the RE Investment News March 2013

M I D - A M E R I C A A S S O C I A T I O N O F R E A L E S T A T E I N V E S T O R S
March 2013
Watch out for Appraisal Fraud, see Article on Page 20!
NETWORKING : EDUCATION : COMMUNITY : GOVERNMENT
Investment News
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MAREInet.com
In This Issue
Real Estate Cycles
6
What Goes Around
Comes Around
Social Media Marketing
8 Why are you Failing?
Real Estate Contracts
12 Essentiaal Clauses
Auctions
16
Absolute Auction in April—How
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
Meeting Attendees
Personal Real E state
Investor Magazine
March / April 2013
Special Feature Section
NoteWorthy Guide to
Profitable Investing in
Real Estate Notes
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Rehab
The items that need to be fixed on the houses has been
fairly consistent over the years. We have seen that prices
on a some of the high end items has came down, allowing
us to put granite counters in much more often, and our
colors might be a bit different.
However, you do need to have your exit strategy in mind
when determining what to fix. You need to decide if you
are fixing the house to be a rental for a few years. If you
are fixing it to retail it or, maybe, fixing the hard stuff and
leaving the easy stuff for the bargain shopper.
Funding for the End Buyer
Way back when I started we did not have a lot of options
for the buyers: conventional financing with 10 to 20%
down and in a very few cases FHA financing. So back in
the early days we did learn a lot about Lease Options and
Contract for Deed. Fast forward to 2007 and 2008 and
just about anybody who could sign their name could get a
loan to buy a house with up to 105% financing. . . CRAZY!
Then the housing bubble burst, in part due to all the crazy
sub-prime lending and we went back to needing 10 to
20% down on conventional and 30% down on investor
purchases. The highlight was that FHA continued to crank
out loans, although, this time they had lending standards
to meet.
When we add in all the people who lost homes to foreclo-
sure over the past few years, we end up with a huge class
of people who are good qualified buyers, but because of
the foreclosure or short sale, cannot currently get financ-
ing, this brings us to offering Seller Financing to get our
buyers funding.
Anyway you slice it, Real Estate is
always changing and there is never
a dull moment! The cycles go up
and down, the key is to be able to
adapt as the markets change.
I can’t wait to see a few of
you at my Rehab Work-
shop on Saturday March
16th.
—- Donald Tucker
In getting ready for the Rehab Workshop I am going to be
teaching on the 16th, I pulled out my outline from the last
few times I taught the class and I have found that over
the years, the workshop has changed to the point that I
think we are almost back to the original version in some
cases and still finding a new perspective on others.
Finding Deals
On the first time around as well as for most of the other
times the workshop has been taught we focused on find-
ing bank owned REO properties. This was easy as you
could have a Realtor pull up a list, go look at them and
buy them in a fairly short time. The competition for Bank
Owned homes, the really good ones has always been
fairly aggressive and I have been known to bid more than
list price in an effort to acquire a property. But today, we
see banks foreclosing less and homeowners as well as
investors fighting for the properties, making the REO
route very tough.
Todays, investor has to work a bit harder to find the best
deals from the REO agents, as well as the local whole-
sale investor, and even their own marketing campaigns to
get the sellers calling them.
Funding the Deals
When we started with this workshop, there were not a lot
of avenues to fund a purchase and rehab. Most people
either had an abundance of cash, had a home equity line
of credit or might have found some local bank willing to
fund the purchase and rehab. Fast forward to 2006 and
2007, we talked a lot about Private Funding and Hard
Money or Rehab Lenders who would fund purchase and
rehab up to 65 to 70% of the rehab. In the slow years of
2010 to 2012, the banks just stopped lending and most
hard money / rehab lenders stopped lending. Banks
closed out lines of credit and we were left with only our
own cash or private lenders.
As I brush off my notes, I can tell you that the local banks
are coming back with rehab funding as well as the Hard
Money Lenders. There are more people at the REIA
meetings letting you know they have funds to be your
private lender and even a few banks are back in the mix
of offering funding for purchase and rehab.

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HowYouCanFixIt:
10ReasonsYouWillNeverGenerateALeadThroughSocial
Media
There are tons of articles on the subject of social media
and how its being used to generate leads. Many people
are saying that they are not getting results. When I teach
social media marketing to students, I teach them that it is
not a one-size-fits-all-instant-cure and I don’t hype social
media is the be all and end all to generating leads.
1.UnderstandwhatSocialMediareallyis.
You’re working so hard to find “leads” that you can’t see
the forest through the trees. Everyone that you come in
contact with isn’t a lead, they’re a human being and they
want to be treated like one, not as a potential stack of mon-
ey. Social Media is about building relationships. If
you’re not looking to build relationships, then
you shouldn't be participating.
2.YouDon’tPlayByTheRules.
There are social etiquette rules. The same way that not
smiling while extending a hand to shake upon meeting
someone new can ruin your chances of making a friendly
impression, so can
failing to follow simple
social media etiquette.
I always recommend
that you establish at least a month of social participation
on social networks before promoting a business agen-
da. But most importantly you need to understand the
harm in spamming. Nothing will degrade your sincerity
and ‘friend’ value quicker that thoughtless self-promotion
in the public forum.
3.YourAudienceIsLimited.
Many people are getting caught up in a numbers game;
measuring their success by how many followers/fans
they have compared to their competition. It is so com-
mon to see real estate investors pitch themselves in In-
vestor centric groups and fan pages.
The result of this is that these same investors also fol-
low a huge amount of other investors, hoping for them to
return the favor…and they do. But what good is that?
Investors are the last people you want following your
professional activities because they skew your results. I
make a particular mention, when I use my own efforts to
Duncan Wierman
Real Estate Investor
Internet Marketer
Why are you Failing
at Social Media Marketing

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.YouMustKeepALineBetweenPer-
sonalAndProfessional.
Your Social Media feed includes pic-
tures of you overindulging at a party
last weekend, an abstract thought or
quote that means nothing to anyone,
a blog post about buying a home, a
“checked-in” at McDonald’s, your high
scoring Scrabble word. If you did
have any chance at success it was
ruined when you sat down in front of
the keyboard and spammed your
friends with business and exposed
your personal life to your business
contacts. On Facebook the separation
is simple (and demanded by FB terms
of use): Keep your friends on your
Personal Profile and create a Fan
Page for the “Business You”.
5.RememberTheGoldenRule.
You can’t expect others to help you
unless you’ve taken a moment to help
them. Or, if you prefer “treat others as
you wish to be treated”. The
“Gimmees” of the world don’t last long
with social media once people figure
out that they have a one track mind.
6.YouHaven’tFiguredOutThatRealEs-
tateisBoring.
Instead,considercreatingapagearoundyour
nicheineventofintereststothatniche.You
take the advice to create a fan page
and but then you go and name it
“John Doe, Your Chicago Real Estate
Expert. You then proceed to post all of
your listings without the benefits of
why they are good deals. This fol-
lows with the frustration that no one
joins your page and so you decide to
re-re-re-suggest the page to your
friends. When they still don’t join you
just go back to posting the data on
your personal account and everyone,
including your spouse decides to hide
you from their feed. Instead, consider
creating a page around your niche in
which you discuss not only real es-
tate, but local news, pictures, facts,
and events of interest to that niche.
Try promoting other local FB pages’
activities, include some local pictures
and fun facts, and then sneak in a
real estate article or two.
7.YouDon'tResponsd.
When people are connecting with you,
(Continued on page 15)
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Essential Clauses
. . . Bill Bronchick
tain for closing. If the buyer is not ready to close, the
seller can hold him in default. Here are some tips for
buying time: Make the closing date “on or about” June
1st. What does “on or about” mean? I’m not sure, but
it certainly means LATER than June 1st! Have the
right to extend the closing date if it is not your fault:
“Said date may be extended an additional fifteen (15)
days if lender requires additional documentation, pa-
perwork or actions from the buyer and said delay is
not due to the fault of the buyer.”
Have the right to extend for thirty days by paying the
seller the equivalent of one month’s mortgage pay-
ment.
Limited Inspection Clause - Most standard broker
contracts give the buyer the right to make the contract
contingent upon the right to do a thorough inspection
before a certain date. Make certain that the inspection
period is short and that the inspection must be done
by a licensed (if they are in your state) professional
inspector. Limit objectionable items to roof, plumbing,
electrical, heating and structural defects. An open-
ended inspection clause will permit the buyer to
"weasel" out of a contract because the garage door
squeaks.
Choice of Escrow Company - As the seller, I insist
on the right to choose the title or escrow company so
that I remain in control. A conservative or uncoopera-
tive escrow or title company can make life very diffi-
cult if you are trying to do a creative deal.
Qualification of Buyer - The most important thing to
keep in mind when selling is that time is money! The
single biggest mistake sellers make is allowing an un-
qualified buyer to tie up their property under contract
Congratulations! You just purchased that new home
study course. You followed the instructions. You
found a good deal. You present your contract to the
listing broker, and you get laughed at!
The reality is, real estate brokers don't like "seminar"
forms. They are comfortable using the "standard"
agreement, although the standard agreement is usu-
ally drafted to protect the real estate broker, not you.
You must learn how to take any "standard" agree-
ment and modify it to your liking.
The following are some essential clauses I use when
buying a property:
“And/or assigns” or “and/or Nominees” - As the
buyer, you want to have the right to assign your con-
tract. By placing your name with the words, “and/or
assigns,” you automatically give yourself that right.
The words, “and/or nominees” is not as broad, but it
has been interpreted as giving the buyer the right to
place title in the name of a trust.
NOTE: If the contract contains an "anti-assignment"
provision, you must cross that clause out.
Inspection Clause - Have the right to make the con-
tract contingent upon your right to do a thorough in-
spection before a certain date. Make certain that you
are not required to hire a professional inspector and
that the inspection clause permits you to cancel the
contract if there are things wrong with the property
and the seller is not willing to fix these or reduce the
price.
Choice of Escrow Company - As the buyer, insist
on the right to choose the title or escrow company so
that you remain in control. A conservative or uncoop-
erative escrow or title company can make life very
difficult if you are trying to do a creative deal.
Right to Extend - Most contracts call for a date cer-

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Renewing
 Day Boswell (since 2010): Overland Park, KS
 Michael Bryant (since 2011): Lee’s Summit, MO
 Kim Donaway (since 2007): Mission, KS
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 Nancy Hoover (since 2012): Independence, mo
 Paul Redmond (since 2008): Kansas City, KS
 Tom Smith (since 2011): Lees Summit, MO
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 Mary K Swaney (since 2010): King City, MO
 Tim Stauffer (since 2009): Kansas City, MO
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Hanna Kinsey – Pro Source KC West: Merriam, KS
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 Chelsie Dillon: Kearney, MO
 Susan Ellis: Kansas City, MO
 Vinay Gaws: Lees Summit, MO
 Shaun McBride: Kansas City, MO
 Bill Mikkelsen: Gladstone, MO
 Bill O’Connor: Kearney, MO
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for two months. Do not believe any
claims of the buyer, his agent or mort-
gage broker about their ability to quali-
fy for a loan. You should know exactly
what the qualifications are for an FHA
or FNMA loan in your area and qualify
the buyer yourself.
I use the following clause:
"Within 48 hours, buyer shall provide
seller with buyer’s complete financial
and credit information for seller’s ap-
proval. Within 72 hours after receipt of
such information, Seller may terminate
this contract and refund buyer’s ear-
nest money if, in seller’s sole opinion,
buyer does not have the creditworthi-
ness to qualify for a loan from a third
party. Seller’s decision and opinion
shall be final in this regard, and buyer
shall have no further recourse after
return of this earnest money deposit."
NOTE: Be certain you do not engage
in illegal discrimination in rejecting a
buyer's credit worthiness.
Permission to Contact the Lender -
I hate being in the dark! I always want
the ability to control the entire loan
process and be able to get information
from the lender along the way. The
buyer's lender won't talk to you direct-
ly, without express written permission
of the buyer.
To remedy this problem, insert the
following clause:
"Buyer hereby gives express permis-
sion to all parties, including lenders,
employers, financial institutions, credit
agencies, mortgage brokers and real
estate agents to release any appropri-
ate financial information to the seller."
Now you can take control, get on the
phone and scream "What's holding up
this lan!"
(Continued from page 12)
Rather than coming up with a
game plan of who your audience is
and what they want to experience,
you simply start a fan page and
begin mimicking what you've seen
done by other investors. There is
nothing wrong with following other
real estate investors who are great
examples. The challenge howev-
er, is that most are poor examples
and nothing but a loss for your
time investment. Stop paying at-
tention to online chatter and spend
more time working on your own
content. Figure out who your au-
dience is and what it is that they
want you to talk about.
10. You Don’t Carethat Everyone Can
TellThatYouDon’t Care.
You forget your login/password
because you never login to your
sites. You probably got inspired to
start with social media, and you
took some steps to build your
online presence. You create an
account on Facebook and Twitter,
put links up to these accounts on
your website(s), break rules 1-9
and then setup an automatic pro-
gram to post your blog feed to your
account. Predictably, you forget
your login/password because you
never visit either again. Anyone
that happens to stumble across
your message sees the tumble-
weed rolling across the ig-
nored prairie and exits via the back
button and on to your competition’s
account.
email, DM, PM, or comment you
don’t respond promptly, or at
all. This leaves the impression
idea that you’re not interested in
fostering a relationship. We live in
an instant gratification society and
failing to respond to an online re-
quest within a reasonable amount
time (as defined by the other party,
not you) will cost you business.
Fortunately, FB has just started to
notify fan page admins of wall
postings in addition to comments,
which had been a problem for
many that didn’t check their page
(s) at least once in the morning
and evening. So no excuses!
8.YouChaseYourTail.
You’ve got the same 10-100 peo-
ple who are subscribed to your
blog, following you on twitter,
and liking you on Facebook and
most of them are close friends and
family that didn’t want to hurt your
feelings. They either ignore your
content or participate just to boost
your ego. Either you get the hard
truth, or you end up fooling your-
self that you’ve got great content
and an attentive audience. If you
aren’t reaching a new, broader au-
dience, you need to consider a few
things: Perhaps your message is
missing the mark or just plain unin-
teresting. Or, maybe you just need
to raise the bar and market the
page more effectively to find a
larger audience.
9.YouSpendAllYour TimeLooking
atOthers.

A Professionally Managed Real Estate
Auction offers so many benefits to real es-
tate owners and buyers that traditional
methods of marketing simply can’t provide.
More Real Estate is SOLD at Public Auction
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.
3. Real Estate Auctions will often generate a
higher price for your property than it would
have sold for using traditional methods of
marketing because of competitive bidding.
4. Real Estate Auctions compel buyers to
participate and buy on a specific day.
5. Real Estate Auctions create excitement,
urgency and competitive buyer participation for
your property, which results in success and a
higher selling price.
6. Real Estate Auctions eliminate the hassle of
negotiations and counters on everything except
the top market price for your property.
7. Real Estate Auctions offer scheduled viewing
and tour dates.
8. Real Estate Auctions eliminate any
contingencies and the need for inspections.
9. Real Estate Auction marketing promotes your
property on a national level which exposes
your property to many more qualified buyers
increasing competition and prices.
Real Estate Auctions work when the client wants
to sell their property in the shortest time, at the
highest price with terms and conditions favoring
the seller.
Why Sell at
Auction?
Page 16 MAREInet.com

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

Investment News
Page 19
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The Case
You might ask why a residential real estate appraiser from
Kansas City has the FBI as a client. Many appraisers were
approached in the frenzy of the sub-prime mess to over val-
ue properties. To hit the number that the lenders needed.
We are finding the damage that this is causing our economy
and our country.
On October 10, 2006 I received a phone call that changed
my life and sent it in directions I could not have imagined. It
was a sub-prime lender wanting to know if I appraised high-
end properties in the Kansas City Country Club District. I
replied yes and quoted them a fee. I instructed the lender to
place an order on my website and to fax me a copy of the
contract. I reviewed the contract for $1,473,000, and then
ran MLS to search for comparables and the subjects listing
history.
The MLS for the subject property showed it as an active list-
ing for $699,000. I called the lender and asked if I had the
wrong address or if this was a construction rehab loan. I stat-
ed, “Did you know this house was listed for $699,000?” The
lender said yes. I was told they were selling it for the higher
value, and if I wanted my fee I had to appraise it for that
amount. They wanted me to jeopardize my reputation and 28
years in business for $1,200. I declined the order and called
the listing agent to warn her. The realtor noted she knew
nothing about the contract. The sellers had excluded this
buyer when she received the listing and were cutting her out
of the commission.
I was enraged because I knew the mortgage system was
broken and someone needed to act. I had attended the Ap-
praisal Institute’s Mortgage Fraud Seminar the week before
and met an agent with the FBI, Julia Jensen. I decided to call
and let her know what was going on so she could put the
property on a watch list.
Agent Jensen called me back the next day. I discussed the
details with her about what was happening. She asked who
the buyer was and I told her the names. She informed me
they were part of a mortgage fraud group operating in Kan-
sas City and she would be interested in the information. She
also asked who the sellers were. I gave their names. She
replied, “Let me grab another agent and we will see you in
20 minutes”. That was not the reply I was expecting.
I was at my office waiting for two FBI agents. I kept wonder-
ing what I have gotten myself into? They arrived at my office
and I showed them the information that I had obtained. They
asked if I was familiar with the sellers’ names, which I was-
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
and stuffed in the trunk of a car. This information grabbed
my attention. They assured me not to worry about the son,
as far as they knew he was not a member of the mob. They
asked if I knew who his wife was, and I said no. They said I
might know her professional name, which they told me. I
knew that name. She had been the Jackson County Execu-
tive for the last 12 years and was going to run for Mayor of
Kansas City.
The agents asked if I could assist them with their investiga-
tion. I told them I would. Next, they asked me to call the
lender and tell them I would complete the appraisal. Then
the agents asked the million dollar question. “Would you
tape the conversation?” The moment of truth had arrived. If I
said no, then they would leave and I would go back to ap-
praising as if nothing happened. If I said yes, I might be the
next person they find in the trunk of a car.
They pulled out a recording device and showed me how to
use it. They noted the date and time of the call, who was in
the office, who I was calling and the case. I called the pro-
cessor and told her I would complete the appraisal. I tried to
act normal when talking with her. I am a real estate apprais-
er, not an undercover agent.
The Investigation
After the agents left my heart was pounding. I tried to imag-
ine out how this might work out. They had left another re-
cording device to use while talking with the other people in-
volved in the transaction. I called the selling agent to sched-
ule a time to appraise the home, which we set up for the next
Tuesday. I then spoke with the loan officer and processor to
let them know the inspection had been set. The processor
mentioned that the loan was over 1 million dollars so they
would require another appraisal in addition to mine. She
My new Client:
the FBI!
Donald Gossman

asked if I would call the other appraiser
and work together to make the apprais-
als similar to pass underwriting guide-
lines. Apparently, committing mortgage
fraud was no big deal for them.
I called Agent Shaffer and confirmed
the time and date was set. He asked if
I could drop off the recording device to
him on Monday at FBI Headquarters
and trade him for a new one.
Monday finally came and I drove to FBI
Headquarters. It was a three story of-
fice building like any other, with excep-
tion of the 10-foot high iron fence, blast
gate and video cameras at the front
gate. I pressed the button and told
them who I was meeting with and they
buzzed me in. I walked to the front
door and was greeted by an armed
guard. She told me the agents were on
the way down. Once I spoke with the
agents, they asked me to come back to
the interrogation room. As we walked
past the metal detectors, I asked the
guard if I needed to go through one.
She replied, “You are an agent, aren’t
you? You don’t have to go through it”. I
replied, “I am not an agent, I am an
appraiser.”
We went to the interrogation room and
discussed the conversations that I had
with the various people involved with
the transaction. Another agent came
into the room with a camera and took a
picture of me. The agents asked if I
would be a confidential witness and
gave me my code name. It all went so
fast I had no time to think about what
was happening. We set a time to meet
the next day before I was to complete
the inspection.
Agent Shaffer and I met the next morn-
ing in the parking lot of a grocery store.
He showed me a different recording
device that took both audio and video
and how to use it. I drove to the house
and the realtor was waiting for me. I
took a picture of the front of home with
him in the picture, and then took a
street scene with his car in the picture.
The realtor could not say he wasn’t
there.
We went inside the house and the
realtor told me this group was going to
buy between 40 and 50 homes in Kan-
sas City ranging in value from
$1,000,000 to $2,000,000, and his
group was doing the same thing in 10
different cities. They had money from
overseas to invest and planned to rent
out these houses to executives. I
couldn’t believe it. This could possibly
be a multi-city international crime ring,
not just one case of mortgage fraud. I
finished my inspection, then left to
meet Agent Shaffer. I described the
events that took place and gave him
back the recording device.
Over the next three weeks, I taped
conversations with people involved in
the transaction. I was doing my ap-
praisal work at night and on weekends
since a lot of my time was spent work-
ing on the case. I even began to worry
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about my children’s safety.
The other appraiser called me and told me he was having a
hard time appraising the property for $1,473,000. He explained
that the highest he could get was only $1,200,000. I thought,
“You will over appraise it by $500,000 but not $743,000?” I
guess he had partial ethics. We agreed to the value and com-
pleted the appraisals.
The FBI agents asked if I would drop off the appraisal to the
mortgage company while wearing a wire. By this point, it
seemed like the natural thing to do. I walked away from the
mortgage company thinking my part was done and it was all
over for me. If only that was the case.
My life went back to normal. I had not heard anything for three
weeks. On November 24, 2006, I received a phone call from
the second appraiser. He asked, “Did you hear what was go-
ing on?” I replied “No”. He said, “I received a call today from
the FBI and I have an appointment at 9 a.m. to talk to them
about mortgage fraud.” I thought, “Sucks to be you”. I told the
other appraiser thanks for the heads up. He asked, “What are
you going to do”. I replied, “Tell them the truth; they know what
is going on”.
Agent Shaffer called and told me the closing had tried to occur
the prior Friday and they had stopped it at the closing table, at
the title company. The FBI was interrogating the individuals
involved in the transaction. He asked me not to talk with any-
one if they called. He informed me the Grand Jury was set for
January 4, 2007, and verified I could be there that day after
lunch to testify.
The Grand Jury
I was contacted by the Assistant U.S. Attorney Linda Parker
Marshall. She asked me to come in so she could describe the
events that would take place in the Grand Jury Room. I meet
with her and the FBI agents at the U.S. Courthouse in late De-
cember 2006. It was finally sinking in that this was really going
to happen. I was hoping for a lot of guilty pleas so I wouldn’t
have to testify, but that would not be the case.
The date arrived. I went through my morning like it was any
other day. I completed two inspections then went home to put
on a suit and tie. I wasn’t hungry for lunch for some reason. I
drove to the court house and parked in the FBI lot where
Agent Shaffer had instructed me to. I took a deep breath and
said to myself, “Let’s do this”. I walked into The U.S. Court-
house knowing if the Federal Grand Jury believed me, they
would hand down indictments on 11 people and charge them
with Federal crimes.
I waited for almost an hour until Mrs. Marshall came to get me.
I walked into the room and told my story. I cannot reveal any-
thing about what happened in that room or the people that
were there. This was our government working at the basic lev-
el of the criminal justice system. I was in there for about an
hour and then left. I walked out to my car knowing I had made
the right choice when I called Agent Jensen that first day.
On my way home, I turned on the radio and switched channels
to talk radio. The announcer broke in with a news update. He
stated, “A Federal Grand Jury in Kansas City has handed
down Mortgage Fraud charges against 11 people including the
Jackson County Executive and her lawyer husband.” When I
arrived home I turned on the television. The charges were be-
ing reported on all of the local stations. I’ve always watched
the news, but have never been part of the news.
The trial was set for February, but delayed until June after the
election. The County Executive did go on to run for the
Mayor’s office and received 1.5% of the Vote. The same day
her TV ads for Mayor debuted was the same day the mortgage
fraud indictments were brought against her. Interestingly
enough, no one was talking about the buyers. The fed alleged
that the buyers were part of the larger fraud team, which had
committed over 100 cases of mortgage fraud in the Kansas
City area. Furthermore, the feds also alleged that in the prior
18 months, this mortgage fraud team caused millions of dollars
in losses.
In May, the Assistant U.S. Attorney contacted me to prepare
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
the first time that I had heard them. I can never explain the
thoughts that were going through my head. “I AM AN AP-
PRAISER”. I am not supposed to be sitting in the Federal
Court House with the Assistant U.S. Attorney and two FBI
agents listening to tapes of myself and individuals committing
mortgage fraud. But I was. The trial was delayed again until
November 2007.
The Trial
After the trial was postponed for the second time, the legal
maneuvering started between the U.S. Government lawyers
and the defense lawyers. Seven people in the transaction
pleaded guilty to the charges against them, and four people
were left to be tried. I was the lead witness in the U.S. Govern-
ment’s case that was expected to last two weeks.
The jury was to be seated on Monday morning with opening
statements to be made late in the morning. The U.S. Attorney
asked me to be at the Federal Court House at 1 p.m. on No-
vember 6, 2007. I showed up during the lunch break and found
out the jury had not been seated thanks to publicity the trial
had received which led to larger than normal numbers in the
jury pool. I sat waiting in the witness room for four hours. The
jury was set and the opening arguments were made. The
judge said, “That is enough for today. We will reconvene at 9
a.m.”. I walked out of the court house with everyone else. No
one knew how the trial would play out.
The investigation had been portrayed by the local media as a
political witch hunt by the new U.S. Attorney office against a
local politician. I knew nothing about that. All I knew was
someone tried to defraud a lender, and I did my job by protect-

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

MAREInet.com
2220 & 2222
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5443 E. 29th Ter.
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4bdrm 3bath FIXER UP-
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(816) 461-8299
2908 E 25th St
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64127
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3 Bed
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Large 3bd 2 bath Fixer
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$22,500
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4 Bed
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3 Bed
1 Bath
Currently rented. Re-
habbed: new carpet,
paint, light fixtures,
new bathroom remod-
el, and newer windows.
Nick McKinnis
M&M Brothers Homes
MandMBrothersHomesInc.com
816-914-2614
3918 Flora Av
Kansas City, MO
$31,740
Turn Key
3 Bed
1 Bath
Rented $700/mo Re-
habbed: carpet, paint,
bathroom, furnace, hot
water heated & more.
Property managed.
Nick McKinnis
M&M Brothers Homes
816-914-2614
3729 Cleveland
Kansas City, MO
$33,830
Turn Key
3 Bed
1.5 Bath
Just Rehabbed and ready
for a tenant. Rents for
$750 a month.
Nick McKinnis
M&M Brothers Homes
816-914-2614
4210 E. 54th
Terr.
Kansas City, MO
64130
$31,500 3 Bed
2 Bath
CASH FLOW 25% NET
ROI!! Turn-Key Investment
Property with Section 8
Tenant in place
Christoph Becker
(816) 875-6266
7606 E 111th Tr
Kansas City, MO
$39,900
Turn Key
4 Bed
2 Bath
Cash Flow in Ruskin – 4
Bedroom Rental home in
Kansas City Missouri.
Don Tucker
GBI Funding
GBIFunding.com
816-523-4400
5500 Olive St
Kansas City, MO
$30,000 2 Bed
1 Bath
Section 8 Turn-Key –
Beautifully Rehabbed –
Original Woodwork and
Charm
Christoph Becker
(816) 875-6266

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

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

Subscribe & Sync
MAREInet.com/Calendar
The MAREI calendar is hosted on Google Calendars. This allows you to subscribe
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
Weekly Wed. Master
Mind w/ Winberrys
1
SG: Connected Inves-
tors
2
SG: Blue Springs /
Independence Inv.
Workshop: Landlord
101
3
SG: Lees Summit
Investors Network
4 5 6
Weekly Wed. Master
Mind w/ Winberrys
Deadline: Vendor
Table KC North
7
KC Northland on the
1st Thursday of the
Month: Contracts
Lake Ozarks REIA
8 9
SG: Blue Springs /
Independence Inv.
10
SG: Lees Summit
Investors Network
11
Deadline: Vendor
Tables for KC South
Meeting
12
KC Metro South on
the 2nd Tuesday of
the Month:
Appraisals
13
Weekly Wed. Master
Mind w/ Winberrys
14 15
Deadline: Newsletter
ads & articles for
March
16
SG: Blue Springs /
Independence Inv.
Workshop:
Rehab 101
17
SG: Lees Summit
Investors Network
18
Omaha REIA
19 20
Weekly Wed. Master
Mind w/ Winberrys
21 22 23
SG: Blue Springs /
Independence Inv.
24
SG: Lees Summit
Investors Network
25 26 27
Weekly Wed. Master
Mind w/ Winberrys
28 1 March
SG: Connected Inves-
tors
2
SG: Blue Springs /
Independence Inv.
Landlord 101 Work-
shop
3
SG: Lees Summit
Investors Network
4 5 6
Weekly Wed. Master
Mind w/ Winberrys
Deadline: Vendor
Tables for KC North
7
KC Northland on the
1st Thursday of the
Month
8 9
SG: Blue Springs /
Independence Inv.

the RE Investment News March 2013

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the RE Investment News March 2013