Small Town Real Estate Investing

The 3 Rules of Real Estate Financing

2008-07-17T17:22:13Z

THE THREE RULES OF REAL ESTATE FINANCING

1. It all starts with YOU. Your abilities, experience, relationships, background, all these things go into whether a lender would want to do business with you. How to improve YOU:

a. Educate yourself on real estate analysis and terms - in other words, KNOW WHAT YOU’RE TALKING ABOUT. Know what your projected cash on cash return or Debt Coverage Ratio will be on a property before talking to your lender.

b. Develop relationships with several potential lenders. Don’t wait until you’ve got 10 days to get the deal done before you walk through the lender’s door and ask for money. Find out which lenders offer the different types of loans so you can direct your buyers to the right people.

c. Be yourself and be honest about where you are in your development as an investor. Your lender has to be able to trust you in this business.

2. Package the deal! Don’t make the lender work hard to get you the loan - make a good presentation that is easy to present to his underwriters. If you’ve never done a deal before, you will want to have a thoroughly prepared plan showing what the property is worth, what you plan to do to it, and the projected profit or cash flows that you are going to make on the property. Once you’ve established a rapport with your lender and done 3 or 4 successful deals, you can tone down your presentation a bit.

3. If the deal is good enough, SOMEBODY out there will help you get it done. Keep in mind that you have to make it worthwhile to the other person, there’s an old saying - “Pigs get fed, hogs get slaughtered.” There’s enough money out there for everyone, don’t pass up a good deal because it costs a lot to get the $$

Creative real estate financing - learn more by attending the WKREIA

2008-07-16T17:19:55Z

Want to learn more about real estate investing? A local group of investors will be meeting this week to do just that. The Western Kentucky Real Estate Investment Association will be meeting at Murray State University on July 17, 2008 at 7:30 p.m. on the 3rd floor of the Curris Center in the Barkley Lecture Room.

We are a group of investors focused on growing our real estate investment businesses through education, training, and networking with other successful people. Each month the group discusses a topic relevant to real estate investing. This month the Western Kentucky REIA will be discussing “Creative Real Estate Financing” and will have speakers showing how to get the money to fund your next real estate deal. Formed in January, the Western Kentucky REIA is comprised of real estate investors from throughout the Purchase Area.

We currently have investors from Calloway, Graves, Marshall, McCracken, and Trigg counties and even have a couple of members from Southern Illinois and as far away as Louisville.

The meeting will be open to the public and you can contact Greg Taylor for more information at 270-761-4289 or by email at wkreia@gmail.com.

Agenda for the upcoming Western Kentucky REIA Meeting

2008-07-16T17:16:23Z

WesternKentucky Real Estate Investment Association

PO Box 108, Murray, Kentucky 42071 Telephone Toll Free: 866.410.1475 Email: WKREIA@yahoo.com

Meetings Held 3^RD Thursday of Each Month, Murray State University,

Curris Center, Barkley Lecture Room, 3^rd Floor 7:30pm

WKREIA - Chapter of National Real Estate Investment Association

Professional Home Providers

WKREIA MONTHLY AGENDA

JULY 2008

The Western Kentucky Real Estate Investment Association (WKREIA) welcomes everyone in attendance! We hope to make this association one of the finest learning alternatives to develop, support and promote regional real estate investment while serving the interests of the Real Estate Investment Community and Industry as a whole through Education, Motivation, Mentoring, Training, Leadership, Investment, and Networking Opportunities on all issues involving the regional real estate community, and promoting professionalism and standards of excellence in the industry. The only way we can make this association a success is to get everyone's involvement to the fullest extent possible. We sincerely hope you see the benefit of having, joining and participating in an organization like this and hope you get fully involved in any way you see possible. Thanks again for attending and getting involved!

Agenda 7:30 – 9:00pm

Introduction to the WKREIA and opening remarks – Greg Taylor, President
Guest Speaker: Richard Reed, Allied Home Mortgage Capital Corporation, Murray, KY – 270-753-7665
Guest Speaker: Barrett Houck, Global Mortgage Link, Murray, KY – 270-753-7407
Presentation from Greg Taylor and Open Discussion on Creative Real Estate Financing
Investor Social Networking Session – Break up into groups, rotate every 10 minutes.

Handouts for the June 2008 Meeting

1. Creative Real Estate Investing: 4 Basic Strategies You Should Know

2. The Worst Creative Business Financing Strategy Ever

3. Top 6 Risk Reduction Strategies For Real Estate Leverage Investing

4. Fact! Nothing Down Real Estate Investing Is Still The Fastest & Safest Way To Financial Freedom & Independence: Presenting Dynamic New Wealth Strategies in Real Estate for the 2000's.

AUGUST 2008 PROPOSED AGENDA

Discussion on Flipping Strategies

Many handouts on Flipping Strategies

Speakers outlining different Flipping Strategies

Investor Social Networking Session

Debunking short sale misnomers

2008-06-25T16:54:43Z

There are several misnomers regarding short sales, among them: 1. Why would a bank ever do something like this?, 2. This seems a little unethical., 3. This is not a good deal for the bank.

Here is the short, sweet response to those misnomers:

If the market value of a home is less than what the borrower owes on their mortgage, a short sale is an ethical, legal, lender approved solution. The short sale of real estate is not at all questionable in today's declining real estate landscape.

For the bank, there are a number of good reasons why a short sale is often the best scenario. In reality, the short sale of a home can result in a win-win-win situation for all parties involved: First, The borrower wins by getting out of a financial predicament with a clean transaction and a salvaged credit score. The property is saved from foreclosure, thus helping the borrower to save their credit rating. Second, the lender wins by avoiding timely and costly foreclosure proceedings which could lead to an even greater loss for the bank if they were forced to own and dispose of the property. Third, the buyer of the property wins by getting the property purchased at or below fair market value.

Short Sale coaching available

2008-06-23T16:30:20Z

Josh Cantwell is currently offering a free case study in how to approach and complete short sales. He currently has a free 30 minute video taking you through an entire file - the "Devonshire" case study. They made over $80,000 on this one deal.

www.strategicrealestatecoach.com

Check it out and let me know what you guys think. I am not completely sold on all these "gurus" out there, but this guy seems to be doing a lot of the same things that I'm doing. He actually is using option contracts instead of standard purchase contracts, but that is not that big a deal.

Short Sales - Special addendum to protect the purchaser

2008-06-23T16:19:55Z

Hello everyone - When pursuing a short sale, the buyer should always take care to protect themselves from potential liability. As such, there are several clauses that I often use as part of the short sale addendum. These clauses are set forth below:

Short Sale Addendum to Real Estate Contract

1. This Agreement is subject to Buyer being able to stop Seller's foreclosure.

2. This Agreement is Subject to Buyer's approval of a title search on the subject property within 5 days of successful negotiation with existing lienholders.

3. Buyer may request and if requested, shall receive a Warranty Deed from Seller prior to closing.

4. Seller shall transfer all interest in escrows & insurance to Buyer.

5. The liabilities for this property shall be limited to the property itself & shall not extend beyond that point.

6. All delinquent taxes, assessments, & HOA monies shall be the responsibility of the existing lienholders.

7. The terms and price of this contract are subject to change due to negotiation with existing lien holders by Buyer’s agent and must be satisfactory to Buyer. Preliminary status update shall be made to Seller within three weeks. Additional written approval from Seller is not required.

8. Buyer may assign this contract to any person or corporate entity prior to closing.

See if these may help you and/or your seller the next time you have a short sale situation.

Agenda for the June Meeting of the WKREIA - TONIGHT at Murray State University!

2008-06-19T12:51:17Z

WesternKentucky Real Estate Investment Association PO Box 108, Murray, Kentucky 42071 Telephone Toll Free: 866.410.1475 Email: WKREIA@yahoo.com Meetings Held 3RD Thursday of Each Month, Murray State University, Curris Center, Barkley Lecture Room, 3rd Floor 7:30pm WKREIA - Chapter of National Real Estate Investment Association Professional Home Providers WKREIA MONTHLY AGENDA JUNE 2008 The Western Kentucky Real Estate Investment Association (WKREIA) welcomes everyone in attendance! We hope to make this association one of the finest learning alternatives to develop, support and promote regional real estate investment while serving the interests of the Real Estate Investment Community and Industry as a whole through Education, Motivation, Mentoring, Training, Leadership, Investment, and Networking Opportunities on all issues involving the regional real estate community, and promoting professionalism and standards of excellence in the industry. The only way we can make this association a success is to get everyone's involvement to the fullest extent possible. We sincerely hope you see the benefit of having, joining and participating in an organization like this and hope you get fully involved in any way you see possible. Thanks again for attending and getting involved! Agenda 7:30 – 9:00pm 1. Introduction to the WKREIA and opening remarks – Greg Taylor, President 2. Featured Speaker: Jim Baker, CCIM - Baker Commercial Group, Jeffersonville, IN – “S.T.R.A.T.E.G.I.E.S” 3. Open Discussion on Investment Strategies 4. Investor Social Networking Session – Break up into groups, rotate every 10 minutes. Handouts for the June 2008 Meeting 1. How to Write Killer Ad Copy That Attracts An Avalanche of Sellers 2. Creating Additional Income from Real Estate 3. 3 Divorce Strategies for Maximum Profits 4. Creative Real Estate Money Making Opportunities 5. 5 Tricks To Make It Big With Real Estate Investing JULY 2008 PROPOSED AGENDA Discussion on Wholesale Buying Many handouts on Wholesale Buying Speakers outlining Wholesale Strategies Investor Social Networking Session

What to do when a deal falls through?

2008-06-05T10:22:53Z

Hi, everyone, I just wanted to pass along a little bit of advice that I received from a trusted advisor about how to handle things when a deal falls through. Oftentimes, the deal will fall through due to no fault or maliciousness on the part of either party. For instance, if the house fails inspection. In this instance, when the Buyer is simply going to walk away, it would be a good idea to have both parties sign a mutual release of claims, so that the issue is never brought up in court at a later date.

Below is the form which he forwarded to me to use for that purpose. The below form is for educational and informational purposes only and should not be used in your state without first consulting an attorney. In no way am I endorsing this form and I hereby disclaim any and all responsibility for drafting it or for your use of it. Any person who uses this form shall agree to indemnify and hold me harmless for any issues that may arise due to their use of the form.

There, with all the disclaimers out of the way, here it is:

MUTUAL RELEASES

BE IT KNOWN, for good consideration, and in further consideration of the mutual releases herein entered into, that: ______________________________________________________________ (First Party) and ______________________________________________________________ (Second Party) do hereby completely, mutually and reciprocally release, discharge, acquit and forgive each other from all claims, contracts, actions, suits, demands, agreements, liabilities, and proceedings of every nature and description both at law and in equity that either party has or may have against the other, arising from the beginning of time to the date of these presence, including but not necessarily limited to a contract or transaction described as:

This release shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives.

Signed this ____________ day of ________________, 20___.

In the presence of:

_______________________________________

First Party

_______________________________________

Second Party

Benefits of Membership in the Western Kentucky Real Estate Investment Association

2008-06-05T09:20:00Z

Mission Statement of the Western Kentucky REIA

“To provide our members with the Education, Training, Motivation and Networking Opportunities that will enhance the member's ability to successfully use Real Estate as a Wealth Building Tool.”

HOW CAN I BENEFIT FROM BEING A MEMBER OF THE WKREIA?

1. NETWORKING – Build relationships with other successful investors and find more investment opportunities.

2. EDUCATION – Stay sharp on the latest techniques in real estate investing

3. MOTIVATION – A positive mental frame of mind is essential for the investing business

4. PERSONAL/BUSINESS GROWTH – Get your name and your business out to people who are taking action

5. MENTORING – Find a mentor to help you get started in real estate investing

WHEN ARE THE MEETINGS?

Monthly from 7:30-9:00 p.m. on the 3rd Thursday of the month

ARE THERE MEMBERS IN MY AREA?

We currently have members from most of the counties in the Jackson Purchase. If you are the first member from your county, you will have a head start on the others in your town.

HOW MUCH DOES IT COST TO JOIN?

The first time you visit with the WKREIA is free. Please come and see what we’re all about before you join. After the first visit, the cost is $10.00 per meeting to attend, with annual memberships being prorated based on the $120.00 per year cost.

WHO DO I CALL TO JOIN?

Give me, Greg Taylor, a call at 270-761-4289 to join the WKREIA or give J.W. Davis, Executive Director, a call at 866-410-1475.

For Rent - 2 BR, 1 BA in Murray - $425/mo - Recent Updates!!!

2008-06-05T09:02:53Z

Address: 316 South 10th Street

City: Murray State: KY Zip: 42071

Price: $425

Beds: 2

Baths: 1

2 Bedroom, 1 Bath recently updated home. Home features several updates including new flooring and paint. Also includes washer and dryer. For Rent or Rent-to-own. Home Features all appliances, including Washer/Dryer

Call Bonnie Byerly with Cornerstone Realty & Rental at 270-761-7355 or 270-761-7368 for more information about renting this beautiful home.

Time Management - How do we do it all?

2008-06-03T10:14:37Z

I'm preparing for a vacation at the end of this week and it's made me think about how we cram all of the things that we HAVE to get done into a day. With all of the various priorities in our lives - faith, family, vocation, recreation, friendships, etc., the question arises - How do we manage our time to achieve our goals without going crazy?

I'm a big believer in getting done what you can today and not worrying about tomorrow's worries until tomorrow. With all that we have on our plates, sometimes it is hard to focus on the important because the urgent can get in the way. I am going to advocate a crazy idea here - Sometimes we need to STOP whatever we're doing for 5 or 10 minutes and relax so that we can refocus. You can spend that time in prayer, silent meditation, or even just some deep breathing. However you spend it, a 10-minute breather seems to help me get revitalized and focus my energy on what's important.

How do you guys relax and refocus on the important things in your lives?

Ethical dilemma regarding appraisals

2008-05-21T10:05:06Z

I've recently run into a problem on a couple of different properties that many of you have probably encountered. The situation is this: There is a binding contract and the Buyer is in the process of getting everything done for his loan, i.e. title, appraisal, etc.

Well, the appraisal got done and completed and sent to the bank, but there arose a problem with the title that the Seller has not remedied (this 9 months later) and probably will never remedy. The appraiser is asking for somebody to pay their fee, but the bank is saying it's not their responsibility and the Buyer is saying that the Seller should pay for it since the Seller can't provide clear title. The Seller won't pay for it and it's almost like whoever blinks first (i.e. the bank or the Buyer) is going to end up eating the cost of the appraisal. The Buyer has already eaten the cost of the title search because the Seller won't pay, but the total cost of the appraisal and title is only $600, so it's not worth going to court over.

The ethical dilemmas are twofold: First, as the Buyer, what would you believe your responsibility would be? Second, as the Seller, what would your responsibility be?

Analyzing Rental Property To Determine Cash Flow

2008-05-16T12:12:25Z

ANALYZING RENTAL PROPERTY TO DETERMINE CASH FLOW

THE SCENARIO

Duplex for sale for $70,000.00. You put it under contract for $65,000.00, with financing as follows – 5% down, with $1,500 in closing costs, at 7.25% for 20 years. Total debt service for the year would be $5,856.72 in this scenario. Your total acquisition costs are $4,750 (5% down or $3,250 + $1,500 closing costs). The property is currently rented with good tenants for $400.00 per side for a total of $800 per month rent. How do you analyze the deal?

First, some rules of thumb. For rental property, the rule is to figure on a 5-10% vacancy rate per year. If you have less than a 5% vacancy rate, you are probably charging too little. 5% vacancy amounts to about 18 days per year where your property is vacant.

Second, on maintenance, a good rule of thumb is to figure around 10% of gross rents per month to go toward maintaining the property. From experience, this figure can be low if you have older properties but can also be high if you have new or like new properties. For our purposes, we’re going to assume a 7.5% vacancy rate as well as a 7.5% maintenance allowance because this duplex is in good condition.

We know what the property will bring in, so the next step is figuring out what expenses we will have for the year. We’ll assume that we will have property taxes at $876 per year (or $73/mo), insurance at $435/year (or $36.25/mo) and electric/utility expenses at $120/year (or $12/mo). Now, as you know, there are a lot of other expenses that you can figure in, and many of these do come into play, including management fees (if using a property manager), lawn care (if the tenants don’t take care of their own lawn), and annual pest control, etc.

With all of our income and expenses entered in, let’s take a look at how to calculate cash on cash return. We want to analyze our real estate investments in comparison to other alternative investments, and one of the best ways to do that is to look at the cash on cash return on our investments. Cash on cash return is basically your net cash flow from the first year’s operations divided by the total cash outlay that you had to make to purchase the property.

Here's the math on this one:

Gross Income - $9,600

- Vacancy Allowance $720

- Expenses (annual) $2,151

TOTAL NET OPERATING INCOME - $6,729

- DEBT SERVICE $5,856.72

TOTAL ANNUAL CASH FLOW - $872.28

Now, remember that our initial cash outlay was $4,750. So we divide $872.28 by $4,750, and find out our example property has cash on cash return of 18.36%. Not bad compared to a CD, right?

But cash on cash return is just the tip of the iceberg for rental property analysis. Once you take into account the tax benefits such as depreciation, as well as the long-term appreciation in value of the property, you can get a real picture of how good your real estate investment can be over time. A good financial analysis program can help you run the numbers and make great decisions about your rental property.

DISCLAIMER: Obviously, these investments rarely pan out exactly the way we’d expect. Sometimes you get a better deal than anticipated – the appreciation rate for the property or market rents may be higher than you guessed. And sometimes you get a worse deal – the roof starts to leak the month after you take title and you have to put a new roof on. That can kill your cash flow for a few years and is a good reason to keep several thousand dollars in reserve for your rental activities. I hope this analysis helped you as you search for rental property. Have a truly wonderful day and God Bless! Greg

4 BR, 4 BA, 3000 SF home UNDER $150,000.00

2008-05-16T10:14:15Z

Beautiful home, recently remodeled with new windows, flooring, bathrooms. This home is loaded. Spa/Hot Tub Room. Humongous kitchen with double sinks for the chef in your family. Historic home formerly used as a bed and breakfast. Only 1.7 miles from Murray on a beautifully landscaped 1+ acre lot. Master suite with jacuzzi tub and walk-in closet. Sun room. Hardwood floors through most of the house.

WHAT A DEAL!! - UNDER $150,000.00

Call 270-761-HOME for more information or visit us on the web at www.creativepropertysolvers.com

Agenda for the May Western Kentucky REIA Meeting - Tonight!

2008-05-15T09:47:20Z

Here is the Agenda for tonight's meeting of the Western Kentucky REIA. We welcome you all to attend! We meet at the Curris Center on the campus of Murray State University in Murray, KY at 7:30 p.m. each 3rd Thursday of the month.

Agenda 7:30 – 9:00pm

1. Introduction to the WKREIA and opening remarks – Greg Taylor, President

2. Guest Speaker: James Burns, Minuteman Press, Paducah, KY

3. Guest Speaker: Kenneth Colson, Colson Construction, Paducah, KY – “How to calculate your repair budget”

4. Comments from Greg Taylor on “Analyzing Rental Property to Determine Cash Flow”

5. Open Discussion on Analyzing Investment Deals

6. Investor Social Networking Session – Break up into groups, rotate every 10 minutes.

Handouts For the MAY 08 Meeting

1. How to Accurately Estimate a Property's Current Market Value

2. Are You Clear On What is a Good Deal

3. Basics of the Real Estate Contract

4. Essential Contract Clauses

5. Essential Contract Clauses II

6. Use Options to Minimize Risk and Maximize Profits

JUNE 2008 PROPOSED AGENDA

Discussion on Investment Strategies

Many handouts on Investment Strategies

Speakers outlining different Investment Strategies

Investor Social Networking Session

FREE termite inspections?

2008-05-05T08:23:51Z

There's a company here in my area doing FREE termite inspections. They will inspect the house for free and they only charge if they are required to do a graph and report. For me, that's great because as an investor, I really only care about whether the termites are there, I don't need a graph and report. If there are termites present, they expect to get the work to treat the problem and I guess they are counting on that generating more $$$.

For Realtors, this doesn't add a lot of value because a graph and report is always needed. BUT the advertising for the FREE inspection does seem to be having more people requesting their full service. This is another example of how many services utilize a free version of their service to generate business for their paid services. A great marketing tool and a great value for an investor.

Interesting deals from Dell computers

2008-05-02T16:04:37Z

As everyone on Active Rain knows, a good computer system is essential to run your business. Here's the latest deals from Dell Small Business. Take advantage if you need a computer:

Shop the latest Dell E-Catalog

Discover the latest Dell™ technology in this month's E-Catalog, which has outstanding deals on systems, printers and more. The entire May edition is online now and can be viewed all month long, but hurry to get these special offers.

NEW Vostro™ 1310 Laptop

Starting at 4.6 lbs* and less than 1" thick

Starting at

749

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Vostro 200 Slim Tower

19" widescreen flat panel monitor included

Featured at

449

After $270 instant savings

Expires 05/14/08.

Shop E-Catalog

VistaPrint offering great deals for 4 days

2008-05-02T16:01:16Z

Hello everyone, just wanted to let you know that VistaPrint is offering these great deals. If you are looking for a cheap way to get the word out to your business, give them a call.

Business Identity | Marketing Materials | Promotional Giveaways | Services

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Remodeled 4/2 Doublewide on 1.3 Acres! Great Value!

2008-05-02T15:03:15Z

Will Help with Owner-financing!

Price:	$65,000
Est. Payment:	$320 per month *
Calculator	Compare Rates

Address:
	Murray, KY 42071
	Free Moving Quote

Bedrooms:	4
Bathrooms:	2
Type:	Mobile Home
Sq. Ft.:	2100
Listing ID:	AWM2105

CONTACT THE SELLER:

Seller Name:	Creative Property Solutions, Inc.
Day Phone:

Send Seller an Email

The owner is willing to work with a real estate agent.

Offered by Quicken Loans

		How Much Home Can You Afford?

		Get pre-approved as a Power Buyer!

		30 yr Fixed $200k loan for $1199/mo.

PROPERTY HIGHLIGHTS:

Single story
Property is on 1 acre
City (Neighborhood) views
Gas Heat Pump heating system
Central A/C cooling system

Septic system sewer
Has a fireplace
Has a Jacuzzi
In the North Murray area
Part of the Calloway County school district

PROPERTY DESCRIPTION:

A tremendous value in a home. Offered at $65,000, we are willing to take a second mortgage on the property to help with financing. Huge lot with a large parking area and it has been recently remodeled. Give us a call today!

www.owners.com/AWM2105

Memorial Day boating on Kentucky Lake - A time-honored tradition

2008-05-01T13:58:49Z

Each year, thousands of boaters, fishermen, and other outdoor enthusiasts descend on Kentucky Lake to enjoy all that it has to offer. The traditional beginning of boating/swimming season is Memorial Day, when the water is starting to warm and the 3-day weekend beckons. Here is a list of some of the other upcoming activities at Kentucky Lake:

	Paris Catfish Derby Set
	Where: Paris When: May 1 - 30, 2008
	Paris Catfish Derby – May 1 – 30, 2008 – weekly contest prior to the upcoming Bass Pro Shops “Big Cat Quest” Catfish Tournament (May 31, 2008). The Catfish Derby is to pre-fish to win cash and free tournament entries prior to the Tournament on May 31st. Weigh-in locations to be determined.

	Spring Fashion Show Luncheon
	Where: Grand Rivers When: May 8, 2008
	A Day at the Lake - Spring Fashion Show Luncheon. It will be held Thursday, May 8, 11:00 a.m. at the Senior / Community Center in Grand Rivers, KY. Join the Grand Rivers Chamber and area businesses as they present Resort Fashions for Spring and Summer. Event includes fashion show and lunch. All proceeds from this event go to support the Grand Rivers Chamber Scholarship Fund. Tickets are $10.00 and can be purchased at the Chamber office.

	3rd Annual Watercolor Guild
	Where: Cadiz When: May 9 -10, 2008
	The Watercolor Guild of Trigg, Lyon and Caldwell Counties (WAG/TLC) will have their 3rd annual Art Show, Friday & Saturday, May 9th & 10th (Rain date: May 16th and 17th ). The guild has been invited to have their show on the grounds of Seasons by the Lake Nursery and Gift Shop. In past years the show has had just miniature paintings for sale in the Carriage House at the Fairholme House. This year, paintings of all sizes will be offered along with giclee' prints and cards. There will also be working artists, painting in the garden areas. Helping Hands of Trigg County will have a concession booth throughout the show. Please join us for a relaxing spring day among the plants, flowers, and art. For more information please call 270-522-5905 or email rjbower@earthlink.net

	The Dove Brothers
	Where: Draffenville When: May 9, 2008
	Award-winning Southern Gospel performers the Dove Brothers will be in concert Friday, May 9, at 7:30 p.m. at the Kentucky Opry in Draffenville. Formed in 1998 by brothers Eric and McCray Dove, the Dove Brothers received the Horizon Group of the Year in 1999 and Favorite Traditional Male Quartet at the 2002 Singing News Fan Awards. Their hits include “Get Away Jordan,” “Didn’t It Rain” and their latest release, “You Don’t Know God’s Love.” The group’s single “I Can Pray” was named the number one song of 2007 by the Singing News magazine and became the number one selling soundtrack of all time, surpassing “Beulah Land.” Their latest CD, “Life,” is available at the group’s Web site, www.dovebrothersquartet.com. Tickets are $18 for adults and $9 for children. Proceeds from the concert will benefit WVHM, a 24-hour-a-day, seven-day-a-week, listener-supported Southern Gospel radio station in Hardin, Kentucky. To reserve tickets, call the Kentucky Opry at (270) 527-3869. For more information on the Opry, visit the Web site www.kentuckyopry.com.

	TRRA Sponsored Crappie Masters
	Where: Paris Landing When: May 16 - 17, 2008
	All tournaments are out of Paris Landing and sponsored in part by Henry County Tennessee River Resort (TRRA). www.crappiemasters.net

	Street Dance - Southern Fry'd
	Where: Grand Rivers When: May 24, 2008
	Join in on the fun of the Grand Rivers Street Dance. The Street Dances have been a Grand Rivers Tradition for over 20 years. Dances held every Saturday from Memorial Weekend to Labor Day Weekend. Free (almost – donations are welcomed). Everyone Welcome! It will be held Saturday Nights 7:00 – 10:00PM at the Little Lake Park in Grand Rivers.

	TRRA Sponsored Triton Boats
	Where: Paris Landing When: May 27 - 31, 2008
	All tournaments are out of Paris Landing and sponsored in part by Henry County Tennessee River Resort (TRRA). www.tritonboats.com

	Street Dance - Classic Waxx
	Where: Grand Rivers When: May 31, 2008
	Join in on the fun of the Grand Rivers Street Dance. The Street Dances have been a Grand Rivers Tradition for over 20 years. Dances held every Saturday from Memorial Weekend to Labor Day Weekend. Free (almost – donations are welcomed). Everyone Welcome! It will be held Saturday Nights 7:00 – 10:00PM at the Little Lake Park in Grand Rivers.

	TRRA Sponsored Big Cat Quest
	Where: Paris Landing When: May 31, 2008
	All tournaments are out of Paris Landing and sponsored in part by Henry County Tennessee River Resort (TRRA). www.kenfreemanoutdoorpromotions.com

	Street Dance - Critical Condition
	Where: Grand Rivers When: June 7, 2008
	Join in on the fun of the Grand Rivers Street Dance. The Street Dances have been a Grand Rivers Tradition for over 20 years. Dances held every Saturday from Memorial Weekend to Labor Day Weekend. Free (almost – donations are welcomed). Everyone Welcome! It will be held Saturday Nights 7:00 – 10:00PM at the Little Lake Park in Grand Rivers.

Virtual tours - Why would anyone NOT have them?

2008-05-01T10:45:29Z

As everyone on Active Rain knows, having an established, viable Web presence is key in today's market. More and more people are finding the house they want BEFORE they come to their Realtor and they are doing that because they have seen the home ONLINE.

In that context, why anyone would NOT offer virtual tours on their listings is beyond me. We are in the process of upgrading all our listings to include virtual tours, and until today, I was unaware of how cheaply you can get into the virtual tour business. With JustSnooping.com's agent service, you can pay a $199 initial fee to get started, then a $25 monthly fee for unlimited listings. Folks, that's just a no-brainer. Get your properties started with virtual tours and have happier clients!

Have a great day everybody,

Greg

Craigslist comes to Western Kentucky

2008-04-30T14:04:17Z

If you're looking for a place to post your listings or to sell anything, really, we now have Craigslist in Western Kentucky

http://westky.craigslist.org/

It is pretty cool that we have this site. It is something that investors in bigger cities have used for years and now we can post our listings and information on the site. Check it out, you might be surprised what you can do.

Buying a house "as-is" while retaining the right to inspect

2008-04-29T08:40:16Z

Recently, we've had an issue that I'm sure many of you have encountered. We had an accepted contract and the terms were that the Seller was selling the house "as-is" and not making any repairs, BUT the Buyer retained the right to inspect the property. Per the contract, if a serious material defect was found, the Seller was to have it fixed at his expense or the contract was terminated.

The issue that has arisen is this: There were several issues with the house causing the anticipated repairs to be more than double what was originally thought. Thus, the Buyer backed out of the sale. The Seller is now threatening to sue because the contract said he was selling "as-is" and he is trying to force the buyer to buy it.

This is like a law school question. What, if any, liability does the Buyer have for backing out of the contract?

I have my opinions on this, but since the contract is at least somewhat ambiguous, I thought I'd see what you folks thought. What would you advise your Buyer?

Pricing the house - Quick Sale v. Maximum Price?

2008-04-28T20:02:55Z

I recently have become very interested in how to set my price for maximum profit. The last 2 houses I have sold have went something like this:

I put the property into the MLS on a Friday. By Monday I get either a full-price offer or sell it within $2,000 of listing price.

Now, this has me thinking. I think that I must have left some $$$ on the table because they sold so quickly. But I wanted them to sell quickly, so that's a positive for me.

Then I see a TON of properties just SITTING for MONTHS and evidently people aren't that concerned about them not selling.

How are you advising your clients when it comes to price and what are you seeing happen in your markets?

5 things to do to keep your real estate investing business running smoothly

2008-04-23T08:43:13Z

1. TREAT THIS LIKE A BUSINESS - Because it is a business. Starting
out, you won’t have 50 people a day calling you on your first little newspaper ad.
You’ll need to be farming your area and marketing your business and as your
business grows, you will have more people calling. You need to have a specific
plan of attack and follow that plan each day, and revise the plan every few months
as the RE landscape changes.

2. MANAGE YOUR TIME - Manage your time wisely by only dealing
with motivated sellers, clearly defining your target market, and minimizing your
distractions during the day.
    Use a simple phone interview script to weed out unmotivated sellers and
make sure that every time you spend time to go see a home, you have the potential
to make the deal happen. Don’t waste your time and the sellers’ time talking about
a house and walking through it only to find out you are several thousand dollars
apart on price.
    Also, clearly define your target market. Unless you have a potentially
GREAT deal, don’t spend your time driving across country to look at a house.
This is one of the lessons I learned the hard way.
    Lastly, minimize distractions - Working for yourself you can have a ton of
little things that tie up a lot of your day. Run errands one time a day and prioritize
them so you spend as little time on the road as possible. Get a GPS system if you
are not good with maps. Maximize every minute of your workday so you can
spend the most amount of time with your family and friends during non-working
hours.

3. VALUE YOUR POWER TEAM - Recognize the value of each person
on your power team and make sure they know how much you appreciate them.
They are your lifeblood and it takes time to develop a close relationship with the
people on your power team.

4. KEEP CASH RESERVES - You can’t operate unless you have enough
cash on hand to keep your business running. You can talk to your banker about
small business loans and lines of credit to cover your times of cash shortages.

5. DON’T CUT CORNERS - Don’t cut corners with any of your properties.
Figure in your costs to get the proper insurance policy and general liability policy.
Pay your people to make all of your properties safe. IN SHORT - DON’T BE A
SLUMLORD. The bad PR that you will receive from being a slumlord will
outweigh all the short-term profits if you don’t treat your properties and your
people right.