the investment news: november 2011
DESCRIPTION
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
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
November 2011 NETWORKING : EDUCATION : COMMUNITY
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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.
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Investment News Page 5
MAREI Staff
Kim Tucker 816-523-4400
Director
Don Tucker 816-523-4400
President
Steve Burns
Audio Visual
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BUSINESS MEMBERS
ADDRESSING THE NEEDS OF
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-
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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
Partnering kcmoHomeBuyer kcmoHomeBuyer.com 816-523-4400 Don Tucker
Prop Mgr Abraxas Prop Mgmt AbraxasMgmt.com 816-474-8800 Meka Cayce
Prop Mgr Jamieson Home Team JamiesonHomeTeam.com 816-503-4671 Kevin Jamieson
Prop Mgr Premier Leasing MyPremierLeasing.com 816-841-9500 Jeff Woods
Realtor Realty Resource RealtyResourceKC.com 816-523-4400 Kim Tucker
Security Devcon Security DevconSecurity.com 913-907-4942 Marian Collins
Staging ShowHomesKC ShowHomesKC.com 770-853-3506 Amanda Palomba
Supplier Canyon Stone Canyon-Stone.com 913-254-9301 Matt Puckett
Title Accurate Title Company AccurateTitleco.com 913-338-0100 Jackie White
Investment News Page 3
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In This Issue
MAREI Business Members 2
MAREI Meeting Staff 5
Notes from Director 6
Fraud in Real Estate 8
Real Estate: the Perfect Storm 10
Risk vs Reward: Protect Yourself as a
Landlord
12
Coalition for Sensible Housing Policy 14
Market Data: Investing Research 16
Top Tips for Landlords 20
MAREI Calendar of Events 22
Registering for MAREI Events 24
Classifieds 25
New & Renewing Members , Guests 26
Contents MAREI News
stead of listing the properties for sale with a
Realtor or even working with a wholesaler, the
Attorney sort of marketed the houses to people
that they knew for over a year. No one was in-
terested in vacant, vandalized homes at the ap-
praisal value or for an entire package of houses.
As that year went, so did the values of the prop-
erties. Until I came along in early 2006 and
said, OK, in theory I will buy these houses for
75% of appraisal value if I can buy them one at
a time and if I can have 5 months time frame to
close them. I was not going to even go look at
them unless they agreed right up front to a 75%
cut in price. They agreed and we went to look. It
ended up that I was at about 65% of appraisal
value . . further reducing the income to the state
to about $780,000. Because the investor did not
have a solid business plan of succession in
place, his teenage daughter lost about
$720,000 in property value alone, plus because
the attorneys took so long, they probably lost
another $100,000 to holding and basic mainte-
nance fees plus attorney fees. If the business
would have passed even to an attorney who
would have hired a property manager to keep
them in good repair and rented AND listed them
for sale, they would have sold for much higher
value in a much shorter time frame.
Moral of this story, have a plan in place. Join us
at the November Meeting to find out more about
creating YOUR Plan. Don’t leave it up to some
attorney you don’t know to make sure that your
business winds down profitably or continues pro-
ducing an income to provide for your family.
See you on the 8th
Kim Tucker
Director
.
We open this month with a very
unpleasant topic, but one that
needs discussed. What happens
to your business when you die? This was sug-
gested to me as a meeting topic from National
REIA and it has been in my mind for quite a while
to have as a meeting topic. Here’s why . . .
In this story, a true story, a local Kansas City In-
vestor had amassed his real estate empire of
about 30 almost free and clear, rented, and cash
flowing properties. The year was about 2004. He
was unexpectedly killed. He was his entire busi-
ness, doing the buying, the maintenance, the rent-
ing up, the collecting of the rent, etc. His heir was
a teen age daughter who had no way to take over
for him and the entire empire was dropped in the
laps of the investors attorney.
I don’t have the exact numbers as this story is
from memory, but lets estimate that these 30
houses, rented and cash flowing had a value of
about $50,000 each, for a total value of about
$1.5 million. When he died, his business passed
off to the attorney to dispose, pay the bills and
then leave the rest to the daughter. The attorneys
really knew nothing about rentals or real estate.
The attorney continued to manage these proper-
ties rather than place a property manager in place.
The attorney collected rents, but did nothing to
keep current tenants or to re-rent the vacant units.
So rental income declined as tenants moved out,
reducing the value of the homes. As tenants
moved out, homes were vandalized, further de-
creasing their value. The attorney hired an ap-
praiser at one point in 2005 to do “as is” apprais-
als on these now mostly vacant houses and came
up with values of about $40,000 at this point, re-
ducing the package value to about $1.2 million
and costing the estate a lot in appraisal fees. In-
Director’s Notes
Page 6 MAREInet.com
Investment News Page 7
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Page 8 MAREInet.com
Do you have a
Succession Plan
As a small business owner, be it a family-owned small business or not, there are many issues to consider when planning the succes-sion of the business. You want the succession to happen in an orderly fashion be it according to a planned retirement or an unexpected debili-tating illness. To make sure this plan runs smooth you need to work with a professional to establish a plan and the documents to handle the transition. Think about this:
95% of all American businesses are family-owned,
they generate 40% of the Gross National Product,
family owned business represent 35% of the 500 largest US companies
only 28% of these family owned busi-nesses have a succession plan.
Some more things to think about:
Of the owners of family-controlled busi-nesses, 57% intend to transfer the busi-ness on to family members.
70% of family businesses fail to survive into the second generation.
More than ½ of the business owners
have more than 50% of their wealth tied up in their business.
One third of family business owners are over 60 years old. And of these, 71% who are over 65 indicate they will continue to work indefintily
Last 1/3rd
of all people currently 35 years old will be disabled for 90 days or more before reaching the age of 65.
Scary numbers aren’t they? Do you want to be chasing a wholesale deal or listing a house for sale when you are 85 years old? Or do you want to spend some time now getting your plan in place so you don’t have to be chasing your next profit or commission in the future. Let’s start your checklist:
What are your goals and vision for ownership and management transfer?
Do you have a successor identified, ready to take over, and in place?
Will your family be involved in the lead-ership, ownership, and running of the company?
Do you have a plan in place to mitigate or eliminate estate taxes?
October Monthly Meeting:
Tuesday November 8th, 2011, 6pm to 9pm
Career Education Systems,
FREE for members, Guests $25 at the door, $15 if you
pre-register
Don’t miss this event!
Monthly Meeting
Agenda
6:00 Check in / Vendors / Networking
7:00 Announcements / Q & A w/ Andy Heller
7:30 Presentation
9:00 Adjorn
Investment News Page 9
Guest Speakers
and MBA with 30 years experience helping individuals and business own-ers. He’s a well-known lecturer on accounting and taxation, serves on the editorial board of several tax publi-cations, and has appeared on TV and in print many times. Carl Heintz is a Kansas CPA, based in the Leawood office. He leaves no stone unturned in the quest for tax savings.
and Kansas Attorney, who has the training, talent and experience that clients appreciate. Her insight into
financial statements helps clients to
save money, and improve effi-
ciencies.
Be sure to use your discount
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Do you have fund avail-able to avoid the need of selling your business to pay your debts?
If you have a partner, do you have a buy sell agreement in place?
Do you know the value of your business?
Do you have a plan in place in case you be-come disabled?
Are you and your family dependent on your busi-ness to meet your retire-ment cash flow needs?
Some issues to keep in mind as you plan your business succes-sion.
Will your heirs and the remaining management of the company fight for control of the business and the money?
How are your heirs and the new management going to keep key peo-ple?
Will the heirs be forced to sell to pay your debts?
How will your heirs be able to retain income from the business?
If you are leaving the business to your children who are active in the business, is there an eq-uitable distribution of es-tate to your other chil-dren.
If you are leaving the business to the children, will they be able to pro-vide financial security to your surviving spouse?
What will be the source of income for your sur-viving spouse?
Will there be conflicts within the family?
As yourself this: Do I have a plan in place that will allow my business to survive after me or to liquidate it after me, to pro-vide for my families needs or my own needs should I be dis-abled? Or do I have the mak-ings for a made for TV mini se-ries where the heirs are fighting over my small or large estate to the entertainment of millions? Join us on November 8th to learn more and find out how to get all of these questions an-swered positively.
Page 10 MAREInet.com
In real estate the concept of buy low sell high often uses the “Assignment of Real Estate Contract Form”.
At one time you could go buy a house and sell it all on the same day, and have the proceeds from your end buyer fund your purchase from the original seller. Everyone goes to closing, and you as the middle man or woman walked away with a profit for your troubles. Due to all the fraud in real estate and mortgages over the past few years, this is becoming harder and harder to do.
But you want to wholesale properties what are some options.
Get someone to fund your transaction for 1 day, usually called transactional funding. This is an excellent way to go, although your funding source will want a chunk of your profits.
Get a Real Estate License and list the property and have your “commission” be your profit
You can currently still use the assignment of con-tract.
First what is an “Assignment of Real Estate Contract?” This is simply a form that states that you have a con-tract with the original seller and you agree to sell your interest in this contract to an end buyer for a fee. The end buyer agrees to pay your fee and take your place in the contract.
You can assign all kinds of contracts be it a real estate contract, a rental agreement, a lease agreement, the contract to mow your neighbor’s lawn, or any other contract unless somewhere in the original contract it states specifically that you cannot.
So while many of the gurus tell you to sign a real es-tate contract “And Or Assigns”, these words are not really necessary and can throw up a red flag if for ex-ample you are writing an offer on a property that is listed by a real estate agent. You see while you plan on closing on the contract, even if your end buyer is not in place, the real estate agent reads “And or As-signs” to mean that “I don’t have any money” and “I probably will not actually show up at closing”. So go ahead with the and or assigns after your name in the real estate contract if you must, but I would advise to leave that off and go with the concept that all contracts
are assignable, unless they specifically state some-where in them that they are not.
This brings us to bank owned properties. When you are purchasing a bank owned property that is listed by your local real estate agent, 90% of the time that bank will have a special addendum that you will have to sign that specifically states that “this contract is not assignable”. So in this case you may not be able to assign with the traditional form. Here you might want to have a simple partnership agreement to allow your partner to go to closing.
So what is the best way to use the assignment of real estate contract form?
Have a buyers database of ready, willing, and able buyers who are cash buyers and who can close quickly and know exactly what they are looking for and how much they would pay for a potential property.
Go out and find that property and get it under contract for less than what your buyers in your database will pay.
Let your database know you have a deal for them and you will assign it to them for some amount.
Fill out the assignment form with all the particu-lars and have your end buyer from your database go to closing in your place and they get a great property and you get your assignment fee.
It is very important to have buyers in your database that are known buyers, that do have the cash and the ability to close and you really need to know what con-stitutes a good deal for them. Then you go out and find that good deal for a little less so you can make a profit. Because if they don’t go to closing as agreed in the assignment, then you are still on the hook to purchase the property.
MAREI members will find an example of an assign-ment of real estate contract both blank and filled out in word form in the MAREI member library that you can utilize for assignments.
Videos on YouTube
http://youtu.be/FQzHhMZ9UcI
http://youtu.be/bhIquZ08juM
Forms
Assignment of Contract
Investment News Page 15
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Page 12 MAREInet.com
The National As-sociation of Realtors worked with two policy think tanks on October 4
th to
create a Five Point Housing
Solutions plan that they sent to
the Chairman of the Federal Reserve
Bank, President Obama, and Congress on October 24
th. These letters provided
recommendations and solutions to stabilize and revi-talize the housing industry and the economy:
#1: Do not risk weakening our Nation’s housing
markets any further:
Recraft the Qualified Residential Mortgage rule mandated by the Dodd-Frank Act to include a wide variety of traditionally safe, well documented and property underwritten loan products. That requiring a 20% down payment along with the stringent debt to income and credit standards would be detrimental to home buyers.
Restore higher loan limits supported by FHA and other Government Sponsored Enterprises to sup-port housing markets and to assure mortgage fi-nancing options while stabilizing housing markets.
Resist proposals that call for changing tax rules that apply to home owners such as taking away the mortgage interest tax deduction.
#2 Restore Vitality to Our Communities and Neighborhoods by Reducing the Foreclosure In-
ventory
Support, The Helping Responsible Homeowners Act that would remove refinancing limits on under-water properties for borrowers who have been paying on time.
Support efforts to improve the Home Affordable Refinance Program to provide refinancing oppor-
tunities for at risk borrowers instead of allowing them to default on mortgages.
Have Fannie and Freddie prioritize short sales over foreclosures.
Support all necessary foreclosure/loss mitigation efforts to keep American families in their homes.
#3 Open Opportunities for Private Capital to Re-turn to the Mortgage Marketplace to Foster New
Demand Among Responsible Homebuyers.
Open the FHA 203(k) rehab loan program to in-vestors to encourage them to buy foreclosed properties and rehabilitate them. Currently for owner occupants only.
Require Government Sponsored Entities to sus-pend investor financing limits on the number of loans allowed for one investor borrower.
#4 Support a Secondary Mortgage Market Model that Includes Some Level of Government Partici-
pation
Reject proposals that call for full privatization of Fannie Mae and Freddie Mac.
#5 Call on the White House to Hold a National Housing Summit to Articulate a New National Housing Policy and Move the Provision of Hous-
ing to the Front of the Nation’s Domestic Agenda
Their conclusion was that the recovery of the Na-tion’s economy depends on housing. The last few years, with the housing prices barely moving, the economy will take longer.
We urge you to read all the recommendations on Realtor.org under the Government Affairs Tab as well as reviewing the letters send to the Government Offi-cials. Then take the time to write your representa-tives and urge them in your own words to remember that homeownership matters and that the recovery of the housing markets will assist in the overall recovery of the economy as a whole.
http://www.realtor.org/government_affairs/five_point_plan
Coalition
For Sensible Housing Policy
Investment News Page 19
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Page 14 MAREInet.com
David Alexander: Kansas City, MO
Sjef & Carol Bennink: Lee’s Summit, Mo
Jacquie Lombard: Shawnee, KS
Toyia Murrell: Kansas City, MO
Randall Willbanks: Raytown, MO
Chris Zembrenski: Independence, MO
New Members Guests
Christoph Becker: Overland Park, KS
Laura & JW Bullock: Lees Summit, MO
Charlie & Kathy Burks: Independence, MO
Carlos Jimenez: Santa Monica, CA
Marilyn Mai: Salina, KS
Tony Song: Overland Park, KS
Michael Stillfield: Levasy, MO
Bill Textor: Leawood, KS
Donna Wilson: Lee’s Summit, MO
Returning Members
Vernon Baker
Melinda Boeh
Steven Boyd
Nicole Daney
Cindy DiCianni
Sara Granger
Claude Harris
Jeff Hill
Butch Lawrence
Lessie Liggans
Kevin Massey
Joy Neely
Kim Shock
Dan Solenbarger
Ed Sparks
Brad Turner
Tamara West
Dustin Woods
Lori Wright
Investment News Page 21
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Page 16 MAREInet.com
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Nov 2nd Networking Weekly Wednesdays: 103rd & State Line 9
am to 11 am : Michelle Winberry
Nov 2nd Networking Commercial Sub Group: 103rd 7 State Line
5:30 to 7:30 : Larry Prato / Spencer Cullor
Nov 5th Training CESKC.com Credit Scores - 1pm—4pm, 1
Credit PHP Financing, 3 Hrs Realtor CE
Nov 5th Networking Independence / Blue Springs: Panera Bread
40 Hwy & 291 4pm to 6pm: Debra Felderhoff
Nov 6th Networking Lee’s Summit: Panera Bread on Chipman
Road in Lees Summit: Debra Felderhoff
Nov 7th Deadline Deadline to Reserve a Vendor Table for
Tuesday Meeting by Noon
Nov 8th Monthly
Meeting
Monthly Meeting: Career Education Systems
South East side of Ward Parkway 6pm-9pm
Nov 8th Training CESKC.com Lawsuits - 6pm - 9 pm, 1
Credit Contract Law, 3 Hrs Realtor CE
Nov 9th Networking Weekly Wednesdays: 103rd & State Line 9
am to 11 am : Michelle Winberry
Nov 10th Training CESKC:com Lawsuits - 1-4pm, 1 Credit
PHP Contract Law, 3 Hrs Realtor CE
Nov 12 Networking Independence / Blue Springs: Panera Bread
40 Hwy & 291 4pm to 6pm: Debra Felderhoff
Nov 13 Networking Lee’s Summit: Panera Bread on Chipman
Road in Lees Summit: Debra Felderhoff
Nov 14 Education CESKC.com Credit Scores - 1-4pm, 1
Credit PHP Finance, 3 Hr Realtor CE
Nov 16 Education CESKC.com Creating Wealth - 6pm to 9pm,
1 Credit Management PHP, 3 Hrs Realtor CE
Nov 16 Education CESKC.com Short Sales & Foreclosures - 9
am—Noon, 1 Credit Negotiation PHP,
Nov 16 Education Mid-America Crime FREE Housing Phase
One Seminar
Nov 16 Networking Weekly Wednesdays: 103rd & State Line 9
am to 11 am : Michelle Winberry
Investment News Page 23
Larry Prato
Commercial Subgroup
Spencer Cullor
Commercial Subgroup
Nov 16th Networking Commercial Sub Group: 103rd 7 State Line
5:30 to 7:30 : Larry Prato / Spencer Cullor
Nov 19th Training CESKC.com Short Sales & Foreclosures - 9
am—Noon, 1 Credit Negotiation PHP,
Nov 19th Training CESKC.com Negotiating - 1-4pm, 1 Credit
PHP Negotiation, 3 Hrs Realtor Contin. Ed
Nov 19th Networking Independence / Blue Springs: Panera Bread
40 Hwy & 291 4pm to 6pm: Debra Felderhoff
Nov 20th Networking Lee’s Summit: Panera Bread on Chipman
Road in Lees Summit: Debra Felderhoff
Nov 24th Holiday Happy Thanksgiving
Nov 30th Networking Weekly Wednesdays: 103rd & State Line 9
am to 11 am : Michelle Winberry
Nov 30th Networking Commercial Sub Group: 103rd 7 State Line
5:30 to 7:30 : Larry Prato / Spencer Cullor
Dec 14th Monthly
Meeting
Monthly Meeting: Career Education Systems
South East side of Ward Parkway 6pm-9pm
HOLIDAY SPEED NETWORKING
Ne
tw
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Michelle Winberry
Weekly Wednesdays
Many thanks to our Volunteers
who sponsor a Networking. If
you need more networking and
interaction, please check out
the Networking Group on the
Calendar. First Networking
event is free and does not re-
quire membership. After that if
you want to continue as a part
of the subgroup, we request
that you become a member of
MAREI to gain more knowledge
and access all the tools and
benefits of membership
THANK YOU!
Debra Felderhoff
BS, LS, Indep Subgroup
Page 18 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.
We also email out our properties in our weekly summary
over the week end.
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.
Log into the Member Area and click on classifieds to access the area and to post your
own ads. See your welcome package you received via email to see complete details
for posting properties in the classified section.
Properties for
Classifieds
Investment News Page 25
Offered As Address City Price Bed/Bath Contact Phone
Rehab 8341 Walmer Overland Park, KS 65,000 3 / 1.5 Bilal Hazziez 816-686-4805
Lease Option Park Hills Grandview, MO 3/ 2 Jacquie Lombard 816-518-1028
Rental 7913 Park Ave Kansas City, MO 38,900 2 / 1.5 Ray Eaton 816-853-3169
Rental Fixer 1634 Kensintgon Kansas City, MO 30,000 Poss Owner Fin 3 / 1 Stephen Summers 816-350-7200
Rental Fixer 315 S White Kansas City, MO $30,000 Poss
Trade 4 / 2 Stephen Summers 816-350-7200
Rental Fixer 2419 Mersington Kansas City, MO $21,600 Poss
Owner Fin 2 / 1 Stephen Summers 816-350-7200
Rental Fixer 5620 Michigan Kansas City, Mo $35,000 Poss
Owner Fin 3/ 1 Stephen Summers 816-350-7200
Short Sale 5434 E 27th Tr Kansas City, MO $9,000 Eric Deeter 913-579-3354
Short Sale 2508 Chelsea Kansas City, MO $9,000 3 bd Eric Deeter 913-579-3354
Short Sale 6007 E 11th $9,000 3 Bed Eric Deeter 913-579-3354
Rental 3235 Lockridge Kansas City, MO $14.700 3 Bed Kevin Jamison Reece & Nichols 816-686-2955
Rental 5006 Euclid Kansas City, Mo $14,500 Christoph Becker 816-419-1165
Rental 2427 Spruce Kansas City, Mo $13,500 Christoph Becker 816-419-1165
Rental Olathe, KS $99,900 3 bed, 1 ba Rick Zeitun 913-461-8560
Rehab Johnson County $79,900 Rick Zeitun 913-461-8560
Rehab / Rent 6618 Paseo Kansas City, Mo $17,000 Christoph Becker 816-419-1165
Rehab / Rent 3434 Olive Kansas City, Mo $7,995 4 bed, 2 ba Christoph Becker 816-419-1165
See more details on each property in the Classifieds at www.MAREInet.com.
CLASSIFIEDS
CONTROL
YOUR WORLD.
JOIN OURS.
JOIN MAREI.
MAREI ASSOCIATES & CLASSIFIEDS
Potential clients visit MAREInet.com every
day looking for contacts and properties in
the Kansas City Real Estate Arena. Make
sure your business is there to be found.
A TEAM SPORT
Real Estate investing is a team sport and
you can build a new team, draft new
players, or just get some consulting with
our network of investors and service pro-
viders at meetings, online, and at net-
working events.
TRAINING
MAREI hosts live and online training
events, has a virtual library packed with
educational materials and forms an docu-
ments.
BENEFITS
MAREI has partnered with the top compa-
nies in the industry to bring $1000s in
money saving benefits.
GROW YOUR BUSINESS
BUILD YOUR NETWORK
EXPAND YOUR KNOWLEDGE
SAVE MONEY
www.MAREInet.com/JOIN
Monthly & Quarterly & Annual Memberships
Investor and Business Memberships