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October Monthly Meeting Networking to Success 13 September Monthly Meeting Build
7 Landlords of Johnson County Meets on the 1st Wednesday of the Month Get a Legal Update from Attorney Spence Stover 10 Northland Real Estate Investors Meets monthly on the second Saturday of the month. This month: Property Management 14 Mid America Crime FREE FREE 8 hour training on keeping your rentals crime free, including a workshop on leases and evictions. 20 KC House Trader's White Board Meeting monthly on the 3rd Tuesday. 26 Eastern Kansas Real Estate Investors Meeting on the 4th Monday of the month virtually Covering Lawrence to Topeka Tuesdays Home Resource Network Every Tuesday: Overland Park Wednesdays WinVestors Every Wednesday: Westport & Zoom Thursdays Cashflow Game Night Every Thursday: Prairie Village 03 November Monthly Meeting 11 to
Deals are Made Not Found
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The stock market is highly volatile, going way up and way down. Many people are holding their money out of the market, and are looking for real estate investments. In the great recession, many turned to single family houses as long term rentals, from your neighbors looking to BRRRR a deal to huge hedge funds For many reasons we have a shortage of housing stock to buy or to rent, and there is a huge demand for rentals. Many investors across the country have turned to building their own from local investors building a few to hedge funds building entire build to rent subdivisions One local investor is Dave Lundgren and he is joining us to share his journey in build to rent. Come learn from how you can get involved.. MAREI's September 13th Monthly Meeting
If we go back a few years to the great recession when every one was looking for a good investment, those with money started buying up all the glut of inventory because the houses were so cheap. Ask anyone who was flipping houses in the Kansas City area during that time who they were selling to and the answer was usually a hedge fund. They had a ton of money that came out of the stock market that needed an investment and they found that investment in foreclosure houses across the country. They made the single family rental business work like the Apartment Investing Business. Now if you had the money to invest, but didn't want to actually buy and own a rental house you could invest in a bunch of different ways in that hedge fund
Hedge Funds During the Great Recession
Warren Buffet American business magnate, investor and philanthropist.
Shortage of New Homes Built Experts have varying numbers, Google gave us several articles that stated somewhere between BUILD TO RENT WHY IS IT SO HOT?
to sell to landlords and got tired of chasing inventory Instead of relying on Realtors and Wholesalers to bring them fixer uppers or spending more on marketing, they build instead They found they could if they used a cookie cutter process to buy in fill lots and build the same house over and over to sell to their investors. Sometimes they find a larger area where they can develop a few houses or a small subdivision. But no matter the definition, Build to Rent Housing all equals the same result MORE HOUSING for rental purposes.
Several experts point to a Warren Buffet interview on CNBC where he said that if he could find single family houses in concentrated numbers in an area where good management could be obtained, he would " buy up a couple hundred thousand."
We have had an affordable housing crisis brewing for many years. There have been article after article lamenting the fact that you can't rent a 2 or 3 bedroom apartment on the salary you make working an entry level job for the past 10 years. What the cause is has been debated. We are not here to debate the reasons, but we do have an affordable housing crisis that is going to get worse before it gets better. Some states are working to correct some of the problems by streamlining the permitting and inspection processes and changing zoning regulations to allow for smaller houses, multi family housing and other housing in places where it might not have existed before. As we get this new zoning and the process gets less restrictive, more people are becoming builders
But how can you get in on the action? Going out and buying a vacant lot and building a house is not really something the average real estate investor can do, easily It can be done, but not without a lot of work that may or many not be for you What you can do is partner in some way with those that do have the knowledge: buy the turn key rentals and manage them, be a private lender, become a part of their syndication, invest your stock market money in a REIT Join us at MAREI Tuesday September 13th where our guest speaker Dave Lundgren will be sharing more on this great opportunity.
3 million and 5 24 million This shortage comes from builders backing off during the great recession to the point of only building when they had a buyer The past two years saw builders reversing that trend to the best of their ability But due to shortages of labor and materials, the didn't dig us out of the hole Then when interest rates started climbing, and buyers started backing out, many builders hit the pause button So again, we re not building enough home But there is still a huge demand for homes both from very cautious buyers and from renters.
The average investor as well as the hedge fund investor is building houses to rent RentCafe tells us that in 2021 they build 6,740 houses and they project that number to be 13,910 in 2022
Affordable Housing Crisis
There are many house hacking strategies out there, and
House hacking is how I got started as a real estate investor waaaayyyyyy back in 2015 haha I love this strategy because it is the easiest method to start, the easiest to avoid analysis paralysis with, and also one of the most lucrative strategies (if done correctly) I wrote this house hacking guide to help you slash your housing expenses and save/invest more of your hard earned money! I am convinced that the house hacking strategy remains the best way to begin your real estate investing journey! What is House Hacking? Here is my house hacking definition: purchasing a property with the intent to rent rooms/units to tenants to cover a portion, or all, of your monthly mortgage payment. I first house hacked a duplex in ultimately anyway you can earn money with your residence works! Duplex, Triplex, Fourplex, Roommates, Airbnb, Living in a Smaller Part of the House, ADU / In Law Suites, & Motorhomes (read full details online)
T H E U L T I M A T E G U I D E T O L I V I N G F O R F R E E
Benefits of Household Hacking
Missouri I had been paying around $500/month to rent a two bedroom, one bathroom apartment for a couple of years When I purchased my duplex the principal, interest, taxes, and insurance (PITI) were only $615/month Both sides of this duplex were two bedroom, one bathroom units, and slightly larger than the apartment I had been living in It even had a storage shed for each unit! Now the fun part…I rent the other unit for $500/month! This means I had gone from paying $500/month to live in an apartment; to effectively paying $115/month to OWN a duplex, with more space, and additional storage!
House Hacking Strategies
HOUSE HACK
There are several benefits to the house hack that make this a great way to get started as a real estate investor 1 Primary residence mortgage: Conventional loans usually require a 20% down payment. Most banks will require a 25% down payment for a property that is bought as an investment property. There is a loophole available for house hackers though! The Federal Housing Administration (FHA) loan and Veterans Affairs (VA)
M Y This is part of David Pere's Ultimate Guide on his website FROMMILITARYTOMILLIONAIRE.COM David is our guest speaker at the October MAREI meeting
loan are both offered strictly for primary residences. These loans offer low, and no, money down opportunities for homebuyers Both of these loans allow you to buy any property with 1 4 unit(s) provided that you occupy the home as your primary residence for a reasonable amount of time 2. It is “safe”: Buying any investment properties involves risk Sometimes this risk can seem insurmountable for new investors We refer to this phenomenon as “analysis paralysis.” Analysis Paralysis is what happens when you are finding deals and analyzing them, and analyzing them some more…but never pull the trigger. This happens for several reasons, but most of them boil down to one word; fear. Buying a primary residence, on the other hand, does not seem very scary. Maybe that is because we are raised with the idea that the American dream is homeownership Go to school, get a good job, get married, buy a house, raise a family that is what many of us grew up knowing as our “life’s plan ” You can the house hack tactic to get over the analysis paralysis hurdle If buying a home feels safer than buying an investment, but buying an investment feels like a good idea long term…why not get the best of both worlds and live for free by house hacking? When I bought my duplex I went from a $500/month apartment to a $615/month mortgage. After my tenant paid their rent I only needed to pay $140/month to cover my mortgage. It was very easy to convince myself to move out of the apartment when I knew that in a worst case scenario it would only cost me an extra $115/month, and I would at least be building equity I knew, however, that if the best case
Won't be your dream house.
Should you House Hack?
There are several key variables to answering this question that I would like to discuss It should be noted that I LOVE this strategy! You get to learn how to landlord, while simultaneously cutting down your living expenses to save more money for investing in your next property! scenario played out I would bypass the phase of analysis paralysis, and be on my journey to financial freedom! Luckily, this worked out for me, and I have been purchasing real estate ever since!
Tenants may know you own the building
Downsides of House Hacking
You live next to your tenants
The larger your savings gap the faster you build up capital to buy more real
It can be hard to let the passive income be passive estate. When you hack your household correctly it will free up a large portion of your housing costs for additional savings Imagine that you live in a market where the average monthly mortgage payment is $2,000/month and you can save 75% of that by house hacking $1500/month adds up quickly as you would save an additional $18,000/year! Depending on your market an extra $18,000 per year could become an additional rental property!
4. Savings Gap: House hacking allows you to increase your savings gap! The term savings gap refers to the difference between your income, and your expenses or the percentage of your paycheck that you save/invest
There are pros and cons to everything; house hacking is no different. Luckily the cons (in my opinion) aren’t too bad in this situation!
3. Benefit from the four pillars of real estate investing: These are the four main wealth generators that buy and hold real estate investors benefit from Cash Flow The residual income a property generates after all expenses have been removed from the gross monthly income of a property. Depreciation A method to write off how much a building is aging. This is one of several tax advantages to real estate investing. Debt Paydown Your tenants are paying off your mortgage. This means you borrowed money from the bank to buy a home, and somebody else is repaying the bank for you! Appreciation Real estate serves as a hedge against inflation As the dollar inflates, real estate prices rise There are other factors, but appreciation is a great bonus! You will benefit from all four of these wealth generators when you house hack. You get an additional benefit when house hacking a buy and hold investment though, your cost of living goes down! In some cases, you may find yourself living for free, or even get paid to have a roof over your head!
To recap, not only are you saving money by purchasing a house and letting somebody else pay it off…but they are allowing you to save money to purchase more houses too!
The location may not be perfect
1. Market research: Understanding your market is the key component in deciding whether to buy a house or rent As wonderful as house hacking is, it makes no sense to spend $750,000 on a duplex if it will only rent for $2,500 $3,000/month (per side) This is the reality in a lot of markets like Hawaii, San Diego, Las Angeles, etc You must look at the population growth, economic growth, economic diversity, and cash flow possibility If the market isn’t growing in population or economy, that is a red flag…but if it isn’t possible to purchase property that cash flows, rent! Even in some of these expensive markets, it is possible to cash flow. I would caution you to analyze the cash on cash return though. This is the total net income received for the year, divided by the total amount of money you invested in the deal For example, if I put $20,000 down to purchase a property, and the net income is $4,000 each year, I received a 20% cash on cash return This will help you evaluate if the monthly cash flow in an expensive market makes it a good deal I wouldn’t
Joining the Marine Corps in August of 2008, David Pere has lived in and traveled to many unique places around the world including a combat tour in Afghanistan Getting started in real estate investing in 2015 he house hacked a duplex with an FHA loan and lived there until getting married and getting ordered to Hawaii
Always remember, there are some markets where renting is a good decision 2 Goals: In the long term are you wanting to be a buy and hold real estate investor? Or are you just looking to save a few bucks from your housing expenses? Figuring out your long term goals can help you decide if house hacking is a good fit for you 3. Capital: Depending on your market a 3.5% down payment can still be daunting. If you aren’t able to make the down payment and still have a reasonable amount of money set aside as a reserve fund to cover unexpected expenses…do not buy. You will need to have a safety net to ensure that you can weather an eviction or a 2 month vacancy Also, in some markets, the price of real estate exceeds the purchase price cap on the VA loan You can still purchase real estate, but understand that once you exceed this cap (limit) you will need to provide a 20% down payment for every dollar over the limit
4. Longevity: How long do you plan on living in this market? If you’re only here for a year, and never plan on coming back, it may make sense to rent somewhere cheap You could still house hack, but maybe try to conduct more of a live in flip strategy by purchasing a plex that needs work Is this market somewhere you want to own real estate long term? This is a good question to weed out dying areas It is not always a good investment to buy real estate and hold onto it forever. Think about Detroit, it was once the automotive king…until the automotive industry began changing, and there wasn’t much of an economy left in the city. Detroit has dwindled to a shadow of what it once was. This is why market research is so important. You need to understand your current market, but you also want to get a feel for what the future holds There is a very unique opportunity for Military House Hacking, find it on FromMilitarytoMillionaire com
invest $100,000 to only get a two or three thousand dollar return each year.
While in Hawaii, David bought a 10 unit apartment in Missouri with a combo of bank f financing, seller financing and a home equity line of credit He has continued to invest since then with now over 100 units in he personal portfolio and is an investor in several other projects Gaining financial freedom in 2021 and transitioning from active duty, David now devotes his full time to helping service members and veterans achieve financial freedom David is also the author of The No B.S. Guide to Military Life: How to Build Wealth, Get Promoted, and Achieve Greatness and he has a wealth of information on his website FromMiliatryToMillionair.com/
Meet David Pere
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However, the one skill most investors needed to hone the most was their negotiations. Unlike marketing and creative deal structuring, negotiations seem to be the one skill that most people liked the least The thing is it doesn’t need to be like that at all! This may surprise you, but everyone is a born negotiator. Yes, you read that correctly. Even you are a born negotiator. The problem is most of us, somewhere along the way, stopped negotiating From the time we are born we are negotiating As an infant you screamed for food when you were hungry. As a child you simply screamed when you didn’t get what you wanted, all the way up to those teenage years. Just ask any parent out there with a teenager what happens when their newly licensed teenager wants the car, and they say “NO” Does that teenager go away or does that teenager “double down” and go all in as if their life depends on getting the car Friday night Yet, somewhere along the line, usually in our late teens to early twenties, we decide we don’t like to negotiate and would prefer to avoid it if possible It is at this point that we begin to think of negotiations as more of a confrontation than our ability to communicate with our counterpart. In the case of real estate investing, our counterpart is typically the seller What if I could give you three simple strategies to change all that? As I said, there are very few people who actually like to negotiate If you are anything like me, I hated negotiations In fact, at one time I saw negotiations
3 Simple Strategies to Improve Your Skills
Maria & her husband Gary invest in real estate using none of their own money They have made it their mission to teach others to do the same. Maria will be our guest at MAREI in November.
NEGOTIATOR
After thinking about this question and discussing it with other experienced, successful real estate investors, there are three main themes that continued to pop up over and over again Most investors attribute their success to marketing for deals, knowing how to be an effective negotiator, and their ability to think creatively
Maria Giordano
One of the most common questions I get asked is, “What skills do I need in order to become a successful real estate investor?”
The third most important thing you must do is get comfortable with “NO”. The problem with most negotiations is we begin each negotiations fearing the word “no” However, how many of us experienced investors have had a seller tell us “yes”, but once we leave we can’t reach them, or worse, we have a signed contract and the seller calls title and demands escrow be cancelled In other words what we thought was a “Yes”, was really a counterfeit “yes”. When you give the seller permission to say “no” you are getting past trivial issues to the real issues You and the seller can have decision based negotiations What is left to negotiate when you get a “yes”? Nothing, the seller has agreed, but when you don’t first uncover all the seller’s objections and give them permission to say “no” you end up with a counterfeit “yes” instead of the “heck yes” you really want. It is the no’s that led up to the “heck yes” and your ultimate payday Negotiation is a skill all of us were born with Negotiations don’t require any special talent, just a willingness to practice and get better at it. In your next negotiation remember to listen to understand, use silence (don’t fill in the quiet with unnecessary chatter), and give your counterpart (seller) permission to say “no” I guarantee this will be a game changer, not just for your real estate business, but when you buy your next car or even when dealing with family, friends, and colleagues I will be sharing a lot more about negotiations in real estate investing when I visit MAREI In November Join me at the monthly meeting on the 7th and for my full day workshop on Saturday the 12
Since a negotiation is all about communications it’s no wonder that listening is the first thing you need to master However, this doesn’t mean that listening is the easiest skill for you to learn You need to listen to understand which is quite different from what most of us do, which is listening to respond. Instead, learn to shut off that inner voice going off in your head If we are too focused on trying to come up with a reply for what the seller is saying, we will miss valuable bits and pieces of information. It is in these hidden nuggets that we get a better understanding of what our seller’s needs are. Once, we understand our seller we can work with them and even help them to create an offer that best suites our and their needs Giving the seller “the relief” they really seek Zip It “Zip It!” isn’t just a clever phrase an exasperated parent or teacher told us as a child. Tied right along with listening to understand, is silence. The majority of people out there are uncomfortable with silence This is probably more true today then ever before Yet, it is through silence that the magic in negotiations is possible I’ll be honest, silence is uncomfortable, especially when sitting face to face or across from a seller. Use that uncomfortable silence to your advantage. If I were to tell you, you can save yourself an extra $50,000 on that property or even an extra $5,000 from that contractor simply by asking a question and remaining silent, would you, do it? Of course, you would That seller or contractor doesn’t like silence any more than you do. So, what do you think happens when you’re silent? The person you are negotiating with will start to fill in that silence for you. If you really struggle with that uncomfortable silence like I did, just count to ten very slowly What I learned is you will almost never get past five before the other party starts to chime in Get comfortable with “NO”
as more of a task to be avoided or completed as quickly as possible or even worse, handed over to someone else. It wasn’t until I understood that negotiation had more to do with communication and less to do with confrontation or competition.
Once I figured out that all negotiation skills are is communication skills it changed everything Whether you are a timid negotiator or a competent skilled negotiator there are three very basic skills you need to know to become a skilled and more confident negotiator. Listening to understand
The one thing that is missing from 99% of most real estate investor's offers. Why most investors are failing to get their offers accepted. Supercharge your real estate investing with the most proven way to start making money in real estate without cash or credit
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Dynamic Deal Structuring strategies to profit from any deal Learn beginner to advanced money making strategies.
Maria Giordano is a full time real estate investor. She initially got her start doing fix n flip properties, then moved to buy and hold and later to spec builds and land development In a former life, Maria was a trauma nurse working days, nights, weekends, holidays and not seeing much of her family. She learned early on that real estate was the answer, creating wealth, cash flow, income and time with her family She is teaching the exact blueprint she used to quit her job in less than 6 months.
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Master the steps to understanding your seller's real estate problems
Super early bird pricing $29 for MAREI members through October 28th 913-815-0111 www.MAREI.org
Making Offers
AT THE MAREI MEETING
While housing prices are correcting, data provider Black Knight does not see a full fledged crash coming any time soon “After 31 consecutive months of growth, home prices pulled back by 0 77% in July,” said Black Knight Data & Analytics President Ben Graboske. “Annual home price appreciation still came in at over 14%, but in a market characterized by as much volatility and rapid change as today’s, such backward looking metrics can be misleading as they can mask more current, pressing realities. Case in point this cooling has been indicated in our home price data for several months now, and at an increasing pace In January, prices rose at 28 times their normal monthly rate before slowing to five times average in February as interest rates began to tick up Even May was still about two times normal, before June growth came in 70% below the long run average And all the while, annual appreciation continued to appear historically strong, showing double digit growth month after month Without timely, granular data, market moving trends don’t become apparent until they’re right in front of you like a sudden shift to the largest single month decline in home prices in more than a decade "
“Similarly, while mortgage holders’ tappable equity had grown 25% from last year to hit yet another record high in Q2, we noted that equity actually peaked in May and tracked the pullback that began in June before escalating in July Tappable equity is now down 5% in the last two months, setting up Q3 to likely see the first quarterly decline in tappable equity since 2019 Some of the nation’s most equity rich markets have seen significant pullbacks, most notably among key West Coast metros "
NO HOUSING CRASH
Price Decline
Delinquency and foreclosure rates are at historic lows
The number of people actually borrowing that equity is at record lows
More than 85% of the 50 largest U S markets are at least marginally off their peaks through July, with home prices down by >1% in a third, and more than one in 10 seeing prices fall by 4% or more/
Across the Country
The still very limited amount of inventory will keep prices from changing too much Unlike the great recession, people are not over leveraged So if prices decline slightly, they still have equity
from Black Knight
No Crash Coming As interest rates rise and home demand weakens, Black Knight feels the market is still very healthy and that we should be able to make it through the coming storm for several reasons:
Very few homeowners are underwater, so they can sell if they need to People still have equity that they can tap into if they get into trouble
Does your "No Smoking" Policy Stink?
“What’s that smell?” might be one of the worst questions a potential tenant can ask you as a landlord In my experience, the showing of the property almost always goes downhill from there Odors play a major role in our lives, with many of our most impactful memories tied to a specific smell, whether good or bad I mean who doesn’t love the smell of bacon, fresh baked bread (my mouth just started watering) or a campfire Those smells instantly transport us to a time or place; that’s the power they have over us Knowing how powerful odors are should cause landlords to take a deep breath, preferably through the nose, and examine what their policy is regarding smells and obnoxious odors on their properties If you are like many landlords, this is probably something you have either overlooked or inadequately addressed with your current and future tenants. While most of us are familiar with a “No Smoking” policy for our properties, with the invention of new types of inhalants and other innovations, it is time to take a deeper look at the three major things to consider as you develop a policy around scents and odors in and on your property
If you don’t already have one, now is the perfect time to start creating a criteria regarding scents and obnoxious odors You likely have a rule about smoking in the property, but how about even on the property?
Smells were the subject of a recent RentPerfect podcast and Rent Perfect has recently created a “Scent and Obnoxious Smells Clause” that can and should be added to your property lease Both can be accessed on the MAREI Blog Page Article provided by Scot Aubrey Scot Aubrey is Vice President of Rent Perfect, a private investigator, and fellow landlord who manages short term rentals.
Create Rental Criteria Advertise Your Criteria Know Your Neighbors
If you’ve ever been in a public place that allows smoking, you are already familiar with how far and powerfully the smell associated with smoking can travel Does your criteria include a no vaping in or on the property component? How about smoking of marijuana? Although you would expect that a “no smoking” policy would cover all types of smoking, you are better off being very thorough and including specifics such as cigarettes, cigars, pipes, vaping and smoking or manufacturing of legal or illegal drugs. Don’t stop there though as other odor causing things like spices, incense, sprays and even candles can cause long term damage to a property The more specific you are in your criteria, the better protected your property will be Now that you have taken the time to develop a criteria, put it to work In your property advertisements, point out that the property has specific rules regarding scents and obnoxious odors. Then again at the time of showing reemphasize to your potential tenant that you have specific rules for your property and go over them in detail. Lastly, always have a clause in your lease that addresses your rules. Failure to do so can result in the property being damaged by your tenant, creating excessive expenses for you when you have to turn the property At a minimum you have to repaint, tear out the carpet and pad, clean out ductwork and perform a deep cleaning on all
As mentioned before, obnoxious odors travel well, including into your rental property’s neighbors’ homes and yards We always recommend knowing the neighbors of your investment properties as they can serve as an extra set of eyes, ears, and in this case a nose, since they are in daily contact with your property No one wants the peaceful enjoyment of their property to be destroyed by the offensive odors of a neighbor Share your contact information with the adjoining neighbors and enlist them in your efforts to maintain the value of your property. At the least they will appreciate having someone to turn to if they see/hear/smell anything and at most they serve as a first line of defense if something that may impact the value of your property is taking place
hard surfaces Eliminate the “I didn’t know” excuse by being specific and thorough in explaining and adhering to your property specific rules.
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