August 2002

Member of the National Real Estate Investors Association (NaREIA)

UpcomingMeetings/Seminars

August Program

Members Share Tales Of DisasterPicture yourself walking the road of real estate

investing success. You’ve made several good dealsand now you’ve found the perfect little house insuch a peaceful neighborhood.

Better yet, the numbers look good and there’sequity to spare even after repairs. Maybe it’s a dealthat just seems too good to pass up. The price isright and the seller is financing, so there’s reallyno obstacles in your way, right? Wrong!

The next CREIA monthly meeting on August12 is “Tales of Disaster” night. Several CREIA in-vestors will tell you what went wrong with theirdeals and how they managed to make it out of abad situation.

The objective of this type format is to encourage the en-tire organization to share in the discussion of what to doeven if the deal has turned sour. By having a few CREIAmembers share the details of their disastrous investment,other members can possibly avoid the same scenario.

Dinner ($12.00) is served first-come, first servedfrom 5:45 p.m. until 6:45 p.m. Approximately 60dinners are prepared; no reservations taken. Comeenjoy. Bon appetit’.

❏ August 8 & 22 –Public Policy Com-mittee Meeting, 8:30 a.m., Denny’sat Westgate, Patton Avenue,Asheville. Call Walt Plaue at 658-3151 for more information.

❏ August 12 – CREIA Monthly Meet-ing, 5:45 p.m., Best Western Hotel,275 Smokey Park Hwy., Asheville.

❏ August 15 – Upstate CREIA, 5:45p.m., Marriott at Pelham Rd. andI-85 behind the Michelin Plant,Greenville. Meets third Thursdayeach month. For more informa-

Wayne Kale, CREIA Web Communications Director, and Marjo-rie Furay, CREIA’s Webmaster, will be our August 12 Hot Seat

Speakers.They will take us on a tour of our updated website. You

will learn how the website is structured and how it canhelp you in your real estate investing.

Marjorie Furay and her husband, Andy, are the ownersand designers of Tryton Web, creating high-quality, afford-able and innovative web sites. They do this by working on apersonal level with each client, building web sites that re-flect the client and what they want the company to portray.Tryton Web, the exclusive web designers for Cumbie Insti-tute’s web hosting services, is in the continuing process ofrenovating the CREIA web site, bringing members and thepublic a more user-friendly and informative design.

Hot Seat Topic: CREIA Website

– See Meetings, Page 2

2

CREIA Report is publishedmonthly. Newsletter editor isJeannie Acevedo.

Articles submitted are theexpress opinions and com-ments from various indepen-dent CREIA members and out-side sources.

CREIA members are urgedto submit articles for publica-tion. Deadline for articles to bepublished is the third Mondayof each month.

Send your article to JeannieAcevedo, 82 Greenridge Rd.,Weaverville, NC 28787, or e-mail, creianews@hotmail.com

CREIA Report

Meetings– From Page 1

Some Thoughts On Wrapping Up Another Year

tion, contact Deb Sission at 864-313-2101 or debsisson@charter.net.

❏ August 19 – CREIA Board Meet-ing, 6:00 p.m., Best Western Ho-tel, 275 Smokey Park Hwy,Asheville.

❏ August 20 – Mobile Home Sub-group Meeting, 6:00 p.m., Ryan’s,Patton Ave. For more informa-tion, contact Jennifer Woodard atjwoodard@main.nc.us or 230-8613.

❏ August 17 – “How to Prosper in Com-mercial Property” with Bill Goacher,8:30 – 12:00 p.m., Cumbie Institute,800-523-2381. CREIA members $50,non-CREIA $75, spouses/partners$25 extra. See flyer enclosed or call1-800-477-1778.

❏ August 27 – Advanced InvestorsSubgroup Meeting, 1:00 p.m.,Ryan’s, Patton Ave. Meets fourthTuesday each month. Note: All in-vestors welcome!

❏ August 27 – Hendersonville Sub-

group Meeting, 6:30 p.m., BayBreeze Restaurant, 1830Hendersonville Highway. Meetslast Tuesday of the month. Topic:Investing in Modular Homes withKen Lawson. For information, con-tact Tom Boyd at 697-6716 orTandCBoyd@mchsi.com

❏ September 3 – New & BeginningInvestor Subgroup Meeting, 6:30p.m., Asiana Grill, Smokey ParkHighway, West Asheville. If youneed more information, call JudyClodfelter at 683-4799 or email:silversrosebud@aol.com.

❏ September 12 – PHP SeminarBegins. Information to be providedat the August CREIA meeting andin the September newsletter.

❏ September 14 – Annual CREIAPicnic, 3:45-9:00 p.m., Taylor’sRanch, Fairview, $5 members, $9non-members. See flyer enclosed.If you would like to include upcoming

real estate investor events in the next is-sue of CREIA, please send your eventdate and details to Jeannie Acevedo atCREIAnews@hotmail.com.

So here we are, about to wrap upanother year for CREIA. It hardlyseems a year and yet somuch has been accom-plished it should havetaken several. The fol-lowing is a brief summa-ry of the year’s events.

New Directorships:two in one year! First, theMarketing Director. JudyClodfelter agreed to set upa vendor program for us. Asusual, CREIA presents a win-win sit-uation to prospective vendors ... weget money to offset new expensesand the vendors get access to 400 or

so potential customers. Manythanks, Judy.

Secondly, we decided to im-prove our web page by bring-ing Wayne Kale back on theboard as our Web Commu-nications Director. Waynehas already quietly had abig effect on the board.Welcome back, my Cata-mount friend.

Professional Standards,under the leadership of Debbie

Bucklaew has had a fantastic year.The Professional Housing Providercourse sponsored jointly by CREIAand A-B Tech was a rousing success

with 55 graduates and 45 more stu-dents halfway complete with thistough course. As Mayor Worley saidat the graduation ceremony, “If alllandlords took this course, we couldcertainly have a less stringent hous-ing code.” The good news is Debbiewill continue as our ProfessionalStandards Director next year.

Now a few words about the PublicPolicy Committee (or the grumpyold men until Sami Forrest recentlyjoined our little group). Never inany group that I have ever been as-sociated with have so few done somuch for so many. We easily spend40 hours a WEEK trying to track ev-erything in this geographical area

President’sMessage

– See Thoughts, Page 4

3

Financial Servicesfor Real Estate Investors

• InvestmentLoans

• MortgagePurchases

• MortgageParticipations

LANGDON AMMEN • JEAN AMMEN • KATIE KING

LANGDON AMMEN

Voice (828) 285-0123 • Fax (828) 236-0123

By Judy ClodfelterAs a serious real estate investor, one quickly realiz-

es that carefully planned, creative financing of a prop-erty is the key to a positive cash flow and the path tofinancial success. The 20 peoplewho attended the very first FinanceGroup meeting on July 16 hadloads of questions and suggestions.Our goal for the Finance Group isto bring investors and financialprofessionals together and we planto utilize several teaching tools toaccomplish this goal.

The Finance Group will meetonce a quarter. The next meetingis scheduled for October 15th. Tokeep up the momentum of the Finance Group be-tween meetings, we have decided to communicatethrough an Internet chatroom open to CREIA mem-bers only. Several financial experts have volunteered

to answer our real estate finance questions. Please sendyour request to join the Finance Group chatroom,along with any questions about real estate financing toJudy Clodfelter at silversrosebud@aol.com or call 828-

683-4799. The Skyland Fire Department

has a conference room that is aperfect meeting place for the Fi-nance Group. We will meet therefrom 6:30 to 8:30 p.m. in October.Each meeting will be an opportuni-ty for you to learn through casestudies, group problem solving andtips for filling out paperwork effec-tively. We will have two hours totalk, listen and learn. There will

not be a meal served, but you are invited to bring a bagsupper if you wish.

The next opportunity for you to learn more about

Financing Subgroup Off To A Great Start

– See Financing, Page 4

4

Call David Grady at Carolina Real Estatefor information and to sign up for the FAX list.

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that pertains to property rights,housing codes, etc., in order tokeep you informed about thingsthat could greatly affect your invest-ments. Walt Plaue does more thanhalf of this work and you shouldthank him at the next meetingwhen you see him.

Four directors are leaving theboard and will be sorely missed.Dave Worley, Judy Glicken, Steve

Thoughts

Financing

– From Page 2

– From Page 3

Cole and Booth Rankins will becompleting their terms in office.Thank you all for your contribu-tions.

We will honor these folks more atthe September meeting. When Itook this job, Dave Worley told me“Don’t worry, the board does all thework!” He was very close to beingright. I cannot thank this year’sCREIA Board enough for the hardwork and support you have shownme. And that goes for the membersalso. Many thanks! – Bill Choate

By Judy GlickenDo you want to know your FICO

(Beacon) score? Check out this web-site: www.myfico.com. For $12.95,you can get a copyof your Equifaxcredit report ANDyour FICO score.Yes, you can getyour credit reportfree, but I’ve neverbeen able to getmy FICO score before (except froma cooperative lender!) I recentlyused the printout as part of a Pur-chase Offer, to show the seller whatupstanding, reliable, high-FICOtypes we are! I think it’s well worththe money.

real estate financing will be at the August 20 Mobile Home Group meet-ing. The group will meet at the Asiana Restaurant on Smoky Park Hwy. at6:30 p.m. The speaker will talk about financing mobile homes and mobilehome parks. If you have questions, please contact Jennifer Woodard atjwoodard@main.nc.us.

Check YourCredit History &Beacon Score!

5

PHP Certification Classes Begin In September

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By Debbie BucklaewOnce again on September 12,

2002 classes will begin at A-B Techfor the Professional Housing Provid-er Certification. Theentire course is 60hours of classtime, and hasbeen spread outto accommodatebusy schedules.

An example of some of the topicsto be covered include: Landlord law,marketing, rental forms, tenant me-diation, building codes and muchmore. Classes are held Thursdaynights from 6-9 p.m. at A-B Tech for10 weeks.

The graduate will have a well-rounded education that can’t be

found at any local institu-tion. Once a person com-pletes the program, therewill be a graduation cere-mony where diplomas willbe given out. The graduatewill also be given specialpermission to use the PHPlogo for advertising andrecognition purposes. CRE-IA has hopes of making the

PHP logo as recognizableand as significant as other namessuch as the RealtorTM designation.Please look to the registration tableat the August meeting for a com-plete list of classes, descriptions andcourse schedule.

If you are a landlord or are aspir-ing to be one, we urge you to take

this course. Not only will you bene-fit from the education and the localrecognition, but CREIA needs asmany attendees as possible to makethis program a success. Fifty-six peo-ple have already graduated from theprogram. Don’t be left behind. Seeyou in the fall.

6

Can You Change A Lock In Three Seconds?by Donald Beck

When a friend asked me if I could change a lock inthree seconds, I started laughing. I told him it takesme more than three seconds to get the first screwloose and probably closer to three minutes to do justone lock—and that’s if everything goes perfectly!

If he could change a lock in three seconds, he wasa magician and I wanted to learn the trick. He agreed

to show me the next timewe got together and guar-anteed I could do the trickin three seconds afterwatching him do it justonce.

That was more than mycuriosity could handle. Idropped everything andwas at his front door fiveminutes later. Out camehis master key, which heinserted in the lock and af-ter a quarter turn counter-clockwise, out came thecylinder. He handed it tome and did the same stepswith the dead bolt lock justabove.

Before I knew what washappening, two replacement cylinders came out of hispocket and inserted in the empty cylinder holes. Witha quarter turn clockwise, the new cylinders were inplace. The locks had been changed in less time thanit took you to read this!

I knew instantly I needed this lock system. I havebeen a landlord for over two decades and can’t re-member when I have become more excited about aproduct. That’s when he told me about Landlord’sLock Service outside Atlanta, GA, who specialize inlocks for landlords. The locks they sell are heavy dutyTitan locks made by Kwikset and come with a 50 yearmechanical warranty. The Titan locks feature a pickresistant 6 pin cylinder that can be removed with aMaster/Control key and are twice as resistant toforced entry than the normal lock on a tenant’s door.

Locks can be ordered with a bright brass finish or asatin chrome finish and come in either entry, single

deadbolt or vestibule locks.Spare cylinders for quickand easy replacement canbe ordered separately. Af-ter looking at the pricelist, I realized they wereselling this high gradelock set to a master key forless than what I was payingfor a lower grade lock with nomaster key system.

Since I have some townhouses that have a frontand back door, I ordered three sets of two entry andtwo deadbolts for each townhouse. The locks camethrough with different keys for each tenant’s unit andmy master key worked them all!

Each cylinder has a code sticker on it so if a tenantfails to return the keys, a quick call to Landlord’sLocksmith Service with the code number, and newkeys are on the way to you. I also ordered a spare setof cylinders so when a tenant moves out, I just replacethe four cylinders and use the old ones on the nextunit that opens.

Changing four cylinders can be done faster than ittakes a prospective tenant to walk from his car to yourfront door.

Landlord’s Lock Service can be reached at 800-847-8729. Say you heard about them from Don Beckand the master key set up charge will be waived.

The author can be reached at mgmtexpert@aol.com or tollfree at 877-542-9804. Don Beck will be speaking at CRE-IA’s November meeting. Look for more articles and informa-tion in the September, October and November newsletters.

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by Jack NesbittFor many of America’s richest

families, there have been three se-crets for creating and keeping theirwealth–compound interest, real es-tate, and tax deferral. This monthyou can learn about tax deferral andcompound interest from two of thebest in the business–Richard Desichand Ron LeGrand. I’m talkingabout the Roth IRA and the Tradi-tional IRA. These secrets combinedwith charitable trusts and privatef o u n d a t i o n s ,have been thecornerstone ofwealth for manyof America’srichest family dy-nasties.

Lest you thinkthat these strate-gies are out of reach for the averageperson, check out either of the firsttwo new additions to the library be-low. When you listen to and readthrough these courses, you’ll discov-er how to take your money makingknowledge and turn it to truewealth building, through the cre-ative use of compound interest andtax deferred investing in self direct-ed IRAs, SEPs and the new SIMPLE,ROTH and Educational IRAs.

Many investors are successfullyearning 15-20%, even 25% andmore, inside their Mid-Ohio Self-Di-rected IRAs.

New additions to the library thismonth:1. Building The Basics to a Tax Free Real

Estate Future by Richard Desich,President & CEO, Mid-Ohio Secu-rities Corp. A six-audiocassettecourse plus 219-page course guide.In this course you will learn to

7

America’s Best Kept Secretsinvest in a tax deferred, tax freeenvironment. You can reduceyour taxable income and create ahassle-free source of capital. In-vest in real estate utilizing yourretirement fund. Plan for yourretirement investing in assets youknow and understand.

2. The Money Tree by Ron LeGrand. Asix-tape audiocassette course plusworkbooks. Learn how to gaincontrol of your IRA or PensionPlan and triple your money safely.

Learn how you canbecome a mort-gage broker andmake $150,000your first year with-out dealing withbanks! How to getall the loans youneed in days with-

out qualifying.3. Book: How To Think Your Way To

Financial Independence by DaleBlackwell. An oldie but goodie!America’s greatest untapped re-source lies within the minds ofthe people. We all have infinitepossibilities, but you must make achoice if you’re to achieve totalfinancial freedom. This book out-lines the methods the author used

to achieve his financial freedom.You can benefit from his mistakes!

4. Book: Your Cash Profits An EasyGuide to Real Estate And Law byBruce Hale. This book will in-crease your income, help youmake a safer investment, showyou how to protect yourself le-gally, tell you what your legalrights are and help you use andunderstand a contract plus muchmore. An-other oldiebut goodie!

5. Book: Heat-ing AndCooling bythe editorsof TimeLife Books.This is ahands on book for those who wishto do some of installation andmaintenance themselves. Fromfireplaces and stoves to putting ina central air conditioner TimeLife has simplified the process.

LibraryNews

Here is a list of those CREIA members who need to return books andtapes.

Name Code Title Date Out

Reggie Grant 7 New Strategies For Investing In Houses 5/13/02

Don Bishop 6 Negotiating for Real Estate Investors 6/10/02

Alexander Czipulis 56 Cash Flow 6/10/02

Debbie Bucklaew 401 The Mentor Newsletter & Tapes 6/10/02

Gordon Saddler 75ABC NoteBuyer’s Master Guide 6/10/02

Overdue Books And Tapes

Three keysto wealth

– compoundinterest, real

estate, andtax deferral

On TheSilentAuctionBlock ThisMonth– Page 8

(Some have Minimum Bids)This is good information. We are

making more room in our library aswe pass on to you our duplications,slightly worn covers and older butsill great material.

1. Financial Library by Charles J.Givens Organization. This is a 450-page plus resource and referencemanual that is an extra copy like theone we have in the library. Containssix audio cassettes on great moneystrategies. The reference manual isdivided into seven sections, eachcovering an essential part of yoursuccessful financial plan. Everythingyou need to know from getting or-ganized to basic real estate invest-ing. This has it all if you’re a newreal estate investor.

8

On The Silent Auction Table This Month2. Creative Financing

and The History of Mortgag-es by Henry Dvorken. Ahome study course withsix audiocassettes for un-derstanding creative fi-nancing and mortgages.

3. Making Profits WithForeclosures & DistressedProperties – A six-tape au-diocassette course

4. How to Buy your FirstHome or Investment Proper-ty with No Money Down. Asix-audiocassette pack-age.

5. Basic Paper Course by JimmyNapier. A eight tape audio cassettecourse on how to cash in on today’slucrative market of discounted

mortgages and trust deedsNote: Our silent auc-

tion will get under wayat 5:30 p.m. and con-tinue until 8:01 p.m.High bidders will beannounced and yourcan pick up you pur-chases from CREIA’sTreasurer, Riis Will-iams.

If you’re the highbidder for one of theresource materials list-ed above, you will alsoget a free back issue of

the magazine FinancialFreedom Report as our gift to you.These may be picked up at the li-brary table after the auction.

Two tax incentives are available tohelp building owners and businessesmeet the costs of improving accessfor the disabled. One incentive is animmediate annual deduction of upto $15,000; the other is an annual taxcredit of up to $5,000 for small busi-nesses to meet the costs of comply-ing with the Americans with Disabili-ties Act. These incentives may beused together in certain circum-stances.

Businesses and building ownerscan deduct up to $15,000 annuallyfor expenditures relating to removalof architectural and transportationbarriers in businesses facilities (in-cluding apartment buildings). Theseare expenditures incurred to makebusiness facilities more accessibleand usable by handicapped and eld-erly individuals, and can be made to

Tax Incentives to Improve Access For The Disabledthe building structure, equipment,road, sidewalk, parking lot or simi-lar property. The expenditures donot have to be required under theAmerican with Disabilities Act inorder to qualify.

To qualify for the deduction, theexpenditure must be specifically at-tributable to the removal of an ex-isting architectural or transporta-tion barrier – new construction andsubstantial rehabilitations do notqualify for the immediate deduc-tion and must be capitalized.

Additionally, the removal of bar-riers must meet IRS standards is-sued in concurrence with the Ar-chitectural and TransportationCompliance Board. These stan-dards apply to the following items:grading, walks, parking lots, ramps,entrances, doors and doorways,

stairs, floors, restrooms, water foun-tains, public telephones, elevators,controls, office and floor identifica-tion, warning signals, hazards, andother qualifying barriers.

Any qualifying costs above the an-nual $15,000 deduction limit arecapitalized, and depreciated overthe life of the asset. These costs arean annual limit only, so costs in-curred in subsequent years may alsoqualify for the deduction.

In addition, small businesses (lessthan $1 million in annual receiptsand less than 30 employees) mayalso qualify for an annual tax creditfor removal of architectural ortransportation barriers. However,this credit applies only to expendi-tures made specifically in order tocomply with the Americans with Dis-

– See Incentives, Page 12

Q: I travel a lot around the states.Where might I find other REIAs(Real Estate Investment Associa-tions) to visit when I am out oftown?

A: Go to www.nareia.com to findout information on REIAs in othercities. Be sure to call be-fore your visit as meetingdates and places maychange unexpectedly orother events may be hap-pening that are not onthe websites of other RE-IAs.

Q: I’ve heard aboutReal Estate-Owned (REO)properties that banks ownand one can buy, but Idon’t know the best place

Q&ACorner

to go look for them. Where do I be-gin?

A: At www.all-foreclosure.com/reolist.htm, you’ll find a list of REOlinks. Some of these are not easy tofind on various banking institutionwebsites, so it may be worth signing

up with afirm whoe m a i l syou list-ings orlets youhave access to ones in your area fora monthly fee.

Q: I’m new to CREIA and I don’tknow where to begin as an investor.Do you have any suggestions forways to get to know more membersand start investing today?

A: It is a must that you attend oneof the subgroups listed on page 1under “Upcoming Meetings.” By at-tending a couple of these meetings,you will get to know a few membersand investors better and see which

9

How To Find REIAs, REOs, And More

– See Q&A, Page 12

By Beverly RobinsonTo protect yourself against doing

something unlawful as a landlord,make sure you know what tenantsare being told. In an article entitled“15 CommonRights – Pro-tect Yourself,”tenants areadvised theirrights as rent-ers:1. The Fair

H o u s i n gAct makesit illegal todeny housing to a tenant on thegrounds of race, color, sex, reli-gion, disability, family status, ornational origin.

2. Residential rental units shouldbe habitable and in compliancewith housing and health codes –meaning they should be structur-ally safe, sanitary, weather-proofed, and include adequatewater, electricity, and heat.

3. Many states limit the amountlandlords can charge for securitydeposits. (See http://www.nolo.com/encyclopedia/articles/lt/lt1.html to find out if yours is oneof them.)

4. A landlord should make neces-sary repairs and perform mainte-nance tasks in a timely fashion, orinclude a provision in the leasestating that tenants can orderrepairs and deduct the cost fromrent.

5. A landlord must give prior notice(typically 24 hours) before enter-ing your premises and can nor-mally only do so to make repairsor in case of an emergency.

6. Illegal provisions in a rentalagreement (provisions counterto state law) are usually not en-forceable in court.

7. If a landlord has violated impor-tant terms re-lated to health,safety, or neces-sary repairs, youmight have a le-gal right tobreak yourlease.8. If you have tobreak a long-term lease, in

most states landlords are re-quired to search for a new ten-ant as soon as possible ratherthan charging the tenant for thefull duration of the lease.

9. Damage or security deposits arenot deductible for “normal wearand tear.” Some states requirethat a landlord give an itemizedreport of any deductions.

10.Most states require landlords toreturn refundable portions of asecurity deposit within 14 to 30days after the tenant has vacatedthe premises, even in the case ofeviction.

11.Landlords usually can’t legallyseize a tenant’s property for non-payment of rent or any otherreason, except in the case ofabandonment as defined by law.

12.Landlords are legally prohibitedfrom evicting tenants as retalia-tion for action a tenant takesrelated to a perceived landlordviolation.

13. A landlord cannot legally changethe locks, shut off (or cause tohave shut off) your utilities, or

evict you without notice; evictionrequires a court order.

14. If a landlord makes life so miser-able for you that it forces you tomove, it may be considered “con-structive eviction,” which is usu-ally grounds for legal action.

15. In many states, it’s illegal for alease to stipulate that the tenantis responsible for the landlord’sattorney fees in case of a courtdispute.

Don’t forget, the state law inNorth Carolina for security depositsallows landlords to charge one andone-half months’ rent for month-to-month rental agreements and up totwo months’ rent if term is longerthan two months. For more infor-mation on landlord-tenant law, goto www.nolo.com.

Editor’s Note: If you know a websitethat would help other CREIA investors,please send the link and any highlightedinformation to creianews@hotmail.com

Know The Law On Tenants And Landlords10

11

by Debbie BucklaewMark your calendars! It is time

again for the annual CREIA picnic.This year looks to be better thanever. Since the picnic has been sosuccessful, we will be holding it ata NEW location that can accommo-date us better. So, on Saturday,September 14, be sure to come toTaylor Ranch in Fairview at 3:45p.m. until 9:00 p.m. For those ofyou unfamiliar with Taylor Ranch,it is a very special place. It is a work-ing paint horse and Texas long-horn cattle ranch.

Activities provided include: vol-leyball, horseshoes, softball (besure to bring your own glove), bad-minton and sports fishing (poles

CREIA Picnic Coming Soon

• Carolina Real Estate, David Grady, 828-776-5425.• Cheap Chucks Carpet, 828-281-3496.• Creative Cash Flow Solutions, Charlie Breeding, 800-985-2237.• Living Systems Air Purification, Sandra Eha May, 828-669-1086.• Mid Ohio Securities, 800-813-3581.• Pat Ochsenreiter, Real Estate Attorney, 828-251-1342.• Power Marketing, 888-393-3352, ext. 403.• The Original Rolf Method by Sandra Eha May, 828-301-9963.• Roundtable Financial Services, Langdon Ammen, 828-285-0123.• SpringHouse Water Purification Systems, 828-628-4336• TECO, Tenant Evaluation, 877-511-8326.

Mention you’re a CREIA member and saw their ad in the newsletterwhen you call to support sponsors.

We Appreciate Our Sponsors

abilities Act (ADA). The maximumannual credit is $5,000 and is equalto the 50% of eligible access expen-ditures made during the year up to

provided or bring your own).There will be great food,games, and prizes for all ages,including a campfire withmarshmallow roast. Because ofthe new location, there will bea nominal fee of $5.00 permember and $9.00 for non-members. Children 12 andyounger are free. This is a won-derful opportunity to have funand socialize with other CRE-IA families. The flyer on Page13 gives more specifics.

Please be sure to RSVP by Sep-tember 9 by calling Debbie Buck-laew at (828) 454-0235 or e-mail atbeaumontrentals@aol.com. You canalso sign up at the August and Sep-

tember CREIA meetings at the deskwhen you enter. Last year’s picnicwas lots of fun, and every year thepicnic gets better and better, sodon’t miss it!

$10,250 – there is no credit for thefirst $250 in expenditures.

Certain small businesses may po-tentially use the deduction andcredit incentives in combination. Ifa business spends $20,000 to re-move architectural barriers and

comply with the ADA, it could re-ceive the maximum annual deduc-tion (15,000) as well as the maxi-mum annual credit of $5,000.

Timing of these expendituresmay affect the ability to maximizeannual tax incentives, and tenantsand building owners may also beable to structure their leases advan-tageously in order to achieve besttax results. Consequently, it may bein the interest of the building own-er and business to consult with aqualified tax professional prior tomaking these expenditures.

The fine print: This article is forgeneral guideline purposes onlyand should not be relied upon inany way to make critical tax or finan-cial decisions. Most situations areunique and you should consult yourtax advisor regarding issues pertain-ing to you specific situation. In oth-er words ... you can’t sue me for this.

– From realestateabc.com

Incentives– From Page 8

Pigging out at last year’s CREIA picnic atLake Julian.

12

direction you may take as an investor in real estate.The New and Beginning Investor Subgroup will helpyou set goals for yourself and guide you through ayear’s worth of informative topics. Still not sure aboutthe basics? Take Bill Goacher’s and friends BasicsCourse the next time it is offered. Write down thenames of members that you meet and get their phonenumber. Call them for get-togethers during themonth. There may be someone else out there like youwho doesn’t know where to begin and would feelcomfort in knowing they are not alone. Don’t forget,the more you put into CREIA by networking with oth-ers and attending the monthly events, the more you’llget out of it!

If you would like to ask a question to CREIA investorsthat will be answered in the next issue of CREIA or discussedas a meeting or seminar topic, please send your question anddetails to Jeannie Acevedo at CreiaNews@hotmail.com Besure to include “CREIA Question” in the subject line.

Q&A

All phone numbers area code 828 unlessnoted.

Wanted: Property to Lease-Option for amaximum of 18 months, then purchase. (Ineed a 1031 Exchange property for a futureclosing) $275,000 and up. Have cash fordown payment (consideration) and seller willget about $160,000 as total down payment atclosing (if seller-financed). If bank financed,you will be cashed out at closing. Judy Glick-en, 645-8101 or cell 776-0509.

For Sale: 10 restricted acres, Visual andauditory peace. 100-yr. old hardwoods, rough12 x 16 cabin on dirt road. 4 x 4 access orfront-wheel drive. Restrictions include noclear cutting (unless for pasture or homesite),no hunting, no subdividing of land less than2 acres, no mobiles except for temporary 2-yr. period. Very private. 45 minutes east ofAsheville. $42,000 OBO. Will trade up ordown for similar value real estate. Sandra EhaMay, 669-1086.

For Sale: 21-unit mobile home park on 8acres. $50,000 annual income. $487,500,Steve Anderson, 684-9116.

For Sale: 2,000+/- sq. ft commercialbuilding on Sugar Hill Rd. Two-lane roadabout to be five-lane. Two tenants (taco stand

and storage), used to be convenience store. Noin-ground tanks and Fed and State EPA haveissued a clean bill on tanks. $149,500 cash,Cliff McLarty, 659-8155.

For Sale: 1/8 acre with older trailer, N. ForkRd., Black Mountain area. $25,000 OBO, Colinor Nancy, 298-3933.

For Sale: Mobile Home lot, .37 acres, Can-dler area off Ridge Road, water hookup, pavedstreets, underground utilities, survey, and 2BR septic tank permit and closing costs paidby seller. Needs light grading and septic tankinstalled, $12,500 cash, David Maggard, 258-8036 9 a.m. to 6 p.m.

For Sale: Two rental houses next to LaurelPark Shopping Center. 2 BR, 2 BA at 65 KitCarson Ln. rents for $525. 2 BR, 1 BA at 73 KitCarson Ln. rents for $495. Tenants pay utili-ties. Take 64W to Laurel Park Shopping Cen-ter, turn right at traffic light onto Windsor Dr.and take left on Kit Carson. $125,000 for bothhouses with some owner financing, possiblelease option, Mark or Maggi Saucier, 698-0902.

For Sale: .63 acre lot, Lake Lure area. Own-er financing with no down payment at 7% forfive years, $10,500, 298-7477.

For Sale: 5.43 acres, east Tennessee. Own-

er financing with 10% down payment at 7%,with balloon in five years, $17,500, 298-7477.

Trade: Rehab work for vacation rental inon/off season. If you have the piece of para-dise, (preferably on the ocean) I have thetools. John Benedetto, 299-0271.

For Sale: Modified Cape Cod in BlackMountain, 65% complete. .5 acre lot with citywater and sewer, separate 30 x 40 foundationpoured for building, zoning may permit sub-dividing. Lots of windows and skylights, 2400+/- sq. ft., interior is framed in. $94,500,some owner financing, Tom or Lynn Mills,669-6416.

For Lease or Sale: 5000 sq. ft in westAsheville, 2500 sq. ft. office, 2500 sq. ft.warehouse/office. Very attractive, move-incondition. 1.5 blocks from I-240, has parking,$3000/month or $350,000. Go towww.brighteye.com/2westwood.htm or callBob Wieselman, 279-8453.

For Sale: 3 BR, 2 BA Brick home with at-tached garage, Swannanoa. 1400 sq. ft.,hardwood floors, .4 acres. Built in 1959, TaxValue $91,600, Buy now for $64,000. Needs$7000-$10,000 in repairs, do it yourself andsave, Robert Johnson, 275-3344.

CLASSIFIEDS

– From Page 9

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Independent DistributorsAngel Alford/Betty Wellbeloved

(828) 628-4336

Water Purification System

13

5th ANNUAL CREIA PICNICSaturday, September 14

3:45 – 9:00 p.m.Taylor Ranch

Directions: From I-40

Take I-40. Take exit 50 and turn right onto US Highway 25 South (Hendersonville Road).

Travel approximately 4.5 miles to the intersection of Hendersonville Road and Mill Gap Road.

At that traffic light, there is an Ingles shopping center on the right and a Food Lion shopping

center on the left. Turn left onto Mills Gap Road. You will cross the railroad tracks and go

straight through the traffic light. Travel about 4.4 miles to the flashing light at the Country Food

Store and turn left onto Cane Creek Road. The entrance to Taylor Ranch will be 1.2 miles on

the left opposite a large white barn with green trim. Look for the CRIEA signs and balloons.

Be sure to join us at the Taylor Ranch for wonderful food, great companionship and lots of fun.

Activities include volleyball, softball, fishing, horseshoes, and badminton. Also, we’ll have acampfire and marshmallow roast. Traditional BBQ will be served with lots of desserts. Cost is

$5 for members and $9 for non-members. Children 12 and under are Free.

Please be sure to RSVP by September 9 by calling Debbie Bucklaew at(828) 454-0235 or e-mail at beaumontrentals@aol.com. You can also sign

up at the August and September CREIA meetings at the desk when you enter.

14

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Member Name:

Guest Name:

To CREIA’s July 8, Meeting

Guest Policy Guests can waive the $15.00 monthly meeting fee ($20.00/couple) for

their first visit with a referral from a member. Simply fill out the ticketbelow and have the guest turn it in at the sign-in desk. Should you haveany questions about this, please call Judy Glicken at 828-645-8101

15

New members: $150 • Membership Renewal: $100 ($25 for a second member living in the same household)Note: If your membership has lapsed for three months or more, you will be considered a NEW member at the new rate.

Member Name

2nd Member’s Name

Address

Phone: H W E-Mail Address

Level of Experience (check 1) ❏ Novice ❏ Intermediate ❏ Advanced

Would you be willing to share your expertise with others? ❏ Yes ❏ No

Committee(s) I might be interested in working on: ❏ Programs ❏ Library ❏ Finance❏ Membership ❏ Newsletter ❏ Subgroup ❏ Marketing

❏ Newsletter subscription only ($36 a year)

Date Amount Paid

Make check or money order payable to: CREIA and mail to: CREIA, P.O. Box 615, Asheville, NC 28802.

If paying by credit card: ❏ Mastercard ❏ Visa

Name On Card

Number: Expiration Date

Signature:

For membership information, call Judy Glicken at 828-645-8101 • www.CarolinasREIA.org

The Association is an educational organization only and does not offer investment, legal, or accounting advice of anykind and is not liable for any action or inaction taken or not taken as a result of its communications.

CREIA Membership Application

Each month the CREIA newsletterreaches a select group of active realestate investors. If you have a trade,service or business, or property to sellor exchange or any other advertisingneed, run an ad in this newsletter.

Rate ScheduleMember Non-

MemberBusiness CardSize $ 12.50 $ 18.751/4 Page Ad $ 24.00 $ 37.501/2 Page Ad $ 50.00 $ 75.003/4 Page Ad $ 75.00 $ 112.50Full Page Ad $100.00 $ 150.00Insert $150.00 $ 225.00

Set Up Charges: If ad is not cameraready, the following typesetting/setupcharge will be added to bill: Full page$50; 3/4 Page $40; 1/2 Page $30; 1/4Page $20; Business Card Size $10; re-visions to completed ads will becharged by time: $35/hr.

Classified AdvertisementsMembers: First 5 lines free, $1.00

each additional line or part of a line.Non-Members: $5.00 first five lines,$1.50 each additional line or part of aline.

Deadline and PaymentAll advertisements must be prepaid

and received no later than the secondWednesday of each month for the nextmonth’s issue. See Jeannie Acevedo atthe monthly CREIA meeting, secondMonday of the month ... OR Mail check(payable to CREIA) and copy (cameraready or roughed out) to Judy Clod-felter 933 Newfound Road Leicester,NC 28748. Phone: (828) 683-4799.Check and copy must arrive by secondWednesday to ensure insertion in nextissue of paper.

Discounts: These advertisementscan be purchased on an annual basiswith a 5% discount for 3 months paid inadvance; 10% for 6 months; 15% for 9months; and, 20% for 12 months.

Editing and Right of Refusal:CREIA reserves the right to edit ads orto refuse ads.

CREIAAdvertising

Rates

P.O. Box 615Asheville, NC 28802

828-255-2727Fax: 828-255-8042

First Class Postage

AUGUST MEETING

SHOW & SELL

If you have a property for sale orsomething you are interested in,single family, duplex, mobilehome, land, etc., that you wouldlike to offer/ask for during Show &Sell at the CREIA meeting, pleasefax your info to Cliff McLarty at828-659-3894 or e-mail him atcliff@dadincorp.com by Friday be-fore the Monday meeting. He willprepare an overhead transparencyto show at the meeting.

CREIA OFFICERS

PresidentBill ChoateHome (828) 299-0767choatedev@aol.com

Vice-President/ DirectorOf EducationJohn MaltryWork: (828) 252-6858johnmaltry@cs.com

TreasurerRiis Williams(828) 654-2081riis.o.williams@usa.contiteves.com

SecretaryBeverly B. RobinsonHome: (828) 667-8911BevRob03@aol.com

National SpeakersDavid WorleyHome: (828) 252-3511Work: (828) 251-2727highland3@home.com

ProgramsSteve ColePhone/Fax: (828) 274-8679jostpirate@aol.com

MembershipJudy GlickenHome: (828) 645-8101Mobile: (828) 776-0509Fax: (828) 645-8457judyglick2@aol.com

CommunicationsJeannie Acevedo(828) 645-8888creianews@hotmail.com

LibrarianJack Nesbitt(828) 891-8339nesb5914@bellsouth.netBoylston Hwy.Rt. 1, Box 10BPMB 455Horse Shoe, NC 28742

CREIA is an educational organization and investors should consult an attorney or accountant before makingan investment. All members and guests assume the risk of making their own investment decisions.

CREIA Info Line — (828) 255-2727creia@bellsouth.net

SubgroupsBooth RankinsHome: (828) 645-9566Work: (828) 274-9453brankins@mindspring.com

Director ProfessionalStandardsDebbie BucklaewH 828-454-0235Cell 828-507-7247beaumontrentals@aol.com

Director Public PolicyCommitteeWalt PlaueHome: (828) 658-3151Fax: (828) 645-0165pplaue@aol.com

Director MarketingJudy Clodfelter(828) 683-4799silversrosebud@aol.com

Web CommunicationsWayne Kale(828) 685-0026wayne@ryonrecruiters.com

Monday, August 12., Best West-ern Biltmore West Hotel, 275Smokey Park Hwy, Asheville. Buf-fet is $12 and served from 5:45 –6:45 pm. Buffet is first come, firstserved; no reservations taken.

5:45 Announcements6:00 Show and Sell6:15 Hot Seat Speaker: Wayne

Kale and Marjorie Furay on CRE-IA’s website.

6:45 Short Break/Networking7:10 Tales of Disaster8:00 Meeting Ends – Network-

ing Time