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Newsletter september 2012
1. MAREI wins Awards of Excellence at National REIA Mid Year for 2nd Year in a Row!
MID-AMERICA ASSOCIATION OF REAL ESTATE INVESTORS
Investment News NETWORKING : EDUCATION : COMMUNITY : GOVERNMENT
September 2012
10
e
Pag
This Month at MAREI: FORECLOSURE
How it Works & When you Need It.
Tuesday September 11th, 2012
2. ten ts
c on
Page 3 Page 10 Page 18
Business Members Benefits at a Glance Calendar of Events Page 26
Build your team with our Schedule Now Help Wanted
Service Providers & In- Page 12 Volunteer at MARE
dustry Partners Bill Twyford Page 20
Building Instant Rapport Local Market Condi- Page 27
Page 6 tions from Local Market Investing Using NLP
How I Did the Deal Page 14 Monitor with Bill and Dwan
Welcome Twyford
Page 8 New & Returning Members Page 22
September Speaker For Sale Page 28
Bud Whisler: Foreclo- Page 16 Member Properties September Meeting
sures Title Exceptions
From Accurate Title Page 24
Page10 Show me the LIST!
Foreclosures Building Your Buyer’s ist
Judicial vs Nonjudicial
2011 2012
Page 2 MAREInet.com
3. BUSINESS MEMBERS
MAREI Business Members are here to serve you in your Real Estate Business.
They specialize in Real Estate Professionals and have joined our association as a
Business. You can find out more about each of our Business Members at
www.MAREInet.com/Services . Don’t see a service you need? Ask on the Forum!
Foundations
Insurance
Cornerstone Foundation Your Company Here
Joe Williams www.APIAprotects.com
$499 annual Lisa Goodner
913-220-5253
CornerstoneFoundationRe- Or $135 a Quarter 1-877-752-2742
lgoodner@apiaprotects.com
pair@yahoo.com
Insurance
Investors
www.NREInsurance.com
www.kcmoHomeBuyer.com
Jim Jrolf
The Tuckers
913-915-3232
816-200-2198
1-888-741-8454
kcmoHomeBuyer.com
jj@nreinsurance.com
Property Management
Property Management
Real Estate Brokerage
www.JamiesonHomeTeam.com
Kevin Jamieson www.MyPremierleasing.com
www.RealtyResourceKC.com
816-503-4671 Jeff Wood
816-523-4400
kevin- 816-841-9500
RealtyResourceKC@gmail.com
jwoods@mypremierleasing.com
jamieson@reeceandnichols.com
Staging Suppliers: Building Suppliers: Building
www.ShowHomesKC.com www.CabinetGiant.com www.HomeDepot.com
Michelle Davis Josh Burns
Roger_L_Holyfield@HomeDepot.com
913-449-3593 1-877-484-4268
mdavis@showhomes.com info@CabinetGiant.com George_R_Neal@HomeDepot.com
Title Company Title Company
Suppliers: Building www.AccurateTitleCo.com www.Coffeltlandtitle.com
www.Sherwin-Williams.com Jackie White / Mary Peterson Bud Whisler
Mike Steiner 913-338-0100 816-581-2299
swrep4735@Sherwin.com jwhite@accuratetitleco.com bwhisler@coffeltlandtitle.com
Investment News Page 3
4. read
anytime
Contact Information
PO Box 8685, Prairie Village KS, 66208
Phone: 913-815-0111
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
Read the Investment News MAREI does not exist to render and does not give legal, tax, economic or investment advice and
anywhere, anytime, on your 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
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related matters concerning real estate and other investments.
MAREInet.com/Newsletter
Content Disclaimer
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necessarily reflect those of the association, the board of directors or the staff.
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Page 4 MAREInet.com
5. MAREI STAFF
& Volunteers
Executive Director Advisory Board / Membership Desk
Kim Tucker Scott Tucker
kim@MAREInet.com sTucker319@gmail.com
Investor : Realtor Realtor
Advisory Board Advisory Board / Membership Desk
Donald Tucker Dan Goodwin
DonTuckerRE@gmail.com DanGoodwin@kw.com
Investor Realtor : Short Sales
Focus Group Leader: Blue Springs / Lees Suumit Advisory Board / Membership Desk
Debra Felderhoff Shelda Goodwin
superiorrental@gmail.com SheldaGoodwin@kw.com
Landlord : Investor Realtor : Short Sales
Focus Group Leader: Weekly Wednesdays Focus Group: Eddie Speed Mentoring Students
Michelle Winberry L. Scott Ficinus
mlwinberry@gmail.com Scott@Ficinus.com
Investor : Realtor Realtor
Focus Group Leader: Weekly Wednesdays Advisory Board / Membership Desk
Brian Winberry John Welchert
JWelchert@platinumrealtykc.com
Investor : Realtor : Investor : Landlord
Focus Group Leader: IRA Investing Focus Group Leader: KC Note Buyers
Coming Soon . . . Leader Located Coming Soon
Focus Group Leaders: Transaction Engineers Focus Group Leader: Commercial
Leader Wanted Leader Wanted
Focus Group Leader: Women in Real Estate Focus Group Leader: Advanced Investors
Leader Wanted Leader Wanted
Investment News Page 5
6. Netw orking f
or
ow I di d the
H
Real Estate Dea
ls
D EA L!
More often that not with every deal I am looking MeetUp.com. This is an online networking web-
for four different things: (1) Something to purchase, site that is a social networking website designed
(2) a funding partner to pay for the deal (3) a buyer to facilitate live meetings. Meetup is designed to
for the deal or (4) some sort of service provider. help you make live connections with people with
We have been in business for over 12 years now similar interests and there are meetups for just
and one of the key activities we still participate in is about every interest imaginable.
networking to meet new people so we can do more
Anyway, Dave, the writer of the newsletter said
deals.
“we were deciding on new means of networking
At the recent Realty411 event here in Kansas City we turned back to Meetup . . . I noticed that join-
that I attended as vendor promoting MAREI, Don ing a Meetup, . . ., expanded your network by
my husband attended as the Real Estate Investor usually at least 50 people that share a similar in-
in the family. I can’t tell you how many times we terest.”
have heard presentations about Self Directed IRA
Then today I received a voice mail from a new
investing or Insurance for real estate investors so
investor who was wanting to find out where he
attending for us to listen to the speakers was not a
could get “the list” of wholesale buyers. My re-
high priority, even though I got a few new ideas
sponse was to find a place where real estate in-
from each and everyone of the speakers. There
vestors meet on a regular basis: like a MAREI or
were few people who came for a few minutes and
KCIG meeting or a special event like the Realty
left. When I asked them why later, they said that
411 event last week and to network his way into a
they had already seen speakers on all these topics
quality list of not only wholesale buyers, but other
and didn’t see any point in staying. I noted that the
wholesale sellers, service providers that would be
people who did stay for the entire day were the
needed in all of his deals and potential funding
highly experienced investors who could have taken
partners just in case he would rather buy the deal
the place of most of the presenters for the day. So
instead of wholesale it.
why would the investors who have been in this
business for a year or less find the event a total So this month, how did I do the deal? I did it by
waste of time and the experienced people who knowing someone. So I will see you at the MA-
have done countless deals tell me the event was REI meeting, doing a deal or being a part of
excellent. The difference is the people who do someone else’s deal.
deals realize that they can always learn something Deal provided by Kim Tucker, local real estate
new in this industry because it is always changing investor and MAREI Director. Kim and her hus-
and that at large events there are a lot of new peo- band Don have been investing in Kansas City
ple to meet. Adding people to your database is key since 2000. Find them online at kcmoHomeBuy-
as they could be the next person to bring you a
er.com or GBIFunding.com.
deal, fund a deal or buy a deal or be the service
provider.
Just last week I was reading a weekly email news- Do you have a deal, we would love to hear about
letter , “The Notebuyers Notebook” that was talk- it. Email it to us at info@MAREInet.com
ing about how their company is utilizing
Page 6 MAREInet.com
7. Www.CoffeltLandTitle.com
Member For title, escrow,
1031 & foreclosure.
Benefit
Publish investment property opportuni-
ties on our marketing page.
Turn Key Rentals
Wholesale Properties
REO & Short Sale Listings
Multi Family & Offices
Review the Membership Package on
the Resource tab for instructions on
how to log in and post your properties
MAREInet.com/Properties Bud Whisler
816-380-3441
For Investors By Investors
In this market, you want an agent on your side
that has the knowledge, the ability, www.APIAProtects.com
1(877) 752-2742
the EXPERIENCE, Lisa Goodner
and the resources to help you!
Because APIA sells only Real Estate Owned
(REO) and Forced Lender insurance coverage,
we've become the industry leader in providing
comprehensive, affordable coverage to inves-
tors, financial institutions and mortgage compa-
nies.
Our company specializes in Real Estate Owned
(REO) and Forced Lender insurance coverage
for property investors, servicers, financial insti-
tutions and mortgage companies. Standard in-
surance companies also turn to us for our ser-
Realty Resource
vices.
8014 State Line Rd, #210
816-523-4400
www.RealtyResourceKC.com
Investment News Page 7
8. Judicial vs Nonjudicial
Foreclosure happens when a borrower falls be- states.
hind on house payments and the lender uses
The lender sends a notice of intent to begin
state procedures to the house that is the underly-
foreclosure. In many states, the lender sends
ing collateral for the debt. Foreclosure works dif-
a ten-day notice of intent to begin foreclosure
ferently in different states. In some states, like
proceedings. The notice informs that the pro-
Kansas, the lender has to file a lawsuit to fore-
ceedings can be avoided if the missed payments
close (judicial foreclosure), while in others, like
are made up, plus costs and interest.
Missouri, it can foreclose without going to court
(nonjudicial foreclosure). The lender files a lawsuit. If back payments
are not caught up, the lender will then go to
Judicial Foreclosure
court and file a lawsuit.
In a judicial foreclosure, the lender must go to
The lender gives notice of the lawsuit. The
court to get the foreclosure started. A judicial
lender does this by delivering
foreclosure typically takes several months or
a summons and complaint to the borrower
more, giving the borrower time to look for anoth-
(called "serving " a summons and complaint in
er place to live, and to save some money for the
legalese).
future. Another advantage for the borrower is
that they can raise in court any legal defenses Chance to respond. The summons and com-
they may have to the foreclosure (without having plaint gives the borrower a period of time within
to file a lawsuit). which they must respond if they are going to
contest the lawsuit (usually between 15 and 30
Here's how a typical judicial foreclosure might
days). Whether or not a response is filed is up
proceed.
to the borrower. Either way, the lender will have
Borrower gets behind in your mortgage pay- the burden of proving to the judge that the fore-
ments. A mortgage holder can begin foreclosure closure is justified under the terms of the mort-
procedures if just one payment is missed, but gage.
usually will wait longer -- much longer in many
If no response, the chances are excellent
Don’t miss this event!
Monthly Meeting
Details: Agenda
Tuesday September 11 5:30 pm Pre Meeting / Setup
6:00 pm to 9:00 pm 6:00 pm Registration
Career Education Systems 6:00 pm Vendor Hall
Guest Speaker: Ward Parkway Shopping 7:00 pm Speed Networking
Business Member Center—8600 Ward Pkwy 7:15 pm Presentation
Bud Whisler with Kansas City Missouri 8:30 pm Q & A / Networking
Coffelt Land Title Top Floor 9:00 pm Adjourn
Page 8 MAREInet.com
9. that the foreclosure will go mortgage is not reinstated, the
through. The court will issue a Nonjudicial Foreclosure Pro- home will be sold at auction. As
default judgment that authorizes cess with judicial foreclosures, if no
the lender to sell the home. one meets the minimum bid, the
State law sets out the specifics of
property goes to the lender.
If there is a response, the bor- the foreclosure procedure, in-
rower has the opportunity to tell cluding how much notice is given, Right to redeem. A few states
a judge just why they think they how the property will be sold give you some time after the
have a legal right to keep the (typically at a public auction), foreclosure auction to redeem the
house and that foreclosure is not and what rights (if any) the bor- property (to recover ownership of
warranted. The better the de- rower has to reinstate the loan the property by paying off the
fenses, the longer the process before the foreclosure date or successful bidder).
will drag out in court. Even if the recover title to the property after
Challenging a Nonjudicial
borrower wins, however, it may it's sold.
Foreclosure in Court
be a temporary victory if the
Time may be short. Borrower’s
lender can fix whatever problem Because the borrower does not
must pay attention when a fore-
caused it to lose this time. have the opportunity to raise de-
closure looms in a nonjudicial
The lender sends a notice of fenses to the foreclosure in a
state because very little notice of
intent to sell. Once the judge nonjudicial foreclosure, the bor-
the foreclosure sale will be given,
issues a judgment, the lender rower will have to file a lawsuit.
and once it happens, the borrow-
typically will send a ten-day no- When this happens, the borrower
er may be permanently out of
tice of intent to sell the property. is asking the court to temporarily
luck.
At this point, in many states the stop the foreclosure so that the
borrower can avoid the foreclo- Notice of sale. In most states, legal issues can be resolved in
sure sale if somehow they can the first notice of the proceeding court. In these lawsuits, the bor-
"redeem" the mortgage (pay it will be the notice of sale. De- rower typically asks the court for
off in full, as well as the foreclo- pending on the state, this notice three things, in the following or-
sure costs and attorney's fees). will be either served on to the der:
borroewer, published in the local
The auction is held. If no one
newspaper, posted in the court- a temporary restraining order
buys the home at the auction, (which lasts about ten days)
house and on the property itself,
ownership goes to the lender. Up
or by some combination of the a preliminary injunction
to this point, the entire process,
above.
from the first notice to the auc- (which, in foreclosure actions,
tion, typically takes three and a Notice of default and notice of will last until the court decides
half months -- more, if a re- sale. Some states provides the the case), and
sponse to the summons and borrower with two notices -- a
complaint is filed.. formal written notice of default
a permanent injunction
(usually about 30 days, but (which will be issued if the
Eviction If the borrower loses judge decides in your favor).
sometimes more and sometimes
ownership of the home, most Next Steps
less) and another formal notice
state laws don't require them to
that thehouse will be sold at auc- To learn more about the ins and
move out right away. The lender
tion (again, usually about a
may just let the house sit, wait- outs of foreclosure, both judicial
month, but it can be as little as
ing for the market to improve and nonjudicial, be sure to attend
15 days).
and the borrower can remain in the September MAREI meeting
the home payment-free until Right to reinstate. Between the when Business Member Bud
they get evicted. notice of default and notice of
Whisler with Coffelt Land Title is
sale, typically the borrower is al-
Statutory Foreclosure going to explain further how the
lowed to reinstate the mortgage
If a non-judicial foreclosure by paying off what is owed, plus foreclosure process works in Kan-
state, the lender does not have fees and costs (which can be sas and Missouri and more im-
to go to court in order to fore- very high). With a couple of ex- portantly discusses when we as
close on a home. This means ceptions, however, once the sale investors need to conduct fore-
that the foreclosure can proceed occurs, your house is gone.
closures.
more quickly.
The auction is held. If the
Investment News Page 9
10. MAREI’S MEMBER BENEFITS PROGRAM
YOUR MEMBER BENEFITS
AT-A-GLANCE
USE THIS PAGE AS A GUIDE TO VALUE ADDED DISCOUNTS TOOLS AND SAVINGS CREATED JUST
FOR YOU ON GOODS AND SERVICES YOU USE EVERY DAY.
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Electronic collection for bounced Plus 20% Discount on Paint in Kansas
rent checks. No charge to you. City.
News & Information
FORMS & DOCS
Member Library is packed with forms
and docs, plus 15 % discount at EZ
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All members receive a discount card Our weekly email update with what’s
to access our exclusive discounts up happening in real estate including
to 40% off all paint, supplies, and
flooring—nationwide. properties for sale, government af-
Market your rentals on the nations top fairs and local market data.
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The newsletter for Mid-America Associ-
Office Solutions ation of Real Estate Investors: pub-
lished monthly and distributed both in
print at our meetings and digitally to our
database of over 5000 people.
Save on select FedEx Office copy and Websites for investors, landlords, and
print services up to 20% and on Fed- other services. FREE trial.
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Receive discounts up to 65% on over With discount subscriptions for MAREI
Email and Social Media Marketing, Free members.
12,000 products you use the most
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vance.
Continued . . . .
Page 10 MAREInet.com
11. Other Discounts Member Service
We have several services as part
of our website to help you grow
MAREI’s Government Affairs ac-
your business.
tively monitors national legisla-
tion and rule-making that im-
pacts the real estate industry and
harnessing the strength of MAREI
Nearly 70% of QuickBooks users say members at the grassroots level.
that it makes their business more prof-
itable. Get your Accounting on track.
Buy at a 20% discount through Na- MAREI mem-
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ceive timely
Calls to Action
REAL ESTATE BOOKS Calendar of Events to stay up to
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The nation’s largest provider of time for our
real estate training materi- members to
als, DEARBORN is America’s take action on
Premier Real Estate Publish- an important vote.
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Members also
have access
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Browse the member properties to in Market Da-
find your next deal. Take the ta.
time to post your investment op-
portunities for other members
Special member discounts for and site visitors to browse.
members at Avis, Budget, and
Enterprise Rentals.
VISIT
ww.MAREInet.com
The Member Library is packed Look under Resources -
The Local Market Monitor tracks and ever growing with pdf ver- Discounts
real estate sales and economic sions of entire books, EBooks,
trends nation wide. Offering Articles, Forms, and Documents.
25% Discount for Members.
Investment News Page 11
12. Building Instant
Rapport
. . . Bill Twyford Do not wear sunglasses. Homeowners
Every investor has heard how important it can’t see your eyes and subconsciously
is to build rapport with distressed home- you seem suspicious.
owners. What we never hear about is how Never wear a hat, like a baseball
to do it. What is it about someone that cap. Again, homeowners can’t see your
makes us instantly like or dislike eyes and are suspicious.
them? We don’t really know what it is
Always have a clipboard in your hands
about that person, we just know it’s some-
so that both of your hands are visible. If
thing.
you tend to stand with your hands in
Rapport is developed in the subcon- your pocket or behind you, the home-
scious. We can’t quite pinpoint it, but owners will think you have a gun and are
there is something about that person that going to rob or kill them and will not
seems familiar and makes us feel comfort- hear what you are saying.
able around them.
Never wear cologne or perfume. I know
So … how do you establish rapport? Let’s this one seems strange, but let’s look at
start with a few basic tips. When I am it from the homeowners point of
looking for distressed homeowners, I like view. You’re a guy and you wear Eterni-
to knock on doors. It is the fastest way to ty. You show up at the door and a wom-
get deals. If I knock on twenty doors over an answers. Her husband used to wear
a weekend, I will have several contracts Eternity. He ran off with another woman
by Sunday afternoon. I’d rather spend a and she still hates him for it. You are
day or two getting multiple deals instead wearing what the ex-husband used to
of waiting for my phone to ring hoping for wear and subconsciously, you remind
just one deal. her of him. She now dislikes you with-
Here are some dos and don’ts when you out knowing why. The same goes for
knock on doors or meet a homeowner in the girls, too. You don’t want to remind
person: the homeowners of someone they now
dislike.
Be aware of what color your clothing
is. Green promotes trust, while red pro-
motes dominance. I like warm colors
like green, blue, pink, or brown. Stay
away from reds and blacks.
Dress casual, but professional … no
suits. Also, lose the jewelry. Homeown-
Page 12 MAREInet.com
13. Bill & Dwan Twyford will be teaching a 2 day work-
shop November 3rd & 4th on Communicating for
Better Profits based on their own Real Estate and
Short Sale Business. See Ad on Page 26 or go
online at www.MAREInet.com/NLP
ers losing their home do not need to see think that fast talkers are slick and un-
that you own a Rolex. trustworthy. Is it true? No, it is a sub-
Be aware of what you are driving. If you conscious thought that most people are
drive a Rolls Royce, you may want to not aware of. When you follow the
consider getting a middle-of-the-road car homeowners’ rate of speech, you seem
for meeting homeowners. Yes, home- familiar to them and, again, they like
owners need to see that you are success- you without knowing why.
ful to feel confident that you can help Ask them to share a little about their
them. No, they do not need to see that current situation and listen with respect
you have become a millionaire from dis- and empathy. Once you feel that they
tressed properties. You never want them have properly vented, begin to ask de-
to wonder if you have taken advantage of tails about their situation. Homeowners
others and that is why you have so much want to tell you what happened because
stuff. People are leery to begin with, they don’t want you to think that they
don’t feed in to it. are losers. No one grows up with the
Be certain you are speaking to the right goal of being in foreclosure. Something
person. Instead of blurting out why you in their lives changed and they want to
are there, ask if this is Mrs. Or Mr. so and be certain you know what it is.
so first. Once you are sure, continue Make an appointment to view the prop-
with your conversation. erty then call back to confirm the ap-
Never use the “f” word … foreclo- pointment. During the second phone
sure. State that you were doing some call, ask more questions. Be certain
research and see that they have a that everyone on the deed is home and
“pending problem with their proper- willing to put a deal together.
ty” and that you would like to help When on the phone, listen for the objec-
them. This puts the blame on the prop- tions you are going to get when you
erty, not the person. meet in person. For example, “we don’t
Let’s look at establishing rapport over the have to sign a deed, do we?” If they
phone. ask questions on the phone, be ready to
handle them in person.
Speak at the same rate of speech as the
homeowners. For example, if the person So, you see folks, it’s not that difficult to
who answers the phone speaks slowly, do establish rapport. Take the time to be ap-
the same. If they speak fast, do the proachable, honest, and trustworthy and
same. People who speak fast think that business will follow. Better yet … just be
people who speak slowly are stu- that way naturally and you will reap what
pid. Likewise, people who speak slowly you sow.
Investment News Page 13
14. W WELCOME NEW MEMBERS
To the premier trade association representing
Kansas City Area Real Estate professionals
MAREI continues its growth with
a total of 390 members to-date.
JOIN NOW (MAREInet.com/join)
New Members Renewing
◎ Nick & Lorena Collier: Oak Grove, MO ◎ Greg Billeisen: Kansas City, MO (Since 2011)
◎ Marilyn Dugan: Overland Park, KS ◎ Carol Cutler: Kansas City, MO (Since 2011)
◎ Pat Edins: Liberty, MO ◎ Karl Dunivent: Liberty, MO (Since 2011)
◎ Stacey Holscher: Shawnee, KS ◎ Kerry Eikenbary: Independence, MO (Since 2010)
◎ Debbie Olivarez: Independence, MO ◎ Jeannie Estavez: Lees Summit, MO (Since 2011)
◎ Bruce Roberts: Prairie Village, KS ◎ Jeffrey Forster: Independence, MO (Since 2011)
◎ Tom Scanlon: Overland Park, KS ◎ Beatrice Gicharu: Kansas City, KS (Since 2010)
◎ Kelley Vince: Kansas City, MO ◎ Kenneth Mabrie: Raytown, MO (Since 2006)
◎ Joseph Schoonover: Liberty, MO (Since 2011)
◎ Ray Strickland: Overland Park, KS (Since 2006)
◎ Jamieson Home Team—Business Member
◎ Premier Leasing—Business Member
Page 16 MAREInet.com
15. Invest In Kansas City
with MAREI!
Kansas City’s
Resource for
Successful Real Estate Businesses!
Network Online & Offline
Property Marketing
Vendor Discounts
Education & Support
Active in Government Affairs
JOIN
NOW! Whether you are local or from out of state, just
getting started or experienced professional . . . . . MA-
REI will assist you in reaching your goals.
Call or go Online!
Mid-America Association of Real Estate Investors
www.MAREInet.com : 913-815-0111
Investment News Page 15
16. sale that day and had moved out and needed his pro-
ceeds to purchase another property. The adjacent
The owner of a property called to inquire about his cov-
owners could relinquish their rights, however one said
erage for a "right of first refusal" built into the Homes
they would not sign as they had never had to do that
Association Declarations.
before. So now the current owner had to wait 15 days
One of the items almost all title insurance policies EX- to sell. He was in jeopardy of losing the property he
CEPT are the terms and conditions of the Restrictions had contracted to purchase and he and his family
and Protective Covenants and/or Homes Association were living in a motel.All of this could have been
Declarations. If you don't know what they are, ask for a avoided had he read and understood either commit-
copy and read it. ment: the one when he bought it or the one he just
In a few of the Home Association Restrictions or Cove- received a few weeks ago.
nants, most of which were created in the 60's and 70's, He was pretty angry that he didn't have coverage for
there is a right of first refusal for the adjoining land own- the Homes Association restriction and that we did-
ers to purchase the property if you sell. These re- n't advise him about this clause out of 60 in the decla-
strictions require that before you sell, you have to offer rations of the subdivision. We explained that he
the property at the same price and terms to your neigh- should have read them or hired an attorney to advise
bors. Depending upon the subdivision, it could be the him. We can't practice law as a title insurance agent
neighbors whose lots adjoin yours or any one of many or escrow company and can't advise anyone. We are
configurations. Some of these restrictions were an at- a neutral third-party who follows instructions given us
tempt to circumvent discrimination laws. Other typical and federal and state laws.
restrictions are prohibition of additional buildings, fenc-
When looking at a Title Insurance Commitment be
es and even sometimes basketball goals to just name a
sure to read and understand SCHEDULE B, SEC-
few.
TION TWO, EXCEPTIONS. These are the things that
Of course, the owner hadn't read it. Didn't do his due are NOT covered. This is true for a Lender's Policy,
diligence when he bought it nor did he read them any- also. Typically, among other items, easements,
time since he owned it. Nor did he read the current title homes associations covenants and/or restrictions,
commitment that was given to him upon the signing of right of ways and sometimes items on recorded plats
his existing contract to sell the property, which required and surveys are excepted, although there can be oth-
him to notify the property owners to the left and right of er items as well. You need to do your due diligence on
his property that they had 15 days to meet the offer or all these items to make sure you can live with them. If
their right expired. He was supposed to close on the you don't understand them, hire an attorney to advise
you so that you can make an informed decision and
are aware of how these items might affect your own-
ership or loan.
Then it will not be a surprise that the EXCEPTIONS
are items that are not covered.
Article provided by Accurate Title Company, LLC is a
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of title company with the expertise and ability to han-
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and responsiveness of a boutique firm. Find online at
www.AccurateTitleCo.com or call 913-338-0100.
Page 18 MAREInet.com
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Investment News Page 19
18. Subscribe & Sync
MAREInet.com/Calendar
The MAREI calendar is hosted on Google Calendars. This allows you to subscribe
to our calendar and sync it with your own Google Calendar, Mobile Calendar, or
Outlook Calendars. Find it online at http://www.MAREInet.com/Calendar
Sat Sept 1 , 2012: 4 pm SubGroup: Sat Sept 15, 2012: 4 pm SubGroup:
Blue Springs / Independence Investors Blue Springs / Independence Investors
Sun Sept 2, 2012: 9 am Sub-Group: Where: 18800 E Us Highway 40, Indep.
Lees Summit Real Estate Investors Sun Sept 16, 2012: 9 am Sub-Group:
Wed Sept 5, 2012: 9 am Weekly Lees Summit Real Estate Investors
Wednesdays - Sub Group Meeting Mon Sept 17, 2012: 7 pm Omaha
Sat Sept 8, 2012: 4 pm SubGroup: REIA Group—Omaha NE
Blue Springs / Independence Investors
Wed Sept 19, 2012: 9 am Weekly
Sun Sept 9, 2012: 9 am Sub-Group: Wednesdays - Sub Group Meeting
Lees Summit Real Estate Investors Thurs Sept 20, 2012: 7 pm am KCIG
Mon Sept 10, 2012: 5 pm Deadline to Meeting—Roeland Park, KS
reserve Vendor Table for MAREI meeting Thurs Sept 20, 2012: 7 pm Shawnee
Tues Sept 11, 2012: 6 pm Sub-Group: County Landlords—Topeka, KS
Lees Summit Real Estate Investors Sat Sept 22, 2012: 4 pm SubGroup:
Wed Sept 12, 2012: 9 am Weekly Blue Springs / Independence Investors
Wednesdays - Sub Group Meeting Sun Sept 23, 2012: 9 am Sub-Group:
Mon Sept 10, 2012: 5 pm Deadline to Lees Summit Real Estate Investors
reserve Vendor Table for MAREI meeting Wed Sept 26, 2012: 9 am Weekly
Tues Sept 11, 2012: 6 pm Sub-Group: Wednesdays - Sub Group Meeting
Lees Summit Real Estate Investors See more online at
Wed Sept 12, 2012: 9 am Weekly www.MAREInet.com/Calendar
Wednesdays - Sub Group Meeting
Page 18 MAREInet.com
19. Property Management Do the math.
Your vacancy is costing you every day.
Section 8 Housing Fill your vacancy faster and save money
with Rentals.com!
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Discounts for MAREI Members:
Jeff Woods Receive 20% off all Regular
Broker Priced Advertising. Log into
Member’s Area, click on Member
www.MyPremierLeasing.com
Discounts and look for MAREI’s
816-849500 Discount code!
Cornerstone Foundation Repair
Kansas Cities Real Estate Investor’s
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Steel Push to Bedrock Piers @ $850 ea
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Property Management
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repair issues. We offer 25 year and lifetime
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transferable warranties for piering only.
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913-220-5253 Kevin Jamieson
Ask about our Investor Pricing 816-503-4671
Investment News Page 23
20. Local Market Monitor
on Kansas City
This market has typical risks and returns for investors.
The local economy is well diversified. Population growth has Job Growth
been slightly above average. Income is average. The housing
boom was mild, with a 14 percent rise in prices followed by a 9
percent drop. The recession was moderate, with jobs down 5
percent.
Home Price Change
Home Price
Home prices in this market peaked in Q2 2007 at
$176,495. Since their peak, prices have fallen by 12%. In
the last 12 months, prices have gone down by 2 percent.
The average home price in this market is currently
$154,765.
Equilibrium Home Price
The Equilibrium Home Price in this market is currently $196,496.
Home Price Forecast
The Equilibrium Home Price shows where home prices would be
Home values for Kansas City are forecast to decrease by 1 per- in the absence of market distortions. If actual home prices rise
cent over the next 12 months. Nationally, prices are forecast to well above the Equilibrium Prices, they ALWAYS eventually come
remain constant. back down. This risk is part of the Local Market Risk Premium.
In the second and third year, prices are forecast to increase 1% The Equilibrium Price is often - but not always - the floor when
and 5%, respectively. home prices fall.
Local Market Risk Premium Local Capitalization Rate
The Risk Premium for investing in this market is currently 1.6 per- The Local Capitalization Rate is used to price a rental
cent. property, based on the annual rent stream minus the an-
nual operating expenses. The Cap Rate incorporates both
The Local Market Risk Premium measures the risk of lower future
national and local economic risk. The local Investment
income from a property - due either to lower rents or higher va-
Cap Rate is used to estimate the value of an apartment
cancies - and the risk of lower future property value due to a fall in
home prices. building or single-family rental. Proposed property prices
that produce a sharply lower cap rate should be scruti-
Job Growth nized very carefully.
In the past 12 months, jobs in this market have grown by 0.8 per- Population
cent. This compares to a national increase of 1.4 percent.
The population in this market grew less than 1% in 2011,
Job growth is our most immediate guide to the demand for hous- while the US population grew less than 1%.
ing. New jobs spur population in-migration while jobs regained in a
recovery create new households. Investments are riskier when job Population growth - or the lack of it - has the strongest
growth is falling, less risky when job growth is strong. effect on local demand for housing. Average population
Page 20 MAREInet.com
21. growth in the US is 1 percent per year. Investments are investment risks. An above-average concentration of jobs in
usually less risky in markets with above-average growth, construction, manufacturing, finance or tourism indicates a
though more risky in small markets with very high popula- greater vulnerability to economic cycles. But strong growth in
tion growth. Population data are always several years old, these sectors means the current situation is favorable. Large
but current job growth is a fair substitute. health-care or government sectors often mean more stability
and lower risk - but not always. The Unemployment Rate
Migration in July 2012 was 7.5% versus 8.2% last year.
In 2011, net population migration was 0.0%. While migra- Employment by Industry
tion tends to be small, it can have a large effect on demand
for real estate
Home Prices and Rents
Home prices and rents often move in cycles but not at the
same rate. Rents are more closely tied to local income,
while home prices more easily respond to relatively small
changes in supply and demand. Investments often are less
risky in markets where home prices and rents increase
slowly and steadily.
Home Price and Rent Change
Financial Capitalization Rate
The Financial Capitalization Rate shows the average
return on investments with similar perceived risk as
residential investment properties - such as BBB corpo-
rate bonds - but without taking into consideration the
special local risks measured by the Local Market Risk
Premium.
Financial Capitalization Rate
Rents
We forecast rents to increase 18 percent over the next three years
in this market, to an average of $889 per month, partly due to higher
inflation.
Rents rarely decrease, but sharp job losses and falling home prices
can push them down. Rents are closely related to local income.
Monthly rent on average is 2 percent of local per capita income, but
there is a lot of variation.
Housing Permits
Total housing permits in July 2012 were up 13 percent from
last year. Single family permits were up 40 percent.
Forecast Accuracy
Vacancy Rates
The Local Market Monitor forecast relies to a
The Rental Vacancy Rate rose to 12.1 percent in Q2 2012. The
Owner Vacancy Rate rose to 2.4 percent.
large extent on recent price changes and the mo-
mentum of price changes and expected changes
The survey technique used by the Census to get local vacancy rates in local income and job growth.
for rentals relies heavily on large apartment landlords. It can't easily
capture homes that are available for rent. Large changes from quar- Learn more about YOUR market online at
ter to quarter in some markets can be due to survey problems rather
than actual vacancies. http://localmarketmonitor.com
Employment http://investors.localmarketmonitor.com
Jobs were up 0.3 percent in the past year, compared to the national
gain of 1.4 percent.. MAREI members receive a 25% discounts on
all report purchases.
The concentration of jobs in various industries can reveal special
Investment News Page 21
22. 3343 Bellefontaine $34,500 3 Bed Newly Rehabbed Christoph Becker
1 Bath Kansas City Invest- Blue Print Properties
Kansas City, MO Rental Basement info@BluePrintProp.com
ment Property 20%
816-419-1165
Net ROI
1459 N Martway Dr $80,000 4 Bed This JOCO Flip would Makeba Hart
2 Bath be an easy sell. Make Virtue Investments, LLC
Olathe, KS Rehab—to 1246 sq t Me an Offer. Makebashart2gmail.com
Flip 816-665-0491
8409 E 103rd $24,500 3 Bed Raised Ranch, needs Beatirce Gicharu
2 Bath rehab finished. Esti- kcpropeties-
Kansas City, MO Rehab 1354 Sq mated ARV $98,678 site@gmail.com
Ft 816-974-8404
1518 Poplar Ave $13,500 3 Bed Wholesale Price only Christoph Becker
1.5 Ba $13,500. Most has Blue Print Properties
Kansas City, MO Rehab 2 Story info@BluePrintProp.com
already been done to
816-419-1165
Rental this Solid 2 Story.
6149 Harvard $109,900 4 Bed Live upstairs & rent Scott Tucker
3 Bath out the basement. Realty Resource
Raytown, MO Potential 2 2 Living Scott@GBIFunding.com
Excellent first home/
Family Qtrs 913-620-7934
rental opportunity.
2019 W 47th Tr $159,000 3 Bed One of a kind home Paul Panos
2 Bath blocks from the Building Freedom
Westwood, KS Custom Full Bsmt 816-786-3854
Country Club Plaza,
Home Facebook.com/
Westport & KU Med
BuildingFreedomLLC
26 Off Market Bulk Package 26 Most tenant occu- Christoph Becker
Properties pied, free and clear Blue Print Properties
Kansas City Pkg info@BluePrintProp.com
title, can break up.
816-419-1165
Sold as is.
Page 22 MAREInet.com
23. MAREI Member Properties
MAREInet.com/Properties
237 N 15th St, $35,000 3 Bed Good rental or rehab Steve Gardner
Kansas City, KS 1 Bath opportunity. ARV of Destination Properties
Rental Basement 913–461–0402
$48-50k. Needs a
Carport
Rehab few repairs.
7315 Nieman Rd $95,000 3 Bed JOCO house in Shaw- Steve Gardner
1.5 Bath nee, new roof, founda- Destination Properties
Shawnee, KS Rehab Basement tion and exterior paint. Ste-
2 Car Gar Must move it. Bring any ve.Gardner@homevestor
offer. s.com
5809 W 70th St $89,000 3 Bed $30—$35k Rehab. Steve Gardner
1 Bath Great Overland Park Destination Properties
Overland Park, KS Rehab Crawl 913–461–0402
ranch, good schools,
Rental strong resale value,
needs help
4407 Genessee St $99,000 3 Bed Double Lot. West- Steve Gardner
1 Bath port / Plaza. New Destination Properties
Kansas City, MO Rehab 2 Car Ste-
Roof, Repaired Foun-
ve.Gardner@homevestor
dation.
s.com
2 Houses Under $10K 3 Bed Huge Discounts 2 Makeba Hart
2 Bath house for under 10k Virtue Investments, LLC
Kansas City, MO Each—Need Makebashart2gmail.com
Make me an offer!!!
Rehab 816-665-0491
3829 Benton Blvd $27,500 3 Bed Excellent curb appeal Christoph Becker
1.5 Bath – This 3/1.5 home is Blue Print Properties
Kansas City, MO Rehab Basement info@BluePrintProp.com
situated on the dis-
816-419-1165
Rental tinctive “Benton
Blvd” in KCMO
Your Property Here
MAREI members can post investment properties online which are pushed out
through our Social Media Pages, Email, and Printed at least once here in our
Monthly Newsletter for our entire database of buyers to see.
Investment News Page 21
24. Show me
We had a call this past week at
the MAREI office from someone
looking to find a copy of “the LIST”. They were new real Craigslist is probably the next best place to work on.
estate investors focusing on wholesale investing and Here you need to do a little bit of reverse ad marketing.
had learned enough to contact the local real estate in- There are programs out there that will allow you to scan
vestment association, but unfortunately their education Classified sites for key words and kick out an email to
source failed to explain that there is not a list available, them with a generic email reply. The entire purpose to
that they have to do a bit of work to create their own list. get them to respond. These software programs work to
a point, but if you do this to an investor who advertises a
So where do you start? Well starting at the local REIA is
lot, who is really doing the business, they get these
a good start, but you need to do a few things to find the
types of responses, know they are computer generated
movers and shakers that will actually buy your houses.
and just delete them.
1. See if they do have a ready made list, doubtful, but
So take this reverse ad marketing a step further. Using
they might. Check their member forums, we have a
any software, or the search engine for the classified site
buyers list section on our forum that could potential-
and search for key terms like for sale by owner, for rent
ly grow into a magic list.
by owner, we buy houses, we sell houses, seller financ-
2. Network at meetings, that means talking to people, ing and other key phrases. As you search through these
collecting cards and following up via phone to drag ads, build a list of names, emails if available, websites if
contact information and buying criteria out of people. available and most importantly - PHONE NUMBERS.
3. Going to all the live events that are available and Sift your report to remove duplicates and now, I want
networking is a must. See deal article on page 6. you to take a deep breath and CALL these people. Ask
them if they can take two minutes to answer a few ques-
Next I would take a look at places online where Investor tions about what they buy and how you can bring them
Buyers might be. There are a few places on all the ma- deals to them.
jor sites like Facebook, LinkedIn, and Yahoo that have
groups that other investors have created to market their Note, that as an investor who advertises on craigslist a
properties. They have grown a HUGE buyer’s list by lot, I get tons of emails wanting me to tell them what I
allowing everyone to post their investment properties. buy. These get put on the back burner for when I have
They will let you post your properties on their groups, more time, which is NEVER. But if they call, I will usual-
but they are not going to give you their list. Do not cre- ly talk to them and tell them what they want to know.
ate your own page and invite their list to come like your Another option takes a bit of money to buy a list or to
list, this will get you kicked out take some time and sift through county records to find
The best way I can describe my next step is to stalk buy- cash buyers of properties in the area where you want to
ers on social media. That means going through post work. You want all the contact info you can find and
after post after post till you find one that sparked a lot of then you can send a postcard to all the cash buyers of-
interest and buyers posting their contact information to fering them some reason to go to your website for more
find out more about deals. Build a list from these con- information. The gurus will tell you to give away a free
tacts and contact them to see if you could add them to report, I would suggest having information about a
your buyers list. house for sale. You will have to test different postcards
to see which ones work better.
Take it a step further and note the postings that create a
lot of response. Take the time to recreate similar posts These are just a few ideas to get you started. There is
of your own in an attempt to generate your own flurry of no magic list, it just takes time and a bit of work and you
replies. will soon have your own buyers list.
Page 24 MAREInet.com
25. More Information . . .
More Confidence
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816-436-0085
Selling on Terms?
How? We transform vacant houses - often Need Cash Now?
seen by buyers as stale, lifeless, unappealing -
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Showhomes. Now in our third decade of ser-
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Our professional home staging services can add note or contract which can be sold for cash. We
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same time reduce the stress and expense of mar- can purchase all or part of your payments right at
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Sell Vacant Houses Faster cash now so you can move on to your next deal.
and for more money! Request a Quote Today!
ShowHomesKC.com Email us at info@GBIFunding.com
Michelle Davis
913-449-3593
Investment News Page 27
26. MAREI is looking for a few volunteers to YouTube. If you like playing with
to help in several areas. Volunteers YouTube and have a digital camera,
receive recognition online and in the please apply.
newsletter. Get your name in front of
Moderators: Our Social Media pages
all our members and guests:
need moderators to not only contribute
Blog Contributors: Are you an ex- relevant conversation, but to also keep
pert on title, real estate law, property our social media pages clean, relevant
management, home inspection, short and free of spam. If you are an expert
sales, wholesale, technology, market- on one of the many social media and
ing or any one of the many other real stay current on real estate topics,
estate industries and would be able to please apply.
contribute four articles or more a year,
Trainers & Speakers: MAREI would
please apply. All blog posts will in-
like to revamp our Personal Housing
clude your bio and links back to your
Provider Courses this fall and winter
designated website.
and needs assistance assembling 1 to
Official Photographer: MAREI needs 3 hour workshops to train members
real estate photos for the website and and to potentially take to other REIA
newsletter of real estate out in the groups. If you have ever thought you
general public as well as shots taken at could do what the GURU’s do, please
official events. If you have an eye for apply.
a good shot and a digital camera,
To apply, please send us your contact
please apply.
information, position you are interest-
Official Videographer: MAREI needs ed in and why you think you would be
someone to make one or two short 2-3 a good fit to info@MAREInet.com.
videos at monthly meetings and post
Page 26 MAREInet.com
27. Learn How NLP is applied in all Areas of
Your Investing!
MARK YOUR CALENDAR
Bill Twyford aka The King of Communication and author of “How to
SATURDAY & SUNDAY
Sell a House When It’s Worth Less Than the Mortgage,” will be here
LIVE and IN PERSON, Nov.3rd & 4th, 2012. He will teach us how to NOVEMBER 3RD & 4TH
get OUR DEALS ACCEPTED! Bill says that it all boils down to NLP!
KANSAS CITY
Bill is an NLP specialist. He can teach you how to speak the language
of the banks, the homeowners, and the buyers…In other words:
He can make you wealthy!
You will learn:
What to say to the banks to get your short sale package to the
top of the heap
What to say when the bank says no
How to get the bank to work with you even when your home-
owners are in bankruptcy
How to get your homeowners to sign contracts on the first
meeting
What paperwork to use to make every deal “air tight”
Learn the “little known” Bankruptcy Short Sale
How to negotiate when buying notes
How to automate your communication system
And much, much more!
With everyone offering you the next, best, “make a million dollars while
you sleep” program – people have forgotten that this is a people busi-
ness and without the proper COMMUNICATION SKILLS you are
dead in the water!
Unless you are closing 75% or MORE of your short sales, you must
attend this TWO-DAY WORKSHOP. This is not a sell-a-thon, it is Bill Twyford teaching you for TWO SOLID
DAYS! Please bring a calculator, a good attitude, and come with an open mind. We guarantee that you will
learn more in these TWO DAYS than any other workshop you have ever attended!
Register Today MAREInet.com/NLP
28. Tons of Networking Speed Networking
MAREI’s
September Meeting Industry Partner Expo Best Speaker Lineup
Experienced Investors And Much More!
How Foreclosure Works in KS & MO
Special Guest
And When You Need to Foreclose
Bud Whisler
Coffelt Land Title, Inc.
What Exactly is the Process of Completing a Foreclosure
What is the Difference Between Judicial and Statutory Foreclosure
Location:
What is a Redemption Period and How to Avoid
Career Education Systems Besides Foreclosing on a Mortgage,
Ward Parkway Shopping Center when would Foreclosure be Needed.
8600 Ward Parkway In today’s market, more and more investors are purchasing non-
Kansas City, MO performing mortgages and doing work outs, offering homes for
sale on lease to own and contract for deed. When we get more
Times: creative in our investing, the need to understand the foreclosure
process from the seller / lender side of the equation becomes
Tuesday September 11 much more important.
6pm to 9pm Bud Whisler with Coffelt Land Title, Inc. is an expert on Title and
Foreclosure process in and he will be telling us what we need to
know at the September Meeting.
Agenda for Tuesday September 11th Cost
5:30 pm – Pre-Meeting & Set Up Investor Member—No Charge
6:00pm - Focused Networking: Meet the Right People at the Right
Business Member—No Charge
Time & bring business cards & flyers!
6:00pm — Industry Partner Tradeshow (reserve vendor table) Internet Member—Guest Fee
6:30pm — New Member Orientation Guest Fee
7:00pm – Main Meeting
Deal Makers “Haves & Wants” Exchange: Quick Pitch Session for $25 Per Person at the Door
Your Real Estate Deals! $15 Per Person on Web
Industry Partner Introductions: Build Your Dream Team
Go to
7:15pm — Special Guest: Local Title Expert: Bud
Whisler presents: Foreclosures MAREInet.com/September
8:30pm — Adjourn: Speaker ends and offers one on one Q & A, plus All Guest Fees Paid will
unstructured networking
Be credited toward membership
– 9:00pm — Meeting Ends when you join at the Meeting.