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In This Issue
MAREI Meeting Staff Notes from Director Fraud in Real Estate
MAREI Business Members 2 5 6 8 10 12 14 16 20 22 24 25 26
Real Estate: the Perfect Storm Risk vs Reward: Protect Yourself as a Landlord Coalition for Sensible Housing Policy Market Data: Investing Research Top Tips for Landlords MAREI Calendar of Events Registering for MAREI Events Classifieds New & Renewing Members , Guests
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We open this month with a very unpleasant topic, but one that needs discussed. What happens to your business when you die? This was suggested to me as a meeting topic from National REIA and it has been in my mind for quite a while to have as a meeting topic. Here’s why . . . In this story, a true story, a local Kansas City Investor had amassed his real estate empire of about 30 almost free and clear, rented, and cash flowing properties. The year was about 2004. He was unexpectedly killed. He was his entire business, doing the buying, the maintenance, the renting up, the collecting of the rent, etc. His heir was a teen age daughter who had no way to take over for him and the entire empire was dropped in the laps of the investors attorney. I don’t have the exact numbers as this story is from memory, but lets estimate that these 30 houses, rented and cash flowing had a value of about $50,000 each, for a total value of about $1.5 million. When he died, his business passed off to the attorney to dispose, pay the bills and then leave the rest to the daughter. The attorneys really knew nothing about rentals or real estate. The attorney continued to manage these properties rather than place a property manager in place. The attorney collected rents, but did nothing to keep current tenants or to re-rent the vacant units. So rental income declined as tenants moved out, reducing the value of the homes. As tenants moved out, homes were vandalized, further decreasing their value. The attorney hired an appraiser at one point in 2005 to do “as is” appraisals on these now mostly vacant houses and came up with values of about $40,000 at this point, reducing the package value to about $1.2 million and costing the estate a lot in appraisal fees. In-
stead of listing the properties for sale with a Realtor or even working with a wholesaler, the Attorney sort of marketed the houses to people that they knew for over a year. No one was interested in vacant, vandalized homes at the appraisal value or for an entire package of houses. As that year went, so did the values of the properties. Until I came along in early 2006 and said, OK, in theory I will buy these houses for 75% of appraisal value if I can buy them one at a time and if I can have 5 months time frame to close them. I was not going to even go look at them unless they agreed right up front to a 75% cut in price. They agreed and we went to look. It ended up that I was at about 65% of appraisal value . . further reducing the income to the state to about $780,000. Because the investor did not have a solid business plan of succession in place, his teenage daughter lost about $720,000 in property value alone, plus because the attorneys took so long, they probably lost another $100,000 to holding and basic maintenance fees plus attorney fees. If the business would have passed even to an attorney who would have hired a property manager to keep them in good repair and rented AND listed them for sale, they would have sold for much higher value in a much shorter time frame. Moral of this story, have a plan in place. Join us at the November Meeting to find out more about creating YOUR Plan. Don’t leave it up to some attorney you don’t know to make sure that your business winds down profitably or continues producing an income to provide for your family. See you on the 8th Kim Tucker Director
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Do you have a Succession Plan
As a small business owner, be it a familyowned small business or not, there are many issues to consider when planning the succession of the business. You want the succession to happen in an orderly fashion be it according to a planned retirement or an unexpected debilitating illness. To make sure this plan runs smooth you need to work with a professional to establish a plan and the documents to handle the transition. Think about this: 95% of all American businesses are family-owned, they generate 40% of the Gross National Product, family owned business represent 35% of the 500 largest US companies only 28% of these family owned businesses have a succession plan. Some more things to think about: Of the owners of family-controlled businesses, 57% intend to transfer the business on to family members. 70% of family businesses fail to survive into the second generation. More than ½ of the business owners have more than 50% of their wealth tied up in their business. One third of family business owners are over 60 years old. And of these, 71% who are over 65 indicate they will continue to work indefintily rd Last 1/3 of all people currently 35 years old will be disabled for 90 days or more before reaching the age of 65. Scary numbers aren’t they? Do you want to be chasing a wholesale deal or listing a house for sale when you are 85 years old? Or do you want to spend some time now getting your plan in place so you don’t have to be chasing your next profit or commission in the future. Let’s start your checklist: What are your goals and vision for ownership and management transfer? Do you have a successor identified, ready to take over, and in place? Will your family be involved in the leadership, ownership, and running of the company? Do you have a plan in place to mitigate or eliminate estate taxes?
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Do you have fund available to avoid the need of selling your business to pay your debts? If you have a partner, do you have a buy sell agreement in place? Do you know the value of your business? Do you have a plan in place in case you become disabled? Are you and your family dependent on your business to meet your retirement cash flow needs?
If you are leaving the business to your children who are active in the business, is there an equitable distribution of estate to your other children. If you are leaving the business to the children, will they be able to provide financial security to your surviving spouse? What will be the source of income for your surviving spouse? Will there be conflicts within the family? As yourself this: Do I have a plan in place that will allow my business to survive after me or to liquidate it after me, to provide for my families needs or my own needs should I be disabled? Or do I have the makings for a made for TV mini series where the heirs are fighting over my small or large estate to the entertainment of millions? Join us on November 8th to learn more and find out how to get all of these questions answered positively.
Some issues to keep in mind as you plan your business succession. Will your heirs and the remaining management of the company fight for control of the business and the money? How are your heirs and the new management going to keep key people? Will the heirs be forced to sell to pay your debts? How will your heirs be able to retain income from the business?
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Assignment of Contract
In real estate the concept of buy low sell high often uses the “Assignment of Real Estate Contract Form”. At one time you could go buy a house and sell it all on the same day, and have the proceeds from your end buyer fund your purchase from the original seller. Everyone goes to closing, and you as the middle man or woman walked away with a profit for your troubles. Due to all the fraud in real estate and mortgages over the past few years, this is becoming harder and harder to do. But you want to wholesale properties what are some options. Get someone to fund your transaction for 1 day, usually called transactional funding. This is an excellent way to go, although your funding source will want a chunk of your profits. Get a Real Estate License and list the property and have your “commission” be your profit You can currently still use the assignment of contract. are assignable, unless they specifically state somewhere in them that they are not. This brings us to bank owned properties. When you are purchasing a bank owned property that is listed by your local real estate agent, 90% of the time that bank will have a special addendum that you will have to sign that specifically states that “this contract is not assignable”. So in this case you may not be able to assign with the traditional form. Here you might want to have a simple partnership agreement to allow your partner to go to closing. So what is the best way to use the assignment of real estate contract form? Have a buyers database of ready, willing, and able buyers who are cash buyers and who can close quickly and know exactly what they are looking for and how much they would pay for a potential property. Go out and find that property and get it under contract for less than what your buyers in your database will pay. Let your database know you have a deal for them and you will assign it to them for some amount. Fill out the assignment form with all the particulars and have your end buyer from your database go to closing in your place and they get a great property and you get your assignment fee.
First what is an “Assignment of Real Estate Contract?” This is simply a form that states that you have a contract with the original seller and you agree to sell your interest in this contract to an end buyer for a fee. The end buyer agrees to pay your fee and take your place in the contract. You can assign all kinds of contracts be it a real estate contract, a rental agreement, a lease agreement, the contract to mow your neighbor’s lawn, or any other contract unless somewhere in the original contract it states specifically that you cannot. So while many of the gurus tell you to sign a real estate contract “And Or Assigns”, these words are not really necessary and can throw up a red flag if for example you are writing an offer on a property that is listed by a real estate agent. You see while you plan on closing on the contract, even if your end buyer is not in place, the real estate agent reads “And or Assigns” to mean that “I don’t have any money” and “I probably will not actually show up at closing”. So go ahead with the and or assigns after your name in the real estate contract if you must, but I would advise to leave that off and go with the concept that all contracts
It is very important to have buyers in your database that are known buyers, that do have the cash and the ability to close and you really need to know what constitutes a good deal for them. Then you go out and find that good deal for a little less so you can make a profit. Because if they don’t go to closing as agreed in the assignment, then you are still on the hook to purchase the property. MAREI members will find an example of an assignment of real estate contract both blank and filled out in word form in the MAREI member library that you can utilize for assignments. Videos on YouTube http://youtu.be/FQzHhMZ9UcI http://youtu.be/bhIquZ08juM
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For Sensible Housing Policy
The National Association of Realtors worked with two policy think tanks on October 4th to create a Five Point Housing Solutions plan that they sent to the Chairman of the Federal Reserve Bank, President Obama, and Congress on October 24th. These letters provided recommendations and solutions to stabilize and revitalize the housing industry and the economy: #1: Do not risk weakening our Nation’s housing markets any further: Recraft the Qualified Residential Mortgage rule mandated by the Dodd-Frank Act to include a wide variety of traditionally safe, well documented and property underwritten loan products. That requiring a 20% down payment along with the stringent debt to income and credit standards would be detrimental to home buyers. Restore higher loan limits supported by FHA and other Government Sponsored Enterprises to support housing markets and to assure mortgage financing options while stabilizing housing markets. Resist proposals that call for changing tax rules that apply to home owners such as taking away the mortgage interest tax deduction. tunities for at risk borrowers instead of allowing them to default on mortgages. Have Fannie and Freddie prioritize short sales over foreclosures. Support all necessary foreclosure/loss mitigation efforts to keep American families in their homes. #3 Open Opportunities for Private Capital to Return to the Mortgage Marketplace to Foster New Demand Among Responsible Homebuyers. Open the FHA 203(k) rehab loan program to investors to encourage them to buy foreclosed properties and rehabilitate them. Currently for owner occupants only. Require Government Sponsored Entities to suspend investor financing limits on the number of loans allowed for one investor borrower.
#4 Support a Secondary Mortgage Market Model that Includes Some Level of Government Participation Reject proposals that call for full privatization of Fannie Mae and Freddie Mac.
#5 Call on the White House to Hold a National Housing Summit to Articulate a New National Housing Policy and Move the Provision of Housing to the Front of the Nation’s Domestic Agenda Their conclusion was that the recovery of the Nation’s economy depends on housing. The last few years, with the housing prices barely moving, the economy will take longer. We urge you to read all the recommendations on Realtor.org under the Government Affairs Tab as well as reviewing the letters send to the Government Officials. Then take the time to write your representatives and urge them in your own words to remember that homeownership matters and that the recovery of the housing markets will assist in the overall recovery of the economy as a whole. http://www.realtor.org/government_affairs/ five_point_plan
#2 Restore Vitality to Our Communities and Neighborhoods by Reducing the Foreclosure Inventory Support, The Helping Responsible Homeowners Act that would remove refinancing limits on underwater properties for borrowers who have been paying on time. Support efforts to improve the Home Affordable Refinance Program to provide refinancing oppor-
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Property Management Rental Services Kansas City Metro 550 E. 56 Highway, Suite B Olathe, KS, 66061 Phone: (913) 254-9300 Fax: (913) 254-9301 email@example.com
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Weekly Wednesdays: 103rd & State Line 9 am to 11 am : Michelle Winberry Commercial Sub Group: 103rd 7 State Line 5:30 to 7:30 : Larry Prato / Spencer Cullor 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 Lee’s Summit: Panera Bread on Chipman Road in Lees Summit: Debra Felderhoff Deadline to Reserve a Vendor Table for Tuesday Meeting by Noon Monthly Meeting: Career Education Systems South East side of Ward Parkway 6pm-9pm CESKC.com Lawsuits - 6pm - 9 pm, 1 Credit Contract Law, 3 Hrs Realtor CE Weekly Wednesdays: 103rd & State Line 9 am to 11 am : Michelle Winberry CESKC:com Lawsuits - 1-4pm, 1 Credit PHP Contract Law, 3 Hrs Realtor CE Independence / Blue Springs: Panera Bread 40 Hwy & 291 4pm to 6pm: Debra Felderhoff Lee’s Summit: Panera Bread on Chipman Road in Lees Summit: Debra Felderhoff CESKC.com Credit Scores - 1-4pm, 1 Credit PHP Finance, 3 Hr Realtor CE CESKC.com Creating Wealth - 6pm to 9pm, 1 Credit Management PHP, 3 Hrs Realtor CE CESKC.com Short Sales & Foreclosures - 9 am—Noon, 1 Credit Negotiation PHP, Mid-America Crime FREE Housing Phase One Seminar Weekly Wednesdays: 103rd & State Line 9 am to 11 am : Michelle Winberry
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Commercial Sub Group: 103rd 7 State Line 5:30 to 7:30 : Larry Prato / Spencer Cullor CESKC.com Short Sales & Foreclosures - 9 am—Noon, 1 Credit Negotiation PHP, CESKC.com Negotiating - 1-4pm, 1 Credit PHP Negotiation, 3 Hrs Realtor Contin. Ed Independence / Blue Springs: Panera Bread 40 Hwy & 291 4pm to 6pm: Debra Felderhoff Lee’s Summit: Panera Bread on Chipman Road in Lees Summit: Debra Felderhoff Happy Thanksgiving
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Weekly Wednesdays: 103rd & State Line 9 am to 11 am : Michelle Winberry Commercial Sub Group: 103rd 7 State Line 5:30 to 7:30 : Larry Prato / Spencer Cullor Monthly Meeting: Career Education Systems South East side of Ward Parkway 6pm-9pm HOLIDAY SPEED NETWORKING
Larry Prato Commercial Subgroup
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Many thanks to our Volunteers who sponsor a Networking. If you need more networking and interaction, please check out the Networking Group on the Calendar. First Networking event is free and does not require 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 BS, LS, Indep Subgroup
Michelle Winberry Weekly Wednesdays
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.
See more details on each property in the Classifieds at www.MAREInet.com.
Offered As Rehab Address 8341 Walmer City Overland Park, KS Grandview, MO Kansas City, MO Kansas City, MO Kansas City, MO Kansas City, MO Kansas City, Mo Kansas City, MO Kansas City, MO 38,900 Price 65,000 Bed/Bath 3 / 1.5 3/ 2 2 / 1.5 Contact Bilal Hazziez Jacquie Lombard Ray Eaton Stephen Summers Stephen Summers Stephen Summers Stephen Summers Eric Deeter 3 bd 3 Bed 3 Bed Eric Deeter Eric Deeter Kevin Jamison Reece & Nichols Christoph Becker Christoph Becker 3 bed, 1 ba Rick Zeitun Rick Zeitun Christoph Becker 4 bed, 2 ba Christoph Becker Phone 816-686-4805 816-518-1028 816-853-3169 816-350-7200 816-350-7200 816-350-7200 816-350-7200 913-579-3354 913-579-3354 913-579-3354 816-686-2955 816-419-1165 816-419-1165 913-461-8560 913-461-8560 816-419-1165 816-419-1165 Lease Option Park Hills Rental 7913 Park Ave
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