Tuesday, April 18, 2017

Historic Decline in Home Ownership affects Economy, Bodes well For Investors

In a Wall Street Journal article form March 27, 2017 by Laura Kusisto, as well as in a few blog entries on WSJ, the point is made that home ownership in the US is at a historic low. At 63.7% home ownership, it is the lowest such number for the past 48 years!

Reasons given for it include more strict lending practices following the recession. Perhaps another issue is that the recession is still fresh enough to have taken the belief away that your home will “always appreciate “ in value and will serve not only as a residence, but as a major lifelong investment. Some people may no longer think so.

Add to that the natural desire of people to be free to move at will, and we have only 63.7% homeowners in the US as of the 4th quarter of 2016.

As investors, of course, we are quite familiar with the powerful financial effect owning houses can have on our future, especially if we finance them with the incomprehensible 30-year fixed loans still available, and at still super low rates.

Having 63.7% homeownership percentage means, of course, that a full 36.3% of the population are renters! That is about 117,000,000 people!

Those of us who know the value and power of investing in houses and holding them as rentals, can only look at this statistic as a positive – obviously these renters need a place to rent and we will have a larger renter pool available for our homes. Sure some single people may want to rent an apartment, but families usually prefer renting a single family home.

Coupling this data regarding the highest number of renters available to us in nearly 50 years, with the still-low interest rates available on 30-year fixed rate loans, means this is an excellent time to stock up on single family homes as investments.

Interest rates are on the way up. The fed keeps reminding us they will continue to raise rates. Having a period of such low rates (despite the small “Trump Bump” we experienced recently), makes it a special time to buy and hold.

If you are under the FNMA allotted 10 loans per person (20 per married couple if they buy separately), it is high time for you to go out there and purchase brand-new single family homes in good areas, finance them using these great 30-year fixed rate loans, which will never ever keep up with inflation (thus they will get eroded by inflation as to their real dollar value). The homes will be managed by local property managers we use ourselves in the various cities in which we invest.

We will discuss this as well as many other important topics for investors, at our quarterly ICG 1-Day Expo near the San Francisco Airport on Saturday May 20th. We will have experts lecturing on important topics, lenders, market teams from the best markets in the U.S., and lots of Q&A, networking and learning. Just send us an email at info@icgre.com. Just put in in the subject line, "Saw your blog on home ownership" and list your name and those of your guests. We will confirm!  See you on May 20th. 



Sunday, February 26, 2017

Buildable Lots for Single Family Homes Become More Scarce and Valuable

In an article in the Wall Street Journal from January 3rd 2017 by Chris Kirkman (yes it’s from over a month ago but this is an important and relevant trend which is intensifying as time passes), we learn that buildable lots for developers are becoming scarce. One tactic builders are reverting to is buying whole subdivisions that were abandoned during the crash and which were never fully completed. While there is a lot of remedial work to be done, it is still a better deal in many cases to fix up the existing unfinished subdivision, than to start the zoning and approval processes from scratch.

The relevance to us as real estate investors is that as buildable lots become more scarce, undoubtedly their cost increases. This reliably raises the price for finished new homes and creates comparable sales which usually push the median market prices higher.

Given the fact that interest rates are still low (historically they are very low, Trump-bump notwithstanding), and since 3.5%-down FHA loans are still widely available to homeowners buying at the price ranges we are interested in ($100K-$200K), the writing is on the wall: home prices in many cities (certainly the key cities we look at as investors), are likely to keep appreciating in the near future (possibly 1-2 years).

This points to a potential window in which to ‘stock up” on quality investment Single Family homes: with low interest rates (don’t forget to get a 30-year fixed rate loan if you can), an upwards price trajectory (if only due to the scarcity of buildable lots), still-available low-down FHA loans and still-affordable prices in many key metropolitan areas, investors are enjoying a ‘sweet window” in which to buy, finance their purchases well, and then rent and hold.

We will be talking about this and many other points, including entity formation and asset protection, investing in real estate form one’s self-directed IRA, the types of loans available to investors, which markets stand out and why, and a whole lot of expert information.  Q&As and networking are always in abundance, at our Quarterly 1-Day Expo near the San Francisco Airport March 4th. Anyone mentioning this blog entry can attend for free – please email us at info@icgre.com to register. Just tell us in the subject line, "Read your blog," and your information in the body of the email.

The full WSJ article is presented here: 

With Lots in Short Supply, Builders Revive Abandoned Projects

Developers and investors are starting to resurrect subdivisions that were left half-finished after the housing collapse


By 
CHRIS KIRKHAM
Updated Jan. 3, 2017 6:25 p.m. ET
When real-estate fund manager Drapac Capital Partners visited the Cameron Springs subdivision in Cobb County, Ga., in 2012, the landscaping was dead and weeds had sprouted through the cracked tennis courts. Discarded tools littered empty lots where construction workers had walked off the job in the late 2000s with only a fraction of the homes completed.
Drapac saw value in those abandoned lots. It bought the 101 remaining lots in the neighborhood for a total of $375,000 and spent about $550,000 finishing half-built lots and upgrading the pool and clubhouse, betting home builders someday would return to the area.
As the nation’s supply of buildable construction lots shriveled, interest in the property picked up. Drapac received 12 bids last summer for the neighborhood, eventually selling it to national builder D.R. Horton Inc. for $6 million.
“I think they’re all panicking,” said Sebastian Drapac, chief operating officer of Drapac Capital Partners, an Australian firm that has purchased more than 25,000 lots in abandoned developments across the U.S. since 2011. “They’re trying to get lot positions wherever they can.”
The housing market’s boom and bust last decade left the U.S. with a surplus of vacant lots and half-built subdivisions many thought would never be revived. But tighter lending standards since the housing collapse last decade have made it difficult for smaller operators to develop land into buildable lots—the crucial raw material for new home construction—leaving builders to compete over a dwindling supply.
Now, builders and investors are starting to resurrect those half-finished subdivisions that were given up for dead after the collapse.
Nearly two-thirds of home builders reported a low or very low supply of available lots in their markets, according to a survey last year by the National Association of Home Builders, the highest reading since the group started tracking the issue in 1997.
Converting land into buildable lots requires developers to clear and grade the property, get approvals from local planning officials and install needed utilities such as gas and water.
Overall, the supply of vacant developed lots has decreased by more than 20% across more than 80 major U.S. markets since 2011, according to data from housing research firm Metrostudy. In markets such as Nashville, Tenn., and Charlotte, N.C., the inventory of vacant lots has declined by more than 40% over the past five years.
The shortages have pushed median single-family-home lot prices to a record high of $45,000 last year, surpassing the previous peak of $43,000 in 2006, according to census data analyzed by NAHB.
Developers and investors have been sprucing up unfinished community centers, reviving underfunded homeowners’ associations and adding amenities such as walking trails, lakes and bocce courts in an effort to revive the image of moribund developments and attract new buyers.
In some cases, they change the name of the development to shed prior stigmas.
Drapac Capital Partners replaced a sign out front of a struggling suburban Atlanta neighborhood that read “Brightwood - Established 2007.” They tweaked the name to read “Brightwood on the Lake, Est. 2016,” after clearing trees and opening up the neighborhood’s access to an adjoining pond.
Steve Brock just sold land for about 300 homes in a master-planned development called Stonoview outside of Charleston, S.C., to Lennar Corp. for $19 million. The project had been abandoned during the downturn, and Mr. Brock acquired three tracts around the property in 2013 for $7 million, and spent around $5 million over three years developing many of the lots, installing a 10-slip boat dock and drawing plans for a lighthouse and walking trails. Mr. Brock and another builder will build homes on 71 other lots in the area now worth $9.4 million, he said.
“We could sell it to them for close to retail prices, and they have the runway of land and lots immediately,” said Mr. Brock, founder and president of Brock Built. As a smaller builder and developer with a higher cost of capital, he said he could never pay as much as Lennar did for such a project and still turn a profit.
In Maricopa, Ariz., 35 miles south of Phoenix, Fulton Homes is building swimming pools and reviving parks in a project called Glennwilde that had been largely abandoned by developers for seven years.
Dennis Webb, Fulton’s vice president of operations, said prices for such deals are generally lower because of the needed improvements. And because such neighborhoods have already been laid out and approved, “We can get going pretty quickly,” Mr. Webb said. “We don’t have to wait a year and a half to develop the plans.”

Tuesday, February 14, 2017

Rental Demand for Single Family Homes Very Strong

In a Wall Street Journal article from 1/6/2017 by Chris Kirkham, titled “ Millennials Fuel House Rental Boom”, the phenomenon of rent vs. own is discussed.  Millennials in particular but also other demographic groups have started leaning more towards renting as opposed to owning houses.
This is not really new. There has always been a sizable group preferring renting to owning. Some of the many reasons include: flexibility to move at will (especially for jobs), less hassle of maintenance, possibly lower monthly expenses (depending on geography), not having to qualify for an ever-more-difficult-to-obtain loan, not having the perceived “burden” of a mortgage, and other reasons.

As real estate investors, we love having 30-year fixed mortgages, especially at today’s low rates (Trump bump notwithstanding), and the phenomenon of an ever-increasing rental demand only bodes well for us as real estate investors.  This is a very “sweet” window in which many factors co-exist that are favorable: low (still) interest rates, 30-year fixed loans still available, strong rental demand and low prices in several key markets. This year - 2017 should be a banner year for the savvy investor.
We will discuss this and many other issues at our quarterly 1-Day Expo on Saturday, March 4, 2017 near the San Francisco Airport.  Mention this blog and you can attend for free, with guests. Please contact us at info@icgre.com or call 415-927-7504 to reserve your seats. If you are reaching out via email, in the subject line say, "Read your article on AdielGorel.com blog" and in the body, give your first and last name, and email so we can confirm.  Please also list any guests you would like to bring.

Enclosed is the WSJ article:

·         REAL ESTATE

Developers Build on Home Rental Success With Whole Communities

Property firms see continued demand for single-family homes from millennials, aging boomers who don’t want to buy

By 
CHRIS KIRKHAM
Updated Jan. 6, 2017 9:38 a.m. ET

Property developers are pouncing on sustained demand for stand-alone home rentals by taking a big step: Building entire single-family neighborhoods designed for renters.
When the housing market crashed, investors took advantage by buying low-price homes in foreclosure in order to rent them out to tenants. That demand has proven brisk.
The new rental communities look identical to for-sale projects, with pools, fitness centers and walking trails. But they are operated like apartment complexes, with management handling maintenance, lawn care and leasing.
Developers cite growing demand from younger millennials and aging baby boomers who want the additional space and traditional setting of a new single-family neighborhood—without the long-term commitment.
“It used to be that if you were an adult and didn’t own your own home, you were kind of a bum,” said George Casey, a former home builder who is chief executive of Stockbridge Associates, an industry consulting firm. That stigma has now “been blown into a million pieces,” he said.
The number of renter households increased by 9 million between 2005 and 2015, marking the largest increase over any 10-year period on record, according to the Harvard Joint Center for Housing Studies. In all, about 5% of all new single-family construction was built for rent in 2016, up from a historical average of less than 3%. Experts say that could expand in coming years if homeownership remains depressed and as older Americans consider downsizing.
Developers building single-family communities for rent said they are transforming what began as a distressed-asset play into a completely new market somewhere between apartment living and homeownership.
“We basically looked at the institutional market and said ‘Would Blackstone, would all of these people be pumping tens of billions of dollars into this space if it wasn’t a good opportunity?’” said Mark Wolf, chief executive of AHV Communities, a California-based single-family rental developer that operates around San Antonio and Austin, Texas, and is looking to expand to North Carolina. “Then we said ‘Looking at what they do, how can we do it better?’”
Amenities packages and proximity to quality school districts are crucial to the business model. By offering perks similar to higher-end apartment complexes, the goal is to attract young families who want good schools but may struggle to buy in certain districts because of insufficient savings or high levels of student debt.

The model doesn’t work in all markets. In areas such as California, for example, where land is expensive, developers would likely have to charge rents that would be too high to justify the cost of construction. Markets such as Arizona, Texas and North Carolina make more sense because land is plentiful and demand is high.
“It’s about figuring out what places have the growth, but also have the highest rents possible for the lowest price of the home,” said Shaun McCutcheon, a senior manager who studies the single-family rental market at Meyers Research, a housing consultancy.
National home builder Lennar Corp. has tried the model in one of its master-planned communities outside Reno, Nev. RSI Communities, a home builder in California and Texas, is testing out two fully leased new communities outside San Antonio and is considering expanding the model to other markets.

John Bohnen, RSI’s chief operating officer, said the for-rent approach allows the company to build homes at a faster and more efficient pace than its traditional for-sale operation. That is because builders don’t have to wait to start construction until a sale is completed, giving construction crews that are in high demand more certainty about the number of homes they will build in a given time-frame, thus providing more of a guaranteed pay schedule.
And by exposing tenants to their homes, Mr. Bohnen believes the company could eventually generate demand on the for-sale side.
Matt Blank was a former hedge-fund investor who moved to Phoenix in 2011 to start snapping up distressed properties. He was soon crowded out when major investors like Blackstone Group LP entered the market and prices shot up. He instead turned his attention to buying empty lots and building affordable homes that adults could rent.

His company, BB Living, has since built about 350 rental homes across the Phoenix area, some in stand-alone communities and others alongside owner-occupied homes in large master plans. All six projects he has completed initially sparked controversy from neighbors worried their property values could be impacted by inadequately maintained rentals. But he said he got buy-in after assuring them the properties would be professionally managed and look no different from the surroundings.
“This is a new concept that hasn’t really been done before,” Mr. Blank said. “Once you get around that first hurdle, the pitchforks come down quite a bit.”
Write to Chris Kirkham at chris.kirkham@wsj.com

Monday, November 7, 2016

Home Prices Pass Peak, Go Down In Most Expensive Markets

Since 2012 there has been significant home price appreciation in many U.S. metropolitan areas. Some markets reached levels of unaffordability and continued on a tear until recently. Markets such as San Francisco, New York City and parts of Miami have reached unprecedented highs, accompanied with worries about social clustering, lack of affordability, and the need for long commutes for “regular” (most) people.

In the markets we are interested in and are investing in, there are more diverse scenarios. In the Phoenix and Las Vegas metropolitan areas, prices have indeed gone up quite a bit since 2012 (Phoenix over 100% and Las Vegas almost 100%).  In these two metropolitan areas, affordability is still not an issue. Prices started going up from an exaggerated low point that was the knee-jerk reaction to the Big Crash. Even at today’s prices in Phoenix and Las Vegas, affordability is still not an issue. Most buyers are homeowners and they can use the amazing FHA loan with 3.5% down payment and the lowest possible interest rate, which makes them less price sensitive.

For investors, Phoenix and Las Vegas are less interesting to buy in at this time, as rents have not moved up very much while prices essentially doubled since 2012. Cash flows are nowhere to be found (and investors can’t use the special FHA loan).

The Texas markets have started their ascent around 2013. In the major metro areas in Texas prices went up significantly (around 40% in many cases). This is not as extreme as in Phoenix but enough to make investing in the major TX markets less attractive, especially with the high property tax in the state of Texas.

Florida is a bit of a mixed bag. Expensive properties in Miami Beach are through the roof. Parts of Orlando are up about 50%. However areas in the larger metro area may still be appealing for investment, such as Winter Haven and perhaps Deltona. Tampa is up about 40% but further areas like Zephyrhills are only starting to roar.

In Jacksonville there have been some price appreciation but in the areas we primarily look at, prices are still attractive. Partly this is due to foreclosed homes still hitting the market in an AS-IS condition, pulling comparable sales down. The foreclosed properties showing up in the market is an all-Florida phenomenon, as Florida is a judicial foreclosure state and well-defended foreclosures can last many years.

Oklahoma City has been relatively stable with so-far modest price appreciation. It is close to Dallas and the prices are much more affordable, rents are similar, and property taxes are 40% as much! It is a market that is appropriate for investing in at this time. The large oil reserves in the South Central Oklahoma Oil Province (SCOOP) area, which is not far from Oklahoma City, may bode well for future economic upturn (despite the city already being a strong economic market).

While the most expensive metro area prices are beginning to sag somewhat, investors interested in the range $100K-$200K can still find appropriate places to buy. Couple that with the still super low interest rates (get 30-year fixed rate loans – inflation starts eroding them from day 1 so the latter years are almost meaningless in terms of the real buying power of the dollar), and you get an excellent combination for the savvy long term real estate investor in the right markets.

Feel free to contact us to discuss. I delight in talking about these subjects. info@icgre.com

We will discuss in further detail, including having market teams talk about these and other issues, as well as expert speakers on important investment subjects, during our ICG 1-Day Expo on Saturday December 3rd. Everyone mentioning this blog can attend for free (email us at info@icgre.com). These events have been very useful to the attendees, and I learn a lot every time as well. The event is near the San Francisco Airport and starts at 10:00AM so people can fly in from Los Angeles, San Diego, Seattle, and Portland and so on.

Looking forward to seeing you!


Friday, September 2, 2016

Loan Resets to Start Kicking in – Will Your Payment Jump Up? What Should You Do?

In the period between 2006 and 2008, a large number of interest-only loans were taken.

These loans are not really interest-only for all eternity. These are typically loans that were interest-only for 10 years, and then were due to become fully amortized until the end of the loan period. One detail that many borrowers may have missed, is that if the total loan period is 30 years (the most common), and the loan is interest-only for 10 years, then the amortization that follows the 10 interest-only years will be amortization OVER 20 YEARS!

Thus when the loan resets to being fully amortized after the first 10 years, the borrower will experience the high payment jump of going from interest-only to going to a 20-year full amortization. For a lot of borrowers, this will be a shock! Of course the “silver lining” is that principal is being paid under the new fully amortized schedule, so the loan balance gets lower every month. However even when the loan was interest-only, inflation was constantly eroding it anyway.
What is the borrower to do?

If the borrower can afford the increased payment with no problem, there is not much that needs to be done. Let the loan be paid off and just continue as before. If the payment load is too heavy, and the owner’s credit and income are good (especially if the owner has under 10 properties with loans on them), a refinance would a be a logical step – good credit can get 30-years fixed rate loans at a bit over 4% - fixed for 30 years. The payments will be higher than the interest-only payments from before, but the low interest rate and the 30-year amortization (as opposed to 20 years), will likely make the payment far lower than the alternative. Another benefit – the old loan is likely NOT a true fixed-rate loan so as interest rates climb in the future (if they do), the already-high payment is only going to get higher still. With a 30-year fixed-rate loan, such a thing cannot happen.

If a refinance is not possible, the next thing to look into is the possibility of selling the house. In some markets, over the past few years, much equity was built as home prices appreciated significantly. A sale will pay off the unpleasant loan, and most likely will generate a profit (perhaps a handsome profit at that).

One thing to do if a sale is not possible, if the house is underwater (can still be the case in some markets), or if the equity is thin so the sales expenses will create a net shortage, is to consider selling to an investor for essentially no-money-down on a contract-for-deed in states that allow it. That investor may be attracted to the no-down (or low down) purchase and may have the resources to pay the 20-year amortization loan while increasing his/her equity via doing so.

Of course, an option of last resort is to simply walk away. There are lots of investors whose credit is still damaged from the aftermath of the recession, so the credit hit is not devastating to an already-low credit score. Nevertheless, such an act will increase the time it will take for the investor’s credit to bounce back and start the count from zero again. This is not a recommended action to take.

Most important is to be aware of the upcoming reset, and prepare before it hits.

Friday, May 20, 2016

Affordable New Construction Homes Getting Scarce

In an article in the Wall Street Journal from May 7th, 2016 by Chris Kirkham, we learn how builders of new homes have to focus more on the second-tier and higher product. The reason is that land costs (including local fees) have increased, as well as building costs. Builders have a harder time squeezing a profit from the lower-priced new homes.

This is becoming an issue with families seeking to buy new affordable homes.
As investors, this points to a certain window in time in which we can get brand new homes at reasonable prices.  We are still buying new homes for $130K-$170K, mostly in the middle of this range. Rentals are strong (partly because some would-be-owners become tenant due to lack of affordable homes to buy), and needless to say, if the more affordable homes will become scarce, it is likely to bode well for their appreciation, as the higher priced home in a subdivision will provide comparable values which will help the appreciation of the more affordable homes. This is how it happened historically.
The ability we still have as investors to buy the more affordable (yet quality) product, coupled with the still-low mortgage interest rates, create a sweet spot in time to add to our real estate investment portfolio. 
The WSJ article by Chris Kirkham can be found here
We will discuss this , as well as a host of other relevant and important issues, at our quarterly ICG 1-Day Expo near the San Francisco Airport THIS SATURDAY – May 21st. For details, see: www.icgre.com/events. Anyone mentioning this blog can attend free – just email us at info@icgre.com and write in the subject line, "Read your blog on construction homes getting scarce." We will have experts about complete insurance and umbrella coverage nationwide, 1031 exchanges, property management, and lending, among others. Looking forward.

Monday, May 16, 2016

The Incredible Power of the 30-year Fixed-Rate Loan

The 30-year fixed rate loan does not usually get its due as an amazing financial tool that should be utilized by any savvy investor who can get it. For many foreigners, it's incomprehensible that in the U.S. we can get a loan that will never keep up with the cost of living for 30 years. During that period, essentially everything else DOES keep up with the cost of living, including rents. Only the mortgage payment and balance (which also gets chipped down by amortization) do not keep up with inflation. 

You can talk to many borrowers who have taken 30-year fixed rate loans and after, say, 16 years, realized that although there are 14 years remaining to pay off the loan, the loan balance AND the payment seem very low relative to marketplace rents and prices. The remaining 14 years is almost meaningless, since in many cases (statistically and historically) the loan balance will be a small fraction of the home price and not very "meaningfu." Just to get some perspective, most other countries on earth have loans that constantly adjust based on inflation. Both the payment and the balance track inflation all the time, usually with no yearly and lifetime caps as adjustable loans have in the U.S.

The power and positive effect on one’s financial future get magnified when you consider that in 2016 we are still in a period in which interest rates are very low.  While investors cannot get the same favorable loans as homeowners, it is nevertheless quite common nowadays to see investors getting a rate of between 4.25% and 4.75% on Single Family Homes (SFHs) investment properties. 

From a historical perspective, these are extremely low rates. Most experts think that in the future, mortgage rates will rise; from a historical perspective even 7% is considered a low rate. Thus, these days, you can “turbo boost” the great power of the never-changing-30-year fixed rate loan by also locking in these amazing rates which will never change. If in the following years interest rates indeed go up, you will feel quite good about having locked under-5% rates forever.

Once you secure your  fixed rate loans, two inexorable forces start operating incessantly: inflation erodes your loan (both the payment and the remaining balance), and the tenant occupying your SFH pays rent which goes in part towards paying down the loan principal every month. These two forces create a powerful financial future for you.

Many investors think that if a 30-year fixed rate loan is good, then a 15-year loan must be better. I actually beg to differ. You can always pay a 30-year loan in 15 years (or 14 or 20 or 10 or 8) if you wish – just add some extra to the principal payment. However you cannot pay a 15-year loan off in 30-years. Thus the 15-year loan FORCES you to make the higher payment while the 30-year loan gives you the important flexibility of keeping your payments low OR making them high based on your financial situation and other considerations. 

Some would say that the 15-year loan is also better since it has a better rate. True, the 15-year rate may be 0.25% or even 0.5% better than the 30-year rate. However, in my opinion this is not enough to justify the enormous loss in flexibility. In addition, having the loan for a longer time allows inflation to “erode” the loan even further. This last consideration greatly minimizes the argument some investors make that “...with a 30-year loan I pay hundreds of thousands of dollars more over the life of the loan." 

One factor missing here is that they neglect the TIME VALUE OF MONEY! These extra dollars paid in year 20, 22, 28 etc., are in fact extremely “cheap” dollars in the sense that their buying power is greatly lowered over time. If the value of these future dollars were to be calculated based on the PRESENT buying power of the dollar, some of the later payments may be worth mere pennies on the dollar. 

In summary I recommend getting a 30-year loan and then choose how long to take to pay it (anywhere between zero and thirty years – you choose!).

While interest rates are low, it would behoove the smart investor to buy SFHs and get 30-year fixed rate loans on them while this “window” is open. Investors can finance up to 10 residential properties using conventional 30-year fixed rate loans (if their credit permits).  With some maneuvering, married couples may be able to stretch it to 20. If you are under that 10  (or 20, as the case may be) property barrier, it would be quite a smart move to buy SFHs and utilize the incredible loans you can get. You may wish to pay the loan off in 16 years to pay for your kid's college education (SFHs are effective at this – especially if they don’t go through a crazy 10-year cycle as we had from 2004-2014). You could aim for the properties to be paid off at your retirement date (or the savvier move is just realizing how low they have become and let inflation keep eroding them as equity grows into your retirement years, providing financial growth well into the future in the face of ever-increasing lifespans, and the need for our finances to keep up with our life expectancy).

Thirty-year fixed rate loans are available on 1-4 residential units, which mostly means Single Family Homes – the ideal investment for most individual real estate investors, as we have covered in a previous blog.

We will discuss this topic, as well as many other crucial topics for investors, at our Quarterly 1-Day Expo on Saturday May 21st near SFO. We will have market teams present, including a new exciting market... We have also invited top notch experts to lecture. We will have experts on Property Management, 1031 Exchanges and Proper Insurance – the first and most important barrier in protecting your assets, including nationwide umbrellas. 

Everyone mentioning this blog is invited to attend for free, with associates. Just email us at info@icgre.com to register, and in the subject line write, 'Read your blog!' Then give us your contact information. We will respond with a confirmation for your free entry. AND that is all. We hate spam as much as you do. See you there.