THE INVESTOR REIAGC ANNUAL PICNIC ON JULY 7 Food, Games and Fun!
Upcoming at the July 21 Meeting Entities and asset protection for beginners. Don’t know the difference between an LLC, an LP, and a C-corp? That’s OK—most new investors don’t. But having the right business structure saves you taxes AND is an important part of your liability-reduction strategy. At the 6:00 beginner’s meeting on Thursday, July 21, attorney James Flax will untangle the differences between the most commonly-used entities for owning real estate and discuss the best entities for your real estate business.
The REIAGC invites you to attend our Patron Sponsors annual Celebration of Independence! • Apex Exterior Solutions (Zack Parsons) • Criterium - Cincinnati Engineers (Matthew This evening will be filled with fun and Klein) friendship as REIAGC members will have the opportunity to network with Supporting Sponsors each other while celebrating with a • Dayton Capital Partners (Darrin Carey) delicious picnic! Come and join in on • OdorXit (Deb McMillan Meyer) the festivities but be sure to register • Terry Monnie Title Co. (Terry Monnie) so we know how much food to prepare. The event begins at 6PM at the Lets’ Have a Picnic! Crowne Plaza Blue Ash. Creamy cole slaw, macaroni salad, new potato salad, tossed mixed romaine blend with REIAGC would like to thank the spon- assorted toppings and dressings; pulled pork, sors of the 2016 picnic. Their special grilled burgers and hot dogs with cheese, contributions offset the cost of the food tomatoes, onions, lettuce, pickles, sliced at this event so be sure to thank them! breads and rolls; corn on the cob, southwest To date, our sponsors include: baked beans; and apple cobbler for dessert.
More Than the Basics of Creative Financing Unless you are independently wealthy, most real estate entrepreneurs must struggle to find the best and most sensible option for financing their real estate purchases. There are different paths you can take for securing financing but how do they work, and which are best for which deals? Join REIAGC for our July 21st general membership meeting and learn more than the basics of creative finance from this panel of experts! REIAGC bring you knowledge from the virtual “who’s who” of creative finance experts.
2016 VENDOR NIGHT HUGE SUCCESS!
Thank you to all the exhibitors, sponsors and volunteers who worked tirelessly to make the 2016 Real Estate Investors Association of Greater Cincinnati (REIAGC) a huge success! Attendees and vendors alike got into the County Fair theme and seemed to enjoy the food, beverages and amazing door prizes. For more details and to see some of the best photos of the evening, be sure to see inside this newsletter! 10945 Reed Hartman Hwy | Ste. 113 Cincinnati, OH 45242 P: 513 407-3137 www.cincinnatireia.com
July 2013 61 A
2016 BOARD OF DIRECTORS & COMMITTEE CHAIRS
JULY 2016 Sunday
Monday
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Wednesday Thursday
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Secretary Jim Shapiro 513 515-6717 Treasurer Scott Ellsworth 513 272-8400 Board Members Eric Kottner Narendra Mundhe Cheryl Long Linda Hull Tom Terlau Vendor Coordinator Karen Wessel 513 371-6953 Association Manager Nancy Terry 513 407-3137 Cincinnati REIA 10945 Reed Hartman Hwy | Ste. 113 Cincinnati, OH 45242 P: 513 407-3137 | F: 844 734-2472 www.cincinnatireia.com
Disclaimer
The REAL ESTATE INVESTORTM is published 12 times a year by the REAL ESTATE INVESTORS ASSOCIATION OF GREATER CINCINNATI. The subscription cost is $120 per year. First class postage paid. © Copyright 2016 by the REAL ESTATE INVESTORS ASSOCIATION OF GREATER CINCINNATI. All rights reserved. Reproduction or dissemination in whole or in part, in any form whatsoever, is expressly prohibited. Printed in the USA. The information contained herein and information shared at meetings and events is believed accurate, but it is not guaranteed or warranted in any manner. The information is provided with the understanding that neither the author(s), program speaker(s), nor the publisher (or its directors, officers, employees or agents) are engaged in rendering legal, accounting or other professional advice. REIAGC does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. We recommend you perform your own due diligence and seek appropriate legal, accounting, or other professional advice before making any investment.
2015 2 | The Investor ||August July 2016
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WHOLESALING SUBGROUP
6:30 pm | Perkins 7108 Hamilton Avenue North College Hill Michelle Clayton - 513 400-4937
GENERAL MEETING
6 pm -Picnic Crowne Plaza Blue Ash
FRIDAY MORNING MEETUP 9 am to 11 am Crown Plaza Blue Ash 5901 Pfeiffer Road, Blue Ash Linda Hull - 513 549-7821 Cheryl Long - 513 429-2583
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INVESTORS LUNCH
11:30 am - 1 pm Century Inn Restaurant 10675 Springfield Pike Dave Jasper - 513 942-5110 or Max Arroyo 513-772-5736
WEST SIDE SUBGROUP
6:30 pm Thai Taste 5120 Crookshank Road, 45238 Drew White - 513 207-9846
LANDLORD SUBGROUP
6:30 pm Crosley’s Sports Cafe 4901 Vine Street, Cincinnati Mary Brickler, 513 557-8632
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GENERAL MEETING
6 pm - Entities and Asset Protection for Beginners 7:30 pm - The ABCs of Subject To and Deal Evaluation Crowne Plaza Blue Ash
CREATIVE BUYING AND SELLING FOCUS GROUP 6:30 pm Perkins, 7108 Hamilton Avenue North College Hill
NORTHERN KENTUCKY FOCUS GROUP 6:30 pm at PeeWee’s Place 2325 Anderson Road Crescent Springs, KY Brandon Brewer - 859-240-7339 Tom Terlau - 859-653-6412
FORECLOSURE NOTE BUYING SHORT SALE SUBGROUP 6:30 pm, Wendy’s Restaurant 5909 Mulhauser Road Deb Meyer - 513 266-4008 or John Dohtery - 859-653-3290
BUYING WITHOUT BANKS WITH VENA JONES-COX 9 am - 5 pm Clarion Cincinnati North 3855 Hauck Road, Sharonville www.cincinnatireia.com
MISSION STATEMENT
OF THE REAL ESTATE INVESTORS ASSOCIATION OF GREATER CINCINNATI (REIAGC) • Encourage our members’ success through education and professional services • Represent REIAGC members as positive, ethical contributors to the economic and the social well-being of our community
PRESIDENT’S CORNER
By Anita Johnson, REIA of Greater Cincinnati President In July, we celebrate our independence as a country. Independence Day, or the July 4th holiday, is when we here in the United States observe the adoption of the Declaration of Independence, which declared the United States independent from Great Britain. From 1776 until now, July 4th has been celebrated as the birth of American independence, with a number of festivities taking place all over the country. It’s a time to reflect on one of the most commonly known sentences from the Declaration of Independence: “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the pursuit of Happiness.” We all may have our own thoughts as to what those who created the document had in mind when they created it, but, for most of us, we probably think about our basic rights and freedoms as well as the responsibilities that come along with those rights. Did you know that as a member of REIAGC you are also a member of OREIA, and that part of your membership dues goes toward legislative work to monitor and defend your rights as a real estate entrepreneur and property owner? An example is this…..
One of OREIA’s major goals for 2016 is ending unconstitutional inspections for all Ohioans. Yes, that’s right – in some cities here in Ohio there are “point of sale” and “presale” programs that require you, as a property owner, to pass certain government inspections…which are warrantless and oftentimes arbitrary in nature….before you can sell your home. A lawsuit has been filed in federal court on the grounds that such inspections violate the Fourth Amendment to the United States Constitution, and the outcome will have impacts not only in Ohio, but across the country where other such programs exist. This is just one of many examples of where OREIA works on your behalf, and in this particular case OREIA has partnered with the 1851 Center for Constitutional Law to protect your rights as a property owner. You can read more at www.OREIA.com. So, if you didn’t know before, you now know that being a part of and supporting your local REIA provides you with great educational and networking opportunities, AND directly supports your rights as a real estate entrepreneur and investor. However you choose to celebrate the 4th of July – barbecues/picnics, parades, family gatherings, fireworks – take time to cherish the fact that we are blessed to live in a country where we can pursue whatever goals and dreams we may desire, including owning real estate. Happy 4th of July!!
Anita Johnson
INVESTORS LUNCH GROUP Interested in private money lending? On June 12, we will have a speaker from PMLG, Private Money Lending Guide, discuss private lending, hard money lending, peer to peer lending, and private equity. They will talk about finding a lender and becoming a lender. Bring your questions! From Wikipedia: Private money lenders exist throughout most of the United States, seeking a chance to earn above average rates of return on their money. With that comes the risk that a private money loan may not be re-paid on time or at all without legal action. However, in the case of a real estate transaction, the lender can ask for a deed on the property in their name & insurance on the property the same as a bank lending money would require as collateral to help insure they be repaid in the event of a default on the loan or catastrophe to the property. In that case the lender gets the property and can sell it to recoup their investment. Private money is offered to clients in many cases in which the banks have found the risk to be too high or credit too poor. If you have any questions, feel free to call Co-Chair Max Arroyo (513) 772-5736. Location: Century Inn Restaurant, 10675 Springfield Pike, Cincinnati Time: 11:30AM – 1:00PM The Investor
FORECLOSURE NOTE BUYING SHORT SALE SUB GROUP DEB MEYER AND NOTES
Are you struggling with notes? How to buy, where to buy? What to do with them if you need to foreclose? Are you wishing you could get out of tenants and toilets? Join us at the next meeting to hear the anatomy of a note and what to do when the borrowers don’t pay. Don’t miss speaker Deb Meyer on July 28, at 6:30 pm at the newly renovated Wendy’s Restaurant on Mulhauser Road off of the I-75 Union Center Exit. Dinner starts at 6:30 pm and the guest speaker will start at 7:15 pm. You won’t want to miss this meeting! For more information, Call Deb McMillan Meyer 513-266-4008 or John Dohtery 859-653-3290. 3
COUNTY FAIR VENDOR NIGHT GREAT SUCCESS BY KAREN WESSEL, VENDOR COORDINATOR WOW, what an exciting event REIA of Greater Cincinnati hosted in May. The County Fair was a great success! Members, guests and vendors were delighted. There were more than 300 in attendance. Prizes and information was in abundance thanks to the 67 vendors. Business was generated and friendships made.
out the evening totaled greater than $3500. We rafed off lots of gift cards from restaurants, ice cream parlors, coffee shops, chili establishments, Amazon, iTunes and even good old money. There was also a drill/saw combination, a cooler, a blender, real estate books ‌. The list goes on. Congratulations to the three Mega Prize Winners. Each prize was worth more than $800.
The vendors got into the swing of things by decorating their tables appropriate to a County Fair.
A picture is worth a 1000 words, right? So gaze away at all the photos on pages 6 and 7 of this newsletter and imagine all the conversations you cannot hear.
Marty Russell stood out as the best rendition of a county fair visitor. There was lots of candy distributed. Plus I saw a roulette wheel and a race track for bugs. The creativity of our exhibitors was amazing and the atmosphere they created was overwhelming!
What fun. What laughter. What great information. What fantastic new friends were made. Did you miss it? Maybe next year, eh?
The prizes given out through-
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July 2016
THANK YOU TO THE HELPING HANDS AT VENDOR NIGHT BY KAREN WESSEL, VENDOR COORDINATOR A Huge THANK YOU to all the helping hands! I would like to thank all the people who made the Vendor Showcase happen.
dors were without the giant job of creating and publishing the booklet? Thank you Paul Wesolowski and Lisa deGuzman. Clean up was speedy thanks to Mark Hutton and Nancy Harris. They even helped me get all the easels, posters and paperwork back to the office after everyone else had gone home.
First, Anita Johnson and Jim Shapiro for doing such a great job of awarding prizes. (Jim, your humor always comes through.) Behind the scenes and before the event started, Cheryl Long and Pat Seuberling decorated the area. They even hauled in hay. (The poor horses who had to do without dinner.) Helping the lost Vendors find their tables was thanks to the efforts of Keith Collins, Tom Miller and Carolyn Braughton.
Did you notice the balloon display by the stage (Incredible Balloons)?
The greeter’s desk ran smoothly, as usual, with Nancy Harris in charge. A big thank you to Wanda Wilson, Jill Issacson, Mark Rieger and Sharon Bishop for making people feel welcome and especially getting them to fill out the cards correctly for the drawings. This is the third year Sharing Hope Ministries (Marcia Plants and Jan Kidd) plus Jaci Powell collected the Mega Prizes from the Vendors and then set them up for display (the prizes not the Vendors). Paula Bussard (also from Sharing Hope Ministries) and Carolyn Broughton did a great job of capturing the crowd in pictures. How would we have ever known who all those ven-
What about the chocolate houses (Fawn Candy Company)? And of course the staff of the Sharonville Convention Center made my job easy. An event such as this is accomplished by so many working hands. Whomever I forgot, forgive me. Because of your combined efforts, attendees were well taken care of and a fun time was had by all. Thank You. Thank You. Thank You.
CREATIVE BUYING AND SELLING FOCUS GROUP
Max J. Arroyo, Jr. Vice President Investment Property Asset Manager Berkshire Hathaway Profesional Realty Commercial Services
7311 Tyler’s Corner Place West Chester, OH 45069 Direct: 513-772-5736 Leasing and Service: 1-888-288-5912 E-Mail: Marroyo@bhhspro.com www.firstcirclepm.com A member of the franchise system of BHH Afiliates, LLC
The ABCs of “Subject To” and deal evaluation with Vena Jones-Cox With all of those 3%-5% fixed rate loans floating around waiting to be “taken over,” this is the time to get a deeper understanding of how subject to deals work, including how to talk to sellers about them and what the possible dangers are. Plus, you have the chance to bring any deal you’re working on and discuss how to make it work, or make it work better. Great time, great people, and open to all REIA members!
The Investor
5
A Handshake and a Promise
Her Name Is Karen
Are They Real or Maniquins?
The Beat Goes On
And the Information xchange Keeps Going
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Bob Kistler
Conversation Is Still The Best
July 2016
Criterium
Every Prize Gets Better
If They Wont Eat It I Will
Kids & Dogs What Could Be Better Marty Russell 3rd place
McSwain Pro
Thats a Lot of Candy
Now Thats Companionship
Smiles All Around
OdorXit
Property Partner
Service Link
Candy Everywhere
What A Great Crowd
Yes We Have a Winner
Mega Winners
And There Is Serious Conversation
The Investor
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REIAGC IS LOOKING FOR A FEW GOOD MEMBERS SECOND CALL! So you have been coming g to the meetings and see all of the action and activity that happens with ith REIAGC, right? If not, you should hould be! One of the greatest benenefits of membership is the e education offered and the chance to network with other investors. What you may not know is that this organization is run by volunteer leaders such as yourself. Have you ever wondered when and how you can be a part of growing your education, this industry and your association? Well, the good news is now is the time! REIAGC is look-ing for volunteer leaders to participate on the Board off Directors and on volunteer teams. eams.
t We are truly trying to reach out to the t bring you what you want members to and need nee to grow your business so help he us to help you. The Th second area of need is as a a team participant. REIAGC can’t grow without the ideas and effort of many folks. What this means is that we have several teams that are looking for participants.
We are changing things up a bit and are excited to tell you about it. REIAGC is looking for a couple committed leaders to serve on the Board of Directors so nominations are currently being accepted. Candidates should bring a solid business perspective along with good critical reasoning skills. We are looking for fresh faces to participate. To participate in this process is easy. Each nominee will be asked to complete a simple three question survey on their skills which will then be submitted to the REIAGC Nomination and Election Committee. The committee is tasked with the responsibility of developing the slate of candidates for REIAGC Election 2016. Members will get the opportunity to vote on the slate.
The team may be for a specific purpose such as developing a slate of nominees for election, for work on a specifi c c short term project, or maybe for something longer m term such as marketing and membership recruitment. The memb point is, we w want you to be an active part in the leadership of your REIAGC. le Team focus areas include communication, finance, membership development, marketing, volunteer management and more. Whatever your area of interest is, we will match you with a team that needs your talent. If you have an interest in serving on a team or on the Board, contact Nancy Terry at the REIAGC office at (513) 407-3137 or info@cincinnatireia.com. We are accepting nominations now so call today!
Carpets & Floors
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FUN IN FAIRMOUNT - REIAGC’S CREW AT PWC’S REPAIR AFFAIR! BY JIM SHAPIRO
A cool rain was failing as I headed to Fairmount to meet Anna Lawson and the REIA Crew for the People Working Cooperatively annual “Repair Affair” – and by the time I arrived, the rain stopped and it was a perfect day for tearing out fences. Our assignment was to remove the fence damaged when a tree fell last winter. The city removed the tree, we removed the fence, and PWC is installing a new fence this summer. Our crew knocked it off in no time and then cleared brush and trimmed honeysuckle to make room for the new fence. While we were working, the owner joined us on the front porch - a delightful 93 years young. She has been living on Denham Street for 46 years. She had a small garden in the front yard and said she likes it to look nice. Empty flower pots around the back suggested a time when she probably had a beautiful yard with flowers blossoming. As she chatted with us, a neighborhood cat joined her and kept a close eye
on us the whole time we were there. She shared that her husband passed away 15 years ago so the neighborhood cats are welcome guests as evidenced by water and food bowls she had out. She lives on a street that probably has half as many homes standing as when she first lived there, and half of those are empty. On the bright side, there’s a new park across the street as part of a rainwater management system. Thanks to Anna Lawson who organized our crew, and her son Ryan who has shown up at all the PWC events REIA has done in the last few years. Thanks also to Narendra Mundhe, Janet Davies, and Mark Hutton for coming out – many hands make the job easy. If you missed the chance for this event, please mark down your calendar to sign up for the Prepare Affair scheduled for November 12, 2016.
HOW TO TAKE YOUR INVESTING GAME TO THE NEXT LEVEL BY PAUL ROSSANO, MPACWEALTH With a degree in finance and over 15 years of experience investing in real estate, I thought I knew how to structure my cash flowing investment deals correctly, but I didn’t, and chances are, neither do you. Most investors know how to calculate returns, but very few understand how to quantify and minimize the risk in their deals, which can (and usually does) destroy their chances of creating long term success. I was one of the many investors (99% in fact) who thought I knew how to structure my deals correctly when I actually did not. Then I discovered The Wealthy Code and it changed everything for me, just like it has for hundreds of other investors all over the country. So what makes The Wealthy Code Workshop different from any other training out there? A LOT! Here are some of the things you’ll learn (and practice) when you attend: • How to QUANTIFY and MEASURE risk (the downside of a deal), meaning how to actually put numbers to risk, just like you do for return. • How to determine the right LTV (loan to value). Most investors either 1) use as much debt as possible, or 2) use no debt at all. There is a formula to figuring out the RIGHT AMOUNT of debt to use for every deal you do. • How to create the OPTIMAL amount of RETURN. If your strategy is maximizing returns without minimizing
• • • •
risk, you will eventually lose money AND assets. How to structure the DOWN PAYMENT for the least amount of risk possible. How to factor INCOME VOLATILITY into your investment decisions. How to choose the right INVESTMENT VEHICLES and achieve your goals in less time. How to PRESENT YOUR DEALS to lenders and potential equity partners while speaking their language and sounding as sophisticated as possible.
I’ve traveled to dozens of cities and shared these powerful principles and strategies with hundreds of investors, and whether they’re just getting started, have been investing for over 40 years or are somewhere in between, the feedback is the same. They’re all blown away by what they learn at The Wealthy Code Workshop, and they have a lot of fun doing it! As the saying goes, “the proof is in the pudding.” If you want to take your investing to the next level, The Wealthy Code Workshop will give you the tools you need to make it happen. Join REIAGC for The Wealthy Code on September 17 & 18, 2016, by registering today. Registration fees will never be cheaper than today. Register online at www.CincinnatiREIA.com by clicking on the calendar of events!
The Investor
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HOW TO DETERMINE THE NET OPERATING INCOME (NOI) OF AN APARTMENT COMPLEX BY ANTHONY CHARA, APARTMENT MENTORS, LLC There are 3 figures that go hand-in-hand when trying to determine a commercial/apartment property’s value. They are; Net Operating Income (NOI), Cap Rate (CR) and Asking Price or Purchase Price (PP). If you know 2 of the figures you can always figure out the third.
has all 2 bedroom, 1 bathroom units with market rents of $600 per month each. Therefore, the GPI of this complex as an annual figure will be: 30 units x $600/month = $18,000/ month x 12 months = $216,000 per year of Gross Potential Income.
In this article, I will be talking about the NOI of a property. More specifically, how NOI is calculated as it relates to an apartment building. We are going to start with a simplified version of how to arrive at the NOI of a property and then expand each category. Basically, the formula is: IncomeExpenses (other than debt service) = Net Operating Income.
The second step in the equation is to determine the vacancy of the property, both physical and economic. If you have a 30 unit complex and 3 units are vacant, the vacancy is 10% (3/30 = .1 or 10%). I will not be calculating economic vacancy in this calculation due to some of its complexities.
INCOME: First thing, I determine the income generated by the property. I start with the Gross Potential Rental Income (GPI) or Scheduled Gross Rental Income (SGI). Both terms are used interchangeably within the industry. The GPI assumes that all apartments (100%) are rented at full market value even if some are actually vacant or discounted. For our example, I will use a 30 unit apartment building that
However, economic vacancy can include a few factors such as a tenant leaving in the middle of the month (or night), a non-paying tenant or ‘incentives/concessions’ given to a tenant to induce them to move in such as ‘Free Rent’ or reduced rent for a certain period of time. For this example, I’ll use the 10% vacancy factor. Therefore, if we assume that 3 units will be vacant every month for the entire year, we would reduce our Income by $21,600. ($216,000 GPI x 10%) Keep in mind that even if you do have
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3 units vacant the entire year to achieve this 10% annual rate, it may not actually be the same exact 3 units that are vacant. The vacant units will typically rotate throughout the year as tenants come and go. The next factor we want to look at is “Other Income.” The most common form of Other Income is from on-site laundry facilities. Other types of Other Income can include vending machines or even cell phone towers. We add this income into our calculations to arrive at a value called ‘Effective Gross Income’ (EGI). Let’s assume that our annual Other Income in this example is $3,120. This is how our Annual Property Operating Data (APOD) or Financials will appear if we only looked at the Income section.
not taken into account when determining the Value of a complex. Some buyers may pay all cash, some may ‘exchange’ into this complex from another one and only need to finance 50% or so of the purchase price and others may need to finance more. Debt Service is not considered an Expense as it relates to NOI. It is, however, used by a finance company to determine another very important factor called Debt Service Coverage Ratio (DSCR) which I will cover under the Debt Service article. Expenses can be summarized within 6 major categories which are; Taxes, Insurance, Management, Maintenance, Utilities and Repairs. (TIMMUR). Within each of these major categories there are subcategories, but I will only be referring to the major categories in this article. Depending on the age, quality of the complex and when the last rehab was completed, the expenses will generally range from about 40%-50% of the EGI. For a complex which is considered ‘All Bills Paid’ (see utilities paragraph below) the expenses will generally range from 50%-60% of the EGI.
INCOME GPI $216,000 Vacancy 10% ($21,600) Other Income $3,120 Effective Gross Income $197,520 (GPI – Vacancy + OI = EGI) EXPENSES: Now, it’s time to focus on the Expenses associated with a complex. I will talk about the Debt Service (Mortgage Payments) in another article in greater detail. Debt Service is
Taxes are the property taxes associated with the complex. The amount as a percentage of Effective Gross Income (EGI) can vary widely depending on the state in which the property is located and the value of the property. The seller can provide you with the amount of property tax they’ve paid during a calendar year. You may also be able to determine the
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The Investor
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amount through on-line resources such as accessing your county Tax Assessors web site. You can even have your Title Company supply this information to you once your contract is accepted and you start due-diligence prior to closing. One thing you need to be careful about is if and when a reassessment from the sale will occur and how it will affect the property tax for this property. I would highly recommend that when you get to your due-diligence phase prior to closing, you get an estimate of what the taxes will be based on the new purchase price of the complex and use that figure in your calculations. It’s not uncommon to have a complex that was purchased quite a few years earlier being taxed at a greatly reduced rate. When you purchase the complex, many states will reassess the property and start charging you based on the new value and you could find yourself in sticker shock. Always get an up-to-date estimate prior to closing from the tax assessor’s office, if possible. Insurance is pretty obvious too. This amount will vary depending on the insurer, the state the property is located in, your experience with this type of property, how many other units your insurer is already covering for you and the type of coverage you need. Make sure you get a good policy from a reputable company. Many times your best source is to stick with the company that is currently insuring the complex.
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They know the building and its history. They know whether or not any claims have been filed against the property. Always get 3 estimates anyway, including one from the current provider. Providers other than the current insurer still have access to a database that will inform them of any current or prior claims against the property or policy. The nice part about a good policy is that if something does happen to the complex, it will pay you the lost rental income while the repairs are being performed, along with helping the displaced tenants find alternative accommodations. Ask the agent for detailed information about the policy’s coverage. Management is the person or company that will manage your tenants. I know they are called Property Managers, but the reality is that 80% of what they do is managing the tenants. I highly recommend you use a third party company to manage your tenants and not do it yourself. Why would you want to anyway? If you purchase the property the right way, you would have already calculated in the cost of management and the complex should support itself. If it doesn’t, I suggest you find another property. If the only way the property will cash flow the way you need it too is for you to manage the property yourself, go find another property. There are plenty of them out there. Don’t always go with the company that charges the least amount. Check around. Ask for references from other own-
July 2016
ers, RE brokers or even your finance company. Good or bad, the word does spread in a community as to who to use, and more importantly, who not to use.
much anything that you would typically repair or maintain during the life of the property on a routine day in and day out basis.
Management fees are determined by the size of the complex and competition in a given area. On a 30 unit complex you could pay in the range of 5%-8% of the monthly rents. Make sure the fee is based on the ‘Collected Rent’ and not the ‘Scheduled Rent”. This gives the Property Manager an incentive to collect the rent. If they don’t collect it, they don’t get paid.
Capital Expenditures are where things can get a little tricky. What if you repair a hole in a roof and the cost is over $1000? Talk to your CPA. Mine will typically consider that a repair even if it’s slightly over $1000. However, if you replace an entire roof or all the roofs in the complex, that becomes a Cap Ex expense and the cost will need to be depreciated over time. Other items that would be considered Cap Ex would include replacing a boiler system, painting or residing the entire complex, redoing the landscaping, completing a major rehab project in which the individual pieces might all be less than $1000, but when added up costs tens or hundreds of thousands of dollars. The nice part is that Cap Ex doesn’t affect the NOI of the property. Thusly, the value of your property doesn’t drop due to some large expense like replacing the entire roof or rehabbing multiple units or the entire complex.
Maintenance/Repair: Rather than getting into a long discussion over what the difference is between Maintenance and Repairs, I’ll spend this time talking about the difference between R&M and Capital Expenditures, sometimes referred to as ‘Cap Ex’. Considering the IRS looks at R&M as pretty much the same, don’t worry about it. If you have a nagging desire to learn more, call the IRS or just ask your CPA. My CPA just spreads out the expenses over both the R&M categories unless the price of one item/repair is above $1000. If it is, it may be considered a Cap Ex expense and the item/ repair may need to be depreciated over a number of years. Here are some things you’ll find under the R&M category; cleaning the carpet, replacing the carpet, mowing the lawn, replacing a broken window, light bulbs, unclogging toilets, fixing a hot water heater or replacing an AC unit, painting a unit, clean up of a unit, replacing a faucet or toilet; pretty
Maintenance and Repairs combined will average between 5%-15% of EGI depending on the age of the complex and how long it’s been since the last substantial rehab performed. Another factor that will affect where a complex will fall within this range is weather. Typically, properties that are in colder winter climates will drift towards the higher range. The warmer the climate, the lower it will gravitate. For our example I am estimating 5% for Maintenance and 5% for
The Investor
13
Vacancy 10% Other Income EGI EXPENSES Taxes Insurance Management Maintenance Utilities Repairs Total Operating Expenses NOI = EGI-Op. Exp.
Repairs for a combined total of 10%. Utilities will include, at minimum, the gas, electric and water used on the common areas of the property like the hallways, leasing office, laundry room and landscaping. Some complexes are considered ‘All Bills Paid’ which means the owner pays for most or all of the utilities, even those used directly by the tenants. The downside to this situation, which you’ve probably already figured out, is that you have little or no control over the energy consumption of your tenants. It’s not uncommon to see a tenant’s window open in the dead of winter with the heater running full blast. Most owners will try and do what they can to pass this expense onto the tenants. Sometimes that’s not easy.
($21,600) $3,120 $197,520 $22,105 $8,592 $13,826 $9,876 $24,690 $9,876 $88,965 (45.04% of EGI) $108,555 (54.96% of EGI)
You may or may not be able to charge a portion of the utilities back to the tenants. It really depends on what the market will bear. Fortunately, most new owners are doing what they can to charge the tenants. For our example, we are going to assume we are only paying for the common area utilities to include electricity for the hallways, laundry room and outside lighting, plus water for the landscaping and laundry room. Repairs: See Maintenance above
Subtracting your total Operating Expenses (OE) from your Effective Gross Income (EGI) leaves you a Net Operating Income (NOI) of $108,555. This is a very important figure to know because it will allow you and your finance company to determine the value of the complex you’re thinking about purchasing or refinancing. The finance company will take your NOI, and, along with the average Cap Rate for similar properties in the area to determine a value range for your property.
After determining your expenses your revised APOD will look something like this:
For more information on apartment investing, visit www.SuccessClasses.com
INCOME GPI
14
$216,000
July 2016
TURNING CREATIVE DEALS INTO CASH BY VENA JONES-COX, REAL LIFE REAL ESTATE It’s not your fault that you think creative deals are over your head, too advanced for you, or otherwise overly-complicated.
strategies, and nobody held this belief that it was only for later, only for seasoned veterans, or only to be pulled out in rare cases.
It’s a product of the era during which you were introduced to the real estate business. For the past 15 years or so, there’s been a heavy emphasis at REIA groups and seminars on one-or two-step cash exit strategies (like wholesaling and retailing) and on “sandwich”-type finance deals (buy on lease/option, sell on lease/option). There’s been very little talk about, education about, or even mention of more sophisticated strategies like buying with owner-held mortgages, selling with wrap-around notes, and otherwise doing more out-of-the-box stuff.
We all did creative deals. Bank money was expensive and hard to get. There were a lot of great deals on the market that we wanted to buy. Sound familiar?
As a result, the people who know how to do this out-of-thebox stuff, and who do it on a regular basis, don’t show up at our local association meetings, giving us all the impression that it’s cool and esoteric to know these strategies, but that they’re not happening in the real world. Well, let me tell you, kids…back in my day (she says in a shaky voice while leaning on her walker and drawing her shawl more tightly around her shoulders), EVERYONE, from raw beginners on up, understood and used “creative finance”
I’m not going to spend pages trying to convince you that you need to get over your phobia of creative finance and just do it. Instead, I’m going to expose you to a way that you can turn a creative deal into what you apparently seem to want more than cash flow or high return, and that’s cash. Maybe when you’ve seen it, you’ll decide that there might be some value in learning how to do this—and it ain’t that hard, trust me. Here’s the deal: • 6 room 3 bedroom brick house in a borderzone • ARV approximately $65,000 • Repair costs approximately $20,000 labor and materials, when done by professional contractors • Purchase price: $11,000 This was one of those deals where the purchase price was
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contingent upon a very quick closing: the seller had already purchased another house; he had to close the new house in a week or lose it; he had had a contract to sell this house which fell through at the last minute; he agreed to sell to us for $13,000 less than the prior buyer had agreed to pay, but only if we could close in time for him to buy his new house. So we lined up a private loan at 8% to buy the house, since a week is usually not long enough to find a buyer AND get to closing. We then began marketing the property to investor/ buyers at $17,000. But before we could find one, a couple approached us about buying the home to live in. They didn’t have $17,000, but they did have $2,500, and wanted to know if we would finance it for them. After assuring ourselves that they had the skills and additional cash to complete the repairs AND that they could easily afford the monthly payment, we agreed to sell it on financing under these terms: • Purchase price $35,000 • Down payment $2,500 • Interest rate 8% • Principal and interest payment $394.31 • Total payment (with taxes and insurance)$486.31 • Amortization period: 10 years
rate that the buyers are paying, or at the 8% rate YOU pay private lenders. Here’s why: the risk of foreclosure is higher on this deal because 1) the person responsible for making the payments is a homeowner, not you and 2) the term of the loan is 10 years, which is a longer time for things to “go wrong” than the typical 1-2 year investor loan. So, the buyer is going to want more like 16% interest to compensate him for the risk of having to spend the money and time foreclosing against your buyers, who become his buyers as soon as he’s bought the note. How do you get a 16% rate out of an 8% loan? By selling your investor the loan at less than the “face value” of $32,500. The simple math you can do with a financial calculator would tell you that 116 payments of $394.91 (and that’s what I sold, the buyer had already made 4 payments by this time) at 16% return is $23,539.33. So, you sell the loan and the underlying $11,000 private loan, leaving you with a profit of just over $12,500 PLUS the buyer’s original downpayment of $2,500—more than TWICE what you’d have made by wholesaling the deal in the first place. And in cash. So, there you go.
But that’s just part 1 of the deal, and would not satisfy most of you despite the $2,500 up front (vs. the $0 we paid up front, since the private lender covered the entire purchase price) a monthly cashflow on the property of around $150 per month (with no management or maintenance, since the occupants are buyers, not renters), and a literally infinite return on investment. Nope, you want cash, just like we set out to get by wholesaling the property. Well,, here’s here s how to get it.
And what happens after you’ve sold the note? You notify your buyer to make future payments to your investor, not to you. Nothing changes for the buyer other than the mailing address: he still owes the same amount, he still owns the house, his payments don’t change, and in fact, he doesn’t even know the amount for which you sold the loan. So, with a little knowledge and a few keystrokes on a financial calculator, you can do creative deals, turn them into cash, provide a great deal to a buyer and to an investor, and make even more money for yourself.
Did you know that there ere are tons of people out in the world who have ave money in retirement plans or investment accounts that are earning practically nothing on it? And that don’t know how to (or don’t want to) deal with tenants, renovation, and management? Of course you did—that’s where private lenderss come from.
Are you ready to study that creative finance thing yet? If so, join me on July 30th for REIAGC’s all-day “Buying without banks” workshop. worksho I’ll break it down to beginner language and concepts for you, and you conc can go home with some real, workable ways of re buying—and selling—houses selling—hous without banks. For more information, contact REIAGC at 513-4073137, info@CincinnatiREIA.com or visit the info@CincinnatiR event calendar at www.CincinnatiREIA.com. www.C
Well, what could be a better investment for one of these “passive ve investors” than to own the financing on n this property, especially after a few months nths with the buyers have already done ne massive improvements to it (and nd proven that they can make the he payments)?
Also, mark your calendar to attend our allcalen day training session on July 30!
Now, be clear, no one is going to buy this note from you at the 8% interest 16
July l 2016
THE FIVE BIGGEST MISTAKES WHOLESALERS ARE ACTUALLY BEING TAUGHT TO MAKE
THE NORTHERN KENTUCKY FOCUS SUBGROUP MEETING WITH NICK MODARELLI This meeting isn’t only for Wholesalers: Rehabbers and Landlords need to understand this too!
you on the completely unnecessary defensive. Not good. There is a better way to say this that’s just as good and just as safe, assuming your contract is worded properly.
Here’s the thing: wholesaling can be hard. Simple, yes.... but not always easy—and there’s a massive difference between those two adjectives that your favorite Wholesaling Guru probably forgot to tell you. But that’s not all. There’s also a pretty good chance that he or she is teaching you to do stuff in your wholesaling business that is making things even harder for you than they already are... unnecessarily. What kinds of things, you ask? Here are arguably the worst 5, in no particular order: 1. Things that don’t make you look very serious, like offering $0 (or only $10) earnest money in your contracts. This doesn’t make sellers feel very secure about your ability to actually close, because it looks pretty obvious that you’re already trying to limit your losses before you even get started. There’s a way to limit your losses that doesn’t read like one, but if you don’t know what it is, you can’t use it. 2. Things that don’t make you look very credible, like making all cash offers and then asking for 30 to 45 days to close. WTH?? This makes no sense to most sellers, because they know that people with very little money can close in 30 to 45 days with an FHA loan. So if you already have the cash to buy, why in the world do you need that long too? There’s a way to get 30 to 45 days to close that doesn’t look like 30 to 45 days to close, and you need to know what that is and how to say it right if you want to be taken seriously. 3. Things that raise unnecessary red flags of concern for the seller, like putting “and/or assigns” in your contracts. Despite what your favorite guru probably told you, this is a completely unnecessary clause that opens a can of completely unnecessary worms and immediately puts
4. Things that make you look insincere, like trying really hard to make friends with the seller before you present them with an offer... so that they’ll like you enough to let you steal their property. Really?? This is a disingenuous tactic that will nearly always come off as tacky and deceitful, and will literally end up backfiring 99% of the time. There is a way to build rapport and get you and the seller on the “same side" of the negotiating table, but that is definitely not it. 5. Things that are actually illegal in all 50 states, like telling the seller you are simply putting their property under contract with the intent to go out and try to find an actual buyer for it. This constitutes acting as an agent without a license, and is technically illegal in every state—even though only a handful of states are proactively prosecuting investors for violating this. Unfortunately, Ohio happens to be one of the most aggressive. So if you’ve been doing this, you need to stop immediately. There's a way to do this without actually coming right out and saying that you’re doing it (does that make sense?)... unless you literally are licensed, of course. Nick has been a real estate entrepreneur for nearly 30 years, and over this time has learned what sellers really want to hear, and how they want to hear it. Nick has written several courses on real estate investing over the past two decades, and currently has a #1 Amazon best-selling real estate book entitled: Full Frontal Real Estate Investing: How to crush it in virtually any economy without ending up broke, burned, or butt-naked. (Editorial note: Tom thinks this is an outstanding book! )
The Investor
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MONTHLY MANAGEMENT TIPS FROM MRLANDLORD.COM By Jeffrey Taylor, editor@mrlandlord.com What are the first words out of your mouth when you hear one of your residents say, “I lost my job and I will be late with rent this month”?
landlord that keeps their rent lower than market is also the same one who will not raise the rent during the tenancy out of fear of having a vacancy, so they lose even more in potential profits which can become significant over time.
Here’s the top four landlord responses shared on MrLandlord.com. Which one is your favorite?
3 WAYS TO ENCOURAGE RESIDENTS TO RETURN PROPERTY FULLY CLEANED!
1. “I’m so sorry to hear about (excuse). How will you be paying the rent to prevent eviction? Will your emergency contact be able to help?” 2. “If you have HALF the rent, lets switch you over to the biweekly Pay Day plan effective immediately.” 3. “Sorry to hear that. Rent is still due as normal. We have a list of organizations that can help if you need it.” 4. “If you can’t pay let’s help get you moved out by the 5th so you don’t get an eviction on your record.” TAKE A CLOSE LOOK AT PHOTO ID! The Atlanta Police Department Major Frauds Department shared tips with landlords and property managers to detect and hopefully prevent rental application fraud. Here are 3 ways to help you spot a fake when looking at a Photo ID: 1. Make sure the person on the ID is the person applying in front of you--not simply someone who has similar physical characteristics, such as a sibling. 2. Does the address on their photo ID match the address they claim to be living at presently? If not, why? 3. Always look at their original photo ID. Never take a photocopy or a fax of their ID because it can be easily doctored and could be more difficult to detect a fake. ARE YOU KEEPING UP WITH MARKET RENTS? According to a national survey, as many as 88% of property managers across the U.S. raised rents in last 12 months. Have you raised rents this year? Mom and Pop landlords often mistakenly charge lower than market rent. When I mentioned this on my MrLandlord facebook page, a landlord responded: “I’d rather be slightly lower than market than have vacancies. Making up for one month of lost rent takes a long time even if you are getting more rent monthly.” My response: I hear that excuse often from Mom and Pop landlords. However, I think it is important for landlords to learn how to fill their vacancies faster. Tons of landlords are losing way too much of their potential profits charging lower than market rents because they are scared of vacancies. What hurts the cash flow even more, is that usually the same 18
1. At the time of move-in have a fairly detailed cleaning check sheet that goes room-by-room, and lists items that will be inspected during the move-in and move out process. This is STRICTLY for cleaning. I do a separate sheet for condition/inventory. There are 2 columns to the left of each item, one labeled “Move In” and the other labeled “Move Out”. I tell my residents right up front that I expect the same state of cleanliness when they move out as it was in when they moved in or I will ding their deposit (which I call a security/damage/cleaning” deposit in my lease). The sheet is pretty detailed, mentioning things like “HVAC vents cleaned”, “toilet cleaned (inside and out)”, “faucet cleaned” etc. For a 3/2 rental, there are 3 sheets. 2. On top of that I do a move-in video of the rental, making sure that my new resident is in the video so that they can’t claim later that it was an older video and the place was in horrible condition or nasty when they moved in. 3. About two weeks prior to move out I send my residents a letter that details HOW to clean the rental to maximize their deposit return. RAISE THE RENT TO GET IT RENTED! Try this unorthodox approach shared by a successful Maryland landlord. “I just wanted to give a tip that was very successful for us. We were trying to rent a 1 bedroom apartment for a month or so at the very affordable price of $750. We received many applications, but not qualified applicants, mostly due to background checks and too much drama. We decided to take a risk and raise the rent to $825 and we got a qualified applicant with a clean background instantly. This makes me believe that some residents don’t inquire if the rent is too low, and you get a better caliber of residents at the right rent.” The above tips are shared by regular contributors to the popular MrLandlord.com Q&A forum, by real estate authors and by Jeffrey Taylor, Founder@Mrlandlord.com. To receive a free sample of Mr. Landlord newsletter, call 1-800-950-2250 or visit their informative Q&A Forum at LandlordingAdvice. com, where you can ask landlording questions and seek the advice of other rental owners 24 hours a day.
July 2016
REIA GC Vendor Members Directory Company + WebSite
Contact Info
Type of Business
Accounting
Chuck Vonderhaar, CPA www.cpvpa.com
Chuck Vonderhaar 513Ͳ563Ͳ0598 chuck@cpvcpa.com
Accounting
Ellsworth & Associates, CPA’s
Scott & Deanna Ellsworth 513Ͳ272Ͳ8400
Type of Business
sellsworth@ellsworthcpa.com
www.ellsworthcpa.com
Brent Fening 513Ͳ868Ͳ2068 edgcobp@yahoo.com
Butler County EdgeͲCo www.edgcowholesale.com
Company + WebSite
Contact Info
Flooring
McSwain Pro Floors
Jon O'Connor 513Ͳ354Ͳ4400 joconnor@mcswaincarpets.com
Inspection Services
Criterium – Cincinnati Engineers www.criterium-cincinnati.com
Mathew Klein 513Ͳ474Ͳ9600 criteriumͲcincinnati@fuse.net
Property Mgmt
Berkshire Hathaway HS Commercial Division
Max Arroyo 513Ͳ772Ͳ5736 marroyo@bhhspro.com
www.mcswaincarpets.com
www.firstcirclepm.com
Building Supplies
Building Supplies
Pease Warehouse www.peasewarehouse.com
www.surplus-warehouse.com
www.OdorXit.com
Cleaning and Evictions
Swept Away Property Cleanouts
Exterminators
Formula Exterminators
Financial Services
Brent McCleneer 513Ͳ245Ͳ2222
Surplus Warehouse
Cleaning Products
Financial Services
Stephen Pease 513Ͳ867Ͳ9926 SteveP@PeaseWarehouse.com
OdorXit
ZZZ VDVKDDOOHQ YSZHE FRP
Badcat Properties, LLC ZZZ EDGFDWSURSHUWLHV FRP
Dayton Capital Partners ZZZ 'D\WRQ&DSLWDO3DUWQHUV FRP
Rehab & Restoration
Cincinnati Home Improvement Co., LLC www.cincyhomeimprov.co m
Christopher Penn 513Ͳ898Ͳ1878 cincinnatihomeimprovement@g mail.com Josh Appelman 859Ͳ916Ͳ5201 josh@unitedͲinstalls.com
United Installs, LLC
swcincinnaticlrn@ecbarton.com
Rehab & Restoration
Deb Meyer 513Ͳ266Ͳ4008 deb@odorxit.com
Rehab Project Mgmt
%LOG:LVH
Sasha Allen 513Ͳ344Ͳ3972 TeamAllen@fuse.net
Real Estate Brokerage
Exit Best Realty
Fred & Cindi Goff 513Ͳ671Ͳ7378 cindi.goff@gmail.com
Real Estate Brokerage
Federle Inc., Realtors
Sam Moore, Jr. 513Ͳ485Ͳ8599 moorejrsam@hotmail.com
Real Estate Brokerage
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Christina Carey 513Ͳ509Ͳ2705 Christina@OTBrealestate.com
Real Estate Services
CORE Group www.coregroupre.com
Jiries Dawaher 513Ͳ504Ͳ5565 jtd8.re@gmail.com
Realtor
Homes By Bethanny
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Exit My Foreclosure
Restoration
Icon Environmental
Darrin Carey 937Ͳ458Ͳ3303 Darrin@DaytonCapitalPartners.co m
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www.federleinc.com
Dan Poske 513Ͳ301Ͳ0247 dposke@bildwise.com Marty Russell 513Ͳ545Ͳ1637 martysrussell@gmail.com Dennis Taylor 513Ͳ851Ͳ4021 dennist123@aol.com
Financial Services
Excellent Financial
Financial Services
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Financial Services Financial Services Floor (wood) Restoration System
Guardian Savings Bank ReCasa Financial Group, LLC
Kelvin Mitchell 888Ͳ493Ͳ6075 excellentfinance@aol.com Sharon Altman 513Ͳ923Ͳ4100 VDOWPDQ#*XDUGLDQ6DYLQJV%DQN FRP
Nancy Lawler 614Ͳ221Ͳ6770
www.recasafinancial.com
nlawler@recasafinancial.com
Spring Valley Bank
Paula Stenger 513Ͳ761Ͳ6688 SVWHQJHU#VSULQJYDOOH\EDQN FRP
Fabulous Floors of Cincinnati
David Caldwell 513Ͳ453Ͳ4006 GDYLGFDOGZHOO# IDEXORXVIORRUVXVD FRP
Floor Restoration
Olmec Reflections, INC. www.olmeccarpetcleaninginc.com
Donald Boling 513Ͳ300Ͳ9203 2OPHF5HIOHFWLRQVLQF#JPDLO FRP
www.IconPropertyRescue.com
ADT Security Services
Tenant Screening
National Tenant Network
Wholesale Properties
You Buy Houses
www.adt.com
ZZZ IDEXORXVIORRUVXVD FRP
www.ExitMyForeclosure.com
Security
ZZZ VSULQJYDOOH\EDQN FRP
ZZZ KRPHVE\EHWKDQQ\ FRP
ZZZ QWQRQOLQH FRP
www.youbuyhouses.com
Bethanny Johnson 513Ͳ307Ͳ9349 bethanny@bethannyjohnson.com Kristin Caledine 513Ͳ509Ͳ9814 Kristin@ExitMyForeclosure.com Jeremy Clayton 513Ͳ396Ͳ6653 clayton@IconEnvironmental.net
Kristen McClanahan 513Ͳ497Ͳ7990 kmcclanahan@adt.com John Spafford 513Ͳ579Ͳ3520 john@ntnonline.com Drew White 513Ͳ471Ͳ5008 DrewWhitePix@gmail.com
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Cincinnati REIA 10945 Reed Hartman Hwy., Ste. 113 Cincinnati, OH 45242
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REIAGC Meetings Cincinnati REIA is Moving! th Our General are held at: Beginning Thursday April 7Meetings our general meetings will be held at:
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Located at I-71 & Pfeiffer Road Be sure to come and check out our beautiful new location!