August 2019 KREIA Newsletter

Providing Education, Resources & Networking Since 1978 Kentucky’s premier investment club for landlords, rehabbers and wholesalers Meeting the 4th Thursday of every month (except November & December) KREIA.COM • facebook.com/groups/kreiaky • twitter.com/reiaky

Monthly Newsletter for KREIA Members

Vol 08-19 August 2019 President’s Letter

1

Paid Advertising Rates

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Landlord Tenant Act: Attorney Michelle Rawn will update us at the August 22nd meeting

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Welcome, New Members!

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Get in the Spotlight: Take our survey and tell us about yourself

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Reminder: Claim your KREIA rewards and discounts

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Government Affairs

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Mike Butler: Is your rental application making you a target?

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Nina Musgrave: Louisville rehabbers can receive HUD money for lead abatement

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National REIA News Roundup

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KREIA Photos

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L.O.T.S. Recap: Meridian team rehabs a Shively house in the flood plain

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Q&A: More with Michelle Rawn

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Calendar of Events

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Dear KREIA Members: Do you believe in fate of destiny? Are you new to real estate investing or been watching from the sideline trying to determine how to get started?

Have you been at it for a while but not taken sufficient action to make a real difference with your real estate investments to seriously impact your life financially? Perhaps you are reading this newsletter on this day and Chris McCarty at this time and this is your fate or destiny and this article is the spark you needed to take action and move forward with a single, initial act to change you and your family’s financial future.

Real estate investing is not for everyone. In my 25 year of participation in KREIA as a member and volunteer, I have seen thousands of people attend these meetings but never dig in and learn or become disillusioned and never return. If you are feeling like I may be describing you, I encourage you to stop, take inventory of your circumstances and take a step toward changing this pattern in your life.

If you have heard this basic message from my predecessors writing these monthly newsletter articles about taking action, it is because this message is so fundamental to your success. KREIA cannot do anything to help you until you are ready to take action and start or change the behavior that has not resulted in the success you seek.

Lean in, reach out, attend, volunteer and participate. For each step you take, KREIA and this awesome membership will give you ten steps in return and welcome and encourage your success. Whatever you are seeking there are dozens or hundreds of members that have already blazed that trail and waiting for you on the other side to join them.

See you at the meeting!

Chris McCarty KREIA President

Copyright MMXIX 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 Chris McCarty

Secretary Erik Hitzelberger

Advertise With KREIA

Treasurer Mike Grinnan CPA

Treasurer-Elect Wally Kallbreier

Board of Directors

Put your message in front of the most active rehabbers, landlords and wholesalers in the state! KREIA offers five membership levels for businesses. Go to KREIA.com and join at one of these annual advertising levels to get your ad in every issue of KREIA's newsletter and be invited to make ad pitches at meetings:

Business Card Membership . . . . . . . . $199 Includes your business-card-sized ad. Admission at monthly meetings remains $20.

Premium Levels: These four advertising levels include your ½-page ad in each issue.

Rue McFarland

George Foree

Dennis Erhard

Frank Miller

Lauren Willoughby

Hampton Scurlock

Greg Nalley

Katie Crotzer

Rob Bergeron

Rick Littrell

ParliamenPast tarian Michelle President Rawn Eric George

John Jones

Nina Musgrave

Get involved with KREIA. You can help with the monthly meetings, L.O.T.S. program, this newsletter, Saturday workshops, Government Affairs roundups, marketing, the KREIA website & more. Work shoulderto-shoulder with active investors! Ask for someone to direct you as you check in at the front desk at monthly meetings.

KREIA's newsletter is published monthly and serves to educate you and to remind you of upcoming monthly meetings.

About KREIA: The Kentuckiana Real Estate Investors Association is a nonprofit organization focused on education, networking and resources for today's investor. 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. Group discounts are available.

Contact us at News@KREIA.com if you want to: Advertise on KREIA.com • Sponsor a monthly meeting Sponsor a L.O.T.S. program • Sponsor Saturday Workshops

Bronze Membership . . . . . . . . . . . . . $499 Includes free admission to monthly meetings for one person.

Silver Membership . . . . . . . . . . . . . . $699 Includes free admission to monthly meetings for two people.

Gold Membership . . . . . . . . . . . . . . . $999 Includes free admission to monthly meetings for two people and gives you a skirted table in the vendors area.

Platinum Membership . . . . . . . . Reserved Includes extra promotion. There can be only one advertiser at this level. Our current Platinum Sponsor, MM Lending, holds exclusive renewal rights until 2021.

New ½-page advertising levels and pricing are in effect for new member signups and upon renewal for current advertisers.

Questions? Catch up with KREIA Sponsor/ Advertiser Chair Dennis Erhard at the meetings. Or email support@KREIA.com.

Join KREIA Joining KREIA is easy: Go to KREIA.com and click the "JOIN" option on the menu.

The cost to join as an individual member remains at $125 per year, with a charge of $20 at the door for monthly meetings.

Click JOIN at KREIA.com to find out about all the benefits of membership for both individuals and businesses. Too many to list here!

Copyright MMXIX 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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Get a Tune-Up on Lease Writing & Local Laws Attorney Michelle Rawn headlines August’s main meeting Whether you’re a new landlord starting out or an old hand at property management, you need to attend our next main meeting on Thursday, August 22nd.

Louisville attorney Michelle Rawn will take the microphone at around 7 p.m. to cover the basics of Kentucky landlord tenant law and also update everyone in the room on what’s new, what’s changed, and what developments are on the horizon that could affect you in years to come.

One of the changes concerns assistance animals. What’s the deal with them, anyway?

You can’t call them “pets” anymore. How do you make provision in your leases for “service animals” and “emotional support animals”? Can you charge pet rent? Do you have any recourse if you feel a tenant is making an end run around you with a pet disguised as an assistance animal? Michelle has the answers!

Michelle will cover the Uniform Residential Landlord Tenant Act (URLTA), which has been adopted by 19 counties in Kentucky, including Jefferson, Oldham and Fayette. But there are also pocket cities sprinkled around our neck of the Bluegrass that use it. She’ll explain how to write our leases in accordance with the URLTA – and how to write them in areas where it has not been adopted.

She will also set us straight on our rights and responsibilities as landlords – and give us info on how to stay out of court. She plans to cover the rules regarding: ► Security deposits ► Move-in and move-out inspections ► How to properly give notice to tenants for non-payment of rent ► How to properly notify tenants about other lease violations ► What your maintenance obligations are as a landlord – and what the tenant’s obligations are ► What you must do if a tenant notifies you of an issue with your property affecting their health and safety ► When and how you may legally enter your property after a tenant has taken up residence ► And more!

Make a list of questions to bring to the meeting, because Michelle will be holding a Q&A session. Get all your questions answered!

If you haven’t already pre-registered at kreia.com for the August 22nd meeting, please do so now: You’ll be able to more quickly get past the registration desk, and you’ll be eligible to win a prize in a drawing.

• Michelle Rawn is a real estate attorney who practices in Kentucky and Southern Indiana. Michelle handles evictions, collections and closings in Kentucky for real estate investors and property management companies. She also does evictions and collections in Southern Indiana.

Michelle is on KREIA’s Board of Directors as Parliamentarian, is a member of the Louisville Apartment Association, and is also a member of KREE (Kentucky Real Estate Exchangors), where she served as President in 2014 and 2015. Michelle stays plugged into local and state government and enjoys keeping her clients up to date on issues that affect their businesses. Find out more by visiting her website – rawnlawfirm.com – or by sending email to michelle@rawnlawfirm.com.

» Read a Q&A with Michelle Rawn on Page 24 5:30 p.m. Early Meeting

Special Door Prize for Pre-Paid Registrations!

Active Members: $20 • Guests: $30 • Former Members: $30 Register now at kreia.com. Receipt emailed for your records.

PRE-PAY NOW!

Daniel Flach of Granite America leads our early meeting to talk about the advantages of choosing granite countertops for your flips and rentals.

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Welcome, New KREIA Members!

Larry Brown Francine Byars Keda Cain Arthur Chang Ahmad Fadhil Christopher Felts Hannah Gill Barrett Goff Stan Harmon Stephen Hawkins

Tim Huse Dave Lambrechts Timothy Martin Ryan McCoy Jessica Morgan Saul Pohn Pat Ramage Adam Shelley Jeffrey Stepp Sr Brian Stocker

Anthony Walker Eric Watson Bridgette Wingate Steven Yousten

Tell Us About Yourself! Take the KREIA Member Spotlight Survey Hey, there, KREIA member! Real estate is a people business. It’s not just what you know but who you know – and who knows you. (And we know you knew that.)

We would like to offer you the opportunity to help other KREIA members get to know you better. We invite you to fill out our Member Spotlight survey.

You can use it to tell other KREIA investors all about you: How you got into investing, what you’ve learned on your journey, what you like to do for fun, what kinds of deals you’d like wholesalers to bring you – and even tell us a bit about your real-estate-related business or side gig.

We’ll post your answers, along with your photo, in a future issue of this newsletter, and also on our members-only Spotlight page on kreia.com.

If you’re interested in taking a big leap forward in networking and getting your name in front of people, fill out the survey here: http://bit.ly/kreiaspotlight By the way, this survey is built using Google Forms, and it’ll work great whether you’re filling it out on your laptop, tablet or smartphone. Remember Heidi Fore telling us last month about the cool things Google tools can do? Here’s one of those tools in action.

Remember to Claim Your KREIA Rewards and Savings If you haven’t signed up to take advantage of your Home Depot discounts and rebates, along with savings from all the other vendors offering rewards to KREIA members, you’re leaving money on the table! Please visit our Membership Benefits web page for a refresher: https://kreia.com/MemberBenefits.aspx

GOVERNMENT AFFAIRS REPORT State Government Roundup Kentucky Realtors Legislative Updates. Read weekly updates on bills in play in Frankfort at the Kentucky Realtors’ site: bit.ly/KYR_LEGU

Local Government Roundup Louisville Metro Government: Get a summary of local affairs (and state) by the Greater Louisville Association of Realtors (GLAR): bit.ly/LRGAU Copyright MMXIX 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 MMXIX 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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Is Your Rental Application Making You a Target?

Protect yourself by paying close attention to Fair Housing laws

By Mike Butler If you are a serious real estate investor, this article is must-read and a must-takeaction item. As you are probably already aware, HUD’s FAIR HOUSING laws combined with state and local Fair Housing laws are the laws you must follow and abide by to prevent any discrimination complaints. Please understand when you get a complaint, for the most part, you are guilty until proven innocent.

You must eliminate and remove anything in your business – website, applications, flyers, etc., that violates any HUD Fair Housing laws, including your state and local Fair Housing laws. FYI, HUD Fair Housing laws have 7 protected classes; however, in Santa Barbara, California, they have 17 protected classes. You must make sure all of your documents are in compliance.

After working with investors from all over the country, I am shocked at all of the violations found on rental applications used in their real estate business.

More shocking is that many of these investors are using applications prepared by their attorneys, and these contain major Fair Housing violations. In Elizabethtown, Ky., back in 2008, a friend of mine and her friend wanted to rent a home to share living expenses. They met a landlady at the rental house, viewed the home, and wanted to fill out an application. Believe it or not, this landlady told them she only rents to married couples and would not allow them to fill out an application. My friend had no idea about any Fair Housing laws and assumed this landlady can legally control who rents the home. This landlady violated HUD’s Fair Housing laws on the protected class of “Familial Status.”

Here are some of the violations frequently found on rental applications across America. In no particular order, these words cannot be used on your rental application, website, flyers, forms, and any marketing or advertising media for your real estate business. Here we go: • Spouse • Children • Kids • Family • Relatives • Age (date of birth is OK for ID purposes – yes, it does not make sense, but a Fair Housing enforcement training officer stated this) • Marital status • Marital status with boxes to check • Handicap • Disability

• What church do you attend • Mom • Dad or father • Citizenship (is iffy, would not recommend this; you will discover this when you process their rental application) • Co-applicant or co-tenant (require each adult to complete their own rental application – covers your butt should they get an attitude toward each other and try to accuse your business of violating their privacy) These are just some of Fair Housing violations found on many rental applications. I also googled it and found about 50% of rental applications found contain violations.

ALL of your documents, marketing, and media involving residential housing must contain the Fair Housing logo everywhere, and you should even put it on your office door.

Knock on wood, my rental application has never been challenged in a Fair Housing complaint. You are welcome to get my application for free by simply purchasing my latest #1 Best Seller “Landlording on AutoPilot.” The book is available on Amazon.com or you can stop by my table and get your copy at your monthly meeting.

Here are some of my recommendations for your rental application: 1. Keep it short and sweet – 1 page double-sided works fine vs. a 32-page application 2. Include your qualifying standards on the backside 3. Include your disqualifying items on the backside, such as an incomplete application 4. Include Fair Housing laws on the backside – that covers your butt 5. If you are using a clipboard for your rental application forms, get a copy of the HUD Fair Housing poster and tape it on the backside of your clipboard and cover it with clear shipping tape to protect it. This is an extra CYA for you and your business and for all to see.

Be very careful in today’s real estate market. Always use the proper disclosures and always do things the right way, the professional way.

PROTECT YOURSELF NOW! “I Did Not Know This Is Against the Law Is Not a Get-OutOf-Jail-Free Card.”

To Your Continued $uccess!

P.S. Sign up for Your FREE Investor Training Every Tuesday at 12 noon.

Go to https://MikeButler.com/PowerLunch

Copyright MMXIX 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 MMXIX 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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Lead-Safe Homes Needed in Our Community Investors can receive forgivable HUD grant money to correct lead issues put a Scope of Work together for the abatement process.

Both the inside and the outside of the property are eligible.

This includes new siding, if needed. The contractors must be More information on Lead-Safe Louisville Metro-approved, and Metro has a list of Lead-Safe homes for can be found at tny.sh/IDjGm8B or by contacting project manager Nancy Williams community review. at Nancy.Williams@louisvilleky.gov

By Nina Musgrave

As owners, landlords, agents, and managers of rental property, we play an important role in protecting the health of tenants, new owners, and their children. Older homes are more likely to contain lead-based paint, which can create a hazard to its inhabitants, particularly children under the age of 6. Lead paint is still present in millions of homes, sometimes under layers of newer paint.

Our guest for the Year Property Likelihood of July Early Meeting was Built Lead Paint the Lead-Safe Louisville 1960-1977 24% Project. This is a part1940-1959 69% nership between the Before 1940 87% Office of Housing and Community Development (OHCD) and the Louisville Metro Department of Public Health and Wellness. The presentation offered information on the $2.9 million grant from HUD for Lead Based Paint Hazard Control activities in Louisville Metro.

The purpose of the Lead-Safe Louisville Program is to eliminate lead hazards that exist in both owner-occupied and rental units in the Metro Louisville area, especially those in which children under 6 years of age reside.

Eligible units are based on the following: • Property built prior to 1978 • A child 5 years or younger or pregnant woman lives in the home or a child 5 years or younger visits a minimum of 6 hours a week • Occupant is low income 80% AMI based on size of family.

The available funding is $15,000 for each property. The presenters mentioned the average cost for abatement is typically $15,000-$18,000. The grant is forgivable over a three- or four-year period, provided the property remains eligible. If it is a rental property, this means it must be actively marketed if vacant and tenants must meet the income requirements.

Once the property has been approved for the program, the team will send qualified, lead-certified contractors to

photo by bruce w. hinson www.obedientcamera.com KREIA members who attended the Early Meeting presentation in July received a free lead paint tester from Lead-Safe Louisville’s Nancy Williams!

Lead abatement is an activity designed to permanently eliminate lead-based paint hazards. Even in well-maintained homes, lead dust can form when lead-based paint is scraped, sanded or heated during home repair activities. Lead paint chips and dust can get on surfaces and objects that people touch. Settled lead dust can re-enter the air when the home is vacuumed or swept, or people walk through it. To reduce exposure to lead dust, it is especially important to maintain all painted surfaces in good condition, and to clean frequently, to reduce the likelihood of chips and dust forming.

If the paint is in good shape, the lead paint is usually not a problem. Deteriorating lead-based paint (peeling, chipping, chalking, cracking, damaged, or damp) is a hazard and needs immediate attention.

According to the Census on Housing’s 2013 data, the average build date of a home in Louisville was 1972. There are several neighborhoods now experiencing revitalization with homes having an average age of around 80 years, built before 1940.

The Lead Safe Louisville program does not make sense for all investors. However, if you are interested in providing leadsafe homes that meet the qualifications, it is an excellent way to remediate a well-known challenge.

Copyright MMXIX 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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Do You Want Your Business Card to Appear Here? Join as a Business Card Member for only $199/year, and see your ad in a year's worth of KREIA newsletter issues!

Copyright MMXIX 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 MMXIX 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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Do You Want Your Business Card to Appear Here? Join as a Business Card Member for only $199/year, and see your ad in a year's worth of KREIA newsletter issues!

Copyright MMXIX 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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National REIA Real Estate News Roundup National REIA, of which KREIA is a chapter, reports on issues affecting real estate investors and also links to stories of interest from other organizations. Here is a sampling of recent news and resources that Brad Beckett, NREIA’s Director of Education & Outreach, has compiled.

“Mom & Pops” Dominate Real Estate Investing According to a recent special report form CoreLogic, home purchasing by investors has reached its highest level in nearly 20 years. Their report took a deep dive into investors’ homebuying activity across the nation. Among their findings was the fact that the increase in activity wasn’t from the big institutional buyers, but rather from smaller investors “mom-n-pops” who are just getting into the game.

Read the report at CoreLogic: bit.ly/k1908_mompop

What the Rate Cut Means for Real Estate Investors For the first time since 2008, the Federal Reserve recently cut rates by one-quarter point. In a recent episode of “Real Estate News for Investors,” Kathy Fettke explains what the rate cut means for real estate investors and sheds more light on the current economic landscape.

Fettke says that “more people who have been sitting on the sidelines to buy a home but were priced out may be able to qualify: We may see an uptick in sales over the next year.” Also that “investors can increase their cash flow on rental properties by refinancing into a lower fixed rate payments.”

Read an overview and listen to the podcast here: bit.ly/k1908_ratecut

Housing’s Share of GDP Continues to Decline Recent data crunched by the NAHB’s Eye on Housing show that housing’s share of America’s gross domestic product (GDP) continued a downward trend, which they say is more evidence of the lack of housing supply caused and affected by ongoing housing affordability issues.

According to their research, housing’s share of GDP fell to 14.6% with the home building and remodeling component making its sixth consecutive negative contribution to GDP growth, declining to 3.1% of GDP. Read the report on NAHB’s site: bit.ly/k1908_gdp

How to Spot Social Media Scams NREIA has posted a lot about cyber security and how to avoid getting caught in its snare. Take a look at an infographic from Panda, which goes over the some of the most common social media scams on the internet.

View Panda’s infographic at NREIA: bit.ly/k1908_scams Earlier cyber security reports at NREIA: bit.ly/k1908_cyber

Ten Most Affordable Rental Markets Where are the most affordable places for renters? Zillow recently ran the numbers on affordability (% spent on rent and median rent costs) to come up with the 10 best cities in America for renters. Louisville comes in at 7th place, tied with Detroit. First place? Pittsburgh.

Read the report at Zillow: bit.ly/k1908_renters

SFR Growth Not Slowing Down Rents for single-family rentals (SFRs) increased 3% yearover-year in May according to CoreLogic’s latest SingleFamily Rent Index (SFRI) report. The index measures rent changes among single-family rentals using a repeat-rent analysis to measure the same rental properties over time.

CoreLogic says rents have been climbing steadily since 2010 with annual increases over the past 12 months fluctuating between 2.9% and 3.2%.

Read the full report at CoreLogic: bit.ly/k1908_sfr

Top 10 Affordable Lake Towns Are there still affordable lake towns left in America?

That’s a question that the folks over at Realtor.com are investigating. They say you don’t have to be a “gazillionaire to afford a home in bona fide lake town – you just need to know where to look.” Kentucky didn’t make the top 10, alas.

But if you’d like a lake house in Branson, Mo., you’re in luck.

Read the report at Realtor.com: bit.ly/k1908_lake

How Millennial Homebuyers Plan to Pay Their Mortgages Redfin says that millennial homebuyers are less likely to undertake creative measures to help pay for their mortgage: They’re less likely to apply for funding at the Bank of Mom & Dad. According to the research, only 51% said they’d use a creative strategy to help buy their new home versus 60% who would, just one year ago.

Read the report at RedFin.com: bit.ly/k1908_millennials Continued on Page 28

Copyright MMXIX 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 MMXIX 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 MMXIX 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 MMXIX 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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photo by bruce w. hinson www.obedientcamera.com

photo by bruce w. hinson www.obedientcamera.com

At left: Chris McCarty takes the microphone as KREIA President after being sworn in earlier during the main meeting. Above: The new rectangular tables at the front of the room are the place to be for serious note-takers. Below: Heidi Fore, our featured speaker, shared Google tips that will save us time and money.

KREIA

Photos

See more photos in KREIA's private Facebook group.

photo by bruce w. hinson www.obedientcamera.com

photo by bruce w. hinson www.obedientcamera.com

photo by bruce w. hinson www.obedientcamera.com

At left: Past Parliamentarian Hank Schildknecht came back to swear in KREIA’s new officers and board members and walk them through the oath of office. At right: Rick Littrell conferred with Chris Jaquith at the registration desk as an investor waits to check in.

Copyright MMXIX 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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Shively L.O.T.S. Home: A Closer Look

Meridian Real Estate group tackles flip house in the flood plain

By Lauren Willoughby If you’ve seen one flip house, have you seen them all? Rehabbers find constants in the process of buying and flipping a house, sure – but there’s usually at least one variable they never anticipated, whether it’s behind a wall or under a floor.

For the Meridian Real Estate Group rehabbing the house at 4312 Lynnview Drive, the hidden gotcha was discovered after demo.

Meridian representatives filled us in on what happened during the July 30th L.O.T.S. event. (Meridian principal and KREIA member Adam This 1,200-square-foot house, just off Cane Run Road, has 3 bedrooms, 1 bath and a bonus room. It was built in 1970 and falls in the flood plain. (Photos by Lauren Willoughby) Wilson couldn’t attend that day, but he sent two others from his company to host us.) that rehabbers need to be flexible and roll with what a house The gotcha? The floor joists in the kitchen had issues. presents them.

“We didn’t see that until we got in there to deal with some “Always plan for the unexpected and budget accordingly,” of the HVAC issues,” said Rachelle Oser, Meridian’s office Adam said. “We always pad our rehab costs. Every project has manager. material and labor overages from initial scope of work. New “Nobody ever told anybody that the kitchen floor was rehabbers need to understand there is a lot of risk involved sagging,” confirmed Aaron Urich, Meridian’s acquisition and unexpected repairs. Even though the cost of a 2x12 is manager. “This property had been rented for a while, so as cheap, the labor and additional time added to completion you can imagine there was a lot of deferred maintenance.” date and holding cost for finance charges add up very quickly Aaron said that when the foreman saw the situation, he when the scope of work changes or increases.” had to get under the house and jack things up. “Now I know Speaking of the HVAC, at the time of the L.O.T.S. event, it why, when he requested crew members, he wanted a skinny remained partly an unknown. guy... somebody to get in the crawl space.”

“We still have the old furnace – that’s still to be tested,” We checked in with Aaron said. “As you go along you figure out what works and what doesn’t.” One thing that didn’t work was the outside Adam Wilson after unit: “We turned it on and sparks flew. There’s no question L.O.T.S., and he said there.” He added that they replaced the duct work with new the joist repair was a sheet metal. minor fix – this from What else has the Meridian crew done to the house? the guy who turned a “We tore down a wall that was separating the kitchen from St. Matthews Cape the living room to give it a better open floor plan and make it Cod into a full twoflow a lot better,” said Rachelle. story home, doubling The bathroom was redone with tile floors and subway tile the square footage. surrounding the bath, all the way to the ceiling. In the kitchen, (That house at 305 new cabinets, counters and a subway tile backsplash were Breckenridge Lane, installed. A new utility closet was framed in between the the focus of our May L.O.T.S. event, just hit kitchen and bathroom areas.

Continued on Page 20 the MLS and is for Aaron Ulrich, left, and Rachelle Oser sale, he let us know.) addressed the KREIA crowd from the Why do we call it “L.O.T.S.”? Because we Learn On The Site!

But it goes to show front porch.

Copyright MMXVIII 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 MMXIX 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 MMXIX 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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Shively L.O.T.S. Home Continued from Page 17 New flooring hadn’t been laid yet. “We typically carpet all the bedrooms and do laminate throughout the rest of the house,” said Rachelle.

The soffit and porch were being repaired, all-new siding went on, and the windows had been replaced.

Landscaping hadn’t been finalized, but the hosts said they were considering adding some shrubs to boost curb appeal.

Construction crews had been working on the house for about a month and a half, and Rachelle said they were planning to be finished and list it around Aug. 15. “There are still some things to button up on the outside, as you can see.”

“A 6-week time frame from start to finish was the goal,” Aaron added. “We target working-class areas, 3-bedroom, 1or 2-bath type homes that we can flip within about 5 or 6 weeks. So this one is on target for that.”

During the Q&A session, Aaron revealed another gotcha with the house: It’s in the flood plain. Then he had a question for Mike Fallot of MM Lending, who sponsored the event and bought the lunches KREIA members enjoyed that day.

Aaron wanted to know: What would Mike require if Meridian, as a borrower, wanted to use MM Lending’s funding to buy another house in the flood plain?

“If any part of the main structure is in the flood plain, we would require flood insurance,” Mike answered. “If the flood

plain does not touch the house, we don’t require flood insurance.”

Even if it does come close or even touch the house, there are remedies you can try.

“A lot of times you can actually move some dirt around and move the structure part of it out of the flood plain,” Mike said. “I know a number of people who have done this.

Or you can have it re-surveyed where they use more accurate measurement tools. Usually people who buy in a particular area know how out-of-whack the flood plain is.”

How did Meridian acquire the house, someone wanted to know. Aaron said an out-of-state landlord had owned it, and they found the deal through a bit of research and purchased it on March 8, 2019. “We use a cold-calling program to call non-owner-occupieds.”

The end result of this rehab looks to be an attractive home that’ll be affordable for some lucky first-time home buyers.

THE NUMBERS Purchase Price: $60,000 Estimated Repairs: $30,000 Estimated Listing Price: $120,000 Closing/Miscellaneous Costs: $7,525 Estimated Profit: $22,475

Copyright MMXIX 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 MMXIX 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 MMXIX 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 MMXIX 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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Q&A With Attorney Michelle Rawn What resources do you recommend to a new landlord wanting to learn about landlord-tenant law?

I recommend that all landlords and property managers read the Uniform Residential Landlord Tenant Act as adopted here in Jefferson County and several other jurisdictions in Kentucky, at KRS 383.500-383.715.

I also advise my clients to attend eviction court at least once to see how the judge(s) in their jurisdiction is applying the Act as every judge interprets the Act differently.

What is the biggest difference in landlord-tenant law between Kentucky and Indiana?

The biggest difference between the Act in Kentucky and Indiana is that Indiana permits the awarding of attorney fees. Kentucky has barred them by statute except in very specific circumstances.

In addition, Indiana requires a 10-day notice for nonpayment of rent as compared to the 7 days which is standard in Kentucky. The notice terms for non-rental lease violations is the same in both states at 14 days.

Do you offer leases that landlord clients can use, or do you vet the ones they’ve been using?

I’m willing to provide all of my clients standard documents to help them navigate being a landlord. We provide leases, notice letters, partial payment letters, security deposit letters, etc. I truly want to help investors understand the do’s and don’ts of the Act. Also, if a client would prefer to continue using a lease he/she is familiar with, then I will definitely review the lease and give them guidance and feedback on what I feel needs to be changed or updated. That’s just one of the many services we provide trying to be a one-stop shop for investors.

What is the most egregious thing you’ve spotted in a client’s lease?

A lot of our clients’ leases have contradictory terms.

This has caused a lot of problems with non-rental lease violation evictions. Since we have to present a copy of the lease to the judge in a non-rental lease violation, if we are evicting under one clause, but the tenant or their attorney finds a contradictory clause in the lease, then we almost always lose the case because there are not clearly defined terms that all parties have agreed upon.

Also, we can tell that a lot of investors have cut-andpaste clauses from various sources because they liked the wording of a specific clause and they have not sat down and read through the entire lease to make sure it flows and is uniform.

In addition, most leases I have reviewed for investors have clauses that are defined as unconscionable or

prohibited under the Act. This can also cause a lot of problems when you go in front of a judge for an eviction or collection case. Making sure everything is worded correctly and all clauses meet the requirements of the Act is very important when a judge asks to see your lease as part of a court case.

What led you toward working in real estate law?

Real estate is in my blood. My dad was an appraiser and my mom was a realtor and then principal broker. I grew up on their stories and helped them with various jobs with their professions. When I went to law school, the real estate classes were the ones that I found truly interesting and I took every available course on the topic.

With the help of my mom, I got my first job at a real estate law firm while I was still in law school and the rest is history. I love having a firm in an area of practice that I am passionate about and where I can help people.

• Michelle Rawn is our featured speaker this month at our main meeting on Thursday, August 22. See the article on Page 3 for more information.

Copyright MMXIX 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 MMXIX 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 MMXIX 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 MMXIX 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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More News from National REIA Continued from Page 12

New Single-Family Home Sales Up The U.S. Government is reporting that sales of new single-family houses in June, 2019, were at a seasonally adjusted annual rate of 646k, which is 7% higher than May’s revised rate and is 4.5% above June, 2018.

The median sales price of new houses sold in June was $310,400 and the average sales price was $368,600. There was an estimated 338k new houses for sale at the end of June, showing a 6.3 months supply at current sales rates.

Read the Census Bureau’s report: bit.ly/k1908_salesup

Home Rehab Uncovers Stash of Beer Cans & Whiskey Bottles Worth Thousands We’ve seen it before.... There can be treasures or even crazy things hidden in the walls of your next flip. Now we’ve come across a story from Kansas City about a homeowner having some rehab work down on her house and discovered a trove containing hundreds of old beer cans, whiskey & bourbon bottles, and assorted spirits.

Read the story and watch the video at Kansas City’s Fox4KC: bit.ly/k1908_bottles

Zestimate’s Accuracy Improves A recent episode of Real Estate News for Investors reports that Zillow unveiled a new version of its Zestimate home valuation tool that’s supposed to be much more accurate than previous versions. In fact they claim that the error rate is now less than 2% thanks to the ideas it collected in its recent million dollar contest to make the platform smarter.

Read the overview and listen to the podcast: bit.ly/k1908_zillow

Building Materials See Price Declines Led by lumber and plywood, The NAHB’s Eye on Housing reported in July that building materials had seen price declines of 1.6% in the previous 12 months, a big difference from just a little over a year ago. Citing data from the Producer Price Index (PPI), the NAHB says the recent decline “broke a four-month trend of increases.”

Read the full report at the NAHB’s Eye on Housing: bit.ly/k1908_materials

Shortage of Labor Still Hurting Affordability The problem of labor shortages in the building industry over the past couple years doesn’t seem to be getting better, despite a good economy. According to a recent builder survey from the National Association of Home Builders, labor and subcontractor shortages continue to remain widespread and are putting additional upward pressure on new home prices. Their survey listed 15 specific occupations, with framing crews and rough carpenters experiencing the greatest manpower shortages.

Read the full repot at NAHB: bit.ly/k1908_labor

WalletHub’s Best Places to Flip Houses Where are the best places to flip houses in America?

While they don’t have an actual crystal ball, WalletHub recently looked at 172 American cities, using over 29 different criteria such as market potential, cost and quality of life, to come up with a list of the best places to find flips.

Louisville came in near the midpoint at 81st place. WalletHub awarded Sioux Falls, South Dakota, as the overall best city for flipping.

Check out the chart at WalletHub: bit.ly/k1908_bestflips

New Map Vividly Illustrates the Complexity of the Tax Code The IRS isn’t exactly known for simplicity, and here’s an example of them owning up to their complexity. The Taxpayer Advocate Service recently released a “roadmap” of the stages of a taxpayer’s journey, from getting answers to tax law questions, all the way to audits, appeals, collection, and litigation.

View the tax map at this IRS site: bit.ly/k1908_tax

Who Are America’s Biggest Employers in Each State?

What companies are the top private employers in each U.S. state? This infographic from Visual Capitalist suggests that we are a “Walmart Nation” thanks to the fact that they alone are the top employer in at least 21 states – including Kentucky, Indiana and Tennessee. Who comes in #2? The healthcare industry of course, followed by the education establishment.

View the map at Visual Capitalist: bit.ly/k1908_employer Keep up with issues affecting investors at National REIA’s news site, RealEstateInvestingToday.com

Copyright MMXIX 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 MMXIX 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 MMXIX 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 MMXIX 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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PO Box 91225 Louisville, KY 40291 Return Service Requested

THE Local Resource for Landlords, Rehabbers & Wholesalers Meeting the 4th Thursday of every month (except November & December) at Woodhaven Country Club, 7200 Woodhaven Road, Louisville, KY 40291 KREIA.COM • twitter.com/reiaky • instagram.com/reiaky • youtube.com/KreiaDotCom facebook.com/reiaky (public) • facebook.com/groups/kreiaky (private)

UPCOMING EVENTS

Landlord Tenant Act With Michelle Rawn Louisville real estate attorney Michelle Rawn will cover the basics of Kentucky landlord tenant law and also update everyone in the room on what’s new, what's changed, and what developments are on the horizon that could affect your business for years to come. Aug. 22, 5:30 p.m. ➢ Early Meeting: Daniel Flach of Granite America ❖ Aug. 27 — noon-1 p.m. L.O.T.S. event. We visit an active rehabber’s current house flip project. Members only. Lunch is provided by Platinum Sponsor MM Lending. ❖ Sept. 3 — Noon-1:30 p.m. Lunch & Learn. Meet up for education and networking. Attorney Harry Borders will address do’s and don’ts for wholesalers. Check your email for location.

Members only. You buy your own lunch. Ed Gibson chairs.

❖ Sept. 5 — 5 p.m.-7 p.m. KREIA Happy Hour. Networking at a local restaurant. Check your email. Jeff OBryan hosts. ❖ Sept. 11 — 11:45 a.m.-1:30 p.m. KREIA Indiana Sub-Group Luncheon Meeting. Meet up and network with Hoosier investors. At Tucker’s Restaurant in New Albany (State Street and I-265). You buy your own lunch. Brian Haeseley chairs. ❖ Sept. 19 — 6 p.m.-7:30 p.m. KREIA Game Night: CashFlow.

Want to get out of the Rat Race? Play the CashFlow board game with other investors pursuing financial freedom.

Hampton Scurlock hosts.

Step Into the Spotlight Want a networking boost? Tell everyone about yourself and the kinds of deals you are looking for in KREIA’s Member Spotlight! Point your browser toward bit.ly/kreiaspotlight and see Page 4 for more info.

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