2 0 2 1 F E B R U A R Y
MAREI
MID-AMERICA ASSOCIATION OF REAL ESTATE INVESTORS
February Guest Speaker
SHAUN MCCLOSKEY HOW TO BUILD A BUSINESS THAT SERVES YOU
NETWORKING OFFERING A WEALTH OF OPPORTUNITY TO CONNECT
EDUCATION FROM MEETINGS & WORKSHOPS TO ONLINE RESOURCES
DISCOUNTS FROM LOCAL AND NATIONAL VENDORS TO SAVE YOU MONEY
ARE YOU READY TO DESIGN YOUR DREAM BUSINESS AND LIVE A LIFE YOU
TRULY LOVE You’ve heard the gurus out there telling you that to be successful you just have to “HUSTLE!” “Get out there and GRIND!” “Take MASSIVE ACTION!” Along the way sacrifice EVERYTHING right now to build that successful company so you can have an awesome life. Is grinding it out for 40,50,60+ hours getting old? Are you finding you can finish your employee’s sentences, but not those from your spouse? Will everything in your business totally fall apart if you took 2 days off? Do you even know what a hobby is? Something you used to do when you had a J.O.B.? Could you take a week off with no device tucked into the suitcase? Are you always trying to keep up with those folks in those Facebook posts. If any one of these applies to you, it's time to make a change. Join the Business Vision Workshop Virtually March 11-13 to Build a Business you LOVE and runs on YOUR time.
RESERVE YOUR SEAT AT
MAREI.org/Vision
what's coming up 09
February 9th, MAREI Monthly Meeting How to Make Way More by Doing Less, the 4 Step Process for Building Businesses that You Love and Serves You with Shaun McCloskey. Networking at 6, Market Update at 6:30 and Presentation at 7:00.
18
February 18 - 20, 3 Day Virtual Conference with over 20 different expert presentations & interviews. Get your free pass at MAREI.org/CashFlowExpo
11
March 11, 12, & 13 - Business Building Workshop. Virtual working 3-day event to learn how to design your dream business and live a life you truly LOVE. Learn more and reserve your seat at MAREI.org/VISION
All Above Events are VIRTUAL See MAREI.org/Calendar for more events across the Kansas City Metro from the local landlord groups and events hosted by MAREI Members.
MAREI Staff Chapter
Executive Director
Kim Tucker: Kim@MAREI.org - 913-815-0111
Newsletter
Staff: Newsletter@MAREI.org - 913-815-0111
PartnerCast Legal
John Wires: JohnWires@gmail.com Julie Anderson-Clark: Julie@MOKSLaw.com Rick Davis: RDavis@LevyCraig.com
Membership in National REIA provides our members with
Mission Statement
Community Advocacy Education Discounts at the National Level
Legal Disclaimer
Mid-America Association of Real Estate Investors is a trade association dedicated to promoting ethical real estate investing and to protect and promote the best interest of our membership through educational and networking opportunities as well as community, legislative and public relations.
MAREI does not exist to renter and does not give legal, tax, economic or investment advice and disclaims all liability for the actions or inactions taken or not as a result of communications from or to its members, directors, contractors and volunteers. Each individual should consult his/her own counsel, accountant and other advisors as to legal, tax, economic, investment and related matters concerting their business.
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Content Disclaimer The views and opinions expressed by authors of articles contributed to this newsletter do not necessarily reflect those of the association, the director, or the staff.
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S H A U N
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M C C L O S K E Y
B U S I N E S S
V I S I O N
Do You Dread Going to Work?
Success may be killing your happiness . . .
THOUGHTS FROM SHAUN MCCLOSKEY
It’s interesting to see how much
"You should be outworking everyone
I read the ancient text of the wisest man
information in social media today is
around you" and "you can manifest
who ever lived, King Solomon, I realize
deemed as "wow factor" and "new
anything you want" and "you have all
I'm no different (and feel and
wisdom" when so much of it is in fact
the power to control everything!" This
experience nothing different) than the
nothing new at all. Most of the good
nonsense is also seemingly deemed as
men and women that came many
stuff we read today isn't the latest and
wisdom, which is the exact opposite as
centuries before me.
greatest written by some new speaker,
such.
author or coach. Most of it has been around for thousands of years.
King Solomon, to give you an idea, had Some people may challenge me on this,
everything anyone could have ever
thinking that they have the power to
imagined. He had more wealth than
That being said, according to Inc
control everything around them, when
anyone who ever lived. He had his
Magazine, more than 85% of people
in fact, they control very little other than
choice of women, wine, song,
today don’t like their jobs or their roles
their own emotions. Even that is often
entertainment, land, crops, livestock,
in business.
times a stretch.
activities to keep him busy… he had it all. And yet still woke up empty and
How can that be if we are living in the
The farmer can toil the soil, plant the
feeling alone. “…this too is
information age? There’s literally
seeds, tend to the land, keep the
meaningless” came from his mouth as
information and training everywhere
predators away, and yet, if God doesn't
he considered everything he’d worked
we go. Why is it that so many
make it rain, the farmer has no crops. He
so hard to acquire.
people are unfulfilled, waking up each
literally has nothing. He thinks he's in
Monday morning dreading going to
control, and yet he controls very
While Solomon had what most people
their place of business?
little, if anything.
would consider “everything,” he
It's also pretty crazy to see how much
"There is nothing new under the sun"
passion and fulfilling his true purpose
fallacy is being embraced today like
comes to mind - considering every time
for his life lead to an unfulfilled life in
realized that all of these things without
S H A U N
M C C L O S K E Y
the long run. For him, it was all
worse than being wealthy and
The next obvious question then would
“meaningless.”
unhappy, right?
be, “Ok, well how do I pull that off? How
You may hear this and say, “oh poor
Or is it?
do I begin to build a business where I little baby… the richest man on earth
wake up each day and jump out of bed - completely excited for what’s to
isn’t happy! Poor him!” as you roll your
Building a successful business means a
eyes a bit, and that would make total
lot more than just creating a business
sense from the perspective of someone
that spits out money for you every
The truth is, this kind of thing isn’t
who’s never been there. But this is a
month. Don’t get me wrong, this is
taught in schools. When I was in
very real and legitimate problem.
certainly a very important factor in
school, I was taught that my main
business. The business must be
objective was to get good grades so
I’ve coached many men and women
financially profitable, otherwise, it’s a
that I could get into a good college
over the years that have reached what
charity. Or at the very least, it’s a hobby.
and then perhaps get a great paying
most would consider “the pinnacle
come?”
job one day. My guidance counselor
of success” only to wake up saying, “is
But building a business the right way
took very little consideration of my own
this it? Please tell me there’s more to
means embracing much more than just
passions, what the world actually
life than this!”
financial gain. I haven’t met anyone to
needs, and what kind of things I would
date, if they’re being completely
doing on a daily basis into the options
I would argue that what most of these
honest, that has been fulfilled by
that were presented to me. They also
people built was a business designed
financial gain alone.
didn’t teach me anything about how to
for what todays society teaches a
turn any of those passions into actual
business should be designed for,
So why not build a business (or even
dollars. At least, not without working
which is to be profitable. But the word
choose a vocation for that matter if you
for someone else.
“profit” encompasses many things, and
so choose) that is wildly profitable
certainly goes far deeper than just
financially and fulfills who you are as a
But I never wanted to go work for
financial gain.
person as well? If you’re going to
someone else. I wanted something of
spend the time to build something, you
my own that I could be really proud of
For example, what if you were making
might as well build something you’re
every single day. I didn’t want to work
$1 million dollars per month, but you
going to love every day as well, right?
60 hours per week to help business
had to do evil acts that went against
someone else’s dreams. I wanted to
what you believe as a human being in
You may say, “Well the devil I know is
order to earn money to pull it off.
better than the devil I don’t know” but
Would you do it?
in reality, that comment is nothing more
The goal of getting good grades
than fear creeping it’s ugly head into
ultimately meant I could make more
your life.
money. But something is missing here.
I ask this question, and some people immediately say, “Well, what are we
build my own!
If getting good grades was the answer,
talking about here? What do I have to
This way of thinking is often times what
then why did Inc magazine determine
do? And how long do I have to do it?”
stops people dead in their tracks,
that more than 85% of people are
eliminating any chances of success
unhappy in their current jobs and roles
I get it. The people who respond this
whatsoever. Not only that, it isn’t true.
in business. (This was over the course
way tend to have experienced a pain
It may be easier for the time being to
of a 15 year study I might add…)
they deem perhaps worse than doing
continue doing what doesn’t create a
something against their better
fulfilling life and business, but I promise
How is that the case when we’ve all
judgment… they’ve been broke.
you, you’ll pay for that line of thinking
had access to what is considered one
(perhaps they are still broke…) And of
both now and certainly even more later
of the better education systems on our
course, being broke and unhappy is far
in life.
planet?
0 7 | B U S I N E S S
I would argue that the word “vision” is
doing things you hate doing.
not being taught today. Yet in both life
V I S I O N
margin in my business. Today I make more money than I need by far. But
and business, this is one of the most
Even if you do get those things, you’ll
more importantly, today I wake up each
important words you can add to your
begin to resent them, since you traded
day excited about my role in my
vocabulary.
your life away to attain them.
business, absolutely loving what I get to do.
I’ve spent more than 10 years
Learning what it means to have a vision
answering the question of “what does
- especially a business vision - has
This is quite a far stretch from just a few
it mean to have vision?” And I’d like to
without a doubt been the most life
years ago, when work was something I
share with you my findings.
changing set of business principles I’ve
“had” to do vs. today where I “get to”
ever had the privilege of sharing, so I
do it.
They are, in my opinion, the key to
hope to see you there.
having a massively successful, insanely
If you want a business that you wake
profitable and largely fulfilling purpose
At the event, I’ll be sharing the 4 Stages
up every day excited about, then I
for your life and business - and I say all
to Building any Business, which anyone
suggest you make it to the meeting. If
of this without hesitation. The
can apply. My hopes are that you
not, it really won’t make much
challenge is, less than 1% of the people
come, bring a pad to take notes, and
difference to me in the end. I’m going
I’ve met in business have any
hear the countless stories I have to
to be living my vision one way or
understanding of this process, how it
share of people who have built
another. But I’m hoping to meet you
all works together, and the results it
businesses all around the country - all
there face to face, and show you these
can bring.
designed to serve themselves and the
life and business changing principles
people they’ve chosen to work with - all
so that you can benefit from the results
Because of this, I'm hoping you join me
in the most profound ways I’ve ever
as well!
at MAREI on February 9th where I'll
heard.
dissect the exact business vision
Hope to see you there!
process. I’ll show you step by step
And if you think any of this sounds like
what I’ve taken a number of high
fluff, come test me and see for yourself.
Shaun McCloskey
caliber business owners through over
I’m currently operating on an 83% profit
www.leadershipboardroom.com
the course of the past 10 years. f you want to vacation more than you currently do, you can do so. But you must have this incorporated into your business vision. In other words, it must be designed this way from the very beginning. If you would like to be more charitable with your income, you certainly can be. But it starts with the vision. If you would like to own the house of your dreams, but that new car you always wanted, visit every continent on earth, you can certainly do all of that too. But you won’t enjoy any of it if you’re also working 80 hours per week
M A R E I . O R G / E V I C T I O N
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R E N T A L
A S S I S T A N C E
OTHER RESOURCES KS HOUSING CORP
MISSOURI HOUSING ERAP
Coming in March- The Kansas Emergency Rental Assistance Program will provide rental assistance to households behind on payments due to COVID. Serving the entire state except for Wichita which will have its own program. More Info at KCHousingCorp.org
Open Now, the Missouri Rental Arrears Program (ERAP) provides financial support for landlords and renters who are struggling due to COVID in the State of Missouri, Information and applications can be found online at MOHousingResources.com/ERAP
CATHOLIC CHARITIES
EL CENTRO
Catholic Charities help with basic utility and rent payments; vital prescriptions; and medical supply expenses. Offering many services, start your search by calling 913.433.2100 or go to their website.
El Centro can provide one-time Emergency Assistance for those in need. To receive assistance, they require that you complete a financial literacy course. Please contact El Centro at 913.677.0100,
CatholicCharitiesKS.org
ElCentroInc.com
SAVE INC
VETERANS COMMUNITY PROJECT
Through the Rental Assistance Due to Medical Crisis program, SAVE, Inc. provides assistance to help temporarily pick up the bills for families facing health crises.
VCP's Veterans Outreach Center provides a variety of support services to Veterans in the Kansas City metro-area including Rent and Utility Assistance by appointment.
To learn more call 816.531.8340 SaveIncKC.org
Please call 816.599.6503 VeteransCommunityProject.org
PLUS 211KC.ORG OR KCMO.GOV/RENTHELP
H A M M E R
Z E N
Take the Taxing Out of Tax Time PROVIDED BY GITA FAUST As a real estate investor, a great
office bookkeeping done… it will likely
the expenses are solely for the office or
majority of the work you do is going to
cause inaccuracies in your numbers.
for the whole home, so track and send
be out in the field—meeting with
all details to your tax preparer: the total
buyers and sellers, scoping potential
Before you dive into a bout of more
amount, the square footage of your
properties, overseeing any renovations
stress, more panic, and more chaos, I
office, and the square footage of your
—so you hardly have time to sit at your
am going to let you in on another
entire home.
desk, take a deep breath, and open up
secret: it does not have to be like this. VEHICLE. The vehicle you use for your
the books. Unfortunately, there seems to be just as much to do behind the
HOW TO PREPARE FOR TAX SEASON
scenes as there is on the main stage,
business might be in your name or in your business name. If it is in your
but your focus understandably remains
Believe it or not, tax season does not
name, you should be meticulously
on the big picture… until tax time rolls
have to be the most stressful time of
tracking mileage and for what it is used
around.
year for you. I know it is easier said than
(and, lucky for you, there are apps for
done, but you have to start preparing
that!). If it is in your business name, then
Somehow it always seems to surprise
for it at the beginning of the year by
you just need to track the actual
all of us - ”It’s that time of year
tracking all your income, expenses, and
expenses incurred as long as it is only
already?!”—even though it happens at
everything in between. To make life a
used for business.
the same time every single year. The
little easier, here is a list of all the things
stress and panic ensue until your office
you should be tracking consistently
ESCROWS. Make sure you are
is turned upside down, and the one
throughout the year:
accounting for the real estate taxes and
thing that prevails is all the things you
insurance paid by your mortgage
need to send over to your tax preparer.
HOME OFFICE. When
I am going to let you in on a little
home office, you need to keep track of
to keep track of this balance so it will
secret: all this stress, and panic, and
all the expenses
reflect accurately in your books down
chaos as you cram to get the back-
Depending on your situation, whether
you work in a
associated with it.
lender—a.k.a. your escrows. You need
the line.
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CLOSING. If you purchased any
T A X
R E C O R D S
your actual expenses are.
stress levels when tax season nears.
will need to provide closing
CAPITAL IMPROVEMENTS. Capital
Generally, we see the most success
documents (HUD) and refi documents
improvements increase the value of a
when investors keep their books on an
to your accountant or tax preparer.
property; prepare a list of these
accrual basis in accounting software
purchases with the dollar amount, to
(This is not to say that you can’t track
LOANS. If you have any loans, you
whom it was paid, and when it was
on a cash basis, but it becomes
need to obtain documentation of the
paid. It helps to itemize capital
convoluted and complicated when
loan balance at the end of the year. On
expenses so your accountant can
loans come into play); that way, they
the same statement, you might find the
determine whether or not they qualify
can check their cash flow, analyze ROI
escrows balance and the construction
for bonus depreciation.
for each property, and see how their
properties throughout the year, you
loan balance (if you have one, of
business is really doing.
course). Make sure you keep track of
FINANCIAL STATEMENTS. Of course,
the agreement and contract from any
you will need to provide the standard
Before you start to sweat, it is never too
private loans—these agreements
financial statements—Profit & Loss and
late to start organizing your financials.
should always be in writing.
Balance Sheet—but make sure that you
As a partner of National REIA, we want
provide them for both your business as
to help you get on track and stay on
PARTNER/SHAREHOLDERS
a whole and each property, whether
track. That is why we exclusively
Partnering to close deals reduces
you flip or rent or do this or that.
offer NREIA members discounted
stress and accelerates growing your
QuickBooks software as well as three
wealth. In the process partners and
ESTIMATED TAXES. Send your
free months of HammerZen—so reap
shareholders may loan money to/from
accountant an estimate of how much
the benefits of your membership and
the business. When you do so have a
you paid to the IRS in federal, state, and
have confidence in your books.
blanket agreement stating the terms of
local taxes throughout the year for the
loans.
tax year.
THE BOTTOM LINE
BANK. The bank and reconciliation
Hopefully, this list can get you on the
What it all boils down to is being
statements should be one of the last
right track for the upcoming tax time
prepared. All the information we
things you collect since you will need
and every tax season after that. Your tax
provided above is intended to be a
to provide year-end statements.
preparer may need something that is
guide that helps set you in the right
not listed here, so be sure to clarify with
direction when you are reconciling
CREDIT CARD. Make sure that you
them what documents they will need so
your books—but you have to be
keep track of credit card statements
you can stay on your A-game.
proactive on your own, too. Do your
throughout the year so you can send them to your tax preparer. Many
research, find an experienced tax How to Keep Track
banking institutions keep these
preparer, and stay ahead of the curve so that when tax season arrives, you
statements in their online portals, so
As a company that handles cleanup,
already have everything wrapped up
you might be able to download it from
catch-up, and bookkeeping, we have
nicely and neatly.
there.
had a lot of experience with clients panicking pre- and post-tax season.
PAYROLL. You will also need to submit
However, many of the clients we have
a year-to-date (YTD) payroll report, so
use accounting software like
ensure that it is ready to go when you
QuickBooks Online and Desktop to
have to send over everything else. I
keep their books organized and
recommend segmenting the gross
centralized. When you compare these
payroll and employer taxes in your
clients to the ones who use manual
books to get a clearer picture of what
methods, you can see the difference in
Gita Faust is the founder & CEO of HammerZen, that helps businesses save time & money by keeping track of Home Depot purchases, importing receipts into QuickBooks. National REIA members receive discounts on QuickBooks services and software. Learn more by visiting www.hammerzen.com/nreia.
A R C A N A
I N S U R A N C E
S E R V I C E S
Liability Issues as a Property Owner PROVIDED BY SUSAN GROPP Let’s start off with an explanation of liability. Liability insurance is sometimes referred to as third-party insurance. This coverage helps protect you from lawsuits from third parties asserting that you have damaged their property or caused injury to them. Liability is the state of being responsible for something, especially by law. An act or a failure to act may result in you being responsible for damages for someone else’s property or for an injury to someone else. Liability insurance is independent of the coverage for physical damage to your property, such as a fire. There are two coverages in the Arcana policy related to the property damage of a third-party or an injury to a third-party. There is your coverage for $1,000,000.00 for general liability. This coverage is for situations where a hazard on the property causes a qualified third-party to be injured or heir property to be damaged. For there to be coverage under the general liability policy, you must have committed an act of negligence against a qualifying third-party. For example, you
are notified of an issue with a stairway. The hazard is not addressed, and a person falls on the stairway sustaining an injury. You now have a liability problem. Injuries related to worker’s compensation are not covered under your Arcana liability policy. The second coverage is called medical expenses. It provides coverage up to $5,000.00 for medical bills for a person who is injured on your property. This coverage is available regardless of liability. In other words, you do not have to be liable for this coverage to be utilized. If a person is walking on your sidewalk, reading their cell phone, and not paying attention to where they are going; this coverage is still available to settle their injuries. Injuries related to worker’s compensation are not eligible for this coverage. Persons who normally occupy the property are not eligible for this coverage. There are several liability pitfalls for property owners. One of the most
common issues encountered involves trees and wind. Strong winds start and before you know it, a tree is on top of a neighbor’s house, fence, or a tree limb has fallen on a car; usually the tenant’s car. Now everyone is looking at you to make them whole. After all, it was your tree. Now you ask the question, am I responsible for the damages? The short answer is it depends upon multiple factors. We will start with the location of your property. Different states will have a different view of liability based upon their case law. The general rule of thumb is that if the tree is alive and healthy, and the wind blows over the tree or a healthy limb breaks loose, that is an act of God. You are typically not liable for acts of God. Where you will encounter problems is if the tree is dead or diseased. The same is applicable for a tree limb. If the tree or limb is diseased or dead, there is a good chance you are liable for the resulting damages. There is one other important factor regarding liability. You need to be
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A S S E T
P R O T E C T I O N
put on notice of the condition of the tree or limb. You must be given the opportunity to correct the problem. The easiest way to mitigate this issue is to ensure that the trees on your property are cared for properly and pruned. While you do not incur any out of pocket expense for a liability claim, there is no guarantee that the tree will not fall the other direction and land on your house. Then you are looking at the cost of your deductible at a minimum. The best advice we can give is to maintain your property and respond promptly to maintenance requests from your tenants. Obtain these requests in writing so that you have documentation of these maintenance requests and store the requests in a safe place. Liability is a complex issue and this article is in no way meant to do anything more than provide a brief overview of liability coverage. It is not intended as legal advice as that should be obtained from an attorney. Notify your carrier promptly if you are presented with an assertion of liability. Please feel free to call with any questions you may have regarding your Arcana Policy.
Arcana offers members of National REIA multiple insurance products specifically designed for Investors and their tenants. Features include no underwriting or inspections, 24/7 desktop & smartphone certificate delivery system, outstanding claims management service, and a very knowledgeable & courteous staff to handle your insurance needs. Learn more by visiting www.nreia.arcanainsurancehub.com. Susan Gropp is Executive Vice President and a partner at Arcana Insurance Services, LP. She is over the underwriting and claims divisions.
Comparable Home Sales PropStream generates COMPS from MLS sales and county recordings, providing you with the most current and accurate COMPS available. If you choose, you can draw on the map and select specific results, or refine the number of bedrooms and bathrooms , change the date range and distance then view the specific details...
FREE Trial at MAREI.org/PropStream
K C I N V E S T
Motivated Sellers Part 1 - Your List PROVIDED BY KIM TUCKER Inventory of available housing for sale is very very tight. Real Estate Investors and even many Realtors are seeking out ways to find more properties that might be for sale. There are many methods of marketing to these people and many that starts with a list of targeted addresses and their owners.
someone that owns a property is not necessarily going to work. But if you market to a person that owns a property but has a motivating factor or two to sell, the more likely they will be to respond.
Now before you go and deploy a direct mail campaign or start illegally voice blasting every absentee owner in you can find let's spend some time finding a better list.
Absentee Owners, those who don't live in the house they own, could be motivated to sell if they have another motivating factor, but if they have a free and clear, good cash flowing rental with a long term tenant, are they really motivated?
So where do you get the list?
So sit down and think about who needs to sell:
The Harder to Get the Better the List
This is key to a great list, the harder it is to come by your list of addresses and names, the better its going to be. Think about it, if everyone could buy it for $19.95 all over the internet, would it not be heavily marketed? The More Motivation for Better Results
Just sending a marketing piece to
can call up a Realtor, list it tomorrow and have it sold in at most 60 to 90 days, so targeting just people in foreclosure, is not all that motivating right now.
But if they are absentee owners because they moved away and own a 2nd home in the new location. Or inherited a house and live out of state. Or they have a rental home where they have evicted a renter for a 3rd time, they have more motivation. Another motivating factor might be financial, in that they are facing foreclosure and must sell. Although right now, today, most owners have equity and
List Brokers
No matter what anyone tells you, you can buy a list of motivated sellers based on various factors in most states, Kansas and Missouri included. Most of these providers are going to be grabbing their data from the same sources, it's just a matter of finding a source that works for you. We have several resources here at MAREI that you may not know about. We have a free trial to PropStream at www.MAREI.org/PropStream where you can do a lot of things including find a list. We have free trial at MAREI.org/REIPro and members can get a discount as well.
1 5 |
Most of the resources I just listed include a lot of other great tools as part of their subscription, but if you just want the list, you can get that on a website like ListSource.com And if you are a Realtor you have access to Realist inside of MLS or NARRPR, you may find both of help.
court and asking what it is. Many of these publish and mail a newspaper digitally and for an extra subscription fee, they may offer the exact list you want on a spreadsheet delivered daily or weekly.
The Courthouse
This just might result in the absolute best list, houses in areas you drive around in every day. Houses that no one else even knows about because they are not on any list anywhere for anything, you just see it.
Another way to gather data is to start doing a bit of research on courthouse websites. While you can't just walk in and ask for a list, if you can even walk in these days, you can get on most county and courthouse websites and look up a variety of things. 1. Ownership Records 2. Mortgage Records 3. Eviction Filing Records 4. Probate Records 5. Lis Pendens Filings 6. Bankruptcy Filings 7. Divorce Filings 8. Tax Liens Each one of these lists might have a different court site to visit and a different way of gathering the data. And sometimes it may take finding the data of something like a divorce and then cross referencing to see if they owned any real estate. Time consuming? YES! Better list than the one you are going to buy, targeting the same motivation? You Betcha!! The Newspaper
In some cities you may find that the legal publications of some of these court proceedings are published in the local newspaper. If you collect the Independence Examiner for example or visit their online version, you may find many of these records readily available. In other areas you may have to do a bit of sleuthing to find the legal publications, which could be as easy as calling up the
Driving For Dollars
M A R K E T I N G
Optimizing Driving for Dollars
First come armed and prepared with a flyer, postcard or some sort of leave behind and don't be afraid to stop the car and walk up to the door, These brave souls will get a lot of deals because they will knock, for the rest of us, tape your leave behind to the door. Second, use signage. This can be on your person in the form of some sort of logoed "I Buy Houses" clothing as well as a sign on your car.
So what do you look for? Houses that look empty and neglected. Look for overgrown yards. Houses that look in need of repair are going to signal some sort of financial distress because most owners work hard to keep their home maintained and when things are visibly falling apart on the outside, it usually is a good indicator of other motivating factors. You can write these down and then go home and build your list or us an apps where you can take a photo and enter the address and let the app do the rest.
Third, enlist friends. One of the tools I use is REIBlackbook and they have an entire marketing campaign built around getting friends, family and total strangers to drive around for you, they call it Bandit Sign on Wheels. Now if you will look at all these various list, the easiest by far is to buy a list. the other 3 not so easy. In fact the other 3 can be quite time consuming. But, if you can spend a little time figuring out how to get that time consuming list, you can then hire someone to build that time consuming work for you.
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M A R E I
A D V O C A C Y
Call to ACTION
Legislative Alert
SEND A MESSAGE TO WASHINGTON "SUPPORT RENTERS & HOUSING PROVIDERS" As you have probably read, one of the
The platform will ask for your
Owners and managers of rental homes
first issues that President Biden and
contact information and will
depend on rent collections to pay for
Congress will have to deal with is the
address an email to the President,
items like maintenance, property taxes,
next phase of COVID-19 relief. The
the Vice President, Congress and
insurance, utilities, and mortgage
President has unveiled his proposal,
the House.
payments. The best solution for both
which includes extending the eviction moratorium to September and $25
The Letter Reads as follows:
billion in rental assistance. In addition, at his request, the Centers for Disease
I am writing to express my concern
Control (CDC) extended the federal
about the impact of an extended
moratorium on evictions for non-
continuation of the federal moratorium
payment through the end of March.
on evictions for non-payment of rent and instead encourage you to support rental
renters and housing providers is robust rental assistance. I encourage you to support additional investments in rental assistance and allow housing providers to apply on behalf of tenants so these funds can be deployed on behalf of renters as quickly and easily as possible.
We are sending a letter to the President
assistance as the best way to address
and Congress asking them to avoid a
the housing needs of those affected by
continuation of the eviction
the pandemic. Current estimates are that
rental income affects a housing
moratorium and instead focus on rental
almost 1 in 5 households are unable to
provider, please take a few minutes to
assistance as the best means to
pay rent, leading to a significant
visit our report about where $1 of rent
address the housing needs of families
outstanding rent debt. Unfortunately, an
goes at http://www.MAREI.org/$1Rent
affected by the pandemic.
eviction moratorium does nothing to
To get a better picture of how missed
address that debt. All it does is force
Thank you for your service to the nation
You can also send a letter using our
American households further into debt
and for your consideration of my views.
platform at MAREI.org/feb2021.
when the bill finally comes due.
Add Your Own Message Investing in real estate is not a “one size
1 3
At the bottom of the prewritten letter there is space for you to add your own personal message. It is important for our legislators to read YOUR personal story of how the pandemic and the eviction moratorium has affected you. Where $1 of Rent Goes.
The letter also includes a link to help explain better where the breakdown of $1 of rent. While posted on our site it is
(PPP) loans and $20 billion for
This last 10 Cents is going to be taxed with federal and state and possibly local income taxes, to pay into social security and retirement accounts. Leaving the housing provider with about 6 to 7 cents to feed their own family. Who Owns these Rentals
According to a report on HUD, there
data from the National Apartment
were nearly 48.5 million rental units
Association that states as follows:
in the United States in 2015. Of these about 22.7 million are used by
38 Cents is earmarked for the
individual investors, we call them
mortgage company. The housing
mom and pop housing providers.
providers not receiving rents are at
The remaining 25.8 are owned by
risk of losing properties to
small businesses. The report states
foreclosure.1 6 Cents is to pay for operating expenses like property and liability insurances, utilities for common areas, and the day to day maintenance of the property. 14 Cents is to pay property taxes that in turn supports the community pay for schools, teachers, fire departments and police as well as all the other items that the local county supports.1 2 Cents should be set aside to large repairs like replacing roofs and heating and cooling systems as well as windows and interiors that need to be replaced about every 20 years or so. 10 Cents covers the payroll or independent contractors that operate and maintain the community as part of the 17.5 million jobs that the housing industry supports. 10 Cents is what the housing provider gets to keep, but that is
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L E G I S L A T I V E
11 million individual investor housing providers managing on average two units each, many with just one unit. As for the business entities that own rentals, the report estimates the average small business owns 20 units. So if the average housing provider owns between 2 and 20 rental units, a good round average is 10 units. With this data, if just one unit does not pay, it takes all the profit, if not more from the other 9 just to break even. President Biden and the Legislators need to hear from you and they need to know that housing providers are every day people managing small businesses that provide more than HALF the nation's rental housing. If you fail, we all fail.
further that there are between 10 and
STOP NEGATIVE MEDIA Ready to Stop Complaining? Take an Active Role in DOING SOMETHING!
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still not profit.
Register at www.MAREI.org/MediaTraining
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