1305 KREIA Newsletter May 2013 by KREIA .com

Vol 13-05

Monthly Newsletter for KREIA Members

President’s Letter page 1

CLOSINGS Basics 101 page 4, 6, and 8

Pre-Pay to Access

Express Lane! Page 3

KREIA Election Nominations Now page 8

Member Spotlight Sean Williams page 9

Event Calendar page 7

Welcome New Members! Page 9

Govt Affairs Update page 10 June 29 Saturday Seminar with Lunch “Rehab Queen” Robyn Thompson Doors Open: 8:30 – 4pm This Will Sell Out FAST! page 10

For everyone who went to Kreia's Day at the Downs, it was a great time for all and we had a wonderful time hanging out together on a beautiful spring day!! Some people even came home with a pocket full of money! These kinds of social outings are not only fun but great ways to network with other real estate people. We planned this on the same day as GLAR's Day at the Downs so we were surrounded by agents, brokers, investors, lawyers, loan officers/bankers, and anyone else you can think of related to real estate. What a wonderful way to have fun and play on a work day and network all at the same time. I highly recommend that you take advantage of all these social outings that our social coordinator, Jean Hall puts together, such as LOTS, networking lunch, and soon to start up again--happy hour. The first one will be Friday May 31, at Captain's Quarters on River Road. Mark your calendars for the upcoming meetings for May 23, and June 27 especially. This month we will have our very own Harry Borders talking about everything you need to know about title insurance. June will be national speaker and guru Robyn Thompson "the re-hab queen" who will also be doing a Saturday seminar. Check out the web site, Kreia.com for more details and times and to pre-register. Pre-registering and pre-paying on the website is so fast and easy and I really want to encourage you to get in this habit. We will be offering a door prize/drawing for everyone that does this from now on instead of drawing for a free dinner like we always have done because we want to encourage everyone to get in this habit. This is good for you too because you won't have to wait in long lines at the door. Aru and Mike have really perfected the check in process to make everyone's lives a bit simpler. I have really been enjoying Dan Jone's "Member Spotlight" articles. It is interesting to hear other members biography's and to see what and how they do their real estate business. If you would like to be "spotlighted" contact Dan @ jdjrealestate@gmail.com and we can hear about you too. Successful and profitable real estate investing!! Connie Horsey, President P.S. Please take photos with your cell phone, email to News@KREIA.com Pre-Pay to safeguard your seat at your next KREIA meeting

Copyright MMXIII Kentuckiana Real Estate Investors Association • P.O. Box 17592 • Louisville, KY• (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 Connie Horsey

Vice President Dennis Erhard

Secretary Treasurer Treasurer Elect Chris McCarty Mike Grinnan CPA Aru Tarr

Board of Directors

Mike Butler

George Foree

Linda Brun

Duffy Ford

Eric George

Dan Jones

Jean Hall

Jay Long

Mark Hass

Rue McFarland

Frank Miller

Dick Vreeland

KREIA Newsletter published monthly and serves both as a newsletter and a reminder notice of your upcoming monthly meeting. KREIA is a member only association focused on education, networking, and resources for today’s investor. o 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 Diamond: Full Page Ad + Table + Pre-

Meeting Speaker Only $995 or $99 mo.

Gold: Half Page Ad + Table + PreMeeting Speaker Only $499

Silver: ¼ Page Ad Only $299 Parliamentarian Hank Schildknecht

Immediate Past President Mark Schaffer

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. Reach out and tell them they are doing a great job! (It makes them do more for KREIA!)

Business Card : Ad Only $149 Event Sponsor: Meeting, LOTS,

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

Copyright MMXIII Kentuckiana Real Estate Investors Association•PO17592 • Louisville, KY• (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.

Real Estate Closings 101 What To Do BEFORE & AFTER Pieces & Parts Followed with 30 min Q&A

Featured Speaker – Attorney Harry Borders Your May 25th KREIA Meeting is a MUST attend event for every investor, especially if you are a new member and beginning your real estate investing career. Harry Borders will give you the “inside scoop” so to speak on real estate closings, the basics and fundamentals. You will see the pieces and parts, what to do before and after your closings along with 30 minutes of Question and Answer. KREIA has grown tremendously over the last year or so, and each of your KREIA leaders can recall their very first closing. Although most will not readily admit it, each, including myself, were so excited with buying our first piece of real estate that we behaved like hogs going to slaughter – just follow the leader. Yes, a little fear, a lot of trusting the folks doing your closing, and a not very clear understanding of how it all works, plus the added burden of acting like a real estate investor who knows what they are doing. Many experienced and veteran investors will learn a lot about closings during Harry’s training session. - Your KREIA Leadership

ASSET PROTECTION FOR REAL ESTATE INVESTORS

Harry B. Borders joined the firm in 1991 after graduating in the top ten percent of his University of Kentucky law school class. Harry also has an engineering degree from the University of Louisville. In addition to real estate closings, Harry sets up companies (limited liability companies and corporations), handles IRS section 1031 tax-deferred exchanges, and works closely with real estate investors. Harry is a frequent instructor of real estate law courses at the Greater Louisville Association of Realtors. He is a member of the Louisville and Kentucky bar associations. Harry is also a member of the Kentucky Real Estate Investors Association. Harry travels annually to Central America with Hand in Hand Ministries to help build hope for the poor of the region. Harry and his wife, Julie, have four children.

For all real estate investors, Asset Protection is a critical component of your planning. As real estate investors, we often times have big targets on our backs. Overly aggressive plaintiff’s attorneys are constantly looking for opportunities to sue on behalf of tenants, employees, subcontractors and the like. It is important that we have a good asset protection plan to 1) reduce the chances that a lawsuit will be filed against us; 2) reduce our exposure in the event a lawsuit is file; and 3) reduce the loss if a lawsuit is successful. In addition, a good asset protection plan should also take into consideration the tax implications of the entities that you form. Our liability as investors comes both from owning real estate (i.e. our tenant sues us and wants to collect from us personally and from our limited liability company) and from living in the United States (i.e. we get sued as a result of a car wreck and the plaintiff wants to take all of our real estate away from us). I call this the Back Door Liability and the Front Door Liability. Either way, we must protect ourselves from these liabilities. It’s tough to give a “general recommendation” for what your asset protection plan should look like. Our asset protection plan is similar to a fingerprint… each one is unique. And each one depends on how many properties we own, where they are located, what equity we have in each property, who manages the properties (i.e. you, an LLC owned by you, or an outside management company), the purpose of the properties (i.e. raw land, rental properties, or wholesale properties) and the risks associated with these properties (i.e. a good part of town or a bad part of town). When designing an asset protection plan, you must be aware of the “formalities” required under the law as it pertains to the different entities you own (i.e. filing of an annual report, keeping separate bank accounts, making sure the public knows you are doing business under an entity and not as an individual). All of these issues should be discussed with your legal advisor to insure that your real estate assets have been properly protected. At the same time, we don’t want to create for you an asset protection plan that costs a fortune to maintain each year. Therefore, it is also important to discuss your plan with your CPA as well. Copyright MMXIII Kentuckiana Real Estate Investors Association•PO17592 • Louisville, KY• (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.

KREIA Meeting Coupons

You Can “Pre-Pay” for Monthly Meetings! Your Benefits when you “Pre-Pay” online:

Paid receipt auto-emailed to you for your records

NO Waiting in Line at the Door!

Use EXPRESS Lane and say your name

Your Name Tag Ready and waiting for you

Special Door Prize limited to only those who “PrePaid” their meeting registration.

FAST, Simple, and Easy! Pre-Pay Now at KREIA.com

KREIA Needs Your Help! Helpers Needed! Registration Table Staff Photographers Advertisers’ Liason Monthly Meeting Set Up Please See Dennis Erhard or Connie

Brand New “Invite A Friend To KREIA Program” allows YOU to attend your next meeting for FREE! How It Works: 1. At your next KREIA Meeting, go to the membership table and ask for 10 KREIA Business Cards. 2. You must sign the sheet showing how many KREIA Cards have been signed out by You. Most members will sign out 10 cards at a time; however, if you have an office or you expect to run into many investors in your line of work, you may request to get 25 cards (max) to display in your lobby, on your desk, etc. 3. IMMEDIATELY, while at the Membership Table, legibly PRINT Your Name on the backside of each card in the “Referred By:” field. 4. Now you can begin using the KREIA Business Card Program to get your next meeting for free. 5. Simply hand out your KREIA Cards (with your name already pre-printed on the backside) to folks who you feel would or could benefit from joining KREIA. The KREIA Card you give them allows real true “guests,” not former members who let their membership lapse, to attend a meeting for Only $10 – thanks to you. They will submit their $10 Meeting Coupon at the door and their card already has your name on the back. 6. When your guest turns in your card, joins KREIA and becomes a member, you will get your next meeting absolutely Free. This is not ANY meeting, or meeting of your choice, but the next monthly meeting following the month your guest joins KREIA.

What Are You Waiting For? Get Going Now! Sign Out at least 10 KREIA Business Cards on Thursday and let’s get KREIA to be THE MEETING of the Month for all local real estate investors!

June Speaker with Saturday Workshop, June 29 – Register Now!

“Queen of Rehab” Robyn Thompson Who Is Robyn Thompson? I got involved in real estate eleven years ago not by choice but out of desperation. I went to work one day thinking it was going to be another average day at the office, but NO! A mandatory meeting was called for the afternoon. Around 2:00 PM, all of the corporate accounting team piled into the auditorium wondering what computer the company would be releasing to the market place. A stranger walked out onto the stage and took the microphone. None of us knew him and we would soon find out that his nick name was "The Hatchet Man". He was brought in to eliminate the fat out of corporate accounting. He informed the 503 people in the auditorium that only 275 of us would be left at the end of this month. My whole life was sent into a downward spiral in a matter of a few seconds. How could they do this? I dedicated my heart and soul to IBM for the last 9 years and with no warning they are letting hundreds of good employees go? See I was scared to death!! I was living like many people do today, surviving paycheck to paycheck. I had a big mortgage payment on my new condo, a car payment, student loans, credit card debt, no savings, only $4000 in my IRA and a few shares of IBM stock. I panicked. I did what most Americans do when they get into a the financial bind. I went and got a part-time job, waiting tables from 5:00 PM to 2:30 AM at a local diner to try and start saving some money to get a few car payments or a few mortgage payments ahead. The goal was to make $125 per night. At least it would be some kind of income if I was forced out the door at IBM. A few weeks past and I made it through the down sizing, but the fear would not go away. My loyalty to the corporation was gone. I kept my waitress job because reality set in. I was a financial disaster with no extra money and no savings. I knew it was time to work smarter not harder. Some how, some way, I was going to find financial freedom. One night after finishing a long night at the diner, I came home to find a moving van in my neighbor's driveway. Being the nosy neighbor, the next morning I phoned the condo association president to find out what was going on with unit No. 6. She told me that my neighbors inherited a big farmhouse in Tennessee from their grandmother that was free and clear. They were moving because they could not sell the condo for what they paid for it and they did not have enough money to pay a Realtor six percent commission to liquidate the property.

I stood there completely envious. A life with no mortgage payments, what a fantasy after all I still owed 29 years on my mortgage. It became my dream to have a home free and clear with no payments, now that's financial freedom. Unit No. 6 went into foreclosure. Six months later it was listed for $79,000 which was our original purchase prices for the units. Over the next several months, I watched the prices drop from $79,000 to $69,000 to $59,000 to $49,000 to $39,000 to $34,900 and still no one bought it. Now fear and doubt rush back in because if IBM decided to make another round of cutbacks, I would not be able to sell my unit for my mortgage balance of $63,500. In my heart I knew the condo was a steal at $34,900. I ran the numbers and determined that the monthly payment on Unit No. 6 would be $365 per month. With a little investigating I found that the condo would rent for $650 per month, giving it a positive cash flow of $ 285 per month. The Cash flow of $285 per month was just enough to cover my Honda Accord payment. If I could buy the unit, it would make my car payment for life!! After some calls to mortgage companies, I found out that I only needed 10 percent down and I could ask the seller to pay all my closing costs. Yes, all I needed was $3500 (thirtyfive nights at the diner) and I could drive a nice car for life and let unit No. 6 make the payments. I bought the unit at an auction for $27,500. So the wheels inside my head began to turn, what if I could buy nine more units just like unit No. 6. I would have approximately $3000 per month positive cash flow. Yes, this would match my take-home pay from IBM and I would never have to worry if we went to downswing again. Heck, I would not even have to work if all ten were rented. I started pursuing this dream with passion. I began waiting tables five nights a week in addition to my full-time job to get down payment money plus looking at condos every extra minute I had. Yes, I survived on very little sleep for many months. Within six months I had saved enough money to buy my third unit. One Saturday morning I set up an appointment with a Realtor from Re/Max. I will never forget that day. He jumped out of an old Blue Cadillac with dark tinted windows wearing an expensive pinstripe suit. He shook my hand and very arrogantly introduced himself as "THE KING OF FORECLOSURES". I just stared at him with this smerk on my face, asking myself, " how can a 23-year-old kid with the old Cadillac be the King of anything"? Continued on page 6 -------- >>

June Speaker with Saturday Workshop, June 29 – Register Now!

“Queen of Rehab” Robyn Thompson Continued from page 5 After previewing the unit, I determine the cash flow to be close to $300 per month, so I wanted to make an offer. THE KING was pushing me to go to full price. NO WAY, I started at $7000 under the asking price and to both of our surprises this desperate seller took it. I don't know who was more shocked, the king or me. The closing took place 45 days later. On the way out of the closing, the King asked me a question that would change my life for ever. "If I could sell the condo that you are buying and make you $5000 profit would you agree to it. I asked him if he thought I was nuts, that's 50 nights at the diner from 5:00 PM to 2:30 AM. I am not emotionally attached to this condo, but I cannot afford to make a mortgage payment on this condo in the one I live in with no rental income for more than two months. The king took the challenge of a 60 day listing. On the 27th day of his listing he brought me an offer that would net me a $4800 profit. This could not be happening. Making money cannot be this easy. To make a long story short, it was that easy!! I'll never forget the feeling of excitement as I drove to that closing. I remember being so nervous sitting in the attorney's office as he handed me my check. It was for more than $10,000. The amount had to be wrong! It wasn't. I got all my original down payment back plus my cost of the repairs that I had done plus the $4800 profit. I drove to the bank so fast to deposit the check that I left tread marks in the parking lot. Do you understand that was more money than I ever had seen in my whole life? Oh my God, if IBM left me go I could live off of that $10,000 for five months if I had to. Surely I was out of the woods now. Life was great. I was lucky enough to find a once-in-a-lifetime deal. Two weeks later, the King called me up to inform me that he had two little fixer upper houses that I should take a look at. I told him he's crazy. I am not spending my $10,000. You are not sticking your hand in my checking account. The King made another profound statement that day, with an arrogant tone in his voice he said "What are you afraid?" How dare he. Me, Afraid. I replied, OK Smarty, I will go look. The little voice inside my head said don't worry you don't have to buy anything. Both houses were dumps, but the little white Colonial on Birch Street kept haunting me. I could see the potential but the repairs had to be at least $12,000. The King argued with me that the repairs were $8,000. He dared me to prove him wrong so I got two quotes. Unfortunately he was right so I had no choice but to buy it because my $10,000 plus a few nights at the diner would cover the repairs and the down payment. Hey what was the worst that could happen, if I went back to landlord mode and rented the little house on

Birch Street, it would cash flow at $375 a month. Four months later, I could have killed the King. The house was still not completely renovated. I was broke and did not have enough money to finish the repairs. I was waiting tables all night to pay a handyman to work on the house all the next day. All the extra materials had to go on my Visa card. Great now I was further in debt, and broke. Not to mention exhausted from doing as much of the work myself as I could to keep the cost down. What a complete IDIOT I was. I had to get this house finished. One afternoon, two of my waitress friends from the diner stopped at the house to see what I was up to. They were curious why was I giving up my best shifts. Elaine fell head over heals in love with my little house. I told her the monthly payments would be $675 per month. She made the decision to buy instantly because she was living in the projects for 17 years and paying $600 per month for rent. A month later, Elaine and I are at the closing. I remember it like yesterday. Elaine, the toughest lady I knew, sat there with tears in her eyes. I don't know who had more butterflies in their stomach, her or me? When it was over, the attorney handed me a folder with all my closing documents and a check. It was my turn for tears in my eyes because I made $17,235 profit on my second deal. Yes, my check was for over $27,000. I got my original down payment back plus my repair cost plus the profit. Would you be happy with that from a part-time hobby? It sure beats waiting tables for $125 a night. I made more money on that little house than working for IBM for five months. Needless to say, my career at IBM was short-lived. Every day for the next year, I went to work hating my job. See I knew there was life after IBM. Fourteen months later I told IBM to stick it. Now, the rest is history. I have bought, renovated and sold over 235 properties since I quit at IBM. I have acquired tons of knowledge along the way. My life is awesome because I do what I want when I want plus I am my own boss. I know what true financial freedom is because I am a multimillionaire. Four years ago, I began sharing my knowledge on buying, renovating and selling homes so others could start to take control of their financial situations. Over the years, I have taught hundreds of classes on "'How to Create Huge Chunks of Cash from Real Estate", and shared platform with best selling authors, TV stars, governors, the super wealthy, and some of the best speakers in the world. I have the absolute pleasure everyday of helping people dig

out of their financial mess and teach them techniques to obtain financial independence without needing money or credit. My goal in life is to help those individuals who can take action to new financial levels that most people only fantasized about. If this describes you, it is an awesome journey when you implement my techniques and strategies. Now it is your turn to eliminate all your financial baggage and move into millionaire status like so many of my students have. Please Mark Your Calendar Now and Join Me June 29 - Robyn Thompson ----------------------------------------------------------------------------------

Saturday Workshop! with “Rehab Queen” Robyn Thompson Includes Hot Buffet Style Lunch! Saturday, June 29, 2013 Wildwood Country Club – NOT Woodhaven! 5000 Bardstown Rd. Louisville, KY 40291

Doors Open: 8:30am – Class 9-4pm Active Members Only $49 or 2 for $79

Guest: Only $99

http://kreiarobyn.eventbrite.com

WARNING: This Saturday Workshop will Sell Out! Room Size is LIMITED to 70 Attendees Robyn consistently has over 100 students in her Saturday Workshops. Register Now to Reserve Your Seat. Snooze You Lose!

I am pleased to present the preliminary ballot for our upcoming election in June: 2013-2014 Officers President: Dennis Erhard Vice Pres: Frank Miller Secretary: Chris McCarty Treasurer: Mike Grinnan Treasurer Elect: Fred Helm These five officers are elected for a 1 year term. 2013-2015 Board Directors Nominations Duffy Ford Fred Butler Rue McFarland Aru Tarr Wallie Kallbrier Jason Hanson Tamera West Darin O’Neil Dan Jones As of now, the 9 individuals listed above have been nominated for the 6 open two-year seats on the board. The individual who comes in seventh will fill Frank Miller’s unexpired term on the board, as his seat on the 2012-2014 rotation will become vacant if he becomes Vice President. Nominations will be taken from the floor at the May meeting, and at that time nominations will be closed. The polls will be open at the June meeting from 5:30 to 6:45. A photo ID will be required. The newly elected Board will be sworn in at the July meeting.

Helping KREIA Members Get All They Are Due Call Meghan Vamvas 502.264.3617 mvamvas@firstcallclaims.com

If you are interested in helping KREIA by serving on the Board please give me a call. From all indications, our new President will expect all Board members to expend much time and effort and be a hard worker on behalf of KREIA. At the May Board meeting letters of commitment were passed around the table and those running for office were asked to sign pledges that they would work tirelessly for KREIA. The commitment must be made to attend the monthly Board meetings held on the 2nd Thursday of each month and work on at least one committee. Therefore, no slackers need apply. Hank Schildknecht Chairman - Nominations/Election Committee

Call 502.896.2595

Welcome NEW Members! Welcome

NEW Members! Sean Williams

Name: referred by: Kristy Dugan Member since: 2013

Why did you join: Since I have been selling in the residential market for nearly 5 years as an agent, it seemed like a natural fit to join a community involved with the investment portion of real estate. I feel that having this connection is not only beneficial for myself when it comes to investing personally but also for my clients, especially in an economic time when I believe that real estate market is poised for a strong comeback.

Jack Woosley Michael Brangers Dave Fralick Han Pham Collin Parker Jeff O’Bryan Jerry Wilson Jae Svoboda

James McEwen Ashley Stover Jocelyn Bredhold Deborah Bauer Fred Butler Rebecca Armstrong Gene Braun

Short Bio: Louisville native, St. Xavier High School Grad ('07), University of Louisville Alumni ('11) in Finance. I became licensed in real estate as a sophomore in college and have been loving every minute. I am currently working on my broker's license so I can open my own brokerage in the future. When I am not involved with real estate you can usually find me cheering on my UofL Cardinals! Involved in: Currently I have been helping investor clients buy/sell/hold rental property and have slowly began to get into the rehab market. I am currently working on my own investments as well since I truly believe that TODAY is the time get into real estate. I love to help other investors when possible and utilize my tools at hand, so feel free to let me know how I can help you and your investments grow. Grow Up To Be: Savvy real estate investor and entrepreneur.

Read Newsletter: YES!

ATTENTION: ALL KREIA Members' Do you have a house in rehab, during, before, after? Would you like to share your knowledge, skills, and expertise? Please Volunteer YOUR Property email Jean Hall jmjohall@bellsouth.net KREIA furnishes lunch and drinks Jean Hall

Newsletter Preference: Online

Upcoming SOCIAL EVENTS:

How has KREIA Helped You: While I have only been a part of KREIA for a few months, I definitely see the benefits of networking with other local investors, whether they are new to the game or have years of experience...you can always learn something from someone else.

Biggest Tip: Meet as many fellow KREIA members as possible! email: <seanw@me.com> cell: 502-727-9784

FRIDAY MAY 24TH: BRAINSTORMING LUNCH 12 NOON, CORNER CAFE, LYNDON FRIDAY MAY 31ST: HAPPY HOUR - 6 PM - ??? CAPTAINS QUARTERS, RIVER ROAD LOUISVILLE

Government Affairs Rue McFarland 502.897-6060 ruemac@bellsouth.net Louisville Metro Government 1.An ordinance that was introduced in 2010 dealing with maximum permitted density in C-1 zoning districts has resurfaced in the Metro Council. Representatives of the Greater Louisville Association of Realtors® will provide testimony if given the opportunity at the next meeting which is scheduled for this Monday May 5th at 3 pm. Additionally, GLAR has been coordinating with the Home Builders Association of Louisville and the Louisville Apartment Association. GLAR will provide updates as this progresses. 2. The Louisville Metro Council continues to review the Land Development Code revisions brought to them by the Land Development Code Taskforce. GLAR and its members are active participants in the various subcommittees dealing with design review process, fair and affordable housing and others. The first set of proposed revisions is currently going through the Metro Council for review and approval. Additionally, the various subcommittees will be finalizing their reports and presenting to the full committee starting now and continuing throughout the summer. The Development Review Subcommittee has a draft final report and will be presenting their recommendations to enhance and make more efficient the development review process at the May 21st meeting of the Full Committee. GLAR continues to

actively participate and follow these revisions. This process will continue throughout the year. 3. The Louisville Metro Council, as mentioned in a previous reports, introduced an ordinance in the fall of 2012 dealing with registration requirements for vacant and abandoned properties. This issue has stemmed from Mayor Fischer’s wanting to reduce abandoned and vacant properties over the next several years. The current ordinance, sponsored by Councilman Rick Blackwell, would require lending institutions to register properties with current owner information if known to be vacant or abandoned. GLAR was approached by the sponsor of the bill and the Mayor’s office to discuss expanding this registration to other properties that are vacant and abandoned. The sponsor of the bill and the Mayor’s office is looking at ways to obtain better ownership information on these properties if they are causing blight in the neighborhood. GLAR and its representatives have discussed this with the Mayor’s office and will be meeting with Bill Schreck of Louisville Metro Inspections, Permits and Licenses , Pat Mulvihill, Mayor’s General Counsel, and Councilman Rick Blackwell on Monday May 6th at 10 am in City Hall. Next week’s update will include the findings from the meeting. 4. Louisville Mayor Greg Fischer held his first VAPSTAT, Vacant & Abandoned Property Statistics meeting this past Monday at the Louisville Free Public Library. The purpose of the meeting was to inform the public of the many agency actions that his office is taking regarding the vacant and abandoned property issue. Many agency directors were there presenting on what they respective agency is doing to combat boarded up houses. The public is encouraged to attend the next meeting of the VAPSTAT group on June 25th. As more detail s are given regarding the location and time of this meeting, this update will include those details.

PO Box 17592 Louisville, KY 40217 Return Service Requested

.com

KREIAâ€™s Monthly Meeting! Thursday May 23rd

Closings 101 What to do BEFORE and AFTER, along with pieces and parts PLUS A HUGE Q&A Session with Attorney Harry Borders PRE-Meeting:

Did You Leave Money On The Table with Your Recent Real Estate Insurance Claims?

Advertise with KREIA New KREIA Sponsorships!

Sign Up Now! www.KREIA.com Hereâ€™s Your Opportunity to Get Your Business or Service In Front Of KREIA Members and In Front of THOUSANDS of Real Estate Investors Every Month on KREIA.com!

New KREIA Sponsorships!

New Lower Rates + Monthly Program

KREIA One Time EVENT Sponsorships Are Available Too! You Can Select Any KREIA Event to Sponsorship Get 10 minute Opportunity to Pitch Your Product / Service at event Sign Up Online Now at KREIA Events You Can Sponsor www.KREIA.com Table provided at the event, it's up to you to staff it. Monthly Meeting Sponsor Only $499 Still Have Questions? Please Call Dennis Erhard 502.639.7496 L.O.T.S. Program Sponsor Only $199 Duffy Ford 502.992.2941 Saturday Seminars Sponsor when Scheduled by KREIA Only $199 Annual Golf Scramble Hole Sponsors $99 Event Golf Scramble MAIN Sponsor $995 PLUS More Individual Event Sponsors for Annual Picnic, Cruises, Social Events, Dances

1305 KREIA Newsletter May 2013

Published on May 21, 2013

Real Estate Investor Newsletter of the Kentuckiana Real Estate Investor Association at kreia.com

kreia.com

Go explore