INVESTORS. central florida realty. networking. education. integrity.

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1 PRESIDENT S CORNER Congratulations CFRI! p. 5 FEATURED ARTICLE Having Everything You Want p. 14 central florida realty INVESTORS networking. education. integrity. John Hyre, Attorney, Accountant & Investor Don t Miss the August 5 th General Meeting p. 6 Know Your Numbers p. 12 BONUS TEAR-OFF Monthly Calendar CFRI Business Member Directory p. 22 John Hyre is coming to CFRI s August 5 th General Meeting! August Winner, NaREIA Honor of Merit Winner in Multiple Categories

2 Flips FOR SALE WITH CASH OR HARD MONEY Wholesale Properties REOs Bank Owned Short Sales Flips Rentals Don t forget, we also pay cash for properties! Offices: 3840 Saint John s Parkway Sanford, FL (407)

3 Contents Although the sharks made offers, Jan Anderson, July Deal of the Month Presenter, showed that she could turn a dull REO into a beautiful rehab, even if that means walking away from TWO offers! Be sure to check out the Deal of the Month articles to find out how two of our Shark Tank contestants ended up fairing out after the waters went still. In This Issue 4 Find Us 4 Organizational Notes and CFRI Staff 5 President s Corner: Congratulations CFRI! 5 CFRI Board of Directors John Hyre: How the IRS Destroys IRA s 8 Sandra Edmond: How would you like to make $2, per hour? 10 Jon Bolton: Beware of The Bank 11 CFRI Success Team Business Members 12 Robin Daniels: Know Your Numbers 14 Augie Byllott: Having Everything You Want 16 Liz Brumer: Non Performing Note Attack! 18 Brian Baker: BREAKING NEWS: CFRI has a new Violation Reporting System 19 Lee Spaziano: A little House Keeping - Bylaw Changes 20 Krystal Little: July Deals of The Month 22 Business Directory 24 August Line Up 26 Announcements 28 August Calendar at a Glance 6How the IRS Destroys IRA s By JOHN HYRE, ATTORNEY, ACCOUNTANT & INVESTOR Features August How would you like to make $2, per hour? by SANDRA EDMOND 10 Beware of The Bank by JON BOLTON Advertiser s Directory 2 Real Estate Investment Source 11 CFRI Success Team Business Members 15 Southern Title & Abstract 15 Sand Dollar Realty Group, Inc. 15 Investigative Screening and Consulting 19 Home Depot 19 Creating WEALTH USA.com 20 NuView IRA 27 Secured Investment Lending August 2015 newsletter 3

4 organizational notes CFRI General Meeting Wednesday August 5 Doors open at 5:15 pm Edgewater High School Performing Arts Center 3100 Edgewater Drive Orlando, FL Directions from I-4 Westbound From I-4 Westbound, take the Fairbanks Avenue exit (Exit #87). Go west to Edgewater Drive. Then south on Edgewater just past Par Street. Edgewater High School is on the right. Directions from I-4 Eastbound From I-4 Eastbound, take the Par Street exit (Exit #86). Go West to Edgewater Drive and Edgewater High School will be straight ahead. CFRI Orientation Held at the CFRI Education Center, 138 Wilshire Blvd., Casselberry, FL (Required. Must arrive on time.) Wednesday, August 12, 2015 CFRI Business Members: 6:30 p.m. to 7:00 p.m. CFRI General Members: 7:00 p.m. to 7:30 p.m. CFRI Education Center 138 Wilshire Blvd. Casselberry, FL Newsletter Designer Cover Design Legal Advisor Legislative Chair CFRI Office Reach more than 1,200 active real estate investors monthly! CFRI Staff Members Executive Director, Buffie Paulauski, Administrative Assistant, Eric Rodriguez, Buffie Paulauski, Courtesy of Laura Hardy, Joseph Seagle, Attorney at Law, Shep Burr, 138 Wilshire Blvd., Casselberry, FL Phone: , Fax: Our Mission Statement Central Florida Realty Investors, a not for profit business association, is dedicated to promoting ethical real estate investing and to protect and promote the best interest of our membership through educational and networking opportunities as well as community, legislative and public relations. Legal Disclaimer CFRI does not exist to render and does not give legal, tax, economic or investment advice and disclaims all liability for the actions or inaction taken or not as a result of communications from or to its members, officers, directors, employees and contractors. Each individual should consult his/her own counsel, accountant and other advisors as to legal, tax, economic, investment and related matters concerning real estate and other investments. Content Disclaimer The views and opinions expressed by authors of articles contributed to this newsletter do not necessarily reflect those of the association, the board of directors or the staff. Advertise in the CFRI Newsletter Rate Schedule Size Non-Member Member Business Member full page $350 $300 $225 1/2 page $285 $235 $175 1/4 page $180 $130 $100 1/8 (Biz Card) $150 $ 75 $ 55 Two-color ad on glossy wrap is an additional 25% above posted rates. A 10% discount is given on ads pre-paid for 6-12 months. Any changes to a pre-paid ad will incur a minimum charge of $50. The deadline to submit ad copy is the 1st of each month. All ads must be prepaid. Contact to verify ad format can be accepted, PDF preferred. There is an additional charge of $50 to typeset a business card or 1/4 page ad layout, $80 for a 1/2 page or full page lay-out. Opportunities also exist for advertising on www. CFRI.net. Call for more information. ad copy to Mail payment to: CFRI, 138 Wilshire Blvd., Casselberry, FL

5 President s Corner Congratulations CFRI! Tom Rumph President It is with great honor and pride that I accepted two Awards of Excellence from the National Real Estate Investors Association on behalf of CFRI at the 2015 Mid-Year Conference. CFRI was recognized for its substantial accomplishments in the areas of Education and Communication. These awards reflect the respect and reputation of our association among the 92 chapters and affiliate members across the nation. It is also a tribute to the 2014 CFRI leadership and staff under the direction of our immediate past president, Sandra Edmond. CFRI provides a balance of top-rated education for both the new and the advanced investor. Our association offers Professional Housing Provider (PHP) courses to its members through classroom training, hands-on field exercises, specialized subgroups, and extensive coaching opportunities. We use many forms of social media to cut through the clutter of our modern lives. Solid content is provided on sites such as CFRI.net, YouTube, Facebook, Yahoo! Groups, and to reinforce upcoming events. CFRI provides members with investing articles, tips, coupons, volunteer opportunities and, updates on partner, networking and educational events. The National REIA Midyear 2015 conference included upcoming additions and changes to national partner discount programs. Be on the lookout for leadership announcements and updates to Member Benefits on CFRI.net for programs exclusive to CFRI and National REIA Chapters. At this point, I can only tell you that beneficial discounted offers are coming from lenders, landlord services, insurers, lead sources, national vendors and others throughout the remainder of the year. The CFRI board is proud to announce a new Success Team Business Membership. It s a redesign of the former Success Team program, which allows CFRI to offer to its members some of the highest quality coaching programs available locally. Success Team Business Members are recognized by CFRI as meeting specific and rigorous criteria for sustained success in real estate investing. The Success Team membership has been evolving over the past two years with past and present CFRI leaders and staff giving a significant amount of their time and effort. Thank you to everyone who contributed. Please get to know our new Success Team Business Members at your first opportunity. Be sure to read the articles in this edition on upcoming bylaw changes and the new Member Violations policy. The proposed changes are a result of our biennial bylaw review and will be voted on by the members at the September general meeting. The new Member Violation reporting process was established to quickly and fairly eliminate inappropriate activities at CFRI events. Congratulations to CFRI leaders, staff and members on all our accomplishments. Here s looking forward to another successful year! Tom Rumph President Lifetime Member Brian Baker Treasurer Member since 2012 Todd Hutcheson Groups Lifetime Member Krystal Little Vice President Business Member since 2012 Laura Hardy Marketing Member since 2012 Jackie Jackson Membership Member since 2013 Lee Spaziano Secretary Member since 2013 Rob Arnold Programs Business Member Lifetime Member Melvin Felton Operations Member since 2007 Board of Directors 2015 August 2015 newsletter 5

6 general meeting guest speaker John Hyre Attorney, Accountant & Investor How the IRS Destroys IRA s The IRS is very interested in Self-Directed IRA s ( SDIRA s ). They are especially interested in IRA s that invest in real estate or via trusts or via Checkbook LLC s. How do I know that? Two reasons. First, several IRS employees have very directly told me so. Second, the IRS has recently changed its reporting requirements in search of this very data. Specifically, every IRA is required to file Form 5498 once per year. That form tells them the value of your IRA. Starting in 2015, the IRS has required that new data be reported on Form Among other things, they want to know whether the IRA is investing in real estate, LLC s or trusts. In other words, what IRS employees are telling me in audits is being reflected in regulatory changes. It all points to the same conclusion: The IRS is very interested in SDIRA s. Which means your SDIRA needs to be up-tosnuff and reflect the latest developments in the law. The IRS correctly views SDIRA s as cash cows for the government. Specifically, a one dollar mistake can cost the IRA owner one million dollars in taxes and penalties. You read correctly: If your IRA pays $1 to the wrong person, you could end up paying $1 Million to the government. Here s an example: Your IRA has assets & cash worth $1,666,667. Your IRA lends $1 to your mother. That loan is a very basic & blatant Prohibited Transaction under Internal Revenue Code Section Without going into details just yet, a Prohibited Transaction often results in the IRA losing 50% to 60% of its assets to government no matter how small the Prohibited Transaction. 60% of $1,666,667 is $1,000,000. A $1 mistake can cost $1,000,000. Can you blame the IRS for looking for small mistakes that get them millions of dollars? Like it or not, that IS what they are doing. But we are not helpless. My example above was very simplistic to make a point. Unfortunately, the Prohibited Transaction rules themselves are not so simple. There are many subtle ways to accidentally destroy your IRA.The rules are often grey, subtle and very easy to accidentally trigger. In such cases, the IRS and the Tax Court generally show no mercy. Here s what the Tax Court had to say with regard to mercy and Prohibited Transactions: we conclude that the prohibited transactions contained in section 4975(c)(1) are just that. The fact that the 6 transaction would qualify as a prudent investment when judged under the highest fiduciary standards is of no consequence. Furthermore, the fact that the plan benefits from the transaction is irrelevant. Good intentions and a pure heart are no defense. 1 In short, if you err, the IRS can destroy your IRA, no matter how innocent or small the error. That s why Prohibited Transactions are the government s #1 weapon for busting IRA s. I spend a lot of time with clients or in seminars educating clients on Prohibited Transactions. Here a VERY simplified list of the most common Prohibited Transactions: 1. The IRA does any kind of business with its owner, the owner s family, certain business partners or employees. It does not matter how indirect or well-hidden the business is (e.g. doing it in someone else s name and then getting cash behind the scenes, quid-pro-quo deals with financial friends, etc.) 2. The owner uses the IRA to benefit himself personally, no matter how indirect or small the benefit (e.g. IRA owns a condo and the IRA owner s teenage kids have a party in it one night). 3. The IRA owner provides any sort of service to the IRA, even if uncompensated (e.g. managing IRA rentals? Managing the IRA s LLC?) As I said, this list is grossly simplified. I do provide consultation and seminars that go into much greater detail and address specific situations (e.g. rentals, flips, rehabs, assignments, etc.). John Hyre is a tax attorney, accountant and investor. His tax practice is based in Columbus, Ohio, but most of his clients are from states or countries outside of Ohio. He has been practicing for twenty years in the area of tax law, with a focus on the taxation of real estate, small businesses and self-directed IRA s/401k s. John frequently speaks nationally on taxation and has successfully represented clients in IRS audits and in Tax Court. He is one of the few attorneys in the country who has been (and as of this writing, is still involved in) IRS audits of IRA s as well as IRA-related Tax Court cases. Join us on August 8 th for Basic Bookkeeping for REI and How to Invest RE via an IRA or 401(k)! See you there! 1 Emphasis mine, from Leib v. Commissioner, US Tax Court Case No , special thanks to attorney Quincy Long of Quest IRA for pointing this one out.

7 & How to Invest Real Estate (RE) via an IRA or 401(k) Presented By Attorney, Accountant & Investor John Hyre Full Seven Hours to learn how to Ethically and Legally hammer the IRS and protect your Assets. 3 1/2 HOURS OF RE BOOKKEEPING BASICS IN QUICKBOOKS We ll put QuickBooks up on the screen LIVE and set up a real estate company, step-by-step. Learn the SIMPLE accounting for: Funding the company Getting Property Purchases & Sales on the Books Producing an Income Statement for Each Property Producing a Balance Sheet for Each Property How to record everyday transactions writing checks, making deposits, etc. If you are not keeping excellent books, you are subject to automatic IRS penalties, overpaying your return preparer, cannot plan to minimize your taxes, and can forget your entities providing asset protection. 3 1/2 HOURS OF IRA/401(k) QUESTIONS & ANSWERS Learn the basics of what you can and cannot do with an IRA/401(k), both with your own and when using money from others accounts. Learn high-yield techniques to balloon income, tax-free of course. How to avoid disqualification of IRA (Prohibited Transaction Rules) and avoid paying tax in IRA (UBIT or Unrelated Business Income Tax). How to use LLC s in IRA, including deciding whether or not LLC makes sense for you. Examples of investments in IRA, including how to super-charge rentals, how many flips can be run and other RE-related techniques. Plain English format, open for Q&A throughout. Saturday, August 8th 9:00 am to 5:00 pm PHP Credits Contract Law (3.00 hours) Finance (2 hours) Tax law (income) (1.00 hours) Tax law (other) (1.00 hours) Price Members $59 until 8/5; $79 after 8/5 Non-Members $79 until 8/5; $99 after 8/5 Location CFRI Education Center 138 Wilshire Blvd. Casselberry, FL Lunch Included Register online or call August 2015 newsletter 7

8 seminar speaker Sandra Edmond Queen of Tax Deeds CFRI Lifetime Member, Past CFRI President, Licensed Real Estate Agent How would you like to make $2, per hour? When was the last time you worked 3.5 hours and made $2, per hour? Think I m kidding? Not at all and it s all legal. One of my students netted 30k in the couple hours she had invested in the deal. Tax Deeds and real estate can be very lucrative. Let s just call it the tax deed that keeps on giving. Most people know very little about Tax Deed Investing. Banks and Realtors have no incentive to tell you about it and most savvy investors won t tell the competition what you need to be successful investing in Tax Deeds until Saturday, August 15 th. I love Tax Deeds. I have been investing in Tax Deeds since As lucrative as the tax deeds & liens can be, there can be problems you need to learn about as well as the advantages you can use in your favor. With that said, let me take a moment to correct some of the misinformation that is out there about Tax Deeds. 1. Tax Deeds and Tax Certificates are the same thing. Not so! Tax Deeds give you ownership. Tax liens earn you an interest rate. 2. You can t get marketable title with a Tax Deed. FALSE. There are several ways to make money in Tax Deeds and tax delinquent properties. One is to buy a lien on the property aka Tax Lien earning 5-24%. If the homeowner doesn t pay off the tax liens, they run the risk of their property being sold at a tax deed auction. Secondly, you can buy the Tax Deeds at the auction. But the best deals are done before the auction and after the auction. This third technique will net you anywhere from $800 to thousands of dollars per hour. I will be showing you how to do this in the upcoming 1 Day CFRI Class on the Saturday, August 15 th. I ll tell you all about the tax deed that keeps on giving. There have been other times when I bought the homes for just the back taxes without having to bid against any one else. Tax Deeds can be lucrative but you have to know what you are doing so you don t get in trouble. One of my partners invested $27,000 for a commercial lot. She resold that property for about $103,000 a few months later. On Saturday August 15 th, I will be telling you about the tax deed that keeps on giving as well as how to buy the tax deeds before and after the auctions and how to invest in tax liens. Sandra Edmond has been a full time Investor since Prior to Real Estate, she was a Television News Reporter and Fill in Anchor. She graduated from UCF and is the immediate past President of CFRI as well as a licensed real estate agent with Matrix International Realty. 8

9 Earn PHP Credits in: 2 Local Regulations 3 Negotiations 2 Purchasing CFRI Central Florida Realty Investors Est Qualifies for 7 CE Credits for your Real Estate Continuing Education Requirement! Sandra Edmond Presents Investing in Tax Deeds & Tax Liens Saturday, August 15 th Did you know you can buy homes for just the cost of back taxes?? Why wait for the foreclosure or short sale when properties are being sold throughout Central Florida at tax auctions every month! At this all day workshop, Sandra will share EXACTLY how to make money in this profitable area of real estate investing. Join Sandra and you will learn: The difference between Tax Deeds and Tax Liens. How to gain the competitive advantage when buying Tax Deeds and Tax Liens. When and where to buy Tax Deeds. How to get started with little, or no, money. Learn how to make money on houses even after someone else buys them. It doesn t get much easier than this! Learn how to find the Tax Lien Certificates that will give you the best return on your investment Discover techniques for selling your properties on ebay! Find CASH buyers when you are ready to sell. When you leave this event, you will walk away with enough knowledge to start investing in Tax Deeds and Tax Liens immediately! Find out why Sandra is known as the Queen of Tax Deeds on Saturday, August 15, 2015 from 9:00 AM to 5:00 PM. Members: $99 thru 8/13, $119 after 8/13 Non- members: $119 thru 8/13, $139 after 8/13 Location: CFRI Education Center, 138 Wilshire Blvd., Casselberry Register online or call August 2015 newsletter 9

10 seminar speaker Jon Bolton The Inspectagator CFRI Business Member Beware of The Bank Bank owned rehab routine, spray color and lay carpet as cheap as humanly possible. Bank owned fast and quick repairs often offer little value and can even create more harm than good. As a matter of fact, in my opinion, these repairs wreak of deceit and fraud. Then under the flag of total immunity they fail to disclose major defects. I m here now to tell you that time has not healed all things. Quite the contrary my friends. I am particularly perturbed because I m the first one blamed for missing a concealed defect. The bank s favorite rehab routine the drive by paint job. With total disregard for surface preparation, color is sprayed on the walls in order to enhance the homes curb appeal. Within just days or weeks the new paint is peeling off the wall. Despite real estate contracts that depict paint as an aesthetic feature, I insist that the paint is a function of the building envelope and the wall assembly will not perform as intended (key words here) without it or when it is not in good condition. So who cares? Water intrusion happens with even small/ short rains because of science but we don t necessarily have the quantity of moisture to pass all the way through the wall/window assembly and manifest itself on the interior. Water intrusion can happen and if not dried/ evaporated quickly, fungal growth is not far behind. Growth behind baseboard and on the backside of the drywall goes un-detected because it s not visible. Out of sight, out of mind. Could mold be a problem for you? Sometimes we get lucky and find hidden water intrusion using high resolution infrared cameras. How many things would we miss without this must have tool? Lots! P lus electrical and energy issues. We ve been using infrared for more than a dozen years now and I can t fathom performing the duties of a professional inspector without it. With new lawsuits and increased liability for entrepreneurs, due diligence is imperative and should be systemized to mitigate risks and preserve hard earned profit. That little piece of information may just have saved one of you from a catastrophic financial burden. You re quite welcome. I ve said for years that if we all stick together, nobody gets burned. Attend our presentation on August 26 at 6:30pm and BE the entrepreneur you were meant to be. We ll explore drones and their legality, infrared technology, bank owned property pitfalls and using professional inspections to justify your offers. I understand there are great opportunities in buying bank owned properties, just be careful what you are purchasing, use professionals (inspections, legal, mentors, etc.) to protect you and stay connected with those who share similar interest (CFRI). It s all good and if we all stick together, nobody gets burned. Call me or me with other article suggestions, or HOME (4663). 10

11 BE the entrepreneur you were meant to be with 5 steps to bury your competition. with Jon Bolton Led by Jon Bolton, The Inspectagator and CFRI Business Member. NOTE: For those looking to earn the PHP designation, this seminar covers the 1 hour you need for EPA Regulations and 2 hours for Inspections. 1 PHP Credit in EPA Regulations and 2 PHP Credits in Inspections BE the entrepreneur you were meant to be with 5 steps to bury your competition. Drones in real estate, legal or not? Bank owned houses, smoke and mirrors, caution! Infrared thermal imaging for finding concealed defects. PEX, the new Polybutylene? How to make money with professional inspections. You have the propensity for greatness, liberate it. Attend this presentation because learning by trial and error costs too much. Visit or call to make your reservation today! DATE and TIME Wednesday, August 26-9:30 pm LOCATION CFRI Education Center 138 Wilshire Blvd. Casselberry, FL COST MEMBERS $59 each thru 8/24 $79 after 8/24 NON-MEMBERS $79 each thru 8/24 $99 after 8/24 CFRI Success Team Business Members Success Team Business Members have demonstrated a high level of commitment to CFRI and the membership. These Success Team members are available to help members achieve success in real estate investing. The CFRI Success Team Business Member designation identifies highly successful real estate investors that offer creditable coaching programs. Charles Fischer Augie Byllott Chris McClatchey August 2015 newsletter 11

12 seminar speaker Robin Daniels Leader of CFRI Advanced Investors Focus Group Know Your Numbers Why do you need to know how to use a financial calculator as a real estate investor? A financial calculator helps you compare investments taking into consideration the time value of money (TVM). When you receive different dollar amounts over different time periods on different investments you cannot just add up the monthly cash flows and compare them to each other! For instance: Which would you rather receive $50,000 per year for 20 years or $1 million 10 years from now? They both add up to $1 million, so they are the same right? Don t make this mistake in evaluating investments. Please learn to analyze choices with a financial calculator to make sure you are comparing apples to apples and making the wisest decision for your portfolio. How soon you receive the money and how much you receive makes a big difference in your yield. Or as Barney Zick, used to say: Sooner is better than later, More is better than less, and More Sooner is Best. Barney passed away 10 years ago but is well remembered for his enthusiastic teachings and vast experience in negotiating, options and notes. Here are a few real deal examples: You are trying to choose between 1) Buying a house for $50,000, renting it for $900/month, and selling it when it doubles in value, or 2) Lending $50,000 and receiving 8% interest amortized over 15 years with a 3 or year balloon and 5 points rolled into the loan, 3) Buying a discounted note for $50,000 with a current balance of $84,000, an interest rate of 7.5%, and payments of $643/month with 1 year left until the balloon is due. Which choice would give you the greatest cash flow? The greatest yield on your investment? How do you decide? Come to the calculator class on August 31st and learn how to do calculations like these using the HP 10bii+ calculator. If you prefer to use an app on your smart phone I recommend the HP 10bii app for iphones developed by K2 Cashflow, Inc. For Android devices, search for HP 10bii developed by In A Day Development. They both cost $5.99. In class you will also learn how it is NOT all about the numbers. There are missing keys on that calculator that can really mess up a deal! We will talk real case scenarios and you will receive a handout that includes a template to follow when you are figuring out future deals on your own at home. Hope to see you on August 31 st! See page 13 for more details. P.S. Did you know that earning 12% instead of 10% over 30 years on an initial investment of $100,000 adds up to more than a $1.6 million difference in your portfolio?! Knowing your numbers can make a big impact on your retirement! 12

13 3 PHP Credits in Finance Mastering the Financial Calculator for Real Estate Investors with Robin Daniels 6:30 9:30 pm on Monday, August 31 st Be Prepared to Have FUN with FINANCE as you get more comfortable with crunching the numbers on your real estate deals. Robin will walk you through practical examples and deals from her 17 years as a real estate investor. Join us and Master the Financial Calculations You Need to Know to Develop Wealth through Real Estate. In this hands-on workshop, you will learn how to: Make quicker decisions on offers to make Improve your returns on existing investments Calculate mortgage payments and the balance due on an existing mortgage Construct seller financing offers that make sense for you and the seller Develop more confidence in explaining your deals to sellers and private lenders Plus: Determine how fast you can make your money grow for retirement Calculate the yield on discounted notes to keep or flip to other investors THIS IS NOT A LECTURE! It will be interactive and fun. Class size is limited since it is a workshop, so sign up early! *Class requires you to use a Hewlett Packard 10Bii+ calculator. You can purchase one when you sign up for the class for an additional $25, or download an app for it on your smart phone prior to class. For iphones, you will need the HP 10bii developed by K2 Cashflow, Inc. For Android devices, you will need the HP 10bii developed by In A Day Development. They both cost $5.99. Mastering the Financial Calculator Seminar Speaker Robin Daniels leads the Advanced Investors Focus Group for CFRI and has been investing in real estate since She primarily buys and holds properties in Osceola and Orange County. She has invested in single family homes, duplexes, apartments, mobile homes, timeshares, hard money loans, discounted notes, and has joint ventured with other investors on several projects. She has bought and sold with owner financing, blanket mortgages, wrap-around mortgages and subject-to existing financing. She is currently focused on investing with her self-directed ROTH IRA and HSA for creating tax free wealth in retirement. Date and Time Monday, August 31 to 9:30 pm Location CFRI s Education Center 138 Wilshire Boulevard Casselberry Members Early Registration thru 8/29 $59* Registration after 8/29 $79* Non-Members Early Registration thru 8/29 $79* Registration after 8/29 $99* MAKE YOUR RESERVATION TODAY! VISIT OR CALL August 2015 newsletter 13

14 Featured Article Augie Byllott CFRI Lifetime Member CFRI Success Team Business Member Having Everything You Want Think about something that you ve had success with in the past, be it a sport, a skill or a hobby, and answer this question; What separated you from the pack? You began with desire and chances are, you invested time, energy and effort to master this skill or craft. Maybe you surrounded yourself with others who shared a similar passion. Building a highly profitable real estate investment business is similar. Top agents and investors achieve success because they take the time to invest in themselves. The result; they recognize opportunities others miss. They possess laser sharp focus, execute well, surround themselves with a strong, experienced team, and usually have a coach or mentor. Before real estate, I spent 22 years in the banking industry where, among other things, I managed, trained and developed sales executives. By building win-win relationships, I helped my clients achieve their objectives while creating profits for my employer. When I was promoted to management, I became responsible for the performance of others. That promotion gave me two ways to meet my goals; I could be the super-salesman (and serve myself) or I could do it through others (my job). My job was to coach my sales team to become better, stronger, more effective and therefore more successful. Either way we d meet our objectives. But, when the team was successful, they d earn commissions and bonuses; more importantly, I could focus on building the business, creating more income, and advance my career. This is why teams are so important! I ve been able to effectively adapt this thinking to my investing business. This coaching strategy reminds me of the Zig Ziglar quote, You can have everything in life that you want, if you just help enough other people get what they want. The truth in that simple statement is astounding! In our industry, we work with motivated sellers. When we meet their needs, we can buy all houses we want. Imagine going from one or two transactions a year to twenty! What would that level of performance improvement do for your bottom line? If you are seriously interested in building and growing your business, you can shorten your learning curve and increase your effectiveness with the right coach. The key is to find a coaching program designed to help increase your effectiveness and become more successful. Whether you re considering the PACT Program or any other, at a minimum a solid coaching program should provide: Advice and problem solving for business and personal issues Unbiased feedback An opportunity for personal and professional business growth A safe environment to be accepted without judgment A chance to work ON your business, not just IN it Guidance for strategic planning Networking and Team Building Challenge in a supportive environment A mechanism for holding members accountable to their business Augie Byllott is a CFRI Lifetime Member, a member of the Advisory Board, leader of the Investment Techniques Focus Group and Osceola Chapter. Personal Action Coaching & Training is a small group program; to learn more visit: 14

15 Seasoned Professionals To Assist You Our Goal is to earn Your Trust Owners are On Site Competitive Pricing Call for a Quote We Provide Solutions to Title Problems Statewide Service Family Owned & Operated Since 1990 trust is vital. Rob Arnold, licensed real estate broker In this market, you want an experienced Realtor on your side that has the knowledge, the ability, and the resources to keep you profitable. Full service realty office. We can help you find them, fix them, and then sell or rent them. Property management. Give yourself a break and let us handle it. By investors; for investors. Flat Fee MLS listings Investor discounts. Available in most areas of Florida. Free list of foreclosures, bank REOs, and fixer uppers. Sign up for our hot property list. We hire real estate agents. Great commission splits. Full Service and investor friendly realtors. Member Better Business Bureau of Central Florida In business since If you do not have a QR Code Scanner on your phone, text the word REIA to or contact your local REIA for the link. Sand Dollar Realty Group, Inc August 2015 newsletter 15 Chapter Benefits Manual

16 featured article Liz Brumer CFRI General Member Non Performing Note Attack! At last month s general meeting, CFRI held their 4th episode of Shark Tank. These special meetings allow 3 brave individuals to present active deals that they are looking for funding or a partner on, to a panel of sharks or experienced investors. I happened to be one of those presenters, presenting a note deal that was originally available for purchase but unfortunately was bought by someone else two days before shark tank. We decided to still present the deal because of the teaching points it presented and the creative investment strategy of buying a non-performing note and making it re-performing. I m writing the article to help better explain what the deal was and how we make money with notes. To understand this deal, you re going to have to understand the basics of notes. A promissory note is a document that outlines the borrowers right and requirements to repay a debt. When working in real estate most often these notes are attached to a mortgage, which is secured by a property. I like to make the connection to getting a bank loan on your own home or an investment property. In order to buy the house from the bank you have to sign a mortgage (secures the bank with the property itself) and a promissory note (your promise to pay the mortgage). Banks sell mortgage notes multiple times throughout a lifetime of a note and this is precisely what we and who we purchase from. The deal we presented was a non-performing note, which means the borrower had not made payments on the mortgage for many years and was in default. Banks sell defaulted mortgage notes at an extremely discounted rate to even out their books and keep them from going negative or worse, closing. Buying defaulted notes opens up a word of possibilities for exit strategies which I won t go into great detail here, but purchasing this specific note allows us to step into the shoes of the bank and either 16 get them repaying or secure the deed to the property and make our profit by selling it on the secondary market. This deal was brought to me from a wellknown note educator that we studied with previously. They were looking for a $25,000 investment for a 50% ownership of the deal. Our goal was to find a private lender to loan us $25,000 at 12% interest only for 1 year. They were securitized by our 50% ownership of the note and were only in the deal for 55% LTV. After completing the deal, the investor gets their initial $25,000 immediately. In the unlikely event we were to default, the lender would automatically step into our portion of the 50/50 JV with the partner and gain full rights to all profits within their 50% ownership. The property the note was securitized by was located in an OK neighborhood (C-) in Pensacola, FL. It is a 3 bed 1.5 bath home around 1,200 sqft. In its current condition, the property is worth $40,000 - $45,000 but the borrower owed $86,000 on the property. While the borrower was not paying, he did have emotional equity in the home meaning he wants to stay, even if the property is underwater. The borrowers loan was originated in 2005 and agreed to do a deferment plan for 1 year paying $600 a month. Deferment means the borrower will not pay interest and this amount does not pay down the current unpaid balance (UPB). Why would he do this then? Well, he s proving his ability to pay again, and is showing good faith after years of default. This is also a good option if he does not have a large lump sum down payment to make to show the dedication to repay. The $600 a month payments were great for my JV partner and I because 1) that s $300 a month in passive income for us each month, and 2) his consistent payment means this loan is no longer a non-performing note but a reperforming note giving the note itself more value.

17 The original plan for exiting this deal was collecting a minimum of 6 months of consistent payments from the borrower and getting us refinanced out using the FHA program. FHA is a federal program designed by HUD to help extremely underwater borrowers minimize their negative equity. There are a number of requirements when applying and being approved for this program but to our understanding, the borrower met the qualifications; the original loan was not an FHA loan, the borrower had not filed bankruptcy, they were significantly underwater, we were able to minimize their current mortgage by 10% of the unpaid balance, and if they could make the 3 months payments, they would be current with their mortgage payments. (If you d like to learn about those I suggest you Google FHA program and you can find the current requirements and regulations. Once approval is granted, the lender is refinanced out up to 97% of the current market value of the house. Meaning we would be paid 97% of the $45,000 the property is worth and the borrower would have a new FHA loan. In the event the borrower is not eligible or denied the FHA program, we would complete a formal modification of the original loan. This means we would create new terms of repayment such as remaining balance, interest rate, and time to repay. Once approved and seasoned, meaning payments are on time for a few months, we can sell the re-performing note to another investor for up to 80% of the current market value. The investor that purchases this note is happy because they have a re-performing note that gives them residual monthly income, and we re able to make our original investment back plus our profit within 12 months without every visiting the property, repairing the property, or leaving the house! Now that you understand how we would have done this deal, let s go over the possible ROI s for our position as the 50/50 JV partner. The private investor would receive $250 a month (that s the 12% interest only). We are receiving $300 a month from the borrower, leaving us with $50 per month in cash flow after paying our private lender. If we refinanced after 7 months using the FHA program at 97% of the $45,000 we would receive a total of $43,650. After paying back the lender their initial investment of $25,000, there would be $18,650 in remaining profits. We split that 50/50 with the JV deal, and we would each receive $9,325 in addition to the $50 a month payments. While we wouldn t have been using our own money, for ROI purposes if it was our own money, that would be a 45% ROI! The second possible outcome was to sell the note as a re-performing note on the secondary market. Again the private investor would receive $250 a month from the $300 a month payment we were getting from the borrower, leaving us with $50 per month in cash flow for 12 months. Selling the note to a secondary investor at 80% of the $45,000 we would receive a total of $36,000. After paying back the lender their initial investment of $25,000, there would be $11,000 in profits. We split that 50/50 for our JV deal, and we would receive $5,500 in addition to the $50 a month payments for 12 months that would be a total profit of $6,100. While we wouldn t have been using our own money, for ROI purposes if it was our own money, that would be a 36% ROI! Now there are a number of questions that need to be answered before closing on the deal such as; did the borrower make a down payment to show good faith, if so how much? Have you verified income to know they are able to make payments again? What happens if they don t pay? Who initiates foreclosure in the 50/50 deal and how long would you wait to initiate that? But, unfortunately those questions remained unanswered because the deal was taken by another investor who was able to jump on the deal quicker than we were. While this particular deal is gone, note deals like these come along nearly every day and have the opportunity to make ROI s very similar to the one you see above. If you re interested in learning more about the topic of notes, Liz Brumer and Robin Daniels will be teaching a class in September on non-performing notes, creating, selling, and buying seller financed notes. August 2015 newsletter 17

18 featured article Brian Baker CFRI Treasurer & Business Member BREAKING NEWS: CFRI has NEWS: a new Violation Reporting CFRI System has a new Violation Reporting System CFRI has seen tremendous growth in our membership ranks over the past couple of years. And with CFRI that has growth seen tremendous have come new growth challenges in our that give our association the violation, a chance to and mature. a chance Every for person the that accused to membership has signed ranks their name over to the become past couple a member of has agreed to tell abide their by the side same of the Policies story. & Procedures, Second, the and person years. the And Board with takes that violations growth of have that agreement come new seriously. who submitted the form will be ed, challenges that give our association a chance thanking them, and also gently reminding them The idea is to capture violations when they happen and to give everyone a chance to explain their side to mature. Every person that has signed their that false accusations are not tolerated. And of the story. If someone has been proven to repeatedly violate policies, the Board will take action to name to become a member has agreed to third, a note will be posted to both of their ensure the rest of our members continue to enjoy fair treatment and a professional environment. It s abide by the same Policies & Procedures, and membership accounts to help the Board track the Board important takes that violations we remove of emotions, that agreement look to facts, and document violations everything across for events. future Board The notes members will not seriously. to use as historical reference. mention names, but only whether violations The When idea is a to member capture witnesses violations a violation when and they wants to report were it, they reported can fill out and/or the Violations proven. Form online happen and hit and Submit to give for everyone review. The a chance form allows to the member When to check a over person the various commits policies up to and three proven explain procedures their side they of feel the were story. violated. If someone They re required has to give violations, specific and the complete Board information. will review their When been the proven member to is repeatedly done, an auto- violate policies, is sent to the President, membership Vice President, status. Violations Depending Committee, on and the severity the Board the Association will take Executive action for to ensure review, awareness, the rest of and tracking. of the violation, the Board could decide to our members continue to enjoy fair treatment completely revoke their membership. Or, the and Three a professional things will then environment. happen. First, It s an important will be sent with Board a warning might that suspend we re reviewing their membership the for that violation, we remove and a emotions, chance for look the accused to facts, to tell their side of the a period story. of Second, three the months, person who during submitted which time and the document form will everything be ed, thanking for future them, Board and also gently reminding that person them may that false not participate accusations are in not any CFRI members tolerated. use And as third, historical a note will reference. be posted to both of their activities. membership Or, accounts the Board to help may the decide Board track to put violations across events. The notes will not mention names, their but only membership whether violations on probation were reported for between When a member witnesses a violation and and/or proven. three and eleven months. If that member gains wants to report it, they can fill out the another proven violation during their probation Violations When a Form person online commits and up hit to three Submit proven for violations, the Board will review their membership status. period, their membership may be immediately review. Depending The form on the allows severity the of member the violation, to check the Board could suspended decide to completely for a length revoke of their time decided by over membership. the various Or, policies the Board and might procedures suspend their they membership Board. for a period of three months, during feel which were time violated. that person They re may required not participate to give in any CFRI activities. Or, the Board may decide to put their specific membership and complete on probation information. for between When three and eleven months. We now If that have member a system gains in another place for proven reporting the member violation during is done, their an probation auto- period, is their sent membership may violations be immediately that the suspended Board is for committed a length to to the President, Vice President, Violations supporting. If you re interested in learning of time decided by Board. Committee, and the Association Executive for more, please check our website or review, We now awareness, have a system and tracking. place for reporting violations that the Board is committed If you to supporting. have questions If or comments, please post them on our Facebook Three you re things interested will then in learning happen. more, First, please an check our website or If you have making CFRI even better will be questions sent with or comments, a warning please that post we re them reviewing on our Facebook page. Together, we re making CFRI even better for everyone! for everyone! 18

19 featured article Lee Spaziano CFRI Secretary & Business Member A little House Keeping - Bylaw Changes Members, Every two years your Board of Directors reviews the CFRI Bylaws to confirm everything is up to date. This year we have a few minor changes. The CFRI Board of Directors has already approved these changes, but now you (the membership) has to vote to approve the changes. You get to vote to approve these Bylaw changes at the September Main Meeting. Here are the changes which will be on the ballot. Amendment I - Remove outdated reference to the Investore in Article IV, Section B. Current bylaw Article IV (Board), Section B (Duties and Responsibilities): h. Approve budgetary expenses, purchases, and projects of the Association. These include but are not limited to: Acquisition of materials for the Investore Proposed bylaw Article IV (Board), Section B (Duties and Responsibilities): h. Approve budgetary expenses, purchases, and projects of the Association. These include but are not limited to: Acquisition of materials for the Investore Amendment II Fix contradiction in the By Laws: Article VI, Section A states that The Trustees will appoint the nomination and elections committee chair annually. However, this is in contradiction to Article IV, Section B-2 which states among the duties of the President is Appoint the nomination and election committees chair. Current bylaw Article IV (Board), Section B (Duties and Responsibilities), 2 the President s duties and responsibilities include but are not limited to: b. Appoint the nomination and election committees chair Proposed bylaw Article IV (Board), Section B (Duties and Responsibilities), 2 the President s duties and responsibilities include but are not limited to: b. Appoint the nomination and election committees chair Amendment III Board Procedural Change: Article V, Section C states that Board members should provide agenda items to the Secretary. However Article IV, Section B-2 says the President is responsible for setting the agenda. Current bylaw Article V (Parliamentary Issues and procedures), Section C (Board meetings) Board members should provide agenda items to the Secretary and Administrator/Office Manager for inclusion at least five (5) days before the meeting date. Proposed bylaw Article V (Parliamentary Issues and procedures), Section C (Board meetings) Board members should provide agenda items to the President and Administrator/Office Manager for inclusion at least five (5) days before the meeting date. CFRI Members Only! CFRI Central Florida Realty Investors Est Great Benefits!!! Reasons to Put CFRI to Work for You! Get Great Benefits through Your CFRI Membership The ONLY way you can get a rebate back on every purchase at the Home Depot is by being a CFRI member. Even the cashiers at Home Depot don t know about this exclusive benefit. Call to sign up for this awesome MONEY FOUND program. Use the CFRI phone number ( ) and get ADDITIONAL discounts of up to 20% on 1 gallon and 5 gallon paints. Just write the number down and watch the savings! August 2015 newsletter 19

20 Deals of the month Krystal Little, VICE-PRESIDENT July Deals of the Month DEAL 1 Shark Tank Update: Bolton Lane Pool Home by Krystal Little When Jan Anderson, well-known rehabber and recent CFRI Board Member, decided to present at a 2014 Shark Tank she went in wanting a deal. But what Jan wanted wasn t what was offered and although she received two offers from two Sharks, she decided to walk away and continue to seek additional financing on her own. She partnered with Charles A Fischer because he brought a private lender to the table and partnering with a seasoned rehabber and coach can open doors, avoid potential hiccups and overall make for a smoother rehab. The rehab was an REO that Jan found on the MLS. Being extremely familiar with the area, Jan knew that the value was there in this particular property, and she estimated the ARV to be between $155,000 and $160,000. So she offered the bank full asking price of $74,000 because she had the confidence to turn this dingy, dirty house into a true gem. Repairs were estimated at $35,000 for this 4/2 home, and included a new roof, conversion of a carport back to a 1-car garage, landscaping work, new flooring throughout, a new hall bath, a redesigned master bedroom and bathroom, and a completely renovated kitchen including removing a partial wall to create a wide open floorplan. Acquisition Costs Purchase Price: $74,000 Rehab Costs: $50,000 Total All-In: $124,000 With such an exceptional rehab, and in a market where immaculate yet affordable homes are sometimes difficult to find, Jan listed her property higher than they initially thought. The reason for this is while the renovation was happening, the market shifted in Jan s favor and she was able to see solid comps support a higher asking price. So, it was listed at $189,000 in less than 72 hours, they received a solid offer of $185,000!! That was $25,000+ more than she thought the ARV was initially!! Most seasoned investors know that before you get too excited about the profit, you must get to closing first because at any point during the sales process, the deal can fall apart. Or your expected result may not happen exactly as planned. And this was no exception. Since the buyer was seeking traditional financing, they were required to get an appraisal and although the offer was for $185,000, the appraiser only valued the property at $175,000. Facing a dilemma, they could have easily relisted and sought a different appraisal for the next buyer or move forward with the lower appraised value. This is often a situation investors face, and like many, they chose to proceed with the lower appraisal in an effort to get the deal closed. Even after accounting for holding costs and higher than expected rehab costs, it s easy to see that this gorgeous rehab turned a nice profit. And we can see why. Buying a property at the right price, improving it in all the right areas, and selling it in a seller s market make for a sure combination to massive success. Whether you have a Shark on your team or not! Please join us in congratulating Jan on yet another beautiful renovation! 20

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