The Investment News: August 2010

u MEMBER D ISCOUNT
S HERWIN WILLIAMS August 2010

PAGE ............. 15

u CALL TO ACTION
LEGISLATIVE
ACTION COMMITTEE
PAGE .......... 10

Investment
u MONTHLY MEETING
A UGUST 23 TH
PAGE ............. 8

NEWSLETTER OF
MID-AMERICA ASSOCIATION OF
REAL ESTATE INVESTORS
news
For Real Estate Investors & Property Owners

BOOTCAMP & BUS TOUR
Don DeRosa and Pete Youngs are teaming up with MAREI
in September to offer you a cost savings bootcamp. Total
cost is less than $200 and it‘s right here in Kansas City, so
no airfare or hotel expense.
Don is well know for using creative financing techniques to
purchase and sell homes combined with using private
money to have a truly no money down transaction. And
he has totally automated his office on his new IPad and is
going to share his secrets.
Pete is know for his money savings techniques when it
comes to rehabbing houses to sell or rent. If you want to
do it yourself or you want to hire a contractor, he will have
tips to save you money. See Page 27 for more details. Register Online

www.MAREInet.com

ARE YOU PROTECED
As small business owners all members of MAREI from in-
vestors and landlords to our support team members, we
all need to protect our assets, our profits, and all of our
hard work. Don‘t get caught with out protection. Find out
at our August meeting how to protect yourself. Details
page 23.

Organization

MAREI
Notes
Contact Information
Mailing Address PO Box 8685, Prairie Village KS, 66208

Phone: 816-523-4400 x 222 Fax: 816-523-4440

Our Mission Statement
Mid-America Association of Real Estate Investors is dedicated to promoting ethical real estate investing
and to protect and promote the best interest of our membership through educational and networking
opportunities as well as community, legislative and public relations.

Legal Disclaimer
MAREI does not exist to renter and does not give legal, tax, economic or investment advice and dis-
claims all liability for the action or inaction taken or not as a result of communications from or to its
members, officers, directors, employees and contractors. Each individual should consult his/her own
counsel, accountant and other advisors as to legal, tax, economic, investment and related matters con-
cerning real estate and other investments.

Content Disclaimer
The views and opinions expressed by authors of articles contributed to this newsletter do not necessar-
ily reflect those of the association, the board of directors or the staff.

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Page 2 MAREInet.com

MAREI
Staff

Kim Tucker 816-523-4400 Don Tucker 816-523-4400 Steve Burns
Director President Audio Visual
Kim@MAREInet.com Don@MAREInet.com cashflowtreasures@gmail.com

Robin Sage John Welchert Larry Prato
Meeting Ambassador Meeting Ambassador Commercial Subgroup
RobinSage38@yahoo.com 816-268-3849 913-227-4693

Dan Goodwin 913-642-5218 Shelda Goodwin Frank Janssen
Meeting Ambassador Meeting Ambassador Creative Financing Subgroup
DanGoodwin@kw.com SheldaGoodwin@kw.com 816-865-6514

Investment News Page 2

Member Profile
Realtor
D OUBLE
Frank Janssen D UTCH
Active Member of MAREI
since Feb 2007
H OMES

Get the best deals on
beautiful homes in your
real estate investors, he said you need to
area even before real es-
“learn the art of putting a deal together.
tate agents know they‘re
Listen to the seller‟s needs and offer a win-
Frank Janssen not only joined MAREI in
win solution for both of you.”
for sale! Through our
2007, but he started his real estate investing
massive network, we
career with the purchase of his first property He also offered that you should “never quit”.
have access to tons of
in June 2007. He bought it for $7,000 and
We asked him for some advice for new in- motivated sellers who
resold it, “as-is”, meaning no work for
$17,000. Not bad for a first deal!
vestors trying to get their first deal. His re- want to sell their houses
sponse was: marketing. Learn how to im- quickly, and at the low-
Currently his focus is on residential real es- plement marketing systems to generate est prices in the market-
tate investing. Frank is a “wholesaler” motivated seller leads. The more leads you
place.
meaning he buys and sells houses with out can generate, the better you will become in
doing any repairs, he also holds properties finding a truly motivated seller. Don‟t deal Investors be sure to sign
as a landlord. His specialty is creative fi- with sellers who are not motivated. up for our email list of
nancing meaning using subject to, lease
He also said: money. Start with as little as homes!
purchase, and contact for deed as a way to
possible. “It‟s a curse to have a lot of Visit:
buy and sell properties and is now venturing
money as a new investor.” Another word
into the fix „n flip property DoubleDutchInvestments.com
was: education & implemen-
method. Words of Advice:
tation. “Make a commitment
To register for our
We asked Frank to share a  Learn Deal Structuring to read a lot and implement
buyer‘s list.
good learning experience he  Market for MOTIVATED what you learn. Don‟t be the
had and he wanted to share Sellers investor who reads for 10
his “worst deal”. It‟s a property  Start with very little money years but never takes ac-
that he wholesaled for $500  Educate Yourself tion. Invest in your educa- DoubleDutchHomes.com
and he had to work very hard  Implement tion. This is the most profit- 816.359.3337
 Never Give Up
to get it sold and was not a able business I know. It‟s F: 888.996.2010
good use of his time, but at
least he didn‟t loose on the deal. So before
worth it to invest in your
frank@janssenrei.com
education, I did and I have never regretted
you jump into a marginal deal, think about it.
the profits to be made vs the time you are
We asked him one last question on his
going to spend on it.
thoughts on the current real estate market. Interested in learning
Some other example deals include his 1st Frank shared that it is obvious that there are more about creative fi-
two wholesales in 2007, that made him a lot of motivated sellers out there. In this
nancing? Be sure to at-
$10,000 each. His highest gross profit on a market if we have the marketing, are dealing
tend the 2 day Bootcamp
wholesale deal was $15,800. His best sub- with the motivated sellers, we will have
with Don DeRosa & Pete
ject to deal (meaning he bought it subject to deals. Then the focus is going to be on get-
Youngs, they will talk
the seller‟s existing financing and did not go ting the houses sold or rented. The key to
find a new mortgage) was from one seller about creative financing!
this is offering a good product for a fair price
who sold 2 duplexes and a 4 plex with $0 and to be loyal to your customers, especially And be sure to watch for
down. He still has these units today. those investor buyers that purchase the upcoming meetings of
wholesales. And remember your reputation MAREI‘s new subgroup.
When asked for advice to share with new
can go a long way.

Page 4 MAREInet.com

Contents
MAREI News
In This Issue
Member Profile 2
New Web Site Staff 5

MAREI 2.0 6

Things that make you go . . .Hmm. . 8
It‘s up and running
Legislative Trends 10
Check it out Give Back 12

www.MAREInet.com Membership Has it‘s Privileges 14

Worker‘s Compensation Issues 16
Click on New
Market Update 18
Website
Conversations with Betty Buyer 20

Calendar 22

Investment Opportunities 24

Find it, Fund It, Fix It, Flip It Bootcamp 27

Features ‫ ׀‬August 2010
Do you own a Don DeRosa Advertiser’s Directory

business, hire interviewed
one of his Double Dutch Homes 4 Market Updates 18
employees,
recent buy- MAREI 2.0 6 Classifieds 24
have tenants,
ers find out

16 20
show houses, how she Online Networking 13 kcmoHomeBuyer 25
drive a car. ended up Sherwin Williams 15 T.O.T.L. Renovations 25
Make sure you being his
buyer and Accurate Title 17 Home Depot 25
are taking the
what works Rockstar Investor 17 4
F Bootcamp 28
proper steps
for market-
for protection. ing.


Director Notes

MAREI 2.0
Interactive
Last month we were talking about MAREI 2.0 Our former Commercial Leader, Frank Janssen
and all the changes . . . Have you had a is looking at starting a new sub group for us—
chance to look at a few? Creative Real Estate Financing as that is his
specialty. If you are interested in Creative
Blog: This is an excellent place to interact and
Financing, then please look for Frank at the
drive traffic back to your web site. You see
Next Meeting.
when you read a blog post and make a com-
ment on it, the comment tool has a space for And finally we had our first meeting of our
your name and your web site. So you can not Government Affairs committee and are work-
only share your knowledge by commenting on ing to get a solid base under us to monitor our
a blog, but get a quality link back to your web local governments, focusing on Kansas City
site, increasing your rankings in Google. Missouri to Start by the committee and we are
also tapping into several other legislative ac-
Business Associates: Have you checked out
tion committees in other groups to monitor
the Business Associates on the MAREI web
Kansas, Missouri, and National Legislation.
site? Have you used one? Have you rated
them yet? As a member of MAREI, log into Last but not least, our Face Book and Linked
the member‘s section and make your way to In Groups are growing, we would love to have
our list of vendor‘s online. When logged in the our members interact and share their exper-
comment section will be active so you can rate tise, and deals on our social networking
a Vendor or Business Associate. groups. Look for Kansas City Real Estate In-
vestors on both Facebook & Linked in and
Sub Groups: We are getting some interaction
share: your deals, interesting news articles,
in our sub-group level. We want more.
things that are happening in real estate. This
Our Lee‘s Summit investors lead by Gary not only brings more people to our social net-
Cross continue with their Saturday morning works, but also brings recognition to you. So
breakfasts. please network with us.
Our Commercial Group is growing and chang-
ing with Larry Prato stepping up to become
Kim Tucker
group leader supported by the members. I
am hoping the commercial group can track Director
market trends in the commercial sector for the
MAREI
rest of us and help lead an Invest in Kansas
City campaign in the next year or so. If this
or any commercial topics interest you, be sure
to join this group.

Page 6 MAREInet.com

Get Involved
Admission to Monthly Meeting . . .
Free (For Members)
Volunteering Monthly at the General meeting
Acquiring enough MAREI Bucks to pay for Membership
Volunteer in MAREI Office
Real Live Working Real Estate Investor Office
Sponsor a Sub Group
Your own Private Coaching Group
Teach a Class
Be the Expert in Your Field
Join a Committee
Give Back
For more information on becoming a volunteer,


September Guest Speaker

Things that . . .
Make you go hmm . . .
In my latest deal that closed on Friday, there gutter situation). An inspector would have
were many things that happened from the in- picked up on this and made a big deal out of
spection that most of the people doing rehabs it. You see, siding must not touch the ground
might have overlooked. Part of my teaching around the house. This makes for easy insect
style in my systems and live events are to infestation such as termites, and also stops
teach you things that you would not have real- some loan institutions from financing a deal
ized on your own. with this situation. Commonly, siding must be
about 6 inches from the ground to be consid-
Sometimes you must look very hard a prop-
ered correct. To save money, we did not tear
erty to find the little things that will add up,
out the siding and start over. We got on both
and cost you thousands of dollars that you had
ends of the side portions of the house and
not intended to spend. I teach how to do prop-
measured up six inches from the ground, and
erty inspections…one of the most important
then snapped a chalk line that marked the sid-
tasks that will save you big bucks, if you know
ing all the way across each side of
what to look for. See, the
the house. Then we adjusted the
buyer will hire a property in-
blade on our skill saw to ½ inch
spector to list the defects of
Pete will be our guest and used it to trim the bottom six
your property as a tool for
getting a discount on the deal, speaker in September and inches off the house. This now
was acceptable when an inspec-
or get you the seller, to pay is partnering for a 2 day tion would be done.
for these repairs. Here‘s what
we had to recognize on my Bootcamp & Bus Tour The toilets in the house seemed
last deal. with Don DeRosa right as if they could be kept if they
here in Kansas City. were given new working parts on
First, the gutters did not have
the inside. I put newspaper
a nice line to them. They had
around the bottoms and flushed a
sagging areas that made the
few times, then left the newspa-
property look as if it would be
per overnight. When we returned
best to replace the gutters. This would have
the next day, we found that the paper had ab-
cost around $800.00 to do. But for under
sorbed some water. This indicated that the
$20.00, I got some gutter brackets that at-
wax ring in both toilets had been seeping a
tached with a screw gun, and had a helper use
little. So by the time you have added up the
a 2 x 4 stud to push up on the gutters to get
moving parts . . Or guts to be replaced, then
them back in line as I screwed the brackets
the wax rings and then the plumbers labor
tightly into the fascia board. This made the
cost per hour it was actually cheaper to just
appearance 100% better and saved about
buy new toilets. The new ones came complete
$780.00.
with all new parts, most installed already.
Next problem was something that most would Therefore, it takes the plumber less time at
have missed seeing, unless you have a trained his hourly rate to install new toilets rather
eye. There had been some siding replaced due than rebuild the old ones. It also looks good to
to moisture rot on the bottom of the house the buyer to see brand new fixtures.
around the entire exterior. (Probably from the
(Continued on page 9)

Page 8 MAREInet.com

(Continued from page 8) this one tip is one you will use it‘s expensive to replace. But us-
over and over in your investing ing the techniques I teach in Re-
The cabinets were stained dark career. hab 101 we got our estimate to
brown and had a thin layer of replace the entire pipe in the
Last, was the big killer. If over-
poly on them. They really needed house and the underground ser-
looked this could easily cost you
a fresh look to avoid replacing vice from the street down from
several thousand dollars and in
them. I have written techniques $7995.00 to about half the cost
many cases is a deal breaker if
on how to prep and paint stained at $4200.00. That‘s a great sav-
you do not replace it. It is also
cabinets to a nice white look but ings on just that item alone. So
something you should use as a
here; this is a great way to re- be careful not to overlook a
discount when buying the house
store a brand new look for under houses ―fine print‖ when you do
as an investor.
$5.00. There is a product in most your initial walk around. See be-
any store that sell cleaning sup- Either way, somebody is likely to yond what you think you see,
plies called ―Old English Scratch have to pay for this replacement. and learn to look for the less ob-
Remover‖. You pour this dark oil I am talking about polybutelyne vious repairs that could make or
onto a white terry cloth rag and water piping. Usually identified break a good deal. These and
rub over the entire cabinet area. by being blue in color, this pipe other great money saving tech-
This will not only blend in any has a reputation of breaking and niques are on my site
light and dark areas, but also leaking causing thousands in wa- www.peteyoungs.com
give the appearance of freshly ter damage. Though many
stained and varnished cabinets. houses may have it, nobody
Saving easily about $1000.00 wants it. Not only is it unpopular,

Find it, Fund it, Fix it, & Flip It . . .
A 2 Day Bootcamp & Bus Tour

 Saturday & Sunday September 18th & 19th

 With Pete Youngs and Don DeRosa

 Where to find the best real estate investment deals!

 Don & Pete‟s best ways for funding these deals!

 How would Don & Pete Fix them up for fast sale!

 How they flip houses.
You get two full days packed with both class room and in the field training with two of the countries
best real estate investment trainers who actually practice what they teach.
Details and Registration on the MAREI calendar or go to our special web site at:
https://sites.google.com/site/4fweekend/
- there are only 50 seats on the bus, so be sure to purchase your tickets today!


Legislative

Legislative
Trends
President Obama has signed sweeping financial  A safe harbor from the ―ability to repay‖ re-
services reform into law. The law creates an over- quirement was created, which limits the total
sight agency for financial services companies and a points and fees collected by lenders and their
consumer financial protection bureau. It also in- affiliates to 3. This provision was included
cludes provisions to curb risky mortgage lending over NAR’s strenuous and repeated objec-
and to address appraiser selection by lenders. tion.
It is important to note that quite a few changes  However, we believe there is some regulatory
were made in the law due to efforts by government flexibility in this provision including flexibility
action committees from several different trade as- for smaller loan amounts with ―smaller‖ being
sociations including National Association of Real- left undefined.
tors (Realtors, this is your REPAC dollars at work)
and National Real Estate Investor Association and  NAR will work diligently to ensure this provision
their Government Affairs Committee. is interpreted in a manner consistent with the
best interests of real estate professionals, their
Effects of this lobby effort include:
lender partners, and their clients and custom-
CONSUMER FINANCIAL PROTECTION BUREAU ers.
(CFPB)
Seller Financing
 An exemption for Realtors & real estate agents
 NAR and National REIA was successful in get-
performing traditional real estate activities
ting the legislation amended to allow an indi-
from the jurisdiction of the Consumer Financial vidual to conduct three seller financed transac-
Protection Bureau except to the extent they are tions in a 12 month period without being sub-
governed by existing laws such as the Real Es-
ject to the complicated mortgage rules in the
tate Settlement Procedures Act (RESPA) that
new Act. NAR has asked HUD to adopt a similar
will now come under the bureau‘s purview.
approach to exempt seller financing, up to
MORTGAGES three transactions in a 12 month period, from
loan originator licensing requirements under
Risk Retention – Qualified Mortgage Exemption
the S.A.F.E. Act.
 At NAR‘s request, Congress included a qualified
COMMERCIAL
mortgage exemption from potentially costly--
for both lenders and consumers--risk retention Accounting Rules Study
requirements.  The Act requires the Federal Reserve to study
 Congress gave the regulator flexibility in deter- the combined effects of the risk retention re-
mining what a qualified mortgage is, however quirements with recent new accounting rules
the mortgage must meet the standards laid out put in place by the Financial Accounting Stan-
in the predatory lending portion of the bill. dards Board (FASB) that represent dramatic
These standards include underwriting based changes in securitization accounting (FAS 166
upon full documentation, ability to repay, and and 167).
limitations on fees among other things. Accredited Investor
 NAR will work with the regulators to ensure  The Act gives the SEC the authority to review
that the regulatory framework maximizes ac- the current standard and update it to reflect
cess to affordable mortgages for consumers. inflation and the characteristics of the modern
Qualified Mortgage Safe Harbor

Page 10 MAREInet.com

economy. The bill excludes the their swap transactions and To find your congressman:
investor‘s primary residence meet margin requirements.
from $1 million net worth stan-
APPRAISAL Visit http://www.house.gov and put in
dard. The SEC review may raise
the threshold for defining a cus-  Appraisers are to be compen- your zip code in the top left hand cor-
tomer as an accredited investor, sated at a rate that is reasonable ner of the screen.
forcing companies that sell secu- and customary for appraisal ser-
rities to them to register the vices in the market area of the To find your senators:
products with the SEC. property being appraised.
Visit http://senate.gov/general/
Commercial End Users  Home Valuation Code of Conduct contact_information/senators_cfm.cfm
 The Act appears to allow com- (HVCC) sunsets when Consumer
Financial Protection Bureau is-
mercial end users – including
sues interim final regulations
owners, operators and develop-
implementing the appraisal pro-
ers of commercial real estate –
visions of the Dodd-Frank Act.
to continue to engage in swaps Bureau become members of
used to manage commercial risk  A subprime mortgage requires a ASC. The Office of Thrift Super-
without being subjected to cen- written appraisal of the property vision is no longer a member of
tral clearing. However, regula- to be mortgaged. ASC because it is being merged
tors would now be authorized to into the Office of the Comptroller
impose initial and variation mar-  The applicant is entitled
of the Currency.
gins on these un-cleared trades. to one free copy of the
appraisal. 1031 LIKE KIND EXCHANGE IN-
Modified Crapo Amendment TERMEDIARIES
 The applicant must be
 As for provisions governing se- notified that the ap-  NAR supported language re-
curitization, the final language praisal is prepared for
retained --with minor modifica- the sole use of quiring the SEC to conduct a study
tions-- an amendment by Sena- the creditor. on how best to regulate 1031 Like
tor Mike Crapo (R-ID), allowing
―third party‖ (B-piece) investors  It is unlawful to coerce, extort, Kind Exchange Intermediaries to end
to satisfy new risk retention re- collude, instruct, induce, bribe, the fraudulent practices that have
quirements for commercial mort- or intimidate an appraiser in an
gage-backed securities (CMBS). at-
tempt
This language also directs bank
regulators to consider exemp- to Watch the MAREI Blog for Updates . . .
tions or different risk-retention influ-
requirements for CMBS. ence And Working Links.
the
Securitization independent judgment of the
appraiser. been taking place.
 The Act requires banks that
package loans into CMBS to  An appraiser may consider addi- There are more laws in the works
keep 5% of the credit risk on tional, appropriate property in-
their balance sheets. Directs that will affect not only Realtors, but
formation Including addi-
regulators to exempt low-risk tional comparable sales to sup- Investors, Mortgage Lenders, and
mortgages that meet certain port an appraisal, provide fur-
minimum standards. (See ―Risk other‘s in the industry. It is very
ther detail, or correct errors.
Retention – Qualified Mortgage important that we as the Real Estate
Exemption‖ above.)  Appraisal Qualifications Board
Investor trade organization and our
(AQB) Qualification Criteria for
Swaps
licensed and trainee appraisers respective individual trade associa-
 Financial firms, a class that likely becomes mandatory for the tions such as NAR work hard to sup-
includes mortgage real estate states (currently voluntary).
investment trusts (REITS), will port our leaders working in Washing-
 The Federal Housing Finance
be required to centrally clear ton, State Capitals, and City Govern-
Agency (FHFA) and the new
Consumer Financial Protection ment.


Membership

Give Back
Get Involved
One of the best ways to grow your real estate tional 30 minutes to the meeting. Then we
business is to GET INVOLVED. From volun- would need experts to create the 30 minute
teering at events, serving on committees, to just presentation and teach it. Again by evaluating
giving back to the community your business will what you do in your chosen field and breaking it
grow. When you get involved, you meet more down to teach to others give you more knowl-
people, you learn new things, and you gain rec- edge and being an “expert” gains you more rec-
ognition in the community, all resulting in either ognition and business.
more business or more profitable business or Do you know someone at MAREI who has a lot
both. of knowledge to share who would be a good
Here at MAREI we have a goal for the 2010 – trainer? Please email us their contact informa-
2011 year, to get more members involved and tion.
more interaction at all levels. We would like to Legislative / Government Affairs Committee:
share with you a few of our goals that are also We are under attack! Okay, you hear that often,
opportunities for you to become involved. but it‟s truer now than ever. Our governments at
Quarterly Market Report: We would like to of- all levels need money and they will take the path
fer a 30 minute state of the market in the Kan- of least resistance. This means that people or
sas City Metro area once a quarter or divide up groups that are not represented, will be targeted
the metro into 3 areas and offer one a month at for increased fees and taxes. So while we do
the monthly meetings. Would need to add an not currently have funding to employee a full
extra 30 minutes to the meeting. time lobbyist, we need to form a committee to at
We need to locate 3 – 6 people who are experts least be a watch dog for local and state legisla-
tion and report back to the membership as a
or who could become the expert on the markets
whole. Allowing us to be proactive rather than
in Kansas City and be able to provide a detailed
reactive. Get involved here as a member and
report to the group. We are getting examples
from other REIA‟s across the country. The Vol- have a great impact on your business.
unteers here would become much more knowl- Community Involvement: Will be designed to
edgeable about the market as a whole and by involved the associate, it‟s members and the
being the “expert” gain recognition and business broader real estate investing community in
in the community. worthwhile community programs or project that
Do you know someone who we be a good ex- delivers a valuable service to the community,
pert on the Market? Please email us their con- creates a “sense of community” within MAREI,
tact information. provides value to our members that generate
and promotes MAREI‟s positive vision and mis-
Educational Session: We would also like to sion. Get involved by being part of the commit-
offer up a 30 minute educational session pro- tee that selects what we become involved in and
vided by one of our expert investors or business give of your time or money to help support these
associates on a specific topic of interest. Can worthwhile charities. We are currently support-
be basic real estate concepts to advanced ex-
change techniques. Will need to add an addi- (Continued on page 13)


Online Networking
ing: Harvesters Food Bank, Habi-
tat for Humanity, and Habitats Re-
store.
Subgroups: Group leaders do Update Your Profiles!!!
not have to be experts in the topic,
but have some general working
Use MAREInet.com to update
knowledge. More importantly they Your profile and ensure your
need to be organized and able to
secure a speaker from time to Information is correct.
time, locate and reserve space to
meet, communicate with our Mar-
keting team to get the word out, MAREI is a networking organization and part of the MAREI 2.0 plan is that
and control the meetings. we interact. One of the best ways to ensure interaction is to make sure
Could meet monthly, twice a (1) you know how to access member profiles (2) make sure that members
month, or quarterly. Meet at a lo- know WHO you are and HOW TO REACH YOU!
cal eating establishment for FREE 1. Log into the Member Area of www. MAREInet.com
space.
2. Update your information by going to “My Info”
Proposed Sub Groups
 Be sure your contact info is correct
 Women in Real Estate
 Wholesale Investors  Be sure you include what you do
 Rehab Investors  Be sure your profile is turned on at the top
 Short Sale Investors
 Lease to Own / Subject To 3. After updating your info, check off the boxes on the right side to dis-
 Private Funding play the contact info in your “Member Profile” in our online member
 Note Buyers directory
 Self Directed IRA Investing 4. Make sure to hit the update button at the bottom of the screen
 REO Buyers
5. Get fancy
 Apartment Investors
 1031 Exchange Group  Add a Photo
 Landlords
 Preview your Profile
 Other Topics
 Groups based on Location in  Edit Your Bio
Metro our other cities
 Cash Flow Investors
 Advanced Investors Once your profile is updated, click on Profiles to find out more about
 Realtors who are Investors your fellow member! MAREI staff cannot provide any member‟s
contact info to another member if it is not on your profile.


Benefits

Membership
Has Privileges!
Besides getting awesome deals on train-  Office Max: From printing & binding,
ing programs on our webinars and at our to finishing & customizing - to reduc-
seminars, are you taking advantage of ing time & money with discounts from
everything MAREI has to offer you? As a 10% to 60%, Office Max ImPress of-
Member of MAREI you are also a member fers solutions for the full range of your
of the National Real Estate Investors As- needs.
sociation (MAREI). These and many more  Rentals.com: Save time and money
benefits are available to you for FREE! while shortening the duration of va-
 Home Depot: A biannual rebate of cancies between tenants with our mar-
2% of your net sales for your pur- keting and save time with our tools.
chases at The Home Depot and Home Members receive 20% discount off
Depot Tool Rental through an unparal- regular pricing. Number 1 in the
leled Material Purchase Rebate Incen- search engines.
tive Program. Many members across  Travel Discounts with avis, Budget,
the country have cashed checks for and Enterprise.
$1,000, $2,000 and $3,000.
 Real Estate Books by the nation‘s larg-
 Sherwin-Williams: One of our most est provider of real estate training ma-
popular and most used benefit, Sher- terials—Dearborn, Nolo, and Kaplan.
win-Williams offers unbeatable pricing
To find out complete details on all these
to National REIA members. Enjoy
member discounts log into the member
deep discounts on paint, applicators,
area and look at the Benefits Section in
floor covering, paint sundries, wall
the Library. We also mail a complete
covering, spray equipment, and even
booklet with all discounts and instructions
window treatments! Your discount
on how to access when you renew or join
card is in your membership package.
or upon request. To request email
 FedEx: Receive significant inbound info@MAREInet.com and ask for the
and outbound discounts on small member benefits booklet.
package shipments through FedEx, as
well as copying and printing services
through FedEx Office.


All MAREI membership packages include a
Sherwin Williams Discount Card
to be used at Sherwin Williams Stores Nationwide:
 Most Paint discounted 40% or more off Retail.
 Paint Sundries discounted about 35% from List

Not just for Paint, Sherwin Williams also offers:
 Paint & Supplies
 Demos & Training
 Floor Coverings


Tim Norris

Worker‘s
Compensation Issues .
Worker’s Compensation Issues . . this tenant to be injured while doing such
For the Real Estate Investor work, only to find your liability insurance will
deny the claim based upon such an arrange-
ment‖.
Though frequently overlooked by many real Pertaining to hiring contractors and third-
estate investors, worker's compensation party service providers, be certain that they
(WC) and related issues should certainly be carry not only ―General Liability‖ (GL) cover-
addressed early in your business planning age, but also current WC coverage, whether
stages. Bear in mind, that advice from your State sponsored or from a private insurer.
attorney, accountant and/or from the State The best time to obtain such validation of
Department of WC (if applicable) certainly coverage is at the onset of the bidding proc-
trumps what I communicate here. ess. Once Certificate (s) of Insurance (COI)
The most important consideration is to un- are secured from the contractor or service
derstand that how you compensate your la- provider a quick phone call (or email, which
bor may or may not excuse you from carry- I prefer as it creates a ―paper trail‖) to the
ing WC coverage on them. In effect, just carrier or Agent can confirm the coverage
because you pay them on a 1099/ (s) are current and valid. Being named a
independent contractor basis, doesn't mean ―certificate holder‖ is typically sufficient for
that the courts or WC commission will most scenarios, especially when you do not
agree. Be sure you understand (seek legal utilize a contractor more than a few times a
advice) on what constitutes an ―independent year. For larger/longer term jobs and pro-
contractor‖ relationship. It may not be what jects, being named as an ―additional in-
you think (and may vary from state to state, sured‖ may be preferred. Put simply, a cer-
as well). tificate holder is simply notified in the event
the policy cancels. An additional insured not
Be wary not to create an unintentional em-
only is notified when the policy cancels, they
ployer-employee relationship, which could
are actually protected by the coverage/
create a WC exposure for your business.
policy. Review with your legal advisor, and
Having tenants do odd jobs, such as clean-
be advised that being named as an addi-
up, grass cutting, or landscaping as a way
tional insured may cost the contractor some
to reduce rent may be construed as consid-
additional premium, usually no more than
eration‖ and potentially subject you to car-
$50-100 per year. Depending on the situa-
rying WC insurance. Do not confuse this
tion, it may behoove you to pay this addi-
with upkeep and maintenance requirements
tional premium, if the contractor ―balks‖. My
of your lease. What I am addressing here is
attitude is ―no insurance, no project award‖.
the reduction, discount, or even waiver of
If the contractor or service provider decides
rent in exchange for labor provided by a
to cut expenses by sacrificing these vital
tenant, especially when such labor takes
coverages, then I do not want them doing
place on/at locations other than the tenant's
residence. The last thing you want/need is (Continued on page 17)


(Continued from page 16) providers. Unfortunately, in to- with National Real Estate Insur-
day's litigious world, the risk of ance Group. NREIG was built
using uninsured ―spot labor‖ far to specifically address the
any work for my business. outweighs any short-term time unique needs of the real estate
Understanding that the rela- or financial benefit. If you are investor. Tim Norris is an in-
tionship between you/your currently using and satisfied vestor and NaREIA, OREIA and
business and those that provide with such labor, review with Cincinnati REIA member. We
labor and services is not simply your legal and accounting advi- can be reached at 513-275-
a by-product of how you com- sors and consider securing cov- 1350, 888-741-8454, or .
pensate them is the first step in erage for them, in the most ap- Check out
making sure your real estate propriate and efficient manner
(and any other business) is pro- they/you decide. It only takes
tected appropriately from WC one uninsured claim to put you
(and GL) exposures. Securing out -of-business.
and confirming coverages is a
must when dealing with any
and all contractors and service Article provided by Tim Norris

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P: 913-338-0100 Jeff Basler
F: 913-338-0107
913-221-9080


Trends

Market
Update
June 2010 Housing Trends Inventory saw a 37% decrease in new
The Kansas City Regional Association of homes from last year and existing is 3%
Realtors project that we will see fluctua- higher that last year and just 3 % higher
tions in in sales and prices until the fall than April. Overall for May we have a 5%
and then they expect prices and sales to increase in total inventory for 2010 over
start increasing slowly but steadily. They 2009.
also expect as the inventor of New homes Supply of Homes in the Kansas City Re-
continues to fall, the price of the new gion is determined by taking the
homes will start to rise. ―inventory‖ and dividing it by the 1‖2
One key factor that is keeping the market month average of number of sales.‖ As a
where it from rebounding very quickly is rule of thumb a 5-6 month supply of
the high unemployment. And they expect homes on the market is balanced, over 6
that interest rates which are at historic months is a buyer‘s market and less than
lows will start to go back up getting a lot 5 months is s sellers mar-
of buyers to get off the fence and buy be- ket. Combined supply of
fore they go to high. homes in the metro is at
about 7.7 which is up
If we look at the Kansas City Market: slightly over the 7.4 in May.
Average Sales Price of a new home in Existing homes is at 7.7, up
May was $296,768 which is a little lower slightly from 7.4 last month
than a year ago. There were price in- and the new home supply
creases in Cass, Clay/Ray, Jackson & Plat was 8, down from the 8.3 supply in May.
with decreases in Johnson, Leavenworth, The good news is that these numbers are
Miami, and Wyandotte. Existing home lower than 2009 and the existing and
prices averaged $167,487 which was a combined totals are nearing a balanced
4% increase over last year. All counties market.
except Cass saw an increase in the aver- Local data is from www.KCRAR.com where you
age sale price for existing homes over can read the complete report.
June of last year.
So if we look at housing trends in the nation as
Home Sales saw sales of New homes of a whole we see that Unit sales were up 28.3%
308 properties which is a 23% increase in June 2010 over 2009. The average home
from 2009 and New home sales increased price was up 8.8 over last May and we saw a
in June by 31% over May . Existing home continued 10 month trend of stronger sales and
sales were down 5% over last year and raising prices
down 13% over last month. June‘s com- Looking at the years sales over all, Real Trends
bined total sales were down 10% from predict that while we have seen our 10th month
last month but only down 3% last year. (Continued on page 19)


(Continued from page 18)

of increases in a row, we expect
this to fall off in the 2nd half of th
Market Experts Wanted
year.
Are you an expert on the market in your area or
On the National Level we have
pulled information from Real field of expertise? We are looking for experts on
Trends June 2010 issue. Com- Residential, Apartments, and Commercial to
plete digital issue is in the member
library. Be sure to log in and read. contribute to the newsletter, the blog, and the
meeting. Be seen an expert in your Niche.
Contact info@MAREInet.com

From Real Trends June 2010 Market Report


Marketing

conversations
With Betty Buyer
This article is a compilation of two Blog listing for ‘Owner Finance or Rent to Own.
Posts from Don DeRosa‘s Web Stei Just Like the Banks, with No Credit
Check.’
Betty Buyer (believe it or not, that isn’t
her real name!) is in the process of buying ME: So you were looking to buy, but
one of the rent to own homes in the At- weren‘t sure if you could?
lanta metro area.
BETTY: I don’t exactly have bad credit,
She has found a home she loves, and she but I had stumbled a bit with a job loss.
closes in a week. Now that I have a good, stable job with a
steady income, I wanted to find out
I love finding buyers like Betty, and I
whether I could buy outright or whether I
thought it might be instructive to let her
would have to rent to own. But at that
tell you about her purchase.
point, I didn’t completely understand how
Betty, by the way, refuses to let me use rent to own worked. You know – how
her real name, because she is pretty sure much of my monthly payment would go
she‘s paying a lot more for the house than toward the purchase price or the down
I would have. (Like I said, Betty is just payment. How soon could I buy? How
the kind of buyer I‘m always looking for!) would I qualify? etc.
But here – let‘s let Betty tell you: ME: And what did you work out with the
ME: So, you say you‘re paying too much seller?
for the house? BETTY: The seller was very flexible. I
BETTY: Well, I didn’t exactly say that. It’s really like the terms. Given my current job
a fair price, but it’s definitely retail. I situation, he was willing to sell or rent to
started out looking for a bargain, but this own, whichever I wanted. We agreed on
house has a lot going for it. So it’s worth seller financing, so I don’t have to mess
it to me to pay some extra. with a bank, and he’s giving down-
payment assistance. So that’s why I am
ME: How did you find the house?
paying retail, but since it works with my
BETTY: Well, I didn’t think I could qualify budget, it’s good for me.
for a loan, so initially I looked on Craigslist
at a rent to own homes listing and saw a


(Continued from page 20) have a lot of discretionary income after the house
payment.
ME: I always tell my students – negotiate on
ME: So the home warranty helped seal the deal
price or terms. So you got the terms that
for you.
worked for you.
BETTY: It took some of the hesitation away about
BETTY: Yes, and he made it really easy to
owning my own place. I didn’t want to have to
look at the house, too – he gave me the lock-
worry about garage door openers, water heaters
box code, so I could look by myself and not
or my washer/dryer going out on me. So I just
have to coordinate schedules with him.
pay the co-pay if there is a problem with any of
ME: What specifically appealed to you about the systems – which is kind of like having the
the house? comfort of renting where the landlord takes care
of most things.
BETTY: Well, there were a few things that did
it for me. First, it’s in a good neighborhood, Spotting a trend? Our friend Betty wants a house
and my daughter won’t have to change with easy finance terms, and she wants it to be
schools. Next, the house is brick, which I like, move-in ready. It‘s worth it to her to pay signifi-
and it has a lot of curb appeal. The minute I cantly more for a house that fills those require-
saw it, I liked it. ments. She‘s willing to pay you, the seller, to
take care of the details.
ME: What else did you like about the house
itself? We‘ll continue our conversation in my next post.
BETTY: Well, the house has been completely You can find out more about how to sell a house
renovated. On the inside, it’s like a new quickly in a buyers market in Sell Your House
house: new kitchen, new bathroom, new air Fast. And if you have any comments or experi-
conditioner, new floors, and new paint. New ence with this , please leave a comment below.
roof, too. It’s even going to have new
I was looking at ads that I thought would attract
stainless steel appliances. I don’t have to do
renters and home buyers and came across one
a single thing but move in, and I won’t have
that said ‗Buy Now Pay Later No Credit Check‘
to worry too much about repairs.
and another that said ‗No credit check apartment
ME: But when you buy on owner finance, as in Atlanta Georgia.‘
opposed to rent to own, you take care of the
Now, these aren‘t that attractive to me because I
home and repairs, don‘t you?
DO check credit. But they do work to attract rent-
BETTY: Yes, that brings me to the last point. ers and buyers who might not have stellar credit.
I had looked at the different home warranty
In my last post, I wrote about my conversation
companies and he agreed to put an Old Re-
with Betty Buyer, who is paying retail for a house
public Home Warranty on it, too. With every-
she‘s purchasing from an investor. She has had
thing new in the house, it seemed like over-
kill. But I am NOT a fixer-upper, and I don’t


Calendar

Upcoming
Events
Absolute Auction (www.BillFair.com)

July Nineteen Bank Owned Homes to be auctioned. Absolute
all sell regardless of price. See complete details online at

7
www.BillFair.com

Industry Partner Expo Table Deadline MAREI members
July Table
may reserve table space for the Expo & Networking time
from 6 to 7pm at the Monthly MAREI Meeting. Must be

9
Deadline reserved by July 12th. Reserve through the calendar at
http://www.MAREInet.com

Children & College Students MAREI Monthly Meeting MAREI meets for networking &
July Monthly
education on the 2nd Tuesday of the month from 6pm to 9
Is your child interested in real pm. At the Sylvester Powell Jr Community Center. No

10
Meeting
estate? Is ready to learn? Charge for Members, Guests $25 at the door, $15 if pre-
Add your child aged 12 to 18 registered.
to your membership.

College Students with student Sub Group: MAREI‟s Commercial Investors meet every
ID, we have internships July other week. This month on July 11th and July 25. This
available. Work in the group is for MAREI members and their guest. See online
MAREI office for $10 in 11 calendar of events for more information.

MAREI bucks to use for
Membership & Workshops
Lee’s Summit Investor Breakfast Lee‟s Summit Investors
Contact
MAREI Office for more info.
July Networking Group meets the 2nd Saturday of the month for
coffee, breakfast, and conversation at the Panera Bread on
info@MAREInet.com
14
Douglas in Lee‟s Summit. Open to MAREI Members &
Guests.


Monthly
Meeting
Sylvester Powell Jr
Community Center
6200 Martway, Mission KS
913-722-8200

Tuesday, August 10th 5:30 Member Benefits
Doors open at 5:30
5:45 Set Up / Registration
Members: FREE 6:00 Industry Partner Expo
Guest Fees: $25 at door . . 6:00 Member Networking
Pre-register online for $15 Invite your friends
7:00 Haves & Wants (new
feature) colleagues to visit the
If guests join with in two days of
the meeting, their guest fee will be 7:30 Presentation w/ Tammy Monthly Meeting for
applied to the membership fee with
Robb & Janice Dehart with a Guest Pass
proof of payment.
See Page 8 & 9 (available online at
Please call 816-523-4400 x 222.
www.MAREInet.com).
9:00 Informal Q & A
9:00 New Member
Location
For each new member you
Registration
6200 Martway
refer, earn MAREI Bucks
Mission, KS 66210
which can be used towards
seminars, advertising,
North of Shawnee Mission Pkwy Park in North Lot
or membership fees.
South of Johnson Dr 2nd from the Building

East of Lamar Less Kids & Door Dings


Properties

Investment
Opportunity
Address City Offered as Price Bed / Bath Contact Phone

1112 E 42nd St Kansas Coty Rehab $25,000 4 Plex Eric Deeter 913-579-3354

2912 Lockridge Kansas City, MO Rehab $29,000 6 Plex Candace Vanice 816-268-4722

No address Grandview Rehab $30,000 3 bed, 2 car Candace Vanice 816-268-4722

6009 Cherry St Kansas City, MO Wholesale $55,000 1 + Home Maggie Sheehan propertyloca-
tors@yahoo.com

Truman Library Independence Wholesale $105,000 3 duplexes Bill Textor 913-206-0979

Market Your Properties
Do you have investment properties to market to the membership? Be sure to log into the
MAREI member area and post your properties on the classified page.
Be sure to include:
Address: Street & City, State
Type of sale: Wholesale, Listing, Turn Key
Price: Your asking price
Type of Property: Single, Duplex, Multi, Etc
Contact: Name & Phone Number
Web Link: For more info and more photos

You can include 1 photo, but make sure it is not too high quality a photo or it will have too
many pixels to load. New web site will have direct link on the main page to the properties
on the Classified section of the web site. You may also want to list on the message board
as well and post links on our social media pages.


Roger Holyfield
 (816) 510-9199
 Roger_L_Holyfield@HomeDepot.com
All MAREI members can register through our spe-
cial link to receive a 2% rebate on all purchases
made at Home Depot. From a $5 item for a week
end project to a $10,000 rehab: kitchen, lights, ap-
pliances, Etc.

NEED TO FLIP A
PROPERTY FAST?
T.O.T.L. RENOVATIONS
PROPERTY LEADS WANTED Top of the Line Renovations for all your
rehab needs quickly, at a reasonable price.
NOTICE:
We specialize in:
WHOLESALERS, INVESTORS Make-ready
Siding & Windows
Carpentry & Roofing
Our company money is sitting idle for Plumbing and Electrical
Painting & Flooring
lack of houses. Looking for rehabs Drywall & Doors
Fences & Decks
to retail in Lee‟s Summit, Blue Springs, Kitchens & Baths
and Johnson County. Licensed and Insured
Call Anthony @ 816-606-0266
www.kcmoHomeBuyer.com or Emily @ 816-252-0095
Totlrenovations@comcast.net
816-523-4400 x 223


Continued from page 21

some bumps with her credit, but now has a ME: With all of the sites that you can add pic-
good, stable job that will allow her to qualify tures of the entire interior and exterior of the
with an investor to buy a house with seller fi- house, there really is no excuse for not putting
nancing. pictures on any web site you advertise on.
This post is a continuation of our conversation. BETTY: Another thing: if there’s no price in the
ad, I don’t call. I don’t want to waste my time
ME: Betty, you told us you wanted something
on houses I can’t afford.
that was move-in ready and had easy terms,
and you were willing to pay extra for a house ME: So, put the list price of the house in the
that fit those qualifications. Now I‘d like to find ad. And if you‘re offering good terms, and will
out how the house was marketed. How did you work with folks with less than perfect credit,
find it? put something like ‗No credit check loans‘ to
get their attention.
BETTY: I found the ad on Craigslist, actually.
There are tons of properties on that site! BETTY: Yes. And finally, curb appeal is impor-
tant to me. The first time I saw my new house
ME: What made you follow up on that particular
in person, the lawn was neatly trimmed and
property?
the house seemed well cared for.
BETTY: It’s kind of a fluke that I found it. It was
( As I‘ve said before, fix it up like they do on
listed under rentals, not under sales, because
the Curb Appeal TV Show. You can read this
the seller was willing to do a rent to own or
post to see some pictures and get some more
lease purchase as well as a sale. The ad said the
ideas.)
house was for rent or for sale with owner financ-
ing, and that’s just what I was looking for. ME: Thanks for those tips, Betty. When do you
close on your house?
(So list your home in the ‗Rental‘ section as a
rental or a rent to own house. And of course, BETTY: In less than a week! I’m excited about
you can put it under Homes for Sale, too. It also moving in!
helps put the listing in Spanish – broaden your
Betty could have gotten a house for less
market reach!)
money. But because of the seller‘s successful
ME: What other tips would you give to investors marketing, she chose his house out of hun-
on how to attract home buyers and renters? dreds, and happily paid more for it because it
was move in ready. I‘ll do that kind of deal all
BETTY: Well, I do look for certain things. First of
day long!
all, I always limit my Craigslist search to ads
with pictures. I don’t want to waste my time From Don Derosa‘s Web site:
driving to a place that ends up looking horrible. www.DonDeRosa.com
If there hadn’t been a picture, I wouldn’t have
seen the ad.


Find it, Fund it,
Fix it & Flip It
Join Pete and Don DeRosa on Saturday and Sunday Sep- want to buy one of those houses. (Remember, these are
tember 18th and 19th for their renowned, Two-Day Find It, bank-owned. YOU can buy them!)
Fund It, Fix It and Flip It Boot Camp and Bus Trip. Be sure to join us on the Tuesday preview with Pete shares
On Saturday, Don will teach you where and how to find his contractor knowledge with investors and homeowners
and evaluate the best properties in the market, so you can alike, teaching everyone how to put THOUSANDS OF DOL-
make at least $20,000 on each deal. He‟ll also share ex- LARS into your own pocket.
actly what to say to get private money to fund all of your To register go to www.MAREInet.com and click on Calendar
deals, so you never have to go to the bank or qualify for a
and look for both the Tuesday Meeting on the 14th & the
loan (do you really want to try to get a loan in this market,
Bootcamp and Bus Tour on the 18th & 19th.
anyway?)
We only have room for 50 people on the bus, so if you want
Then on Sunday morning, you‟ll take a bus trip to 2 bank- to attend be sure to register as soon as possible.
owned houses, where Pete and Don will show you the Saturday: 8 am to 6 pm Sunday 8:30 am to 5:30 pm
specific things they look at when they evaluate a house for
purchase and repair. You‟ll get the perspectives of both of Early Bird Pricing:
these real real estate investors (yes, they actually buy $149 for Non-Members
houses. They don‟t just travel around talking about it!)
Then Sunday afternoon, Pete will talk about rehabbing the $79 for Members
houses, what he‟d do and how much it would cost. In addi- After September 16th
tion Pete will go over the new EPA LEAD PAINT work
$199 for Non-Members
practices to stop the spread of lead dust.
$99 for Members
So… you‟ll walk away knowing exactly what to do if you Or use form on back page.


Limited Seating
Register Now
Sign-Up Form Title

Name
Sign up for: Price

Address

Find it Fund it Fix It Flip It Non-member Early Bird $149.00

Phone / Fax

Find it Fund it Fix It Flip It Non-member Early Bird 2nd Person $149.00

Email

Find it Fund it Fix It Flip It Member Early Bird $79.00
2nd Person

2nd Person Email Find it Fund it Fix It Flip It Member Early Bird 2nd Person $79.00

Method of Payment
Visa $199.00
Find it Fund it Fix It Flip It Non-member After Sept 16th

Check MasterCard
Find it Fund it Fix It Flip It Member After Sept 16th $99.00

Discover American Express

Subtotal:

Tax:
Credit Card # Exp. date

Total:
Signature

Email to info@MAREInet.com or fax to 816-523-4448

Mail to: PO Box 8685, Prairie Village, KS 66208

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