I’ve just inherited a loved one’s estate. How can a financial adviser help me?
When one inherits money from a loved one, often the emotions are mixed. When the need to deal with the inheritance arises, many people are still dealing with extreme grief. This makes it even more difficult to determine how to deal with the transfer of funds and/or property, especially when there are usually different parties—with often very different perspectives and financial goals—involved in this decision. This can be a very emotionally draining time for all.
Moving away from the emotional issues, let’s talk about the financial considerations in terms of the inherited investments.
When a parent, or other family member, dies, one of the biggest mistakes that the beneficiaries make is leaving the investments as they are, without doing any research into how they are allocated or considering alternative options. Why could this be a mistake? Because the portfolio was set up for someone typically 20 to 30 years older than the individuals who inherit the funds, and it may not fit well with their own financial goals. Also, the beneficiaries may not realize that there is a real opportunity with many investment for them to receive a “step up in basis” if they decide to sell, which means they can sell them at the value upon death with NO TAXES. This gives them a good opportunity to reposition the assets to be in line with their investment goals and risk tolerance. If the original investments are held for too long, the fear of capital gains could once more be an issue and repositioning to the “appropriate” positions may never be done.
Furthermore, it is absolutely critical to establish one’s own financial plan prior to deciding how to invest the inheritance because some companies offer different settlement options. And if you get talked into a settlement option that is not in your best interest, it may be impossible to change.
One of the biggest mistakes people make with investment inheritances is that they accept the death benefits without planning. Why is this a problem?
For example, let’s look at four million dollar estate that was left by generation 1 after already paying estate taxes (which could be as high as 48 percent on everything inherited over $2,000,000). Let’s say that the beneficiary (generation 2) is a 62-year-old man who has planned and invested well enough that he does not need the inheritance for his own financial security, but takes it anyways (because that’s what over 90 percent of Americans do). If he takes it, and then dies a year later, for example, the 48 percent estate tax will again deplete the inheritance his beneficiaries (generation 3). Estate taxes could deplete the original inheritance by another $2,000,000; however, with the proper planning in place, all $4,000,000 could have remained, avoiding both the first and second taxation.*
Troy V. Collins, RFC.**
President, McKinley Financial Group
Phone: (650) 551-8900
CA Insurance Lic. No. 0B96613
www.mkfinancial.com
* This material has been prepared for informational purposes only; it is not intended to provide and should not be relied upon for financial, legal, or tax advice.
** Registered Representative offering securities through First Allied Securities, Inc., a Registered Broker/Dealer Member FINRA/SIPC.
Investment Advisor Representative offering services through First Allied Advisory Services.
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When Furniture Abounds: A Staging Success Story
My favorite success story encompasses the “there’s good news and bad news” scenario. It started when I received a staging job for a 2 bedroom, 2 bathroom owner occupied home that was packed to the gills with furniture. It even had a large office armoire in the breakfast nook! A plan of attack had to be created to make this home less cluttered and more easy on the eye.
We decided to move about 80% of the owners furniture into storage which would allow me to bring in smaller pieces to set the look. The owner, understandably, was overwhelmed with the idea of moving so much furniture to storage, but I was prepared for that. I told her to go to work and I’d take care of everything.
I had my professional movers come in and move the furniture to storage and by the time she was home from work the entire house had been transformed! The owner was delighted that she hadn’t had to lift a finger to move the furniture and the Realtor was pleased the home was ready for the market.
I thought everything was fine until I received a call from the Realtor a week later. It ends up the owner liked the new feel of the home so much she decided to pull her house off the market and keep the newly transformed home!
Definitely a staging success story for me, and the Realtor was a good sport about it as well. He still uses me for all of his listings, as when staging is done right it makes selling a home much easier!
Top Green Gardening Tips
Looking to go green, but unsure of where to take your first step? Try the greenest spot of your home: your yard. Green gardening is a great starting point for any journey toward a more earth-friendly lifestyle. It’s easy to get started, it’s fun, and changing how you garden in even small ways can have a massive positive impact via benefits such as reduced chemical usage and water consumption. Try these techniques for transitioning to green gardening:
* Conserve how much water you use. Start collecting rainwater in large barrels or containers — ideally with spigots — and use that water for your garden. Make sure to keep the barrels covered when it is not raining in order to prevent any mosquito infestations.
* Install a sprinkler system. Installing PVC pipe, sprinkler heads and control units might seem antithetical to green gardening, but being able to control exactly when different parts of your yard and garden are watered and for how long results in voluminous water savings. Ideal times to water are in the early morning and the cool of the evening to maximize the soil penetration.
* If you live in a particularly dry area, consider xeriscaping, which is landscaping with plants that have very meager water needs, while designing the yard in such a way as to prevent runoff and diminish evaporation.
* Start composting. Composting combines home and yard waste that is left to decompose in order to create not only the perfect plant food that is free of chemicals, but also one that helps the soil stay moist. Balancing your compost’s “ingredients” is essential, so read up on what you can compost, the correct ratios of ingredients and how to turn your compost.
* Adding mulch around your plants will help keep the soil moist, making your garden look attractive and well-tended.
* Vermiculture, a.k.a. “worm farming,” is a great way to improve your soil. Essentially, you keep a bin full of dirt, organic waste and worms and harvest the worm “castings” (what they leave behind after eating the dirt and garbage) to amend your soil.
* Use nature’s pest control. Put out bird feeders and perhaps a few bird houses to attract some feathered friends. Not only will the bird songs add cheer to your garden, but they also eat pesky insects that might otherwise eat your plants and flowers.
* Ladybugs are another great winged ally in the battle to bar bugs from your garden. You can buy them in most home stores and they absolutely love to dine on flower-destroying aphids.
* Try to plant fauna that is local to the area. This helps reduce reliance on fertilizer, since native plants are more apt to thrive in your soil.
So what are you waiting for? Grab that hoe and trowel and start saving the planet!
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How can a financial advisor help me as a real estate agent?
It is crucial for a real estate agent to have a good relationship with a financial advisor, but not just any advisor. He or she must be an advisor who knows and understands the “ins and outs” of investing in real estate. Historically, financial advisors and realtors have been on opposite sides of the fence. The advisors want their clients to invest in the things that they sell: stocks, bonds, mutual funds, annuities, etcetera, because that is how they make their money. In fact, many realtors have received responses from clients saying, “My financial advisor says that real estate isn’t a good investment.” So it is no wonder that this partnership is not very common. But if a realtor partners with the right financial advisor, it should be a beneficial relationship for all.
A financial advisor who understands real estate can help a client to structure the deal correctly, figure out what funds to use to purchase the property, and how much and what kind of leverage to use—if any. Though a mortgage advisor is the expert on the programs available, only financial planners can model the loan into the purchasers’ financial plans to see how the tax benefits and loan affect their long-term financial planning goals. When gathering important data for the financial package, the advisor can also submit financials in one statement, verifying funds on deposit. Although there are several parties involved to make sure real estate transactions go smoothly, it is beneficial for both the real estate agent and the client to work with a knowledgeable advisor. For example, often times it makes sense to transfer the ownership of properties into a family trust and many times it does not; knowing the different options is important.
The biggest reason that real estate professionals should work with well-trained financial advisors is that they should be able to help them sell more real estate. One of the biggest reasons that people hold on to real estate is due to capital gains taxes. And other than the $250,000 exemption if filing as a single person and $500,000 if married filing a joint return, few people understand the strategies that make it possible to avoid capital gains taxes. My personal opinion is that capital gains taxes are avoidable in almost every circumstance; it just takes some planning to do so. Thus, if an elderly couple wants to downsize but is afraid of the taxes, a good financial planner should be able to design a plan to avoid paying them and in the process create more retirement income than they had before.
Investors in real estate make many mistakes from a financial perspective. One of them is getting “too comfortable.” That is, an investor may have bought an investment property 20 years ago and, although it may have been a great investment then, it may no longer be a good investment today. Also, paying it off may mean losing tax benefits and deductions. Another common reason investors do not want to sell their properties is because they feel that it would be impossible to do so in today’s market, or that capital gains taxes would be too high if they did. However, a good financial planner can help to determine whether or not the property in question is still a good investment, and also establish a plan to get increased income (even tax free!) from the property in retirement.
The bottom Line: It is important for real estate agents and financial advisors to work together. The benefits are unlimited.*
Troy V. Collins, RFC.
President, McKinley Financial Group
Phone: (650) 551-8900
CA Insurance Lic. No. 0B96613
www.mkfinancial.com
* This article is oversimplified in many ways and is for illustrative purposes only. McKinley Financial is not recommending any specific product, nor are we recommending that you purchase real estate.
** Registered Representative offering securities through First Allied Securities, Inc., a Registered Broker/Dealer Member FINRA/SIPC.
Investment Advisor Representative offering services through First Allied Advisory Services.
Eight Quick Tips for Living Green
Today, living green isn’t just a lifestyle choice; it makes solid financial sense. As home energy costs increase, homeowners are seeking simple and smart ways to save energy and consequently save money, too. Trying to create a more environmentally sound household doesn’t have to start with taking out a massive loan in order to slap solar panels on your roof. Here are some easy ways to start living green:
1. Swap out all your incandescent bulbs for compact fluorescent lights (CFLs). CFLs last 15 times longer and use two-thirds less energy, saving at least 2,000 times their own weight in greenhouse gases. They have gotten much cheaper too, costing well below $10.
2. Start recycling your trash. You might already be a recycler if your city provides trash services that include recycling services. All you have to do is start making a habit of sorting your trash. If your community doesn’t recycle, start separating out your garbage yourself and taking it to a recycling center. Most will pay you some money for your bottles and cans — perhaps enough to pay one of your monthly utility bills.
3. Reduce the amount of refuse your home produces. Recycling is great, but you should also cut down the amount of material you have to recycle. Are there magazines you barely read? Are you consuming food items that come in too much packaging? Have you contacted junk mail sources to have your name removed from their lists? Have you ditched paper towels and switched to kitchen towels and cleaning rags?
4. Install a programmable thermostat. This will ensure you aren’t heating or cooling your home when you don’t need to. You can pick up one of these low-cost items at any home store, and you’ll recoup its purchase price in a month or two with the money you’ll save.
5. Get some large room fans. On hot days, always opt first to open your windows and get a cross-draft going with some large fans before switching on your air conditioning. And if your A/C unit is several years old, use the money you save on electricity by using those fans to put towards a new one. Even air conditioners that are 10 years old consume up to 50 percent more energy than new models.
6. Cut down on your showers. We Americans love hot showers so much that easily two-thirds of our home-heating bills are devoted to them. Install a water-saving shower head and start timing your showers to minimize your water consumption and cut your energy costs.
7. Change your ventilation filters regularly. Clogged-filters will force your heater and air conditioner to work harder, thus consuming more energy. Swap them out for new ones at least twice a year.
8. Don’t just clean the inside of your fridge. Use the brush attachment on your vacuum to clean its coils, which will be located either on the backside or behind the bottom grill of the refrigerator’s front plate. This will ensure your fridge works more efficiently and doesn’t overheat. Also, don’t forget to change the water filter if it has a water dispenser.
By following these very simple tips you can have bragging rights about “going green” without making much effort, and you’ll save yourself some cash too!
Real Estate: What is it for? Part 4
One of the things that I have found over the years in working with clients that own real estate portfolios is that people love buying real estate, but they constantly make fundamental mistakes when doing so. The starting point in deciding what to buy and how to buy it should begin with the answer to this question: What is it for?
This may seem like a silly question, but as a financial advisor I need to know the time frame, expectations, and, most importantly, whether the property will be used to create income, for growth, or for growth and income (both).
This is the fourth and final piece in our discussions on the appropriate investment strategy for buying real estate.*
Liquidity for Real Estate Opportunities
So, we have established that one of the biggest mistakes that investors make when buying real estate is leveraging incorrectly, or not at all. But often times, people are somewhat reserved about having a mortgage payment to make. Let me remind you of a couple of basic premises.
A $1M property that appreciates by 5 percent has a 5 percent rate of return (ROR).
A $1M property that appreciates by 5 percent that is half leveraged has a 10 percent ROR.
A $1M property that appreciates by 5 percent that is 75 percent leveraged has a 20 percent ROR.
Most people who start investing in real estate know this and start out their investment strategy using this concept to their advantage. However, as the years roll on and people get comfortable, they start to make the mistake of paying it off. Doing this may be the right thing to do, but often it done by accident. By paying a property off, you may lose many of the great things about real estate: the tax benefits. You may have depreciated a building down all the way which takes away a deduction. By having expenses such as a mortgage, you have a way to offset income. These should not be overlooked.
Using up one’s liquidity to invest in real estate can be tremendously detrimental. Look at everyone you know who fell into the trap of buying multiple properties in Arizona, Las Vegas, and Texas over the past 10 years. Many of them are underwater; that is, they owe more to the bank than what the properties are worth. If there is no cash left behind and all properties are leveraged to the hilt, then there is significant risk.
In instances like this, paying cash for properties can really be a savior. If properties such as these were owned outright, though the value may be down, the likelihood of losing them is small. In fact, they would likely be cash flow positive. However, it may be argued that if there were a time to buy in Arizona it is NOW! With prices deflated like a porcupine’s balloon, there may be some great opportunities. For those who paid cash for properties, those opportunities may not exist. Getting cash out of a building is far more difficult than never having put it in. So, perhaps there is a middle ground.
I believe that having the cash to pay them off is a GOOD thing, but to actually do it is the last thing to do, (or last resort). For that reason, we have helped many clients use an insurance based program to create liquidity for opportunities in real estate.** In this program, your capital cannot lose value due to market fluctuations, but can obtain growth type returns and cause a positive “arbitrage” opportunity if used correctly (that is, it can keep pace with or beat the “cost of capital” ). This capital may be accessed tax free under current tax law. What is the advantage of this program? For one, all of your eggs are not in one basket. On top of that, consider the idea that you will have cash available at any time for any reason at all! And while it sits there, growing tax free, you could pay off the property that you choose to leverage instead, and it could grow at 7 percent or more while you are borrowing money at 5.5 percent or so, on a tax-deductible basis. You do the math!
Troy V. Collins, RFC.
President, McKinley Financial Group
Phone: (650) 551-8900
CA Insurance Lic. No. 0B96613
www.mkfinancial.com
Registered Representative offering securities through First Allied Securities, Inc., a registered Broker/Dealer Member FINRA/SIPC.
Investment Advisor Representative offering services through First Allied Advisory Services.
* Investing in real estate and real estate investment trust (REITS) may not be suitable for all investors and involves special risks, such as limited liquidity and demand for real property, changes in supply and demand for real property, changes in law, tenant turnover or defaults, loss of investment, competition, casualty losses, and use of leverage. Real estate values may fluctuate based on economic, environmental, and other factors. There is no assurance that the investment objectives of any real estate program will be obtained.
** Most people do not know that one of the most tax efficient investments in our country is an insurance contract issued by Life Insurance Companies. There are risk factors other than market volatility that could cause loss of principle. Not everyone will qualify for insurance through this strategy. Consult your tax advisor for any tax related strategies.
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Beautiful on the Outside
They say you can’t judge a book by its cover, but many homebuyers do just that: judge a home by its external appearance. If you’re gearing up to sell your home this spring, you need to make sure your home’s exterior and landscaping stops buyers in their tracks and gets them to come in for a walk-through. Here are some easy and effective ways to accomplish that.
* Clean up the yard. Take a weekend and start mowing, trimming, weeding, raking and doing everything you can to make the yard neat as a pin. Trim back grass and other ground coverings away from the bases of trees, shrubs and flower beds for a professionally landscaped look.
* Start planting. If your front yard is sparse, invest in some small, inexpensive trees and bushes from your local home store or nursery. Likewise, plant flats of various spring flowers to add “pop” to your landscape.
* Nix the gnome. It’s time to stow all your cherished lawn ornaments in the garage. That said, you can keep one or two truly engaging landscape features, such as a unique fountain or simple outdoor sculpture, if you and your real estate agent feel they would add a tasteful, designer appeal to the landscaping.
* Get a wash and trim. While painting your home might be out of budget, get the exterior power washed and paint all the trim. Additionally, paint your door in an engaging color that accentuates your exterior color scheme and invites the prospective buyer to knock.
* Make an entrance. Add some design features to your entryway to further draw attention to your front door. If there is enough space, aim to create symmetry in your design elements. For example, two small, flowering trees in decorative pots on either side of your door add a welcoming touch. Just make sure your color choices match or compliment your door color.
* Roll out a clean carpet. Lastly, clean up your concrete and stone driveways and walkways. Besides the standard sweep-up, remove any built-up dirt and grime. If you have stones separated by moss, grass or other ground cover, give the greenery a good trim to help redefine the stones. And don’t forget to eradicate any oil stains from concrete driveways. If you’re concerned about chemical run-off, there are a variety of highly effective cleaners that are environmentally friendly and safe for your storm drains.
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Real Estate: What is it for? Part 3
One of the things that I have found over the years in working with clients that own real estate portfolios is that people love buying real estate, but they constantly make fundamental mistakes when doing so. The starting point in deciding what to buy and how to buy it should begin with the answer to this question: What is it for?
This may seem like a silly question, but as a financial advisor I need to know the time frame, expectations, and, most importantly, whether the property will be used to create income, for growth, or for growth and income (both).
This is the third in a series of four discussions on the appropriate investment strategy for each.
Real Estate for Growth and Income
In Parts 1 and 2, we separated out the distinctly different reasons for investing in real estate: growth or Income. In this article, my purpose is to try and make sense in blending the two. How can you do both? It may be that you need two different properties? It may be that one can do it.
Let’s say that a client came to me with a rental property that was worth one million dollars and had net rents (before tax) of $25,000 per year. His property was paid up, and Bob is content with his increase in income each year of about 4 percent (based on rent increases, if not rent controlled). I might look at this rental property and identify a few weaknesses. The first would be that the rents give Bob a 2.5 percent yield, which is not great for income. The second would be that he has virtually NO TAX BENEFITS. A third would be that he is not using his capital wisely to use what I would consider THE major reason for buying real estate, LEVERAGE!
If this is for income only, I could find individual bonds that might pay 4 to 5 percent, which would give more income than the property.* If it is for growth, then leverage might be a key. Bob wants both Income and growth. What do we do?
I might suggest that Bob look for replacement properties, two or more of them. It may be possible to find a property that has a 6 percent cap rate. If so, he could invest $500,000 into this property (all cash) and create $30,000 of income from just half as much money. Then he could find another property for growth in which he could put down, say, $500,000 on a $1M property (or four for $250,000 each).
What is the outcome of doing this? We still have $30,000 in cash flow. But now we have $1.5M of real estate appreciating for us instead of $1M. At a 5 percent growth rate, this is $25,000 more in year one alone. What is the risk? If you owned a $1M property outright and the tenant vacated, you would have no income. If that happens in our scenario, you have no income and you have a mortgage payment. So what you could gain on the top end can be at some risk. This is why for the income producing properties we often look to nonpublicly traded real estate investment trusts (REITs) or something with LONG term leases.** Having a company such as Home Depot or Walmart as a tenant with a signed 20-year lease can often eliminate much of the vacancy concerns. Thus, if the other property were vacant, you would still be able to cover the debt putting you in a similar situation as if you owned just one building outright.
It is important to consider all options when investing in any kind of real estate, but the more you know, the better.***
Troy Collins
* Bonds are subject to a variety of risk, the most visible of which is interest rate risk. If a bond is sold prior to maturity, the investor may receive back more or less than the original amount invested.
** Investing in real estate and real estate investment trust (REITS) may not be suitable for all investors and involves special risks, such as limited liquidity and demand for real property, changes in supply and demand for real property, changes in law, tenant turnover or defaults, loss of investment, competition, casualty losses, and use of leverage. Real estate values may fluctuate based on economic, environmental, and other factors. There is no assurance that the investment objectives of any real estate program will be obtained.
***Note/disclaimer: this article is over-simplified in many ways and is for illustrative purposes only. McKinley Financial is not recommending any specific product, nor are we recommending that you purchase real estate.
Troy V. Collins, RFC.
President, McKinley Financial Group
Phone: (650) 551-8900
CA Insurance Lic. No. 0B96613
www.mkfinancial.com
Registered Representative offering securities through First Allied Securities, Inc., a registered Broker/Dealer Member FINRA/SIPC.
Investment Advisor Representative offering services through First Allied Advisory Services.
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How important is the flow and look of my home to potential buyers?
The best answer to this question is to look at some virtual tour pictures on the internet. You can quickly pick out homes that are staged and the homes that are not.
When someone clicks on your virtual tour you have, on average, exactly 2 seconds to wow them with the first picture before they click onto another listing! Vacant rooms do not show well, as they not only look barren and cold but it is difficult to see the scale of a room without anything in it.
65% of buyers remember a home from it’s color alone! At Décor Staging we think color is extremely important in setting a home apart from it’s competition and making it memorable. Although as a general rule keeping colors to neutrals that will appeal to the broadest market is good, it does not mean it needs to be “Realtor beige”.
Neutral colors can be blue, green, gold, taupe even purple! A big component of our staging design centers around the flow of a home. We often see floor plans that present difficulties in furniture placement, television viewing and traffic flow. All of these problems need to be addressed and answered in the staging of a home.
In fact, the more problems a home has with it’s flow the more in need of staging it is. Staging can deflect attention away from problems and it can accentuate the positive aspects of the home. Staging never covers up a problem such as a bad floor or faulty construction because disclosure laws protect potential buyers from these types of things. However, staging can down play these types of problems, while they still remain viewable.
In today’s market everyone is looking for a place in a home for comfortable T.V. viewing and a home office. We try to answer both of these desires in every home.
Having been in the home staging market for many years I can personally attest and give examples of how staging a listing can increase market value and return on investment. Contact me at kerry@decorstaging.com or 650-619-9052 and I can share more information with you!
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Real Estate for Growth* Part 2
This article addresses Real Estate investing for Growth*, versus my last article where we discussed investing for Income.
One of the things that I have found over the years in working with clients that own real estate portfolios is that people love buying real estate, but they constantly make fundamental mistakes when doing so. The starting point in deciding what to buy and how to buy it should begin with the answer to this question: What is it for?
This may seem like a silly question, but as a financial advisor I need to know the time frame, expectations, and, most importantly, whether the property will be used to create income, for growth, or for growth and income (both).
This is the second in a series of four discussions on the appropriate investment strategy for each.
Real Estate for Growth*
Many people think that buying an apartment building is a great way to increase their cash flow and their retirement portfolio. While it may work for some, I want to explain a more realistic strategy using the following example:
Gus, Age 50, is a doctor and earns $450,000 per year. He wants to build his real estate portfolio to help him gather assets for retirement and considers buying an apartment complex. The building will cost one million dollars and he has the cash to buy it outright. Great! (But that doesn’t mean he should buy it outright.) After buying this building, he will have an additional $70,000 of income each year. Sounds good right? Not to me. Based on his tax rate, he will likely owe 45 percent of this to the IRS. To avoid this, wouldn’t he be better off by buying properties that would “appreciate” rather than produce “cash-flow?” I think so. Gus does not need “income” – he needs “growth.”
So let’s look at two issues:
1.Most real estate experts would agree that buying single-family homes in up and coming areas or well-established desirable neighborhoods would appreciate far greater than multifamily properties or commercial ones. That being said, perhaps Gus is looking at the wrong type of property.
2.Even with this property, instead of using all cash to purchase the property, perhaps leveraging it would work better. With 30 percent down, Gus could buy the property with $300,000. His loan would be $700,000, which at 6 percent would have a payment of $4,196. With other expenses and taxes, let’s say his total monthly expenses are $6,000. Perfect! His income and his expenses are roughly equal meaning that he likely has no taxable income. Thus he is using the property more effectively by having the tenants pay for the property with no creation of additional taxable income, and by leveraging it effectively a 5 percent increase in value on the property ($50,000) is equivalent to a 16 percent return on your money ($300,000).
Obviously, more potential can be identified with this breakdown. How about the idea that Gus can now buy three properties for the same one million dollars with which he was going to buy only one? Now, a little caution needs to be exercised here as we can all identify with those who overextended and bought as many properties as possible and sacrificed liquidity. There definitely is a balance. (See part four of this series of discussion to see how life insurance can act as a tax free holding tank for funds with which to buy future properties and provide liquidity.)
Troy V. Collins, RFC.
President, McKinley Financial Group
Phone: (650) 551-8900
CA Insurance Lic. No. 0B96613
www.mkfinancial.com
Registered Representative offering securities through First Allied Securities, Inc., a registered Broker/Dealer Member FINRA/SIPC.Investment Advisor Representative offering services through First Allied Advisory Services.
** Investing in real estate and real estate investment trust (REITS) may not be suitable for all investors and involves special risks, such as limited liquidity and demand for real property, changes in supply and demand for real property, changes in law, tenant turnover or defaults, loss of investment, competition, casualty losses, and use of leverage. Real estate values may fluctuate based on economic, environmental, and other factors. There is no assurance that the investment objectives of any real estate program will be obtained.
Michael Haigh
NMLS# 200819
Phone: 415-269-4461
Fax: 877-754-5250
Email: michael.haigh
@wjbradley.com
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