SecProbe.io

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       May 5, 2005

Mail Stop 4561 via U.S. Mail and fax (214) 361-0964

Mr. Ken L. Joines
Vice President and Treasurer
First Equity Properties, Inc.
1800 Valley View Lane, Suite 300
Dallas, TX 75234

Re:	First Equity Properties, Inc.
	Form 10-K for the year ended December 30, 2004
      File No. 0-11777

Dear Mr. Joines:

      We have reviewed your above referenced filing and have the
following comments.  We have limited our review to only your
financial statements and related disclosures and will make no
further
review of your documents.  As such, all persons who are
responsible
for the adequacy and accuracy of the disclosure are urged to be
certain that they have included all information required pursuant
to
the Securities Exchange Act of 1934.

      Where indicated, we think you should revise your documents
in
response to these comments.  If you disagree, we will consider
your
explanation as to why our comment is inapplicable or a revision is
unnecessary.  Please be as detailed as necessary in your
explanation.
In some of our comments, we may ask you to provide us with
supplemental information so we may better understand your
disclosure.
After reviewing this information, we may or may not raise
additional
comments.

	Please understand that the purpose of our review process is
to
assist you in your compliance with the applicable disclosure
requirements and to enhance the overall disclosure in your filing.
We look forward to working with you in these respects.  We welcome
any questions you may have about our comments or on any other
aspect
of our review.  Feel free to call us at the telephone numbers
listed
at the end of this letter.

Financial Statements

Selected Quarterly Financial Data

1. How have you complied with the disclosure requirements in Item
302
of Regulation S-K?

Report of Independent Registered Public Accounting Firm, page F-1

2. Please amend your filing to include the accountants conforming
signature.  Refer to Article 2-02 of Regulation S-X.

Rule 13a-14(a)/15d-14(a) Certifications, Exhibit 31

3. Please amend your filing to include Ken L. Joines conforming
signature.  Refer to Section 302 of Regulation S-T.

Officers` Section 1350 Certifications, Exhibit 32

4. Please amend your filing to include Ken L. Joines conforming
signature.  Refer to Section 302 of Regulation S-T.

*    *    *    *

      Please amend your filing and respond to these comments
within
10 business days or tell us when you will provide us with a
response.
Please furnish a cover letter with your amendment that keys your
responses to our comments and provides any requested supplemental
information.  Detailed cover letters greatly facilitate our
review.
Please file your cover letter on EDGAR.  Please understand that we
may have additional comments after reviewing your amendment and
responses to our comments.

	We urge all persons who are responsible for the accuracy and
adequacy of the disclosure in the filings reviewed by the staff to
be
certain that they have provided all information investors require
for
an informed decision.  Since the company and its management are in
possession of all facts relating to a company`s disclosure, they
are
responsible for the accuracy and adequacy of the disclosures they
have made.

	In connection with responding to our comments, please
provide,
in writing, a statement from the company acknowledging that

* the company is responsible for the adequacy and accuracy of the
disclosure in the filings;

* staff comments or changes to disclosure in response to staff
comments do not foreclose the Commission from taking any action
with
respect to the filings; and

* the company may not assert staff comments as a defense in any
proceeding initiated by the Commission or any person under the
federal securities laws of the United States.

      In addition, please be advised that the Division of
Enforcement
has access to all information you provide to the staff of the
Division of Corporation Finance in our review of your filings or
in
response to our comments on your filings.

      You may contact Thomas Flinn, Staff Accountant, at (202)
551-
3469 or the undersigned at (202) 551-3413 if you have questions.

						Sincerely,

Cicely D. Luckey
Accounting Branch Chief

First Equity Properties, Inc.
May 5, 2005
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