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Investment News MI D - A ME R I C A A S S O C I A T I O N O F R E A L E S T A T E I N V E S T O R S

June, 2011 NETWORKING : EDUCATION : COMMUNITY

Page 2 MAREInet.com

BUSINESS MEMBERS

ADDRESSING THE NEEDS OF

THE REAL ESTATE INVESTOR

marei

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.

Look in under the Toolbox tab under “Service Directory”.

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

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

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

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

Wholesale kcmoHomeBuyer kcmoHomebuyer.com 816-200-2198 Don Tucker

http://mareinet.com/marei-tool-box/business-associates

Investment News Page 3

Features ׀ June 2011

10

Who are private lenders,

where can I find them, how

do they work, how can I get

them to lend me money. 12

What are the reasons that investors advertise? To

find buyers or sellers and get the phone ringing? So

now the phone rings, now what?

In This Issue

MAREI Business Members 2

MAREI Staff 5

Notes from Director 6

Assessed Value vs Market Value 8

Private Lending 10

What Scares Investors 12

Creative Financing or Mortgage Fraud 16

Get Involved, Make a Difference 18

Training Events 20

Calendar 22

Classifieds 24

Foundations: 5 Tips for Inspections 26

Contents MAREI News

JUNE 14TH

MEETING

Page 4 MAREInet.com

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.

Content Disclaimer 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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Matt Puckett

Canyon Stone

JJ Pawlowski

Chartwell Realty

Investment News Page 5

MAREI Staff

Kim Tucker 816-523-4400

Director

Kim@MAREInet.com

Don Tucker 816-523-4400

President

Don@MAREInet.com

Steve Burns

Audio Visual

cashflowtreasures@gmail.com

John Welchert

Meeting Ambassador

816-268-3849

Larry Prato

Commercial Subgroup

913-227-4693

Spencer Cullor

Commercial Subgroup

913-324-5900

Dan Goodwin 913-642-5218

Meeting Ambassador

DanGoodwin@kw.com

Shelda Goodwin

Meeting Ambassador

SheldaGoodwin@kw.com

Scott Tucker

Meeting Ambassador

STucker319@gmail.com

little bit south of central if we look north and

south.

For those of you who have never been there

you will find it is between State Line Road

and Ward Parkway and 85th Street and 89th

Street.. Enter the parking lot on the Ward

Parkway side at about 87th street. It is just

to the south of 24 Hour Fitness and they ask

that we park in the parking garage if at all

possible.

This location also offers quite a few choices

for our members to meet before the meeting

for a quick dinner at one of the many dining

facilities in Ward Parkway Shopping Center.

.

Kim Tucker

Director of MAREI

I am excited to announce a brand new rela-

tionship between MAREI and Career Educa-

tion Systems. Many of our Realtor members

are familiar with the very professional training

facility that offers Realtor training. We have

been in negotiations with them to hold not

only our monthly meetings, but also training

workshops.

So while we will be in the same location in

June, we will be moving our meetings to their

training facilities in JULY. They are located in

the Ward Parkway Shopping

Center at 8600 Ward Park-

way, Suite 130 in Kansas City

Missouri, which is fairly cen-

trally located. For the metro.

Located just of State Line puts

this location in almost the ex-

act center via east west. It is a

Director’s Notes

Career Education Systems

Your Guide to

Real Estate Excellence

Visit www.CESKC.com

To find out more about

Realtor Training Classes

Page 6 MAREInet.com

Investment News Page 7

Page 8 MAREInet.com

Assessed Value vs

Market Value When working to determine the true value of a prop-erty the Real Estate Investor must keep in mind that the tax assessed value is not the same as market value or the value that the home would sell for in today‘s market. These two numbers are two entirely different values.

According to the www.fiftystatesfsbo.com

Market Value: the value of a home in TODAY‘S market.

Assessed Value: Used by taxing authorities to de-termine taxable value only. Assessed Value is not an indication of Market value

In Johnson County in Kansas they feel market value or ―fair market value‖ is the amount that the well in-formed buyer is willing to buy and the well informed seller is willing to sell in an open and competitive market.

In Kansas, they used a county appraiser to deter-mine ―fair market value‖. The county appraiser will

conduct an exterior inspection every six years and attempt to speak with the owner as they look for changes in the property such as room additions, property dimensions and general condition. They then use computer-generated sales data to ana-lyze the property based on age, size, style of con-struction and replacement cost.

Once they have determined your ―fair market value‖ or appraised value based on this exterior inspection, they multiply that number by various percentages for all the parts of the community that have a hand out for your property taxes.

For example in Johnson county a residential prop-erty currently would have an 11.5% assessment of value, Commercial a 25%, and a vacant lot a 12%.. Once they have that assessed value, they then multiply again by the mill levy to determine your tax.

Annually your county will send you out a notice of value to let you know what they county thinks your

Attend the June MAREI Monthly Meeting to find out steps you can take to protect your profits from the tax man. We will be discussing con-testing your tax assessment from Real Estate Taxes.

Location: Sylvester Powell Jr Community Center: 6200 Mart-

way in Mission Kansas (*last meeting at this location)

Date: Tuesday June 14th: Doors open at 6:00

Cost: Members FREE, Guests $25 at the Door or Pre-Register for $15. See more & Register online.

PHP: 1 Credit Management PHP, members only, must be pre-registered through the website to receive credit.

Don’t miss this event!

Monthly Meeting 1

PHP

CREDITS

Don Swartz Managing Director

CBIZ MHM Professional

Services CBIZ.com

Investment News Page 9

speaker

agenda

The June 14th Monthly MAREI

meeting will host Don Swartz

with CCBIZ MHM. Join us to

find out more about the process

for Appealing your Taxes

Time Frames for Appeal

Qualifying for Reduction

What Information is Needed

How Long Does it Take

Do I Need an Appraisal

Needed Comparable Info

When do I Need Profes-

sional Assistance

If you own real estate for per-

sonal use or for investment or if

you are a real estate profes-

sional who assists others, the

information you learn tonight

will be invaluable. Please bring

any questions you may have.

properties current value is for this years taxes and they give you so much time to appeal that value.

All property owners have the right to appeal their appraised valua-tion. It may be that what the ap-praiser guessed at from the out-side is not correct, it may be that there have been major damages or deterioration to the property that is not visible from the outside.

But there are deadlines you must meet to appeal your values and you need to know what types of proof of lower value you need to provide at the appeal.

Some things you may want to have:

Correct figures on property de-

tails: square footage of all rooms, lot size, number of rooms, number of bedrooms, number of bathrooms.

Comparable Homes both

those the county used and those you feel that are similar to your property.

Correct figures on comparable

properties.

Recent Appraisal

Signed Sales Contracts

Photos of damage if it was re-

cent

Repair estimates of damage

Real Estate Investors need to be informed on all of this process be-cause an incorrect valuation in the counties favor can cost us $100 and $1000 in taxes over the time we own the property.

Some things to think about.

Buy and Hold: If you buy and hold real estate for rental purposes you pay real estate taxes each and every year. In single family, multi-family, commercial or what ever you are into, the more errors in

real estate taxes on your proper-ties and the less profit you put in your pocket at the end of the day.

Flip Properties: What if you buy and resell quickly. In some cases it may be that the property has not sold because the tax assessed value is way off and no one is will-ing to take on the expense of the out of whack taxes or the effort to get them changed. You could be the big winner if you could buy from the motivated seller cheap, adjust the taxes to a correct value, and then resell for a better price.

Last, the value of any property is going to be affected by the taxes assessed. In single family the in-vestor buyers are going to look at cash flow and the owner occupant buyers are going to look at monthly mortgage payments, both affected by the real estate tax. In multifamily or commercial property, the value is a direct result of net income, which is also affected by the taxes assessed.

So if you are a property owner of any kind, for your own use or for investment purposes, it could pay to find out the exact steps needed to review your tax assessed value for accuracy and to appeal the value if it is incorrect.

Most people don‘t realize it, but obtaining money

for real estate deals has nothing to do with sav-

ing money for a down payment, going to a bank,

filling out an application, and waiting to be ap-

proved.

In fact, if you‘re going about things this way, as I

did for many years, you‘re wasting time and los-

ing money.

For me, discovering how to use private lenders

in my real estate business has been truly life

altering. The amount of money I make and the

kind of work I do each day is incredible to me.

And not only is it possible, it‘s really very simple.

If I can do it, anyone can.

For seventeen years I languished in a full-time

corporate position. I wasn‘t happy and I was

barely making ends meet. I was thousands of

dollars in debt and it was only getting worse. It

wasn‘t the life I wanted. I felt that my life was just

ticking away. When I sat down and really faced

things, I knew in the end I could actually retire

poor.

Something had to be done.

Real estate investing came to me in the form of

an infomercial at 2 a.m. on a Tuesday. The

course piqued my interest, but the cost was

$159. Money was so tight, I didn‘t have $159,

but I did have a credit card and the company

offered a 30-day money back guarantee. I held

that credit card in my hand and considered the

future I wanted. Then I picked up the phone and

ordered the course. It was the first step toward

a brand new life and eventual wealth beyond

what I could have imagined.

But that was only the beginning. After a few

years I took a second step that propelled my

business and my life to a whole new level. In

2001, when I quit my corporate job and took the

plunge full-time into the world of real estate, I

was immediately faced with a very big problem.

It turns out that this problem was the best thing

that could have happened to me. You see, with-

out full-time employment, traditional lenders

weren‘t exactly eager to loan me funds. And

without consistently available money to fuel my

real estate transactions, I had no business at all.

I tried everything:

- Banks

- Line of credit

- Hard money lenders

- Partners

- Credit cards

If only I had known that all of these methods,

even if they had been eager to give me a loan,

were complete wastes of my time!

Finally, about five years ago I learned a lesson

I‘ll never forget. I came across a foreclosure on

a $150,000 property that was going for only

$70,000. I‘d hit the jackpot! It was almost too

good to be true. Of course I jumped at the

chance to get in on this incredible deal. But I

didn‘t have the available funds. It‘s every real

estate dealer‘s nightmare. I scrambled to the

bank, to my partner. I tried to extend lines of

credit. But all of this took time, and time is ex-

actly what you don‘t have with a lucrative short

sale like this.

(Continued on page 11)

Private Lending

Made Simple

Page 10 MAREInet.com

As you can guess, I didn‘t get the

sale. By the time I had secured

funds, the property was sold to

someone who had the cash ready

and could close within days. In this

one deal I lost a potential $60,000.

I swore then and there that this

would never happen to me again.

And it never did, because then I

discovered private lending.

A whole new world opened to me

and my investing has never been

the same. Private lenders literally

provide you with your own private

bank to fund your real estate

deals. Imagine: limitless funds that

are constantly and immediately

available. Today, I have more

available capital than I do property

in which to invest it. It‘s simply a

store of money waiting for me to

make use of it. And anyone can

have this; that‘s what‘s so amaz-

ing. It‘s like a dream come true for

any serious investor.

It sounds a little overwhelming,

doesn‘t it? Let‘s slow down. I‘ll ex-

plain the specifics of private lend-

ing, and you‘ll see for yourself how

this incredible system works.

Who are private lenders? First of

all, private lenders are everyday

people. Some are retired, some

work, some have substantial in-

vestment capital, and others have

only a little. They may want to

make the most of the savings

they‘ve spent their lives building,

or perhaps they suddenly came

into money through an inheritance

or property sale.

Regardless of their background, all

private lenders are looking for a

safe, high-yield opportunity for

their funds. I give my lenders a 6

to 8% return on their investment.

There‘s nothing like it anywhere.

The incredible thing is that most

people don‘t know about this op-

portunity. They let their hard-

earned money sit in CD‘s or IRA‘s.

Some even risk the volatile stock

market. The win-win reality of pri-

vate lending is unparalleled.

Really, you get immediate, limit-

less funds to invest in real estate

opportunities at a moment‘s notice.

Your lenders get an incredible 7%

simple interest on their money.

They are secured by both a mort-

gage and hazard insurance on the

home. There is safety in their in-

vestment because the total invest-

ment is never more than 70% of

the appraised value of the prop-

erty. If for some reason you would

fail to repay the loan, they have

the value of the property to reclaim

their funds.

Want to learn more, check out the

information from Alan Cowgill, the

author of this Article. Visit his

website and be sure to attend his

workshop right here in Kansas

City.

Learn more about Private Lending Right now, visit Alan Cowgill’s website: click here and check out his Saturday Workshop in July

Where: Career Education Systems in the Ward Parkway

Shopping Center

Date: Saturday July 23 : 9 am to 5pm, lunch included

Doors open and check in at 8:30

Cost: Members $39 / Non Members $59 through 07/20

After 7:20 Members $69 / Non Members $89

PHP: 6 Credits Financing PHP, members only, must be pre-registered through the website to receive credit.

Private Lending Training

Learn More

Investment News Page 11

Page 12 MAREInet.com

I would try to do it as often as I could, but the problem

is there‘s a disconnect because the phone rings. What-

ever will I say? Am I going to sound like an idiot? I

hope not, but maybe I let it go to voicemail, that way I

can kind of prepare myself and once I‘m prepared, I‘ll

call them back and find out that Tom already bought

the house or that some other investor already closed

the deal.

You need to be ready to respond. Preparation meeting

opportunity creates success. Very simple formula and it

really works.

Do you have fear? What kinds of things make you nerv-

ous or afraid, especially in this business? Fear, as an

acronym, is really false evidence appearing real. Fear

is one of those things that has been around for a really

long time. It‘s a very ancient and universal reaction.

Every culture experiences fear. If you think about it, the

fear mechanism is built into each one of us.

I think I‘d more accurately define fear as a sensation of

danger. I‘ve been involved in many, many, real estate

transactions and I‘ve known people involved in many,

many more and I have yet to find the fatal transaction. I

don‘t believe anyone has ever died from doing a real

estate deal.

Now, my wife said I could be the first, but it‘s not be-

cause of fear or the sense of something ominous. Have

you ever felt that something bad is about to happen?

What bad thing could happen in our business? Some-

body says, ―No?‖ That‘s probably the worst thing that

can happen.

This fear is usually accompanied by a host of physical

symptoms and those can be really disturbing. They say

the greatest fear in the world, often ahead of dying, is

public speaking. Even today, I can get a few butterflies

(Continued on page 13)

What are the reasons that investors advertise? You

may say to get leads, find sellers, find buyers, or to

market yourself. Those are all good reasons, but the

main reason an investor advertises is to get the phone

to ring. Until it rings, we don‘t know if there‘s anybody

out there in the world and until we answer it we don‘t

know if we have a buyer or a seller or whatever else.

Let‘s imagine that your advertising is successful and

the phone rings. What happens now? Don‘t say,

―panic.‖ The information in this blog series is designed

to help get you over that hurdle today that there

shouldn‘t be any fear when they call.

So many new investors will put money into advertis-

ing. They‘ll setup their office. They‘ll print business

cards. They‘ll run ads. That phone will ring. They‘ll

look at a strange number on their caller ID and say,

―I‘m letting it go to voicemail.‖ If you sit down and fig-

ure the average cost of a quality lead, it might be

$1,000, but if you figure the average transaction

should net about $27,000, how many times would you

spend $1,000 to make $20,000 or more?

Investors

What Scares

Investment News Page 13

before getting up in front of a group,

but I look at it from the perspective of

what‘s the worst that can happen. You

can laugh at me. You can laugh with

me or you can go‖ boo‖. I think I‘ll sur-

vive. It took me many, many years to

realize that mom was right. Sticks and

stones break your bones, but words,

not a big deal.

When fear isn‘t justified by danger or

a threat, or by any kind of rational

cause—and you find yourself avoiding

something because of that fear—

that‘s called a phobia.

If you consider all the investors you

will meet, you will see a great many of

them go to classes and focus groups.

They join organizations and buy prod-

ucts and setup LLCs and learn all

about land trusts. But they never do a

deal because they have success-a-

phobia. It‘s out there. Believe it or not.

People are afraid of failure and rejec-

tion, but they are also afraid of suc-

cess. They are afraid someone might

actually say ―yes.‖

Another fear, and one I experienced

during childhood, was fear of being

judged. I grew up in one those house-

holds where if you brought home a 98,

the only question that was asked was,

―Did anybody get 100?‖ The 98 I got

right wasn‘t nearly as important as the

two I got wrong.

Fear of being judged is a real thing

and if we get judged and we‘re judged

harshly, that‘s going to cause emo-

tional pain or embarrassment. Most of

us are afraid of emotional pain. ―Wow,

if I suffer emotional pain because I

was judged harshly, I‘m going to be

embarrassed. People are going to

know and then they‘re going to aban-

don me. Gosh, I‘m afraid. I don‘t want

to be abandoned.‖ Isn‘t abandonment

just another word for rejection?

If we get rejected and feel abandoned,

what happens? We kind of clam up

and we‘re afraid to express our true

feelings about things. We have a fear

of becoming intimate. Letting people

know our inner secrets. Letting people

know who we really are and that‘s a

problem.

I‘ve really learned that when you‘re

open, you‘re not only open to giving,

but you‘re open to receiving. I kind of

visualized it from the perspective of a

little kid and they grab a toy and go,

―Mine.‖ You ever see them do that?

Mine! Mine! And, they hold it in. Well,

the big problem with that is if you had

another bag full of toys, they‘re can‘t

get without letting go of what they

have. They couldn‘t take another toy.

But if they have their arms open, they

can get all that can be given to them

and we‘ve got to remember that too.

Another fear investors encounter is

fear of the unknown. Not knowing

what could happen is a very signifi-

cant fear. A good story to illustrate is

the one about the farmer‘s daughter.

Not THAT one about the farmer‘s

daughter. In this one, she is married

to this fellow Hans and they live with

her mom and dad on the farm. Hans is

out hunting one day and the daughter

comes home to find an ax stuck in the

beam over the hearth. Right away she

begins to fret.

What happens if Hans comes home

and the ax loosens and falls? Hans

could be hit on the head and killed.

The young woman thinks of how she

would be destitute. ―I‘d be desolate.

I‘d be lost without him,‖ she thinks.

With that, the girl‘s mom comes in

from milking the cow. She asks her

daughter what is the matter. The

daughter explains, ―The ax is in the

beam. Hans could come home from

hunting, it could fall and hit him in the

head and kill him and then where

would we be? No food and I‘d be all

alone.‖

The mother joins the daughter in her

despair. The two of them are sitting

there in front of the fireplace crying

their eyes out when the father comes

in from gathering the eggs. He asks

the women what‘s wrong and they tell

him the story. ―The ax, Hans could

come home. It could fall. It could hit

him in the head.‖ They‘re so worried.

They‘re fretting over this whole thing.

Hans walks in 10 minutes later and

sees the three of them there crying (Continued on page 14)

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Page 14 MAREInet.com

like lunatics. ―What‘s wrong? What is

going on?‖ His wife tells him, ―Darling,

that ax is in the beam. You could go

over by the hearth. It could fall out of

the beam and hit you in the head and kill

you. We’d be lost without you.”

Hans replies, “You people are sick,” and

he grabs the ax and yanks it out and

throws it in the corner.

Instead of taking action, they all worried

about what might happen. Fear of the un-

known paralyzed them. So many inves-

tors are like that goofy family. They

worry about what might happen. Will I

be a failure? Will I be a success? Will I

be rejected? Will I be abandoned?

Will I look foolish? God, don‘t judge

me because if you judge me and don‘t

like me, I‘m going to feel bad, but

what would happen if you did happen

to be successful and you did make a

ton of money and you changed your

life. How bad would that be?

Didn‘t we get into this business so we

could make money? There‘s lots of

businesses we can make money with.

I‘m in this business because I get to

help people. I get to help people solve

problems with their properties. I get to

help people who don‘t think they might

ever own a home, get to own a home.

I provide quality housing for people.

I‘m a professional home buyer and

with my PHP certification.

So, when I start walking up a driveway

or I get ready to get on the phone or I

answer a phone, I recognize that my

mission is to be helpful and helping

people is a good thing.

You want an example of how fear dis-

appears when you are focused on

helping people? Imagine if I saw a

little kid in the street about to get hit

by a car. Trouble is, I just jumped out

of the shower and I‘m wrapped in a

towel. If I go running out like a ma-

niac, I will certainly look foolish. God

forbid there‘s a strong wind. I would

really look foolish.

But, what‘s more important? My focus

is on helping the kid, not worrying

about me. Well, it‘s the same thing

when we‘re dealing with a seller.

We‘re trying to help somebody that‘s

got a problem.

Seek to solve those problems and if

you do that, you can provide some

benefits. One is peace of mind. It‘s

one of our primary products. The other

is debt relief. If somebody was just

transferred and they‘re worrying about

the fact that it‘s going to take six to

nine months to sell their home and

you can solve their problem right now,

they might sleep a lot better. If some-

body‘s in foreclosure and worried

about ruining the rest of their credit

and you can put a deal together that

stops the foreclosure and helps them

move on with their life, you‘ve pro-

vided them debt relief, haven‘t you?

How bad are those goals? How bad

are those missions? We provide solu-

tions. That‘s what we do and when

you think of yourself as a solution pro-

vider, you‘re going to have a very dif-

ferent attitude on those fear issues.

When I start thinking of you, I‘m not

nearly as afraid as when I‘m thinking

about me and what you might think of

me and at the end of the day, by me

not being afraid, I‘m putting the onus

on you.

I‘m here to help you. You can accept

or reject my help. It‘s not me you‘re

rejecting. It‘s the help I offer you. It‘s

the help I offer you that is being

judged. It‘s not me and when you can

kind of separate that, you have a to-

tally different mental picture and you

can hear people say ―no‖ all day long.

There‘s a story about Robert Allen.

He‘s the guy that started with the

book No Money Down back in the

early ‗80s. In one very famous ac-

count, Allen gets dropped off some-

where in California with $100. He

goes and buys a roll of quarters and

the newspaper and he sits there dial-

ing for dollars. He ends up buying

some real estate before he gets to the

end of his roll of quarters.

On that first deal, he only made about

$5,000, but let‘s say instead of making

40 calls he made 50. That‘s an aver-

age of 100 a phone call, is it not?

Since then every time somebody says

no, he says, ―Great. I made another

$100,‖ because there‘s only so many

―no‘s‖ between a ―yes.‖ So, every time

you hear a no, there‘s a ―yes‖ getting

closer and that‘s important to under-

stand.

Too many people take this business

personally. This is not a hobby. It‘s not

a crusade. It‘s a business. Now, do

you think if you go to Macy‘s and look

at something that‘s on sale and

choose not to buy it, they‘re offended?

It‘s business. Yes, they‘d like you to

buy it. I‘d like to buy somebody‘s

house. I‘d like to sell somebody a

house, but if they don‘t buy it or sell it,

it‘s not the end of the world. Remem-

ber this expression, SW-SW-SW-SW.

That stands for: Some will. Some

won‘t. So what? Someone‘s waiting.

Did you find this article helpful?

Imagine getting to learn nuggets

like this from on a regular basis

from our great team. Please take a

moment to visit our site and sign

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more about PACT Prosperity—

click here or type http://bit.ly/

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Investment News Page 15

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Lead Lists

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Page 16 MAREInet.com

I recently came across a post on several social media

sites that asked essentially the same thing. ―Is a for-

givable second mortgage, legal.‖ The funny thing is

that when I was a brand new investor just getting

started I asked the same question in a deal being pre-

sented to me. The lender and the attorney handling

the closing both explained that the lender would lend a

percentage of the purchase price and the other per-

centage the seller would take back a 2nd

mortgage.

After it was closed, some given amount of time, the

2nd

mortgage would be torn up and not need to paid.

My question ―Is that legal‖ and the attorney assured

me that it was, we just needed to make sure that the

borrower received a 1099 for the forgiven amount.

The post I saw said that she had received the re-

sponse that it has been done for decades, everyone

does it and it is fine. Which may have been true . . . .

then the foreclosure crisis hit. Now you need to un-

derstand that everyone is no longer ―doing it‖ because

it is Mortgage Fraud in most cases.

So what‘s the difference.

If you have a forgivable second, in and of itself, not

illegal at all, just as the attorney above said. As long

as the whole thing from 2nd

mortgage to how it will be

forgiven needs to be documented and disclosed in the

purchase contract. Then all that information disclosed

in the purchase contract is provided to the lender who

is making the first mortgage. If they know the 2nd is

imaginary money that does not need to be paid back

and still make the loan, great. They probably will not

make the loan.

For example, the MHDC loan of down payment or

closing cost money is a forgivable 2nd. It is included

on the contract and the 1st itself goes though the

MHDC program. The loan is fully forgivable if the

home owner lives in the house for 5 years. If they

sell before the 5 years all or part must be paid

back. The key here is that the first mortgage knows

the 2nd is forgivable . . . completely legal.

Now lets look at what I think the Investor asking the

question was getting at. I want to sell my house. I

have a buyer who can get qualified for an 90% loan

and the first mortgage says they have to have 10%

down. So I raise my price to sell to them and take

the 10% back as a 2nd mortgage. I don't care if they

pay me a dime and we have a gentleman's agree-

ment that they don't have to pay me any of that

2nd. They get the loan, they move in, the don't pay

me.

All well and good if they pay me and don't default on

the 1st mortgage. They default, the first lender starts

looking at the loan and find out that the 2nd mortgage

was a sham, someone is going to get fined and or

go to jail.

All well and good if you don‘t get caught and get

away with it, great. But then you need to sell the next

house, and the next house, sort of like a junkie need-

ing to get their fix. You need to make your profit so

you can eat right . . . so you did a fraudulent silent

second once and nothing happened, so let's do it

again, then again. Next thing you know you are on

the MortgageFraudBlog and being fitted for a

stripped, pink jump suit.

So no - silent forgivable seconds are not legal unless

fully disclosed in the purchase contract.

To find out more about mortgage fraud, check out the

MortgageFraudBlog and read about some of the

scams that people have came up with and been con-

victed.

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Investment News Page 17

MAREI

Internships

Managing Websites

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Consider

Upgrading to a

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All the great benefits

you have now as a

member

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each month

And as an added bonus

in 2011, we are includ-ing: 3 Vendor Tables,

12 Blog Posts (your pro-vide), and article space

in the newsletter (you provide)

To Join or Upgrade,

please call 913-815-0111 or email

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Page 18 MAREInet.com

Investors what would your business and your prof-its look like if the banks required a 20% down pay-ment from all home buyers? What if they could no longer get a 30-year mortgage? What if they could not deduct the interest on those mortgages, if they were able to secure a loan?

Our Senators and Representatives are deliberat-ing bills and concepts that will have a huge impact on the residential and commercial real estate mar-kets as well as on the nation‘s economy as a whole.

Mortgage Interest Deduction: Proposals to re-duce and even eliminate the Mortgage Interest Deduction on our Taxes to help decrease the defi-cit. Here at MAREI as well with the National As-sociation of Realtors, we feel that this could put a damper on the housing market which could further slow down the economic recovery. To find out more online search for ―Mortgage Interest Deduc-tion or MID.

Secondary Mortgage Market: They are debating how Fannie Mae and Freddie Mac will look after a restructuring. With out their presence or one like them in the secondary market all our loans would need to be left to private lenders. In essence, it would reduce the availability of mortgages and quite possibly end the 30-year mortgage and in-crease interest rates and settlement costs. To find out more look on line for ―Government Spon-sored Enterprise or GSE.

Raising Down Payment Requirements to 20%: The belief seems to be that low down payments were the cause of the mortgage crisis. It is our belief that much of the mortgage crisis was caused by questionable loans with questionable lending criteria, not quality loans, to qualified folks.

According to the New York times, last year in 2010, more than 19% of all residential mortgages were made using the FHA loans that require 3.5% down. According to a Washington‘s Blog post , Fannie Mae and Freddie Mac, that typically re-quire 5 to 15% down payment account for another 71% of residential home loans. Add all of these up and we have 91% of all residential home loans that are backed in some way by the government and require less than 20% down. Putting in a 20% down requirement, would bring much of the residential home sales to a screeching halt.

National Flood Insurance Program: This one is not quite the headline grabbing item, but this pro-gram needs to be reauthorized as 5.6 million prop-erty owners rely on this program in communities where flood insurance is required to obtain a home loan.

So what can you do?

1. Do a little research and find out the facts and form your own opinions. Discuss them with friends and colleagues. Get the word out. Share on social media.

2. If you are a Realtor or even if you are not, visit www.RealtorActionCenter.com and sign up to stay up to date with these issues and to re-ceive Calls to Action as they are sent out. These emailed Calls to Action include an auto-mated link for you to use in notifying your Senators and Representatives.

3. Take the time to personally email, call, or write your representatives so they know your inter-est in the housing market and keeping the re-covery going.

Investment News Page 19

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Page 20 MAREInet.com

TRAINING

Visit www.MAREIU.com to check out the

current and upcoming trainers that you

can learn from right now or any time you

can fit it into your schedule with our Online

Training.

Special Right now. Register for access to

12 FREE Videos from our experts . . .

Over 2 hours of quality training

Current Courses Available Now

REOs and Lease Options

Creative Financing

Auctions & Foreclosures

Government Grant Money

Automated Investment

Peak Performance

Training Calendar

We have a packed training calendar for June and July:

Constant Contact Webinars for those looking to ramp up their Online Marketing

Realtor Training Classes at Career Education Systems that are open to non-Realtors

This Months Meeting: Appealing your Real Estate Taxes

Next Months Meeting: Life After Short Sale, Foreclosure, Bankruptcy. Reviving Credit

Next Month Training: Live Saturday Workshop: Private Lending

See page 23 & 24 and visit www.MAREInet.com and click on Calendar

Investment News Page 21

“Presentation is Everything!”

Canyon-Stone.com

550 E. 56 Highway, Suite B

Olathe, KS, 66061

Phone: (913) 254-9300

Fax: (913) 254-9301

info@canyon-stone.com

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Page 22 MAREInet.com

CA

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June 7 Webinar Realtor U: How to become a marketing ex-

pert and have your phone ring off the hook

June 8 Networking Commercial Investors Networking Group

meets every other Wednesday

June 9 Webinar Realtor U: Understanding & Applying the

Uniform Appraisal Dataset

June 11 Community Habitat for Humanity Restore: Donation

Days, on Saturdays in June

June 12 Networking Lee‘s Summit Investors meet for a network-

ing breakfast the 2nd Sunday of the month

June 13 Deadline Deadline for Reserving your Vendor Table,

Reserve online or email info@MAREInet.com

if you have prepaid tables to use.

June 14th Meeting Monthly Meeting: Networking from 6 to 7.

Announcements and deal share 7:30. Pres-

entation at 7:30: Appealing Your Taxes.

Last meeting at Sylvester Powell

June 14th Webinar Realtor U: Marketing with Facebook: Page

Optimization Strategies

June 15th Networking Northland Investors Quarterly Networking

Lunch by Metro North Mall

June 15th Webinar Constant Contact: Creating Marketing

Emails

June 15 Other Group KCIG monthly meeting - Networking at Fox

and Hound

June 15th Realtor

Training

www.CESKC.com Two Day ABR Training

Course. Save $100 each if two people regis-

ter together.

June 17th Realtor

Training

www.CESKC.com—Foreclosures and Short

Sales, applies to SFR certification.

June 18th Workshop JJ‘s Saturday Workshop: Deal Evaluation

June 20th Realtor

Training

www.CESKC.com 6 Day Missouri Broker Pre

-License.

June 20th Realtor

Training

www.CESKC.com 4 Day Kansas Broker Pre-

License

June 21 Realtor

Training

www.CESKC.com 3 Day Missouri Pre Li-

cense Practice Course

June 22nd Networking Commercial Investors Networking Group

meets every other Wednesday

Investment News Page 23

June 23rd Webinar Constant Contact: Newsletter Makeover

June 23 Other Group Landlords of Eastern Jackson County Meets

June 24 Webinar Constant Contact: Growing your list using

text messaging

June 25th Community Habitat for Humanity Restore: Donation

Days, on Saturdays in June

June 27th Realtor

Training

Www.CESKC.com 1031 Exchanges, Realtor

Training. Non-Realtors Welcome

June 28th Webinar Realtor U: The Proven Buyer Listing System

June 28th Realtor

Training

www.CESKC.com Commercial Leasing

June 28th Realtor

Training

www.CESKC.com Commercial Lawsuits

July 2nd Community Habitat for Humanity Restore: Donation

Days, on Saturdays in July

July 5th Realtor

Training

www.CESKC.com 4 Day Kansas Pre-License

Practice Course

July 2nd Community Habitat for Humanity Restore: Donation

Days, on Saturdays in July

July 8th Networking Commercial Investors Networking Group

meets every other Wednesday

July 10th Networking Lee‘s Summit Investors meet for a network-

ing breakfast the 2nd Sunday of the month

July 11th Deadline Deadline for Reserving your Vendor Table,

Reserve online or email info@MAREInet.com

if you have prepaid tables to use.

July 12th Meeting Monthly Meeting: Networking from 6 to 7.

Announcements and deal share 7:30. Pres-

entation at 7:30: Topic to be determined.

First Meeting at Career Education Systems

July 12th Webinar Realtor U: How to Go from 0-30 Listings in

30 days

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Page 24 MAREInet.com

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. See the page 25 for the most recent.

We also email out newly properties in our weekly summary that

we send out at least 2 times a month.

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. If we don't know where it is or

what you are asking for it. We can‘t republish in the Newsletter or Summary.

To find out more about tools found in the MAREI members area, log into the member‘s only

section today. Then click on Member Discounts and download the latest version of the Mem-

ber Package for step by step instructions on how to post a house in the classified section as

well as how many of the other member only features work, plus all our discounts and tools

available. We update this every few months, so check back.

Properties for

Classifieds

Investment News Page 25

Offered As Address City Price Bed/Bath Contact Phone

Wholesale None Given Grandview, MO $49,900 3/2 Ryan Walls 219-864-1788

Fixer 705 E 60th Kansas City, MO $68,000 2/1 Maggie Sheehan 816-444-1950

Rental 3347 Askew Ave Kansas City, MO $15,750 Christoph Becker 816-419-1165

Rental 3722 Agnes Kansas City, MO $26,500 Christoph Becker 816-419-1165

Fixer 5137 Olive Kansas City, MO $8,450 2 / 1 Christoph Becker 816-419-1165

Fixer 3914 Norton Kansas City, MO $10,000 Christoph Becker 816-419-1165

Rentals/

Short Sale

1810 & 1812 E

70th ST

Kansas City, MO $39,000 2

Houses

Christoph Becker 816-419-1165

Fixer 6309 E 149th St Grandview, MO $25,000 4/2 Bilal Hazziez 816-686-5804

Turn Key 6 Houses Kansas City $260,000 Assorted Christoph Becker 816-419-1165

Commer-

cial

N Scott Belton Mo $175,000 Jason Dean 913-498-8100

Retail / Of-

fice

Downtown Lees Summit $1.5 M Jason Dean 913-498-8100

Rental 3619 Monroe Kansas City $15,500 Christoph Becker 816-419-1165

Land 5 Acres Lake Ozarks Owner Fi-

nance

Stephen Sum-

mers

816-350-7200

Rentals 110 & 407

Hawtorn

Belton, MO $126,000

each

Sherri Lidsey 913-579-7657

Rentals 309 Hill St Belton, MO $29,500 Christoph Becker 816-419-1165

Fixer 850 Shawnee Rd Kansas City, KS $19,500 3 / 1 Bemate Bom-

boma

913-735-9997

Fixer 2631 Montgall Kansas City, MO $15,500 Christoph Becker 816-419-1165

Rental 3928 Highland Kansas City, MO $24,500 Christoph Becker 816-419-1165

Fixer 9909 Wheeling Kansas City, MO $33,500 Christoph Becker 816-419-1165

See all properties on the classified page on MAREInet.com. Including full

details, photos, and links for more information. 43 Postings in Total.

Page 26 MAREInet.com

Foundations

virtually the same. Here are the 5 basic things that I look for when I inspect a foundation for a potential purchase.

1. Wall Cracks – Looking for cracks may be obvious but there are cracks which are not a problem and some very small ones that indi-cate a potentially big expense. Rule of thumb; several small cracks in the same area are usually worse than one larger one. Numerous small cracks indicate more se-vere movement. In concrete foundation walls a small (less than 1/8‖) vertical crack is usually caused when the concrete is curing. As the concrete cures it shrinks resulting in small vertical cracks. These are usually 4‘ or more feet apart and do not show any water leakage through them. These are normal and pose no significant issues. In block and stone walls a vertical or stair-stepped crack indicates wall movement and/or settling. Sometimes these cracks follow the mortar joints of the block or stone wall or they may crack the block or stone. In either case they indicate movement and potential problems. A diagonal crack starting at a wall corner or at a basement window indicates that the wall is trying to move inwards. This can hap-pen to any type of wall. I have seen several concrete walls that have actually moved in enough that it caused the steel center sup-port beam to break out the concrete wall on the outside and stick through. This usually is caused by the type of soil we have here in the area. Our soil which has high clay con-tent expands when it gets wet and contracts when it dries out. When dry, the clay shrinks, gets powdery and drops down into the gap around the foundation wall. When it

(Continued on page 27)

Foundation Inspector 101 - 5 tips for inspecting a residential foundation.

The vast majority of residential foundations in the Kansas City area are of three types of mate-rials but all share similar characteristics with re-gard to potential problems that are expensive to fix. Stone foundations are typical in many older neighborhood in homes built before 1940. From the 1940‘s concrete and concrete block founda-tions became the norm as labor became more expensive and ‗ready mixed‘ concrete allowed builders to have concrete delivered to the job rather than mixed onsite. In the 50‘s and 60‘s concrete block foundations were used almost exclusively by some builders including J.C. Nichols with much of Prairie Village having a block basement. By 1970 most building was done with poured concrete basement walls.

In general the same problems occur with each type of foundation and the visual inspection is

5 Tips for Inspection

Investment News Page 27

gets wet, it expands and pushes the wall inward. This cycle repeated over many years can destroy a wall. I have seen a 6‖ thick concrete wall pushed in nearly 1 foot. By industry standards a wall should not lean in by more than 1/3 it‘s thickness in 8 feet. More than that and the walls are considered to be not struc-turally sound. Most concrete basement walls will be 6‖ thick so any more than 2‖ out of plumb for an 8‘ wall will be considered not structurally sound. Get out the checkbook!

2. Floor Cracks – Most base-ment floors in this area are concrete and most will show some cracks in them. Cracks in the floor that run parallel to the wall indicate that the whole foundation is settling. This could be due to inadequate footings which are fairly com-mon in old homes, improper compaction of the fill dirt under the footing, or frost heave caused by a footing that is not deep enough to go below the freeze line. Even if the house settles evenly it can still cause problems. Broken pipes, doors and windows that stick, etc. can happen as the floor stays in place but the house is slowly sinking around it. If it settles unevenly it can cause walls to crack or even buckle. Some of you may remember the houses that collapsed in South Overland Park several years ago. Unfortunately the only way to fix this problem is to install piers to support the existing foundation or replace it completely. It can be done but either way it is an expensive proposition.

3. Indoor swimming pool or basement? – Look for water stains on the walls, rotted

wood at the base of the stairs, moldy smells, or newer con-crete poured around the inte-rior perimeter of the basement. Water stains that are horizon-tal indicate standing water. Several of these lines indicate multiple occurrences. Vertical water stains indicate seepage through cracks or deteriorated mortar in block or stone base-ments. Newer concrete around the perimeter of the floor indi-cates drain tile may have been installed. A white or off-white chalky substance on the walls and/or floors indicates a damp soil condition which dissolves the minerals in the block or concrete and when the mois-ture evaporates, it leaves the chalky deposits behind. Look for pallets or nothing set di-rectly on the floor. This usually means that the floor gets wet. Note that many old homes with stone basements do get wet and the owners just live with it.

4. Moving On – If the floors and/or walls have had repairs, look for different colors or textures. It is not unusual for a founda-tion to have some sealants added to seal small cracks but numerous colors and textures indicate on ongoing problem that will probably not go away on its own. I am also leery of fresh paint, paneling, or items that look to be out of place. It‘s true that some people will try to make home sweet home look better but just as many

will try to hide a defect. I have moved a wheelbarrow and a concrete stepping stone, both leaned against an outside wall, only to discover a steel sup-port beam that had pushed through the leaning wall and a major crack visible on the out-side but behind a finished wall inside. I am also aware of a false wall being built to hide a crumbled foundation wall.

5. If there is a defect, the seller has to disclose it – And the check is in the mail! Many properties purchased by inves-tors are distressed properties and may be sold ―as is.‖ To that end, do your homework. Foundation repairs are usually expensive. In most cases you can look at a foundation in 5-10 minutes and determine its overall condition. A foundation problem is only a big problem if you don‘t know about it. With some knowledge the foundation problem becomes either a decision to walk away or to negotiation.

6. Bonus Information – In my experience, if the seller is pre-sent and is following you around talking about what they have done or what they were going to do and then suddenly disappears, start looking around very carefully. There is probably something that you need to see and they don‘t want to look you in the eye when you find it.

membership What makes MAREI Different?

You have a lot of choices in Kansas City for Real Estate and Landlord Groups. There are many rea-

sons why MAREI is different, unique and better for you than other groups in the area.

MAREI

Others

Monthly Meetings

Saturday Training Seminars

Monthly Webinars and Recorded Events

Meet Local Vendors

National Speakers

Deal Makers Quick Pitch (Haves and Wants)

Local Market Updates (at Meetings and Oline)

Heavy Emphasis on Networking

Very Active in Social Media

Robust Monthly Newsletter

Blacklist of Undesirable Speakers

Rigorous Vetting Process

Member Focused Mindset

REIA Leaders Who Invest Full Time

Robust Member Benefits Manual

State of the Art Member & Guest Website

Active in National REIA

Active in Legislative Efforts to Protect Our Industry

Packed Member Resource Pages & Online Library

Non-Stop Sales Pitch

Group Leader Focused

Poorly Run, Poorly Organized Meeting