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what's coming up 12
May 12th MAREI Meeting Invest in Real Estate, Retire Early, Do What Matters with Coach Carson Virtual
16
May 16th Workshop Private Lending a Half Day Workshop with Alan Cowgill Virtual
09
June 9th, MAREI Meeting and June 12th Workshop Door Knocking, Deal Making and Funding with Bill Cook
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
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John Wires: JohnWires@gmail.com Julie Anderson-Clark: Julie@MOKSLaw.com Rick Davis: RDavis@LevyCraig.com
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L E A D E R S H I P
Opportunity, Don't Miss It We may not like the way we are getting to this new market, but the reality is that all that is happening in the economy today is creating a chance for people in our industry to step up and help owners who need to sell property. You may be thinking to yourself, I'm just getting started. How in the world do I start a new business in this economy or maybe you have your investing business started, but your are not sure how to move forward. We have seen many a successful investor who go their start or who took their business to the next level during the last downturn, so there is huge opportunity here. We have reached out to Coach Chad Carson to join us at the May 12th meeting to share his best tips on getting your real estate investing business started, or possibly getting it to move forward if it's been stuck. He is also going to be offering a free introductory training course for our attendees, so be sure to join us. We've been hearing for about 2 years now to start building up your cash reserves. This will be helpful to help you with the sellers that are able to take the offer based on the Maximum Allowable Offer Formula of 70% of ARV less repairs. Of course we also need to be conservative on that After Repair Value (ARV) and if we don't have the cash and turn to hard money, we may now need to be at 65%. So if you have not had the opportunity to build up a huge cash reserves we wanted to share with you several other tools you will need in your tool box: Private Money and Creative Skills. Let me tell you that way back in my early career I was lucky to have several private money lenders come to me and ask to lend me money. This came from being very public about my investing and sharing scenarios. unning MAREI helped quite a bit too.
We have not borrowed money from a Bank or a Hard Money Lender (other than for the mortgage on our personal home) since before 2004. When those folks came to me and wanted to be a private lender, I didn't know how to borrow their money. What paperwork did I need? How did I protect their interest? How did I get the money? I'm sure Don & I did it all wrong as we had really never heard of private money. Then we attended a Saturday Workshop with Alan Cowgill, like we have coming up on May 16th and that all changed. I corrected my paperwork, put some safeguards in place and more importantly, I learned how to approach others people and develop a few new lenders that use to this day. Now having a bunch of private funds to go buy deals is great, but keep in mind with a small cash reserve and just a small fund of private money you can still do a ton of deals if you can get Creative. What if you find a seller who owes 80% of what their house is worth. They have an amazing 3 or 4% interest and you could rent it out for $1,600 a month while taking over the seller's original $900 a month payment. Do you think that could be profitable? There are a lot of creative scenarios that we will be sharing over the next month from Bill & Kim Cook and we are super excited that they will be joining us for the June MAREI Meeting and for a 1 day workshop. As for our events in May and June, we are fairly certain that they will be virtual, giving you opportunity to learn from anywhere you might be in the world. I hope you can seize this amazing opportunity and join us. Get all the details and register for events at www.MAREI.org Kim Tucker Co-Founder of MAREI
CHANGES IN THE ECONOMY HAVE CREATED HUGE OPPORTUNITY
I think we can all agree that the market is changing and we are have a lot of opportunity on the horizon.
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G E T T I N G
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If you start with house hacking as a young adult instead of the normal housing options (renting or buying a house), you can build much more wealth over the years.
My First House Hack B Y
C O A C H
C H A D
C A R S O N
Early in my 20s as a recent college grad, I was living cheap and flipping houses. I actually lived in the spare bedroom of my friend and business partner’s house. My bed was in the corner surrounded by storage boxes! It was inexpensive housing, but I wanted a place of my own. And because I enjoyed paying little to nothing for housing, a house hack was a perfect next choice. A friend told me about a vacant, foreclosed fourplex building in my small college town that needed A LOT of fixing up. I can just imagine the foreclosing banker showing up with a nice car and fancy shoes to see “Merry Christmas” spray painted across the
front! Ha! I doubt he even made it out of his car. Before you think all house hacks are this nasty, keep in mind that this was ultra ugly. My motto in real estate is the uglier the better (because you get it cheaper). And this was clearly the worst property in a decent neighborhood close to the campus of Clemson University. But there are many house hack opportunities without this much work. The choice is yours. And don’t worry. I didn’t move into that nastiness. We fixed it up, and pretty soon it was a warm, cozy home. After a few months and some help from
repair contractors, my house hacking home was ready. I moved into unit #2, and I rented the other 3 units out to tenants who loved the upgrades. The upgrades included four new central heat and air units, replacement windows, exterior paint, landscaping, a community garden, dishwashers, paint, new lighting/fans, back decks, and new floor coverings. Here are a few of the pictures after repairs were finished (you’ll notice that my girlfriend at the time, now my wife, loved bright colors). Turning the building around was a lot of fun. And I also enjoyed living there. In fact, I liked it so much that this was the first home that my wife and I shared
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House hacking: buying a small multi-unit property, live in one unit, and rent out the others. for several years after getting married.But while the feel-good story is important, you and I both also care about the numbers. So, let’s look at the bottom line.
strategy is known in online real estate circles as the BRRRR Strategy (Buy, Rehab, Rent, Refinance, Repeat). But I’ll talk about that more in the financing section of this guide.e.
The Final Numbers
For now, let me show you the cash flow numbers after my fourplex was remodeled, occupied, and refinanced with a $120,000, 6.5%, 30-year mortgage.
I bought the fourplex at a good price ($70,000) using a combination of a local bank loan and private financing. I then spent about $45,000 (yes, I told you it was nasty) rehabbing and upgrading the property. Once I had 3 of the 4 units rented out, I moved into the 4th unit, lived there for 6 months, and applied for a refinance. Because the value was now much higher (about $155,000), I was able to borrow $120,000 and pull out 100% of my invested money. This particular
$1,200 Monthly Rental Income - 30 2.5% Vacancy Reserve - 162 Monthly Property Taxes - 50 Monthly Property Insurance - 100 Monthly Maintenance 0 Common Utilities 5 Monthly Business License $ 853 Net Operating Income - 758 Monthly Priinciple & Interest $ 95 Monthly Positive Cash Flow
I was basically getting PAID to live in my new home! Beautiful! And because of the refinance, I had no cash out of my pocket. Not all deals are this good. I’ll admit this was a stand-up triple, to use a baseball analogy. But even if your house hack reduced your payment from $1,200 to $600 per month, would that not be a win? I think so. But you’ll have to decide for yourself what a good deal means. To learn more about this House Hack, visit my website CoachCarson.com and join me at the May 12th MAREI Meeting. I will be sharing my story of how I got started and retired in my 30's and how you can do it too.
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S P O T L I G H T
Volunteer Spotlight Holly Jackson At in person MAREI Meetings, you will find Holly Jackson behind the check in desk checking people in, processing memberships, and making name tags. Behind the scenes she helps moderate social media, sends out our weekly newsletter and answers a few emails and phone calls. Day to day you will probably find her in her latest rehab house, which currently is "Wall Paper Hell. Be sure to visit Facebook.com/EcoLivingProperty to get a tour her latest projects and meet her 2 great kids Holly and her business partner, Robin Mady own and operate Eco Living Property where they focus on creating home environments where individuals can feel confident in the ecological safety of the products used. They renovate and resell homes as well as host a few local short term rental properties. In our projects they work to reduce waste, re purpose materials, improve energy efficiency and utilize sustainable products where possible. Holly is also a licensed Realtor with eXp Realty where she uses creative ways to solve property problems. To connect with Holly visit her website at EcoLivingProperty.com or send an email to Holly@EcoLivingPropety.com and when you see her, be sure to thank her because a lot of what we do would not happen without her.
E C O L I V I N G
P R O P E R T Y
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The Cottage House The exterior and bones of this property were in pretty good shape. The white exterior paint was fading in some places was updated with a gray, black and red scheme. Everything in this kitchen screamed OLD except for the cheap laminate floor. Insert new soft close custom cabinets, stainless steel appliances, butcher block counter, tile back splash, and new hardwood floors. The original living room fireplace was surrounded by paneling. Painted to transform into a fresh , hip feature wall. The entire second floor received all new sheet rock and carpeting. The bathroom sink was outside the bathroom and there were two doorways on the left side one leading to a tiny bathroom and one leading to a closet. By combining what was the bathroom and the closet next to it we were able to enlarge the space and create a beautiful new en suite with a large tiled shower. Visit Facebook.com/ EcoLivingProperty to go back and review the photos and videos of this project from start to finish.
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P R I V T E
M O N E Y
If you want to have access to all the funds you need to do real estate deals in this time of opportunity, then you need to know and understand Private Money, what it is, how to get it and how to protect your lender.
5 Steps to Private Money F R O M
I N F O
P R O V I D E D
The great thing about private money is that once you have gone through the 5 steps, you have improved your ability to do it again. 1. Build Credibility 2. Generate Lender Leads 3. Secure the Lenders 4. Buy / Sell Property 5. Get Paid With each time you sell or refinance a property and pay off your private lender, you build more credibility and you open the door to more leads and new lenders. Not to mention that once you pay a lender their interest, the'll lend you more money and maybe tell a friend.
B Y
A L A N
C O W G I L L
Build Credibility
Generate Leads
One of the very first concerns of a potential lender is can they trust you. If they don't they are not going to hand over their money. And while your personality and building a relationship can ease minds, having good documentation to prove you know what you are doing can go a long way. So take the time to develop a credibility kit in several different forms that contains your bio, your team members, what you do, certificates and awards, testimonials, before and after photos, case studies of deals, testimonials, memberships and associations (Like MAREI), and good press that may have been written about your company.
There are several ways to generate new leads for potential lenders. By far the easiest is talking to people you meet in every day life beyond that you need to seek out people you don't know through advertising, direct mail, or events like home shows. Be sure with each lead generation you do have a plan and a strategy. Know what you can and can't do within the law, have your pitch and presentation ready, and practice what you are going to say. Secure the Lenders
Once you have someone who wants to
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M O N E Y
Alan Cowgill has raised, used, taught, studied and written about private money for over 20 years and he’s going virtual on May 16th to teach our members. learn more, schedule a time for a meeting either online or in person, possibly one on one or maybe even in a group setting.
a way to get that deal in front of them when you do have it.
property or to you for rehab only after all documents are properly signed and recorded.
Buy or Sell the House Pay Day
At this meeting you basically give them a small training class on just what private money is, how it works, and why you might be a good risk. Be sure to have your credibility kit and some sort of leave behind package that includes sample forms and documents, case studies, charts and graphs, information about Self Directed IRAs and other retirement accounts. At the meeting share your pitch, your presentation, ask for the money and for referrals, and have a scheduled follow up. If you have a deal right now, set up a time to go over that exact deal. Or if you don't have one right now, set up
This is going to take having an actual deal to have funded. Be sure you close through your local title company, have the right promissory note, deed of trust or mortgage. Make sure you have a lender's title policy to protect their interest and that you name your lender as second insured on the hazard insurance policy. And to best protect their interest make sure you have an appraisal showing the after repaired value of the home and a detailed scope of repairs. And by all means make sure all closing takes place at a title or escrow company and that all money from the lender is wired to the title company and disbursed to pay for the
Next you complete your renovation so you can then sell the property and get paid or rent it out, refinance in into a permanent loan if your lender is not lending long term. Make sure your lender gets taken care of, either through monthly principle and interest payments and their final payoff when the property is sold or refinanced. Remember the lender gets paid before you do. Once the deal is complete, add it to your credibility kit and lender packets. Go do it all again.
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D E A L S
In this creative deal, Bill over paid by $15,000 to get seller financing and great cash flow, property appreciation, and higher cash flow as rental rates increased. In 2018 he sweetened the deal by asking the seller to discount the note. Check it out.
Second Bite of the Apple F R O M
B I L L
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K I M
C O O K
While door knocking (an investor strategy of walking around a neighborhood and knocking on doors) Bill found a 4-bedroom, 2-bath brick home. It was tenant occupied. The tenant was kind enough to give him the landlord’s number. Upon meeting face-to-face with the owner, Bill learned the owner’s uncomfortable circumstance: a) He recently moved an hour from this rental home; b) He hated tenants; c) He paid $105,000 cash for the property in 2005. In 2012, the 4/2 brick home’s fair market value was $70,000. Bill agreed to pay $85,000 (that’s $15,000 more than what the property was worth).
In return for Bill giving him price, the seller gave Bill terms: $2,000 down, an owner-financed note of $83,000, 4.43% interest with 360 payments of $417. In 2012, the rental house had a net cash flow of $143/month. In 2018, the property’s net cash flow has increased to $273/month (new tenants at a higher rate), and the home’s fair market value has risen to a whopping $120,000! This deal just went from good to great. The seller recently agreed to a second-bite-of-the-apple deal. Bill told the seller he’d gladly keep paying $417 per month, but because of another deal Bill and Kim just did, they had $45,000 cash on hand. They’d gladly give the seller the $45,000 cash
in exchange for the note. The seller has agreed to take the $45,000 cash payment instead of receiving $417 each month. The current mortgage balance on this owner-financed note is over $74,000. This equates to a $29,000 savings, making this property’s net purchase price only $56,000! Bill simply asked the seller if he'd prefer a cash payoff rather than continue receiving payments. At the What Box? Seminar, you will learn what has happened in this seller's life to cause him to need the cash payoff, rather than continue receiving monthly cashflow.
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C O O K
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Sick and Tired of Defective Real Estate Investing Seminars? David, who desperately wants to be a successful real estate investor, attended nine real estate investing seminars last year. He spent over $7,000 on these seminars. The results: David has yet to buy his first investment property. Out of utter frustration due to his lack of positive results, and because David’s wife is less than pleased that he spent $7,000 and has nothing to show for it, he asked to meet with me. David wanted to find out what he was doing wrong. When we met, I asked David what he thought the problem was. He said, “Bill, I think I’ve taken a bunch of defective real estate investing seminars.” “Defective seminars?” I asked. He nodded excitedly. “Yea, they had to be defective. How else can you explain why I have failed to buy even one investment property?” David named the teachers who had taught the seminars he had attended. Some were very good teachers, while others were nothing more than seminar sellers. Bottom line: David would have
gained more than enough information to be able to go out and make written offers, and we all know that offers are the key to success. It was time to ask David the two questions I ask all struggling investors: First, how many written offers have you made in the past 30 days? Next, how many in the past 12 months? David’s answers: 0 and 15. He explained, “I’ve been really busy with other things.” I asked David, “Did you know that in January I joined a “defective” gym? That’s right, it’s a “defective” gym. You see, David, I’m and old guy and weigh a whopping 225 pounds! This makes me an old fat boy. I know that if I don’t get back down to 180 pounds, the chances are great that within the next few years I’ll have a heart attack. I joined the gym in order to lose weight. Problem is, since joining, I haven’t lost a single pound.” How many times a week do you go to the gym?” David asked. “Oh,” I said, “I haven’t been to the gym, yet. I’ve been really busy with other things.”
David sat there smiling and said, “You know, Bill, you didn’t join a defective gym. The problem is, you aren’t working out.” Smiling at David I said, “You know, David, you didn’t attend defective seminars. The problem is, you aren’t going out and getting faceto-face with sellers, asking a lot of questions, and making written offers.” Folks, if you want to avoid heart disease, you must eat right and exercise on a regular basis. If you want to be a successful real estate investor, you must make A LOT of WRITTEN offers on a REGULAR basis. It is as simple as that! Do you seek real-world real estate investing information? Go to BillandKimCook.com. It’s packed with free creative deal structuring techniques and strategies. Bill and Kim Cook have been investing in real estate since 1995. Their portfolio consists of single-family rentals, a small mobile home park, plus notes and options. If you have questions give Bill a call at 770-8158727.
Bill & Kim Cook COMING TO MAREI IN JUNE Bill Cook is known for door knocking to get deals and his out of the box, scratch that "What Box" thinking. He will be teaching out our meeting on June 9th and all day on June 13th. We may get lucky and have Kim his partner in life & investing, join us to share her 2 cents.
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Damon Remy is a St Louis Real Estate Investor and founder of REI BlackBook. Over the past month Damon has recorded several interviews with national experts you can access them at www.MAREI.org/BBexperts . To lget a demo & set up discount, go to www.MAREI.orgREIBB
It's NOT Like Last Time A D A P T E D
F R O M
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B L O G
With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. The feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview: “With people having PTSD from the last time, they’re still afraid of buying at the wrong time.”
There are many reasons, however, indicating this real estate market is nothing like 2008. And Damon Remy from REI Blackbook has a great blog post that shows why.
P O S T
B Y
D A M O N
#1: Mortgage Standards are Much Tougher Now than They Were Then
During the housing bubble, it was difficult NOT to get a mortgage. Today, it is tough to qualify. The Mortgage
R E M Y Bankers’ Association releases a Mortgage Credit Availability Index which is “a summary measure which indicates the availability of mortgage credit at a point in time.” The higher the index, the easier it is to get a
D A M O N
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Experts Predict Rapid Recovery mortgage. As shown below, during the housing bubble, the index skyrocketed. Currently, the index shows how getting a mortgage is even more difficult than it was before the bubble. # 2. Housing Prices are Not Appreciating Out of Control
Take a look at house appreciation over the last 6 years that is averaging between 4.4% to 6.4% and compare that to the appreciation in the 6 years leading up to the crash that starts at 6.5% and jumps to at one point 12.5%. You can see that although price appreciation has been strong recently, it is nowhere near the rise in prices that preceded the crash.There’s a stark difference between these two periods of time. Normal appreciation is 3.6%, so while current appreciation is higher than the historic norm, it’s certainly not accelerating beyond control as it did in the early 2000s. # 3. Severe Shortage of Inventory
The months’ supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued appreciation. Take a look at national numbers and you will see that there was an 8.2 months supply of homes for sale in 2007. Too many that caused the prices to tumble. Today, there is a shortage at an average or 3.1 months supply, which is causing prices to increase. And in Kansas City we were at a 1.8 months supply just a year ago in March 2019. Fast forward to this past March and the months supply is at 1.4.
#4. Houses Became Too Expensive for the Average Family to Buy
Today, prices are still high. Wages, however, have increased and the mortgage rate is about 3.5%. Than means that the home buyer of today needs 15.5% of the national median income to buy a median priced house. Today's family pays less of their monthly income toward their mortgage payment than they did back in 2006.
it built up, and they learned their lesson in the process. Prices have risen nicely over the last few years, leading to over fifty percent of homes in the country having greater than 50% equity. But owners have not been tapping into it like the last time. Here is a table comparing the equity withdrawal over the last three years compared to 2005, 2006, and 2007. Homeowners have cashed out over $500 billion dollars less than before:During the crash, home values began to fall, and sellers found themselves in a negative equity situation (where the amount of the mortgage they owned was greater than the value of their home). Some decided to walk away from their homes, and that led to a rash of distressed property listings (foreclosures and short sales), which sold at huge discounts, thus lowering the value of other homes in the area. That can’t happen today.
#5. People are Sitting on Equity
Bottom Line
In the run-up to the housing bubble, homeowners were using their homes as a personal ATM machine. Many immediately withdrew their equity once
If you’re concerned we’re making the same mistakes that led to the housing crash, keep in mind it's just not the same market.
The affordability formula has three components: the price of the home, the wages earned by the purchaser, and the mortgage rate available at the time. Fourteen years ago, prices were high, wages were low, and mortgage rates were over 6%. So in 2006 the home buyer needed 25.4 % of the national median income to buy a median priced home.
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T E A M
Build Your Team with MAREI's Business Directory M A R E I . O R G / B U S I N E S S - D I R E C T O R Y
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Earthwise of KC
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B U S I N E S S
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Merchants Mortgage
REIBlackbook
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www.MAREI.org/3Leads Pest Control InvestorCarrot
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Websites
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Stop Bed Bugs
www.MAREI.org/InvestorCarrot
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Realtor
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Properties
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Get Your Phone Answered www.MAREI.org/PatLive
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Investment Properties
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PropStream
Scott & Kim & Don Tucker
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Screening Rent Perfect
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Rehab Analysis & Management David Robertson (816) 559-1782
LEGAL RESOURCES Julie Anderson and Jamie Walker have free legal updates and resources for landlords,
investors and members. Go to MOKSLaw.com/Forms You will also find a wealth of forms to help you manage your rental property.
MOKSLAW.COM
Title Company Accurate Title Company
Dave Green AccurateTitleCo.com 913-338-0100 Learn more about becoming a Business Member at MAREI.org/
MAREI Business Members & Guests have a wealth of knowledge to share on the weekly PartnerCast hosted by John Wires and James Gregg.
MAREI.org/MAREI-PartnerCast
Looking for Real Estate Industry Specific Information for COVID-19, please visit MAREI.org and then click on the Updates & Resources Banner.
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