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Real Estate Journal

Winter 2016

3. Real Estate Investors: FREEDOM! 5. Self Directed Retirement Account Investing – Pt 2 6. 2016 Planning & Strategy for the Political Landscape

8. Making Sense of Your Insurance Questions 10. Focus on the Kitchens and Bathrooms to Maximize ROI 13. “Vacation With an Education”

7. Legislative Update - No Mortgage Tax in the Highway Bill The Key to a Strong Industry? Successful Members

Rick Maningas

R

Please tell us a little about who you are and what you did before real estate. In the 1990’s and 2000’s I owned a computer consulting firm specializing in the design and implementation of Sales Force

Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007

PRSRT STD US Postage P A I D Sound Publishing Inc 98204

continued on page 17

Vol. 1 Issue 2

It’s All About the Tenant 3 Rental Property Advantages You Can Use Today

S

o many of our NREIA members love what they do. And why wouldn’t they? If you can find the right long-term investment that will grow in value over the years, and get someone else to pay the mortgage, then you’re on the road to financial freedom. However, even though that’s a proven template for success, we all know that not every investor has that ideal experience. Not surprisingly, our success or failure with an investment over the long run often comes down to the tenants we rent to. When we find the right people, timely income

ick Maningas is the founder

of Sterling Real Estate and Investments LLC. a real estate investment firm dedicated toward buying, upgrading and selling single family properties to first time home buyers in the Northwest area of Milwaukee, WI. Rick Maningas was recently voted the 2014 Milwaukee REIA Man of the Year.

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of your business faster, cheaper, and more efficient. The old way of on-boarding new tenants is a process that’s full of time-consuming tasks: personal visits, stacks of paperwork, and a tedious routine that begins with checking proper IDs, applications, lease paperwork, and proof of insurance… not to mention collecting checks or money orders. With new paperless tools from #1: Let’s Go Green! ISC, investors and landlords can The world is going paperless, spend more time doing what they and that’s a great thing. Not only is it helping to save trees, but continued on page 19 technology can make many parts shows up month after month and our properties are well taken care of. When we don’t, this business becomes a never-ending struggle. With that in mind, as a benefit of your membership in National REIA, Investigative Screening and Consulting (ISC) offers you three important advantages you can use to find the right tenants starting today:

2016 – The Year of…. Who Knows?

by Chris Kuehl, PhD.

E

ach year there is a kind of in-

exorable pull for the economist – it is necessary to make assessments of the coming year as if there was something magical about new numbers at the end of the date. In truth there is little or nothing significant about moving from December to January and in fact there are far more significant economic transitions scattered throughout the year. Be that as it may we are all compelled to prognosticate and many dutifully read these scribblings as they seem to conveniently forget what a hash we made of those forecasts last year. Go back and read what we said about 2015 at the end of 2014. It wasn’t supposed to be like this. So now we are facing another year and we have another set of expectations. Will this be the

Right now there are two positive break out year for the economy we thought we would see in 2015 or developments to look forward to will it be another draggy year that and two that will not be so positive. has us looking forward to 2017 The most threatening aspect of the already. In classic econo-speak I continued on page 18 can assure you it will be both.

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Real Estate Journal · Winter 2016


Real Estate Journal

Real Estate Investors:

by Scott Whaley

FREEDOM!!!!

W

hen the Berlin Wall came tumbling down, those of us already on the free side of the wall thought; “That’s great! I’m happy for you. Freedom’s good stuff ! I hope you like it!” Then for those of us on the free side it was back to work and another day in paradise. It’s funny how we humans can take the best things in life and treat them as unimportant, simply by forgetting what it’s like to not have something. In doing so, we take it for granted and thus, we miss out on what we have to be grateful for. For those in East Germany freedom was a concept that they could hardly imagine how it would feel. But they knew they wanted it and they knew it would change their lives for the better. There is one thing you can be sure of; when you restore freedom you unleash the power of the invisible hand on the market, which in turn ignites creativity, positivity, and action. These forces begin satisfying pent-up demand, as adaptation and growth take on a life of their own. Title III of the JOBS Act can be described as the Emancipation Act for Independent Real Estate Investors. In an action that was as surprising as it was welcome, the SEC gave Mom & Pop Real Estate Investors the ability to now offer and solicit their fellow Americans to fund their deals. In effect, these individual investors can now enjoy the lending & equity participation opportunities available in those deals because of this newly available capital. This is achieved by lending real estate investors cash in the form of debt, secured by the real estate or buying equity (a piece of the deal), and getting an ownership interest in the overall project. In a nutshell, independent real estate investors can now market, promote, invest and syndicate much in the same way that the

“rich and sophisticated” Big Boys do on Wall Street. Does that mean it’s now the Wild West and anything goes? No, not by a long shot. But in exercising common sense, the SEC recognized that things have changed. That regulations, while well intentioned, often do not work well when applied in a one-size fits all approach. With the advent of new technologies and demands from the markets themselves we have seen a realization that a $250,000,000 REIT offering needs to have a different set of regulatory oversights, measures, safeguards and rules than a Rehabber who wants to purchase and flip a $150,000 property in Dallas and simply find funding.

get you your own crowdfunding and Peer-2-Peer Funding Finder network platform. You will be happy to hear that both platforms are being created to do one thing: give you, our member investors, the competitive advantages of cutting edge technology, backed by a trusted community in today’s high speed, globally connected, constantly changing marketplace. It will be designed to give you easier and faster access to

When we collaborate and act in concert we know that we truly can take on and defeat the best, most experienced, well-funded competition with less cost in terms of time, money or effort. Simply because each one of us is part of a community that puts collaborating and supporting each other as a top priority because it’s THE competitive advantage in today’s “selfie” centered society.

connections. We will also provide training by expert, collaborating, and contributing fellow members, just like you. Adding all of that to our automated Funding Finder platform and cross-community reviews, feedback and collaboration will give every member/investor a sizable advantage over their competitors for one simple reason - simple math.

For more information visit www.NationalREIA.com or www. REIFA.org to find out how you can participate in the creation & adoption of these game-changing tools coming to you and your community in the near future. ■

Some of the constraints?

Nothing over $1,000,000 is allowed for a fund raise if you are soliciting under Title III. This effectively means no large projects, multi-family or commercial at present, of any size. Income restrictions and investment dollar caps on total contributions from any one individual cash investor mean that non-accredited investors will essentially be prohibited from making any kind of investment that would put them into the poor house or even seriously dent their IRA. So, how does that look for our investor and funder communities going forward? I personally believe this is the opportunity of a lifetime! You will be seeing offerings occurring at your local REIA/REIFA meetings. For real estate investors, going to the bank for funding will be a thing of the past. Your funding providers and partners will be sitting next to you at your local REIA/REIFA meeting or maybe even viewing your newest rehab acquisition that you just put up on our nationwide network. Already, as President of National REIA & REIFA, I can tell you that the staff, beta testing groups across the country and I are working to

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Real Estate Journal

Self-Directed Retirement Account Investing by Jeffery S. Watson, Esq.

I

n the previous article, I dis-

cussed five of my top ten recommendations for retirement account holders who are doing self-directed investing. Let’s continue with that list.

6. Do small-dollar deals until you get really comfortable with doing all the due diligence, underwriting and documentation that goes along with self-directed investing.

(Part 2)

to have a truly self-directed retirement account, I must have checkbook control.” Checkbook controls comes when the IRA owns an entity, such as an LLC or trust that is funded with IRA dollars, and the checkbook is in the control of the account holder. My response to that is that IRA-owned entities can either be awesome or awful. You had better know when, which and why. It’s a rule of practice in my office that I will not assist a self-directed retirement account holder in setting up a single-member LLC to be owned by an IRA wherein the account holder insists on being the manager (person in charge of the funds). I insist that they have an independent, non-disqualified third party as the manager of that LLC or the trustee of that trust.

If you do a small-dollar deal (remember, all accounts started out small) and something goes wrong, you only lose small dollars. If you do a large-dollar deal, particularly at the beginning of your investing career, and something goes wrong, it could be fatal. As your confidence and experience grows, you can do larger-dollar deals. 8. Open a Roth account. Many investors who are getting 7. Dealing and acting like up in years have lamented that they a business owner inside a only have traditional accounts, self-directed retirement and they don’t think there is any account is not a good idea. way they can get a Roth account. Many people will tell you that My response to that is that anyone UBIT can be your friend, and with a pulse and a way to earn I would agree that in certain and report active, earned income circumstances, UBIT or UDFI are can have a Roth account, and they potential allies to your retirement need to get one NOW! There are account; but acting like a dealer simply no excuses. Once you have or owning a business inside your learned the definition of what self-directed retirement account is constitutes active, ordinary, earned not wise. Not only does it create a income (income that is subject to higher risk of liability and lawsuits, income tax or self-employment but there is a greater likelihood tax such as W-2, paycheck, 1099 that it will attract the attention of or Schedule C income), you will the IRS. You will also have to file understand the importance of a more complex tax return because getting some of that money into a the debt or business activity Roth IRA or Solo 401(k) with Roth income inside your self-directed component. The magic of the Roth retirement account is not tax-free. is absolutely crucial. Not only does I’ve had people say to me, “But, the money get to grow tax free, Jeff, I’ve been told that in order but under the right circumstances, Real Estate Journal · Winter 2016

it can be withdrawn from the that you cannot take money from account in the form of a qualified your self-directed retirement account and use it for your own distribution tax free. investments or put some of 9. Make sure you double your current assets into those check the beneficiary des- accounts, so you must learn how ignations for the accounts to work with other individuals in a cooperative manner. You you have established. This rule actually applies to need to find those individuals by every type of retirement account, networking with them at your investment account, or bank local REIAs to determine if their account you have. You need to business standards are the same as double check your beneficiaries. yours, if their objectives are similar Is that money going to go to the to yours, and if they seem like the person you want it to go to in right kind of person to put on your the event of your death? Is the investing team. When you play nicely with beneficiary designation consistent financial friends, all of you prosper with your overall estate plan? Jeffery S. Watson serves as and benefit. Avoid doing a deal general Counsel for National REIA with someone who believes they and practices law at the Jeffery S. alone need to be the one who profits Watson Law Firm, LTD located in and benefits from the transaction. If the investment is not mutually Conneaut, Ohio. beneficial, it shouldn’t be done by 10. Become creative and a group of financial friends. One learn how to play nicely of the benefits of developing a group of financial friends is that with financial friends. you can do repeated deals with Self-directed retirement account them as various situations and investing is a team sport. It opportunities arise. is not a solo activity. Anyone ■ who understands the prohibited transaction and disqualified investment rules understands

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Real Estate Journal

2016 Planning & Strategy for the Political Landscape By Charles Tassell

T

hirty days can be a lifetime

in politics. Frontrunners can implode and candidates can come out of nowhere only to disappear just as quickly. As we Americans, especially those of us in swing-states, gear up for 2016’s Presidential election we can all agree there is a lot at stake. Especially when you consider that every member of Congress, one third of the U.S. Senate, a considerable amount of state legislators, and numerous county and local races are all up for election in 2016. Several themes are already starting to take shape. The first is that of the outsider. Albert Einstein is often quoted as saying, “Insanity is doing the same thing over and over again and expecting different results.” Many voters are quite disgruntled with “experienced politicians.” While some would say it is mainly because we lack true statesman, the result has been a movement toward outsiders. Ironically, this isn’t really that new. Historically, so-called Beltway

6

Insiders have almost always lost out to candidates with outside experience, unless there are only two of them running. But the balance of legislative experience, executive responsibility and a series of issues that relate to voters, are often overshadowed by the wave of issues most presently on voters’ minds. Things like crime, taxes, world affairs, education and immigration are often perennial front-burner issues. The old expression, “if it bleeds it leads” still holds true – especially on the Internet. And with the increase of alternatives to the mainstream news outlets, as well as a 24-hour news cycle, issues that are covered, often get overcovered, while numerous smaller items gain little to no traction. With the plethora of news, pseudo & anti news, and a breadth of opinion pages, it has become increasingly important to utilize interestbased and news aggregation sites that efficiently gather articles and weed out the hype. A good

example is National REIA’s www. RealEstateInvestingToday.com where articles are curated with real estate investors in mind. In 2016, we’re going to see election stagnation gripping congress. There will be plenty of bills, votes, and talking, but little legislation of consequence will actually move forward. The Omnibus bill that passed in December was the last of Speaker John Boehner’s efforts to have legislation in place that would last through 2016. By kicking the can down the road, and with it votes on spending, Congressmen can rant & rave all they want to their constituents with no fear of actually having to vote on a bill that might go anywhere. They can rev up their base, create strawman arguments against their opponents and, they hope, get reelected. All of this is set against the backdrop of all those primary issues mentioned before. But let’s not forget that one of our country’s best assets is that we are still financially more stable than

every other country in the world! Which, by the way, makes us a wealth refuge. Furthermore, as the Fed increases interest rates they will likely trigger an increased flow of capital to US markets, furthering financial instability around the globe. Additionally this will place added pressure on Russia and China who are both dealing with domestic volatility and increased pressure from militant Islam. That brings us to the issue of terrorism - manifesting as violence, justice/equality, religious tolerance/freedom, and especially immigration & border security, which will have a greater impact on all of the major issues than the rest combined. The impact on investors and property owners could be substantial. The pressures put on local communities and their responses will weigh heavily on the rules & regulations they may promulgate. This is especially true if a community (or a neighbor) is continued on page 20

Real Estate Journal · Winter 2016


Real Estate Journal

Legislative Update

The Key to a Strong Industry? Successful Members By Rebecca McLean, Executive Director, National REIA

T No Mortgage Tax in the owed principal amount. The taxbreak, which had expired at the Highway Bill: end of 2014, was reauthorized and made retroactive for all of 2015 and will cover all of 2016. The forgiven mortgage debt exemption is expected to save homeowners in this situation over $3 billion for tax year 2015 alone. The provision was originally signed into law by President GW Bush as part of the Mortgage Debt Forgiveness Act of 2007. It was supposed to run through 2009 but has been extended several times. Keep in mind, however, that this issue will have to be revisited once again at the end of this year. REIA members Congress Passes Extension are encouraged to contact their representatives of Short Sale Tax-Break in Congressional and voice their support to make Year-End Budget important this tax-exemption Just before Christmas, Congress permanent. passed and the President signed a year-end omnibus budget bill Stay up to date: that included over $1 trillion and To learn more about these and new spending as well as over $600 other important issues affecting the billion in tax cuts. Included in real estate investing industry, visit those tax cuts was an extension www.RealEstateInvestingToday. of a tax-break for homeowners com and follow on Twitter @ relieving them of paying income REI2Day. tax on the difference between what ■ they owe on the mortgage and the amount raised in a short sale – especially if the lender reduces the In a win for the entire real estate industry, at the end of 2015 Congress passed, and the President signed, a bipartisan 5-year transportation bill that excluded the use of “g-fees” (in essence, a tax on mortgages) – that the Senate had previously inserted as part of its funding mechanisms. National REIA raised concerns about the issue with industry partners and followed it closely. Passage of this bill marks the first time in a decade since a full transportation budget lasting longer than two years.

he good news is you’ve got more choices than ever. Try this strategy or that one? Quit a full time job to invest or attempt to handle investing as a second income? Take on a partner or do it all yourself? How about staff ? What software, apps or online resources are the best to help me manage? The explosion of choice is one of the unanticipated, unavoidable, outgrowths of the convergence of technology, abundant capital, economic growth, and a changing market—the new world of business in which all of us work and live. The bad news is you have tougher decisions than ever. Every choice involves higher stakes. The margin for error shrinks. The variables get more complex. The uncomfortable news is that no matter what you decide you can’t really predict the outcome— much less control it. That makes research, support, information, education, and networking so very important to real estate investors today. The same challenges and opportunities you are struggling with are similar to those that your fellow investors face as well. That is why it is incredibly important for us to have thriving associations with many resources and a lot of support for the investors of today and tomorrow. Our associations play a vital role in keeping our industry strong and our members successful. As

our economy and our industry changes REIA’s will be even more important resources for the support that is needed. We also need associations to support and protect investors. National REIA has significantly increased our research efforts and our legislative efforts to benefit the real estate investing industry. From alliances with similar industry groups, paid lobbyists, and partnerships with National Universities, REIA is strengthening its position in the industry to benefit our members. Check out our blog for ongoing updates on industry trends and legislative actions that may affect your business at rea lestateinvesting today.com. Also stay tuned to your local REIA and the National REIA website for updates and announcements of new benefits. ■

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Real Estate Journal

By Julie Johnson, realprotect

Making Sense of Your Insurance Questions

W

hat is the difference in

the typical homeowner’s policy and coverage for a real estate investment? Where do I start? Am I really covered? What happens in a claim? Should I choose replacement cost or actual cash value? Do I have to have co-insurance? These, among others, are common questions asked by the real estate investor. There is a delicate balance to be sure that you do not over-insure or over-pay for your insurance coverage, while also ensuring that you are covered in the case of a loss. To delve into the world of insurance and ensure you make the best choice for your investment properties, it helps to first understand the basics. Insurance for the real estate investor is a niche, and doesn’t fit into a box with your regular homeowner’s coverage. Common terms you may see in studying insurance options are ‘Replacement Cost Value,’ ‘Actual Cash Value,’ ‘Functional Building Evaluation,’ and ‘CoInsurance.’   Replacement cost value, or RCV, is the actual cost to replace or repair a structure at its pre-loss condition.   Replacement cost coverage in a property policy provides for new property of like kind and quality to replace covered property destroyed or lost due to a covered peril.  Actual Cash Value, or ACV, is the cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence.     For example, you have a fire loss at your home that was built in 1980 and the fire causes $100,000 RCV in damages.  The insurance company deducts $30,000 in depreciation from the RCV of $100,000 and issues an ACV payment of $70,000 minus your deductible.  If you have

an ACV Insurance policy, you would be paid $70,000 minus the deductible for your loss, but you would not be compensated for the depreciated amount of $30,000. Functional Building Evaluation is the basic valuation provision that permits the insurer to replace damaged property with a functional equivalent, typically used with older properties where original materials are either unavailable or prohibited due to expense.  In a nutshell, the valuator determines the functional equivalent.  The cost to recreate outdated construction techniques from the early 1900’s can be staggering (i.e. plaster versus drywall).  Your Victorian home’s value may be $300,000. However, to pay someone to rebuild it using the exact techniques and materials used in the original construction may exceed $500,000.  Functional replacement cost valuation means your insurer will cover the replacement cost to build your home using the most up-to-date techniques and material available at a lower cost in today’s market.

Co-insurance is a common property provision that requires you to carry insurance limits equal to a specified percentage (often at least 80%) of a property’s replacement value in return for a reduced rate. If the insured fails to carry a sufficient limit to satisfy this provision, a penalty is applied that results in the insured becoming a “co-insurer” on the claim.   In insurance policies with a co-insurance clause, if you are insured for less than 80% or less of the replacement value at the time of the loss, you may be penalized. With a policy designed to meet the specific needs of the real estate investor, realprotect is the preferred partner for National Real Estate Investors Association (NREIA). Originating out of an insurance and real estate firm established in 1928, realprotect is the expert in insuring real estate investments. Available in all 50 states, realprotect insures fix/flip, buy/hold, and buy/sell investment properties.  Unlike other insurance policies, the realprotect policy

waives co-insurance, regardless of settlement. There are no inspections for 1-4 unit properties, which are covered as residential. Properties with 5-10 units require inspections and are covered as residential/commercial.   Mold, pollution, water backup, and vandalism are included.  With options to cover occupied, vacant, or properties undergoing renovations, realprotect provides coverage for an unlimited number of homes with multiple deductible options. There are three easy ways to get a quote. Visit www.realprotect.com, email jjohnson@realprotect.com, or call 1-800-579-0652 (Press 3). In addition, National REIAU offers a video package with additional information about insurance products. Please visit www.nationalreiau.com for more information. ■

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Real Estate Journal · Winter 2016


Real Estate Journal

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Real Estate Journal · Winter 2016

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Real Estate Journal

Focus on Kitchens and Bathrooms to Maximize ROI

By Cameron Mickey, The Home Depot

W

hen looking at home upgrades, every real estate investor is trying to find the optimal balance between cost and ROI. When considering your options for interior improvements, two of the first rooms you should look at are the kitchen and bathroom. According to Remodeling’s 2015 Cost vs. Value Report, minor kitchen remodels yield a 79 percent return on investment, the best of any room in the house. Bathrooms also yield a strong return of 70 percent.

Updating a kitchen can range from small tweaks to a complete overhaul. For a smaller remodel, focus on simple tasks like changing the paint on the walls and cabinets. Choose a neutral color to avoid turning off potential buyers with something too specific or intense. If the kitchen needs a full remodel, take care to invest in the right upgrades to improve the bottom line. Generally speaking, you can spend between six and 10 percent of the total home value and position yourself to get fair returns.

As for key upgrades to make in these rooms, hopefully this quick list confirms what you’re already doing: • Countertops are a great place to invest both in the kitchen and bathroom. Granite is still one of the most popular materials / looks. It costs a bit more up front, but one way to save is by avoiding high-end or exotic colors, veins and patterns. To many

customers or potential buyers, granite is granite. • Cabinets are also a great place to add value to a home. There are plenty of ways to update and upgrade cabinets without completely replacing them. Add features and amenities like new hinges and soft-close doors / drawers. You can also paint or reface the cabinets with a new, stylish veneer. Finally, look into replacing the knobs to make the cabinets look more modern. • Appliances have the potential to make or break a kitchen, especially for prospective homebuyers. They can also be one of your biggest investments, depending on the extent of your remodel. Like granite for countertops, stainless steel is still popular for major appliances. Whenever you can, look for suites rather than individual appliances. Not only will this give the kitchen a uniform look, but it can mean significant savings on the unit price for each appliance included.

When it comes to bathrooms, simple changes can make a big difference. If the bathroom is in pretty good shape, consider cost-effective updates. • A new paint job can completely transform a room. Creating a spa-like bathroom was one of the biggest trends for 2015, according to National Kitchen and Bath Association. You can easily create that look by refreshing paint to a pastel, such as secret blush or dreamscape gray. If you want to focus more on savings than color choice, look to the BEHR PRO™ line of commercial paints. continued on page 23

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Real Estate Journal · Winter 2016


Real Estate Journal

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Real Estate Journal

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Real Estate Journal 路 Winter 2016


Real Estate Journal

L

“Vacation with an Education” on National REIA’s 18th Annual Cruise

et’s face it, the majority of con-

ferences take place at some convention center in a far off place, which may or not allow you to relax and have a good time while attending. That’s where National REIA’s annual cruise is completely different. The theme for 2016 is “A Vacation with an Education” and it is all that and much more. The ship departs from Ft. Lauderdale in late February embarking on an 8-day journey with stops in the Bahamas, U.S. Virgin Islands, and St. Maarten. Along the way will be a variety of educational programs, updates, insights and events all geared toward the real estate investor. Recently there has been a lot of talk about innovative ways to finance your property purchases- from

By John Notorgiacomo, REIFA

O

Crowdfunding to Syndications. The cruise will cover not only these newer topics but ones you may have never considered – such as Be Your Own Bank, presented by financial planner Doug DeShield, covering the ability to use your Life Insurance to fund deals. This strategy takes some patience but has amazing capabilities!

The session on The State of Real Estate Financing will cover changes in IRA policies, Crowdfunding laws, the day-to-day use of private money, and syndications. Conventional financing will also be covered as well as the effect of credit scores, credit availability and more. The ever-popular Industry Update is back again with long

distance input from Chris Kuehl, an industry economist whose humor rivals his insight (see article on pg. 1). The Town Hall discussion after his outline is often the most anticipated session of the cruise. Everyone listens with great interest to what other members are experiencing across the country in their day-to-day operations. This pairs with the annual legislative update from NREIA. It was discovered at the 2015 National REIA MidYear conference that there were many developing hot industry topics that needed more attention. As a result, there are new rental topics to discuss in the “Not Your Father’s Rentals” session. Also covered will continued on page 18

Crowdfunding Your Next Real Estate Deal

ver the past decade, crowd-

funding has been growing bigger and better. However, it’s only really become a hot topic to the public in the past four or five years; I would postulate that this is because of the advent of platforms like Kickstarter and Indiegogo. These two sites really opened up the crowdfunding universe to the little guy, businessman and stay at home mom alike, allowing dreams like the “Exploding Kittens” card game and the “Coolest Cooler” to become a reality.

However, there seems to be a misconception among the general public as to how the process works and, if you look at some of the less successful campaigns, you’ll see why. For many, Kickstarter is where you go to post an idea you have, fill out some information about it, and then have people give you money (for free) to make that dream come true; Simple. If only, if only…..Because in reality, that only falls under step one, “creating Real Estate Journal · Winter 2016

your story.” Because in addition to having your product and your story, you need a good video, solid pictures, compelling and dynamic perks, your own website with additional information and, last, but certainly not least, you need to be doing constant public outreach within your niche or community. That is the step that so many individuals seem to underestimate and undervalue. Doing some positive marketing will not only gauge interest in the product before you go to the effort of launching it but it will also seed & grow interest in that community. In short, crowdfunding a product or idea on Kickstarter can be a long and tedious process. However, crowdfunding real estate on a platform like Patch of Land (as an example) is entirely different. There is much less involved when using crowdfunding for a real estate project. For starters, when listing a project on a REI crowdfunding platform like Patch of Land, the process starts by signing up as a borrower (if you haven’t already) and then applying for a loan. Once approved, you can then post your listing - which includes providing the usual information you would normally give to any investor to perform due diligence. That

information includes particulars about the house, APR, ARV, loan term length, etc. It’s as simple as that. At this point, the process becomes a lot like the fabled Kickstarter dream mentioned before, only you simply wait to be funded. Now, that’s not to say you couldn’t do some marketing if you wanted to. For example, if you’re a REIA or REIFA member, some REIA’s will post properties that their members are currently working on to their Facebook page or their Twitter account. Utilizing some positive marketing certainly wouldn’t hurt your chances of getting funded. However, the reason why crowdfunding your real estate project is a less convoluted process is because of its intended audience. These are people who are looking for a project to invest in, not browsing around to look for a cool idea with some neat perks/rewards just for donating. Your target audience does not need you to convince them to help crowdfund your property - the property can do that all by itself, especially if it’s a good deal - and why would you take a bad deal, anyway? The bottom line; Real estate crowdfunders have more long-term vision and are in it for the returns, not some flashy perks or a product.

If you’re interested in checking out some good quality real estate crowdfunding platforms, I would recommend taking a look at Patch of Land, Realty Mogul, Prodigy Network or Fundrise. Some of the biggest and most successful real estate crowdfunding deals done in 2015 have been on these platforms – and we’re talking beautiful, amazing properties. These are platforms that can take you places. In short, you should definitely consider using crowdfunding for your next property listing. Sure, there are some fees involved in some platforms, but as a real estate investor, you should be more than used to having to read the fine print and doing your due diligence. Try it out and, if you do, let us know how the experience went for you. We’d love to hear your feedback. For more information about crowdfunding, please visit www.reifa.org. ■

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Real Estate Journal

Post-Foreclosure Evictions What You Need to Know by Evan L. Loeffler, Loeffler Law Group PLLC

P

urchasing property at a fore-

There is no statute or case law that closure sale can bring some provides for free rent to occupants unforeseen consequences. of foreclosed property for any Sometimes the property is still oc- period of time. cupied, either by the former owner, the former owner’s tenants, or Some common post-foresomeone who simply intends to closure scenarios: stay there until forced to leave. The • The occupant has no lease or following are some considerations has damaged the property. when placing a bid at a foreclosure sale. Always remember to consult state & local laws/ordinances as they vary from state to state. The simplest post-foreclosure eviction situation is if the occupants of the property are former owners. In many states, the law gives former owners 20 days to move. No additional notice is required. While the former owner may contest the foreclosure sale— which is not uncommon—in most cases there is little defense to the purchaser’s right to possession of the property. For tenants occupying recently foreclosed property, the process is more complicated. The depending factors could include whether there is a bona fide lease and the political jurisdiction the property lies within. The first step is to determine whether the tenant has a “bona fide” or genuine lease. A lease is bona fide if it is between unrelated persons and for fair rental value. For example, if the former owner rents the premises for $20.00 a month to her cousin and then secretly lives in the basement, the lease is not bona fide. In such a case, the court may invalidate the lease. For a legitimate tenant on a month-to-month rental agreement, in most states, the landlord may give the tenant a notice to terminate the lease giving at least 60 days’ notice to vacate. The last day must coincide with the end of the month. As an example, Seattle, Washington has a “Just Cause Eviction Ordinance” that may require additional notice or time to move. In Washington, if there is a bona fide term lease, the new owner must honor that lease until the end of the term. Prior to December 31, 2014, there was a federal law that created an exception if the property was purchased for the new owner to occupy as a primary residence. That law expired. There is a misconception that tenants need not pay rent for 60 days after a foreclosure sale.

The occupant has no right to remain on the premises and may be subject to eviction 20 days after the sale without the need for a pre-eviction notice. If the occupant is damaging or committing illegal acts on the property the owner may deliver a

3-day notice requiring the occupant to vacate earlier, in many states. • The tenant or the former owner alleges an ownership interest in the property. A continued on page 20

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Real Estate Journal · Winter 2016


Real Estate Journal

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Affordable Wholesale Investment Properties 404-937-4011 investornetworkstore.com realtycabinet.com Real Estate Journal · Winter 2016

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Real Estate Journal

- Credit with Score - Preliminary Criminal - Address History

16

- Full Criminal History - Eviction Search - Government Watch List - Sex Offender Records

- Welcome Letters - CRA Forms - Disclosures - Adverse Action Letters - Online Lease Agreements

Real Estate Journal 路 Winter 2016


Real Estate Journal

Member Spotlight ...continued from page 1 Automation systems for small to midsize companies. With the connections I developed with my successful entrepreneurial clients, they funded my initial real estate

with tub-to-ceiling tiling and all new fixtures. The average price in my area is $60,000 to $100,000. My houses go for up to $120,000. Originally I would sell these

place in the Chicago and southern Wisconsin area. From roughly 2003 to 2009 I rode the real estate rise and then down during the real estate free-fall. Then, after taking three years off, I was brought to Milwaukee by a fellow Chicago investor. After seeing the potential, I committed to starting over in Milwaukee in January 2013 and built my entire network from scratch – without knowing a single person!

How do you your investments?

fund

100% of my investments are funded with my equity financial investors. All of the properties are bought and owned in the name of my financial investors. I do not own any portion of the property. Therefore, my financial investors are 100% secured and do not have to go through any foreclosure process to get their money back in the unlikelihood of a worst case scenario.

Describe a typical work week for real estate investor. Are you licensed?

investments. In my family life, I have three daughters and three grandchildren.

Where is your current market and what is your focus or area of expertise is in Real estate?

Currently I have a very specific four by five mile zone in the Northwest area of Milwaukee where I only do single family residences. Typically what we call “grandma” houses. These houses are in great shape with good bones but have never been updated. We upgrade the mechanicals, the electric, plumbing and other fundamentals. Then we go for the grand slam items for our area, new kitchen with open concept layout, plenty of granite, new bathrooms

I don’t know if I would say my work week is a typical work week. In October 2014 I joined Lifeonaire, a mentoring / support group that has shown me how to create my long term, short term and now visions so that I am not working for a living but living my future life, now. My typical work week is based on building the structure and systems around my business model so that the model runs without me. I’m an evening person so my day begins at 9:00am and typically ends around 1:00am. That sounds like a long day but it is filled with a lot of business meetings at restaurants, followed by working on my computer in my living room (in front of my TV) and a lot of personal time like Date Day Tuesday that includes a $5 movie at Marcus Theatre & free popcorn.

houses on a maximum two-year land contract. Therefore I am not competing with the 1,000s of houses on the MLS. I would get a premium price on the house, charge a premium interest rate and get a sizeable down payment. I have since updated my business model. I have assembled a team of realtors and mortgage bankers who enable me to get premium prices with buyers who require a How long have you been six month or less lease option.

How did you get started?

Call 503-221-1260

What are you currently working on?

We just finished our largest rehab that confirmed something we already knew, do not deviate from our business model. Although the finished product is wonderful, we spent way more time and effort on it than we normally do. Never again! In the near term in early December we will probably have up to seven houses on the market.

investing in real estate?

Since 2003 (Chicago 2003-2009 and Milwaukee 2013 to Present)

I’ve been participating in workshops and seminars since the 1980’s. Tell Us About Your First Deal. Clients from my computer With one of my investment consulting business were my initial partners, we bought a single family investors. These investments took house for cash in Harvard, IL. The house was located over an hour away from where I lived. We did a minimum amount of work on it Advertise in and then put it back on the market. After all was said and done, we sold the property after listing it on the MLS. We ultimately lost $600 Circulated To Over 25,000 Real total on the deal but we learned Estate Investors Nationwide a far bigger lesson. Do not buy a house more than an hour away and outside your area of expertise. Because of the losses in Chicago I for more information had to rebuild my reputation when starting my Milwaukee investing. To do so I found an investor who would back me for the next three properties in return for 100% of the profits. To get going again I gratefully and thankfully agreed. I am glad to say that all has worked out. Lesson #1 for new investors, do what you have to do to get the ball rolling even if it is more expensive than what you want.

Real Estate Journal

No

How much time do you put into your real estate education?

I spend a considerable amount of time with my education and networking. I belong to what I have heard is one of the top REIA’s in the nation, the Milwaukee REIA, led by Eric Lundberg. Not only does the organization conduct a monthly general meeting but there are at least four other weekly meetings throughout the month. I go to all of them except for WINGS – which is for woman only. In additional there are national and local speakers that have weekend workshops that I try to attend. And I also participate in Lifeonaire activities.

How has coaching or mentoring played a part in your success? I have been a Lifeonaire Titanium T4 member since October 2014.

continued on page 23 Real Estate Journal · Winter 2016

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Real Estate Journal

The Year of Who Knows?

coming year will be the strength of the dollar. This has been a major issue in 2015 but stands to get much worse in 2016 as the Federal Reserve has finally started to raise rates. The dollar had been gaining strength even without the help of higher interest rates and now the investors will have even more incentive to acquire greenbacks. In truth it is almost a misnomer to assert the dollar has gained strength – it is really a case of the other currencies losing strength. It is also a mistake to assert the dollar strength is bad or good – it all depends on which side of the equation one is one.

...continued from page 1

Those that are trying to export or are competing with companies in countries with a weaker currency are negatively affected but those that are importing are well pleased and consumers are pretty happy with the lower price of imports. The first positive development revolves around jobs. There have been some steady gains in the last couple of years and the economy will begin the year with an official unemployment rate of 5% and even a U6 rate that is under 10%. The number of job openings has not been this high since the start of the recession. Even the quit

Vacation With An Education

be Senior Living, Student Housing, Special Needs Housing, Short Term Rentals, Vacation Rentals ala’ AirBnB and more. Things they are a changin’ and so is the rental industry. Between catering to maturing millennials, aging boomers, and an ever global market this is a very under explored range of topics. One of the most exciting sessions will be the “Real Estate Business Life Cycle”. This panel includes a first time investor, a buy & hold investor, a fix & flipper, a private money lender and an investor who has a business referred to as the real estate machine that does it all. They will talk about the obstacles, fear, success and euphoria that accompany the path from the first deal to the 100th plus deal. Some of the new challenges investors are faced with include deal dry up. What happens when your area becomes out of reach for your specialty in investing? You look for other ways to make it 18

rate is trending back towards normal. There are some caveats though. The first is that too many of the new jobs created in the last year or so are not very good or steady – many are in the service sector and the low paid part at that. The other issue is one that has been very familiar to those in manufacturing or construction or transportation. The skills needed in a new employee are not generally available and there is a shortage of qualified workers. There are many people looking for work but they are not generally hirable. Back to the negative – the second concern. There are always ups and downs in any given economic year and we will have our share in 2016. There will be adjustments to the new rates and there will be some market swoons. All this is to be expected and most of it will be anticipated. The part that will not be as predictable is the political season. This has been an intensely vicious & partisan campaign already with the business community as worried as it can be, having no idea what to expect. The economy has barely been talked up thus far and few policies seem to

be in place. The uncertainty factor will loom large this year and that will stall decision-making. This will result in a very slow start to the year. Now for the closing reference and one that is more positive than not. There is clear untapped potential in the economy and there are reasons to think this will unlock sooner than later. Corporations have been hanging on to their cash and banks have been holding on to their money because the corporations are not in the mood to spend. Consumers have a lot of cash as well and they have larger balances on their credit cards than in the past. There is money to spend when and if there is a desire to do so. The catch is that nobody quite knows how to dislodge it. Most of the motivations for consumer spending are now in the past (and Christmas was not great). The corporate community is doing more merger and acquisition but thus far it has been for tactical reasons rather to boost growth. The point is there is potential for a good 2016 if spending starts to unlock. ■

funds really going to keep their single-family rentals or will they dump them into the market this year? The crystal ball tells all! However, cruise is never really complete without all of our Q&A sessions. In addition to the topics already mentioned, many of which have extra time in Q&A, there are varied topics for every kind of investing interest; P2P lending vs. crowdfunding vs. syndications, Build Your Personal and Business Credit Profiles to Hit Any Lender’s Funding Bull’seye, Profiting from the Cannabis Industry, Landlording technology tips with advanced screening information and insights, Buying out of Bankruptcy, Bed Bugs, and Insurance – the unsexy side of asset protection but your first line of defense. Also being featured is pairing a brand new investor living through their first deals/major acquisitions with seasoned investors to give a broad prospective of traditional topics such as building a multifamily portfolio, and HUD Homes. Last but not least, there will be REIA leadership topics for those interested in improving their association; National REIA Benefits Update with 2016 additions, REIA Growth thru Programs, Professionalism, and

Profitability , and New strategies in REIA Leadership. Of course this is an education vacation so let’s not forget the games. You will never see creative financing and due diligence look like this on dry land! Past cruises have featured Shark Tank and Deal or No Deal but this year’s Property Wars could be the most exciting of them all. Unfortunately, this year’s cruise has been sold out since October, which has been the case for the past three years. If you weren’t able to make it this year, don’t worry…. another one is just around the corner in early 2017. Watch for more information in the coming months from National REIA and by visiting www.nationalreiacruise.com. ■

...continued from page 13

work. You can switch specialties or look to invest in another area. This dilemma is covered in “Diversifying Past Deal Dry Up: Development vs. Long Distance Deals”. The panel includes a fix & flipper turned developer, an expert in out of state deals, and those who help you feel comfortable doing either, i.e. inspectors, insurance agents that help with due diligence, title work experts and more. There will be live interviews with two investors who have taken very different paths to success and building a profitable business to hear how they chose their niche and the down & dirty on building a team and redefining a profession. Finally there is a session on the Real Estate Crystal Ball, which will attempt to predict what the industry might experience in 2016. This looks at Buy and Hold vs. Fix and Flips. It will also explore the effect new trends in lending will play. What about Turn Key Investing? And are the hedge

Real Estate Journal · Winter 2016


Real Estate Journal

It’s All About the Tenant ...continued from page 1 that they can sign online with just a few mouse clicks.

like and less time bringing in new applicants and tenants. Let’s take a quick overview of the process to see just how easy it is: • Find your interested applicant and get their email address. • Send them an email inviting them to fill out an online application, or include a digital link within the ads you place on Craigslist, Rental.com, or other websites. • After your potential tenant has completed their online application, receive a full credit bureau report (including a score) along with instant criminal history data so you can know what kind of applicant you’re working with. • In just 4 to 6 hours, get feedback from our trained investigators after they have searched thousands of additional court jurisdictions, aliases, and databases that aren’t available through instant background searches. • Once you have found the right tenant, send an electronic, state-specific lease

• Collect proof of renters insurance and receive verification directly from the insuring firm (and be notified automatically if the policy is ever canceled). • And finally, collect rent electronically through ACH, credit, or debit cards deposited straight to your account every month.

record – and wonder whether they should bother wasting the fee. The best candidates, on the other hand, will know that they have nothing to hide and will qualify easily. Their thoughts will be: “I’m excited to move into my new house.” Having applicants pay for the screening process is a powerful selection tool itself. It stops those who wouldn’t qualify from wasting your time, and makes it easy for the right renters to move into your property with a minimum of time and hassle.

As if this process wasn’t convenient enough, everything can #3: Lower Your Liability be handled on the go from a smart As real estate investors, we all phone or tablet. It’s a modern, have a handful of words that can simple way to take control of your make us cringe: Fair Housing, own schedule. FCRA Violation, and Plaintiff ’s #2: Never Spend Good Attorney are just a few. There are a lot of rules and Money on a Bad Tenant regulations in our industry. And How many applicants do you yet, those guidelines are filled with have to screen before you find so many holes that we are often the right one? Although many sitting ducks for discrimination investors think of that wasted time lawsuits. That’s why ISC teamed and money as “just part of the job,” up with Experian years ago to those background fees can add up create a system that would lower a very quickly. landlord’s liability. Why not have applicants pay With ISC’s system, you no those fees themselves? That doesn’t longer run a background check just save you money, it makes it less on your applicant – you invite likely that you’ll waste time on the your applicant to share their wrong renters. background with you. That might When you require applicants seem like a small difference, but it’s to pay for their own background a complete shift in perspective, and screening, one of two things will a game-changer for landlords and happen. The wrong kind of potential property owners. renter will think to themselves When applicants are the ones that they have red flags in their who order and pay for their past – like a poor payment history, background checks, it takes away evictions, or a serious criminal

many claims that they could make about landlord violations. It means you no longer have to fear hearing an applicant say: “You did not give me the right disclosure,” or “you ran a background check without my permission.” The simple answer, in both cases, is that you didn’t disclose anything or run an applicant’s background check, they did. In addition, their intuitive process walks you through requirements you might not have even known about. For example, when you decline a resident, ISC’s system sends out an adverse action notice for you, ensuring that you are compliant with FCRA regulations. And their online platform is secure, password-protected, and is behind a multi-layered firewall that protects everyone’s personal data. They even have customer service staff standing by to help you and your potential tenants with the application process. Limiting liability is easy when you have the right tools in place, and can be invaluable when it comes to protecting you from the unknown. Have you been doing enough to limit your exposure to lawsuits and claims? As a membership benefit of National REIA, ISC is offering a discounted set-up fee for new accounts. To take advantage of this offer, text the word “REIA” to 313131 on your mobile phone. You can also call 877-922-2547 or send an email to info@iscscreening.com. ■

Advertise in Real Estate Journal

Circulated to over 40,000 real estate investors nationwide

Call 503-221-1260 for more information • www.rentalhousingjournal.com Real Estate Journal · Winter 2016

19


Real Estate Journal

Post-Foreclosure Evictions party with a legitimate ownership interest in the property may not be evicted using eviction laws. Usually, the deed transferring title to the new owner is sufficient to defeat any such claim. If not, the trustee or title insurance carrier (assuming the new owner purchased title insurance) may have to defend the new owner’s claim. The new owner will seek an order from the court to “quiet title.” This process will take substantially longer than an eviction.

...continued from page 14

this time, the new owner may be required to continue mortgage payments on the property. Often, seeking legal counsel as soon as possible after the foreclosure sale will save you time and money. An attorney can assist you by analyzing the situation, informing you of your rights, and developing a plan to remove the occupants as quickly and affordably as possible. ■

2016 Planning & Strategy

...continued from page 6

directly impacted by a front-page tragedy – whether it’s urban unrest or outright terrorism. Now more than ever it’s vitally important that reasonable business-owners reach out to their local elected officials, introduce themselves and get to know them. That will pay dividends in the event of knee-jerk legislative reactions, when their investments are neither kicked to the curb nor ground-up under the boot of regulations but are given thoughtful consideration. National REIA continues to work with local REIA’s by providing support and strategic advice for

their legislative outreach. This in turn has a positive impact on elected officials that ultimately protects and benefits real estate investors all across the spectrum. Please don’t hesitate to contact National REIA for information and support about how to conduct this outreach. Likewise, be on the lookout for additional information coming forward, like friend of the court briefs on federal cases that set national precedents! ■

• The former owner or the tenant files for bankruptcy protection: If the occupants file a bankruptcy petition, every lawsuit, eviction or other legal proceeding against the petitioner stops until the new owner gets permission from the bankruptcy court to continue. Resolving this tenant situation usually requires the assistance of an attorney familiar with bankruptcy law.

Strengthening Our Foundation

• The tenants have a bona fide, unexpired lease: The new owner must honor the terms of the lease in accordance with state & local laws/ordinances - which vary from state to state. At any time, a new owner or landlord may offer occupants an incentive to move. A “cashfor-keys” agreement is legal as long as both parties agree. Any agreement, however, should be in writing or it cannot be enforced if the tenant changes his or her mind after taking the money. Legal costs for a post-foreclosure eviction range from as little as $150.00 to thousands if the occupants contest the eviction every step of the way. An eviction may take as little as a few weeks to several months. Most eviction cases take about a month. During

Think Big Solutions. Think Big Results. Rentals.com is always creating ways to enhance our customer’s experience, and ultimately deliver more leads. Stay ahead of the game by posting your listings on our sites to gain maximum exposure to renters. Online or on the go with our

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mobile app–we’re taking the burden off your shoulders with the Rentals.com Family of Sites. From a website redesign to increased SEO efforts, we’re doing everything we can to strengthen our foundation and bring you qualified renters. ©2015 RentPath, Inc. All rights reserved.

Call 503-221-1260 for more information 20

-StrengtheningFoundation_Columns.indd 1

11/20/14 10:51 AM Real Estate Journal · Winter 2016


Real Estate Journal

Real Estate Journal 路 Winter 2016

21


Real Estate Journal

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PIPGroupTaxLiens.com Real Estate Journal · Winter 2016


Real Estate Journal

Member Spotlight ...continued from page 17 This group of people, real estate investors, business people, homemakers and retired people all are sharing their collective challenges, experiences and knowledge to help one another advance in our living for today, versus waiting for tomorrow. The collective minds and accountability has made my life stretch beyond what I would do myself.

Focus on Kitchens & Bathrooms ...continued from page 10

when other people have rejected or treated them less than kindly. The respect we’ve shown them and the ability to get them into their first home has brought tears to their eyes on more than one occasion.

Tip that you would pass along to other investors

I have two. Don’t over Einstein things, i.e. paralysis by analysis. It is good to be thorough and educated but when you get to the What are your current goals point when you have 100 reasons and future goals? why not to do the deal - and keep Being involved in real estate adding more reasons - then you’ve investing during the heyday and gone too far. ultimate bust periods up to 2009, Second, consider doing a joint I was guiding a large fleet of venture with someone. Determine investments for my partners that what you have to offer, even if it is ultimately sunk to one degree or your time and legwork, and then another by 2009. I have committed find someone who is so busy that to those Chicago investors that I you would fit their bill. would return their investment. To

• Fixtures like toilets, faucets and showerheads can give the bathroom an updated look without a huge investment. For instance, updating the showerhead with a modern product that is WaterSense-certified can make a difference for buyers interested in sustainability features.

pick the perfect vanity at a price that won’t eat up your entire budget. • Flooring is key throughout the house but perhaps especially in the bathroom. Tile remains popular, and it can get expensive if you let it. Focus on middle-of-theroad options with colors and patterns that play well with tile in the shower, as well as other flooring around the house.

If the bathroom needs more attention, focus on a few key areas to get it Be selective when taking on a looking good as efficiently remodel. Start with rooms like as possible. the kitchen and bathrooms to

that end my first payments have all been made and I have a schedule to return the remainder. Once all of those funds have been returned, I will use the same business model to fund my retirement.

How important is joining a REIA to a new investor?

Joining a LOCAL REIA is the SINGLE most important thing you can do. As a new investor you must join your local REIA. It will save you time, money, sweat and What has been your top heartache. It will open up great struggle in this business? opportunities that you wouldn’t There has not been a top struggle. have otherwise. I cannot stress I have a business model where I enough how important it is to join have outlined all of the functioning your local REIA. pieces. In the beginning my initials were in each box for each Favorite Self Help/Business function. As time progressed, I book(s): filled in someone else’s initials in The E Myth by Michael Gerber, each function based on priority Rich Dad Poor Dad by Robert and availability. Each need, each Kiyosaki, and the Bible. function, has been filled when I needed it. My most recent need Do you have any interesting that is met was assembling a team hobbies or something unique of realtors and mortgage bankers that could create and handle the that you like to do? I am the biggest Jeff Gordon volume of prospects my houses NASCAR racing fan that there generate when selling on a 6 month ever was. I have been following or less lease option. him since before he broke into the What do you like most about Sprint Cup Series in 1992 – back when there were two Gordons, what you do? Robby and Jeff. I also have a This is a totally unexpected passion for anything involving benefit of what I do. I never transportation, cars, planes, trains, realized the joy and happiness I tractor-trailers, yachts, full size would bring to my clients who are and radio control. first time homebuyers – especially ■ Real Estate Journal · Winter 2016

• Vanities are one of the main focal points in a bathroom. Luckily, you can find quality in-stock options that enable you to upgrade affordably so you can invest more elsewhere. The Home Depot offers a vanity configurator to

give yourself the best chance at solid ROI. Even within those rooms, keep it basic when you can so you’re able to invest more in high-visibility updates for which potential buyers are looking. ■

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Real Estate Journal · Winter 2016

Profile for National Real Estate Investors Association

Real Estate Journal - Winter 2016  

Real Estate Journal - Winter 2016 Real Estate Journal is the premier journal for Real Estate Investors, Lenders and Crowd Funders. Publishe...

Real Estate Journal - Winter 2016  

Real Estate Journal - Winter 2016 Real Estate Journal is the premier journal for Real Estate Investors, Lenders and Crowd Funders. Publishe...

Profile for nreia
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