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 5-21 May 2021 President’s Letter
1
Paid Advertising Rates
2
Legacy Wealth Building 101: Foundations of finance
3
Saturday Workshop
4
Welcome, New Members!
4
Mike Butler: Comfort Zone 6 question: Would you do this deal? Michelle Rawn: Courts Update
10
KREIA 2021 Elections preview 10 Government Affairs Links
10
Sharon Vornholt: A guide to 14 vetting, hiring and managing VAs Hampton Scurlock: 529 for 5/29, 16 or an Education Savings Account? KREIA Photos
20
L.O.T.S. Recap: Stacey Duvall transforms rental in Highview
21
Nina Musgrave: Rising Lumber Prices, a timeline
26
National REIA News Briefs
30
Election Sample Ballot
33
Dear Members and Friends, I was talking recently with a good friend about this changing real estate market, with its fast-rising prices and record low inventory, resulting in fewer financial opportunities despite the highest consumer demand in several decades. Chris McCarty As we were talking, I was reminded of the best-selling 1998 book “Who Moved My Cheese” by Spencer Johnson. The book details the struggles of several mice who had grown dependent on a steady supply of cheese that only required the mice to “show up” and eat their meals from an ever-present supply. One day the mice show up and the cheese is gone. How the individual mice cope with the change is the lesson, and how each of us can learn or not from this parable by successfully adjusting to change.
The story details how some of the mice did a better job than the others on finding alternate solutions to new cheese supplies by changing their attitudes and options for finding new access to the cheese. Like all parables, this is a story allowing the reader to relate to their own life struggles – and in our case to the changing landscape of the real estate market with its lack of available listings, willing sellers or available inventory to choose the next listing, flip or wholesale transaction. It was much easier in past years, which gave us generally more favorable conditions to replicate our respective investment models and repeat them time after time for the same profitable results. Today’s real estate market requires us to evolve as the traditional means to find deal opportunities are ever more competitive, elusive and limited. We need to emulate the successful mice: The ones that were open-minded about finding new ways to get the cheese – by exploring and using trial-and-error methods – eventually got it. Continued on Page 4
KREIA’s Amendments to 36 Restated Bylaws & Constitution Copyright MMXXI 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.