Real Estate Investors Share Experiences of Investment Deals

November 2001
Member of the National Real Estate Investors Association (NaREIA)
Upcoming
Meetings
• November 5 – New Members/Fundamentals Subgroup Meeting, 6:30 p.m.,
China Garden Restaurant,
1000 Brevard Rd., Kmart
Center beside Biltmore
Square Mall, Asheville.
Questions? Call Judy Clodfelter at 683-4799 or email:
[email protected].
• November 12 – CREIA
Monthly Meeting, 5:45 p.m.,
Best Western Hotel, 275
Smokey Park Hwy., Asheville.
Program: Colin Robertson
and Cathy Burroughs.
• November 19 – CREIA Board
Meeting, 6:00 p.m., Best
Western Hotel, 275 Smokey
Park Hwy, Asheville.
• November 22 – Public Policy
Committee Meeting, Noon,
Best Western Hotel, 275
Smokey Park Hwy, Asheville.
• November 27 – Landlording
Subgroup Meeting, 7:00
p.m., Enka-Candler Library,
Sandhill Road. Meets 4th
Tuesday each month
through November due to
PHP Certification class. Call
Maggi or Les Saucier for info
at 658-8819.
• November 27 - Advanced Investors Subgroup Meeting,
1:00 p.m., Ryan’s, Patton Ave.
Meets 4 th Tuesday each
– Continued Page 6
November Program
Real Estate Investors Share
Experiences of Investment Deals
By Steve Cole
Programs Director
At the November 12 meeting,
longtime investors Cathy Burroughs
and Colin Robertson will enlighten
and encourage CREIA members
with their own experiences of real estate deals.
Cathy, mother of six and grandmother of two, began her real estate
career in 1984 as a Realtor. She recalls it as a time of “listing, selling,
buying and losing,” but she learned
a lot of what not to do and can still
confess she loves the challenge!
Seven years ago, she and her husband, Craig, moved from New York
state to the mountains of North
Carolina. As a North Carolina Realtor and investor, she transformed
her method of “listing, selling, buy-
ing and losing” into “buying and
holding.” Most of Cathy and Craig’s
investments are in manufactured
housing because of the great cash
flow – it’s what she loves to peg as
“the Ideal Deal.”
– Continued Page 4
Dinner ($12.00) is served first-come,
first served from 5:45 p.m. until 6:45
p.m. Approximately 60 dinners are
prepared; no reservations taken.
Come enjoy. Bon appetit’.
Order Up Your Education ‘A La Carte’
By John Maltry
In the next two months and into 2002, CREIA members have the opportunity to choose from a wide variety of seminars. Since the PHP program
requires the attendance of one CREIA seminar, I would like to give everyone an expanded summary of all the real estate education seminars for the next 6 months, along with
the contact phone number for registration. If you
are trying to decide which great seminar to go to,
why not attend more than one? And remember
the words of CREIA President Bill Choate about
all these great seminars: “That’s enough to fill up
your tank and head back!”
– Continued Page 6
2
Board Retreat Report: Quality Over Quantity
By Bill Choate
The Board of Director’s met on
September 22 in the boardroom of
High Street Banking Co. for our
annual retreat with our host Lacy
Cross. I would like to review with
you what we discussed and what we
decided.
Each Board Member was asked
to list three things they thought
were most important to CREIA for
the coming year. As you might
guess, the number one concern by
a wide margin was our current
meeting facilities and how we can
best attain a site better suited to our
needs.
Dave Worley will lead a committee
to look at any and all possibilities to
get us a place where we can meet,
President’s
Message
hold seminars, store the library,
serve meals, etc. at one location. If
you know of a location that we might
use, let us know, keeping in mind we
need parking for about one hundred
people.
Most of the other ideas were
ranked about evenly in importance,
with one recurring theme ... “Quality Over Quantity.” We agreed that after two years of rapid growth in
membership, getting even bigger
was not necessarily better. We want
to remember that CREIA’s main
Material Expansion, Upcoming
Auction and Library Policy Review
By Jack Nesbitt
Due to increased membership
and a request for new materials
from our members, the CREIA Library will be expanding with new
materials in the upcoming months.
To better serve you, we will be updating our library and making room for
new materials.
Beginning in December 2001, we
plan to have a silent auction of
at least two items per
month. You will be able to
come by the auction table,
review what is being sold, and
leave your bid. You can
change your bid at any time
up until the bids close.
The winner will be announced at the end of
the monthly meeting
and the winning
bidder can claim Library
their prize and
News
pay
CREIA’s
treasurer.
These older books and tape sets
may show wear and tear, but still
contain valuable information to be
applied in today’s economy. CREIA
uses the proceeds of the auction to
buy updated books and tape sets, giving CREIA members the access to hundreds of dollars
worth of new materials during the course of one year’s
membership. Purchasing
these items from our upcoming silent auctions is a win/win for
both you and CREIA.
On another note, we’d like to
– Continued Page 4
mission is to EDUCATE our members about real estate investing.
We also elected to:
1. Host a maximum of two
events a year where attendees are
asked to purchase tapes, programs
etc.
2. Start out with a simple vendor
plan with one set of benefits for
one price and making changes as
this new project evolves.
3. Continue to support our very
successful “in-house” speakers,
seminars, PHP program, subgroups
and Basics Course.
4. Appoint Beverly Robinson as
our first Archivist.
5. Have more networking time
and less hot seat speakers.
6. Support other REIAs by having
their flyers available at our meetings,
but not mail them out in our newsletter.
7. Do a community service project
for CREIA members, possibly work– Continued Page 3
CREIA Report
CREIA Report is published monthly. Newsletter
editor is Jeannie Acevedo.
Articles submitted are the
express opinions and comments from various independent CREIA members and
outside sources.
CREIA members are urged
to submit articles for publication. Deadline for articles to
be published is the third
Monday of each month.
Send your article to Jeannie
Acevedo, 82 Greenridge Rd.,
Weaverville, NC 28787, or email, [email protected]
3
CREIA And Habitat For Humanity
unteers building
homes for qualified
families and they recently completed
their 100th house.
The families also
must invest “sweat
equity” in the building of their own home. Homes take
approximately 12 weeks to complete
with 8-12 volunteers each day.
Our hope is that in the spring of
2002, CREIA could provide about 6
volunteers, one day a week, to work
on the 12-week construction of a
By Judy Glicken
One of our goals that was discussed at our recent Board retreat
included a way for CREIA to “give
back” to the
community.
Habitat for
Humanity
seemed like
a natural in
terms of a
partnership.
Habitat
works yearround with vol-
President’s Message
– From Page 2
ing as a group on a Habitat House.
Okay, that’s about it. Your Board is a very dedicated,
hard working group and I thank each of them for their
contributions. We are very proud of CREIA and plan to
Financial Services
for Real Estate Investors
• Investment
•
•
LANGDON AMMEN
LANGDON AMMEN
•
Loans
Mortgage
Purchases
Mortgage
Participations
JEAN AMMEN
Voice (828) 285-0123
•
KATIE KING
• Fax (828) 236-0123
home. This would be a
great experience for
those of us wanting to
“give back” in some
way and Habitat is
thrilled and grateful
at the possibility of
our participation.
We’ll be inviting someone from
Habitat to one of our upcoming
meetings to share their vision, so stay
tuned!
If you have any ideas or questions,
please feel free to call me at 6458101.
nurture our programs and events and get stronger and
better this year and perhaps larger, if the growth is
based on quality. Give us your thoughts or ideas and
thanks for your support.
4
Library
– From Page 2
review the checkout rules and procedures as established by the CREIA
Board of Directors.
CREIA Library Policy
1. You must be an active CREIA member.
2. You must be in good standing.
3. You must not owe any late fees to
the library.
4. Your membership dues must be
current.
5. You may check out only one (1)
item per person, per meeting.
6. You have read and understood the
library policy and CHECKOUT
AGREEMENT.
7. You will abide by the checkout and
check-in procedures.
8. You must provide an imprint of a
MasterCard or VISA to check out
materials valued over $200. This
will be held by CREIA’s treasurer
and returned to you upon check
in. (This newest procedure was
adopted by the new Board of Directors and will be implemented
beginning December 2001.)
Library Checkout Procedures
By signing my name to the checkout register, I attest and agree to the
terms and conditions of checking
out material from the CREIA library.
I attest that I am a member of CREIA, in good standing, and I do not
owe any late fees to the library. I understand and agree the material I am
checking out on the noted date will
be returned to the library at the next
CREIA meeting held on the second
Monday of the following month. If I
fail to return the library material I
Name
Larry Ford
David Bonyun
Catherine Proctor
Steve Price
George Freeman
Rich Mann
McKinley Caldwell
Dona Cavanagh
Stephen Bitner
Code
0118
0112
0039
0084
0188
0205
0206
0162
0204
Title
Fundamentals of Real Estate
New Strategies for Investing
Managing Small Properties
No Down Payment
Resident Money Making Prgm
No Down Payment Manual
No Down Payment Manual
Best of Career Track
Profits with Foreclosures
UPCOMING EVENTS
Nov. 6-27 Lead Based Paint Training, Tuesdays, 6-8:30 p.m. at A-B
Tech, Maple 210. $50, 254-1921 ext.
858
Nov. 8 Building On Our Heritage
& Looking to Our Future: A One-Day Conference Addressing the Unique Housing Needs of WNC, 8:00-4:15, $30,
287-2281 ext. 1262
Nov. 8 Success 2001 CANCELLED
Nov. 8 The U.D.O. of Asheville with
Gerald Green, Continuing Education Real Estate Class, 1:00-5:00, AB Tech, Rhododendron 414. $40,
254-1921 ext. 472
Nov. 10 Foreclosure Fortunes with
Steve Wilkie, Cumbie Institute,
CREIA members - $225, 800-5515064. Steve will also hold a 3-hour
workshop at the courthouse on how
will be obligated to pay a late charge
of $10.00 per piece of material, per
month. If I do not return the material within 90 days, I will be billed at
the retail value for the material that
I have checked out. If I have late
fees or any library material 90 days
past due, I will forfeit my library
privileges. I also agree to reimburse
CREIA for all collection expenses associated with the attempt and process
of collecting my late fees and/or retail value of the material past due.
Once again just a friendly reminder to please turn in overdue items at
the November 12 monthly meeting.
Jack Nesbitt is a CREIA Board Member.
Date Out
2/12/01
5/14/01
5/14/01
6/11/01
7/09/01
8/13/01
9/10/01
9/10/01
9/10/01
November Program
to use the courthouse for those that
attend his classes.
Nov. 17 Real Estate Negotiating
Workshop with David Maggard, 8:3012:00, Cumbie Institute, CREIA
members $25, non-CREIA $35
Nov. 28 The U.D.O. of Asheville
with Gerald Green, Continuing Education Real Estate Class, 6:00-10:00
p.m. A-B Tech, Rhododendron 351.
$40, 254-1921 ext. 472
Dec. 15 IRAs and Real Estate with
David Worley, 8:30-12:00, Cumbie
Institute, CREIA members $25, nonCREIA $35
If you would like to include upcoming
real estate investor events in the next issue of CREIA, please send your event
date and details to Jeannie Acevedo at
[email protected].
– From Page 1
Colin Robertson was raised in
Washington, DC, but made his
home in Tennessee after graduating from UT at Knoxville. When
Colin was unable to find a job in
upper east Tennessee, he made his
first land purchase. Although he
did not realize it at the time, he had
launched into real estate investing
career that has been his primary interest for the last 25 years.
He currently holds a NC General
Contractor’s license and works almost exclusively on his own projects.
Some of his projects include single
family rehabs, new construction and
raw land. He and his wife, Nancy
Duggan, currently hold title to multiple properties in several states.
5
Top Ten Reasons You Need To Join
The Real Estate Investors Cruise
January 27February 3, 2002
10. Warm weather,
tropical islands,
crystal clear water,
duty free ports.
9. Carnival’s beautiful
new 2,700 passenger ship the “Victory.”
8. Las Vegas style revue shows, comedians, music,
dancing, casino, lounges.
7. Seven days of delectable food,
then some more between meals,
and then a midnight buffet to
settle your stomach! And then
there’s free ice cream and pizza
24 hours a day!!!
6. A chance to eat dinner with different investors and speakers each
night.
5. Pools, jacuzzis, workout rooms,
saunas, basketball, shuffleboard,
running track ping-pong, organized activities for adults and kids,
plus much more.
4, Port stops in San Juan, St. Croix,
and St. Thomas for your shopping and sightseeing pleasure.
3. National Speaker – Jimmy Napier.
2. Eight additional national speakers.
1. And the # 1 reason why … over
1,000 investors from 45 different
cities have attended a National
REIA Cruise over the past four
years — TO NETWORK WITH
FELLOW INVESTORS! Don’t
wait to register as space will fill
quickly. Complete the registration form on back of the cruise
flyer in this newsletter and fax
or mail it back to Cruise Chairman Don Beck toll free 877-5429804 or send him an e-mail at
[email protected]. We sold
out our allotted space two
months before sailing last year,
so register early for best prices
and cabin availability.
We Finance Investors/Renovators
12.75% Interest Rate
4 Points
No Pre-Payment Penalty
STATEWIDE CAPITAL INVESTMENTS
(800) 460-1890 or (281) 332-2009
CREIA Advertising Rates
Each month the CREIA newsletter reaches a select
group of active real estate investors. If you have a
trade, service or business, or property to sell or exchange or any other advertising need, run an ad in
this newsletter.
Rate Schedule
Member Non-Member
Business Card Size
$ 12.50
$ 18.75
1/4 Page Ad
$ 24.00
$ 37.50
1/2 Page Ad
$ 50.00
$ 75.00
3/4 Page Ad
$ 75.00
$ 112.50
Full Page Ad
$100.00
$ 150.00
Insert
$150.00
$ 225.00
Set Up Charges: If ad is not camera ready, the following typesetting/setup charge will be added to
bill: Full page $50; 3/4 Page $40; 1/2 Page $30; 1/
4 Page $20; Business Card Size $10; revisions to
completed ads will be charged by time: $35/hr.
Classified Advertisements
Members: 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
a line.
Deadline and Payment
All advertisements must be prepaid and received no later than the second Wednesday of each
month for the next month’s issue. See Jeannie
Acevedo at the monthly CREIA meeting, second
Monday of the month ... OR Mail check (payable to
CREIA) and copy (camera ready or roughed out) to
Jeannie Acevedo, 82 Greenridge Rd., Weaverville,
NC 28787. Phone: 645-8888. Check and copy must
arrive by second Wednesday to ensure insertion in
next issue of paper.
Discounts: These advertisements can be purchased on an annual basis with a 5% discount for
3 months paid in advance; 10% for 6 months; 15%
for 9 months; and, 20% for 12 months.
Editing and Right of Refusal: CREIA reserves
the right to edit ads or to refuse ads.
6
ONLINE Information Services
Owners On The Hot Seat
Upcoming
Meetings
– From Page 1
month. Note: Beginners welcomed,
Jim and Marsha Blair, owners of Online Information Services, will tell how
too
ONLINE Collections has grown to be the largest in North Carolina and one of
• November 27 – Hendersonville
the largest agencies in the nation.
Thirty-nine years ago, ONLINE Information
Subgroup Meeting, 6:30 p.m.,
Services started as a small, local credit bureau
Bay Breeze Restaurant, 1830
with no collection operation. In 1986, the Blairs
Asheville
Highway,
purchased the Credit Bureau of Greenville
Hendersonville. Meets last Tuesthrough Southeastern Credit Bureaus, Inc.
day each month. Call Tom Boyd,
As 23% shareholders in Southeastern, they led
697-6716 for info.
the company to purchase bureaus in NC, TN, AL • December 3 – New Members/
and become a software vendor for the nation’s
Fundamentals Subgroup Meetleading Collection Agency Software. In 1989, the
ing, meets 6:30 p.m., China GarBlairs dissolved the partnership with Southeastden Restaurant 100 Brevard Rd.,
ern and purchased 100% interest in the GreenKmart Center beside Biltmore
ville operation.
Square Mall, Asheville. Meets
In addition to Collections, the products offirst Monday of each month.
fered include ONLINE Rental Exchange, Utility
• December 6 – Public Policy ComExchange, Credit Reporting and Mortgage Remittee Meeting, 12:00 Noon, Best
porting. Our speakers will explain how the use of these services provide up-toWestern Hotel, 275 Smokey Park
date information on potential tenants or clients, saving time and energy in the
Hwy. Asheville.
screening or collection process.
‘A la Carte’
– From Page 1
Seminar Dates & Times
❏ Date: November 6th - 27, 2001
Seminar: Lead - Based Paint Training
Location: A-B Tech
Registration Info: (828)254-1921, ext. 858
❏ Date: November 8, 2001
Seminar: Success 2001
Location: Cancelled due to Sept. 11 attack
❏ Date: November 10, 2001
Seminar: Foreclosure Fortunes
Location: Cumbie Institute
Registration Info: (800)551-5064
❏ Date: November 17, 2001
Seminar: Real Estate Negotiating Workshop
Location: Cumbie Institute
Registration Info: (800)477-1778
❏ Date: December 8, 2001
Seminar: 1/2 Help Day with Jimmy Napier
Location: Homestead House, Gatlinburg Tenn.
Registration Info: (800)354-2072 (Sharon Frank)
❏ Date: December 15, 2001
Seminar: IRAs and Real Estate
Location: Cumbie Institute
Registration Info: (800)477-1778
❏ Date: January 19, 2002
Seminar: Property Management Legal Workshop
Location: Cumbie Institute
Registration Info: (800)477-1778
❏ Date: February 16, 2002
Seminar: Property Management Operations
Location: Cumbie Institute
Registration Info: (800)477-1778
❏ Date: March 16, 2002
Seminar: 25 Things Real Estate Investors Should Know
About Taxes
Location: Cumbie Institute
Registration Info: (800)477-1778
❏ Date: April 13, 2002
Seminar: Fixing Up Properties to Maximize Profits
Location: Cumbie Institute
Registration Info: (800)477-1778
7
CLASSIFIEDS
All phone numbers area code 828 unless noted.
House For Sale, 2300 Sq Ft, 107
Broad St (1 Block from Fuddruckers),
Asheville. Lease option or lease purchase available. Jeanette Syprzak, 2736068.
6 Space 3 Acre Mobile Home Park
For Sale on McDowell/Burke County
Line. 6 Septic systems. Residents maintain own lawns and homes. From Asheville
take I-40 east to Hwy 226. $55,000. For
specific directions/details call Mark Shuman, 800-826-4988 or 828-659-8444.
4.2 Acres For Sale on Joe Bailey
Road, Fairview. One mile east of new
Cane Creek School. Land is steep with
paved access. Selling at $18,000 (one-half
appraised value). Gary Gaither, 298-8088.
Large House For Sale in South Central Ohio. $76,000. For details call Colin
298-3933.
Wanted: Someone to Move Abandoned 1989 Chev. Blazer. $100. Colin
298-3933.
For Rent 5 BR/3.5 Bath House in
Maggie Valley. Great view of the valley.
$1,600/Mo. Debbie Bucklaew, 454-0235.
Want To Buy: Lot for Doublewide or
Doublewide on Lot in South Buncombe,
Fairview or North Henderson County.
Dave Cornwell, 687-9624.
Want To Buy Single or Small MultiFamily Fixer Upper in Buncombe or
Madison County. Steve Peek, 645-5092.
Want To Buy Metal Kitchen Cabinets.
Wade May, 669-1086.
For Sale 48” Yazoo Commercial
Mower. Front deck, 16 HP. Jeannie
Deines, 236-2102.
House For Sale, 3 BR/1 BA, SplitLevel in Erwin Hills, Asheville. Currently rented for $750/mo. Jeannie Deines,
236-2102.
House For Rent 3 BR/2BA on Five
Acres, 10 min from Downtown Asheville
in Erwin Hills area. $950/mo. Jeannie
Deines, 236-2102.
CREIA Membership Application
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
Level of Experience (check 1)
E-Mail Address
❏ 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 any kind
and is not liable for any action or inaction taken or not taken as a result of its communications.
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 ticket below and have the guest turn it in at the sign-in desk. Should you have any
questions about this, please call Judy Glicken at 828-645-8101
.
This And That
• October CREIA Statistics: 388 members, 11 guests
• CREIA Resource Handbook is available for $45. See the information
table to purchase your copy.
To CREIA’s November 12, 2001, Meeting
Member Name:
Guest Name:
-
-
SHOW & SELL
If you have a property for sale or
something you are interested in,
single family, duplex, mobile
home, land, etc., that you would
like to offer/ask for during Show
& Sell at the CREIA meeting,
please fax your info to Cliff
McLarty at 828-659-3894 or email
him at [email protected] by Friday before the Monday meeting.
He will prepare an overhead transparency to show at the meeting.
President
Bill Choate
Home (828) 299-0767
[email protected]
Programs
Steve Cole
Phone/Fax: (828) 274-8679
[email protected]
Vice-President/ Director
Of Education
John Maltry
Work: (828) 252-6858
[email protected]
Membership
Judy Glicken
Home: (828) 645-8101
Mobile: (828) 776-0509
Fax: (828) 645-8457
[email protected]
Treasurer
Riis Williams
Communications
(828) 654-2081
Jeannie Acevedo
[email protected] (828) 645-8888
[email protected]
Secretary
Beverly B. Robinson
Librarian
Home: (828) 298-0617
Jack Nesbitt
[email protected]
(828) 891-8339
[email protected]
National Speakers
Boylston Hwy.
David Worley
Rt. 1, Box 10B
Home: (828) 252-3511
PMB 455
Work: (828) 251-2727
Horse Shoe, NC 28742
[email protected]
Subgroups
Booth Rankins
Home: (828) 689-9748
Work: (828) 874-9453
[email protected]
Director Professional
Standards
Debbie Bucklaew
H 828-454-0235
Cell 828-507-7247
[email protected]
Director Public Policy
Committee
Walt Plaue
Home: (828) 658-3151
Fax: (828) 645-0165
[email protected]
Director Marketing
Judy Clodfelter
(828) 683-4799
[email protected]
CREIA Info Line — (828) 255-2727
http://www.CarolinasREIA.org
[email protected]
CREIA is an educational organization and investors should consult an attorney or accountant before making
an investment. All members and guests assume the risk of making their own investment decisions.
P.O. Box 615
Asheville, NC 28802
-
Monday, November 12, Best Western Biltmore West Hotel, 275
Smokey Park Hwy, Asheville. Buffet is $12 and served from 5:45 –
6:45 pm. Buffet is first come, first
served; no reservations taken.
6:00 - 6:30 – Hot Seat Speaker –
ONLINE Services
6:30 - 7:30 – Networking, Visit
CREIA Library, Business Meeting
7:30 – 9:00 - Program: CREIA
Members Colin Robertson and
Cathy Burroughs.
828-255-2727
Fax: 828-255-8042
-
CREIA OFFICERS
First Class Postage
NOVEMBER MEETING