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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 03-18 March 2018

President’s Letter

Sponsorship Rates

Building Wealth Through Rentals: High-powered landlords share tips at main meeting

Welcome, New Members!

March Workshop: Spend a full day learning how to make more money with rental property

Rick Littrell: Missing the old membership directory? Here’s how we can make it work online

Section 8 Update: Mike Butler reports on new changes that could end up lowering rents

Nina Musgrave: Running the numbers on our first rental

Infographic: How does Louisville’s rental yield compare?

Government Affairs Report

KREIA Photos

L.O.T.S.: Christopher Jaquith battles basement flood in Hikes Point rehab house

Mike Butler: Imagine your life with 20 rentals paid for! Plus, news on Mike’s new book

KREIA Members! I never thought I’d see the day when 250 people would show up to learn about TAXES, but that’s what we got last month at KREIA! There was so much to learn and absorb from the new tax laws, and our CPA Mike Grinnan did a great job presenting the material and answering all the questions. I hope you took good notes! Eric George This month we’re teaching you how to create passive income and build real wealth with rental properties. I know it’s not as “sexy” as flipping houses or wholesaling, but the reality is most of the millionaires in the real estate world attained their wealth over time by building rental portfolios that generate cash-flow every month, letting their tenants pay off the mortgages for them! There are many advantages to owning rental properties beyond the monthly cash flow generated, and our three local experts will describe in detail why YOU should be adding rentals to your investment strategies. Mike Butler, Erik Hitzelberger, and Clay Smith have a wealth of knowledge to share with you, so make sure you get to Woodhaven early and reserve a seat up front! Make sure you sign up for the all-day workshop on Saturday March 24th, where they’ll go into much greater detail and answer all your questions! Also, please remember that KREIA is completely run by volunteers for the benefit of all members to learn, network, and educate one another. Without our members and volunteers, KREIA could not exist. If you enjoy learning at KREIA and would like to give back and volunteer in any way, please contact Rick Littrell (Membership Committee Chair) at DerbyCity@Littrell.biz! Lastly, we are always looking for new topics for our monthly meetings and are planning to add some advanced classes this year for those wanting more, so if you have any suggestions for topics please let us know! Eric George KREIA President

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.

Your KREIA Leaders

President Eric George

V. Pres. Erik Hitzelberger

Advertise With KREIA

Secretary Treasurer Treasurer-Elect Dave Coffey Mike Grinnan CPA 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 sponsorship levels to get your ad in every issue of KREIA's newsletter and be invited to make sponsor pitches at meetings:

Business Card Membership . . . . . . . . $199 Includes your business-card-sized ad. Admission at monthly meetings remains $20. Premium Levels: These four sponsorship levels include your ½-page ad in each issue!

George Foree

Rue McFarland

Lauren Willoughby

Darin O'Neil

Parliamentarian Hank Schildknecht

Past Pres. Frank Miller

Dennis Erhard

Tamara West

John Jones

Jeani Bryant

Rick Littrell

Mike Fallot

Clay Smith

Hampton Scurlock

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 and more. PLUS You Get EXTRA KREIA points for everything you do! 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 both to educate and to remind you of upcoming monthly meetings. About KREIA: The Kentuckiana Real Estate Investors Association is a members-only, 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 . . . . . . . . . . $4,995 Includes everything the Gold level offers, plus extra promotion from KREIA. You'll be our designated events sponsor, and we will promote you accordingly! New ½-page sponsorship levels and pricing are in effect for new member signups and upon renewal for current sponsors. Questions? Send email to News@KREIA.com or catch up with KREIA Sponsor Chair Dennis Erhard at the meetings.

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!

Come to KREIA for Your Landlord Tune-Up Trio of high-powered landlords share tips at March 22nd’s main meeting Could you use an infusion of an extra $300, $400 or $500 in cash in your wallet each month? Depending on how you buy or finance it, one single rental house could provide that. Imagine if you had three, five, or 25 rental houses, each one a little factory pumping a stack of hundred dollar bills into your bank account every month. How many rental houses would you need in order to breathe easy in retirement? To be able to quit your job? To help you afford the things you want? Rental houses can make you wealthy — the quiet millionaires in KREIA are proof of that. But you need to walk before you can run. Why not start with the aim of getting rental income to replace your paycheck? Why not start with the goal of acquiring just one house? Wealth may come later, after you’ve mastered the fundamentals. Come to KREIA on March 22nd by 7 p.m. for a crash course in rental property: how to get it, how to manage it, how to stay legal, and how to use time-saving systems. Whether you’re brand new to investing or already have a fleet of houses tucked away in your portfolio, you need to hear what the guys on the main meeting panel have to say. Three major players in our market — Mike Butler, Erik Hitzelberger and Clay Smith — will share tips about property management and building wealth with rentals. Mike Butler wrote the book, literally, on landlording (see the bestseller Landlording on Autopilot), maintains an impressive portfolio and runs a tenant-placement service. Mike is also a noted authority on creative financing, so if you’re looking to acquire rentals with little money down (or even no money down), you should listen to him. A retired Louisville police officer, Mike says he started building his portfolio while working full-time as an undercover detective — and he has never approached a bank in order to buy rental property. Mike is a national real estate coach and speaker and a past president of KREIA. (Turn to Page 18 if you want to read why Mike thinks 20 rentals is a good number to have in your portfolio.)

Erik Hitzelberger owns the largest turnkey rental business in Kentuckiana, rehabbing dozens of houses each year. He places tenants in those rentals, then sells the houses to passive investors, but stays on as the property manager. So it’s safe to say Erik knows his way around a rental rehab and in dealing with tenants. If you’re looking to turn a house into an ideal rental — using the most durable and cost-effective materials — Erik is a good person to ask. Erik is also a real estate coach and KREIA’s current vice president. Clay Smith owns a property management business, oversees a growing rental portfolio of his own, and also runs a contracting business that helps house flippers and other landlords with window replacements, gutters and new roofs. And he works a full-time job. Don’t think you have enough time to get into rental property? Talk to this guy! Clay also serves on KREIA’s board of directors. All three investors are masters of using systems to streamline their businesses. So if you’re new, they can help you get started with tips on making efficient use of your time. If you’re an old pro, ask yourself if you are making the best use of your time — then listen to what these three have to say.  SATURDAY WORKSHOP! See next page for details on how to learn more from these guys in an all-day session.

5:30 p.m. Legal ABC’s of Landlording with Attorney Hank Schildknecht 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!

Leases, landlord-tenant laws, the Fair Housing Act – there’s a lot you’ll need to know about in order to stay legal when you’re taking your first steps Into landlording. Ask a lawyer!

Welcome, New KREIA Members! Ronald Ballenger Courtney Beasley Tavares Ellis Ryan Engelbrecht David George Steve Jones Devi Khanal Zach Kniss Michael Krafka Edwin Lamaster

Brad Lanning Jeff Lawson Curt Lawson Chiquita Lindsay John Mays Linda Miller Leah Nord Marilynn Reynolds Hunt Rounsavall

John Shake Mikhail Shekhovtsov Jeff Simmons Travis Thomas Deborah Vornholt Michael Wells Shervita West

Saturday Workshop!

Building Wealth With Rentals Want to learn more about landlording from three authorities in our market? Mike Butler, Erik Hitzelberger and Clay Smith will spend a day going deep on rental property, expanding into topics they didn’t have time to cover at the main meeting. They’ll get you up to speed on managing tenants, increasing cash flow, and using systems to save time – plus offer all the tips they couldn’t squeeze in on Thursday. Whether you’re a new investor or an old pro, you can’t afford to miss this opportunity ask all the questions you need answered.  When: Saturday, March 24th, starting at 9 a.m.  Where: U of L’s Shelby campus in Hurstbourne.  Cost: $99 for members and $199 for non-members. Early Bird Pricing! You can save $20. Pay $79 instead of $99! And $179 instead of $199! Just register before midnight on March 22nd.

MEMBERSHIP COMMITTEE UPDATE

Missing the Old Directory? By Rick Littrell People have been requesting that we bring back the membership directory. Guess what… WE HAVE IT AVAILABLE FOR YOU NOW ON THE KREIA.COM WEBSITE. It is digital and searchable! It is not being used to its fullest potential, which is why we are telling you about it now. ALL MEMBERS have access to their own information to keep it updated. Please go sign into your account on the KREIA.COM website and complete your information profile. Then when other members are looking for specific skills or services, they can search for those skills within the membership. Once they select who they want more information about, they can select them and send them requests via email. The great thing is that your personal contact information is still confidential. So you won’t get spammed by outsiders! Please go and complete your information so that you can take advantage of this great benefit. We are still actively looking for more volunteers for subcommittees. For more information, contact Rick Littrell at 502-694-0557. Thanks for your continued support. 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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LMHA Section 8 Update By Mike Butler Before you pull the trigger and jump on the Section 8 bandwagon, all KREIA members should know and understand the “Big Picture” about how our local Section 8 program has spiraled out of control with their “anti-landlord and anti-property manager” attitude. Over the past three years or so, participating in our local Section 8 has become increasingly painful, more expensive and frustrating, not only for us investors but especially for the families they claim they want to help. Your Government Affairs committee, chaired by Rue McFarland, has been very instrumental in being a squeaky wheel in many attempts over the years to make a WIN-WIN-WIN situation for all parties involved. This includes you and me and owners/landlords, our tenants, and Louisville Metro Housing Authority. As you might expect, typical politicians have their doctorate degree in knowing how to “Kick the Can Down the Road.” This is exactly what appears to be happening locally. MAYBE some good news. While on the National REIA cruise last week, I had the opportunity to have a great conversation with my good friend Charles Tassell. He is our lobbyist in Washington D.C. in protecting real estate owners’ and housing industry rights. Although this is not etched in stone, Charles said there has been some discussion – no promises – of creating a new HQS scoring system similar to restaurants. A scoring system of A, B, C might result in an effective way of making things easier for all parties involved. Stay tuned on this one. From our last big meeting with LMHA, you can expect to see a “New Landlord Orientation and Training Workshop” that is getting serious consideration as a must-attend training before any rental property owner/landlord/property management company can participate in the program. Expect the “beta” version of this to roll out at the end of this month for testing and feedback. There are also new changes coming for your existing tenants on the Section 8 program. New federal changes in annual renewals include a “rent comparison analysis.” What does this mean to you? Now, LMHA can actually LOWER your monthly rent on annual renewals if they determine your existing rent is not in line with rent comps in your neighborhood. To Your Continued $uccess!

MikeButler.com 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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Running the Numbers on Our First Rental By Nina Musgrave I started down the path of real estate investing because of the topic this month – Building Wealth Through Rentals. The concept of “building wealth” was given to me early. First, from my great-grandparents, small business and rental property owners. Second, from the cartoon “Duck Tales.” Those ducks wallow in stacks of gold coins, having a ball. Did I want gold coins? Absolutely. Rental property? Sure. To be a landlord? I’ll pass. Fast forward into my college years. I had acquired a few gold coins, mostly inherited from Esther and Norman (my beloved great-grandparents). I rented an off-campus studio, paid my landlords rent every month, and it started to sink in – I paid for shelter I would never own. I’d move out one day, but their rent checks would keep on coming! Brilliant. Fast forward a decade-ish. I move to Louisville, and my partner and I decide on real estate investing. Brandon P&I Know % rate, closing$ Turner of BiggerPockets gave webinar advice to run Prop. Taxes Found online. Insurance Call for quote. numbers on three deals a Cap-Ex 18% (big items) day. I did religiously. Here’s Repairs 10% how we figured it — Vacancy 5% subtract from rent to get Prop. Mgmt 5% cash flow.

Note: People use different equations for cash flow analysis. We may tweak ours, based on property and exit strategy. So a deal pops up and we bought it, that day. With preparation, it was rental-ready. What happened? We took $150/month less in rent than expected and added an unanticipated $50/month security contract. It did cash flow, but not enough to keep it! We decided to sell, for a decent profit, after holding it for a year. Final numbers: Rental Return

Annual Rent

Gross, Planned Gross, Actual Net, Planned

10,800

Net, Actual

8,400

Annual Expenses

Purchase

10,800

51,000

21%

8,400

51,000

16%

8,700

51,000

8,100

51,000

0.05%

Yikes. We made money, primarily from the sale, also from no cap-ex spend and small cash flow. Here’s what I learned: 1) Rentometer.com can only go so far. Be realistic in rent expectations. 2) Having a property manager did make life easier. We received phone calls, just not in the middle of the night from an angry tenant! 3) Know all of the contracts that you will have to buy out or maintain before signing the dotted line. Will we do it again? YES! With a property manager and better rental return? Absolutely. More gold coins coming…

photo by bruce w. hinson www.obedientcamera.com CPA Mike Grinnan drew a crowd to his presentation on new tax changes under President Trump. Almost every seat was filled last month at Woodhaven – and there was a standing-room-only situation back by the curtain near the bar.

photo by bruce w. hinson www.obedientcamera.com

Mike Grinnan, who also serves as KREIA’s Treasurer, stayed late after the meeting to make sure he had answered every question. Thanks, Mike!

photo by bruce w. hinson www.obedientcamera.com

GOVERNMENT AFFAIRS REPORT Kentucky Realtors Legislative Update March 12, 2018 “Last week, all eyes were on pension reform, as the Senate pension reform bill moved out of the State and Local Government Committee with a vote of 7-4 on Wednesday. Senate President Robert Stivers was optimistic about the bill’s chances of passage in the later half of the week, but on Friday, pension reform faced another roadblock as the bill was sent back to committee instead of heading for a vote. With time running out, lawmakers will have to act fast to pass pension reform in both chambers of the General Assembly before the end of session.”

 Read weekly updates on bills in play in Frankfort at Kentucky Realtors’ site: bit.ly/kyr_lu

Tamara West, center, networked during the meeting.

KREIA Photos

photo by bruce w. hinson obedientcamera.com

Jay Bowman took the microphone during the sponsor pitch to promote his company, 60 Day Realty, which listed the January L.O.T.S. house.

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

Hikes Point L.O.T.S. Home: A Closer Look

Christopher Jaquith battles basement flood in rehab house Talk to house flippers much and you’ll hear about the random Unexpected Thing that pops out of nowhere and hacks away at a carefully planned budget. Maybe it’s a wiring mess. Maybe it’s the life’s work of very sneaky termites. Maybe it’s something that’ll help the plumber put his kids through college. Christopher Jaquith was midway into the rehab of a Hikes Point brick ranch when the Unexpected Thing made its appearance. Instead of popping out of the walls, it leaped up through the basement drain during photo by bruce w. hinson last month’s torrential rains. Some of www.obedientcamera.com the excess water from the neighborThis house at 3325 Furman Blvd. is not in the floodplain, but Mother Nature decided to gift it hood’s overtaxed storm sewers with a few inches of water anyway during last month’s rains. (Photo by Lauren Willoughby) decided to take refuge in his house. Fortunately for Christopher the water receded quickly. price. “I showed them the proposed budget of what we were The house did have an MSD backflow valve, and he’s going going to do, including the expenses, the holding costs, the to have it looked at. The scope of work needed adjustment, $2,000 seller concessions, the taxes, the insurance, the utilities though: The plan to put carpet in the basement was revised – all those things we have to factor in when we’re looking at to sub in vinyl plank. the deal. That actually closed the deal.” He acquired the house, an estate sale, after a few weeks They closed on the house soon after Christmas, and he put of negotiation. “I was able to get rapport with them,” Chris- crews to work in late January. At the time of the L.O.T.S. topher said of the heirs. They were holding out for the high event, Christopher said they had about three weeks to go. $140s, rejecting his offer of $130,000, and told him that So far he’s refinished the wood floors, calling on David “you’re going to put $15,000 into this house and you’re Williams of Pro-Tech Flooring, a KREIA sponsor. Other spongoing to make $50,000. You can come up 5 grand.” sors brought in include Joey Beatty of Dependable Dumpsters, A bit of seller education, combined with establishing Jerry Bell for the windows, and Jay Bowman of 60 Day Realty. rapport, is what Christopher said brought him the deal at his His crews have removed a partition wall behind the front door, achieved open concept by taking out the wall separating the kitchen and dining areas, brought in stock cabinets from Lowe’s (Arcadia brand), and penciled in granite counters. Christopher has been a mortgage broker for 15 years but says he is transitioning into being more of an investor, both holding rental property and flipping houses.

photo by bruce w. hinson obedientcamera.com

THE NUMBERS Estimated Sales Price: $199,900 Purchase Price: $131,000 Estimated Profit: $21,630 Estimated Rehab: $30,000 Holding & Expenses: $17,627 See more photos online in the private Facebook group.

L.O.T.S. host Christopher Jaquith spent more than an hour answering questions about his flip house. (Photo by Lauren Willoughby)

Why do we call it “L.O.T.S.”? Because we Learn On The Site!

Imagine Your Life With 20 Rentals Paid For! By Mike Butler …even burned out landlords say, “My life would be great!” “But Mike… I don’t want to wait 20 or 30 years to pull it off.” Fair enough, that’s exactly what I said to myself decades ago. The principles have not changed. Only the tools, resources and some regulations have changed. Mark your calendar now and join me at KREIA’s meeting this month on “Building Your Wealth with Rentals!” to discover dozens of PROVEN time savers and money makers for your real estate business — such as how to consistently get paid over 100% of your rents every month! NOTE: about 99% of the very successful people I have met in my lifetime, including my mentors, ALL own rental property. Big or small, junker or luxury, the common denominator is owning rental property, ideally paid for. Before we “run the numbers,” ask yourself, “How much money in my pocket monthly will make me a happy camper?” (Simply put, how much money monthly will cover all of your cost of living expenses plus allow you to do the things you want to do in life? FYI, my national research and surveys showed $10k as the #1 answer.) What is your number? “$___ in my pocket monthly will make me a happy camper.” Just to keep this 3-finger Fred Flintstone simple, let’s use the $10k monthly number. Now, jump forward 3 to 5 years

SAFELY and you have your 20 nice rental houses paid for. Each House Rents For: Subtract 10% Management: Subtract 1/12th Property Tax: Subtract 1/12th Insurance: Maintenance/Repair In Your Pocket Monthly:

$1,000 <$100> <$100> ($1,200 property taxes) <$ 40> ($480 annual premium) <$100> (3 bedroom, brick ranch, maintenance-free exterior) $660

$500 x 20 Houses = $10,000 each month! Remember, if you want to be a “Real Estate INVESTOR” you must buy and hold. Your “Dolphin activity” (Flipper) should always just add chunks of cash to your real estate investing business! Dolphin by itself is not investing. It’s a J.O.B. because when you stop, so does your income. Whereas, as an investor, when you stop, the cash keeps coming in because YOU OWN IT!

Join us! Classes begin in March

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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

Building Wealth Through Rental Property Learn best practices for managing tenants and get tips on increasing cash flow with Mike Butler, Erik Hitzelberger and Clay Smith. These guys are three of the highest-powered landlords/property managers in the area. Thursday, March 22.  Early Meeting: Legal ABC’s of Landlording

Workshop: Make More With Rentals Mike, Erik and Clay are spending a whole day helping you be a more profitable landlord while using systems to save time. Get your questions ready! Saturday, March 24.  March 27 — noon-1 p.m. L.O.T.S. event. Location TBD. Check your email. Members only. Lunch is provided.

 April 3 — 11:30-1 p.m. Louisville Lunch and Learn. Location TBD. Members only: Check the private Facebook group. You buy your own lunch. Ed Gibson is the organizer.  April 11 — 11:45 a.m.-1:30 p.m. KREIA Indiana Sub-Group Luncheon Meeting. Meets the 2nd Wednesday each month at Tucker’s Restaurant in New Albany on State Street and I-265. You buy your own lunch. Brian Haeseley chairs. "KREIA  April 19 — 6 p.m.-7:30 p.m. KREIA Gameadvertising Night: CashFlow. is by hands with down, the Want to get out of the Rat Race? Playfar, CashFLow other absolute best advertising investors pursuing financial freedom. dollar ever spent for Borders & Borders!"

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