Richard Ray Solem is President of Equity Fund Group, Inc. a central services corporation for six distinct companies engaged in or supporting real estate syndication: Equity Fund Realty, Inc., of which he is Broker of Record, is licensed in Maryland, the District of Colmbia and Virginia. Equity Fund Management, Inc. is a property management firm. Equity Fund Investors, Inc. specializes in parternship management. Equity Fund Construction, Inc. is a general construction firm. Equity Fund Mortgage, Inc. is a commercial loan origination/brokerage firm. Equity Fund Securities, Inc. is a securities broker-dealer firm.

A graduate of the University of Texas (B.A. and M.A.), and the Foreign Service Institute, Mr. Solem came to Washington, D.C. in 1968 as a Project Officer with the Agency for International Development, working in Latin America, Africa and Washington, D.C.

Mr. Solem entered real estate in the D.C. metropolitan area in 1971 as a investor/renovator of single family residences. In 1977 he became a licensed Realtor Associate with Century 21 Kadow, Inc. In 1980, upon receipt of his Maryland real estate broker's license, he established Equity Fund Group, Inc.

A member of the National Association of Realtors, Mr. Solem is a holder of the SRS designation from the Real Estate Securities and Syndication Institute (RESSI) and served five years as Director and President of its local chapter for Maryland and the District of Columbia. Mr. Solem has also served as a Director and Treasurer of the Lafayette Federal Credit Union, lectured on real estate syndication and investment at the Maryland Graduate Realtors' Institute, Montgomery College and Northern Virginia Community College, and is author of How to Play the Real Estate Syndication Game, Prentice Hall, 1988.

Mr. Solem was actively engaged in real estate syndication from 1978 to 1988. Offerings were made privately as well as publicly, including blind pool and specific investments. The focus of these transactions included residential and commercial development and rehabilitation as well as conversion to condominium ownership.