MAREI 2022 March Newsletter

2 0 2 2 M A R C H

MAREI

MID-AMERICA ASSOCIATION OF REAL ESTATE INVESTORS

NETWORKING OFFERING A WEALTH OF OPPORTUNITY TO CONNECT

EDUCATION FROM MEETINGS & WORKSHOPS TO ONLINE RESOURCES

DISCOUNTS FROM LOCAL AND NATIONAL VENDORS TO SAVE YOU MONEY

what's coming up 08

March 8th MAREI Meeting, Evening, Live & In-Person in Overland Park Leaving a Legacy, Join Attorney Casey Connealy to Plan or Review your Estate Doors open at 6:00 for Networking, Presentations Start at 7:00

29

March 29th MAREI Workshop 9 am to Noon Working with deceased or incapacitated sellers, a training class on what Realtors and Investors need to know to help their sellers through the process. Taught by Attorney Casey Connealy & hosted by MAREI at the KCRAR office in Leawood. Includes 3 Hours CE for Realtors, issued by Gaughan & Conneally (NOT KCRAR)

08

April 12th MAREI Meeting, Evening, Live & In-Person in Overland Park Andrew Syrios has been BRRRRing since before it had a name. It's a sure-fire way to wealth and he will be explaining how it's worked for him in the past, how its working currently, and what he sees coming in the future. Doors open at 6:00 for Networking, Presentations Start at 7:00

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10

April Special Workshop, Time, Dates, Locations to be determined Working with Contractors, the legal aspects with Attorney Rick Davis. Topics: Independent Contractor Agreements, Insurance, Liens, Lien Waivers.

April 12th MAREI Meeting, Evening, Live & In-Person in Overland Park Apartment House Investing with MAREI favorite Anthony Chara. Plus a full-day workshop on May 21st.

See MAREI.org/Calendar

MAREI Staff Chapter

Executive Director

Kim Tucker: Kim@MAREI.org - 913-815-0111

Newsletter

Staff: Newsletter@MAREI.org - 913-815-0111

PartnerCast

Idea for a Partner Cast or Meeting - email Kim

Legal

Julie Anderson-Clark: Julie@MOKSLaw.com Rick Davis: Rick@RickDavisLegal.com

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Mid-America Association of Real Estate Investors is a trade association dedicated to promoting ethical real estate investing and to protect and promote the best interest of our membership through educational and networking opportunities as well as community, legislative and public relations.

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From Casey Connealy's

MidWestEstatePlan.com Special Reports Section MidWestEstatePlan.com/reports 15 Common Reasons to do Estate Planning.

Living Trusts, Calculating the Benefits Trust Administration: Prior Planning Prevents Problems Estate Planning with Individual Retirement Accounts authored by American Academy of Estate Planning Attorneys

DO YOU HAVE A PLAN? AS A SMALL BUSINESS OWNER IT'S VITAL you don’t have to be a millionaire to benefit from an estate plan. Reasons to create an estate plan are as unique as the individuals who create them. If you own a home, have minor children and/or grandchildren, have grown children in their own marriages, have been divorced, own a business, or expect to receive an inheritance of your own, you need to take action now.

There are a lot of reasons why you should take action. The number one reason to have an estate plan is to "Designate who will manage your affairs if you become disabled and when you pass away. If you fail to do so, the court will decide for you. You never know whom the court will appoint. Keep control of your own destiny!

Think about that for a minute . . . if you don't have a plan, do you want to have the courts step in and decide how your assets get parceled out? While your business as a whole could run without you and support your family for years to come, but the courts might deem otherwise. So what you worked hard to build, gets sliced and diced and probably sold at pennies on the dollar and after taxes, not much left for your family.

The number 2 reason is Medicaid. If you were to become incapacitated and need to have long-term care that is over $100,000 a year.

This could decimate you and your family and the wealth you have built up from real estate or small business. With a proper plan, you can shelter assets for your family, get the care you

need, and the ability to tap into Medicaid without spending down all your wealth.

The number 3 reason to have a plan is Probate.

As real estate investors, we know all about how probate often turns heirs of homes into motivated sellers, we target them with marketing all the time. "Probate proceedings are public, expensive, time-consuming, and should be avoided whenever possible. Leave your money to your heirs quickly, privately, and efficiently by establishing a proper estate plan."

There are 13 other reasons you should have a probate plan and you can visit MidwestEstatePlan.com/reports to read the full report "15 Common Reasons to Do Estate Planning".

One of the most common tools in most Estate Plans is a Trust, often a Living Trust and the main reason is to avoid probate. "Because property in the trust is not considered part of an estate, it does not have to undergo this sometimes lengthy process. The property is instead administered and distributed by the trustee, according to the specific terms of the trust."

So think about that for a minute, with a plan, your assets go where they need to go fairly quickly according to your plans. But when the court steps in, with the probate process, there is now Court Mandated rules around your assets, and if those assets are a business or a rental house it may demand it be appraised and then sold to be distributed, often destroying the value in the process.

"A Living Trust also avoids the painful ordeal of “living probate.” That’s what happens when a person is no longer competent to manage the property, whether because of illness or other causes. Without a Living Trust, a judge must examine whether you are in fact incompetent, and all of the embarrassing details of your incompetence will be dragged out in court. The judge will appoint a guardian – perhaps someone you would not want to manage your affairs.

Guardians act under court supervision and often must submit detailed reports, meaning that the process can become quite expensive."

With the Living Trust, you could designate your brother or a friend for example who is also in the same business as you to take over your affairs and run your business to support you while you are incapacitated or even if you have passed away or you can let a court-appointed attorney that knows nothing take over.

You can learn more about Living Trusts at MidwestEstatePlan.com/reports and read Living Trusts: Calculating the Benefits.

Learn More About Building Your Plan at the March 8th MAREI Meeting featuring Casey Connealy "One of the most common pitfalls facing trustees is improperly or inadequately funded trusts.

Often, the deceased has failed to place all the intended assets into the deceased’s trust prior to death. The result is that these assets remain part of the decedent’s estate, subject to the probate process."

As small business owners, we often take steps to set up a Trust. On the day we meet with the attorney to sign the Trust and make it valid we are given a stack of instructions on how to move all of our assets, including our businesses under the umbrella of the trust. Often some of those instructions get missed. Or we don't manage our now trust-owned assets as we should further complicating matters.

You can learn more from the report "Trust Administration: Prior Planning Prevents Problems.

The last report we want to direct your attention to is the "Estate Planning with Individual Retirement Accounts". As may real estate investors and small business owners use IRA's it is important to have them in mind when you set up your estate plan as putting them in your Trust may not be the right thing.

And the right thing might change over time as rules change.

THE PROCESS OF GETTING YOUR AFFAIRS IN ORDER

Chris Gaughan & Casey Connealy

WORKSHOP MARCH 29TH

WORKING WITH DECEASED OR DISABLED 9 to 12 class comes with SELLERS This 3 Credits Realtor CE Hosted by MAREI at KCRAR on State Line.

FREE for MAREI Members, Register at www.MAREI.org

As Real Estate Investors and Agents we work with sellers or their families who have either passed away or become incapacitated. As problem solvers, we need to have a basic understanding of what they are facing to better help them sell the real estate. Taught by Casey Connealy Not endorsed by KCRAR, credits awarded by Gaughan & Connealy.

CAN YOU STILL BRRRR OUT ON A DEAL? Andrew Syrios Kansas City Real Estate Investor, Author & Guest Speaker at MAREI in April 2022.

Andrew & Phillip Syrios have built a lot of their vast Rental Portfolio by Buying, Renovating, Renting and Refinancing. But does it still work in our super hot market of 2022? Here's what Andrew has to say:

Back in April of this year, I saw a statistic I would have never believed possible. In Jackson County, Missouri where I live, the months of inventory on the market was a mere 0.6 months! This means for every 10 sales in April, only six properties remained on the market going into May. (Currently, right now in March 2022 we stand at 0.7 months.)

While the market has cooled a bit since last April, it is still red hot with rapidly increasing prices and very little inventory.

Fox Business reports that “The median price for an existing home in the U.S. hit a new record high at $363,300 in June, up 23.4 percent from a year ago and breaking the previous record set the month prior, according to the latest data from the National Association of Realtors.”

That is amazing to say the least!

A Months Inventory of 6 months is a market that favors neither buyer or seller.

While many believe the real estate market is on a precipice in the same way it was near the end of 2007, things appear different this time around (although that’s not because the economy is healthy). For one, the United States didn’t face a housing crisis back then. Now it does.

CNBC tells us that “Growth in housing inventory has slowed over the past decade in the aftermath of the 2008 housing crisis, creating an ‘underbuilding gap’ of 5.5 million to 6.8 million housing units across the country since 2001.”

In addition, inflation is beginning to pick up and is unlikely to be “transitory” as Federal Reserve chairman Jerome Powell optimistically spun it a few months back. The annual inflation rate is up to 7.5 percent, the highest it’s been in decades, and likely to go even higher.

(As of the end of January it is now at 7.5% and jumping higher with the invasion of Ukraine)

What this means for real estate investors is that while the market is likely to cool simply because housing is becoming unaffordable, it’s unlikely it will crash anytime soon.

It also means that the popular BRRRR model of real estate investing (Buy, Rehab, Rent, Refinance, Repeat) that we have grown our business on is not a great strategy right now.

The BRRRR model requires getting deals at 75 percent of their market value so you can refinance out all of the money you put into them. But right now, there are so few deals around that finding such gems, while not impossible, is very difficult. Furthermore, if you are marketing for them, it requires ever more marketing dollars to find each good deal. When you allocate those marketing dollars to each BRRRR deal you do get, the margins get thinner and thinner.

While I would never say to turn down a BRRRR deal if you find one (and we still do from time to time), the market has opened up a new opportunity and in my humble opinion, it’s time to switch strategies.

"

YOU CAN LITERALLY MAKE MONEY SIMPLY BY BORROWING IT

Right now, there is an arbitrage opportunity that doesn’t make any sense at all. Inflation is currently at 7.5 percent (at least) and increasing. Yet at the same time, interest rates are at all-time lows and the Fed has shown no interest in increasing them by large amounts. This means 1) inflation is likely to continue and increase as raising interest rates is the most common way to slow down inflation and 2) you can literally make money simply by borrowing it, as stupid as that sounds.

"

In December, I got a personal home loan at 3.25 percent i.e., 2.15 percent less than inflation. Our business refinanced a portfolio of rental properties at 4.35 percent i.e., 1.05 percent less than inflation. While there is no way to know for certain that inflation will continue, there is every sign it will. And if it does, the payments on our loans remain fixed at a rate less than the rate at which the dollar’s value is depreciating. In other words, we make money by borrowing money.

The Federal Reserve’s discount rate (the rate it lends to other banks) stands at 0.25 percent and Nerd Wallet lists the average APR on a 30-year mortgage as of March 7, 2022, at just 3.953 percent.

How long this will last is impossible to tell, but it can’t last forever if the US government wants to avoid hyperinflation.

Thus, it makes sense to buy now and get long-term debt on cash-flowing properties. The properties need to have positive cash flow as that will protect you in case of a downturn. And you need to get long-term debt that is fixed for a substantial duration (preferably 10 years). You don’t want to get a two percent loan that adjusts to nine percent if the Fed decides to do what it did back in the early 80s.

But if you can find properties with positive cash flow and get long-term debt on them, it’s time to buy even if you can’t get the property to “BRRRR out.” This might require partnerships, syndications, or investing passively in other people’s deals. The details of your strategy are up to you.

What is clear right now, though, is that the dollar is losing value and it’s time to move beyond BRRRR. Andrew Syrios has been investing in real estate for over a decade and is a partner with Stewardship Investments, LLC along with his brother Phillip and father Bill. Stewardship Investments focuses on buy and hold and particularly the BRRRR strategy —buying, rehabbing, and renting out houses and apartments throughout the Kansas City area. Today, Stewardship Investments has over 300 properties and 500 units. He writes for Think Realty, BiggerPockets and The Data Driven Investor and is a regular guest vlogger & speaker at MAREI. Article adapted and updated from post on ThinkRealty.com. See andrew's latest guest posts at MAREI.org/syrios-andrew/ and please subscribe to his YouTube Channel.

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EXCLUSIONS in Landlord Investor Policies

by Mark Gannaway, CPCU from Arcana

In the world we live in today, many insureds believe everything is covered or should be covered no matter the situation. If that were the case, insurance companies would quickly go out of business.

Here are five common exclusions

found in most Landlord Investor Policies and many standard property insurance policies including your own Homeowner’s coverage.

We have extracted the exact wording from a

typical property insurance policy for you to review and understand.

Notice below how many of the insurance

companies cap or use bold type to immediately get your attention when it comes to “PERILS EXCLUDED or OTHER EXCLUSIONS” Again, these are common general exclusions, you need to read your own insurance policy to see exactly what is covered and not covered.

"PERILS EXCLUDED" "Other Exclusions" First, Surface water entering the basement through cracks in the walls or up through drains.

THE PERILS EXCLUDED Notwithstanding anything to the contrary contained herein, this policy does not cover loss resulting in damage to or destruction of the insured property directly or indirectly caused by or resulting from:

(i)Water:

Loss or Damage caused by, resulting from,

contributed to or aggravated by any of the following:

b. Water below the surface of the ground including that which exerts pressure on or flows, seeps or leaks through sidewalks, driveways, foundations, walls, basement or other floors, or through doors, windows, or any other opening in such sidewalks, driveways, foundations, wall or floors;

Second, is Freezing of pipes in vacant properties where the heat was not maintained, and the pipes and plumbing systems were not drained or winterized.

THE PERILS EXCLUDED Notwithstanding anything to the contrary contained herein, this policy does not cover loss resulting in damage to or

(a) wear and tear, marring, scratching, deterioration, rust or corrosion, fungus, decay, mold, wet or dry rot; inherent vice, hidden or latent defect, obsolescence, neglect, animals, birds, rodents, vermin, termites or other insects; smog, rust or corrosion; smoke, vapor or gas from agricultural or industrial operations; consequential loss; discharge, dispersal, seepage,

migration, release or escape of pollutants;

settling, shrinkage, cracking, shifting, bulging or expansion including resultant cracking of pavement, foundation, patios, walls, floors, roofs or ceiling: unless such cracking, shrinking bulging or expansion is directly caused by fire, lighting, smoke, windstorm, hurricane, hail, explosion, aircraft, vehicles, vandalism, malicious mischief, riot, civil commotion or falling objects;

Damage resulting from improper repairs or lack of maintenance.

THE PERILS EXCLUDED Notwithstanding anything to the contrary contained herein, this policy does not cover loss resulting in damage to or destruction of the insured property directly or indirectly caused by or resulting from:

(e) errors in design, errors on processing, faulty or inadequate workmanship, methods of construction or faulty materials; nor delay, loss of market, loss of use, faulty,

NREIA.ArcanaInsuranceHub.com

inadequate or defective planning, zoning, development, surveying, sitting, grading, planning, design, specifications, workmanship, repair construction, renovation, remodeling, compaction, materials or maintenance; and/or interruption of business, extra expense or increased cost;

destruction of the insured property directly or indirectly caused by or resulting from:

Damage to foundations due to movement of the ground.

EARTHQUAKE EXCLUSION Notwithstanding anything contained to the contrary it is

(i)Water: The Underwriters shall not be liable for Loss or Damage caused by, resulting from, contributed to or aggravated by any of the following:

agreed that this policy does not insure regardless of location against loss or damage caused by or resulting from any natural or man-made earth movement including, but not limited to, Earthquake, Earth Tremor, Mudflow, Landslide or

d. Loss or damage, including subterranean, water damage,

Subsidence.

resulting from freeze of plumbing or heating or fire protection systems in buildings that have been vacant beyond a period of thirty (30) consecutive days immediately preceding the loss as hereby excluded unless the insured has used reasonable care to maintain heat in the property or unless the insured has shut off the water supply to the property and has drained all pipes, plumbing, sprinkler systems, hot water heaters, radiators, including all appliances, heating and cooling systems of water.

Mold in the structure. The policy does not cover the cost of mold remediation.

Damage to the property resulting from flood waters. You must have a flood policy for this type of coverage.

FLOOD EXCLUSION This policy does not insure any loss, damage, claim, cost, expense or other sum directly or indirectly arising out of or relating to:

flood, surface water, waves, tidal waters, tidal

wave or overflow of streams or other bodies of water. We do not cover spray from any of these, whether or not driven by wind;

Hopefully, you will put this article somewhere where you can THE PERILS EXCLUDED Notwithstanding anything to the contrary contained herein, this policy does not cover loss resulting in damage to or destruction of the insured property directly or indirectly caused by or resulting from:

read it every time you order an insurance policy or think about filing a claim.

Visit the blog page at RickDavisRealEstate.com to review many of Rick's presentations at MAREI

Legislative UPDATE KANSAS

LICENSE TO WHOLESALE - KANSAS With several states enacting license or other laws to curb the "Assignment of Contract" and other activities perceived to be predatory of homeowners, The Kansas Real Estate Commission has introduced legislation in the state of Kansas.

On February 23rd, in Kansas through a Senate Emergency Final Action, Kansas Senate Bill 382 passed 38 to 2. Follow up House Hearing on Tuesday, March 8th, 2022, we hope to have updates at the MAREI meeting on that same date.

The Commission requested the introduction of SB 382 to prohibit a pattern of business where an individual attempt to sell an equitable interest in a contract for the purchase of real estate without holding an active Kansas real estate license. Some states have banned the practice of assigning equitable interest also known as “wholesaling.”

Instead of prohibiting the practice, the bill requires someone who wants to complete these types of transactions to obtain a Kansas real estate license.

The bill also grants the Commission authority to

stop activities performed by unlicensed persons by allowing for the issuance of cease-and-desist orders.

To read the full text of the bill and to follow updates you can go to https://legiscan.com/KS/bill/SB382/2021 We are not attorneys, but from what we read anyone who markets for sale, exchanges or otherwise deals in assignable contracts for the purchase or sale of, or options on real estate or improvements thereon, without a valid real estate license and all the requirements that go with that, they could be fined $100 to $1000 plus an up to a year in jail for the first offense and then $1000 to $10,000 per subsequent offenses plus another year in jail. And the other question is, if you are a licensed real estate agent would your supervising broker allow you to earn an assignment fee when you could just as easily have a flat fee real estate commission that is already allowable under current real estate law. And would a broker have a different split structure for wholesales over traditional listings.

Here at MAREI we shared this legislation through our Facebook forum: Kansas City Real Estate Investors Hosted by MAREI to see what the local investors had to say about this legislation, and it was suprising.

or each of those 1000 names. Then again using technology they can text all those numbers or pay a VA in some far-off country to call all those numbers to see if they can catch a fish. Then armed with a fake pre-approval letter and no intent of ever buying the house, We call this Fraud by the way and no new laws are needed to prosecute fraud, these socalled Wholesalers "Tie Up the Deal" with a contract, that if they get lucky they can sell, but more often than not, they can't sell, so no one buys the house.

The Realtors who have introduced these laws across the country are upset because these folks are making way more than the traditional commission.

The legitimate real estate investors are mad because these Wholesalers tie up the property, and when they can't close, the legitimate investor now has to pick up the pieces, now has to also mend fences.

The legitimate real estate investors are also fed up because these folks are cold calling and cold texting them (also illegal by the way) plus this practice is making it much harder for local investors to buy local properties.

Overall in the discussion on Facebook and over the phone and at networking, we see a similar thought from local legitimate real estate investors: There are legitimate real estate investors who provide a service that benefits everyone and legitimate wholesalers do help the community by solving problems. But in the past several years there have grown a large group of people who are abusing the system and homeowners and quite giving the entire real estate investment industry a bad name.

If you go back about 10 or so years to the Flipping Era, an Investor you could wholesale a house by purchasing it with the proceeds of the sale to an end buyer. Double or Blind Closings they were called.

We saw houses double and triple closed in this manner. But the rules of the game changed.

Flipping became a really bad word and everyone turned to the Assignment of Contract and never missed a beat.

Except, with technology the less than knowledgable or honest people who are calling themselves Wholesalers, can buy a list of 1000 names for pennies, skip trace and get 5 to 10 phone numbers

So, the local legitimate investor seems to be all for this legislation. If passed, they hope it will shut down the less than honest folks that are out there breaking the law by committing fraud with fake preapproval letters and no intent or even way to actually purchase the houses they are putting under contract. They hope it will slow down the robo callers and texters who are breaking multiple communication laws. They hope it will eliminate just a bit of the competition so that they can go out there and buy houses, renovate them and then rent them out or sell them to new homeowners.

Will this new law that is working its way through the Kansas Legislature change things, probably not?

Consider, these people they are trying to stop are already breaking the law, so what's some new law?

And since it will be "Realtor" law who cares?

Realtor laws are only for Realtors . . . right?

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