July 2017 KREIA Newsletter by KREIA .com

Monthly Newsletter for KREIA Members

Vol 07-17 July 2017

President’s Letter Page 1 MAIN MEETING: Building Wealth With Rental Properties Page 3 Welcome, New Members! Page 4 Borders & Borders Wins Against the Feds Page 4

KREIA members!

As your new president I’d just like to say how excited and grateful I am to be leading our awesome group and am looking forward to building on our growth and success for the rest of 2017 and into 2018! We’re planning more great educational classes and events that I know you’ll be excited about, so stay tuned for more as your new VP Erik Hitzelberger and I get things cooking!

Eric George

This month we are teaching you how to “Build Wealth with Rental Properties” at our monthly meeting July 27th, with a special all-day training workshop Saturday July 29th! Whether you’re new to real estate investing or a seasoned pro, you’ll get a ton of valuable info from our local experts teaching you the tips and techniques they use to create monthly cash flow managing tenants for different kinds of rental properties.

KREIA Election Committee Report Page 4

During our Saturday workshop we’ll go in-depth to show you how to analyze deals and structure offers, systems to use to find and manage tenants year-round, easy ways to collect rent and charge late fees, the main points of landlord-tenant law you must know, and other strategies to minimize your time involved and maximize your profits! Don’t wait ─ get pre-registered today!

Guide to Investing for Millennials Page 6

Also, if you’re interested in getting more involved here at KREIA, we are always looking for more volunteers to help run our events and be on our committees. With the newly elected board members starting in July, we’ll be reaching out to our volunteers soon to place them on our committees, so let us know if you’d like to help!

Grab a Copy of Mike Butler’s Book Page 6

As always, if you have any suggestions for event topics or have recommendations for how we can improve KREIA, please let me know! I can be reached at KYPropertySolutions@Gmail.com.

Government Affairs Update Page 10

Your President, Eric George

KREIA Photos Page 10 In-Depth Look at Last Month’s L.O.T.S. House Page 11 Upcoming KREIA Events Back Page Copyright MMXVII 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 Eric George

V. Pres. Erik Hitzelberger

Secretary Treasurer Treasurer Elect Dave Coffey Mike Grinnan CPA Wally Kallbreier

Board of Directors

George Foree

Rue McFarland

Dennis Erhard

Tamara West

Hampton Scurlock

Jeani Bryant

John Jones

Lauren Willoughby

Darin O’Neil

Rick Littrell

Mike Fallot

Clay Smith

KREIA Newsletter is published monthly and serves both as a newsletter and a reminder notice of your upcoming monthly meeting. KREIA is a members-only association focused on education, networking and resources for today’s investor and to educate real estate investors from the basics to the complex. We are an excellent choice for all levels of investors. Whether you are just starting out in real estate investing, or are working on your hundredth deal, KREIA can help you learn more, earn more, and have more fun doing it. To Subscribe to the KREIA Newsletter is simple and easy. Go to KREIA.com and join the Kentuckiana Real Estate Investors Association. Group Discounts are available. To Advertise in the KREIA Newsletter To Advertise on KREIA.com To Sponsor A Monthly Meeting To Sponsor A LOTS Program Please contact News@KREIA.com

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

Business Card Membership: Ad Only $199

Event Sponsor: Meeting, LOTS, Parliamentarian Hank Schildknecht

Past President Frank Miller

Your KREIA leaders are involved and chair several committees to make KREIA happen every month for you and your fellow KREIA Members. Get involved with KREIA. You can help with the monthly meetings, L.O.T.S. Program, this newsletter, Saturday Workshops, Government Affairs, Social, Annual Picnic, Marketing, the new KREIA website and more PLUS You Get EXTRA KREIA Points for everything you do! Get phone and emails of all KREIA members with the new KREIA Online Member Directory.

Saturday Seminars, and more! -----------------------------------------------------

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

Harry Borders, B&B Attorneys

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

Building Wealth With Rental Properties Local landlords share best practices in property management The path to long-term wealth in real estate begins with owning “income properties” – single-family homes and apartments. Properties where you can place tenants and let them pay down your mortgage while you’re building equity, riding appreciation and enjoying monthly cash flow. That’s the dream, isn’t it? Passive income, a.k.a. “mailbox money,” is the lure that brings lots of folks to real estate investing, and here to KREIA. When you attend the next meeting, take a look around: There are plenty of people in the room who are living the dream. The gal one table over may hold a portfolio of three rental houses, and she’s planning how to add the fourth. The guy sitting across from you may be one of KREIA’s quiet millionaires, who genially offers advice when approached, but who really wishes people would stop asking him how many units he owns. The guy across the room might have lost his shirt from over-leverage in 2008 and is conservatively rebuilding his empire. KREIA’s members run the gamut from those gathering courage to buy that first rental, to those who have been in the business for decades. But whether newbie or old hand, everyone comes to KREIA to learn. To keep the dream from turning into a potential nightmare. After all, housing laws can change, neighborhoods can shift, and “passive income” can become more alarmingly active than one would like. If you’re looking for a concentrated infusion of rental property instruction, you’ll want to be through the buffet line and planted in your seat by 7 p.m. at the July 27 meeting. An expert panel consisting of local landlords, property managers and an attorney will be sharing advice from their years of experience. And they’ll be answering your questions. So, bring all questions you need answered to move forward! Your lineup includes Erik Hitzelberger, who’s a landlord and an active partner in Freedom Property Group, a Louisville turnkey rental provider that rehabs and manages properties for truly passive investors. Also on the panel is Eric George, KREIA’s new president, who owns an energy efficiency business and is a local expert on student housing rentals.

Erik Hitzelberger

Eric George

Clay Smith

Hank Schildknecht

Clay Smith, who owns a roofing/windows contracting business while managing a deep portfolio of rental properties, is making his debut as a KREIA instructor. And attorney Hank Schildknecht, who has represented many KREIA landlords (and has rental property of his own), rounds out the group. These are the topics they plan to cover:  Landlord-tenant law  Marketing for tenants  Screening applicants  Lease agreement details and requirements  Move-in and move-out procedures & forms  Ways to accept payments  Tracking systems for property management

Want to learn more? Sign up for July 29th’s Saturday Session! It’ll touch on topics covered in Thursday night’s meeting but dive much deeper. The 6-hour workshop begins at 9 a.m. at the Home of the Innocents, 1100 E. Market St. Member Cost: $99 Non-Member Cost: $199

5:30 p.m. Early Meeting: Pre-Screening Tenants Active Members: $20 • Guests: $30 • Former Members: $30 Receipt Auto-Emailed to You for Your Records

Cliff Hayden of Show Me The Rental talks about how to get your leads pre-screened for you, reducing the time it takes to handle calls and emails from prospective tenants.

Copyright MMXVII 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.

Welcome, New KREIA Members! Paige Battcher Ben Borders Steven Brown Justin Brown Daniel Frey

Tomas Garces Jason Kenton Brian Koltuniak David Remkes John Walton

Borders & Borders Wins Against Feds From a Borders & Borders press release: “After four years of litigation against the Consumer Financial Protection Bureau (CFPB), Borders & Borders is pleased to announce that it has prevailed and that the CFPB’s claims against it have been dismissed on a summary judgment ruling.” Borders & Borders had been operating title insurance agencies “as affiliated business arrangements pursuant to the statutory safe harbor available under the Real Estate Settlement Procedures Act (RESPA).” The CFPB filed suit charging that the local law firm was not in compliance with RESPA. “Out of an abundance of caution,” Borders stopped operating the agencies in 2011, but it wouldn’t agree to the punitive consent decree demanded by the CFPB. “We are pleased that the Court agreed with what we explained to the CFPB all along,” said John and Harry Borders. “Our affiliated business arrangements were designed and operated to be fully compliant with federal law.” “We are proud of our clients, who did nothing wrong,” wrote Morgan Ward, one of the attorneys who defended Borders & Borders. “This case is significant also in that it is the first loss for the CFPB at the federal trial court level.”

2017 KREIA Election Committee Report Annual KREIA elections were held on June 22, 2017, between the hours of 5:20 and 7 p.m. at the main June meeting. A total of 74 ballots were cast. Elected were: President, Eric George Treasurer, Mike Grinnan Vice Pres., Erik Hitzelberger Treasurer-Elect, Wally Kallbreier Secretary, David Coffey Board of Directors for a 2-year term: Tamara West Rue McFarland Hampton Scurlock Dennis Erhard

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Mike Fallot Darin O’Neil

Clay Smith was elected to ﬁll the one-year unexpired term of Erik Hitzelberger, who was elected Vice President. One ballot was declared void as the person voted for 7 atlarge candidates though the instructions said “vote for up to 6.” There were 2 write-in votes. A vote was cast for “Frank Miller” to serve on the board, even though as immediate past President he will automatically serve. There was one vote for “Littrell,” even though he is already serving on the board for another year. Respectfully submitted, Henry Schildknecht, Chairman, Elections Committee

(502) 451-2600

Millennials’ Guide to Investing BiggerPockets book points to real estate and financial freedom Does it take money to make money? When it comes to making money with rentals, lots of KREIA investors will be nodding their heads yes in answer to that question. Ask board member George Foree: He’ll tell you that you need to have a cushion in the bank before you even think about buying a rental. Expensive things can go wrong in rentals. But what if you don’t have a lot of money? And what if you’re a youngish Millennial just starting out in your working life, yet you want to be a landlord? There’s a new book out just for you. Scott Trench, who’s part of the real estate education gang at BiggerPockets, and who looks like a youngish Millennial himself, recently wrote a book you’ll want to read: “Set for Life: Dominate Life, Money, and the American Dream.” The book is especially for those with full-time jobs who’d like to be financially free in five to 10 years. Trench has divided his plan into three stages. Step 1 is to save $25,000, mainly by being frugal, but also by intelligent investing. He calls this step “building up your financial runway.” (If you attended our Lifeonaire meeting with Steve Cook, you’ll get a sense of deja vu here.) The second step is to reach $100,000, and the third step is financial freedom, so you never have to depend on a paycheck again. After you’ve saved up that initial $25,000, Scott recommends you put it to work in real estate. How? By using the strategy called “house hacking,” which means that you’ll be inviting others to pay for the house you’re going to buy. If you buy a single-family home, bring in some roommates. If you buy a duplex, triplex or fourplex, you’ll live in one unit and let tenants subsidize your expenses. You may be able to live “rent-free,” or at least come close to it. As KREIA’s Frank Miller often says, “Try out real estate part time while you still have your full-time job.” Because with W-2 income and good credit, you might be able to qualify for an FHA loan with a low down payment of 3.5 percent. FHA loans will allow the purchase of multiunits up to a fourplex ─ so a duplex, triplex or quad is treated the same as a single-family home. Think of what even a fraction of

$25,000 as a down payment could buy you at only 3.5 percent down! And house hacking is a good way to dip your toe into landlord waters: It’s like being a landlord with training wheels, as the folks on BiggerPockets like to say. Another strategy Trench recommends is the “live-in flip.” This is where you buy a fixer-upper house and rehab it while you’re living in it, on weekends or whenever there’s free time. After two or so years, as the rules of your mortgage allow and so that you can reap tax benefits, you sell it for a tidy profit and start over with another house. Have you noticed that all the best houses at hudhomestore.com get snapped up before investors get a crack at them? You could be one of the lucky “owner occupants” who gets a house at a great deal if you’re buying it as a homeowner ─ and at a great rate with a low down payment. Just make sure you live in it as long as required before flipping it so you won’t be labeled as a cheating investor and face penalties and jail time. The rest of Trench’s book talks more about frugality and investing, in conventional ways like stocks as well as in real estate. If you need a financial attitude makeover, with a dash of real estate, this is your book. But if you’re mainly hooked on the idea of house hacking, you can find a wealth of material on BiggerPockets.com. Just search on “house hacking” and see what people have written in their blogs and forum posts.

‘Landlording on Autopilot’ It would be an oversight to talk about books, investing and rental property in the same breath without giving a shout-out to Mike Butler and his amazing book, “Landlording on Autopilot.” Mike is one of KREIA’s own, and he has written the definitive book on managing rental properties by implementing systems to save time Mike Butler (Photo and increase cash flow. If you have by Bruce Hinson) not already read this book, grab it! And be sure to check out Mike’s free lunch-hour training webinars every Tuesday at noon on his website: mikebutler.com. He covers the gamut from property management to creative financing.

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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 MMXVII 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.

Government Affairs Update Following several months of debate and numerous amendments, Louisville’s Metro Council voted 16-7 to pass the historic preservation ordinance. Under the revised version, it would require 200 people to sign a petition to start the historic review process. Of the 200 signatories, 101 of those people signing must live within a 1-mile radius of the proposed local landmark. The legislation requires more notification of neighbors surrounding property. Last, it would allow Metro Council members by an adopted resolution to review decisions made by the Landmarks Commission (Metro Council Ordinance O-33-0212).

KREIA Photos

photo by bruce w. hinson www.obedientcamera.com June’s guest speaker Duncan Wierman described using Google and Facebook to find leads.

photo by bruce w. hinson www.obedientcamera.com A crowd of investors listened in rapt attention at the June meeting.

photo by bruce w. hinson www.obedientcamera.com Never the Waynes shall meet? Yes, they shall! Wayne Parrish, left, and Wayne Weber, right, met and networked at the June KREIA meeting. Insurance for the Real Estate Investor realprotect.com

See more photos online — in color — in KREIA’s private Facebook group.

St. Matthews L.O.T.S. Home: A Closer Look Ed Gibson and Jeff Obryan team up on rehab “Buy the old guy a drink,” Mark Lechner said at the meeting where past KREIA presidents headed a panel, “and you might learn something.” And not only that ─ you might make a deal. Ed Gibson, who recalled the Lechner quote, stands as proof. “Before I know it, I’ve partnered with somebody,” Ed said, “and I’ve bought a damn house.” Ed can describe several real estate ventures that had their origins at Woodhaven’s bar. We all got to take part in his most recent: Ed and Jeff Obryan teamed up to flip a house in St. Matthews, and it The house at 1124 Broadfields Drive is just off I-64 at Cannon’s Lane, not far from Seneca was the focus of last month’s L.O.T.S. Park. (Photo by Lauren Willoughby) meeting. the floorplan, knocking down a wall to open up more space, The upscale house at 1124 Broadfields Drive is a 3-bedroom, 2.5-bath ranch that the partners bought from another and they gave the Florida room its own heating and air. All this work was accomplished in about four weeks, and Jeff KREIA member. “I fell in love with the house because it and Ed credit their contractors and suppliers for making it all reminded me of Frank Lloyd Wright architecture,” Ed said. come together so quickly. Ed says it pays to take your business It’s a spacious house with a fireplace built into the brick to other KREIA members, “because they’ll cut you a deal. partition separating the kitchen and living space, and there KREIA sponsor Joe Jr. supplied the laminate floors. John are large, large windows overlooking the fallaway back yard. The partners acquired the house for $230,000 and, at the Walton, a new KREIA sponsor with Express Cabinet Store, did the cabinets. Wayne Gallavin’s Quality Heating & Air installed time of the L.O.T.S. meeting, had put about $50,000 into it. the AC in the Florida room. They custom-ordered the oversized “Most everything in here is brand new,” said Jeff. The windows from Rick Boarman at Benthall Brothers. house has new plumbing and electrical systems, new Ed said he’s been a KREIA member since about 2005, and he flooring, an updated kitchen with custom cabinets and has served on its board. He’s proud of the work KREIA investors granite counters, beautifully tiled bathrooms, and a master bath with a high-tech shower whose nozzles make it look like have done in the community. “Turning streets around, that’s something from the future ─ or Japan. The partners tweaked something KREIA is responsible for that few people know about,” he said. “We’ve made some streets around U of L good again.” While Ed is a seasoned buy-and-hold guy and has done his fair share of rehabs, flipping is not his first choice. He said he “came out of retirement” for this one, adding that “Jeff is the marketing guru behind this.” Jeff, who got into real estate about eight years ago, is a landlord, rehabber and an agent with Real Estate 3000. “One of the greats here at KREIA, Cliff Hayden, got me started,” Jeff said. They both worked for AT&T, and Jeff photo by bruce w. hinson watched from the sidelines as Cliff got into investing and found www.obedientcamera.com success. “When I left the phone company, he helped me get started in the business, sold me my first house and helped me Ed Gibson, left, and Jeff Obryan, right, flank outgoing KREIA get it rehabbed.” (Continued on next page) President Frank Miller. (Photo by Bruce Hinson) Copyright MMXVII 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.

Jeff rented out that first house and moved along to a few “One of the benefits of KREIA is that seasoned investors will more rentals. Then he became an agent, which also helps team up with fairly new investors and help them get started,” him in his investing: “I know what areas are selling hot if I Ed said. But in order to team up with you, they need to meet want to flip it, and I know what areas are renting well if I you. So be sure to take advantage of all the networking want to rent it.” opportunities KREIA affords. Jeff’s design choices are influenced by his being in close communication with buyers. “I get a lot of different opinions INVESTING TIPS FROM THE GUYS on how people like their living rooms, their bathrooms and Jeff: “Stay focused, stay driven, and be ready for surprises. their kitchens.” Don’t get down about it when you run into problems ─ just If you visited Ed’s and Jeff’s L.O.T.S. house, you’ll probably keep pushing forward. Don’t let yourself get frustrated or agree that their kitchen and bathrooms are gorgeous. mad. If you keep yourself focused on the solution, the problem The house is on the market at $379,000. At that price, will solve itself.” they’ll pocket close to $90,000 before taxes. A profitable Ed: “When you’re doing a flip, you can’t let it stretch out to six outcome from a meeting at the bar. or eight weeks. You’ve got to put everything in a four-week Old guys, young guys ─ and gals of every age ─ do a lot of period. Carrying costs become a factor. You want to turn these dealmaking at the bar. And just to be clear, we’re not things as fast as you can. New investors get sideways because implying anything about the number of trips Ed has made they forget about the interest, the taxes, etc.” around the sun: He self-identifies as an “old guy.” For someone “retired,” he stays pretty visible in real estate. THE NUMBERS You’ll see Ed at every Tuesday lunch meeting, which is no Acquisition Cost: $230,000 Estimated Sales Price: $379,000 coincidence because he’s the one who revived the tradition. Estimated Profit: $89,227 Rehab Cost: $48,973 If you like the idea of ingesting real estate knowledge along Holding Costs: $10,800 with a tasty meal, mark your calendars for the Tuesday following L.O.T.S. meetings. Find more photos online in KREIA’s private Facebook group. And you’ll see him near Woodhaven’s bar during KREIA Why is it called “L.O.T.S.”? Because we Learn On The Site! meetings. If he’s not buying a new house, he’s networking.

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Featured Events Building Wealth With Rental Properties

Upcoming Events Rehabbing for Fat Cash!

The path to long-term wealth in real estate begins with owning income properties, and we’re teaching you the best practices! Thursday, July 27. ➢ Plus Saturday Session, July 29, 9 a.m. – 3 p.m., with longtime local landlords. ❖ August 1 — noon-1 p.m. L.O.T.S. event. Location TBD. Check your email. Lunch is provided for KREIA members. ❖ August 8 — 11:30-1 p.m. Louisville Lunch. Location TBD. Check the private Facebook group. You buy your own lunch. Ed Gibson is the organizer. ❖ August 9 — 11:45 a.m.-1:30 p.m. KREIA Indiana SubGroup Luncheon Meeting. Meets the 2nd Wed. each month at Tucker's Restaurant in New Albany on State Street and I265. Open to all, but you buy your own lunch. Brian Haeseley chairs.

Interested in “flipping houses” for cash? This meeting is for you! Local KREIA members will show their tips and tricks for getting it done right. Thursday, Aug. 24. ➢ Saturday Workshop, August 26

Invest With Your Self-Directed IRA Folks from Equity Trust, one of the most trusted custodians, show how to invest tax-free. Thursday, Sept. 28. ➢ Saturday Workshop, led by Equity Trust, Sept. 30.

How to Buy REOs Local experts talk about how they buy foreclosed properties from banks and at auction. Thursday, Oct. 26. ➢ Saturday Workshop, Oct. 28.

Holiday Party We’re planning it now! Thursday, Nov. 16.

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