There is one mantra that successful real estate investors live by: “buy low – sell high”. How can you apply this to your investment strategy?

1. Dont get oversold: New investors can easily get caught up in the sale. Without experience or a background in real estate you may think your instincts are good and quickly get in over your head. Investment properties need to be undervalued and you need to do your research first. Don’t plan to buy without spending a lot of time comparing values. Your goal is to purchase an undervalued property which can take time and experience to spot.

The best way to determine the true value of a property is by comparing similar properties and noting the common features. The properties must be in the same area since location can drastically affect price range.

Take note of the features and failings of each property, how long they’re on the market and the price they sell for. Once you have a good understanding of the value of properties you will be able to tell when a property is undervalued – perhaps because a quick sale is needed or the seller is inexperienced. Don’t hesitate to barter for the best deal possible.

2. Know your market: You’re not buying for yourself so spend time noting the trends in the market. You can often find data in the local real estate papers listing the percentage of growth for various properties in the area over the past year.

Keep an eye on what’s moving quickly through the market and what features are promoted in new constructions. You can use this information to make your upgrades as market friendly as possible.

Be careful not to make the mistake of renovating to your personal tastes. Use neutral palettes and current styles to appeal to the broadest market.

3. Know your budget: The more time you spend researching the costs of your venture, the higher the profits you will see. Know how much you can spend, the price of materials and labor and the time frame to have it completed. Some experts would tell you to double or triple that amount. In any case, the more research you do the more accurate your budget will be.

Don’t get swept away in the process either; concentrate on the most profitable renovations. Kitchens and bathrooms are important. Adding French doors or updated lighting can also be a good investment. A fresh coat of paint is a must.

You have to do your home work before entering real estate business because investing in real estate is a financial business. Plan your investment like a business; make well researched decisions, stick to a budget, don’t let personal preferences get involved, and you’re ready to make some money!

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What exactly is an investment property? Since this is real estate investments 101, we will explain. An investment property is a piece of real estate you invest in with the objective of earning a return. Primary residences are not considered investment properties because the primary purpose of such real estate is to provide a place to live. Common investment properties include rental homes, apartments, condos, townhouses as well as commercial properties such as business or industrial parks and shopping centers.

2. Depreciation

Depreciation is a fancy business way of saying something is decreasing in value. Investment properties may experience depreciation, because typically as a building ages the value of the physical building depreciates. It is important to note the actual depreciation realized is related specifically to the value of the physical building. Historically, real estate prices seem to follow a positive trend. How can this be if old buildings have experienced severe depreciation and thus are worth less today than 20 years ago? We must look at the whole equation. The value of the land is integrated into the equation as well, and traditionally land increases in value. Thus, when we look at investment properties, we normally see an increase in value thanks to the seemingly continuous appreciation of the land the building was built on.

3. Land Contract

A land contract is fairly simple. When you are looking to invest in some property, you will negotiate a price for the land. The written manifestation of these verbal negotiations is a land contract. The land contract for the investment property outlines the terms of the agreements, such as the monthly payments, interest rate, and maturation date of the loan.

4. Land Auction

You might have heard other real estate investors talk of a land auction. A land auction is one way of buying an investment property. In a land auction, land is auctioned off to the highest bidder. Often times one can score a real deal on property auctioned off in such events. Upon winning an auction, you can then sign a land contract for the property and hope your investment property experiences appreciation, rather than depreciation, so that you can cash in on your increased equity a few years down the road.

5. Lien

Before buying an investment property you will want to make sure the property does not have a lien against it. A lien is basically legalese for a claim against the property. A lienholder owns a legal right to extract their money from a property should the borrower default. Thus, if you buy a property that has lien on it, and the person you bought the property has defaulted on their loan, you may find yourself in second standing for right to the property behind the bank that has the lien. It is important to do your due diligence and ensure you are not setting yourself up for a fall by investing in property that can be claimed by others.

Conclusion

Keep in mind that real estate investment can become rather complex. However, if you gain a good grasp on the fundamentals of investing, such as depreciation, liens, and land contracts and auctions, you will be in a position to earn a positive return on your investment property for many years to come.

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Some of the most successful stock investors ever have based their investing principals on value investing. Investors such as Benjamin Graham, Irving Kahn, and Warren Buffet, have used value investing to build vast empires of wealth.

Value investing was conceived by Benjamin Graham, and David Dodd, in their classic book, “Security Analysis”, written in 1934. Although they were talking about stocks, there is still a lot to be learnt from value investing that can be applied to other investment vehicles. This article will show four things that real-estate investors can learn from value investing…

1: ***** Investing vs Speculating *****

In value investing, it’s important to make the distinction between being an investor, and being a speculator. In “Security Analysis”, it is defined as this:

“An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative”.

So, there are 3 things needed for something to be an investment:
- You need to have done thorough analysis.
- You need to be reasonably sure that you won’t lose your money.
- You need to be reasonably sure that you will make some money.

In terms of real-estate, this means that just buying and selling real-estate, does NOT make you an investor. If you’re buying properties at random, just because there is a boom and all property is going up in value, you are not investing. You are speculating.

There is nothing wrong with speculating, you just need to be aware when you are speculating, versus when you are investing.

2: ***** Value vs Quality *****

Value Investing doesn’t really have any formulas, or rules. It is more of a theory, with some general principals. Because of this, there are many ways to do value investing, and different ways to apply it.

Benjamin Graham focused on buying stocks significantly below value, with little emphasis in the quality of the stock, in regards to their long term prospects.

This can be a useful strategy for a real estate investor, particularly when they are first starting out, and need to build up equity fast.

Warren Buffet still looks at the value of a stock, but puts a lot more emphasis on the quality of the stock. He only buys stocks that he thinks have good long term prospects, with a bright future in front of them.

This is generally a good strategy for real-estate investors to move to later on, when they have built up their portfolio. Long term, well chosen property will make significantly more capital growth than poorly chosen property, and may be worth buying even if it can only be bought at market value.

And with commercial real estate investment, it may be worth getting a lower rental yield, if this means you can have a high quality tennant, who will pay the rent reliably. This is a strategy that famous New Zealand commercial real estate investor Bob Jones has applied, with great success.

3: ***** Margin Of Safety *****
One of the most important principals in value investing is “margin of safety”.

Margin of Safety is the idea of making sure that you only invest if your calculations show that there is a significant profit to be made. There is no way your analysis can be 100% accurate, so the margin of safety gives you a buffer, to use when your calculations are slightly off, or you get worse than average luck, or any number of unexpected problems occur.

So when estimating the value of a stock, you use conservative estimates for earnings etc, to come up with the value. If your estimated value comes in at $10, then you don’t buy the stock if its currently selling for $9.75, because it’s too risky, and if your calculations are off, you wont be buying a bargain. If the price is currently $6 though, you might buy it, because you have a $4 margin of safety to use if you estimated incorrectly.

The same principal applies to real-estate.

Suppose you are looking at a deal, and you find you can buy some land for $100,000 and you can build a 4-bedroom house on it for $150,000.

If new 4-bedroom houses in the area are selling for $270,000 then should you do the deal? Theoretically, it will only cost you $250,000 to buy/build with a sale at $270,000 so you should make $20,000 profit.

But that isn’t much margin of safety. What if building costs blow out, and it cost more than $150,000 to build? What if you can’t sell it straight away so you have some holding costs? What if the other 4-bedroom houses in the area have much better kitchens than you realized, and you can actually only sell for $245,000?

There are a lot of unknowns here, and because your margin of safety is so small, unless everything goes right, you can quickly find yourself making a loss.

If on the other hand, 4-bedroom houses in the area are selling for $350,000 then you have a projected profit of $100,000.
You can afford for a lot of things to go wrong, and you can still make a profit.

In the first case, if building costs go up by $50,000, the deal will cost you $30,000.

In the second case, because you have a much larger margin of safety, if building costs go up by $50,000 then you will still make a profit of $50,000.

Margin of Safety is a very important concept to all investors, and all real estate investors should think about it if they want to be around for the long term.

4: ***** The myth of Risk vs reward *****

Convential wisdom says that to increase your reward in investing, you must increase your risk. This is often true, but the Magin of Safety principal can turn this around.

When margin of safety is used, a higher reward actully means a lower risk!

You can see this is the example above. The deal that is projected to make $20,000 is quite risky, whereas the deal with a projected profit of $100,000 is much safer, because a lot more can go wrong before a loss is made.

This doesn’t mean than high reward always means lower risk though. The convential Risk vs Reward wisdom is still correct in general. So if you borrow more to buy a property, your risk and reward have increased. If you buy in a small town to get a higher rental yield, your risk and reward have increased.

This Risk vs Reward theory is only incorrect when directly applied to the Margin Of Safety concept. So if you buy something for $100,000 that all your analysis shows is worth $200,000, then your reward has gone up, while your risk has gone down.

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Finding buyers for investment properties does not have to be a complex marketing battle. In fact, successful real estate investors often find buyers and tenants for their properties before the even purchase a piece of real estate. They do this by focusing on other real estate investors. Other real estate investors are always looking for properties to buy, so if you can supply them with properties, you will have a steady stream of potential clients at your beck and call.

Developing a list of investor clients willing to buy your properties is as simple as:

1) Developing a brand. In order to have investors remember you, you need to develop a brand or identity that stands out. This can be as simple as wearing a distinctive style of clothing, having a polished image, being approachable and personable, or having a specific niche or focus that is intriguing. Even a memorable business name or business card can go a long way towards ensuring that people remember you.

2) Looking for title records. Visit a title company or get to know a local real estate broker to find local title records. Good investors who are interested in buying and selling lots of properties show up on these records very regularly, so when a few names show up in the records again and again, you know that those are contacts you want to make.

3) Marketing. When you eventually have your list of investors, you will have to do less marketing work in order to sell your investment properties. However, at the beginning, especially, you will need to market in order to generate a list of potential investors interested in your homes. To do this, hand out brochures, business cards, and other marketing materials to everyone you know. Try targeting your ads to places where you know investors visit. For example, sign up for the local investors club or advertise in a local publication that investors tend to read.

4) Look for street signs. Any signs that say “We Buy Houses” are generally from investors, and you generally want to get to know the people who are pasting around the signs in your area. You want to contact these people when you have investment properties you want to sell, and you want these people to call you when they come across business opportunities that they don’t want but which you might find intriguing.

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The report concludes that: The Indian real estate market offers cross-border investors with an attractive investment opportunity underpinned by a booming and increasingly diversified economy, significant potential for rapid expansion in FDI and a maturing real estate market. It will be those investors who have a long term strategic vision and commitment to India that are likely to be the most successful.

India is reaping the benefits of 15 years of reforms, and its economy is now set for a period of strong and sustainable growth. By 2010 India will be the worlds third largest economy (measured in purchasing power) and is expected to have a middle class of around 300 million people, larger than the USA. India has a large skilled labour pool, with 2.5 million new graduates added to this pool each year, most of whom are proficient English speakers with strong technical and quantitative skills.

Whilst the Indian real estate market still lacks transparency and liquidity compared to more mature real estate markets, its market structure is changing fast in response to the demands of multi-national occupiers. Jones Lang LaSalles latest Global Real Estate Transparency Index (2006) shows that India has achieved one of
the regions most significant improvements in real estate transparency over the past three years. Moreover, the increasing participation of cross-border investors and the emergence of new investment vehicles (including the likely introduction of REITs as early as 2008) will continue to force the pace of structural change over the remainder of the decade.

A significant weight of domestic and global capital is now chasing Indian real estate, but activity is currently being constrained by limited availability of high quality product. Singapore developers and US opportunity funds, which have dominated the cross-border market so far, are focusing on IT parks and residential schemes. They are now being joined by other Asian and European investors, who are currently exploring opportunities. The market will see more investment by domestic and cross border real estate funds.

Suburban offices and the residential sector are likely to offer the greatest opportunities over the short term, and over the medium term opportunities in the retail sector will grow:

Suburban Offices Occupier demand will be supported by a 30%+ annual growth forecast for the IT/ITES sectors. Strong growth in emerging sectors such as telecoms, financial services, pharmaceuticals and biotechnology will also boost demand and broaden the occupier base. State-of-the-art campus developments are expanding rapidly, and sale & leaseback opportunities are emerging.

Residential Favourable demographics, urbanisation, rising incomes and easier access to finance are fuelling strong demand for residential accommodation. India has an acute shortage of housing, with analysts assessing a shortfall in urban areas of over 20 million units.

Retail India has huge potential for retail expansion, and the sector is growing in the region of 10% a year. Organised retailing currently accounts for only 2-3% of the market, but the sector is undergoing structural change, with leading domestic retailers going through rapid growth, format migration and consolidation. Shopping centre construction is high, but most is of poor quality, strata titled and vacancy risk is high. There is huge largely untapped potential for high quality shopping mall development. Liberalisation of FDI norms will create opportunities for cross-border investors and mall developers/operators.

India continues to be saddled with a number of investment risks relating to low liquidity levels, ownership and title issues, short leases and some concerns over long term asset price inflation, added to which are the broader risks of an economy vulnerable to economic shocks, infrastructure strain and environmental stress.

Nonetheless, India is a vast and diverse country, and risks can be reduced by careful location selection:

Tier I citiesMumbai, Delhi and Bangalore will remain the preferred option for many new market entrants, but there are fewer partnering opportunities. Mumbai and Delhi will both offer diverse opportunities; Bangalore is firmly established as a global technology hub and its economy is moving rapidly up the value-chain.

Tier II cities are currently favoured notably Hyderabad, Chennai and Pune where there are greater partnering opportunities. These cities are proving to be highly attractive business locations, and are the increasing focus of corporate, retail and residential demand. This has not gone unnoticed by investors, and the yield gap with Tier I cities has narrowed significantly. Prime office yields in Tier II cities are in the range of 10.5-11.5%, compared to 9.5-10% in Tier I cities.

Tier III cities First mover advantage can still be achieved in some Tier III cities, with office yields in the region of 12%. Kolkata and Ahmedabad, the largest Tier III cities, are displaying impressive economic dynamism. Of the smaller cities, we favour Chandigarh, Kochi,Mangalore,Mysore, Jaipur, Thiruvananthapuram and Bhubaneshwar. Goa offers good potential in the hotel and leisure sectors. However, whilst these cities are attracting increasing occupier interest, the investment markets in these smaller cities are likely to lack liquidity.

Special Economic Zones are likely to be particularly attractive to cross-border players due to tax concessions and one-stop development approval mechanisms.

This article is sponsored by: www.indiarealestateblog.com

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To this end they are actively encouraging international real estate investors and those looking for a retirement or second home overseas to come to Costa Rica and explore its exciting and affordable property market.

The Costa Rican real estate market is one of the most exciting in Central and South America right now as a direct result of the Costa Rican governments commitment to promoting the property sector. With the implementation of a series of tax breaks and investment incentives available to overseas real estate buyers the success of the Costa Rican property market is practically guaranteed.

For those looking purely for real estate investment opportunity, Costa Rica offers two main angles for property investors to explore: -

Firstly as the natural beauty of Costa Rica proves an irresistible draw for more and more travelers and those in search of the perfect getaway, so the demand for rental and hotel accommodation in Costa Rica is on the increase. The supply of quality accommodation in Costa Rica cannot meet current demand and this situation is likely to deteriorate as the popularity of the country increases. The government is well aware of this fact and is keen to attract those wishing to develop specifically for the tourism market.

Secondly Costa Rica is becoming increasingly popular with the soon to retire US baby boomers who are actively seeking an affordable and attractive location in which to retire. Because Costa Rica enjoys relatively low crime, is neutral, has a relatively high standard and low cost of living it is gaining a reputation among pre-retirees as a must-consider destination. There is therefore room for the development of real estate to suit this particular market or for the purchase and long term lease of real estate to this market. This particular group of people also represents a strong resale demand for those who buy now, improve property and intend to resell in the medium term to release gains accrued.

The real estate investment climate in Costa Rica is hot right now with the government working flat out to attract sustainable foreign direct investment those interested in making a move should consider committing to the market sooner rather than later while it remains a buyers market and before opportunities for the strongest investment gains are eroded by increased levels of investor awareness and interest.

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To a beginning investor, the overall strategy seems logical and well-intended. Who better to know a market than the analysts who spend there days and nights collecting, analyzing and reporting on such data?

Ill tell you: YOUthe commercial real estate investor.

There is no substitute for doing your own research. There is no substitute for keeping your own counsel. There is no substitute for doing your own homework.

Why?

Because its YOUR MONEY that will ultimately be spent. Its YOUR bank account that will ultimately reflect the success or failure of a commercial real estate endeavor.

Too many well meaning beginning real estate investors think they dont have what it takes to do the homework required on a market. Too many well meaning investors yield their analysis people who supposedly know more about the subject than they do.

This is a costly strategic mistake.

I have nothing against market research people or consultants. I have no axe to grind with them. They are extremely competent, thorough people who provide a valuable service.

My issue is with HOW they are used by the commercial real estate investor.

The challenge is when an investor trusts their judgment–more than his or her own. Many times an investor will be in awe of their command of the information, specifically statistics.

The reason I say this is because I have seen many an real estate investor unwittingly fall victim to this process. Its very easy to find yourself yielding to a professionals opinion based upon research which you have paid handsomely for.

Dont. It is a mistake that will cost you later on.

Look at it this way: Lets say you want to invest in the stock market and you use the services of a stock broker to recommend a buy.

Do you really believe that the stock brokers goal is for you to make a wise and carefully thought out purchase? Do you really believe their recommendation has been thoroughly researched and analyzed? Forgetting the self-serving aspects of the commission he makes selling you a stock, would you really want to trust him with your investment portfolio?

My guess is probably not.

So what the proper way to use these market research professional? There three common ways which these professionals are valuable to the commercial real estate investor:

1.One is as a way to flush out new ideas and do homework and research heavy lifting which need done that the investor doesnt have time to accomplish on his or her own. The investor know exactly the information he is after.

2.The second strategy is as a way to confirm the findings which the investor already believes are accurate. In other words, the investor is looking for a second opinion before he commits more resources to the project.

3.The third strategy is very interesting: Some investor will use professional resources to poke holes in their strategy. To find the fatal flaw. To find the fly in the ointment. The investor will never admit this to the professionals, yet he wants to know all the reasons the deal wont work.

Youll notice one thing in common with these three strategies: The investor will always do his own research. Its a critical aspect of successone that should never be delegated.

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The reason a serious commitment is needed in order to make real estate work for you is simple. There will be ups and downs along the way. The stock market experiences rises and falls on a regular basis. Just as you cannot dump all of your stock over one bad day the same holds true even more so in the realm of real estate investing. Property values in general rise gradually over time. This means that even if the values in a community falter chances are that they will eventually recover.

Those who bank on the slow and steady growth in the value are referred to as buy and hold investors. These investors are truly committed to their investment. Some of them elect to hold the property as a vacation property while others opt to earn an income on the property by renting it out to other families or vacationers, whatever their choice may be.

This is a great way for many people to enjoy the luxury of a vacation property without absorbing all of the expenses involved in owning a vacation property as the rentals will help compensate some of the costs when the owners (investors) are not in residence. This is a fairly common practice in high demand tourist areas in which people often enjoy vacationing. These types of investors are what some people refer to as serious real estate investors though all real estate investors need to take their purchases seriously.

Those who own rental properties must also be committed to making their investments work for them. Rental properties are not a ‘hands off’ type of investment, as they will need to be maintained in order to remain in demand by tenants. You must also make constant efforts to keep these properties managed and filled along with remaining certain that you are collecting your rent each month and that the properties aren’t falling into a state of disrepair or abuse by tenants.

Many investors retain the services of property management agencies in order to handle the minutia of month-to-month details and collections. This is a great idea whether you have one lone rental property or a vast portfolio of rental properties. Even better however, is the fact that if you keep your rental properties in reasonable repair throughout the years they can become liquid assets in time. In other words, they may actually pay for themselves a few times over if you invest for the long-term rather than focusing on the moment.

No matter what type of real estate investment you intend to have it is important that you are prepared to make the commitment to profit or profitability that is necessary in order for your venture to be deemed a success.

PPPPP

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A long-established section in the federal tax code, section 1031, allows real estate investors to sell property that has been held for investment purposes and defer capital gains and depreciation recapture taxes if they acquire “like-kind” exchange property of equal or greater value and reinvest all of their equity. Since the mid-1990s, many investors have experienced the benefit of reinvesting their equity into investment property interests structured as Tenancy-in-Common (TIC). TIC owners hold an undivided fractional ownership interest in investment property evidenced by a deed of trust.

TIC, also known as Co-ownership of Real Estate (CORE), enables an investor to participate in the ownership of institutional-grade, professionally managed investment properties. The investor’s equity can be diversified amongst several different properties, geographic markets and real estate companies, potentially increasing both the value and safety of the real estate investment. TIC/CORE investments are designed to offer preservation of capital, predictable cash flow and long-term appreciation in institutional-quality investment property assets that benefit from greater economies of scale.

With its features and benefits, TIC/CORE is an increasingly popular 1031 exchange option for many real estate investors. However, 1031 exchanges and TIC/CORE transactions are very complicated, with both tax and legal issues topping the list of potential pitfalls. It is therefore essential that investors be knowledgeable about what to look for in a quality advisor. Financial advisors are required by securities law to be properly licensed in order to consult clients regarding TIC/CORE transactions and other investment interests in real estate. Financial advisors should hold both Series 7 and Series 63 securities licenses to qualify them as knowledgeable, well-rounded consultants in the investment process. It is essential that they have experience in the commercial real estate business, in addition to an understanding of personal investment objectives and client suitability issues.

But perhaps the most important component to look for in a TIC financial advisor is their intimate, trusted and deeply rooted relationships with key real estate companies. This attribute is critical to their ability to provide the best opportunities for their clients. There are almost 80 real estate companies across the United

States that are either already involved or considering involvement in the TIC/CORE industry as a real estate provider. As with any industry, these 80 companies represent varying degrees of acumen, experience and quality. To achieve the greatest potential for a client, a financial advisor should have consistent access to the top ten percent of these companies in order to provide their client access to the best properties available. Obviously, a new financial advisor with little or no experience or industry knowledge may not have access to the top real estate providers, as these providers prefer to work with experienced consultants that specialize in this unique segment of the market.

Investors should also be aware of how their financial advisor stacks up, looking for a history of successfully completed transactions. A long and proven track record indicates that a financial advisor is an experienced professional. An investor wants such an advisor in their corner asking all the right questions, making appropriate and suitable recommendations, understanding the nuances of successfully completing TIC/CORE transactions and providing answers to any and all tax and legal questions.

When considering a 1031 exchange or TIC/CORE investment, investors should ask the following specific questions of the financial advisor:

* What percentage of your business is 1031 exchange and/or TIC/CORE related?
* How many investors have you consulted that invested in TIC/CORE structured properties this year? How many last year?
* How long have 1031 exchanges and TIC/CORE been a focus of your investment recommendations?
* Do you have the appropriate licenses to complete this transaction (Series 7, Series 63 securities licenses)?
* With which real estate providers do you work most closely?

As customer demand continues to drive this segment of the real estate market, the emphasis on quality – quality consulting, quality property, and quality transactions – will be increasingly important. Part of the qualitative process is ensuring that financial advisors representing a client make appropriate recommendations for that client based on the client’s best interest and not based on any “bias.” A final issue that needs to be addressed is that it is not unusual for “referral” compensation to be paid between referring parties. This practice is illegal and a complete breach of ethics,. Therefore, if any form of compensation changes hands – disclosed or undisclosed – between financial advisors and Qualified Intermediaries, real estate companies or other unlicensed individuals derived from an exchange transaction, a felony may have occurred.

In short, investors should take the time to identify a reputable advisor who not only can provide acceptable answers to the above questions, but who will also have the relationships necessary to guide their clients into the appropriate investment. It is important to remember, firms or individuals involved in recommending, offering or selling 1031 TIC/CORE investments must be licensed with a broker-dealer, the SEC, the NASD and the state securities regulators in every state in which the firm or individual operates and in which the client resides. Any “unlicensed” firm or individual involved in recommending, offering or selling these investments is in direct violation of federal and state securities laws.

Co-ownership is the fastest growing option for 1031 exchange investors seeking suitable replacement property. Properly structured and presented, such investments can also generate new listing opportunities for real estate agents while satisfying both the IRS “like-kind” investment property requirements and the SEC and NASD securities regulations. The advantages of co-ownership of institutional-grade real estate are clear and compelling. When exploring co-ownership, smart investors need to seek out industry experts to guide them through the replacement property process. It is indeed the wise investor who is aware of his or her long-term goals that seeks experienced guidance to chart their course, thereby turning TIC/CORE investment opportunities into realities.

(c) 2005, 1031 Exchange Options. Reprint rights granted so long as the article and by-line are reprinted intact and all links made live. This article is neither an offer to sell nor an offer to buy real estate or securities. There are material risks associated with the ownership of real estate. You must be an accredited investor. Securities offered through Sigma Financial Corporation, Member NASD/SIPC.

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