Newsletter January 2009

Investment News Newsletter of Mid-America Association of Real Estate Investors January 2009

2009 : What Might Happen As I sit here today on January 1, I have to say good-bye and good riddance to 2008. It has not been a good year for many people across the real estate investing community, the country, or the world. But it has set us up for a very good 2009 if we can figure out how to take advantage of the opportunities, with 100’s of bargain homes across the metro and the country. About a month ago, KCRAR (the Kansas City Regional Association of Realtors) hosted a Broker breakfast with local economist Frank Lenk, Director of Research Services for the Mid-America Regional Council. He gave us a quick look at his best guess for how the economy, at least in the Kansas City area would look. He had 3 models. The first of which has our area seeing recovery about the 4th Quarter of 2008, which he had already thrown out. The second had the economy making a quick recovery in the early part of 2009, which he though highly unlikely. His third that he though was the most viable was to see economic recovery start in the first and second quarters of 2009, but just a start with a very slow improvement throughout 2009 and into 2010.

to find buyers and help buyers find financing, Then the sub-prime mortgage market popped up and it became very easy to sell a house because virtually anyone could get a loan with a subprime mortgage. But no more! Now we need to learn new ways if you were not around before subprime or relearn some things that you may have forgot. In reading the January 2009 copy of Realtor magazine from Realtor.org I found quite a few ideas that may be of help in our business in 2009 and beyond. 1.

So it seems we are in for a long hard road, but Kansas City does have a lot of things going for it. We don’t have an entire metro area depending on one industry. Because we have such a diverse city with a very low cost of living, many different industries have made the Kansas City area home. Secondly we have very mild property valuation swings, so while we have seen a drop in real estate sales and price, we didn’t see a huge up swing in both like the coasts, so we didn’t have so far to fall when our prices started going down. And personally I see this as a bright spot for the next two years: all the science industries that are looking to the Kansas City Metro and surrounding areas as their potential new places to build new businesses meaning new jobs, more people, and people who need places to live. So as a Real Estate Investor, I am very glad to be in an area like ours as I think we have some of the best opportunities in our area. Just do a little research online and you will see that a lot of buyers from other areas agree. I am seeing buyers from California, Arizona, Washington, South Carolina, Florida, and many other states from far away. These buyers see the opportunity here, so we should not overlook the opportunities in our own back yard. We will need to go back to actually working to sell or rent a property, like we did when I first got into real estate. We had to work

Michael J Russer suggest we learn how to effectively utilize social networking sites like Facebook, MySpace, LinkedIn, ActiveRain, or RealTown. Learn how to create an effective profile and then reach out and meet new people, not to shove your real estate down their throat, but to just meet new people. Then when it comes up, which is usually does, tell them what you do when they ask. This was not around 5 to 10 years ago and we will see more and more of this in our business in 2009 and beyond. 2. Melissa Dittmann Tracey, talks about the problems of selling a vacant house, from having to heat and cool an empty home, not being able to insure a home vacant for more than 30 days, and the potential for vandalism when a home is unoccupied. She suggest hiring a house sitter that will pay a small fee to “rent the house” possibly and also take care of utilities and lawn maintenance. Just be sure to check out your home sitting service. A quick search on google turned up www.HouseCarers.com as a place to start. This might be a service that agents may want to offer up to their clients to help them defray the cost of having vacant homes and protect the house from vandalism.

3.

Robert Freeman discussed selling houses by the busload. An Atlanta area realtor loads up 12 buyers on a bus to tour 8 to 10 houses in a particular neighborhood. These are all buyers looking in the area, but they save time and gas by all going together on the mini bus and educates the buyers in a much quicker fashion. (Continued on page 10)

Investment News

MAREI Mid-America Association Of Real Estate Investors Mid-America Association of Real Estate Investors (MAREI) is one of the largest real estate investor associations in the mid-west. MAREI members consist of full and part-time investors, beginning investors, real estate brokers and agents, attorneys, contractors, accountants, property managers, renovation specialists, appraisers, bankers - people who want to enjoy the many benefits of real estate investing. MAREI was established in 2003 and promotes networking and educational opportunities to its membership. MAREI services members in Kansas, Missouri and Nebraska.

MISSION STATEMENT To provide education, discussion and networking opportunities to help real estate entrepreneurs & investors reach their financial goals using sound, honest business practices.

INVESTMENT NEWS © 2009 by Mid-America Association of Real Estate Investors (MAREI), a Real Estate Trade Association. Published monthly by MAREI and included as benefit for our members. Quotations and reprints are permitted with full credit given to author, plus “The Investment News: Newsletter of Mid-America Association of Real Estate Investors.” Subscriptions are $59 per year or are included with membership. MEMBERSHIP Twelve month individual membership is $99, 2 Person Membership is $149. Guest Fee is $25. Articles must be received by the 1st of the month two months prior to issue date to be considered for publication. To be considered for a specific issue, it is recommended you contact the Editor at least three months prior to issue date. All submissions are at the discretion of the editor and are subject to editing. Advertising space deadline is the 1st of the month one month prior to publication. All camera-ready artwork and materials for non-camera ready ads are due by that date. Please see www.MAREInet.com for more information. CODE OF ETHICS MAREI members are expected to be civic minded and willing to operate with high standards of honesty and integrity. It is our duty to conduct ourselves with the highest principles of the free enterprise system. We strive for MAREI to be synonymous with competence and fairness. As MAREI members, we hereby bind ourselves to this code of ethics: 1. 2. 3. 4. 5.

We shall not discriminate against any person with regard to race, color, religion, age, national origin, sex, handicap or familial status as defined by current Kansas, Missouri, or Nebraska law. We shall recognize that real estate is a service related industry. We shall refrain from engaging in any illegal practices, or defrauding any member, customer, or association, with the aim of always conducting business in a professional manner. We shall endeavor to stay informed and updated on matters affecting housing in our communities, and adhere to local, state and federal laws. We are individually responsible for our own due diligence and continuing education. Members are expected to verify any and all assumptions regarding business decisions to prevent falling victim to fraud, misrepresentations and illegal practices.

Further, if any allegations of conduct considered detrimental to the purposes and interest of MAREI are received in written and signed communication to the management, we will consider the matter. Should a decision to take further action be made, a furnished copy of said allegation (s) to the accused, who shall be given adequate time to reply. Thereafter, management shall take such further action as it may deem property and in accordance to this code of ethics.

BADGE POLICY All members of Mid-America Association of Real Estate Investors and guests must wear a name badge to all General Meetings. There will be no exceptions.

The information contained herein is believed to be accurate; however, it is not guaranteed or warranted in any manner and is subject to change without notice. Writers’ and speakers’ opinions are not necessarily those of MAREI. You are advised to seek professional advice.

Mid-America Association of Real Estate Investors PO BOX 8685 Prairie Village, KS 66208 Phone: 816-523-4400 Fax: 816-523-4448 www.MAREInet.com [email protected]

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Mid-America Association of Real Estate Investors is a Member of the National Real Estate Investors Association And the National Association of Responsible Homebuilders & Remodelers

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Private Lending While working on my New Year’s Resolution to actually utilize the treadmill in the extra bedroom for something other than a dust collector, I decided it was time to kill 2 birds with one stone so to speak. I have been collecting more and more real estate training teleconference calls but have not had time to listen to them. I also have not been able to find time to actually exercise, so here’s the plan. Set aside 30 minutes 2 or 3 times a week to listen to a teleconference while taking a walk on the treadmill. So won’t you join me in getting more exercise on your own treadmill and listening to some training teleconferences at the same time. On this particular day I was listening to the call in our past TeleSeminar / Webinar Replays from Mike Moulton and Courtney Jones. If you have not had a chance to listen to one of our teleconference calls, this might be the one you should start with in 2009. MAREI members can log into the member area at www.MAREInet.com to gain access to our Teleseminar Archives. I was very impressed with the call as they had some great ideas for people looking for funding for their real estate investing business, especially in this time of very tight lending practices from traditional lending institutions. Everyone should take the time to cultivate several private lenders both for short term loans and long term holds.

They then discuss how to set up and implement a Private Lending program in your business and what they do on a daily basis to set one up and keep it running in their business. They talk about creating your program and marketing pieces and your 30 second elevator speech, just in case you are on an elevator with Bill Gates or someone else who could be a potential lender. They talk about then taking your program and your elevator speech and talking to people you know about what you do and over the course of time, many of the people you know will come around to you. Courtney gave an example of a family member she had who acted like they were broke and had no idea how they would pay for their next meal. In the course of conversation one day she was talking about what she did in investing, how she borrowed money from private individuals, and the kind of return these people were getting on their money. Her penniless family member it turns out had substantial funds to lend and wanted to get in on the action and do a deal or two with her. So don’t rule anyone out, they may have funds available or they may know someone who (Continued on page 12)

Think about it! What if you had a very close friend, family member, or business associate who had $100,000 sitting in the bank. They did have $200,000 but when the stock market tanked, their investments went south and they pulled out at $100,000 and dropped it into the bank in a CD making 4% interest. What if you further had a great duplex that you could buy for $100,000 if you only had the money. You could go to the bank to get a loan, but sorry you already have 4 loans in your name so you can’t get any more plus as you are self employed and write off all your expenses, your tax return looks pretty bad. But if you had $100,000 you could buy a great duplex with great cash flow. What if you could get together with your friend with $100,000, they could lend it to you, secured by real estate, and earn 6%, 8% , 10% on their money, what ever you decide. Much better than their 4% interest, you could buy the property and start cash flowing now, and then in 2 or 3 years when lending loosens up you could refinance and pay your friend back with a balloon payment. Or maybe they might be happy getting 6 to 10% interest for a full 30 years, who knows. You never know until you ask, and that is one of the things that Mike and Courtney talk about, getting over asking for money. Many people feel like they are begging for money, but they (Mike & Courtney) advise us to think more along the lines of we are helping people by telling them of an alternative place of investing their money.

www.MAREInet.com

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General Meeting ~ January 13 ~ 6pm Networking ~ 7:30 pm Presentation ~ Marriott, Overland Park

MAREI Presents:

Wholesale Investing Case Studies We have all heard about wholesaling houses. We have heard from Larry Goins last fall how he does it (check out the General Meeting Archives) or on our archived Tele0seminars you can get the how tos from Brian Dickerson, Dwan Bent-Twyford, or Vena Jones-Cox. But tonight we are going to hear 3 different case studies from 3 different LOCAL WHOLESALE INVESTORS. We have asked 3 of our very own members to pick out one of their most memorable deals and walk us though the deal from beginning to end: •

Where did the deal come from . . .

•

How did they find the owner . . .

•

What did the seller want . . .

•

Analysis of the Deal . . .

•

What they offered and how they negotiated . . .

•

How they structured the deal to buy. . .

•

Who they sold it to and how they found the buyer . . .

•

End result. . .

Rick Zeitun Investor www.KansasCityInvestmentDeals.com [email protected]

Kevin Martin Investor

Our guest members

www.TheInvestorConnector.com

•

Rick Zeitun

•

Kevin Martin with the Investor Connector

•

Don Tucker from Tucker One Properties

816-813-1602

If you want to find out how real live deals are being put together in Kansas City for quick cash, then this the meeting to be at to kick off your 2009. Be sure to be in the front row and ready to take notes.

This meeting is sponsored by

Don Tucker Investor / Broker www.TuckerOneProperties.com

816-523-4400 Would you like to sponsor a meeting? Includes your information here in the newsletter & online. Includes a vendor table at the meeting. Includes a listing on the Vendor Page Online for 2 months. We will include a 1 page article you provide in the newsletter. You receive 10 minutes to speak before the main presentation. You have the right to place your marketing materials on the seats in the meeting room. Call the MAREI office at 816-523-4400 for more information.

Tuesday January 13th, 2009 6:00 pm Networking 7:30 pm Presentation Sponsor Meeting: $200 Reserve Networking Table: $35 for Member’s Page 4

Overland Park Marriott 10800 Metcalf Members Attend FREE $25 Guest fee at Door Reregister for $15 on Web Site More info www.MAREInet.com

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www.MAREInet.com

Wholesale Investing : an Introduction I get many calls from people who have recently read a book or attended a seminar and they have decided to be real estate investors. I received on just last week that I swear the guy just heard a commercial on the radio as he was driving down the road; somehow he found my number and dialed it up as he was on his way to where ever he was going. He wanted to know where he could buy a good deal, and if I could help him find them. He planned on buying several and flipping them for quick cash, and could I help him with that. The more he asked questions, the more I realized he either wanted me to teach him how to be a wholesale investor on the phone in 5 minutes or he wanted me to do everything for him for a real estate commission as a Realtor. So this article is for the gentleman who called me the Monday after Christmas.

work. I would start by developing a relationship with a Realtor or an appraiser and get them to email you live links to everything listed, pending, sold, expired, etc in the MLS system for the past year in the given area. If they can convert this to PDF as well so you can save it as a reference to look back at later, this will give you a really good idea of accurate values of properties in your area. Also take time to look at the live links they send and review the interior photos so you know what the “typical” house looks like on the inside. Secondly you need to have a way to accurately estimate repairs on a home. If repairs are totally new to you, you might want to hire a contractor or an inspector to walk through several fixer upper houses that are typical for your area and show you the all the items that need repaired, what they look like, and a rough estimate of what it would cost to repair. Do this two or three times and you will be able to come up with a rough estimate of repairs needed on a give house.

First of all if you are going to buy and flip a house for quick cash, you need to do a bit of homework up front. A Realtor is not going to be able to necessarily tell you what a good deal would be that you can buy and then sell for quick cash. If the Realtor has that knowledge more than likely they will be buying and flipping and making the quick cash themselves rather than working for a paltry 3% commission that they have to then split with their broker.

As a wholesaler, you may end up selling the fixer upper wholesales with a recommended contractor, so you may be able to develop a relationship with a good contractor in your area who will actually go do a repair bid for you that you can use in marketing the property with the hopes that the person who buys your wholesale property will use the contractor’s services to make the needed repairs.

Second, you can learn how to be a wholesale investor in a short 5 to 10 minute phone call. And if you are going to try to learn something from someone in such a short call, please make it from a place where you can take notes, not driving down the road where you have a strong possibility of driving up a tree or running over a little old lady.

After you know how to figure out what houses are worth through the neighborhood values and the needed repairs, you are now in a position to start figuring out what you will offer. As most wholesale investors sell to other investors, you can roughly figure that the average investor buyer will pay up to 70% of the After Repair Value less Repairs.

To learn how to wholesale houses you need a little bit of education. Myself, I have gone through several different training programs from Scott Rister, Larry Goins, Kathy Kennebrook, and Than Merrill to name a few. I have taken the best from each of these programs as well as stuff I have learned first hand from some of the bigger wholesale companies in the Kansas City market such as observing HomeVestors and the old Ridgemoor Company. And I have also learned from experience in the past 10 years. So sorry to say, it can’t be condensed into a short phone call, but I will give you a brief intro.

So if the “typical” house sells for $100,000 and it Real Estate needs $30,000 in Investing repairs, the average investor would pay $100,000 x 70% or $70,000 less $30,000 in repairs. Or they would pay about $40,000 for the house. The number you will need to verify in your area is the 70%. In What you can’t learn some areas, like On the mine here in Kansas Telephone City, in areas where there are high numbers of foreclosures, Kim Tukcer you might find that the 70% factor might be 60% or 50%, so figure this out before you start making offers.

There are several steps you need to take: 1. 2. 3. 4. 5. 6. 7. 8. 9.

Educate yourself on the area & the properties Educate yourself on estimating repairs Figure out how much to offer Find the money Find the right title company or attorney Build a list of buyers Develop a team of service providers Create YOUR plan to find deals The start doing deals.

First of all if you are going to be buying and selling houses in a particular area it would be worth your time to do a little home-

www.MAREInet.com

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Wholesale

(Continued on page 14)

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INVITE A FRIEND To a MEETING .MAREI Members do you have a friend, coworker, or person who provides you a service that is interested in real estate investing? Our Next meeting will be an excellent opportunity for a new potential member to check us out. Please cut out or copy this page and provide it to all of your friends who want to attend and have never been to a meeting and they will be able to attend for FREE! If they have attended before, please encourage them to join, it’s only $99 a year and the get access to so much training through the web site. And if they are just not quite ready to join, and they have attended before, remind them that the guest fee at the door is $25, but if they reregister at www.MAREInet.com through the Calendar of Events, they can save ten bucks.

Membership Benefits ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦

Free entrance to General Meetings Printed Version of this Newsletter Discounts to Paid Events Access to Online Library Post Houses on our Classifieds Interact on Member’s Only Message Board Post your Profile & Read Profiles for Other Members E-Messaging System through Profiles Membership List in Excel (no emails) Discount Card to Sherwin Williams Discount Card to Office Max

Cost: $99 annually for one, $50 per additional

FREE GUEST ENTRANCE FOR FIRST TIME ATTENDEES NAME: _________________________ PHONE: ________________________ EMAIL: __________________________ ADDRESS: _______________________ CITY: ___________________________ STATE: _______

ZIP: ____________

REFERED BY: ___________________

To Join, fill out form below. Name #1: ______________________________________________ Email: _________________________________________________ Name #2: ______________________________________________ Email: _________________________________________________ Company: ______________________________________________ Address: _______________________________________________ _______________________________________________________ Phone: ________________________________________________ Standard Membership $99 Add on Spouse or Partner $50 Business Membership $499 Additional Employee $50 Check Enclosed (make payable to MAREI)

Free entrance is limited to the October 2008 meeting at the Overland Park Marriott from 6 pm to 9 pm for first time guests. If you have attended before, remember guest fee at the door is $25. Membership is just $99 for one and you can join right now on our web site at www.MAREInet.com! Be sure to bring your business cards and flyers for networking. Don’t forget your note pad, because you will want to take notes during the presentation and take down names and contacts while you are networking. Arrive early and have dinner at one of the fine establishments in the area!

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Credit Card: ____________________________________________ $______________________________ Total Amount

___________________ Expiration Date

_______________________________________________________ Name as it Appears on Card _______________________________________________________ Billing Address (if different from left) ______________________________________________________ Signature Date

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Service Guide Advertising Supplement Tucker One Properties, Inc.

This is a Business Card Sized Ad

Rehab ~ Wholesale ~ Foreclosures www.TuckerOneProperties.com 115 E. Gregory Kansas City, MO 64114

Phone: 816-523-4400 Fax: 816-523-4448

MAREI members place An ad for one month $25

Joe Reece Property Specialist Cell: 816.507.4203 Email: [email protected]

Or included in Business Membership

Kyle Bush

Yellowletter.com

Yellow Letter Automated Mailings Pre NOD Leads Available

Vice President Mortgage Lending Guaranteed Rate, Inc.

John & Donna MacNeil Phone: (904) 880-2742 Fax: (904) 880-2741 Email: [email protected]

Phone: 816-777-1244 Cell: 913-940-7058 Fax: 816-817-2822 http://www.GuaranteedRate.com//KyleBush

JEFF BASLER PORTFOLIO MANAGER

Beth Langston Homefront LLC

O: 816-474-0010 C: 913-568-9344 F: 816-474-0016

Call me to review your portfolio! 200 NE Missouri Rd, Ste 200 Lee’s Summit, MO 64086

FOR TURN KEY RENTAL PROPERTIES CONSISTENT CASH FLOW & APPRECIATION WWW .JBFUNDINGLLC.COM

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Accurate Title Company, LLC Ron Kraft Title, Closing, & Escrow Services

FLATIRONS FINANCIAL, INC

INVESTMENT PROPERTY REHAB LOAN SPECIALIST

7011 W 121st St, Ste 100, Overland Park, KS 66209 Jackie White / 913-338-0100 / Fax 913-338-0107

EMAIL: [email protected] PHONE: 913-393-2448 or 866-393-2448 www.FLATIRONS.LENDINGSTATION.COM

www.AccurateTitleCo.com

Ask us about MAREI membership reimbursement with your loan!

www.MAREInet.com

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Vendor Expo Each of our General Meetings feature about an hour trade show before the presentation. Please arrive around 6 pm to visit with all of our vendors who have reserved tables. If you would like to have a table at the meeting or would be interested in sponsoring a meeting, please visit the calendar on the MAREI web site for more information. Vendor Tables are $35 for members and $75 for non members or sponsor the entire meeting. Reserve your table through the Calendar online or email us at [email protected].

Want an Alternative:

I Buy Private Mortgage Notes, & Land Contracts, Lump Sum Cash

No house hunting No contractors No tenants No toilets

Edward Griffin 913-499-6518 [email protected]

Find out how to invest in Real Estate with no Headache. Very Little Time Needed. Earn Safe Return on your Investment Great way to build up IRA Funds. www.ROIwithTuckerOne.com 816-523-4400 Don or Kim Tucker

Contact Realty Resource when you are ready to discuss your options with Kansas City Area Real Estate Investments. Consult with one of our Specialists to help you find the property to fit your investing needs. Contact Realty Resource when you are ready to discuss your options with Kansas City Area Real Estate Investments. Consult with one of our Specialists to help you find the property to fit your investing needs. We understand that buying a primary residence is much different that buying an investment property. You have a lot more factors involved that need to be looked from specialized financing, exit strategies, repairs, maintenance, management, and more. Our agents have expertise with:

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Having a Kansas City Realtor who specializes in Real Estate Investment Properties such as Bank Owned Properties, Short Sales, Pre-foreclosures, Cash Flowing Rental Properties, Apartments, and Lease Options is a must if you are investing in Residential Investment Properties.

Affinity Group Management Company: 1-800-790-4872 PHONE, 913-894-6534 FAX Email [email protected] Email [email protected]

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Listing Bank Owned Properties REO Properties Wholesaling Properties Rehabbing Properties Renting Properties Section 8 Short Sales Apartments Property Management

www.RealtyResourceKC.com 816-523-4400

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Newsletter & Service Guide Our monthly newsletter is the Investment News. All of our MAREI Business members receive a Business Card ad or a monthly $25 credit for a larger ad. The Investment News is currently mailed out in paper version to approximately 320 addresses and handed out at our monthly meetings. We also post our newsletter archives on our web site for any new members or guest to read past articles. Or write an article to be included in our newsletter that will showcase your expertise. We will include your contact information at the end of the article. Cost is currently just $50 for a one page article in the newsletter and posted on the web site for members.

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2009 . . . Continued from page 1 4.

5.

6.

7.

8.

Use the actual home sales in an area to your advantage. The article from Robert Freedman was using this idea for Realtors, but the investor who has just sold a house in a neighborhood might want to send out a post card or hang door knockers on houses showing off the home that just sold. On one side talk about the great home sold and on the reverse mention how your lease to own program works, this would be especially effective in an area that has a good mix of owner occupied houses as well as rentals, you just might convert a renter into a buyer. You may want to target these just sold items to an area apartment area that has a nice housing area close by. Mr. Freedman also encourages us to get to know all you can about loan programs and first time home buyer programs in your area so you can educate buyers. Team up with an FHA lender, compile a comprehensive list of home buyer assistance programs in the areas, get to know all the community banks and credit unions in the area so you can have a resource for your buyers. Borrow a local church or library or other public space and hold a first time home buyer seminar. Here in Kansas City you should get to know about www.KCHomePrograms.com and if you can get in – attend a Workforce Housing Specialist class through www.KCRAR.com When I started in real estate, the investor took the time to teach the potential buyers how to be a buyer. They would show them how they can buy with little to no money down through FHA and similar programs, how they could get funding from local area resources for the down payment, how they can save money on their taxes by having interest and house insurance to pay in the mortgage payment, and how the mortgage payment could be about the same as rent in many cases. If you can show a first time homebuyer how they can be a buyer, how they can save money through tax deductions, and how it can cost almost the same as rent, you can sell them a house. Learn about the tax credits available to buyers who buy a home that have not owned a home in the last 3 years. Right now the credit is 10% of the home price up to $7,5000 with income limits and it must be paid back over time. Essentially by using the tax credit, they are getting a zero percent loan from the government that they can take 15 years to pay back. And the National Association of Realtors is lobbying the government to extend the tax credit for a few more years in advance (it ends July 1 2009 right now) and also to remove the need for the home buyer to pay it back. As Realtors and Investors we need to be THE VOICE of Reason to counter act all the doom and gloom in the media. We can write articles, make posts on our social networking sites, blog away, get interviews with the media to show them that interest rates are low, that people

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can still buy a houses, and that people are buying houses. If you have a special niche you serve, offer up some education on your special niche: rent to own, lease to own, seller financing. Etc. 9.

We will see more lease to own and seller financing taking the place of the now missing sub-prime loans. Once utilized quite a bit by Realtors and Investors as a way to sell more houses, it fell out of favor during the subprime era, but we should see more of this come back into play. However we are also seeing quite a few states put more rules and regulations on both, so brush up on how they work in your area. Kansas City has not seen much in the way of regulation yet, but I have heard rumors that the Kansas Attorney General is looking into how Lease Options work. But just a rumor.

10. On the commercial side, we will not see much improvement in 2009 until the housing market start to recover. With more and higher home sales, the economy will improve and businesses will then go back to growing while right now they are staying the same or shrinking. What do you think will be happening in 2009. Please log in and voice your opinion on our online forum at www.KCRealEstateInvesting.ning.com, we would love to read what you have to say. With so many very well informed people in our association, I am sure we could come up with some excellent plans to help move more housing inventory in 2009. (If you are not in the Kansas City market, please see visit your local REIA group to share your thoughts with your group. About the Author: Kim Tucker is an Investor and Real Estate Broker in the Kansas City Market. Along with her husband Don, they have been investing in Kansas City Real Estate since 1999. You can find more about Kim online by visiting her blog at www.TuckerOne.wordpress.com or you can reach her by phone at 816-523-4400. Currently in 2009 the Tuckers are buying and wholesaling a house or two each month and focusing their efforts currently on building their real estate brokerage www.RealtyResourceKC.com that caters to the Kansas City Real Estate Investor.

About the Author: Kim Tucker is an Investor and Real Estate Broker in the Kansas City Market. Along with her husband Don, they have been investing in Kansas City Real Estate since 1999. You can find more about Kim online by visiting her blog at www.TuckerOne.wordpress.com or you can reach her by phone at 816-523-4400. Currently in 2009 the Tuckers are buying and wholesaling a house or two each month and focusing their efforts currently on building their real estate brokerage www.RealtyResourceKC.com that caters to the Kansas City Real Estate Investor.

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www.MAREInet.com

MAREI News FREE MEMBERSHIP: that’s right you can earn a FREE membership. When ever you refer a friend or business associate to MAREI and they join, we will extend your Standard membership by 3 months. Refer 4 and gain a full extra year. Be sure to tell your friend to put your name down on their membership application or if they join online, to put your name down as the person who referred them. They need to be new to MAREI not a previous member. And they need to be their own separate membership, not a 2nd person added on to your membership. Online Networking: we have had our yahoo group for years and that is still in place, but we have also added a new networking site that is a little easier to join and utilize late last year. Go to www.KCRealEstateInvesting.ning.com to join! Email Updates: we have switched our email provider for sending out our updates. If you are not getting these updates via email be sure to visit www.MAREInet.com and register for this newsletter in the upper left hand corner. You will receive notices of newsletters being posted, upcoming events, and important information to the real estate community. Don’t miss out, be sure you are signed up today. If you are getting emails but you don’t want them or you want them sent to a different address, please look for the unsubscribe or update links on the emails. They do work. Gone Green: in an effort to reduce costs of printing and postage and to keep the membership fees at the same low rates we have opted to send out the newsletter in 2009 via email. This saves MAREI about 700 and saves a full case of paper that would other wise end up in about 400 trash cans after a few weeks. We are emailing out the newsletter and posting on the web site for up to a year for the general public to read and the archives are available back further through the members online library. Teleseminars: Last year we teamed up with Norm Reid to provide a monthly teleseminar on about the 3rd or 4th Tuesday of the month. We will be continuing this teleseminar in 2009. Members can log in to the member area, click on GURU and follow the link back to Norm’s Archives for currently 51 calls. At about 90 minutes a call you have over 75 hours of training at the click of a mouse. Meeting Location: We have signed up at the Overland Park Marriott for another 6 months, so you can mark your calendar for the 2nd Tuesday of the month from 6 pm to 9 pm at the OP Marriott through June. Calendar of Events: As the local paper stopped offering a place for Investors and Realtors to post their real estate investing events in the past year we have all been at a lost where to post our events. So for MAREI members, if you have a networking event, a cash flow game, a free workshop or seminar, please get with us to post your event. If you know of an event that is a public event that would be of interest to the membership: crime free housing by the police department, Section 8 meeting for landlords, foreclosure summit by a community,

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please let us know so we can post the event. Also post your events at www.KCRealEstateInvesting.Ning.com Networking Events: We currently have 4 networking groups outside of the main meeting. Northland Investors, Northland Cash Flow Club, Lee’s Summit Investors, and Kansas City Investors. Each meets once a month and their events are on the calendar. If you are a member and have a networking event or would like to start a networking group, we are hoping to add: Women Investor Group, Commercial Investors, Mobile Home Investors, Johnson County Investors, Short Sale Group, Lease to Own Group, and we are open to ideas for other groups. Lease to Own: We are hoping to put together a small group of investors & realtors who have experience selling lease to own properties and coming up with a standard plan that could be used to list lease to own properties in the MLS that is fair to the Seller, the agents involved, and the buyer. Define how the agents are to get paid, how we are to post this information on the local MLS, and get our standard plan approved by KCRAR. This is in an effort to get more of the lease to own properties into the MLS, so that we can create valid comparables for appraisers who are appraising homes that are in the final financing stages in a lease to own process. If you have an interest in being on this committee, please email us at [email protected] Library: Our library at MAREI is growing, just log in and click on library. Articles, E-Books, Forms are filed by topic. We have a file of about 75 new E-Books to add and will be adding a few each month until they are all in the Member Library. Access them all from your own computer. A few are rather large and will be zip files that you will need to unzip. If you have an article, and e-Book, or form that you would like to share with the group, please email it to [email protected] so we can load it into the library. If you would be interested in being the librarian, please email us your interest as well. Volunteers: Would you like to earn MAREI dollars to be used to extend your membership or go to training classes? We need a few volunteers to work the check in table from 6 to 7:30 pm on meeting nights. We need a volunteer to work a few hours on an afternoon the week after the meeting to process new memberships. Member Resources: We have created a new page on the web site that has links to more resources in an effort to make the site easier to navigate. Member Discounts: We still have the discount card for Sherwin Williams. If you have an expired card and need a new one, please drop us an email and we will put a new one in the mail. We also have discount cards to Kinkos for copies. We have been unable to obtain more cards for Office Max, we will be posting the online discount information under Discounts for Members in the Resource area. If you are a MAREI member and have a discount through your business that you would like to offer, please let us know so we can add it.

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Private Lending . . . Continued from Page 3 has the funds.

Private Lending : What’s Your Program

Another idea they had was a soft sell to people you know. The idea being that you create a short presentation either on power point or an audio cd and you give it to a few key friends that you think might have an interest. Tell them that you have put this presentation together and are getting ready to send it out to the masses and would they please review it and let you know what they thought of the presentation, critique it if you will, so it could be improved upon. They said that invariably they would get some interest from some of the people doing the review. They had quite a few ideas.. From this call as well as a few other sources I have found that many people are putting together the “elevator speech”, and then a one on one or group presentation to do at a lunch or a dinner. And recording the presentation on a CD. Then they are going to networking groups that are outside of real estate – groups for anything, just so they can meet people from all walks of life, professionals, doctors, attorneys, retired people, what ever. Through out the networking events they meet people and as you do at these things you talk a bit about what you do, share with them your elevator speech. If they are interested, you have handy the CD for them to take home and listen to, and then if they want more info you can set up a one on one meeting. Another source also recommended that as you go to these networking events, that people may want to provide a presentation to their one special group that may not be at the event: a select few clients for an accountant who might want to learn about self directed IRAs, the doctors in a doctors office, a retired professional with his golf buddies, the retired school teacher with her retired school teacher friends.

Protect Your Lenders Buy with good equity position. Title Insurance for Buyer & Lender Proper Hazard Insurance Promissory Note Mortgage / Deed of Trust Assignment of Rents All Funds Go through Title Company / Closing Attorney Get an Outline of Your Presentation What is Private Lending Benefits to Lenders How You Protect Your Lender Your Bio / Resume Example Deals How to Do a Deal with You Create Several Media Outlets Brochure Power Point Web Site Email One on One Presentation Group Presentation Video & Audio CD Teleconference Webinar Elevator Speech

If you take the approach that you are teaching people about an alternative way to invest their money – into mortgages secured by real estate or teaching them about self directed IRAs, you will find that you don’t really have to ask so much for the money.

2 Minute Presentation Get Interest Set Up Time Later to Follow Up Circle of Influence

So my plan for 2009, besides the treadmill and the teleconferences is to polish the elevator speech, update my presentation and get it onto a CD, make a few copies and then find some new places outside of real estate to network. I hope to find a way to squeeze at least 2 extra events in a month and share my elevator speech and find an extra $1,000,000 for 2009. About the Author: Kim Tucker is an Investor and Real Estate Broker in the Kansas City Market. Along with her husband Don, they have been investing in Kansas City Real Estate since 1999. You can find more about Kim online by visiting her blog at www.TuckerOne.wordpress.com or you can reach her by phone at 816-523-4400. Currently in 2009 the Tuckers are buying and wholesaling a house or two each month and focusing their efforts currently on building their real estate brokerage www.RealtyResourceKC.com that caters to the Kansas City Real Estate Investor.

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List of everyone you know & contact info Let them know what you do Share your “elevators speech” If they have interest, tell them more Ask for referrals Start your new year right! Find the Money to Fund the Year!

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Education at MAREI Member Orientation: This is a short 1 hour workshop we will be offering for FREE for MAREI members. We will cover the benefits available to the MAREI members and walk you through the web site so you know how to log into the member area, create your profile, view the profile of others, post a classified, and access our online networking. Must be a Member of MAREI to register. Saturday January 17th 8:30 am to 9:30 am Saturday February 21st 8:30 am to 9:30 am 115 E Gregory Boulevard, Kansas City, MO

Registration Information PLEASE CHECK THE APPROPRIATE Workshop Member Only Orientation Free for Members: Jan 17 Buying REO Properties for Members: $25 Buying REO Properties Non-Members: $50 Private Lending for Members: $25 Private Lending for Non-Members: $50

Buying REO Properties: This is a 2 hour workshop devoted to teaching: what an REO property is, where to find a list of REO properties, pros & cons of using a buyer’s agents, how to make offers, negotiation strategies, and more. If you want to take advantage of the record number of REO properties this workshop is a great starting point. All attendees will receive a digital copy of a sample bank addendum outlining the basics of an REO purchase and what you need to watch for. This class is open to MAREI members for $25 a person and the general public for $50 a person.

_________________________________________________________ Name

Saturday January 17th 10:00 am to 12:00 pm

_________________________________________________________ Address

115 E Gregory Boulevard, Kansas City, MO Offered by Realty Resource of KC Private Lending: This is a 2 hour workshop devoted to teaching: what a private lender is, how to structure your private loans, how to find private lenders, how to build your credibility. All attendees will receive a digital copy of sample loan documentation. This class is open to MAREI members for $25 a person and the general public for $50 a person. Saturday January 17th 1:00 pm to 3:00 pm 115 E Gregory Boulevard, Kansas City, MO Offered by Tucker One Properties Investing with your IRA: This is a 2 hour workshop devoted to teaching you the basics of investing with your IRA. We will cover the 2 larger IRA custodians, who you can and can’t do business with, how to buy and sell a house in your IRA, and how to lend money from your IRA. This class is open to MAREI members for $25 a person and the general public for $50 a person. Saturday February 21st 10:00 am to 12:00 pm

_________________________________________________________ Company

_________________________________________________________ City / State / Zip _________________________________________________________ Email Address _________________________________________________________ Business Telephone Business Fax

Payment Information Credit Card _______________________________________________________ Credit Card Account Number $______________________________ Total Amount

___________________ Expiration Date

115 E Gregory Boulevard, Kansas City, MO Offered by Tucker One Properties

_______________________________________________________ Name as it Appears on Card

Getting Started as a Bird Dog: This is a 2 hour workshop devoted to teaching you: what a property bird dog does, how you can get paid legally, how to build your buyer’s list, how to find motivated sellers, and touch on becoming a Realtor. This class is open to MAREI members for $25 a person and the general public for $50 a person.

_______________________________________________________ Billing Address (if different from left)

Saturday February 21st 1:00 pm to 3:00 pm 115 E Gregory Boulevard, Kansas City, MO Offered by Tucker One Properties Seating is limited—register with form to the right or through the Calendar online at www.MAREInet.com

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______________________________________________________ Signature Date Check fax registration to 816-523-4448 Seating is very limited: only 12 per workshop. Questions, please call 816-523-4400 x 222.

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Wholesale . . . Continued from Page 4 So once you know what the typical investor will pay for a house, then you are all set on your Third task of figuring out what to offer. Just take the number we figured above that the investor will pay, subtract out your profit and maybe just a bit more for a cushion and you have a number to target for your purchase price. But before you start actually making offers, your fourth step is to find your money. I know, many of you are saying that if I am wholesaling houses I am going to assign the property or double close, what do I need money for?

up some funding. I would try to find one or two of each of the following: 1. 2. 3.

4. So let’s step back a minute and define what assign or double close means. With an assignment, you get a property under contract to buy a house at a particular price. Then you get a contract with someone who wants to pay you a fee to take your place at closing. An example might be that you have 123 Main St under contract to purchase at $25,000 with Suzie Seller and Larry Landlord who is willing to pay up to $28,000 for the property. You have a purchase contract with Suzie Seller to buy at $25,000 and hen Larry Landlord signs an assignment that says he will pay you $3,000 at closing for the right to close in your place and pay Suzie Seller $25,000. In this transaction on the HUD, both Suzie Seller and Larry Landlord will know that you Willie Wholesaler are making $3,000 Where the need to have money comes in would be when Larry Landlord backs out the day before closing and you have to either close on the property or extend the contract with Suzie Seller. With a double close you have the same house at 123 Main St under contract to purchase at $25,000 with Suzie Seller. You find Larry Landlord who is really excited and ready to buy at $35,000 because the property is rented for $750 a month. But because you don’t really want Suzie and Larry finding out that you are making $10,000 in the middle as the wholesaler, you want to Double Close. So you have two contracts: one for you to buy from Suzie Seller and one for you to sell to Larry Landlord. You, Suzie, and Larry all close on the same day and the funds that Larry brings to closing to buy pays Suzie for your purchase with about $10,000 left over for you as profit. But again, what if Suzie has to sell on that particular day or she will back out of the contract with you and sell to someone else. Further Larry wants to buy the house, but can’t quite get his funding put together until a few days after you are supposed to close. If you don’t have the funding ready to go, you loose out on doing the deal and making $10,000. So you need to pay particular attention to step number 4: Finding the Funding. You also need to find the funding, because many times your buyers might need help in financing the purchase. If you have funding lined up that your buyer can use, you may be able to turn lookie lou phone calls in to actual buyers. So spend a large portion of your time calling lenders at your Investor Club, your networking groups, and out of your local phone books to line

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FHA Lender for those few houses that could be sold directly to the general public. Hard Money Lender that would be willing to lend you funds for a few days to a few weeks. Mortgage or Bank Lender who will lend you the funds for a longer term for those houses you might need to buy and do a few minor repairs and sell in a few months. Private Lenders should be your main focus because these will be your best source for cheaper funding if you need to buy a property. Private Lending will be a topic for another article on another day.

As you call and talk to all of these lenders, tell them what you are doing, what kind of funding you might need or that your buyers might need, and if they can’t help you ask them for referrals to other lenders who might be able to help you. You have one more homework step before you are ready to deal with buyers and sellers and that is number six, finding the right title company. If you don’t have a title company that is willing and able to double close for you or to close an assignment contract, then you will be very hard pressed to do deals. It is much better to have this title company lined up in advance than trying to find one to put a deal together for you quickly at the last minute. Further your title company needs to be investor and for sale by owner friendly. Many companies in our area charge an extra fee if there are no realtors involved and that could eat into your profits. You also want a title company that is good at solving problems. If you wholesale more than one or two houses a year, you will run into some major title issues sooner rather than later that need to be dealt with. Now you are ready to start the fun part of wholesaling. Building your buyers list. I would start at your local REIA and if possible using the old fashioned phone. If at all possible get a list of the members and start calling them and asking them a few basic questions: 1. 2. 3. 4. 5. 6. 7.

Do you buy houses? Do you have 5 minutes to talk? Where do you buy? What do you look for in a house? Price range? How many a year? What is your end use? (Rehab flip, section 8 rental, lease to own) 8. If I have a good deal how fast can you close? 9. How do I get a good deal in front of you? 10. Get their name and contact information. I have tried email and found that it just does now work. You can

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Wholesale . . . Continued from Page 14 send out 1000 emails and you will more than likely get 2 or 3 people respond back. Use the above information to build a contact database online and devise a way to email out your deals as you get them. I would also invest some time in calling all the “I Buy Houses” ads in the newspaper as well as the for rent by owner ads. Then I would learn how to market houses through your local REIA group both at meetings and online and find some national online outlets for marketing properties. The best online place I have found is craigslist.com. On your buyer’s list you want to add everyone who says they would like to be notified of properties, but I would also try to build a special buyers list of people that are cash buyers and could close in less than a week if you find them a good deal. As you do deals, add to this special list the people who do buy houses. I would contact this special list first and give them a 24-hour head start before sending out the property to your full list. Along the way in getting this far you have probably talked to a lot of people: contractors, inspectors, lenders, realtors, property manager, etc. Be sure to keep all of them in a database of service providers so when your buyer’s ask, and they will, you have some key contact to share with them. Now at step number 8 you need to figure out how you are going to find deals. If you look at all the training programs out there, this is where they devote the majority of their time in training you. They talk about what a motivated seller is and what they do to find that very motivated seller: • Larry Goins mainly hires buyers to sit and call For Sale and For Rent by owners in the newspaper. • Scott Rister likes to mail a series of letters and postcards to out of stat owners, code violation lists, and owners in eviction court among others. He is focusing mailing on rental properties and junkers. • Kathy Kennebrook also likes the direct mail approach also and mails to out of state owners on higher end homes, homes in probate, and nicer areas. • Than Merrill program takes a multi approach from direct mail to people in foreclosure, to bandit signs, to buying leads. There are virtually 100’s of ways to find motivated sellers and getting them to call you. For example as I am writing this paragraph above, Larry Goins has an auto dialer to call up people who have given him their contact information in some way and this auto dialer just called me to promote his latest training. You could set up an auto dialer with a message on how you buy houses and set it up to call all the for sale and for rent buy owners and direct them back to your web site for more information. Take a little time and review all the articles and tele-seminars online devoted to wholesaling and finding motivated sellers and you will get a very good idea of things you can use to find the deals. Then pick three or four methods based on the money you have to devote to finding deals and implement them. Don’t get discouraged if a deal does not fall in your lap.

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It could take 2 to 3 months or more to get the right deal in front of you. This may be because your marketing plan or your finding plan needs to be learned and you need to practice a bit. Also many times a person may not call you the first time you contact them or they see your sign. They may need to “hear” from you through a sign, letter, phone call, email, web site several times before they get up the courage to call you. Now this last part in getting the sellers to contact you is probably the most important. You need to have a phone number (local if you are working inner city), a web site, and an email to provide them several ways to find you and learn more. And be sure that if you get a phone call or an email to contact them back as soon as possible, because if they are ready to sell today and you don’t call them back, they will find another potential buyer or a realtor and go with them. Once they raise their hand and say, please help me with my problem, you have about a 12 hour window if that to get back with them before they either change their minds or go with someone else. Now you have all the basics you need to decide if you want to wholesale houses. I would still recommend doing a little more homework with a book from the book store, information from online or a training course or two. My team and I bought and sold about 23 house in 2008 and 17 in 2007 on a part time basis and we have been working on perfecting the first 8 steps since the year 2000. We have attended many training events and purchased several training courses and talked to other active wholesale investors in order to tweak our system and we continue to make improvements. Take the time to utilize the free or low cost training offered by your local Real Estate Investor Association and don’t be afraid to ask questions on those online networking boards. As you can see you can’t do it all in a 10-minute phone call and a Realtor is not going to be able to do it for you. So far with this brief overview I see we are up to about 4 pages. So set aside some time and start working on the steps.

About the Author: Kim Tucker is an Investor and Real Estate Broker in the Kansas City Market. Along with her husband Don, they have been investing in Kansas City Real Estate since 1999. You can find more about Kim online by visiting her blog at www.TuckerOne.wordpress.com or you can reach her by phone at 816-523-4400. Currently in 2009 the Tuckers are buying and wholesaling a house or two each month and focusing their efforts currently on building their real estate brokerage www.RealtyResourceKC.com that caters to the Kansas City Real Estate Investor.

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Mark Your Calendar Saturday January 17th Member Orientation Workshop Buying REO Properties Workshop Private Lending Workshop See page13

Saturday February 14th Lee’s Summit Investors Breakfast KC Northland Cash Flow Club Evening Wednesday February 18th Northland Investor Lunch

Wednesday January 21st Northland Investor Lunch

Saturday February 21st Member Orientation Workshop Investing with your IRA Workshop Getting Started as a Bird Dog

Monday January 26th Kansas City Metro Investors Lunch

Monday February 23rd Kansas City Metro Investors Lunch

February 7th—Week End National REIA Cruise

Please visit the Calendar Online at www.MAREInet.com For other events Times & Location Registration

Tuesday February 10th General Meeting Legal Eagle Night with 2 of MAREI’s Attorney Members

Real Estate Questions

General Meeting

Not sure how something works?

Overland Park Marriott 10800 Metcalf 110th & Metcalf, S of I435

Need to find a service provider?

Tuesday January 13th, 2009

Do you have questions?

Can’t remember a name or a contact? We have several sources for answers and they all start with our web site: www.MAREInet.com Read Articles & Past Newsletters Listen to Recorded Meetings & Teleconferences Check the Vendor’s Online Online Forums linked from Web Site KCREI on Yahoo Groups http://kcrealestateinvesting.ning.com/ Member’s Only Forums Member’s Only Profiles You will probably find your questions discussed in an article or recording or answered in a past question on the forums. Ask again and get even more answers.

Wholesale Investing Case Studies Registration, Networking, and Vendor Trade Show open at 6 p.m. See page 4 for more information.