1) Canadian Real Estate Market Commentary

Don Campbell, Canadian Best-selling Author

At our recent REIN™ workshops across the country, our theme was "Finally, It’s Here". The buying opportunity we have been waiting for is now upon us. For the past 12 months, we have been witnessing multiple offers, rapid price increases, and low inventory. All that has lead to a seller’s market. Well, finally the tide has turned in the buyers’ favor.

With the large amount of listings showing up, you can now negotiate better pricing, Vendor-Take-Back mortgages and even long closings. Many of these have been foreign to Western Canada for the last 12 or more months. Some of the deals negotiated from motivated vendors have been very impressive.

As sophisticated investors know, the real estate market is a living and breathing entity that is in constant flux. We are always on the lookout for those short periods when the buyers take a break and the sellers don’t, and that opportunity is right in front of our faces today. That’s why you are seeing so many serious investors moving so quickly to buy ‘at a discount’ during this unbalanced period. The economic fundamentals didn’t change over the summer; in fact, they got even better with additional major announcements that were made.

 

What happened was that many people had the time to sit back and reflect on how much their properties had gone up. They spent time cleaning them up and decided to do a little market fishing. They listed their properties right as the home buyers stopped buying to go and do a little real-life fishing up at the lake. This imbalance invariably leads to quick-flip artists being stuck, vendors feeling a little panicked and sophisticated buyers relaxed and happy and ready to take action. Having studied markets for the past 14+ years, we have seen these ups & downs, and right now is a great buying opportunity - pretty easy to predict.

In these coming few months, we will definitely see a tightening of mortgage availability. Mortgage (and other business) financing will become more difficult as financial institutions take stock of the mess they have created by giving out mortgages like candy. We are already witnessing an unwillingness by the banks to take on new ‘sub-prime’ types of mortgages. The lending institutions will also use this so-called ‘sub-prime’ crisis to change other rules (that aren’t really attributable to that situation); however, it gives them a great opportunity to slide these changes in under the guise of lowering their risk profile.

All of this being said, the pendulum has to swing back in the other direction because banks make money by lending out money (not holding it). In the new year, we’ll once again see a loosening of the new ultra-tight rules as banks start to see their loan portfolio profits under perform. I believe we will see new fees added to the whole mortgage transaction. Application fees, etc would not surprise me in the least. So be prepared when your mortgage broker asks you for a fee in the new year for a regular residential mortgage.

The week of September 10th (odd how that correlates with September 11th again) will be a very interesting and volatile week in markets around the world as over $113 Billion of commercial paper comes due for re-financing on the world markets, while at the same time banks are reducing their purchase of this important financial vehicle. This exceeds the $100 Billion that came due in mid-August and sparked this whole situation. This situation should run until September 19th or 20th.

So hold onto your hat as you start to read headlines that should be quite spectacular this week (such as "The Great Depression Returns", "Liquidity Crisis", "World Heading For Recession?", "Worst Crisis in 20 Years", etc, etc).

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2) Subprime Crisis? What Crisis?

Don Campbell, Canadian Best Selling Author

“Only when the tide goes out do you discover who’s been swimming naked.”
- Warren Buffet

As the credit market tightens and the real story begins to emerge, we’re starting to see who’s been exposing themselves to unhealthy levels of risk and who, by playing the game conservatively, will end up happy and fully clothed as the tide rolls out.

Many are calling this the “Sub-Prime Crisis,” which is quite misleading. This is a more a crisis of greed, and every investor, large and small, has had a part to play in the development of the wall we find ourselves up against. Hedge funds, M.I.C.’s, corporations, banks, mutual funds and private equity groups have been stretching their risk profiles, looking to eke out a couple of extra percentage points on their return. They're doing this to make their quarterly report look better, all in the name of satisfying their shareholders, whose short-term investment horizons drive short-term business decisions. This has occurred in both Canada and the U.S. The good news is, Canada may come out of this situation relatively unscathed.

They’re Called Sub-Prime For a Reason


As a point of clarity, sub-prime does not mean the interest rate is below the Bank’s prime rate, as many believe. In this case, it means that the borrower is below being a prime candidate for a mortgage, hence the term sub-prime. This small confusion alone has caused many Canadians to panic unnecessarily because their mortgage is a floating rate below the bank’s prime lending rate, thinking that this means they have a sub-prime mortgage.

In the United States, borrowers with little or no income, little or no equity and a history of not paying their bills have been handed variable rate mortgages they can’t afford. By any standard, these loans are high-risk. So now is it a surprise to anyone that in early 2007, one in every eight U.S. sub-prime loans was in default, with projections of this number doubling between now and June 2008? I don’t think so.

Why would sub-prime lenders put themselves in this precarious position? They simply thought they had a system designed to mitigate their risk while still making a profit. After they got the borrower to sign on the dotted line, the lending institutions packaged up the loans as Collateralized Debt Obligations (CDOs) and sold them to those looking for a high return on their investments. These CDO buyers included hedge funds, mutual funds and private equity groups looking to feed shareholders’ incessant short-term greed.

To make matters worse, many of these CDO buyers used borrowed funds, in some cases upwards of 90%, thus adding another layer of debt on top of an already shaky foundation. The shares of these companies were then bought by pension funds and insurance companies looking for high returns. However, these same funds would never have bought the risky mortgages outright. You can see how this has rippled out into all areas of the financial markets.

This whole sell-on strategy takes the high-risk loans off the lender’s books while providing them profit through the fees. The CDO buyers expect higher returns because of the higher interest rates and they expect some security as the loans are backed by a real asset.

The mad dash to create large short-term returns has led many of these investment teams to the brink. Some will topple over the edge and shut their doors, while others will put the brakes on just in time, hopefully learning a major lesson on short-term thinking in the process. This layer upon layer of risky debt was created to fuel one thing: North Americans’ focus on short-term results. Shareholders complain when the return isn’t high enough and in reverse, are now complaining that they didn’t think that the investment company should have taken such high risks on these sub-prime mortgages.

It’s You and Me Driving this Bus

These large institutional investors are not the only ones driving this bus towards the cliff. There are many others who are standing with their greed glands exposed, now that the tide has rolled out.

Over the last 5 years, there have literally been thousands of new mortgage brokers entering the market in Canada and the US and they must have thought they’d hit the lottery jackpot. With financial institutions’ willingness to lend to just about anyone who could breathe and, at the same time, lining up to pay almost double the commissions on sub-prime mortgages, these new mortgage brokers had the time of their life. It was so easy in Canada at one point that an investor or home-buyer could get a mortgage just by ‘declaring’ their income, no proof required. Anyone watching from the outside could see where this was leading.

You could also see why many individual real estate investors got caught up in the sub-prime market game. “Little or zero down, what could be better than that?” they thought. Many who have only been investing during the last 5 years of good times have felt very comfortable in exposing themselves to undue risks by taking advantage of the sub-prime mortgages that were being handed out like candy.

And now that lending criteria are being tightened, with many Canadian and U.S. institutions ceasing sub-prime lending all together, we’ll quickly begin to see who the real mortgage brokering and investing pros are and which ones have mistakenly focused on the easy ‘sub-prime’ dollars. The shifting tide will expose the truth.

The Good News For Canadians

In Canada, our Bank Act has forced our lenders to be more conservative than down south. In fact, all loans in excess of 80% of the property’s value must be insured, protecting the lender from loss. It is true that some Canadian lenders dramatically dropped their lending criteria and almost doubled the commissions paid to mortgage brokers if they put their borrowers into sub-prime mortgages. Still, the percentage of sub-prime lending is substantially less in Canada. In mid 2007, over 21% of mortgages in the U.S. were sub-prime compared to only 5% in Canada. Of this 5%, all are insured against loss.

While Canada is approaching a record low number of mortgages in arrears (only 0.24% according to Canadian Bankers Association), we will see an increasing number of U.S. loans go into default, as $850 Billion of their sub-prime loans become re-set with much higher interest rates and higher payments between now and June 2008. So watch for an increased tightening of credit availability across North America as Canadian lenders respond to U.S. results.

Unlike its American counterpart, the Canadian housing market has not been artificially driven by bad lending practices. In most regions, it has been driven by economic and demographic demand. This will provide home owners and investors continued long-term resiliency. There will be economic bumps in the road that will shake out the short-term investors, but the long-term economic fundamentals that drive our real estate market are solid. We have the fastest growing population in the G7, our energy production and commodities are in increasing demand around the world, our average personal incomes are increasing, job creation is strong, creative Eastern-based manufacturers are hiring to supply goods and expertise to the booming Western provinces, our consumer confidence is high, the issuance of building permits continues to be strong, and we are attracting more international investment capital into Canada’s real estate market than ever witnessed before. These are just a few of the many positives supporting our real estate market, none of which are artificially stimulated.

The seed of this so-called Subprime Crisis is a lack of accurate information, a lack of transparency and a focus on the next quarter’s financial results. Without a fundamental change in our investment expectations, a few years from now we will witness another ‘so-called crisis’ hit our financial markets as the next scheme tumbles. But investors are a resilient bunch and the market eventually takes over and rights itself, just as it will after this storm is over.

Accurate Knowledge and Long Term Focus = Investment

Guessing and Chasing Returns = Speculation


What’s the lesson in all of this? Simply, chasing short-term returns can and will lead to an inevitable correction in any market. Investors can justify just about anything once the greed glands kick in. Just look at the well respected institutions who bought the sub-prime mortgages expecting high returns. We can say we’re following new and more accurate algorithms and computer models for risk management, but the bottom line is that the market will always expose those who insist on swimming naked of knowledge and foresight.

One year from now, we’ll look back to today and thank the market for being such an efficient self-cleaning system. Removing the naked swimmers and leaving the rest for long-term focused investors.

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3) Brand New Resource For Canadian Real Estate Investors

REIN™ Forums Administration Team

Canadian Real Estate investors have been asking, and now they are ready. After almost a year of research, you are now being provided an additional tool to help you succeed in your Real Estate investing. The brand new Canadian Real Estate discussion forums will help Real Estate Investors all across the country communicate with other Real Estate investors, sharing the knowledge across the country.

The new My REIN™ Space forums are ready to be launched to all members of the public. Already over 800 people have registered (and this number grows daily). You now have the ability to join in the conversations with fellow Real Estate investors across the country.

Please follow the instructions below to set up an account and gain access to the Public Section of the new website.

This site is very easy to use and has a full function search tool and an easy one-button access to "What’s New" on the site (click on "View New Posts" whenever you visit). It will take you less than 5 minutes to start posting in the public forums.

Three easy steps to register:

Step #1: Click on to myreinspace.com..

Step #2: Click on "Not Registered Yet? Click Here to Sign Up".

Step #3: Read the Forum Terms & Rules and check the box as "read", then click "Register". Enter your desired username (usually FirstnameLastname or a variation), password, and valid e-mail address. Under "Type of member", select "Not a REIN™ member". Make sure that you enter all the required information (none of your personal information will be available to the public, and we will not share it with anyone). Enter the security code and click on "Submit my registration". An e-mail will be sent to the e-mail address that you provided to confirm your forum membership. Click on the link contained within this e-mail and you will be approved for access to the Public forums.

If you have any questions, first click on the question mark (?) on myreinspace.com. and see if your question is answered there. If you still have questions or comments, please email info@reincanada.com or call our office at 1-888-824-7346.

You will find yourself coming back to this site often. As one early participant on this site states "My name is Gord Mackie and I have been investing in Hamilton, ON for about 4 years now. I think that this site is amazing... I am on it almost every day, and I am learning tons from all the experienced investors out there."

Click Here to get started on this site immediately.

 

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4) Joint Venture Secrets Series - Part 3

Russell Westcott

Congratulations on the action takers who have taken advantage of last month’s general public launch of the brand new 750 page REIN™ Joint Venture Secrets System.

I wanted to share with you a thank you card we just received from Xiang Wu, from Toronto:

"Mr. Westcott, I particularly want to thank you for the amazing JV package you, Don and the other experts have put together. I’ve followed it step-by-step in my Real Estate Investing. $200,000 has been raised. We’ve closed on 3 properties in Edmonton and I am working on the 4th one. Thank you for the impact you have had upon me and my Real Estate investing." (August 28, 2007)

Great work Xiang, This is just one of the many cards we have received from people implementing this system.If you would like to learn the details of how to attract all the investment funds you require to purchase your next piece of Real Estate, click here.

In the last newsletter we continued our series on Joint Venture Secrets, and we outlined the following:

The Three Pillars of Real Estate Joint Ventures
Three Abilities You Need to Master in Order to Succeed in Joint Ventures

In this edition of the Canadian Real Estate Insider, we are going to talk about some more of the key fundamentals of Joint Ventures, specifically The Seven Wealth Attraction Strategies.Each one of these strategies is critical to set yourself up as a money magnet. These seven wealth attraction principles include:

Attraction - not Pursuit

Abundance

Expectancy

Giving

Decisiveness

Expertise

Resiliency

Attraction - not pursuit:

The best people to deal with are people who have raised their hand and said, “Yes, I am interested,” after responding to your initial conversation or lead-generating marketing. Only after someone has expressed an interest do you start the conversation. If someone has not given you permission to sell to them or to discuss with them an opportunity you have, do not talk to them about what you have to offer. It’s permission-based marketing, and it will save you time.

Do not push yourself upon people. Don’t appear to be ‘selling’ something. What you are doing is telling, not selling. And as always, turn every conversation you have into a real estate conversation for every person that you meet, and see if they are interested in talking more. If they are not interested, move on and talk about something else. The last thing we want is to be talking with someone who has no interest in what you are saying.

Put yourself in the other person’s shoes.How would it make you feel to be sold by a very pushy person who HAD to sell to you? Did it make you feel good or uncomfortable? Do not put yourself in the position of being that person.

Abundance:

What are your beliefs about abundantly or scarcity? Do you believe that someone has to lose for you to gain? Or do you believe that you can create win-win situations? The successful investors that create Joint Ventures believe that in life there are no shortages, ever. If they need something, they will find a way to do it. It is just a matter of how committed they are to getting the job done.

Successful Real Estate investors who complete joint ventures have a belief within them that they will find the joint venture money. Sometimes when they get the deal they don’t know how or where, but they just have a firm belief that they will find it somewhere. And that is what abundance is all about. They have the ability to create something from nothing.

One of the best quotes on this subject comes from John Lennon. He said, “Today I think I’ll sit down and write myself a swimming pool.” Hopefully, you understand what he means by this. John Lennon decided he needed a swimming pool, so what is he going to do? He is going to sit down and write a song to sell, in order to create enough money to build a swimming pool. Do you have that form of abundance and that mind set of abundance in your life?

Expectancy:

As Frank Lloyd Wright stated, “Events always happen when you truly believe in them. And the belief in those events is what truly makes it happen.” If you firmly believe something will happen, you will create an expectancy to get it done, and that expectancy will create the results.

Talking with successful Joint Venture experts across the country, one finds that they expect that they will find money to get the deal done. As a matter of fact, many of them cannot believe why someone won’t give them money for their deal. Their confidence in creating wealth for other people is so strong that they do not understand why people will not invest with them. They expect to get that money!

Giving:

As Sir Winston Churchill so aptly stated, “We make a living by what we get; we make a life by what we give.” It’s a universal law. The more you give, the more you receive. Some of the people who attract the most amount of wealth to them are also known as the largest givers. Bill Gates and Oprah Winfrey are just two examples.

Many people say, “The wealthy can afford to give because they have so much.” The key is, most wealthy people were tremendous givers when they could not afford to be. If you exercise your “giving muscles”, you will be amazed at how soon you will start attracting wealth into your life.

Decisiveness:

Do you seek the swift sword? After you have complete your Due Diligence, do you have what it takes to make a decision? And more importantly, do you stick to that decision once you have made it? After you have completed your Due Diligence checklists, there comes a point where you have got to “shoot the puck.” You can stickhandle and dipsy-doodle all you want, but if you don’t actually shoot the puck, you are never going to score a goal.

When you are dealing with Joint Venture partners, you need to be able to show them that you can make a decision. Typically, you are going to be the Real Estate expert in the deal and you need to prove you can be decisive. If you are not sure of the deal, how much confidence does that give your money partner?

Expertise:

Do you feel comfortable investing your personal money with an expert, or someone who is a generalist? You want to make sure that you become an expert at something. You will need to develop some kind of expertise, something that you are ‘known’ for.

Within real estate, become an expert at something. For example, you can become an expert of the ACRE System (Authentic Canadian Real Estate System).

Do you have a niche? Do you have a specialty? Let’s take the example of Mister RRSP, Valden Palm. He has taken the time and effort to study all the details of how to use RRSPs to invest in Real Estate. Mister RRSP has become an expert in a very specialized niche, and he is now known as one of Canada’s experts in this field. If anyone has questions about using RRSPs in Real Estate, he typically is the person people search out to find the knowledge. Do you think that along the way, some of these people have also offered to be one of his investors?

Resiliency:

Resiliency is the ability to adapt to changing circumstances when the circumstances are disappointing, disruptive or discouraging. Do you have what it takes to get through the “no’s”?

You will hear the “no” many, many, many times. You are going to have to understand that right now. Do not get devastated and stop if you hear your first “no”. Do you have what it takes to get through it? With every “no”, you have to ask the person the following question, “If I were to change something about the deal, what would it take for you to say yes?” Listen closely to their answer. They are just about to tell you something that will benefit your next presentation.

The presentations you make to potential Joint Venture partners will change over time. Every successful Real Estate investor who has created a massive Real Estate portfolio looks back upon their first presentation and almost laughs. The key is that they kept improving their presentations. They did not give up when they heard the word “no”.

The final thing about resiliency: one of the favorite sayings you will hear about this is “SW-SW-SW-SW.” “Some Will, Some Won’t, So What, Someone’s Waiting.”

These are a few more of the key foundational principles when building successful Joint Venture relationships. Again, this is just the tip of the iceberg. If you would like to discover all the details of creating successful Joint Ventures, providing you with almost unlimited investment capital, click here.

Next month, we will discuss some of the strategies of how and where to find your Joint Venture partners.

5) Is A Summer Vacation Home Your Best Investment?

Peter Kinch

Are you making financial decisions today that are consistent with your goals?

Or, are you letting emotions dictate your decisions?

My wife and I were driving up to Penticton the other day for her Grad Reunion. I love the Okanagan but have lived virtually all of my life in Vancouver. My wife, needless to say, being an Okanagan gal, often finds herself pining for the sun-drenched days of her childhood on the shores of Skaha Lake. This usually occurs on one of our ubiquitous rainy days in Vancouver.

Suffice it to say that as we approached Hwy 97 and the reflection of the sun on the lake came into full view, our annual discussion about buying property in the Okanagan was renewed. Being real estate investors ourselves, we started to think, “Hey, maybe we should be investing our money in this area? After all, if this is where we love to come to every summer, why not invest here as well?”

In fact, by the time we had arrived at our friend’s place, we were already scouting out the ‘For Sale’ signs and asking about sale prices. By the time the second day had rolled around, we were looking at a $900K view home less than a block from our friend’s house and began to calculate the probability of renting it out for 11 months of the year and having it for our ourselves for one month every summer. Alas, we had fallen into the same trap that so many summer travelers and novice real estate investors do every year. We began to let the emotions of the moment rule our buying and investment decisions.

This is the same reason so many timeshares are sold to Canadian Snowbirds every winter down in Mexico and other exotic places around the world. The sentiment and the emotion of the moment wrap you up in a cloud of poor judgment and you slowly shift away from focusing on the fundamentals.

Now don’t get me wrong, Penticton and other cities in the Okanagan offer up a multitude of investment opportunities and many of them can be quite lucrative. However, before you jump into any investment, you have to ask yourself two simple questions:


Why am I buying real estate in the first place?

What end result does this real estate need to produce for me?

When I asked myself these questions, I came to the realization that we’ve chosen real estate as our investment vehicle of choice. We have a specific goal and a specific target in a specific period of time, so we need our real estate to produce specific results. Our objective is to use real estate to develop a significant net worth that will eventually produce two things:


Equity that can be leveraged into the ultimate lifestyle that we have defined for ourselves.

Cash Flow that will help to create options for how we live that lifestyle.

Both of those are future needs, not current needs. The challenge with being on a holiday and enjoying the immediate pleasures of the ‘house on the lake’ or the ‘villa on the beach’ is that they create a desire for instant gratification and clash with long-term goals that can often require delayed gratification.

Now I know that someone is reading this right now and you’ve just spent a week up at ‘the cottage’ with the kids and you’re thinking, “Wow, that was so amazing, I want my kids to enjoy that lifestyle today! I don’t want to delay gratification so long that by the time we buy the cottage our kids have all grown up.”

You’re absolutely right, and if that is your goal, then make the move today. In fact, there may well be a way of having your cake and eating it too. My point is simply this:

Are you making financial decisions today
that are consistent with your goals?

Or are you letting emotions dictate your decisions and sabotaging your long term goals in the process? I always remind my clients that I am not judging their decisions, I am simply making sure that they are making decisions that are congruent and consistent with their stated goals.

Let me give you an example of what I am talking about. Let’s go back to the house in Penticton with a lake view and look at some of the facts from an investor’s point of view, not an emotional one:


Cost - $890,000 – beautiful home with a salt water pool and panoramic view of the lake, close to friends, great place for the kids to be when we come up to visit.

Our purpose for buying the home would be to have a place to stay when we came for our annual summer trip to Penticton and secure an investment in the Okanagan at today’s prices.

Our 5 year plan is to increase our net worth and develop an alternative cash flow that gives us more freedom and choices in the future.
Let’s analyze how this investment would match our 5 year plan:


In order to finance it, we would need to come up with 20 to 25% for the down payment. This would require a down payment of almost $225,000.

With 25% down, the mortgage would be $667,500. The mortgage payment would be almost $4,000.

After including taxes and maintenance etc, we would need to rent the house for at least $4,500 to break even.

We would attempt to rent the house for 11 months of the year and have it for personal use one month of the year.

The market rent for that particular house in that particular neighborhood is currently just over $1,500 a month.

Our negative cash flow could be as high as $3,000 a month for the 11 months and, of course, more for the month that it is used personally. This would make financing at the bank extremely difficult (even if I do know a good broker). The negative cash flow will also impact any future purchases, since my debt service ratios will now be completely mixed out, thereby limiting those purchases or forcing me to not be on title with any joint venture deals.

Assuming an 8% annual appreciation over the next 5 years, the home could be valued at over $1.3 million in 2012. Our equity position could be just shy of $500,000.

We would have had to service over $150,000 in negative cash flow over the same period.

We would have had the enjoyment of having a great summertime home for our personal use once a year.

5 years later we would definitely have some equity appreciation, but not the cash flow.
Now let’s take a look at an alternative use of that money that would satisfy both our short term and long term goals. Let’s suppose instead, that upon returning to my home in Vancouver, I picked up the Financial Post and read about Shell’s plans to build a second oil sands upgrader just north-east of Edmonton at a cost of $22 billion with the first phase of construction set for completion in 2012, employing between 3,000 and 4,000 workers during the construction phase. Suppose that I decided to take my $225,000 and invest it into 3 solid townhouses in North-East Edmonton at $280,000 each for a total investment of $840,000. Here’s how that investment would look in 5 years:


Each unit will attract an economic rent of $1,500, which should be enough for the properties to break even in the first year, with the ability to increase rent every year after that and generate a positive cash flow.

Assuming an annual increase in value of 8% (even though CMHC has already predicted a 28% return for Edmonton this year alone), the value in 2012 would be just shy of $1.3 million and our equity position would be similar to the Penticton option, assuming we used excess cash flow in years 2 through 5 to accelerate the mortgage pay down.

Over the same 5 year period, we would have had all the appreciation with no negative cash flow. This would make the financing much easier, not only for these purchases but for any future purchases.

After 5 years, we would have increased net worth with a growing monthly cash flow.

We could opt to continue to hold the properties, sell all three and use the proceeds to re-invest for personal use, or sell just one unit and use the proceeds to pay down the mortgages on the other two, thus increasing our cash flow even more.

Any and all of these options would match our 5 year goals.
Clearly, based on my personal financial goals, option #2 is far better for us, once we remove the emotion and look at the facts. But wait, you forgot one thing – what about the kids? What about the need to enjoy the here and now? What about the desire to have a place to stay for one month a year up in Penticton? Oh, I didn’t forget about that, I simply figured that instead of making an investment that requires $3,000 a month in negative cash flow, I could use surplus cash flow from my real estate portfolio and supplement it with some money from my family budget to rent an awesome house for a few weeks every summer for less than $2,000. I would satisfy my immediate family needs without compromising my long term goals.

When you sit back and analyze your investment decisions based on fundamentals instead of emotions, it’s amazing what conclusions you can come to. And if you’re really good, you can have your cake and eat it too.

Until then, Happy Investing

Peter Kinch is a Real Estate Mortgage Broker who has been helping Canadians with their mortgage needs. Peter is one of the co-authors of the Canadian best selling book 97 Tips for Canadian Real Estate Investors. He will be a major presenter at the upcoming ACRE System program, teaching you How to Get the Banks to Say YES! Click here to read all the details.