,500 Christoph Becker 816-419-1165
Fixer 850 Shawnee Rd Kansas City, KS $19,500 3 / 1 Bemate Bom-
boma
913-735-9997
Fixer 2631 Montgall Kansas City, MO $15,500 Christoph Becker 816-419-1165
Rental 3928 Highland Kansas City, MO $24,500 Christoph Becker 816-419-1165
Fixer 9909 Wheeling Kansas City, MO $33,500 Christoph Becker 816-419-1165
See all properties on the classified page on MAREInet.com. Including full
details, photos, and links for more information. 43 Postings in Total.
Page 26 MAREInet.com
Foundations
virtually the same. Here are the 5 basic things that I look for when I inspect a foundation for a potential purchase.
1. Wall Cracks – Looking for cracks may be obvious but there are cracks which are not a problem and some very small ones that indi-cate a potentially big expense. Rule of thumb; several small cracks in the same area are usually worse than one larger one. Numerous small cracks indicate more se-vere movement. In concrete foundation walls a small (less than 1/8‖) vertical crack is usually caused when the concrete is curing. As the concrete cures it shrinks resulting in small vertical cracks. These are usually 4‘ or more feet apart and do not show any water leakage through them. These are normal and pose no significant issues. In block and stone walls a vertical or stair-stepped crack indicates wall movement and/or settling. Sometimes these cracks follow the mortar joints of the block or stone wall or they may crack the block or stone. In either case they indicate movement and potential problems. A diagonal crack starting at a wall corner or at a basement window indicates that the wall is trying to move inwards. This can hap-pen to any type of wall. I have seen several concrete walls that have actually moved in enough that it caused the steel center sup-port beam to break out the concrete wall on the outside and stick through. This usually is caused by the type of soil we have here in the area. Our soil which has high clay con-tent expands when it gets wet and contracts when it dries out. When dry, the clay shrinks, gets powdery and drops down into the gap around the foundation wall. When it
(Continued on page 27)
Foundation Inspector 101 - 5 tips for inspecting a residential foundation.
The vast majority of residential foundations in the Kansas City area are of three types of mate-rials but all share similar characteristics with re-gard to potential problems that are expensive to fix. Stone foundations are typical in many older neighborhood in homes built before 1940. From the 1940‘s concrete and concrete block founda-tions became the norm as labor became more expensive and ‗ready mixed‘ concrete allowed builders to have concrete delivered to the job rather than mixed onsite. In the 50‘s and 60‘s concrete block foundations were used almost exclusively by some builders including J.C. Nichols with much of Prairie Village having a block basement. By 1970 most building was done with poured concrete basement walls.
In general the same problems occur with each type of foundation and the visual inspection is
5 Tips for Inspection
Investment News Page 27
gets wet, it expands and pushes the wall inward. This cycle repeated over many years can destroy a wall. I have seen a 6‖ thick concrete wall pushed in nearly 1 foot. By industry standards a wall should not lean in by more than 1/3 it‘s thickness in 8 feet. More than that and the walls are considered to be not struc-turally sound. Most concrete basement walls will be 6‖ thick so any more than 2‖ out of plumb for an 8‘ wall will be considered not structurally sound. Get out the checkbook!
2. Floor Cracks – Most base-ment floors in this area are concrete and most will show some cracks in them. Cracks in the floor that run parallel to the wall indicate that the whole foundation is settling. This could be due to inadequate footings which are fairly com-mon in old homes, improper compaction of the fill dirt under the footing, or frost heave caused by a footing that is not deep enough to go below the freeze line. Even if the house settles evenly it can still cause problems. Broken pipes, doors and windows that stick, etc. can happen as the floor stays in place but the house is slowly sinking around it. If it settles unevenly it can cause walls to crack or even buckle. Some of you may remember the houses that collapsed in South Overland Park several years ago. Unfortunately the only way to fix this problem is to install piers to support the existing foundation or replace it completely. It can be done but either way it is an expensive proposition.
3. Indoor swimming pool or basement? – Look for water stains on the walls, rotted
wood at the base of the stairs, moldy smells, or newer con-crete poured around the inte-rior perimeter of the basement. Water stains that are horizon-tal indicate standing water. Several of these lines indicate multiple occurrences. Vertical water stains indicate seepage through cracks or deteriorated mortar in block or stone base-ments. Newer concrete around the perimeter of the floor indi-cates drain tile may have been installed. A white or off-white chalky substance on the walls and/or floors indicates a damp soil condition which dissolves the minerals in the block or concrete and when the mois-ture evaporates, it leaves the chalky deposits behind. Look for pallets or nothing set di-rectly on the floor. This usually means that the floor gets wet. Note that many old homes with stone basements do get wet and the owners just live with it.
4. Moving On – If the floors and/or walls have had repairs, look for different colors or textures. It is not unusual for a founda-tion to have some sealants added to seal small cracks but numerous colors and textures indicate on ongoing problem that will probably not go away on its own. I am also leery of fresh paint, paneling, or items that look to be out of place. It‘s true that some people will try to make home sweet home look better but just as many
will try to hide a defect. I have moved a wheelbarrow and a concrete stepping stone, both leaned against an outside wall, only to discover a steel sup-port beam that had pushed through the leaning wall and a major crack visible on the out-side but behind a finished wall inside. I am also aware of a false wall being built to hide a crumbled foundation wall.
5. If there is a defect, the seller has to disclose it – And the check is in the mail! Many properties purchased by inves-tors are distressed properties and may be sold ―as is.‖ To that end, do your homework. Foundation repairs are usually expensive. In most cases you can look at a foundation in 5-10 minutes and determine its overall condition. A foundation problem is only a big problem if you don‘t know about it. With some knowledge the foundation problem becomes either a decision to walk away or to negotiation.
6. Bonus Information – In my experience, if the seller is pre-sent and is following you around talking about what they have done or what they were going to do and then suddenly disappears, start looking around very carefully. There is probably something that you need to see and they don‘t want to look you in the eye when you find it.
membership What makes MAREI Different?
You have a lot of choices in Kansas City for Real Estate and Landlord Groups. There are many rea-
sons why MAREI is different, unique and better for you than other groups in the area.
MAREI
Others
Monthly Meetings
Saturday Training Seminars
Monthly Webinars and Recorded Events
Meet Local Vendors
National Speakers
Deal Makers Quick Pitch (Haves and Wants)
Local Market Updates (at Meetings and Oline)
Heavy Emphasis on Networking
Very Active in Social Media
Robust Monthly Newsletter
Blacklist of Undesirable Speakers
Rigorous Vetting Process
Member Focused Mindset
REIA Leaders Who Invest Full Time
Robust Member Benefits Manual
State of the Art Member & Guest Website
Active in National REIA
Active in Legislative Efforts to Protect Our Industry
Packed Member Resource Pages & Online Library
Non-Stop Sales Pitch
Group Leader Focused
Poorly Run, Poorly Organized Meeting