Mid-America Association of Real Estate Investors announces Michael Williams of the Michael Williams one of the "Rogue Investors" here in Kansas City, joins us to discuss Tax Deed Investing on Tuesday August 11th , 6pm at the Overland Park Marriott. This event is FREE for member of MAREI with a small guest fee. Please see web site for complete details at www.MAREInet.com or call 816-523-4400
With the Tax Sales in the State of Missouri being in August, many people are asking:
•· What happens at the Tax Sale?
•· Can I get a good Deal?
•· What do I need to do?
So let's take a look at the Basics of the Tax Deed Sale and if you are in the Kansas City are, be sure to attend the August 11th Meeting at the Overland Park Marriott.
Tax Deeds - or as they are sometimes called, Sheriff's Deed Sales, are sales of property in which the county, city or other taxing district forecloses on a property for failure to pay taxes. This allows an investor to buy the property for as little as the taxes owed. In some cases, it is possible to buy property for 50, 75 or even 90 percent below market value. A few states even have a right-of-redemption period in which you can earn flat interest rates of 20 percent in Georgia and 25 percent in Texas, even if the properties are redeemed in less than one month.
Some states set minimum bid amounts for properties in addition to the taxes owed, so it is important to educate yourself on how to maximize your investing.
What is a Tax Deed and How does the Tax Deed Sale process work?
A deed is a document that transfers ownership to property. A tax deed is a special type of deed resulting from nonpayment of taxes.
In many U.S. states and Canadian provinces, Jerry Latepay is given many opportunities to pay his taxes. After multiple warnings, the county puts his property up for sale to investors, often for as little as the taxes, penalties and fees that Jerry owes. At a tax deed auction, the winning bidder receives the deed to Jerry's property. In some cases, Jerry may still have a short time to redeem after the sale; otherwise, the investor becomes the legal owner of the property.
The investor may have to wait a year or so to obtain a marketable title, but the investor may have just bought Jerry's property for a fraction of what it is worth.
What are the Benefits of Investing in Tax Deeds?
They can be summarized as follows:
Obtain property ownership for 50 to 90 percent below market value: Although it varies from state to state, in certain circumstances you can obtain an entire property for only the taxes and penalties owed. In many cases, you can obtain properties for 50 to 90 percent below market value
Investment secrecy: If few people have heard about tax lien certificates, even fewer people know anything about tax deed sales. When we started researching tax sales, we found very little information on how to invest in tax lien certificates and no information on how to purchase property at tax deed sales. However, many states have tax deed sales and there are more tax deed sales than tax lien sales. The supply of foreclosed properties almost always exceeds the demand. In the United States there are thousands of counties that have tax deed sales every year. At each auction, hundreds of properties may be available. Many states have so many properties that they have foreclosure lists based on how many years the property has been in foreclosure.
What are the Risks or Drawbacks of Investing in Tax Deeds?
The drawbacks of tax deed investing can be summarized as follows:
Liquidity: If tax liens certificates are not liquid investments, then tax deeds are even worse. In some cases you will have your money tied up for several years before you can sell the property, because title companies may not issue title insurance on the property until all liens are cleared and it obvious that clear title can be granted. This process can take more than a year.
Complexity: Tax deed laws vary from state to state.
Time: Tax deeds sales require a time commitment to learn the rules of a state and its counties, research properties and attend auctions.
Risk: Purchasing foreclosed property at a tax deed sale definitely has some risk. You must do your homework. Remember, once you buy a tax deed, you will own the property including all of its potential problems. In addition, title companies sometimes will not issue title insurance for at least the first year on any property bought at a tax deed sale. This means it could be hard to get a loan until it is clear that everything is fine with the property.
Capital: You definitely will need more capital to buy properties at tax deed sales. Although it varies from property to property and from state to state, you will likely need a minimum of $5,000 to $10,000 to get started in tax deed investing. Check local rules and regulations.
Much of the information in this press release is from our Guest on August 11th, Michael Williams. Michael is co-author of the book and online course, Rogue Real Estate Investor Collection, a book that profiles the wide range of investing options available to real estate investors in one comprehensive 500-page manual that covers all 50 states and Canada. For two years, Rogue Real Estate Investor Collection has been one of the top real estate books on the Internet, selling over 5,000 copies.
Mid-America Association of Real Estate Investors Announces their partnership with David Lindahl to bring a totally free two day Wealth Building Conference to Overland Park Kansas on August 15th and 16th at the Double Tree at 69 Highway and College Boulevard.
WE HAVE HIT BOTTOM!
That's right, we have reached the bottom of the housing crash. Home buyers are now struggling to compete with investors who are picking up these properties for CASH! And CASH IS KING! Cash Buyers move to the front of the line! Don't be priced out of your next deal!
Special Offer from Mid-America Association of Real Estate Investors and David Lindahl: Attend our FREE Wealth Building Conference in Kansas City on August 15th & 16th and discover how you can prosper in these economic times.
Just go to www.DaveSecrets.com (that's Dave Secrets)
"The Real Estate Market Has Changed! Have You? I want to show you how to profit in TODAY"S market!"
Investors are back in the market. Learn about apartment investing and raising private money absolutely FREE.
You're just one deal away from retirement. Invest 2 days time in YOURSELF!
That's Right! Attend this event in Kansas City (Overland Park) on August 15th & 16th for FREE!
Jam packed event filled with information you can use to make money now in this economic market!
•· How to invest in real estate that goes UP when the economy goes DOWN.
•· How to break the cycle of work/sleep/work and get your first deal done in under 30 days!
•· No money? No Problem! How to attract all the non-bank money you will ever need to do your deals.
•· Plus other bonuses valued at more than $779
This special event is happening on Saturday and Sunday, August 15th & 16th In Kansas City at:
Doubletree Hotel Overland Park
10100 College Blvd, Overland Park, KS 66210 Phone 913-451-6100
Plenty of parking. It's from 8:00 am to 5:00 pm. (Registration begins at 7:30 am on Saturday)
You can't go if you don't register, so go to www.DaveSecrets.com right now to reserve your seat.
David Lindahl, RE Mentor, Inc. 100 Weymouth Street, Bldg D, Rockland MA 02370
Mid-America Association of Real Estate Investors is a trade association for the Real Estate Community in the Kansas City Metro. Providing networking and educational opportunities since 2003. Find out more about our association and our membership at www.MAREInet.com.
To set the scene, about one or two years ago 1,000s of investors found some really great deals on properties that they could buy, renovate, and resell. (Some bought to rent) They put 5% to 10% down or through hard money rehab loans and refinance, may have bought with no money down. Based on the economy of the day, the buy was a great deal.
Then the bubble started breaking at different times over the past 2 years. Some could not get the home sold, so took a back up plan of selling lease to own and hoping the tenant buyer would cash them out quickly, but they took a while to do it and today, the house does not appraise high enough, so they are faced with taking a loss, or in some cases cash out of pocket because they now owe more than what the house will appraise and sell.
Others had the rentals cash flowing, but the taxes increased over the years, the insurance increased over the years and the interest rates on the loans increased. Their original plan was to refinance into lower rate loans after one or two years, but again with the glut of foreclosures on the market, the houses will not appraise high enough to allow them to refinance, if they can even find a lender that will refinance investment property.
All in all, they really want to sell this non-owner occupied property, but it appraises for less than what they owe and they are stuck. Many times the rent coming is just covers or in some cases does not cover the mortgage. They call me as the Director of the local REIA Group and ask me for advice.
First let me say I am not an attorney, and I would recommend getting competent advicee from the right people. But I am going to share with you what I have observed. Secondly, this is for non-owner occupied houses, if you live in your house, many of the new foreclosure laws will force your lender to work with you on many of the options I am going to share, but if it is non-owner occupied, you are pretty much at the mercy of the lender.
I would start with a phone call to your lender or lenders and outline the situation with them. You owe more than the house will appraise, the rent is barley or not covering the expenses, and you have to make some tough choices with funds coming in and you may let the house go into foreclosure. Also be armed with data on the area, how many bank owned houses are currently for sale in the area, how many boarded up houses are in the subdivision, how long it is taking bank owned houses to sell, and the prices they bring.
Ask them for your options that they can give you.
We called on some of our properties and they were willing to modify the loan. Your lender may or may not do this. They might lower your interest rate. They might reduce the amount owed. They might re-amortize over a longer period. They might put back payments on the end of the loan. They might do any combination of the above. And they might not.
Remind them of the new law. Remind them that your tenants just signed a 1 year lease and if they foreclose, they are going to have to manage your tenants for that year plus 3 months. Banks are not property managers, so they might be more willing to work with you.
If that works great, if not ask them about a deed in lieu. Would they be willing to take the house back and declare the loan paid in full. Some will, but others may want you to sign a note for the deficiency and get on a payment plan. May be ok if the deficiency is only a small amount, but most people are seeing deficiencies of around $20,000, and most people do not want to agree to paying off that $20,000 in debt. But it might be an option for you. You sign it back over to the bank and they write off the loan either with or without the deficiency judgment.
The last option, would be to see if they will consider a short sale. Never mind if you are current or not. Talk to them and let them know you will be late soon and many of the banks will consider your short sale option. If you can sell close to the amount owned, but not quite, they will be more willing. But if you owe say $60,000 and you can only get offers in the $15,000 to $20,000 range, they might not want to play, and again they might bring up the deficiency again.
If you want to try the short sale approach, contact your local REIA with your situation, and ask them for one or two people that work short sales in the group and see if they might take on your project. You could even work one yourself if you can get a member of the group to make an offer. Also note that often times the offer made on the short sale, will set the price of the sale at the courthouse. So if you can't get the deal worked, at least you have a rough idea of what the opening bid might be, and your person making the offer might be able to buy it at the courthouse. That's the way it works many times, so do with that what you will.
If you have tried what you can as the person or company that owes the loan and you just can't get anything to work, all is not lost, there are still options. For another resort, you might want to get with a loan modification specialist, they might be able to renegotiate your loan for a fee - usually about $1500 is what I have seen. They often times have an attorney review all your paperwork and find some mistakes that could be used to sue the lender, and the lender might back down and renegotiate as they loan could be set aside completely if there are mistakes, and almost every loan made in the past few years is going to have one or two mistakes in the paperwork somewhere.
Another option would be to find the note buyers in your REIA group. In this case they collect all the same information on what the house would sell for should the bank foreclose, plus all the cost of dealing with your tenant or dealing with the vacant property should it be vacant. But instead of going to the loss mitigator that modifies the loan or approves a short sale, they go to a person that can negotiate the sale of your mortgage itself.
It seems that the sale of notes and mortgages do not have the rules of loan modification and short sales. The sale of notes at a discount are a lot easier and the lender may be very willing to let your note buyer buy your note at a substantial discount. The bank gets the potential bad debt off their books, they don't have a loan modification, a foreclosure, a short sale, or a delinquency on their books. Then the note buyer becomes your bank, they then may be able to: (1) work with you to reinstate the loan at better terms that work for the rent you have coming in, (2) sell the property at a current value and get you out of the house, (3) partner with you in the deal in some way. Again go to the REIA group and see who buys delinquent mortgages.
I hope this give you some ideas. If you have a Kansas City area investment property that you are upside down in, please call our office at 816-523-4447. Or email kcmoHomeBuyer@gmail.com with the details on the house: (1) address, (2) beds, baths, etc, (3) rent and lease terms, (4) mortgage owed, payments, late fees, (5) condition of property and cost of needed repairs. We may be able to work a short sale or buy the note. We can't help everyone as we don't buy in all areas, but if we can't we may know someone who can.
As a note of the deficiency judgment, we had a debt collection company visit and speak at our RIEA group and they said the best way to stop a deficiency judgment in its tracks would be to declare bankruptcy. Then it goes away, but there are other issues involved with bankruptcy, so talk to an attorney to explore your options.
Kim Tucker along with her partners Don Tucker and Joe Reece have been buying and selling homes in the Kansas City Market since 1999. They are cash buyer's and can close quickly. They are buying to make a profit and will remarket most properties for sale shortly after the purchase to their pool of cash buyers looking for good rental property opportunities in the Kansa s City market. They can be reached at 816-523-4447 or at www.kcmoHomeBuyer.com. They also have industry partners that they can refer properties to if they do not fit their model.
Stopping foreclosure and buying notes and buying through short sales in Kansas City Missouri, Raytown Missouri, Grandview Missouri, Independence Missouri, Prairie Village Kansas, Mission Kansas, Roeland Park Kansas, Overland Park Kansas. Call us to stop your foreclosure!
Announcement
Mid-America Association of Real Estate Investors announces their July 2009 General Meeting Located at the Overland Park Marriott Ballroom on Tuesday July 14th from 6pm to 9pm. Guest Speaker for the evening is Charles C. Connely, IV, CCIM, and Adjunct Professor in real estate in the Lewis White Real Estate Center at the University of Missouri ⿿ Kansas City Bloch School. He is the Treasurer of the CCIM Institute and on Board of Directors C. Who will be providing us an introductory presentation to Commercial Real Estate Investing.
Offering general overview of the different types of commercial real estate investment available and their corresponding tenants. Find out what are the management responsibilities of apartments, retail, office, industrial, triple net (NNN) properties, medical properties, mobile home parks, etc. What you need to know for financing, buying, and holding commercial real estate investing. As this is an introductory presentation, you should also consider classes through the Lewis White Real Estate Center at the Block School of Business & Public Administration at UMKC as well as an introductory course through the CCIM Institute.
MAREI's general meetings consist of a networking period where our vendors, sponsor, and speaker reserve tables to share their products and services. At the same time attendees can get together to network and exchange business cards and real estate deals. Our meetings are FREE for members of MAREI and have a small fee of $25 at the door. Non-members can visit our web site at www.MAREInet.com and pre-register through our calendar of events and save $10. To pre-register for this event, please visit our web site and click on calendar of events.
Mid-America Association of Real Estate Investors was formed in 2003 to provide Kansas City Metro area Real Estate Investors and Professionals a live and online venue to gain education and to network with each other. Created to provide an honest, ethical, trade association for area real estate in the area and across the country. Membership is $99 annually for one person and additional people may be added for $50 each. To learn more about us, please visit www.MAREInet.com or call 816-523-4400.
Details:
Host: Mid-America Association of Real Estate Investors
Speaker: Charles C. Connely, IV with an Introduction to Commercial Real Estate Investing
Location: Overland Park Marriott at 10800 Metcalf, Overland Park, KS
Date: Tuesday July 14th, 6pm to 9pm
Cost: FREE for members of MAREI, $25 at the door for non-members
More Info: www.MAREInet.com or 816-523-4400
Mid-America Association of Real Estate Investors Presents
DON DEROSA - PRIVATE LENDING 101
90 Minute Starter Presentation Tuesday June 9th
Overland Park Marriott - 7:30 pm Fee for Non-Members
Meeting starts at 6:00 with Registration and Networking
MAREInet.com - General Meeting
All Day Workshop Saturday June 13th
Johnson County Community College 9:00 to 4:30
Check & Networking starts at 8:30 Fee
Don DeRosa presents
Using Private Money to Buy all the Houses You Want
The Ultimate System for Finding and Using Other People's Money
It's the best market to buy houses in years! But credit is tight. So you need to know how to find and use private money. Now.
Join Don DeRosa as he discusses how to get an unlimited supply of money through Private Lenders so...
Beginning investors and old pros can find immediate success using Don's simple system. Here are the five simple questions we'll answer about working with Private Lenders:
Once you learn the answers to these questions, and combine them with the techniques for buying houses that Don will share, there is NO LIMIT to the number of houses you can buy every month. Think of that - your earnings potential is unlimited!
And, you'll hear exactly what Don tells potential private lenders to educate them and show what a safe investment alternative private lending is!
A few of the topics we will cover:
Here are just some of the reasons you absolutely need to know how to use Private Money for your Real Estate Investing...
•· You must close within days to get the deal - banks don't work that fast
•· The bank won't lend money without certain required repairs on a property
•· Between acquisition costs, marketing, holding costs, repairs and selling expenses, you may exhaust you credit line
•· Many sellers need cash now - you will have access to cash that your competitors don't
•· Private lenders are more flexible with payment terms, making it a win-win for both parties
•· When that super deal comes along that will make you $100,000 next month and you can't get the cash to buy it - you'll wish you had access to private money!
•· You'll avoid paying thousands out of your profits in fees and points that banks charge to make money
90 Minute Starter Presentation Tuesday June 9th
Overland Park Marriott - 7:30 pm Fee for Non-Members
Meeting starts at 6:00 with Registration and Networking
Visit with Vendors: Tucker One Properties, Inc., Realty Resource of KC,
REO Insurance, Tile and Stone Warehouse, T.O.T. L Renovations
7:15 Announcements
7:30 Presentation
MAREInet.com - General Meeting ß click to preregister
Non-Members $25 at door or $15 w/ preregistration
Never Attended, read June Newsletter for first time guest pass
All Day Workshop Saturday June 13th
Johnson County Community College 9:00 to 4:30
Carlsen Center Room 211
Check & Networking starts at 8:30 Fee
Print Paper Registration to fax to 816-523-4448
----------------------
About Don, who was featured in the NY Times best seller The Millionaire Real Estate Investor:
In the course of researching The Millionaire Real Estate Investor, we interviewed more than 100 millionaire investors from across the US and Canada. They were all people with extraordinary stories and success. Don DeRosa's story was compelling enough for us to profile him among the top 21 exemplary investors featured in our book. He clearly stands out as a knowledgeable investor who is playing the game at the highest level. We were extremely thankful for his contribution to our book...
Jay Papasan, Co-author of New York Times bestseller The Millionaire Real Estate Investor
Excellent "how to" tool to walk you through creating relationships with private lenders, including initiating contacts, collateral material, and documentation required for closing and working with self-directed IRA funds. Mary Ann T., Atlanta
This course connects all the dots for me. I had previously taken Don's other courses - Short Sale Profits Made Easy and Building Wealth with Real Estate. Private Lending 101 is the final piece to my real estate wealth puzzle. I look forward to making a great deal of money, thanks to Don...Barrett M., Decatur, GA
Wholesale real estate investor in Kansas City Missouri. We buy and sell houses. We also have a networking group at www.MAREInet.com.
Tucker One Properties, Inc. is here to provide you with investment properties in the Kansas City Market.
Our Team
Financing: If you need help in finding financing, we may have a contact that will fit your needs.
Team Building: If you need assistance in building your team here in Kansas City, we can also provide you with potential service providers through our network with Mid-America Association of Real Estate Investors.
Do you want to be financially free? 
Then don't reinvent the wheel, find out what other successful people do, emulate their strategies, and you will have similar results. If you look closely, you will find that most financially successful people are involved in real estate. No other tool has created so many consistent financial success stories. Multi-level marketing, home-based businesses and corporate franchises come and go, but real estate has stood the test of time.
If you are serious and are ready to create both short and long-term financial security for you and your family, then you are off to a great start. By joining your local real estate investing association, you will have access to many great training materials through their web site, superb educational speakers at their many events, and access to the support you need to build your own financial security. The only way you will ever achieve true and lasting financial independence is with the ultimate store-house of wealth: Real Estate!
Mid-America Association of Real Estate Investors (MAREI) is one of the largest real estate investor associations in the mid-west. MAREI members consist of full and part-time investors, beginning investors, real estate brokers and agents, attorneys, contractors, accountants, property managers, renovation specialists, appraisers, bankers - people who want to enjoy the many benefits of real estate investing.
MAREI was established in 2003 and promotes networking and educational opportunities to its membership.
MAREI services members in Kansas, Missouri and Nebraska.
Welcome to Realty Resource of KC
Welcome to Realty Resource of KC, your source for Kansas City Area Real Estate. Offering real estate assistance for home owners, buyers, and sellers as Kansas City Market.
Whether your looking for suburban living in Leawood, Overland Park, Olathe, or Shawnee, Lee's, Summit, Blue Springs, Liberty, or North Kansas City, our agents can help. We have specialists that work through out the metro area.
Not looking for a home, but a Residential Investment Property in one of our wonderful cities? Real Estate Investing in our Market can be very profitable. There are huge opportunities to purchase REO properties for rehab and resale or for rentals. If you have been searching for an area to build a CASH FLOWING Portfolio, the Kansas City Market is the place.
You will find that most of our agents are also Real Estate Investors themselves. And that means that you are working with specialists that know numbers, know houses, and can help you the best deal for your goals, be it to make money on a flip, build a rental portfolio, or find a really great deal on your next Home.
For our seller's out there, being investors oursleves means we know how to market house and investment property. Today's current market is a little slow for the sellers out there and it requires an agent who will knows how to market a property and get a little creative in finding a buyer. We use the latest in online technology to market your property to it's fullest with online listings and syndications to all the top listings sites like Realtor.com, Zillow, Google, and Yahoo, we market to the maximum number or people with vibrant descriptions and photos. We also have a vast investor buyer pool from all over the country, from New York to Hawaii, Alaska to Florida, we have buyers looking for investments here in Kansas City.
Our agents also know more than the average agent when it comes to being creative. If you want more options on how to sell your home besides waiting for a preapproved or cash buyer to come along, then we can help you out. Even if you owe more on your home than it may be worth. Our agents are well versed in Lease Option Sales, Owner Finance Sales, and Sales of homes facing Foreclosure. We don't want to forget our Bank Sellers, we have many years of experience in our office with listing and selling Real Estate Owned and working with Asset Managers from across the country. If you need a Broker Price opinion and your properties moved fast, we can get it done.
This web site is designed to be a resource for Home Buyers, Home Sellers and Real Estate Investors in the Kansas City Market. We have agents who live in the areas we service: Gardner, Olathe, Shawnee, Leawood, Overland Park, and Kansas City on the Kansas Side. Brookside, Waldo, Kansas City Missouri (urban core), Kansas City North (of the River), Liberty, Independence, Raytown, Grandview and Belton / Raymore are just a few of the cities that we live or work in.
Visit our Brokerage site at www.RealtyResourceKC.com
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