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Burton Kelso at MAREI in June: How to be Cyber Secure !
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Go to MAREI.org/CarrotChallenge This 30-day challenge is designed to dramatically improve your Investor OR Agent website by focusing on one highly significant task per day so you can achieve success in just minutes a day! Kicks off the 1st Monday of the Month
what's coming up 14
June 14 MAREI Meeting, Evening, Live & In-Person in Overland Park Local Tech Expert, Burton Kelso joins us to keep us and our businesses Cyber Secure and Safe from Criminals. Doors open at 6:00 for Networking, Presentations Start at 7:00
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July 12 MAREI Meeting, Evening, Live & In-Person in Overland Park Annual All-Star Networking and Vendor Expo with all proceeds benefitting Harvesters Community Food Network, Q & A with Local Experts, Vendor Expo with over 20 vendors. Local professionals. Join us to network, make connections, do business, and have fun. Doors open at 6:00 We are asking for a suggested $20 donation to Harvester's at the door.
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July 28-31st Anthony Chara Apartment Investing Boot Camp - In Person in Kansas City Join Anthony Chara and his students to dig in how to build wealth exponentially through Apartment Buildings and Commercial Property See Details & Register MAREI.org/Apartments101
See MAREI.org/Calendar for these and other member sponsored events.
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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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CREATING
Burton Kelso
PASSWORDS
Local Tech Expert
Keeping Accounts Safe our passwords allow you access to your online accounts and they exist to
Y keep the bad guys out of your private information
Burton helps remove the frustrations and complexity of computers and technology and opens people up to a world of new ideas,
stored in your email, social media, and financial accounts.
experiences, and opportunities. He loves
Weak and stolen passwords are how criminals get your data
technology, He's read all of the manuals and
which is why you need to make sure they are uncrackable. If
he's serious about making technology fun, safe,
you want to keep your Internet accounts safe from data
and easy to use for everyone!
breaches, grab a cerveza or margarita and take some time to learn how to create secure passwords to keep safe from all of the bad guys on the web. How does my password get hacked? There are several ways criminals can get access to your passwords: they buy them, they use programs to try to guess, random words from the
STAY CYBER SECURE As you read these tips be sure you share them with your family and friends so they can
dictionary, fake emails or texts asking for your password and
protect themselves too. Is you need assistance,
data breases.
please reach out to Burton at (888) 256-0829 or
How Can I Keep My Passwords safe From Hackers?
Passwords are a pain in the butt, but you need to use strong ones to keep your accounts safe. Check out the following steps to up your password game:
Burton@BurtonKelso.com. Join us at MAREI on June 14th to learn how to stay
Use different passwords for all of your online
Cyber Secure
accounts: Criminals count on you to use the same
and read and watch
passwords for all of your online accounts which is why it's
more tips at
important to use different passwords for all your accounts. When crooks find your passwords, they immediately attempt to log into all of your online accounts to see what information or money they can steal. If all of your passwords are the same, they have access to everything you save online. Change your passwords on a regular basis. You never
know when the next data breach is going to occur and you don't know if it will involve your passwords. Large companies will usually report if they have been breached. However, the smaller companies you have shared information with aren't always forthcoming. If you get into the habit of changing passwords on a regular basis. Whatever passwords of yours that may have been leaked on the dark web, won't affect you. Use a password manager. One of the best ways to keep
different passwords is to use a password manager which will allow you to keep track of those passwords. One of the easiest password managers to use is the one in your favorite browsers such as Safari, Edge, Chrome, Firefox, Opera, or Brave.
BurtonKelso.com
TECHNOLOGY NOW
CYBER SECURE TIPS
COMPUTER VIRUS evices unfortunately do many
D things that can make you think you have a virus on your devices such as failure to start, a slow device, or unknown error messages that appear out of nowhere. Most viruses
STOP VIRUSES of the cyber attacks that happen to your devices require user interaction. This means
99%in most instances you will need to click on a link to open a door for a hacker to gain access to your gadgets or fall for a scheme that tricks you into allowing someone to gain access to your computer, laptop, smartphone, or tablet. In many instances, you can fix these issues by rebooting your Windows, macOS, Android, and iOS to see if your device works better. If you can't access files, this trick won't work, only restoring from the backup will. Also, running a scan with your anti-virus program might find the offending program. If not, you will have to call in the big guns in the form of your IT professional to help you with this.
make themselves known once they are infecting your gadgets, but some lurk under the surface of your devices. Check out these quick and easy tips to help you locate and remove viruses on your personal device.
1) They Restart Themselves when you haven't installed a critical update.
2) Random Error Message asking you to update drivers or that there is a breach of your IP address.
3) Tech Support Scam where a
KEEPING BANK ACCOUNTS SAFE
crook wants to gain access to your
D
device to fix the problem they have
o your part to keep your bank accounts
3. Never connect to Public Wifi to access
safe:
your bank or other financial sites. If you aer out of the home and must log into
caused.
uses
these places, be sure to only use the
4) Can No Longer Access Files is a
industry-standard security with sites that log
network from your cell provider, not the
good indication that your device is
you out after so many minutes of inactivity
public wifi.
infected with ransomware.
and that use multi-factor authentication,
4.
2. Don't trust links to visit your financial
basis .
5) Device is Hotter than Normal
institution. Most pishing emails look like they
5. Change your passwords regularly
could indicate a crook that is mining
come from your financial institution hoping
6. Enable text alerts
crypto currency has installed
you will click the link and give them your user
7. Keep your devices updated.
software on your device.
name and password.
1.
Use
a
financial
institution
that
Monitor your Accounts on a regular
www.BurtonKelso.com
You've Got Tech Questions:
I've got tech solutions. Follow my blog, my youtube channel or my social media tech and marketing tips to get most out of your technology.
BurtonKelso.com
FINDING GREAT DEALS By Anthony Chara
Where do you find great deals on Apartments? I get this question a lot, especially, during or just after a presentation showing an apartment complex illustrating a ‘cash on cash’ return in excess of 20%. If you went to a Commercial Broker and told them you were looking for properties with a 20% COCR, they’d do one of two things; 1-They’d tell you they would buy the property themselves if they ever found one with a 20% COCR or 2-They’d hang up on you because they’d think your expectations are unrealistic. You probably won’t find an Apartment complex advertised with a 20% COCR. Just like the broker said, if it fell into their lap, they’d buy it. However, you can increase your chances of finding some great deals by doing a few things differently. First off, there’s no big secret in ‘finding’ Apartment complexes for sale. Start by using the same vehicles most investors use. For instance, you can search through Loopnet.com or go to any of the major or regional Commercial Brokerage websites such as Marcus & Millichap (MarcusMillichap.com), CB Richard Ellis (CBRE.com) or Sperry Van Ness (SVN.com) just to name a few. There are many many more out there.
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You can also peruse local newspapers in the market you’re interested in. Remember that not all papers are created equal. Some newspapers will advertise commercial properties in the business section, not the classifieds. Another paper no one thinks about is the Wall Street Journal. They have both national and local properties advertised for sale. Another way to find Apartments for sale is to ask Property Managers or Commercial Financiers that work in the area you’re looking to purchase. Oftentimes, they know owners who are looking for another property and have to sell their first one to move on or they know someone who’s just ready to retire. These are just a few of the sources I use. More are given in my workshops like the one I had in KC in May and boot camps like the one coming up in KC in July. The key to getting great Apartment deals may start with the information above, but it ends with the information below. Like I stated already, there’s no big secret in finding Apartment complexes for sale. The key is to find a great deal and here’s how I do it. The first thing I decide upon is a market in which I want to purchase. I may determine the market based on economic factors such as job growth or an expanding economy in that area. I may decide upon the market just because it’s a place I’d like to visit on a regular basis. The next step is to interview at least 3-4 good commercial brokers in that market and create a long-lasting, mutually beneficial relationship with at least one or two of them. Here’s what I do and how I use my research. Preferably, I want to find a commercial broker that has a CCIM designation. CCIM stands for Certified Commercial Investment Member. Most CCIM’s will list this designation in their internet and newspaper ads. CCIM’s have gone thru extensive training on commercial property, plus, they must have a proven track record of closed deals or consultations showing extensive commercial knowledge and they must
pass a comprehensive examination. I consider a CCIM equivalent to a PHD. By the way, you can also find CCIM’s at www.CCIM.com too. It’s estimated that only 6% of the roughly 125,000 commercial brokers out there have a CCIM designation. Once I find 5-6 brokers in a given market, with or without the CCIM designation, I call them to introduce myself. I ask them about the market conditions, recent sales in the area, and their own experience as a commercial broker. It’s amazing how much information you can get when you ask the right questions. You also get a pretty good feel for the person about whether or not you see yourself having a long-term relationship with them. Once I have a good feel for 3-4 of the agents I’ve spoken with, I give them the criteria I’m searching for in a complex. My criteria will include a number of units, unit mix, minimum Cap Rate, price range, the quality of the complex (A, B or C), and the area of the city. I may even mention that I’m looking for the owner to do some or all of the financing. I followup my phone conversations by emailing or faxing my contact information and criteria to the brokers. Then, I phone or email the brokers every 1-2 weeks to stay in contact with them. Since the brokers know exactly what I’m looking for it makes it easier for them to find something that fits my criteria. The ones that bring me deals I take care of. Obviously, they get their commission, but it’s the extra little things I do that I believe makes a difference such as sending them a restaurant gift card to take their spouse or significant other out for a night on the town at my expense or maybe tickets to a local sporting event or bottle of wine. That way, I am always in the front of their mind anytime a good deal comes across their desk. You’ve probably heard the term ‘Pocket Listing’. Well, I want to be a ‘Pocket Client’. When the broker gets a new listing, I want to be one of the few clients they call first, sometimes before they
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even release the details to other brokers in their own office. And that’s the key to finding great deals. If you think about it, everyone out there has access to the same sources for deals, but it’s the people who have nurtured and cultivated their relationship with the broker that reaps the bumper crop! They will even tend to go to bat for you with the seller if you’re looking to do something other than just put down a traditional 20%-25%. They will be in your corner helping you explain to the seller why it would be better financially for them to carry-back some or the entire purchase price then to just sell the property outright and make you bring in new financing. Even in the commercial world, it’s about relationships. Once you have those relationships established you have a much greater chance at turning an average deal into a great deal. A 10% COC return into a 20% COC return. That relationship just helped you double your cash flow. How much is that worth to you?
4- Day Apartment Investing Bootcamp
Step 1 – Market Analysis & Locating Properties (3 Hours) – The usual places to find plus the not so usual techniques I use to find deals that others don’t teach. I’ll show you over 16 places to find properties that you may not have known about before. Plus, you’ll learn how to analyze markets to see what Phase of the RE Cycle they are in. Step 2 – Quick Analysis (3 Hours) – How to analyze a property in 5-10 minutes, not 5-10 hours or 5-10 days. Step 3 – Making an Offer (5-6 Hours) Le a r n h o w t o m a k e a n o f f e r t h a t w i l l catch the Seller’s attention and how to package for maximum effectiveness. Step 4 – Financing (6-7 Hours) – Current financing strategies such as; traditional 20-25% down as well as little to no money down techniques including Master Lease Options and Wrap Mortgages. Over 13 strategies. Step 5 – Due-Diligence (4-5 Hours) – What documents to ask for, how to analyze them to avoid getting screwed, and how to properly inspect to make sure you’re not inheriting the seller’s problems. Step 6 – Negotiations (2-3 Hours) – Learn techniques and strategies to get what you need from Sellers/ Step 7 – Closing (1/2 Hour) – What to look for at the closing table. The hard part should be done by the time you get here. Now is the time to make sure the details of the contract & loan have been followed so that everything is recorded correctly. Other Bonus Topics – Learn from Anthony’s successes and mistakes so you go into your own deals with your eyes wide open. Kansas City Event is July 28, 29, 30 & 31 Philadelphia June 23, 24, 25 & 26 Miami July 21, 22, 23, & 24
Are you ready to dive into the world of Apartment Investing? My 4-day Apartment Investing Mastery Bootcamp will guide you STEP-BY-STEP in how to succeed in commercial real estate!
The cost is $1695 for Two People to attend, so grab your business partner and join me. Details and registration and some bonus training is located at www.MAREI.org/Apartments101
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SHORT TERM RENTALS A SURVEY The City of Overland Park is studying the effects of short-term rentals in the community. After some bad things happening in Short Term Rentals being used incorrectly, probably as a violation to the rental units agreements, the city see’s it is time to create some sort of regulations. In April, the City Council directed City staff to research and analyze options to address issues surrounding short-term rental uses of residential properties. While City staff are currently analyzing short-term rentals and no action is currently recommended, the ultimate outcome of this effort could involve a change in regulations governing short-term rentals.
The purpose of this survey is to consider all options as City staff begin to formulate a recommendation to the City Council on this topic. some of the options in the survey include:
Licensing short-term rentals. Limiting the number of guests, bedrooms or days the properties can be rented out. Restricting short-term rentals to certain parts of the city. Requiring the property owner to live on the premises for all or part of the year. Requiring the property owner to notify neighbors that a home is being used as a short-term rental. City staff will present preliminary findings of the analysis to the City Council later this year. Take the survey: https://bit.ly/3aI0Zmq Link to share your thoughts about short term rentals outside of the survey: https://bit.ly/39jpGVW Deadline is June 30th
SHAWNEE, KS BANS ROOMATES 21 MAY 2022
CO-LIVING Garnering national attention, the city of Shawnee, Kansas banned 4 or more non-related people from living in the same property. As a local Co-Living company purchased a couple of houses to offer as co-living spaces, where the roommates each have their own private room and share communal areas like kitchens and living rooms, the city moved to create an ordinance to as a preventative measure. Now labeled across cyberspace as the city that banned roommates, Shawnee joins many other cities, like Lawrence and other college towns with similar ordinances.
BUT CAN THE ORDINANCE BE ENFORCED? Ed Jaskinia and The Associated Landlords of Kansas were faced with a city in Kansas in 2000 that wanted Landlords to provide the city with a list of everyone who was living in properties. In response, Ed and T.A.L.K. introduced this Kansas Statute § 12-16,123 and it was passed and signed by the Governor in the Spring of 2001. This statute prevents cities from forcing the owners of rental properties or their renters from disclosing who lives in a property. Jaskinia explains that “While the Shawnee ordinance is in a different vein in that they claim that their law will be enforced based on complaints, it will require at that point for Shawnee officials to determine who is living there, and the only two ways for that to happen is to get that information from either the Landlord or the Tenants themselves.“ The only reason that the city could force compliance is for there to be a life, safety or health issue or ordinance being violated. We hope the city council will reconsider this ordinance, one Council member was on record for suggesting they revisit the ordinance.
SEE MORE ON THIS ORDINANCE MAREI.ORG/LEGISLATIVE
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AREI M r e summ Every come s r e memb make o t , her e fun v toget a h , r ctions ey fo n conne o m aise and r where 's r e st ated is Harve n o d dollar ! every meals 3 o t d in with a turne 6 s time Some atch! m e t a r corpo goal is s r a e 0 This y 30,00 r o o 0 ions g t $10,00 a n o . . All d sters e v meals r a H ly to t c e ir d
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THE 70% FACTOR IN MAO DOES THIS STILL WORK? Kim Tucker Investor, CoFounder of MAREI
What area investors are paying for houses
I recently conducted a very unscientific poll on Facebook to see what the average investor is paying for a house. Are they sticking with a 70% factor in the MAO formula or something else? The conservative crowd, 44% of the 29 people who responded are right there at 70%. Some are paying more with the right circumstance, a home needing less in repairs, thus with less holding time. Wait, what is MAO? For our newer investors, this is short for Maximum Allowable Offer and it defines how much an investor should pay for a house. It looks like this: MAO = (70% x ARV) – Repairs This is the simple down and dirty amount that the investor who is going to rehab a house and sell it for a profit can pay for a house and it’s a formula that anyone looking at a house that needs some work will use. Why, because it gives you a 30% spread to cover holding costs during the rehab period and gives you a profit. If you are going to rehab a house and sell it, you need to cover costs during rehab and you need a profit when you sell. If you are going to buy it to hold, you are more than likely going to Buy it, Renovate it, Rent it Out, and Refinance it to get your money back. Like the profit the flipper investor needs, the BRRR investor needs that same number, so they have equity when they refinance and get their money back. Let's break down MAO a bit more for our new investors. MAO: Maximum Allowable Offer ARV: After Repair Value Repairs: The cost to repair After Repair Value: We start here with this formula because you must determine what your house will be worth after repair and that’s going to take some research on your part. If you look at the immediate neighborhood around the subject property you will probably find several different price bands of houses, and it’s up to you to decide where you want your house to fall, which will, in turn, determine what types of repairs and updates you will make. The different bands, at least here in my office are as follows: ·HGTV Crazy – all brand new everything with walls removed for the Property Brothers' main living area. These will be the highest-priced houses and sometimes will be worth more than anything sold in the area as there is nothing else comparable. Renovated – what the typical real estate investor does to renovate, all new, but for the most part keeping the same footprint of the house. Average – Well Maintained average homeowner house, it will have some repairs and updates and all the mechanicals maintained. Old – Dated – often very well maintained, just the finishes, fixtures, and colors are stuck in a different decade. Total Rehab – these houses need everything Rental Quality Housing – houses that get sold to an investor to hold for rental, usually this will be somewhere between Average and Renovated. You need to figure out how what price band you want to sell in and how much work you want to do.That will give you your ARV. Keep in mind when you look at other houses, you want to (1) To have at least 3 (2) To be in the same subdivision (3) Be a similar house.
Repairs: This will vary from investor to investor as well as from the type of end strategy and what price band you are targeting. Typically, this number will include repairing or replacing anything that is missing, damaged, too old, or failing . . . things like Furnace, AC, Hot Water Tank, Roof, Windows, Siding, Foundation Repair, sewer lines, ext. It will also include replacing or updating kitchens, bathrooms, flooring, light fixtures, paint, etc. And for some it may include moving or removing walls, or adding rooms. Percentage: The gold standard is 70%. If you take the ARV times 70%, that leaves you with 30% of the after-repaired value to give you profit, pay holding costs, and pay for your cost of money. If you are an average investor, with average costs to repair and the average cost of money, then this works well. But Kim, we are not getting any deals at 70%. . .True, Hedge Funds are coming in and snapping up houses and paying way more, why, because they are hedge fund with lots of money that they don’t have to pay points and 10 to 15% interest, they are giving their stockholders a return on investment, probably somewhere around 10% or way less, with no points paid, so they can pay more. What is ARV? This is another item that has come into question for me of late. With prices increasing so fast, the ARV, right now today when I buy the house may not even be remotely what the ARV will be when I go to sell it in what was once 2 to 3 months, but due to shortage of labor and materials is now 4 to 5 months.So far, prices have increased, but keep in mind that back in 2008 prices went the other way and they went fast, what was selling for $100k in Kansas City Missouri in 2008 was selling for $10k in 2009. I don’t expect this for us soon, but you do need to keep this in the back of your mind. So back to my unscientific poll. It seems that out of those responding that the majority at 44% has stuck with the 70 % of ARV, 24% were at 75% of ARV, and 20% were at 80% of ARV. We had some interesting comments on the poll. Michelle Winberry from WinVestors shared that we as a the community have been at 80% for a while because everyone is more comfortable paying more for a property than they should because the values have been appreciating quickly. But as appreciation cools, and as supplies and labor costs continue to rise, she sees that the seasoned investors are going to be the ones left to do business. As appreciation cools, your numbers have to be way more accurate. We will not be able to get that 30% factor that the MAO provides through fast appreciation. In our fast appreciating market, while we may have been targeting 70% of ARV, we were also inflating ARV, betting on that a much higher ARV with no supporting data and we are not going to be able to do that. Jord Seig on Facebook, shares that “limiting yourself based off percentage is limiting opportunity. . . I go for 75% if the property is in need of repairs. If remodeling has been done to some degree, ARV percentage will go up.” And right now, that is true, if you have a house that does not need much if any repairs or only need repairs that are easier to get, you don’t have to hold the house as long and you can offer a bit more at 75% to 80%. But if you have renovations that are going to take longer than a month, often way longer right now because of supply issues, then your holding costs are going to increase, for every day you own that house you have taxes, insurance, and utilities, and for most interest. Plus mowing costs, security costs, and drive time for someone to keep tabs. What is the right answer for you? We would love to see your thoughts, join this Facebook Conversation at: https://bit.ly/3zvDnfl and add your vote to the poll
LOCAL MARKET DATA
After two years of record-setting activity, there are signs the housing market might be cooling. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs. The National Association of REALTORS® (NAR) reports existing home sales were down 2.4% from the previous month, while pending sales fell 3.9% as of last measure, extending the trend of recent months. Economists predict sales will continue to soften in the near future, which may put downward pressure on home prices. Closed Sales increased 1.4 percent for existing homes and 0.3 percent for new homes. Pending Sales decreased 5.7 percent for existing homes and 13.3 percent for new homes. Inventory decreased 16.2 percent for existing homes but increased 31.8 percent for new homes.
May 2022 Heartland MLS
$494,900 for new homes. Days on Market decreased 7.1 percent for existing homes and 11.6 percent for new homes. Supply decreased 20.0 percent for existing homes but increased 60.0 percent for new homes. The slowdown in sales has provided a muchneeded lift to housing supply, with inventory up 10.8% from the previous month according to NAR, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace. As the nation continues to explore ways to solve the ongoing housing shortage, estimated at 5.5 million homes, the Biden administration recently unveiled the Housing Supply Action Plan, which aims to expand housing access through a number of administrative and legislative actions and help relieve the nation’s housing crisis over the next 5 years. Dig deeper online https://bit.ly/3NLS9CW
The Median Sales Price was up 11.8 percent to $285,000 for existing homes and 12.5 percent to
RickDavisTitle.com
Rick is a real estate attorney, broker, and title agent who has been providing legal services to real estate investors in Kansas and Missouri since 2015 when he founded Rick Davis Legal. In 2020, Rick opened rickdavisTITLE, with the intention of building a title company specifically for real estate investors and the unique transactions investors are involved with. Rick is a regular instructor at continuing legal education (CLE) classes for lawyers on topics related to real estate, title, and legal ethics. He also often speaks at area real estate investor groups, such as the Mid-American Association of Real Estate Investors (MAREI), Johnson County Landlords, and others. Please see the Resources / Education Tab on his website to learn from his blog, recordings of past presentations and to connect to his YouTube Channel.
Local & National
Updates Stay Informed As real estate professionals, much of what we see in the news will affect our businesses and our bottom line. It is important to stay informed and take action where appropriate.
- Kansas Homeowner Assistance Fund The Kansas Homeowners Assistance Fund (KHAF) program is expected to launch in 2022 with $56,648,216 in American Rescue Plan Act (ARPA) funds. KHAF will help eligible Kansas households financially impacted by the pandemic to get current on their mortgages and avoid foreclosure. The funds will provide assistance with: Mortgages Property taxes Homeowners’ insurance Energy Costs (utilties) More info KSHousingCorp.org
- Tenant Based Rental Assistance Kansans struggling to cover rent and utility bills may qualify for assistance, thanks to funds awarded by Kansas Housing. The funding, made possible through the state’s Tenant Based Rental Assistance (TBRA) program and funded through the federal HOME Investment Partnerships Program (HOME), helps income-eligible households afford rental subsidies, utility deposits, and security deposits. Assistance is administered by a network of 11 nonprofit grantees who serve communities across the state. Original Applicaitons due before 4pm Thursday, June 30th, 2022. See KSHousingCorp.org for more info. - Mortgage & Rental Assistance in MO Updated website at MOHousingResources.com Resources for renters, homeowners & landlords.
- FHFA Creates Equity Plan for GSEs The Federal Housing Finance Agency (FHFA) released finalized equity plans in early June for Fannie Mae and Freddie Mac. According to the FHFA, the plans are intended to “address barriers experienced by renters, aspiring homeowners, and current homeowners before, during, and after getting a mortgage” and include actions to address financial education, access, and costs. The plans will be reviewed and updated periodically.
- Lumber Bubble May Have Just Burst Lumber prices have fallen 47% year to date. They are down 65% from a 2021 record high of $1,733 per thousand board feet. The big drops should help ease inflationary pressures in the housing market, and the costs to build should come down, Markets Insider reports
- Mortgage Rates Turn Upward Again NAR's Realtor Mag reports mortgage rates in the rise. Following three weeks of declines, mortgage rates reversed course and headed back up this week. The 30-year fixed-rate mortgage averaged 5.23% for the week ending June 9; a year ago, it averaged below 3%. Economists will watch the Federal Reserve’s actions closely this coming week. The central bank is largely expected to raise its key benchmark rate at its next meeting, June 14-15.
- Home Depot Rebate Gift Cards The Home Depot Rebate checks for the 1st half of this year (January 1st – June 30th) are set to go out at the end of July.
- Area Home Owners Gain $30k in Equity CoreLogic reports a $64,000 gain in equity for homeowners in the first quarter of 2021. Their chart shows a $31k gain for those in Kansas and a $29k gain for those in Missouri.
You should log in to the Home Depot Pro Xtra Center to verify that all your recent transactions have been tracked so you get full credit and your 2% Rebate check later next month.
- Would You Use an IBuyer?
Complete instructions on how to log into HomeDepot.com and set up your pro rewards account and link it to our rebate program can be found by visiting the discounts page at MAREImember.com. You should verify all your accounts are entered and tracked at least twice a year.
A new survey from Clever Real Estate finds that 65% would consider selling their homes to an iBuyer. Some said they would be willing to accept on average $45,500 less for their home in order to sell it instantly and choose their closing date. Some, 27%, don't know what an IBuyer is.
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