**EXHIBIT
      31.1**





**CERTIFICATION**








I,
      Steven
      Abney, Vice President, Treasurer and  Chief Financial Officer of First
      Equity Properties, Inc. (“FEPI”), certify that:





1.
            I
                have reviewed this quarterly report on Form 10-Q of
                FEPI;





2.
            Based
                on my knowledge, this quarterly report does not contain any untrue
                statement of a material fact or omit to state a material fact necessary
                to
                make the statements made, in light of the circumstances under which
                such
                statements were made, not misleading with respect to the period covered
                by
                this quarterly report;





3.
            Based
                on my knowledge, the financial statements, and other financial information
                included in this quarterly report, fairly present in all material
                respects
                the financial condition, results of operations and cash flows of
                the
                registrant as of, and for, the periods presented in this quarterly
                report;





4.
            I
                am responsible for establishing and maintaining internal controls
                and
                procedures (as defined in Exchange Act Rules 13a-15(e)) and internal
                control over financial reporting (as defined in Exchange Act Rules
                13(a)-15(f) and 15d-15(f) for FEPI and
                have:




(a)  Designed
      such disclosure controls and procedures or caused such disclosure controls
      and
      procedures to be designed under our supervision, to insure that material
      information relating to FEPI and its consolidated subsidiaries is made known
      to
      me by others within those entities, particularly for the periods presented
      in
      this quarterly report;





(b)  Designed
      such internal controls over financial reporting, or caused such internal control
      over financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and the
      preparation of financial statements for external purposes in accordance with
      generally accepted accounting principles;





(c)  Evaluated
      the effectiveness of FEPI’s disclosure controls and procedures and presented in
      this report our conclusions about the effectiveness of the disclosure controls
      and procedures, as of the end of the period covered by this report based on
      such
      evaluation; and





(d)  Disclosed
      in the report any change in FEPI’s internal control over financial reporting
      that occurred during FEPI’s most recent fiscal quarter (the registrant’s fourth
      fiscal quarter in the case of an annual report) that has materially affected,
      or
      is reasonably likely to materially affect FEPI’s internal control over financial
      reporting; and





5.
            I
                have disclosed, based on our most recent evaluation of internal control
                over financial reporting, to FEPI’s auditors and the audit committee of
                FEPI’s Board of Directors (or persons performing the equivalent
                functions):





(a)  All
      significant deficiencies and material weaknesses in the design or operation
      of
      internal control over financial reporting which are reasonably likely to
      adversely affect FEPI’s ability to record, process, summarize and report
      financial information; and





(b)  Any
      fraud, whether or not material, that involves management or other employees
      who
      have a significant role in FEPI’s internal controls.








FIRST
                EQUITY PROPERTIES, INC.Date:
            August
                14, 2006
            By:
            /s/
                Steven A. AbneySteven
                A. AbneyVice
                President, Treasurer and Chief Financial
                Officer