The Investment News: November 2011

MID-AMERICA ASSOCIATION OF REAL ESTATE INVESTORS

Investment News
NETWORKING : EDUCATION : COMMUNITY November 2011

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MAREI
Notes
Contact Information

PO Box 8685, Prairie Village KS, 66208

Phone: 913-815-0111 Fax: 816-523-4448

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

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

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

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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

John Welchert Dan Goodwin 913-642-5218 Shelda Goodwin
Meeting Ambassador Meeting Ambassador Meeting Ambassador
816-522-0002 DanGoodwin@kw.com SheldaGoodwin@kw.com

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ter . . . If this might be you, let us know!

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m ar ei
BUSINESS MEMBERS
ADDRESSING THE NEEDS OF
Type Company Web Phone Contact

Attorney Wise / Anderson BobWiseLaw.com 816-942-5925 Bob Wise

Contractor Te-Tee Light MAREI Vendor 816-356-1870 George Bai

Insurance APIA REOIns.com 877-752-2742 Lisa Goodner

Lender Argentine Federal Savings ArgentineFed.com 913-402-1500 Ann Wilkinson

Partnering kcmoHomeBuyer kcmoHomeBuyer.com 816-523-4400 Don Tucker

Prop Mgr Abraxas Prop Mgmt AbraxasMgmt.com 816-474-8800 Meka Cayce

Prop Mgr Jamieson Home Team JamiesonHomeTeam.com 816-503-4671 Kevin Jamieson

Prop Mgr Premier Leasing MyPremierLeasing.com 816-841-9500 Jeff Woods

Realtor Realty Resource RealtyResourceKC.com 816-523-4400 Kim Tucker

Security Devcon Security DevconSecurity.com 913-907-4942 Marian Collins

Staging ShowHomesKC ShowHomesKC.com 770-853-3506 Amanda Palomba

Supplier Canyon Stone Canyon-Stone.com 913-254-9301 Matt Puckett

Title Accurate Title Company AccurateTitleco.com 913-338-0100 Jackie White

Real Estate Investors and Landlords depend on a well
rounded team of professionals. If you are building your
team or looking to make a trade, start your recruiting with
our Vendor Members and Business Associates. See a
complete list of suppliers and any discounts they may of-
fer to MAREI members by visiting, www.MAREInet.com.

http://mareinet.com/associates

Page 4 MAREInet.com

Contents
MAREI News
In This Issue
MAREI Business Members 2
MAREI Meeting Staff 5
Notes from Director 6
Fraud in Real Estate 8
Real Estate: the Perfect Storm 10
Risk vs Reward: Protect Yourself as a 12
Landlord
Coalition for Sensible Housing Policy 14
Market Data: Investing Research 16
Top Tips for Landlords 20
MAREI Calendar of Events 22
Registering for MAREI Events 24
Classifieds 25
New & Renewing Members , Guests 26

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Director’s Notes
. stead of listing the properties for sale with a
We open this month with a very Realtor or even working with a wholesaler, the
unpleasant topic, but one that Attorney sort of marketed the houses to people
needs discussed. What happens that they knew for over a year. No one was in-
to your business when you die? This was sug- terested in vacant, vandalized homes at the ap-
gested to me as a meeting topic from National praisal value or for an entire package of houses.
REIA and it has been in my mind for quite a while As that year went, so did the values of the prop-
to have as a meeting topic. Here’s why . . . erties. Until I came along in early 2006 and
In this story, a true story, a local Kansas City In- said, OK, in theory I will buy these houses for
vestor had amassed his real estate empire of 75% of appraisal value if I can buy them one at
about 30 almost free and clear, rented, and cash a time and if I can have 5 months time frame to
flowing properties. The year was about 2004. He close them. I was not going to even go look at
was unexpectedly killed. He was his entire busi- them unless they agreed right up front to a 75%
ness, doing the buying, the maintenance, the rent- cut in price. They agreed and we went to look. It
ing up, the collecting of the rent, etc. His heir was ended up that I was at about 65% of appraisal
a teen age daughter who had no way to take over value . . further reducing the income to the state
for him and the entire empire was dropped in the to about $780,000. Because the investor did not
laps of the investors attorney. have a solid business plan of succession in
place, his teenage daughter lost about
I don’t have the exact numbers as this story is
$720,000 in property value alone, plus because
from memory, but lets estimate that these 30
the attorneys took so long, they probably lost
houses, rented and cash flowing had a value of
another $100,000 to holding and basic mainte-
about $50,000 each, for a total value of about
nance fees plus attorney fees. If the business
$1.5 million. When he died, his business passed
would have passed even to an attorney who
off to the attorney to dispose, pay the bills and
would have hired a property manager to keep
then leave the rest to the daughter. The attorneys
them in good repair and rented AND listed them
really knew nothing about rentals or real estate.
for sale, they would have sold for much higher
The attorney continued to manage these proper- value in a much shorter time frame.
ties rather than place a property manager in place.
Moral of this story, have a plan in place. Join us
The attorney collected rents, but did nothing to
at the November Meeting to find out more about
keep current tenants or to re-rent the vacant units.
creating YOUR Plan. Don’t leave it up to some
So rental income declined as tenants moved out,
attorney you don’t know to make sure that your
reducing the value of the homes. As tenants
business winds down profitably or continues pro-
moved out, homes were vandalized, further de-
ducing an income to provide for your family.
creasing their value. The attorney hired an ap-
praiser at one point in 2005 to do “as is” apprais- See you on the 8th
als on these now mostly vacant houses and came Kim Tucker
up with values of about $40,000 at this point, re-
Director
ducing the package value to about $1.2 million
and costing the estate a lot in appraisal fees. In-

Page 6 MAREInet.com

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Do you have a
Succession Plan
As a small business owner, be it a family- have more than 50% of their wealth
owned small business or not, there are many tied up in their business.
issues to consider when planning the succes-  One third of family business owners
sion of the business. You want the succession are over 60 years old. And of these,
to happen in an orderly fashion be it according 71% who are over 65 indicate they will
to a planned retirement or an unexpected debili- continue to work indefintily
rd
tating illness. To make sure this plan runs  Last 1/3 of all people currently 35
smooth you need to work with a professional to years old will be disabled for 90 days or
establish a plan and the documents to handle more before reaching the age of 65.
the transition.
Scary numbers aren’t they? Do you want to
Think about this: be chasing a wholesale deal or listing a house
 95% of all American businesses are for sale when you are 85 years old? Or do
family-owned, you want to spend some time now getting
 they generate 40% of the Gross National your plan in place so you don’t have to be
Product, chasing your next profit or commission in the
 family owned business represent 35% of future.
the 500 largest US companies
 only 28% of these family owned busi- Let’s start your checklist:
nesses have a succession plan.  What are your goals and vision for
ownership and management transfer?
Some more things to think about:  Do you have a successor identified,
 Of the owners of family-controlled busi- ready to take over, and in place?
nesses, 57% intend to transfer the busi-  Will your family be involved in the lead-
ness on to family members. ership, ownership, and running of the
 70% of family businesses fail to survive company?
into the second generation.  Do you have a plan in place to mitigate
 More than ½ of the business owners or eliminate estate taxes?

Don’t miss this event!

Monthly Meeting
October Monthly Meeting: Agenda
 Tuesday November 8th, 2011, 6pm to 9pm 6:00 Check in / Vendors / Networking
 Career Education Systems, 7:00 Announcements / Q & A w/ Andy Heller
 FREE for members, Guests $25 at the door, $15 if you 7:30 Presentation
pre-register 9:00 Adjorn

Page 8 MAREInet.com

Guest Speakers
 Do you have fund avail-  If you are leaving the
able to avoid the need of business to your children
selling your business to who are active in the
pay your debts? business, is there an eq-
 If you have a partner, do uitable distribution of es-
you have a buy sell tate to your other chil-
agreement in place? dren.
 Do you know the value  If you are leaving the
of your business? business to the children,
 Do you have a plan in will they be able to pro-
place in case you be- vide financial security to
come disabled? your surviving spouse? and MBA with 30 years experience
 Are you and your family  What will be the source helping individuals and business own-
ers. He’s a well-known lecturer on
dependent on your busi- of income for your sur- accounting and taxation, serves on
ness to meet your retire- viving spouse? the editorial board of several tax publi-
ment cash flow needs?  Will there be conflicts cations, and has appeared on TV and
within the family? in print many times. Carl Heintz is a
Some issues to keep in mind as Kansas CPA, based in the Leawood
office. He leaves no stone unturned in
you plan your business succes- As yourself this: Do I have a the quest for tax savings.
sion. plan in place that will allow my
 Will your heirs and the business to survive after me or
remaining management to liquidate it after me, to pro-
of the company fight for vide for my families needs or
control of the business my own needs should I be dis-
and the money? abled? Or do I have the mak-
 How are your heirs and ings for a made for TV mini se-
the new management ries where the heirs are fighting
going to keep key peo- over my small or large estate to
ple? the entertainment of millions?
 Will the heirs be forced and Kansas Attorney, who has the
to sell to pay your debts? Join us on November 8th to training, talent and experience that
clients appreciate. Her insight into
 How will your heirs be learn more and find out how to
financial statements helps clients to
able to retain income get all of these questions an- save money, and improve effi-
from the business? swered positively. ciencies.

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Forms
Assignment of Contract
In real estate the concept of buy low sell high often are assignable, unless they specifically state some-
uses the “Assignment of Real Estate Contract Form”. where in them that they are not.
At one time you could go buy a house and sell it all on This brings us to bank owned properties. When you
the same day, and have the proceeds from your end are purchasing a bank owned property that is listed
buyer fund your purchase from the original seller. by your local real estate agent, 90% of the time that
Everyone goes to closing, and you as the middle man bank will have a special addendum that you will have
or woman walked away with a profit for your troubles. to sign that specifically states that “this contract is not
Due to all the fraud in real estate and mortgages over assignable”. So in this case you may not be able to
the past few years, this is becoming harder and harder assign with the traditional form. Here you might want
to do. to have a simple partnership agreement to allow your
But you want to wholesale properties what are some partner to go to closing.
options. So what is the best way to use the assignment of real
 Get someone to fund your transaction for 1 day, estate contract form?
usually called transactional funding. This is an  Have a buyers database of ready, willing, and
excellent way to go, although your funding source able buyers who are cash buyers and who can
will want a chunk of your profits. close quickly and know exactly what they are
 Get a Real Estate License and list the property looking for and how much they would pay for a
and have your “commission” be your profit potential property.

 You can currently still use the assignment of con-  Go out and find that property and get it under
tract. contract for less than what your buyers in your
database will pay.
First what is an “Assignment of Real Estate Contract?”
This is simply a form that states that you have a con-  Let your database know you have a deal for them
tract with the original seller and you agree to sell your and you will assign it to them for some amount.
interest in this contract to an end buyer for a fee. The  Fill out the assignment form with all the particu-
end buyer agrees to pay your fee and take your place lars and have your end buyer from your database
in the contract. go to closing in your place and they get a great
You can assign all kinds of contracts be it a real estate property and you get your assignment fee.
contract, a rental agreement, a lease agreement, the It is very important to have buyers in your database
contract to mow your neighbor’s lawn, or any other that are known buyers, that do have the cash and the
contract unless somewhere in the original contract it ability to close and you really need to know what con-
states specifically that you cannot. stitutes a good deal for them. Then you go out and
So while many of the gurus tell you to sign a real es- find that good deal for a little less so you can make a
tate contract “And Or Assigns”, these words are not profit. Because if they don’t go to closing as agreed
really necessary and can throw up a red flag if for ex- in the assignment, then you are still on the hook to
ample you are writing an offer on a property that is purchase the property.
listed by a real estate agent. You see while you plan MAREI members will find an example of an assign-
on closing on the contract, even if your end buyer is ment of real estate contract both blank and filled out
not in place, the real estate agent reads “And or As- in word form in the MAREI member library that you
signs” to mean that “I don’t have any money” and “I can utilize for assignments.
probably will not actually show up at closing”. So go Videos on YouTube
ahead with the and or assigns after your name in the
real estate contract if you must, but I would advise to http://youtu.be/FQzHhMZ9UcI
leave that off and go with the concept that all contracts http://youtu.be/bhIquZ08juM

Page 10 MAREInet.com

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Coalition
For Sensible Housing Policy
The National As- tunities for at risk borrowers instead of allowing
sociation of them to default on mortgages.
Realtors  Have Fannie and Freddie prioritize short sales
worked with over foreclosures.
two policy  Support all necessary foreclosure/loss mitigation
think tanks on efforts to keep American families in their homes.
October 4th to
create a Five #3 Open Opportunities for Private Capital to Re-
Point Housing turn to the Mortgage Marketplace to Foster New
Solutions plan Demand Among Responsible Homebuyers.
that they sent to  Open the FHA 203(k) rehab loan program to in-
the Chairman of vestors to encourage them to buy foreclosed
the Federal Reserve properties and rehabilitate them. Currently for
Bank, President Obama, owner occupants only.
and Congress on October 24th. These letters provided  Require Government Sponsored Entities to sus-
recommendations and solutions to stabilize and revi- pend investor financing limits on the number of
talize the housing industry and the economy: loans allowed for one investor borrower.
#1: Do not risk weakening our Nation’s housing #4 Support a Secondary Mortgage Market Model
markets any further: that Includes Some Level of Government Partici-
 Recraft the Qualified Residential Mortgage rule pation
mandated by the Dodd-Frank Act to include a  Reject proposals that call for full privatization
wide variety of traditionally safe, well documented of Fannie Mae and Freddie Mac.
and property underwritten loan products. That
requiring a 20% down payment along with the #5 Call on the White House to Hold a National
stringent debt to income and credit standards Housing Summit to Articulate a New National
would be detrimental to home buyers. Housing Policy and Move the Provision of Hous-
 Restore higher loan limits supported by FHA and ing to the Front of the Nation’s Domestic Agenda
other Government Sponsored Enterprises to sup- Their conclusion was that the recovery of the Na-
port housing markets and to assure mortgage fi- tion’s economy depends on housing. The last few
nancing options while stabilizing housing markets. years, with the housing prices barely moving, the
 Resist proposals that call for changing tax rules economy will take longer.
that apply to home owners such as taking away
the mortgage interest tax deduction. We urge you to read all the recommendations on
Realtor.org under the Government Affairs Tab as well
#2 Restore Vitality to Our Communities and as reviewing the letters send to the Government Offi-
Neighborhoods by Reducing the Foreclosure In- cials. Then take the time to write your representa-
ventory tives and urge them in your own words to remember
 Support, The Helping Responsible Homeowners that homeownership matters and that the recovery of
Act that would remove refinancing limits on under- the housing markets will assist in the overall recovery
water properties for borrowers who have been of the economy as a whole.
paying on time. http://www.realtor.org/government_affairs/
 Support efforts to improve the Home Affordable five_point_plan
Refinance Program to provide refinancing oppor-


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New Members Guests
 David Alexander: Kansas City, MO Vernon Baker Kevin Massey

 Sjef & Carol Bennink: Lee’s Summit, Mo Melinda Boeh Joy Neely

 Jacquie Lombard: Shawnee, KS Steven Boyd Kim Shock

 Toyia Murrell: Kansas City, MO Nicole Daney Dan Solenbarger

 Randall Willbanks: Raytown, MO Cindy DiCianni Ed Sparks

 Chris Zembrenski: Independence, MO Sara Granger Brad Turner
Claude Harris Tamara West
Jeff Hill Dustin Woods

Returning Members
Butch Lawrence Lori Wright
Lessie Liggans
 Christoph Becker: Overland Park, KS
 Laura & JW Bullock: Lees Summit, MO
 Charlie & Kathy Burks: Independence, MO
 Carlos Jimenez: Santa Monica, CA
 Marilyn Mai: Salina, KS
 Tony Song: Overland Park, KS
 Michael Stillfield: Levasy, MO
 Bill Textor: Leawood, KS
 Donna Wilson: Lee’s Summit, MO


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Nov 2nd Networking Weekly Wednesdays: 103rd & State Line 9
am to 11 am : Michelle Winberry

Nov 2nd Networking Commercial Sub Group: 103rd 7 State Line
5:30 to 7:30 : Larry Prato / Spencer Cullor

CALENDAR Details, Times, Locations, Cost & Registration at www.MAREInet.com
Nov 5th

Nov 5th
Training

Networking
CESKC.com Credit Scores - 1pm—4pm, 1
Credit PHP Financing, 3 Hrs Realtor CE

Independence / Blue Springs: Panera Bread
40 Hwy & 291 4pm to 6pm: Debra Felderhoff

Nov 6th Networking Lee’s Summit: Panera Bread on Chipman
Road in Lees Summit: Debra Felderhoff

Nov 7th Deadline Deadline to Reserve a Vendor Table for
Tuesday Meeting by Noon

Nov 8th Monthly Monthly Meeting: Career Education Systems
Meeting South East side of Ward Parkway 6pm-9pm

Nov 8th Training CESKC.com Lawsuits - 6pm - 9 pm, 1
Credit Contract Law, 3 Hrs Realtor CE

Nov 9th Networking Weekly Wednesdays: 103rd & State Line 9

Nov 10th Training CESKC:com Lawsuits - 1-4pm, 1 Credit
PHP Contract Law, 3 Hrs Realtor CE

Nov 12 Networking Independence / Blue Springs: Panera Bread

Nov 13 Networking Lee’s Summit: Panera Bread on Chipman

Nov 14 Education CESKC.com Credit Scores - 1-4pm, 1
Credit PHP Finance, 3 Hr Realtor CE

Nov 16 Education CESKC.com Creating Wealth - 6pm to 9pm,
1 Credit Management PHP, 3 Hrs Realtor CE

Nov 16 Education CESKC.com Short Sales & Foreclosures - 9
am—Noon, 1 Credit Negotiation PHP,

Nov 16 Education Mid-America Crime FREE Housing Phase
One Seminar

Nov 16 Networking Weekly Wednesdays: 103rd & State Line 9


Networking & Education
Nov 16th Networking Commercial Sub Group: 103rd 7 State Line

Nov 19th Training CESKC.com Short Sales & Foreclosures - 9

Details, Times, Locations, Cost & Registration at www.MAREInet.com
am—Noon, 1 Credit Negotiation PHP,

Nov 19th Training CESKC.com Negotiating - 1-4pm, 1 Credit
PHP Negotiation, 3 Hrs Realtor Contin. Ed

Nov 19th Networking Independence / Blue Springs: Panera Bread

Nov 20th Networking Lee’s Summit: Panera Bread on Chipman

Nov 24th Holiday Happy Thanksgiving

Nov 30th Networking Weekly Wednesdays: 103rd & State Line 9

Nov 30th Networking Commercial Sub Group: 103rd 7 State Line

Dec 14th Monthly Monthly Meeting: Career Education Systems
South East side of Ward Parkway 6pm-9pm
Meeting
HOLIDAY SPEED NETWORKING

OU!
THANK Y
Many thanks to our Volunteers
who sponsor a Networking. If
you need more networking and
interaction, please check out
Larry Prato Spencer Cullor
the Networking Group on the
Commercial Subgroup Commercial Subgroup Calendar. First Networking
event is free and does not re-
quire membership. After that if
you want to continue as a part
of the subgroup, we request
that you become a member of
MAREI to gain more knowledge
and access all the tools and
benefits of membership

Debra Felderhoff Michelle Winberry
BS, LS, Indep Subgroup Weekly Wednesdays


Classifieds
Properties for
Do you have properties for sale that other real estate investors might be interested in? We
have a great tool for our members to utilize . . . . . . . . . . . . . . . .
Our Classified Section.
So why would you want to post your properties here?

 On the public side of our page, visitors can find a button
to see the properties for sale from our members. 

 We publish the properties listed in our classifieds in our
monthly newsletter.

 We also email out our properties in our weekly summary
over the week end.
What are the Rules:

 First you must either own the property, have it under a valid contract to purchase,
or have a valid listing agreement.

 Include your name, phone, and if this is a Realtor Listing, your company name.

 Include the property address, basic details, and a price.

Log into the Member Area and click on classifieds to access the area and to post your
own ads. See your welcome package you received via email to see complete details
for posting properties in the classified section.


CLASSIFIEDS
See more details on each property in the Classifieds at www.MAREInet.com.

Offered As Address City Price Bed/Bath Contact Phone

Rehab 8341 Walmer Overland Park, KS 65,000 3 / 1.5 Bilal Hazziez 816-686-4805

Lease Option Park Hills Grandview, MO 3/ 2 Jacquie Lombard 816-518-1028

Rental 7913 Park Ave Kansas City, MO 38,900 2 / 1.5 Ray Eaton 816-853-3169
30,000 Poss
Rental Fixer 1634 Kensintgon Kansas City, MO Owner Fin 3 / 1 Stephen Summers 816-350-7200
$30,000 Poss
Rental Fixer 315 S White Kansas City, MO Trade 4/2 Stephen Summers 816-350-7200
$21,600 Poss
Rental Fixer 2419 Mersington Kansas City, MO Owner Fin 2 / 1 Stephen Summers 816-350-7200
$35,000 Poss
Rental Fixer 5620 Michigan Kansas City, Mo Owner Fin 3/ 1 Stephen Summers 816-350-7200

Short Sale 5434 E 27th Tr Kansas City, MO $9,000 Eric Deeter 913-579-3354
Short Sale 2508 Chelsea Kansas City, MO $9,000 3 bd Eric Deeter 913-579-3354
Short Sale 6007 E 11th $9,000 3 Bed Eric Deeter 913-579-3354
Kevin Jamison
Rental 3235 Lockridge Kansas City, MO $14.700 3 Bed Reece & Nichols 816-686-2955
Rental 5006 Euclid Kansas City, Mo $14,500 Christoph Becker 816-419-1165
Rental 2427 Spruce Kansas City, Mo $13,500 Christoph Becker 816-419-1165
Rental Olathe, KS $99,900 3 bed, 1 ba Rick Zeitun 913-461-8560
Rehab Johnson County $79,900 Rick Zeitun 913-461-8560
Rehab / Rent 6618 Paseo Kansas City, Mo $17,000 Christoph Becker 816-419-1165
Rehab / Rent 3434 Olive Kansas City, Mo $7,995 4 bed, 2 ba Christoph Becker 816-419-1165


CONTROL GROW YOUR BUSINESS

YOUR WORLD.
MAREI ASSOCIATES & CLASSIFIEDS

Potential clients visit MAREInet.com every
day looking for contacts and properties in
the Kansas City Real Estate Arena. Make
sure your business is there to be found.

JOIN OURS. BUILD YOUR NETWORK

JOIN MAREI. A TEAM SPORT

Real Estate investing is a team sport and
you can build a new team, draft new
players, or just get some consulting with
our network of investors and service pro-
viders at meetings, online, and at net-
working events.

www.MAREInet.com/JOIN
Monthly & Quarterly & Annual Memberships
EXPAND YOUR KNOWLEDGE
Investor and Business Memberships

TRAINING

MAREI hosts live and online training
events, has a virtual library packed with
educational materials and forms an docu-
ments.

SAVE MONEY

BENEFITS

MAREI has partnered with the top compa-
nies in the industry to bring $1000s in
money saving benefits.

The Investment News: November 2011

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The Investment News: November 2011