1. Watch out for Appraisal Fraud, see Article on Page 20!
MID-AMERICA ASSOCIATION OF REAL ESTATE INVESTORS
Investment News NETWORKING : EDUCATION : COMMUNITY : GOVERNMENT
March 2013
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2. In This Issue
Real Estate Cycles
What Goes Around
6 Comes Around
Social Media Marketing
8 Why are you Failing?
Real Estate Contracts
12 Essentiaal Clauses
Auctions
Absolute Auction in April—How
16 they Work!
18 Collection
Getting Your Rents
20 THE FBI
My New Client
18 Collection
Getting Your Rents
Every Issue
10 Benefits at a Glance
14 Membership
14 Membership
24 Investment Opportunities
26 March Workshop: Rehab
23 March Monthly Meetings
24 Monthly Calendar
FREE Gift for MARCH
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Page 2 MAREInet.com

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Investment News Page 3
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4. Mid-America Association of
Real Estate Investors
The only National REIA Chapter
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Investment News Page 5

6. In getting ready for the Rehab Workshop I am going to be Rehab
teaching on the 16th, I pulled out my outline from the last The items that need to be fixed on the houses has been
few times I taught the class and I have found that over fairly consistent over the years. We have seen that prices
the years, the workshop has changed to the point that I on a some of the high end items has came down, allowing
think we are almost back to the original version in some us to put granite counters in much more often, and our
cases and still finding a new perspective on others. colors might be a bit different.
Finding Deals However, you do need to have your exit strategy in mind
On the first time around as well as for most of the other when determining what to fix. You need to decide if you
times the workshop has been taught we focused on find- are fixing the house to be a rental for a few years. If you
ing bank owned REO properties. This was easy as you are fixing it to retail it or, maybe, fixing the hard stuff and
could have a Realtor pull up a list, go look at them and leaving the easy stuff for the bargain shopper.
buy them in a fairly short time. The competition for Bank Funding for the End Buyer
Owned homes, the really good ones has always been
fairly aggressive and I have been known to bid more than Way back when I started we did not have a lot of options
list price in an effort to acquire a property. But today, we for the buyers: conventional financing with 10 to 20%
see banks foreclosing less and homeowners as well as down and in a very few cases FHA financing. So back in
investors fighting for the properties, making the REO the early days we did learn a lot about Lease Options and
route very tough. Contract for Deed. Fast forward to 2007 and 2008 and
just about anybody who could sign their name could get a
Todays, investor has to work a bit harder to find the best loan to buy a house with up to 105% financing. . . CRAZY!
deals from the REO agents, as well as the local whole-
sale investor, and even their own marketing campaigns to Then the housing bubble burst, in part due to all the crazy
get the sellers calling them. sub-prime lending and we went back to needing 10 to
20% down on conventional and 30% down on investor
Funding the Deals purchases. The highlight was that FHA continued to crank
When we started with this workshop, there were not a lot out loans, although, this time they had lending standards
of avenues to fund a purchase and rehab. Most people to meet.
either had an abundance of cash, had a home equity line When we add in all the people who lost homes to foreclo-
of credit or might have found some local bank willing to sure over the past few years, we end up with a huge class
fund the purchase and rehab. Fast forward to 2006 and of people who are good qualified buyers, but because of
2007, we talked a lot about Private Funding and Hard the foreclosure or short sale, cannot currently get financ-
Money or Rehab Lenders who would fund purchase and ing, this brings us to offering Seller Financing to get our
rehab up to 65 to 70% of the rehab. In the slow years of buyers funding.
2010 to 2012, the banks just stopped lending and most
hard money / rehab lenders stopped lending. Banks Anyway you slice it, Real Estate is
closed out lines of credit and we were left with only our always changing and there is never
own cash or private lenders. a dull moment! The cycles go up
and down, the key is to be able to
As I brush off my notes, I can tell you that the local banks adapt as the markets change.
are coming back with rehab funding as well as the Hard
Money Lenders. There are more people at the REIA I can’t wait to see a few of
meetings letting you know they have funds to be your you at my Rehab Work-
private lender and even a few banks are back in the mix shop on Saturday March
of offering funding for purchase and rehab. 16th.
—- Donald Tucker
Page 6 MAREInet.com

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Investment News Page 7

8. hy are you Failing
W
ial Media M arketing
at Soc
Duncan Wierman
Real Estate Investor
Internet Marketer
How You Can Fix It : impression, so can
failing to follow simple
10 Reasons You Will Never Generate A Lead Through Social
social media etiquette.
Media
I always recommend
There are tons of articles on the subject of social media that you establish at least a month of social participation
and how its being used to generate leads. Many people on social networks before promoting a business agen-
are saying that they are not getting results. When I teach da. But most importantly you need to understand the
social media marketing to students, I teach them that it is harm in spamming. Nothing will degrade your sincerity
not a one-size-fits-all-instant-cure and I don’t hype social and ‘friend’ value quicker that thoughtless self-promotion
media is the be all and end all to generating leads. in the public forum.
1. Understand what Social Media really is. 3. Your Audience Is Limited.
You’re working so hard to find “leads” that you can’t see Many people are getting caught up in a numbers game;
the forest through the trees. Everyone that you come in measuring their success by how many followers/fans
contact with isn’t a lead, they’re a human being and they they have compared to their competition. It is so com-
want to be treated like one, not as a potential stack of mon- mon to see real estate investors pitch themselves in In-
ey. Social Media is about building relationships. If vestor centric groups and fan pages.
you’re not looking to build relationships, then
The result of this is that these same investors also fol-
you shouldn't be participating.
low a huge amount of other investors, hoping for them to
2. You Don’t Play By The Rules. return the favor…and they do. But what good is that?
There are social etiquette rules. The same way that not Investors are the last people you want following your
smiling while extending a hand to shake upon meeting professional activities because they skew your results. I
someone new can ruin your chances of making a friendly make a particular mention, when I use my own efforts to
Page 8 MAREInet.com

9. my students, I ask them please not
“like” my page, because when I reach
milestones I want to know that those
are real-life fans that I have a chance
of doing business with.
If you are doing your job correctly,
then your content should be very unin-
teresting to investors outside of your
geographic area, anyway. There is the
exception where you are recognized
as ‘doing it right’ and other people
will follow you as a great example. In
this case you may not be able to stop
the movement, and it could help boost
you to a larger than life status. In the
meantime, just try to keep the groups
separate in your head and don’t be
afraid to delete agents who try to butt-
in on the conversation. You worked
hard for it, they didn’t.
4. You Must Keep A Line Between Per-
sonal And Professional.
Your Social Media feed includes pic- out that they have a one track mind. just go back to posting the data on
tures of you overindulging at a party your personal account and everyone,
6. You Haven’t Figured Out That Real Es-
last weekend, an abstract thought or including your spouse decides to hide
tate is Boring.
quote that means nothing to anyone, you from their feed. Instead, consider
a blog post about buying a home, a Instead, consider creating a page around your creating a page around your niche in
“checked-in” at McDonald’s, your high niche in event of interests to that niche.You which you discuss not only real es-
scoring Scrabble word. If you did take the advice to create a fan page tate, but local news, pictures, facts,
have any chance at success it was and but then you go and name it and events of interest to that niche.
ruined when you sat down in front of “John Doe, Your Chicago Real Estate Try promoting other local FB pages’
the keyboard and spammed your Expert. You then proceed to post all of activities, include some local pictures
friends with business and exposed your listings without the benefits of and fun facts, and then sneak in a
your personal life to your business why they are good deals. This fol- real estate article or two.
contacts. On Facebook the separation lows with the frustration that no one
7. You Don't Responsd.
is simple (and demanded by FB terms joins your page and so you decide to
of use): Keep your friends on your re-re-re-suggest the page to your When people are connecting with you,
Personal Profile and create a Fan friends. When they still don’t join you (Continued on page 15)
Page for the “Business You”.
5. Remember The Golden Rule.
Guest Speaker
You can’t expect others to help you
unless you’ve taken a moment to help Realty 411’s Mid-West Expo
them. Or, if you prefer “treat others as
you wish to be treated”. The
Saturday April 20th
“Gimmees” of the world don’t last long
with social media once people figure Details: www.MAREInet.com/411
Investment News Page 9

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Investment News Page 11

12. E ssential Clauses
. . . Bi ll Bronchick
Congratulations! You just purchased that new home tain for closing. If the buyer is not ready to close, the
study course. You followed the instructions. You seller can hold him in default. Here are some tips for
found a good deal. You present your contract to the buying time: Make the closing date “on or about” June
listing broker, and you get laughed at! 1st. What does “on or about” mean? I’m not sure, but
The reality is, real estate brokers don't like "seminar" it certainly means LATER than June 1st! Have the
forms. They are comfortable using the "standard" right to extend the closing date if it is not your fault:
agreement, although the standard agreement is usu- “Said date may be extended an additional fifteen (15)
ally drafted to protect the real estate broker, not you. days if lender requires additional documentation, pa-
You must learn how to take any "standard" agree- perwork or actions from the buyer and said delay is
ment and modify it to your liking. not due to the fault of the buyer.”
The following are some essential clauses I use when Have the right to extend for thirty days by paying the
buying a property: seller the equivalent of one month’s mortgage pay-
“And/or assigns” or “and/or Nominees” - As the ment.
buyer, you want to have the right to assign your con- Limited Inspection Clause - Most standard broker
tract. By placing your name with the words, “and/or contracts give the buyer the right to make the contract
assigns,” you automatically give yourself that right. contingent upon the right to do a thorough inspection
The words, “and/or nominees” is not as broad, but it before a certain date. Make certain that the inspection
has been interpreted as giving the buyer the right to period is short and that the inspection must be done
place title in the name of a trust. by a licensed (if they are in your state) professional
NOTE: If the contract contains an "anti-assignment" inspector. Limit objectionable items to roof, plumbing,
provision, you must cross that clause out. electrical, heating and structural defects. An open-
ended inspection clause will permit the buyer to
Inspection Clause - Have the right to make the con- "weasel" out of a contract because the garage door
tract contingent upon your right to do a thorough in- squeaks.
spection before a certain date. Make certain that you
are not required to hire a professional inspector and Choice of Escrow Company - As the seller, I insist
that the inspection clause permits you to cancel the on the right to choose the title or escrow company so
contract if there are things wrong with the property that I remain in control. A conservative or uncoopera-
and the seller is not willing to fix these or reduce the tive escrow or title company can make life very diffi-
price. cult if you are trying to do a creative deal.
Choice of Escrow Company - As the buyer, insist Qualification of Buyer - The most important thing to
on the right to choose the title or escrow company so keep in mind when selling is that time is money! The
that you remain in control. A conservative or uncoop- single biggest mistake sellers make is allowing an un-
erative escrow or title company can make life very qualified buyer to tie up their property under contract
difficult if you are trying to do a creative deal. (Continued on page 15)
Right to Extend - Most contracts call for a date cer-
Page 12 MAREInet.com

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Investment News Page 13

14. WELCOME NEW & RETURNING
MEMBERS!
Renewing New Members
 Day Boswell (since 2010): Overland Park, KS  John Baska: Parkville, MO
 Michael Bryant (since 2011): Lee’s Summit, MO  Lukas Bohannon: Columbia, MO
 Kim Donaway (since 2007): Mission, KS  Chelsie Dillon: Kearney, MO
 Brett Hoover (since 2012): Independence, MO  Susan Ellis: Kansas City, MO
 Nancy Hoover (since 2012): Independence, mo  Vinay Gaws: Lees Summit, MO
 Paul Redmond (since 2008): Kansas City, KS  Shaun McBride: Kansas City, MO
 Tom Smith (since 2011): Lees Summit, MO  Bill Mikkelsen: Gladstone, MO
 Gary Swaney (since 2010): King City, MO  Bill O’Connor: Kearney, MO
 Mary K Swaney (since 2010): King City, MO  Kevin Otterman:
 Tim Stauffer (since 2009): Kansas City, MO  Brian Rigby: Rogersville, MO
 Victoria Roberts: Kearney, MO
New Business Members  Cindy Stockton: Kearney, MO
John Shaver – Pro Source KC West: Merriam, KS
Hanna Kinsey – Pro Source KC West: Merriam, KS
Robert Massey – Building Trades: Kansas City, MO
Page 14 MAREInet.com

15. (Continued from page 9) (Continued from page 12)
Rather than coming up with a for two months. Do not believe any
email, DM, PM, or comment you
claims of the buyer, his agent or mort-
don’t respond promptly, or at game plan of who your audience is
gage broker about their ability to quali-
all. This leaves the impression and what they want to experience, fy for a loan. You should know exactly
idea that you’re not interested in you simply start a fan page and what the qualifications are for an FHA
fostering a relationship. We live in begin mimicking what you've seen or FNMA loan in your area and qualify
done by other investors. There is the buyer yourself.
an instant gratification society and
failing to respond to an online re- nothing wrong with following other I use the following clause:
quest within a reasonable amount real estate investors who are great "Within 48 hours, buyer shall provide
time (as defined by the other party, examples. The challenge howev- seller with buyer’s complete financial
not you) will cost you business. er, is that most are poor examples and credit information for seller’s ap-
and nothing but a loss for your proval. Within 72 hours after receipt of
Fortunately, FB has just started to such information, Seller may terminate
notify fan page admins of wall time investment. Stop paying at- this contract and refund buyer’s ear-
postings in addition to comments, tention to online chatter and spend nest money if, in seller’s sole opinion,
which had been a problem for more time working on your own buyer does not have the creditworthi-
many that didn’t check their page content. Figure out who your au- ness to qualify for a loan from a third
dience is and what it is that they party. Seller’s decision and opinion
(s) at least once in the morning
shall be final in this regard, and buyer
and evening. So no excuses! want you to talk about.
shall have no further recourse after
return of this earnest money deposit."
8. You Chase Your Tail. 10. You Don’t Care that Everyone Can
Tell That You Don’t Care. NOTE: Be certain you do not engage
You’ve got the same 10-100 peo- in illegal discrimination in rejecting a
ple who are subscribed to your You forget your login/password buyer's credit worthiness.
blog, following you on twitter, because you never login to your Permission to Contact the Lender -
and liking you on Facebook and sites. You probably got inspired to I hate being in the dark! I always want
start with social media, and you the ability to control the entire loan
most of them are close friends and
process and be able to get information
family that didn’t want to hurt your took some steps to build your
from the lender along the way. The
feelings. They either ignore your online presence. You create an buyer's lender won't talk to you direct-
content or participate just to boost account on Facebook and Twitter, ly, without express written permission
your ego. Either you get the hard put links up to these accounts on of the buyer.
truth, or you end up fooling your- your website(s), break rules 1-9 To remedy this problem, insert the
self that you’ve got great content and then setup an automatic pro- following clause:
and an attentive audience. If you gram to post your blog feed to your "Buyer hereby gives express permis-
aren’t reaching a new, broader au- account. Predictably, you forget sion to all parties, including lenders,
your login/password because you employers, financial institutions, credit
dience, you need to consider a few
agencies, mortgage brokers and real
things: Perhaps your message is never visit either again. Anyone
estate agents to release any appropri-
missing the mark or just plain unin- that happens to stumble across ate financial information to the seller."
teresting. Or, maybe you just need your message sees the tumble-
Now you can take control, get on the
to raise the bar and market the weed rolling across the ig- phone and scream "What's holding up
page more effectively to find a nored prairie and exits via the back this lan!"
larger audience. button and on to your competition’s
account.
9. You Spend All Your Time Looking
at Others.
Investment News Page 15

16. A Professionally Managed Real Estate
ell at
Auction offers so many benefits to real es-
hy S
tate owners and buyers that traditional
methods of marketing simply can’t provide.
W
ction?
More Real Estate is SOLD at Public Auction
Au
today than ever before and here are Several
Reasons Why:
1. Real Estate Auctions guarantee a Sale
Date, a Price and a Closing Date. Traditional
marketing methods offer no guarantees.
2. Real Estate Auctions don’t set a maximum
price for your property.
7. Real Estate Auctions offer scheduled viewing
3. Real Estate Auctions will often generate a and tour dates.
higher price for your property than it would
have sold for using traditional methods of 8. Real Estate Auctions eliminate any
marketing because of competitive bidding. contingencies and the need for inspections.
4. Real Estate Auctions compel buyers to 9. Real Estate Auction marketing promotes your
participate and buy on a specific day. property on a national level which exposes
your property to many more qualified buyers
5. Real Estate Auctions create excitement, increasing competition and prices.
urgency and competitive buyer participation for
your property, which results in success and a Real Estate Auctions work when the client wants
higher selling price. to sell their property in the shortest time, at the
highest price with terms and conditions favoring
6. Real Estate Auctions eliminate the hassle of the seller.
negotiations and counters on everything except
the top market price for your property.
Page 16 MAREInet.com

18. Collecting
Rent
Promissory Notes
Getting your rents . . . A conversation with a legal and binding agreement, but they signed it
couple of MAREI members. quite a while ago and the recent signing of the
promissory note will remind them.
At the monthly meeting in January, Debra
Felderhoff mentioned a method she uses to en- Second, the promissory note is something that
sure that she gets paid when a tenant is going if not paid could be taken to small claims court
to be late with rent. She said she learned this to receive a judgment, with out going through
method from Brian Winberry, who is one of our and eviction process.
hosts of the Weekly Wednesday Networking
Third, the promissory note is also a legal docu-
event. We took a few minutes to talk with Bri-
ment that could be sold. A promissory note of
an to get the low down.
this type would not have a huge value if it is
When a tenant calls to say they can’t quite resold, but it can be sold for a small amount.
make rent on time, but will be able to make
Brian’s method and Debra’s are about the
the payment in a few days or a week, landlord
same to this point, but Deb had one difference
should then take the time to negotiate and
that it is worth noting. Deb would make her
write up a promissory note for the rent that
promissory note a title loan that is secured by
outlines the amount of rent to be paid, the late
the title to the tenants car. Then if the tenant
fees, when it is supposed to be paid and that if
did not pay or move out, she could take their
the rent is not paid, they will agree to move
car.
out.
It is important to note that Debra with her al-
This promissory note serves several purposes.
most 100 rental properties has never had to
First, it gets the tenant in the frame of mind take someone’s car. She has had people move
that they owe the rent and late fees on a par- out and leave the property broom swept clean
ticular date or that they will move out. They when they could not pay as the promissory
have signed a legal document, the promissory note said, saving her the cost of eviction fees
note. Now, it may be important to note they and allowing her to get her property rented up
also signed your lease agreement that is also a quickly.
Page 16 MAREInet.com

19. ve
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St Louis Missouri
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Investment News
Page 17

20. My new Client:
the FBI!
Donald Gossman
The Case replied, “Let me grab another agent and we will see you in
20 minutes”. That was not the reply I was expecting.
You might ask why a residential real estate appraiser from
Kansas City has the FBI as a client. Many appraisers were I was at my office waiting for two FBI agents. I kept wonder-
approached in the frenzy of the sub-prime mess to over val- ing what I have gotten myself into? They arrived at my office
ue properties. To hit the number that the lenders needed. and I showed them the information that I had obtained. They
We are finding the damage that this is causing our economy asked if I was familiar with the sellers’ names, which I was-
and our country. n’t. The agents told me the seller’s dad was allegedly a
made member of the mob. He was executed in the 1970’s
On October 10, 2006 I received a phone call that changed
and stuffed in the trunk of a car. This information grabbed
my life and sent it in directions I could not have imagined. It
my attention. They assured me not to worry about the son,
was a sub-prime lender wanting to know if I appraised high-
as far as they knew he was not a member of the mob. They
end properties in the Kansas City Country Club District. I
asked if I knew who his wife was, and I said no. They said I
replied yes and quoted them a fee. I instructed the lender to
might know her professional name, which they told me. I
place an order on my website and to fax me a copy of the
knew that name. She had been the Jackson County Execu-
contract. I reviewed the contract for $1,473,000, and then
tive for the last 12 years and was going to run for Mayor of
ran MLS to search for comparables and the subjects listing
Kansas City.
history.
The agents asked if I could assist them with their investiga-
The MLS for the subject property showed it as an active list-
tion. I told them I would. Next, they asked me to call the
ing for $699,000. I called the lender and asked if I had the
lender and tell them I would complete the appraisal. Then
wrong address or if this was a construction rehab loan. I stat-
the agents asked the million dollar question. “Would you
ed, “Did you know this house was listed for $699,000?” The
tape the conversation?” The moment of truth had arrived. If I
lender said yes. I was told they were selling it for the higher
said no, then they would leave and I would go back to ap-
value, and if I wanted my fee I had to appraise it for that
praising as if nothing happened. If I said yes, I might be the
amount. They wanted me to jeopardize my reputation and 28
next person they find in the trunk of a car.
years in business for $1,200. I declined the order and called
the listing agent to warn her. The realtor noted she knew They pulled out a recording device and showed me how to
nothing about the contract. The sellers had excluded this use it. They noted the date and time of the call, who was in
buyer when she received the listing and were cutting her out the office, who I was calling and the case. I called the pro-
of the commission. cessor and told her I would complete the appraisal. I tried to
act normal when talking with her. I am a real estate apprais-
I was enraged because I knew the mortgage system was
er, not an undercover agent.
broken and someone needed to act. I had attended the Ap-
praisal Institute’s Mortgage Fraud Seminar the week before The Investigation
and met an agent with the FBI, Julia Jensen. I decided to call
After the agents left my heart was pounding. I tried to imag-
and let her know what was going on so she could put the
ine out how this might work out. They had left another re-
property on a watch list.
cording device to use while talking with the other people in-
Agent Jensen called me back the next day. I discussed the volved in the transaction. I called the selling agent to sched-
details with her about what was happening. She asked who ule a time to appraise the home, which we set up for the next
the buyer was and I told her the names. She informed me Tuesday. I then spoke with the loan officer and processor to
they were part of a mortgage fraud group operating in Kan- let them know the inspection had been set. The processor
sas City and she would be interested in the information. She mentioned that the loan was over 1 million dollars so they
also asked who the sellers were. I gave their names. She would require another appraisal in addition to mine. She
Page 16 MAREInet.com

21. asked if I would call the other appraiser She replied, “You are an agent, aren’t The realtor could not say he wasn’t
and work together to make the apprais- you? You don’t have to go through it”. I there.
als similar to pass underwriting guide- replied, “I am not an agent, I am an
We went inside the house and the
lines. Apparently, committing mortgage appraiser.”
realtor told me this group was going to
fraud was no big deal for them.
We went to the interrogation room and buy between 40 and 50 homes in Kan-
I called Agent Shaffer and confirmed discussed the conversations that I had sas City ranging in value from
the time and date was set. He asked if with the various people involved with $1,000,000 to $2,000,000, and his
I could drop off the recording device to the transaction. Another agent came group was doing the same thing in 10
him on Monday at FBI Headquarters into the room with a camera and took a different cities. They had money from
and trade him for a new one. picture of me. The agents asked if I overseas to invest and planned to rent
would be a confidential witness and out these houses to executives. I
Monday finally came and I drove to FBI
gave me my code name. It all went so couldn’t believe it. This could possibly
Headquarters. It was a three story of-
fast I had no time to think about what be a multi-city international crime ring,
fice building like any other, with excep-
was happening. We set a time to meet not just one case of mortgage fraud. I
tion of the 10-foot high iron fence, blast
the next day before I was to complete finished my inspection, then left to
gate and video cameras at the front
the inspection. meet Agent Shaffer. I described the
gate. I pressed the button and told
events that took place and gave him
them who I was meeting with and they Agent Shaffer and I met the next morn-
back the recording device.
buzzed me in. I walked to the front ing in the parking lot of a grocery store.
door and was greeted by an armed He showed me a different recording Over the next three weeks, I taped
guard. She told me the agents were on device that took both audio and video conversations with people involved in
the way down. Once I spoke with the and how to use it. I drove to the house the transaction. I was doing my ap-
agents, they asked me to come back to and the realtor was waiting for me. I praisal work at night and on weekends
the interrogation room. As we walked took a picture of the front of home with since a lot of my time was spent work-
past the metal detectors, I asked the him in the picture, and then took a ing on the case. I even began to worry
guard if I needed to go through one. street scene with his car in the picture. (Continued on page 22)
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Investment News Page 17

22. (Continued from page 21)
the right choice when I called Agent Jensen that first day.
about my children’s safety. On my way home, I turned on the radio and switched channels
The other appraiser called me and told me he was having a to talk radio. The announcer broke in with a news update. He
hard time appraising the property for $1,473,000. He explained stated, “A Federal Grand Jury in Kansas City has handed
that the highest he could get was only $1,200,000. I thought, down Mortgage Fraud charges against 11 people including the
“You will over appraise it by $500,000 but not $743,000?” I Jackson County Executive and her lawyer husband.” When I
guess he had partial ethics. We agreed to the value and com- arrived home I turned on the television. The charges were be-
pleted the appraisals. ing reported on all of the local stations. I’ve always watched
the news, but have never been part of the news.
The FBI agents asked if I would drop off the appraisal to the
mortgage company while wearing a wire. By this point, it The trial was set for February, but delayed until June after the
seemed like the natural thing to do. I walked away from the election. The County Executive did go on to run for the
mortgage company thinking my part was done and it was all Mayor’s office and received 1.5% of the Vote. The same day
over for me. If only that was the case. her TV ads for Mayor debuted was the same day the mortgage
fraud indictments were brought against her. Interestingly
My life went back to normal. I had not heard anything for three enough, no one was talking about the buyers. The fed alleged
weeks. On November 24, 2006, I received a phone call from that the buyers were part of the larger fraud team, which had
the second appraiser. He asked, “Did you hear what was go- committed over 100 cases of mortgage fraud in the Kansas
ing on?” I replied “No”. He said, “I received a call today from City area. Furthermore, the feds also alleged that in the prior
the FBI and I have an appointment at 9 a.m. to talk to them 18 months, this mortgage fraud team caused millions of dollars
about mortgage fraud.” I thought, “Sucks to be you”. I told the in losses.
other appraiser thanks for the heads up. He asked, “What are
you going to do”. I replied, “Tell them the truth; they know what In May, the Assistant U.S. Attorney contacted me to prepare
is going on”. for the trial. We met with the two FBI agents at the U.S. Court
House. We listened to the tapes that I had made which was
Agent Shaffer called and told me the closing had tried to occur the first time that I had heard them. I can never explain the
the prior Friday and they had stopped it at the closing table, at thoughts that were going through my head. “I AM AN AP-
the title company. The FBI was interrogating the individuals PRAISER”. I am not supposed to be sitting in the Federal
involved in the transaction. He asked me not to talk with any- Court House with the Assistant U.S. Attorney and two FBI
one if they called. He informed me the Grand Jury was set for agents listening to tapes of myself and individuals committing
January 4, 2007, and verified I could be there that day after mortgage fraud. But I was. The trial was delayed again until
lunch to testify. November 2007.
The Grand Jury The Trial
I was contacted by the Assistant U.S. Attorney Linda Parker After the trial was postponed for the second time, the legal
Marshall. She asked me to come in so she could describe the maneuvering started between the U.S. Government lawyers
events that would take place in the Grand Jury Room. I meet and the defense lawyers. Seven people in the transaction
with her and the FBI agents at the U.S. Courthouse in late De- pleaded guilty to the charges against them, and four people
cember 2006. It was finally sinking in that this was really going were left to be tried. I was the lead witness in the U.S. Govern-
to happen. I was hoping for a lot of guilty pleas so I wouldn’t ment’s case that was expected to last two weeks.
have to testify, but that would not be the case.
The jury was to be seated on Monday morning with opening
The date arrived. I went through my morning like it was any statements to be made late in the morning. The U.S. Attorney
other day. I completed two inspections then went home to put asked me to be at the Federal Court House at 1 p.m. on No-
on a suit and tie. I wasn’t hungry for lunch for some reason. I vember 6, 2007. I showed up during the lunch break and found
drove to the court house and parked in the FBI lot where out the jury had not been seated thanks to publicity the trial
Agent Shaffer had instructed me to. I took a deep breath and had received which led to larger than normal numbers in the
said to myself, “Let’s do this”. I walked into The U.S. Court- jury pool. I sat waiting in the witness room for four hours. The
house knowing if the Federal Grand Jury believed me, they jury was set and the opening arguments were made. The
would hand down indictments on 11 people and charge them judge said, “That is enough for today. We will reconvene at 9
with Federal crimes. a.m.”. I walked out of the court house with everyone else. No
I waited for almost an hour until Mrs. Marshall came to get me. one knew how the trial would play out.
I walked into the room and told my story. I cannot reveal any- The investigation had been portrayed by the local media as a
thing about what happened in that room or the people that political witch hunt by the new U.S. Attorney office against a
were there. This was our government working at the basic lev- local politician. I knew nothing about that. All I knew was
el of the criminal justice system. I was in there for about an someone tried to defraud a lender, and I did my job by protect-
hour and then left. I walked out to my car knowing I had made
Page 22 MAREInet.com

23. ing their interest in the property that they U.S. Attorney, lead my questioning. She The third lawyer even talked about how I
hired me to appraise. They were buying asked me my name, address and occu- had such a good reputation and could
inflated values not appraising houses. pation. She then asked me to describe not have been involved in mortgage
how I became part of the case. When I fraud. I replied, “They called the wrong
I was back in the witness room the next
was explaining the events that unfolded appraiser to commit mortgage fraud this
morning feeling confident knowing I was
over the course of many months, I could time”.
going to tell the truth. After walking
hear the reaction from the audience. It
down the hall to get a drink, I heard the After four hours on the stand, my part of
seemed they were surprised by the ac-
Judge say, “Mrs. Prosecutor, call your the trial was complete. The trial would
tions that I had taken. There is no way
first witness”. go on for another eight days. The jury
that I could ever have imagined how
deliberated for four days and came back
The courtroom doors opened and I things would play out. After almost two
with two guilty and two not guilty ver-
walked inside. I felt all eyes in the room hours, the prosecutor was finished with
dicts.
follow me on my way to the witness my questioning. The judge called for a
stand and while I was being sworn in. 15 minute break, which I was ready for. The mortgage and financial markets are
Once seated, I looked out over the They didn’t make the witness seat for a mess. The industry made it through
courtroom. To my right were the 14 ju- comfort. the high interest rates of the early
rors, 12 on the jury and 2 alternates. To 1980’s, the recession of 1991, the first
The break was over and the first de-
my left the U.S. Federal Judge and the and second gulf wars and the effects of
fense lawyer questioned me for over an
court reporter. At the defense table were 9/11.
hour. His questioning was the toughest
the four defendants, their three lawyers
as he was questioning MY ethics and We need the separation of the origina-
and three assistants. At the prosecutors
the motive behind my actions. He tried tion of mortgages from the valuation of
table were two FBI agents, two Assis-
to rattle me and succeeded on a few the properties. Enforcement of national
tant U.S. Attorneys and their support
occasions. The judge warned me twice and state laws. Prosecution of fraudu-
staff. There were four rows of seats for
to limit my answers to the questions lent lenders, insurers, bankers, brokers
the public. The newspaper, TV and ra-
asked. The second lawyer only asked and appraisers. We, the mortgage busi-
dio stations from the all across the Mid-
me two questions and I was done. The ness, need to rebuild the trust in our
west were in the audience.
third lawyer was less aggressive to- banking and mortgage systems.
Linda Parker Marshall, the Assistant wards me compared to the first lawyers.
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Business Insurance Property Management
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816-503-4671
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Investment News Page 19

24. 2220 & 2222 $19,500 1/1 INDEPENDENCE CASH Christoph Becker
S Arlington 2/1 COWS!!! 2 HOUSES for Blueprint Properties, Inc
Independence, MO the PRICE of 1 only
BlueprintPropertySoltions.com
$19,500
(816) 419-1165
5443 E. 29th Ter. $9,000 4 Bed 4bdrm 3bath FIXER UP- Christoph Becker
Kansas City MO 3 Bath PER with New Vinyl Sid- Blueprint Properties, Inc
ing and a Good Roof
64127 BlueprintPropertySoltions.com
(816) 461-8299
2908 E 25th St $11,500 3 Bed Large 3bd 2 bath Fixer Christoph Becker
Kansas City, MO Fixer 2 Bath Upper in East Kansas Blueprint Properties, Inc
City – 2908 E. 25th St.
64127 BlueprintPropertySoltions.com
64127
(816) 461-8299
30 Metro Proper- Absolute Various A Portfolio of 30+ Brian Rigby
ties Auction Properties Selling BARigby.com
Absolute—April brian@barigby.com
19th 417-753-7653
7501 E. 52nd Terr. $22,500 4 Bed 4 bdrm CASH COW in Christoph Becker
Kansas City MO Needs TLC 1.5 Ba KC MO 64129 only $22K Blueprint Properties, Inc
NET ROI 24%
64129 BlueprintPropertySoltions.com
(816) 875-6266
6638 Indiana ave $13,000 2 Bed Cheap Rental Near The Chad Barlett
Kansas City, MO Fixer 1 Bath Zoo Home Remedy Invest.
64132 HomeRemedyKC@gmail.com
913-735-5598
2809 NW 3rd Tr $66,000 2 Bed Newer Home in Blue Barry Hudson
Blue Springs, MO Turn Key 1 Bath Springs in HOA Realty AQ
Barry.Hudson@RealtyAQ.com
816-284-8754
12002 Alberta St $24,500 2 Bed Need Cash Buyers for 2010BWG
Sugar Creek, MO 1 Bath my 2 Bed Home! Call KCPropertiesSite.com
Today
816-974-8404
1915 N. Allis St. $14,500 2 Bed Kansas City KS Fixer Christoph Becker
Kansas City KS Cosmetic 1 Bat Upper – Needs Cosmet- Blueprint Properties, Inc
ic Updates
66101 Fixer BlueprintPropertySoltions.com
(816) 875-6266
Page 24 MAREInet.com

25. MAREI Member Properties
MAREInet.com/Properties
6005 E 93rd St $76,400 4 Bed 2 Houses on 3 acres in- Paul Panos
Kansas City, MO 2 Houses 2.5 Bath side redevelopment district
PremierHomesInvest.com
64138 816-786-3584
4725 Nebraska $35,500 2-3 Bed SINGLE FAMILY RESI- Stephen Davies
Av Fixer 1 Bath DENCE FOR SALE DIRT DC Home Investors
CHEAP!
Kansas City, KS DCHomeInvestors@gmail.com
66102 832-496-5344
20 S. Boeke St. $14,000 5 Bed Attention Rehabbers – Christoph Becker
Kansas City, KS 2 Bath This house is surround- Blueprint Properties, Inc
66101 ed by newer built BlueprintPropertySoltions.com
homes in an excellent
(816) 875-6266
neighborhood!
3922 Garfield Av $31,500 3 Bed Currently rented. Re- Nick McKinnis
Kansas City, MO Turn Key 1 Bath habbed: new carpet, M&M Brothers Homes
paint, light fixtures, MandMBrothersHomesInc.com
new bathroom remod-
816-914-2614
el, and newer windows.
3918 Flora Av $31,740 3 Bed Rented $700/mo Re- Nick McKinnis
Kansas City, MO Turn Key 1 Bath habbed: carpet, paint, M&M Brothers Homes
bathroom, furnace, hot
MandMBrothersHomesInc.com
water heated & more.
Property managed. 816-914-2614
3729 Cleveland $33,830 3 Bed Just Rehabbed and ready Nick McKinnis
Kansas City, MO Turn Key 1.5 Bath for a tenant. Rents for M&M Brothers Homes
$750 a month.
MandMBrothersHomesInc.com
816-914-2614
4210 E. 54th $31,500 3 Bed CASH FLOW 25% NET Christoph Becker
Terr. 2 Bath ROI!! Turn-Key Investment Blueprint Properties, Inc
Property with Section 8
Kansas City, MO BlueprintPropertySoltions.com
Tenant in place
64130 (816) 875-6266
7606 E 111th Tr $39,900 4 Bed Cash Flow in Ruskin – 4 Don Tucker
Kansas City, MO Turn Key 2 Bath Bedroom Rental home in GBI Funding
Kansas City Missouri.
GBIFunding.com
816-523-4400
5500 Olive St $30,000 2 Bed Section 8 Turn-Key – Christoph Becker
Kansas City, MO 1 Bath Beautifully Rehabbed – Blueprint Properties, Inc
Original Woodwork and
BlueprintPropertySoltions.com
Charm
(816) 875-6266
Investment News Page 21

26. Weather you are Buying and Flipping, Buying to Hold for Rental or just offering Properties for Whole-
sale, you will want to attend this Real Estate Investor Workshop for Kansas City Real Estate Investors
on Rehabbing Houses. Workshop to be taught by MAREI founder, veteran rehabber and hard money
lender Donald Tucker.
When you go out to look at a property to buy, you learn from all the gurus that to make your offer you
need to know three things:
1. How Much Profit YOU Need
2. What the House is Worth
3. What it Will Cost to Fix
Take the Time to Learn before you Jump In:
 What items to focus on when looking at a potential property
 What items should be fixed, repaired or replaced for best profits.
 How to Estimate Rough Costs of Rehab
 Where to Find Contractors and Manage Them
 Where to find the Funding for your Rehab Projects.
Take Advantage of this Rehab Workshop to Buy the Best Properties and
Have Smooth Process. This is a Must Attend Workshop for all Beginning
Investors on their Way to Rehab, Rental, or Flip Profits
MAREInet.com/Workshop
Saturday March 16th / 8:30am to Noon
Career Education Systems / Ward Pkwy
Members $30 / Non-Members $45
3 Credits PHP

27. March 2013
Monthly Meetings
KC North: 5:30 Set Up for Vendors & Speakers
6:00 Registration Vendor Hall
North Kansas City 7:00 Introduction
Community Center 7:15 Presentation
David Nachman 1999 Iron Street 8:30 Networking
NachmanLaw.com
Kansas City, MO 8:50 Clean up and Adjourn at 9pm
816-285-6029
KC South: 5:30 Set Up for Vendors & Speakers
Career Education Systems 6:00 Registration Vendor Hall
Ward Parkway Shopping Center 7:00 Introduction
8600 Ward Parkway 7:15 Presentation
Kansas City, MO 8:30 Networking Don Gossman
8:50 Clean up and Adjourn at 9pm GossmanAppraisals.com
816-941-4750

28. Subscribe & Sync
MAREInet.com/Calendar
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to our calendar and sync it with your own Google Calendar, Mobile Calendar, or
Outlook Calendars. Check calendar for times and locations.
March 2013
Sun Mon Tue Wed Thu Fri Sat
1 2
Weekly Wed. Master SG: Connected Inves- SG: Blue Springs /
Mind w/ Winberrys tors Independence Inv.
Workshop: Landlord
101
3 4 5 6 7 8 9
SG: Lees Summit Weekly Wed. Master KC Northland on the SG: Blue Springs /
1st Thursday of the
Investors Network Mind w/ Winberrys Independence Inv.
Month: Contracts
Deadline: Vendor
Lake Ozarks REIA
Table KC North
10 11 12 13 14 15 16
SG: Lees Summit Deadline: Vendor KC Metro South on Weekly Wed. Master Deadline: Newsletter SG: Blue Springs /
Investors Network Tables for KC South the 2nd Tuesday of Mind w/ Winberrys ads & articles for Independence Inv.
Meeting the Month: March
Workshop:
Appraisals Rehab 101
17 18 19 20 21 22 23
SG: Lees Summit Omaha REIA Weekly Wed. Master SG: Blue Springs /
Investors Network Mind w/ Winberrys Independence Inv.
24 25 26 27 28 1 March 2
SG: Lees Summit Weekly Wed. Master SG: Connected Inves- SG: Blue Springs /
Investors Network Mind w/ Winberrys tors Independence Inv.
Landlord 101 Work-
shop
3 4 5 6 7 8 9
SG: Lees Summit Weekly Wed. Master KC Northland on the SG: Blue Springs /
Investors Network Mind w/ Winberrys 1st Thursday of the Independence Inv.
Deadline: Vendor Month
Tables for KC North