**EXHIBIT 31**
**CERTIFICATIONS**
I, Ronald E. Kimbrough, certify that:
     1 . I have reviewed this annual report on Form 10-K of First EquityProperties, Inc.;
     2 . Based on my knowledge, this annual report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this annualreport;
     3 . Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this annual report;
     4 . The registrant’s other certifying officers and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13-15(e) and 15d-15e) and have internal control overfinancial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)for the registrant and have:
     (a) designed such disclosure controls and procedures toensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us byothers within those entities, particularly during the period inwhich this annual report is being prepared;
     (b) designed such internal control over financial reporting,or caused such internal control over financial reporting to bedesigned under our supervision, to provide reasonable assuranceregarding the reliability of financial reporting and thepreparation of financial statements for external purposes inaccordance with generally accepted accounting principals; and
     (c) evaluated the effectiveness of the registrant’sdisclosure controls and procedures and presented in this reportour conclusions about the effectiveness of the controls andprocedures as of the end of the period covered by this reportbased on such evaluation; and
     (d) disclosed in this report any change in the registrant’sinternal control over financial reporting that occurred during theregistrant’s most recent fiscal quarter that has materiallyaffected, or is reasonably likely to materially affect, theregistrant’s internal control over financial reporting; and
 

 

     (e) presented in this annual report our conclusions about theeffectiveness of the disclosure controls and procedures based onour evaluation as of the Evaluation Date;
     5. The registrant’s other certifying officers and I have disclosed, basedon our most recent evaluation of internal control over financial reporting, tothe registrant’s auditors and the audit committee of registrant’s board ofdirectors (or persons performing the equivalent functions):
     (a) all significant deficiencies and material weaknesses inthe design or operation of internal control over financialreporting which are reasonably likely to adversely affect theregistrant’s ability to record, process, summarize and reportfinancial information; and
     (b) any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in theregistrant’s internal controls.   Dated: March 30, 2004.    /s/ Ronald E. Kimbrough   Ronald E. Kimbrough, Vice Presidentand Treasurer (Acting PrincipalExecutive and Chief FinancialOfficer)