One day I hope a get to write some good news about Kansas homes sales, but for now I have to tell you the news without trying to cover up how bad the real estate market is. Here is an example of a cover up – According to Jamie Holt with Coldwell Banker Plaza Real Estate in Wichita Kansas and President of the Kansas Association of Realtors (KAR) "Sales in April were actually up 5.2% compared to the same month in 2009". He also said "This is a more meaningful comparison, because last year's figures were so skewed by the home buyer tax credit. All told, this number reflects a solid start to the selling season."
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I see many new real estate investors come into MAREI to learn more about real estate investing. They have attended the free intro seminar from some guru, saw a late night TV infomercial, and maybe forked over their life savings for some training program that is going to make them rich.
Now they are ready to get their hands dirty and get started. Then they turn to us.
One of the first things a new real estate investor needs to do is build their real estate investing team. Every guru and mentor out there will tell you this and they are right. I am telling you this for free. Even if you fork over Tens of ,000s to get training, this is where you need to start. Why, because your team will actually help you find the training, the funding, the deals, and help you put it together.
The real estate investing gurus tell you to go find your local real estate investing association (REIA), join and meet the people there. Beyond that you don't get much as they want to get into the meat and potatoes of what they are trying to teach you: rehabbing, short sales, marketing. That's their expertise, not building your team. I guess they figure everyone out there can talk to people and network automatically. But from watching new people come to our meetings I find that that could be further from the truth.
So I have decided to put together a series of articles to help our new people and even our experienced people figure out how to utilize their REIA group and build their investing team.
Please watch for our upcoming articles:
1. Where to find a real estate investment club.
2. What to look for in a real estate investment club.
3. What to take with you to a real estate investment club meeting.
4. Get the most out of the vendors at the real estate investment club meeting.
5. Networking at the real estate investment club meeting.
6. Learning at the real estate investment club meeting.
7. Follow up after the real estate investment club meeting.
8. Beyond the real estate investment club meeting.
About the author: Kim Tucker
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If you belong to a homeowners association, you may be experiencing unintended problems. I found this article and thought it would be information Kansas City real estate owners should be aware of. When you are working with a real estate professional, their experience will help keep you up-to-date with current real estate trends that could affect the sale of your property. Experience Matters!
In accordance to the National survey of Community Managers. The struggle continues in more than half of the over 310,000 homeowner and condominium associations. The economical downturn and the mortgage/foreclosure crisis is the cause.
Forty-five percent of community managers say their associations face "serious" financial issues as a result of the housing and economic downturn, while 9 percent describe the impact as "severe."
More than 60 million Americans live in homeowners associations, condominium communities and residential cooperatives.
More than half of community managers say at least 3 percent of the homes in their communities are vacant, with 25 percent reporting vacancy rates above 5 percent. When homes are vacant, whether due to foreclosure or the inability of non-resident owners to sell or rent their properties, associations are often unable to collect fees, or assessments, that are used to fund services such as utilities, trash pickup, snow removal, road and building maintenance and landscaping.
The survey shows that assessment delinquency rates in associations have more than doubled since 2005. Today, 65 percent of associations have delinquency rates exceeding 5 percent, with more than 30 percent reporting rates of more than 10 percent. For one in 10 associations–or close to 30,000 associations–the delinquency rate is more than 20 percent. A second survey shows that associations are not receiving timely assessment payments on 70 percent of the bank-owned properties in their communities.
"This can put an enormous strain on both associations and the homeowners who are paying their fair share," says Thomas M. Skiba, chief executive officer of Community Associations Institute (CAI).
Associations are responding by borrowing, reducing the money that needs to be set aside for major maintenance and repairs, postponing capital improvement projects and levying special assessments.
Many associations, Skiba says, are also forced to curtail services, which can further depress property values.
Skiba points out that the mortgage foreclosure crisis adds urgency to CAI's efforts to convince the Federal Housing Finance Agency (FHFA) to nix its recent proposal to ban community association transfer fees–dollars that have been used for years to help many associations fund reserve accounts and community improvement projects. CAI estimates that as many as 11 million homeowners would find it difficult to sell their homes if the government moves forward with plans to ban these fees.
"Association boards strive to maintain the nature and character of their communities and meet the established expectations of all homeowners, but that's a daunting task in this kind of environment," Skiba adds. "They are making difficult choices because they have few alternatives. But they are managing the equivalent of a business and businesses must pay their bills."
More than 1,500 community managers responded to the survey. Complete survey data can be reviewed at www.caionline.org/data.
CAI is a 30,000-member, national association dedicated to fostering successful community associations. Working in partnership with almost 60 state and regional chapters, CAI provides information, education and resources to associations and the professionals who support them. Our mission is to inspire professionalism, effective leadership and responsible citizenship, ideals reflected in communities that are preferred places to call home.
By: Elizabeth Martinez, Editor
Mortgage Lending News, LLC