06 june kreia newsletter

Vol 06-16 June 2016

Monthly Newsletter for KREIA Members

To All Fellow KREIA Members: President’s Letter Page 1 MAIN MEETING: Local Landlords Share Best Management Practices Page 3 Welcome, New Members!

Page 4 Ballot for KREIA Elections Page 4 Member Spotlight Page 6 Government Affairs Update Page 10 KREIA Photos Page 10 In-Depth Look at Last Month’s LOTS Flip Page 11 Book Report: Property Management Page-Turners Page 14

What a great May monthly meeting we had. Thanks to all the past presidents for showing up and speaking their wisdom on how KREIA has helped them over the years.

And thanks for all the advice and knowledge on how to succeed in real estate!

Frank Miller Let me start off by saying residential and commercial real estate are booming right now, and if you have ever thought about being in the business now is the time to take the leap and at least try it out part-time, while you still have your regular income from your full-time job!

Our next meeting is June 23. This meeting will be one to take a lot of notes on.

We will be discussing many topics in the real estate industry, and you will learn the ins and outs of property management and what to do and not to do to be successful in this business.

Also, do not forget that in this meeting we will have our open elections ballot, so make sure you please VOTE for the elected officials running for office so they can serve KREIA to make this organization better and provide more information and training to all you fellow members.

If there are any concerns or suggestions with KREIA in general, please do not hesitate to contact me at News@kreia.com.

So we look forward to seeing everyone join us!

Sincerely, Your President, Frank Miller

KREIA Mentor Workshops Page 15

Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

Your KREIA Leaders

President Frank Miller

Vice President Eric George

Secretary Treasurer Treasurer Elect Davie Coffey Mike Grinnan CPA Wally Kallbreir

Board of Directors

Mike Butler

Tamara West

George Foree

Marcus Anderson

Rue

Jamie

Erik

Fred Butler

Fred Helm

Stephanie Gomez

Melvin Weathers

McFarland Greenwell Hitzelberger

Dan Jones

KREIA Newsletter is published monthly and serves both as a newsletter and a reminder notice of your upcoming monthly meeting.

KREIA is a members-only association focused on education, networking and resources for today’s investor and to educate real estate investors from the basics to the complex. We are an excellent choice for all levels of investors. Whether you are just starting out in real estate investing, or are working on your hundredth deal, KREIA can help you learn more, earn more, and have more fun doing it.

To Subscribe to the KREIA Newsletter is simple and easy. Go to KREIA.com and join the Kentuckiana Real Estate Investors Association.

Group Discounts are available.

To Advertise in the KREIA Newsletter To Advertise on KREIA.com To Sponsor A Monthly Meeting To Sponsor A LOTS Program Please contact News@KREIA.com

KREIA Sponsorships Half Page Business Membership Ad + Table + Pre-Meeting Speaker Only $499

Business Card Membership: Ad Only $199

Event Sponsor: Meeting, LOTS, Parliamentarian Hank Schildknecht

Past President Dennis Erhard

Your KREIA leaders are involved and chair several committees to make KREIA happen every month for you and your fellow KREIA Members.

Get involved with KREIA. You can help with the monthly meetings, L.O.T.S. Program, this newsletter, Saturday Workshops, Government Affairs, Social, Annual Picnic, Marketing, the new KREIA website and more PLUS You Get EXTRA KREIA Points for everything you do!

Get phone and emails of all KREIA members with the new KREIA Online Member Directory.

Saturday Seminars, and more!

-----------------------------------------------------

Place Your Ad Now at KREIA.com --------------------------------------------”KREIA Advertising is by far, hands down, the absolute best advertising dollar ever spent for Borders & Borders!”

Harry Borders, B&B Attorneys

Reach out and tell them they are doing a great job! (It makes them do more for KREIA!) Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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Be a Better Property Manager Attend the 7 p.m., June 23rd meeting for a short course in best practices The path to long-term wealth in real estate begins with owning “income properties,” and we're teaching you the best practices for success in managing those rental properties.

Are you new to real estate and want to be a landlord but aren’t sure how to start? This meeting is for you.

Are you an old hand at renting houses and apartments but realize you could use a little tune-up? Don’t miss this.

This month at KREIA, learn property management best practices from local experts. We'll have a local attorney, a few local property managers/landlords and other professionals here to cover the following topics: • • • • • • •

Landlord-tenant law Marketing for tenants Screening applicants Lease agreement details and requirements Move-in and move-out procedures and forms Ways to accept payments Tracking systems for property management

Come learn how to be a more professional landlord and property manager and bring your questions! Our speakers will take questions from the audience throughout the presentation.

The speakers slated so far for the main meeting include Eric George, Jay Pitts and Hank Schildknecht.

Hank, an attorney, will speak on the basics of landlord-tenant law and components needed for a proper lease agreement.

Jay Pitts, a Re/Max Realtor and property manager, will be talking about marketing for tenants, showing properties and screening applications.

Eric, KREIA’s vice president and an experienced landlord, will talk also talk about marketing for tenants, as well as move-in/move-out procedures, how to accept payments, and how to use tracking systems for property management.

Don't forget about the June 25th Saturday Workshop where we'll dive deeper into this material!

5:30 p.m. Early Meeting: KREIA Member Benefits (& why you should join!)

What does KREIA give you besides the opportunity to learn from and network with some of the most successful real estate investors in the area? Quite a lot! And KREIA board members Tamara West and Melvin Weathers are going to fill you in. They’re going to tell you about the top five member benefits you should be taking advantage of right now. Be sure to use all the resources at your disposal! Ask questions! Let Tamara and Melvin help you get up to speed.

Next Mentor Workshop: June 25 Go in-depth on the ins and outs of rental property management, from local landlords, at our next Saturday workshop training.  See Page 15 for a closer look at workshop sessions Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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Welcome, New KREIA Members!

Featured Events

Amber Ozog Larry Weber Carnell McQuarter Orlando San Inocencio Bobby Haskins Matthew Beebe Dewayne Hutchens James Braudis

2016 KREIA Election Ballot Officers

(write-in)

President

□ Frank Miller

□ _____________

Vice President

□ Eric George

□ _____________

Secretary

□ David Coffee

□ _____________

Treasurer

□ Mike Grinnan

□ _____________

Treasurer Elect □ Wally Kallbreier

□ _____________

Board at Large (Vote for up to 6) □ Jeani Bryant

□ Leigh Anne Jones

□ Joseph Earls

□ Laura Kampschaefer

□ George Foree

□ Darin O’Neil

□ Stephanie Gomez

□ Hampton Scurlock

□ Erik Hitzelberger

□ Lauren Willoughby

□ John Jones

□ _____________________

Upcoming Events  July 28 – 7 p.m. Main Meeting: Wholesaling & Marketing 101 with local experts 5:30 p.m. Early Meeting: Borders & Borders  July 30 – Saturday Session: Mentor Workshop on Wholesaling and Marketing  August 25 – 7 p.m. Main Meeting: Show Me the Money – Get money for your deals!

5:30 p.m. Early Meeting: Mortgage Man Mike Fallot  September 22 – 7 p.m. Main Meeting: Equity Trust Company on self-directed investments for real estate 5:30 p.m. Early Meeting: Rawn Law Firm  October 27 – 7 p.m. Main Meeting: How to Buy REO Foreclosures & Auction Properties 5:30 p.m. Early Meeting: TBD

(other write-in)

6 to be elected for a 2-year term Cast your vote at the June meeting.

ISC Provides 4 simple yet powerful tools, backed

by Private Investigators, to make screening and managing your ideal tenants easier than ever!

iscscreening.com

Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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From: Gordon Brown Home of the Innocents To: Rue McFarland KREIA Rue, Alan Johnson’s father

Copyright MMXV Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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https://form.jotform.com/61545230428956

Duffy Ford Duffy and Paula E-mail Phone Company Name Hometown College Share More About You Hobbies, Passions, and Fun

In KREIA since Referred By Why Are You a KREIA Member?

Year Began Investing Investing Preferences

Redeveloping distressed houses has been a passion of ours for years. We’re committed to nurturing neighborhoods one house at a time.

Blue Fish Properties

We work with the best real estate agents, contractors and specialists all committed to helping to create custom real estate solutions for our buyers, sellers and investors.

Whether you’re looking to sell your home, buy a home or searching for a way to get higher returns on your investments, give us a call today!

Brock Halstead 502-386-4908

brockhals@gmail.com

Brock Halstead 502.354.7414 Carrie Halstead 502.354.7444 bluefishpropertiesinc.com

What You Like About KREIA? Your TOP 3 TIPS for Investors

dford@qk4.com (502) 4724796 360 Properties, LLC Richmond, KY University of Louisville - Speed Scientific School Engineer / Roadway designer by day. Real estate mogul on nights and weekends...lol Have the best fiancee, Paula and a great son, Nicholas. Love U of L sports and enjoy playing golf.

Design roads for my day job and do real estate on the side. Do some wholesaling (not much anymore), some rehabs and have a few rentals.

2004 Drew Schaeffer and Jay Long The education you receive at meetings and Saturday seminars is invaluable. The networking and contacts you can make in KREIA are also invaluable. I'm not sure how anyone can be successful without networking. Last but not least, there are tremendous benefits from being a member. I saved 2x my annual membership dues at Home Depot the past two months.

Began wholesaling 2004. Bought first rental in 2009 Single family houses in nice neighborhoods. At least 3BR and 1-1/2+ baths with basement or garage. Like wholesale and fix up / retail also.

Education and the people. Mostly a bunch of good, hard working people who are willing to help.

1) You make your money when you buy. Buy properties with at least 80% equity after repairs and holding costs.

2) Networking is vital.

3a) Location, location, location.

3b) Screen your tenants!!!

Visit KREIA.com to View More Member Spotlights

Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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ATTORNEYS AT LAW Representing real estate investors, mortgage companies, banks, builders and buyers since the early 1970s with…

 Residential & Commercial Closings  Title Searches  1031 Exchanges  Business Formation  Wills & Probate

 Title Insurance  Contract Prep & Review  Powers of Attorney  Investor Guidance

Practicing in Kentucky and Indiana

920 Dupont Road, Louisville, KY 40207 bordersandborders.com • (502) 894-9200 THIS IS AN ADVERTISEMENT

Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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Quotable Quotes “Impossible is just a big word thrown around by small men who find it easier to live in the world they’ve been given than to explore the power they have to change it.

Impossible is not a fact. It’s an opinion. Impossible is not a declaration. It’s a dare. Impossible is potential.

Impossible is temporary. Impossible is nothing.”

— Muhammad Ali

“It’s not bragging if you can back it up.”

— Muhammad Ali

GARRY L. SETTLE REGIONAL VICE PRESIDENT

Contact Garry for all of your home financing needs!

Direct: 866-822-3545 Garry@CenturyMortgage.com Apply for Pre-Approval Online! www.CenturyMortgage.com/gsettle NMLS 13547

PRO-TECH FLOORING Floor Refinishing Specialist Hardwood Floors Installed Floor Repairs • Poly Recoating Dry Foam Carpet Cleaning Insured Member Office

Mobile

Fax

966-9300 500-8775 961-5730 David Williams, Contractor

FREE ESTIMATES

Shaun Logsdon Auctioneer/Broker/Realtor “We can help you liquidate your real estate in a fair and lucrative manner.”

thelogsdongroup.com • (502) 657-9534 Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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Government Affairs Update Louisville Metro Government June 3rd, 2016 1. The LM Planning Commission recommended changes to the current short-term rental or Airbnb Ordinance a few weeks back. The commission held a public hearing on April 11 and the following are the recommendations for the LM Council to consider. The commission unanimously recommended the following to Metro Council: • The city should define a short-term rental as a singlefamily home or duplex where a renter stays for fewer than 30 consecutive days; • Residences in the Old Louisville and Limerick Traditional Neighborhood Zoning District (TNZD) and properties that are not the owner’s primary residence should be required to obtain a conditional use permit to operate as shortterm rentals; • Any homeowner who rents out his or her primary residence can do so by registering with Develop Louisville, paying a $25 fee, and remitting transient and sales taxes on the rentals. Same is recommended for commercial; • The council should add an exemption in the city Land Development Code for people who only rent during special local events such as Kentucky Derby week and during the PGA tour but live in an area where a conditional use permit is required; • The council should require homeowners to provide an adequate amount of on- or off-street parking, but it did not place a number on what is deemed adequate; • Metro Council should consider imposing a liability insurance requirement in case of damage to a home or a neighbor’s property.

The entire set of recommendations will be discussed in the Land Development Code Committee Monday June 20.

2. Louisville Metro Mayor Greg Fischer has unveiled his proposed one-year budget for Louisville Metro. Items of note dealing with the real estate industry include the following: - Includes $2.5 million from the general fund for the LM Affordable Housing Trust Fund to be used for building affordable housing in LM. - $100K for a Cool Roof incentive program.

- $1 million to gain control of vacant and abandoned properties and return them to productive use.

KREIA

Photos

Hail to the Chiefs! Last month’s KREIA meeting featured three of our organization’s past presidents — Rue McFarland, Dennis Erhard, Mark Lechner, left to right — and current president Frank Miller discussing how they got into real estate and what role KREIA has played in their success. Networking was the word of the day. Lechner recommended staying late after the meetings to talk at the bar, where the deal-making takes place. “Buy the old guys a drink” was a popular bit of advice.

The KREIA presidents panel took questions from the audience during a Q&A session.

Insurance for the Real Estate Investor realprotect.com

Do you take photos at KREIA meetings, LOTS meetups and other KREIA events? Help us out! Send your snaps to News@kreia.com

Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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Highlands LOTS Flip: A Closer Look Unless you’re flipping a house yourself, the LOTS program that KREIA offers is the next best thing to being part of a real-live house rehab.

Thanks to the monthly Learn On The Site program, which takes place every Tuesday after the main meeting, we get to spend an hour or so walking through rooms of an ongoing project.

We marvel at the patterns of tile in a master bath and run our fingers over the smooth granite countertops. We admire the fit and finish of the cabinetry and drink in the space that a sturdy header beam has opened up. We envy the smooth and shiny hardwood floors. We inhale the tang of drywall dust and paint.

Whether the host is rehabbing in an upscale community or blue-collar neighborhood, we collect ideas and file them away for our own future projects.

We clump patiently around the host and ask questions.

We pore over the numbers in printouts taped to windows – yes, we love those spreadsheets showing acquisition costs, amounts spent on labor and materials, and projected profits.

We get to see what a reallife flipping project looks like here in Louisville – not a glossy highlight reel from afar via HGTV. And … we get to enjoy a free lunch and more networking opportunities.

There’s a lot to love about LOTS. Mostly we love that LOTS hosts, who are both our colleagues and our friendly competition, are transparent with their processes and numbers.

At last month’s LOTS house, transparency reached a new level.

The hosts – a teamup of Jake Tidmore, George Barrett, Carrie King and Clay Smith – promised access to their project documents, photos, suppliers, design sketches and progress videos (shot by a professional videographer).

Clay emailed links and information to LOTS attendees and gave KREIA permission to use it in the newsletter. So dive into this case study and see what Clay has to say about it….

Clay Smith: “2151 Gladstone Ave was purchased for 208K off the MLS by two realtors. They put their 3% back into the deal and the actual purchase price was 202K. After the purchase they brought me in to do the work. I used 90k of private funds for repairs and coordinated the crews. The two agents put up 100k each.

I ended up putting in 10K of personal funds. Total project cost is 300K.” CLAY SMITH’S PRO TIP #1: You should have a mortgage prepared to protect your private lender. I generally ask for a standard mortgage to be prepared and have it include an assignment of rents clause. This costs approx. $100 extra. Alternatively you can use RocketLawyer.com for $5 and have the document recorded yourself.

SUBCONTRACTORS Landscaping — Beth & Bob Hensley (502) 693-7848 Windows — Jerry Bell (502) 262-3684 Countertops — Abner Bonilla (502) 442-8626 Glass Showers — Carlos De La Rosa (502) 291-1768 Surveyor — Gary Dukes Insurance — NREIG Mason — Mike Crank (270) 945-8653 Kitchen Designer — Rachael Clark (502) 439-9455 Chemical Toilets — Rumpke Hardwood Floors Refinishing — Pro Tech Flooring Not Disclosed — Gen. Labor, HVAC, Electric, Plumber

Jump to Page 13 for Dropbox and video links

PRO TIP#2: Only use service providers who will complete a W9 form.

You do not need one for a supplier.

You are responsible for ensuring their two forms of ID is valid. I ONLY USE companies that invoice and accept checks in the mail and get paid AFTER completion. Additionally, consider using an Independent Contractor Agreement. I take pictures of their credentials and keep a signed document. We use QuickBooks and generate 1099s annually. For an explanation why, read “The Book on Flipping Houses” by J Scott.

Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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Inside LOTS House: Continued from Page 11

SUPPLIERS LINKS Dropbox documents — https://goo.gl/DIK3mm — Review the budget for 2151 Gladstone, the scope of work, materials order and more Homepage Realty’s Video Playlist on Facebook — https://goo.gl/dkZ55g — Watch the progress of the rehab as George Barrett and Jake Tidmore host weekly video segments from 2151 Gladstone, starting with their initial concept meeting and moving through demo, mechanical work, drywalling and more.

About Clay Smith’s Team: Louisville Real Estate Investments LLC (d.b.a. LREI LLC) maintains a portfolio of buy-and-hold rental properties.

We also purchase distressed properties, renovate and sell.

We are interested in bulk buying from retiring investors, private money lenders, and joint-venture opportunities. To learn more about us and to see our complete portfolio, visit us at www.InvestInLouisville.com

• Lowes • Home Depot • Amazing Kitchens • 84 Lumber • Cox's interior • Earth First (dirt) • Best Deal Dumpster • Bobcat Rentals PRO TIP#3: Use the Lowe’s or Home Depot Pro Desk. Email them your material list 3-4 days in advance and have them deliver everything to you. They should give you between 10-13% in discounts as well. I use a Lowe’s LAR account and can add buyers instantly online.

I have not been inside Lowes in months.

Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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They Wrote the Books on Managing Property

By Lauren Willoughby You’ve got to hand it to the guys over at BiggerPockets.

After they turned their website into a juggernaut news and social media hub for real estate investors — imagine a Facebook devoted solely to landlords, flippers and wholesalers — they turned their gaze toward publishing.

Currently a few of BiggerPockets’ books, written by popular podcast cohost Brandon Turner, sit at or near the top of the real estate investing category at Amazon.com.

And back over at BiggerPockets on his list of best real estate books, Brandon lists his “The Book on Managing Rental Properties” as the top title on landlording. You can’t blame the guy — he wrote it, and his wife co-authored it!

But before he tried his hand at authoring, Brandon’s top pick for books on managing property was “Landlording on Autopilot,” which was written by KREIA’s own Mike Butler, a KREIA past president and longtime board member.

Published in 2006, Mike’s book was a best-seller in its day, and it continues to sell and stay relevant.

In fact, Brandon says that he re-reads Mike’s book every year just to make sure he’s not missing anything. “No author has had a greater impact on my landlording skills than Mike Butler and his book,” he writes, adding, “At the risk of sounding over-dramatic, the lessons I learned after reading it are the reason I spend as much time at home as I do – because Butler is all about creating systems to make the landlording process more automated … and they work.”

Mike got started investing while he was a full-time undercover police detective here in Louisville, and he says he needed to develop systems in order to keep his rapidly growing portfolio from taking over his life.

If you crack the cover on his book you’ll discover tips like the one about how a simple attitude adjustment can keep tenants from abusing your property: Don’t treat them as your customers, treat them as employees, giving them responsibilities to match. Most will rise to the occasion.

If you’re just getting started, reading Mike’s entertaining and tip-filled account of his experience going from raw beginner to successful landlord will give you the confidence to leap. If you’ve been around the block with rental property before, some of his time-saving suggestions will make you wish you’d picked up the book years ago.

Keep turning the pages to find more gold at the end: Lots of forms he’s used in his own business and that you can modify for your own use. Buy it at Amazon.com!

Want to learn more from Mike Butler? Attend this month’s Saturday workshop. 

Property Management Resources at BP  The two new BiggerPockets books on rental property come with digital goodies when both are purchased in ebook format (or ebook/ printed combo) on biggerpockets.com that you wouldn’t get if you were to buy them at, say, Amazon. Bonuses include sample forms for property managers and hours of video interviews with rental property investors. Visit https://get.biggerpockets.com/rentalbook/  Want to see Brandon’s list of REI book faves? Visit https://www. biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/  Want to read property management blogs written by other investors, then ask questions or offer input? Visit https://www.biggerpockets.com/renewsblog/category/landlording-2/

Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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2016 KREIA Mentor Workshops

Experienced local investors spend six sessions showing you how it’s done The last workshop was all about rehabbing houses — and the money that can be made turning a distressed house into the pick of the neighborhood. KREIA board members Erik Hitzelberger and Dan Jones, both longtime house flippers, led the classroom workshop.

Erik’s approach is more of a pure flip, like you see on TV flipping shows (but without the drama): Get in and out fast, and sell as quickly as you can. Dan described his hybrid approach, where he puts a tenant in place, collects cash flow — and then cashes out after a few years.

From Erik’s and Dan’s presentation, students learned:  How to find and analyze deals  How to estimate repairs  How to choose a good contractor  How to write a scope of work  And lots more After the classroom session, Erik led us on a tour of two vacant houses his team is working on, pointing out things investors need to look for.

Hungry for more? Then you’ll want to sign up for this month’s workshop….

Session 4: Rental Property Management Eric George, KREIA’s vice president, will be teaching part of the class, and he’s bringing in some friends to help round out your experience. Eric will talk about his experiences managing student rentals.

Attorney Hank Schildknecht will address the basics of landlord-tenant law and components needed for a proper lease agreement.

Longtime landlord Mike Butler will talk about tracking systems and forms to use for property management.

Dan Jones kicked off the April workshop morning session.

Here is a short list of the topics Eric and company are planning to cover in the workshop on June 25th:  Landlord-tenant law  Marketing for tenants  Screening applicants  Lease agreement details and requirements  Move-in and move-out procedures and forms  Ways to accept payments  Tracking systems for property management Here’s the rest of the Mentor Workshop lineup for the year:  June 25: Rental Property Management  July 30: Wholesaling and Marketing Essentials  October 29: REO Foreclosures and Auctions 101

4th Session: Saturday, June 25, 2016 Rental Property Management Home of the Innocents, 2nd floor of the Children’s Common Building, Boardroom. (Park in Lot A) 1100 East Market St., Louisville, KY 40206 9 a.m. - 3 p.m.

COST: $99 for members; $149 with a guest.

Non-members’ costs are $149.

REGISTER NOW AT KREIA.COM! Copyright MMXVI Kentuckiana Real Estate Investors Association • P.O. Box 91225 • Louisville, KY• 40291 (502) 509-2216 www.KREIA.com DISCLAIMER: KREIA does NOT pre-qualify, evaluate, endorse, guarantee or warranty any particular deal, service, company, or person. The Kentuckiana Real Estate Investors Association recommends you perform your own due diligence & seek appropriate legal, accounting, or other professional advice before making any investment. KREIA is a Member of National Real Estate Investors Association.

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KREIA’s Monthly Meeting! Thursday, June 23, 2016 5:30 p.m. Early Meeting: Tamara West and Melvin Weathers explain KREIA member benefits

7 p.m. Main Meeting: Property Management With Q&A! Local landlords share lessons to streamline your success!

PRE-Pay Now at KREIA.com to Qualify for a Big Door Prize Drawing!