Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Welcome to the
Inspired to Invest podcast,
where we're sharing stories fromreal estate investors and how
investing has changed theirlives.
This episode of the Inspired toInvest podcast has been brought
to you by the MultifamilyConference.
Hi everybody, welcome to theInspired to Invest podcast.
I have Lindsay Lovell joiningus from San Francisco today, so
(00:23):
her weather is much sunnier andwarmer than mine is at the
moment.
Now to give you a little bit ofbackground on Lindsay she's
done a lot in a very shortperiod of time.
In just 18 months, she scaled to36 stores, reaching her goal of
financial freedom along the way, and then, in just two years,
focusing on the Burr Method,short-term rentals and flips,
she actually scaled to 57long-term rentals, 15 short-term
(00:47):
rentals, and she's a limitedpartner in two mobile home park
syndications.
She also co-founded a companycalled G6 Capital Management.
It's a syndication company with$15 million in assets under
management, and Wanderlust Stays, a vacation rental management
company.
And she also started somethingcalled the Millionaire's March,
which I love because it'sfocusing on helping other women
(01:10):
gain financial independence.
So that's a close and near anddear to my heart as well.
So thank you so much for beinghere today.
How are you?
I'm great.
Speaker 2 (01:18):
Like you mentioned, a
little bit warmer than you are,
but really excited to be here.
So thank you.
Speaker 1 (01:22):
Yeah, awesome.
So I find it really interestingbecause you've obviously done a
lot in a very, very shortperiod of time.
What were you doing before allof this transpired?
Speaker 2 (01:31):
Yeah.
So you know, if we go way back,I was hook, line and sinker
bought into that story that weall probably got told growing up
If you work hard enough, getthe good grades, you're going to
have that American dream.
And so I had done that.
Valid Victorian got the dreamjob in finance out of school and
college and was still runningthe rat race.
Went back to school, got my MBA, came out even more in debt and
(01:55):
making slightly more money.
And I had this moment where Iwas looking at wealth front,
which was, you know, helps youdetermined in theory when you
can retire based on how muchyou're saving.
And it was literally I wastrying to eke it towards 63 and
a half versus, you know, 64.
And I was like, okay, well, aslong as I don't live a day past
(02:16):
96 years old you know, maybeI'll be okay and I was like this
is miserable.
Why do we work so hard, Right,and then, right around that time
is when COVID hit andeverything came to a standstill.
Like many people and my husbandwas like you're still getting a
paycheck, but you can't be outin the field.
Why don't you look into realestate investing?
And that's when I found greatpodcasts like yours and other
(02:37):
communities started doing someresearch and fast forward.
Two months after that, I boughtmy first house long distance,
sight unseen, and I was on aroll.
Speaker 1 (02:46):
Oh so I mean,
obviously you did a lot in a
very short period of time.
Like how did you actually dothat?
Because it's not like youprobably had money just to like
buy them all.
So were you joint venturing,seller financing?
Like what was your strategy inorder to scale that fast?
Speaker 2 (03:00):
Yeah, so exactly to
your point.
We were really successful withthe Burr method because we had
some, you know, not a largechunk by any means, but we had
some money that we could buy ahouse or two and then, by being
successful to pull out amajority of it, be able to rinse
and repeat.
I also did work with hard moneylenders and I did do joint
(03:22):
ventures in my first 10.
So there's so many ways to getstarted even if you don't have
the capital yourself.
Yeah, and I did do jointventures in my first 10.
So there's so many ways to getstarted even if you don't have
the capital yourself.
Speaker 1 (03:28):
Yeah, no, that makes
perfect sense.
Now you mentioned that yourhusband had suggested that you
get into real estate investing.
So did he have any backgroundin that, or why did he
necessarily suggest that to you?
Speaker 2 (03:40):
Yeah, you know it's
so funny.
You ask that because when wegot married he had rental
properties and I just neverthought about it.
We had we'd been married forprobably about a year at the
time, into the COVID pandemicand we just never thought about
it as more than just like anasset.
We never paid attention tocashflow or anything.
But he had a friend who ownedyou know a couple hundred doors
in Kansas city, missouri andhe's, like you, remind me of
Jason.
You should connect with Jasonand see if this is something you
(04:02):
want to get into and do youknow more of.
And it was funny because afterI did have that sort of more
investor cash flow mindset, wewent back and looked at his
portfolio and said, you knowmajority of these have to go.
Yeah, so you know you can ownreal estate but still really not
be savvy and focused in on it.
So he sort of just indirectlypointed me in that direction.
Yeah, no, that makes sense.
So he sort of just indirectlypointed me in that direction.
Speaker 1 (04:24):
Yeah, no, that makes
sense.
Now for the career that youwere working on before all of
this happened.
Did you find that you were kindof straddling both sides of the
fence for a while?
Or, like, did you just rip offthe band-aid?
You're like this is what I'mgoing to do now.
Like, what did that journeylook like?
Speaker 2 (04:47):
Yeah, no, I
absolutely kept the W-2 job
because real estate it's amarathon, it's not a sprint, at
least in my experience, eventhough I was able to do a lot in
a short period of time.
I think, if you can, it's veryimportant to keep that W-2 job,
to have that security and thatsafety.
And when it comes to gettingyour finance, they're going to
want to see that right.
So the lender is going to ask,and so I kept that.
And the beauty of it is I lovedwhat I did, but it's probably
going to be phased out with time, just given the nature of what
(05:10):
I do.
And I was always worried that Iwas going to have to find a
different career and not be ableto retire doing what I do.
And now I can continue to do itbecause I love it, and I'm not
worried because if and when itgoes away, I don't need to work.
Yeah, and so it's really just adifferent light of how I get to
see my job now.
Speaker 1 (05:26):
Yeah, no, that makes
perfect sense.
Now for the portfolio that youhave are they all like for the
long term rentals?
Are they all single familyhomes and where exactly are they
focused?
Like, I assume where you liveis probably expensive.
So I was just curious did youbuild the portfolio there, or is
it kind of scattered around thecountry?
Speaker 2 (05:44):
Yeah, it's absolutely
.
We don't own any rentals in thestate we live in.
The majority are in the Midwest.
I really like the Midwestbecause of the price points and
the growth and stability.
So, missouri, we do have someout in North Carolina,
mississippi, tennessee, coloradoand they range from single
family.
We just recently spun off aneight plex which was the largest
(06:07):
that we had, but they're allmajority single family and some
duplexes, but that's really beenmy sweet spot.
Speaker 1 (06:14):
Yeah, now when you
talk about the price point.
What does that look like insome of those places?
Speaker 2 (06:19):
Yeah, so the very
first house that I bought now,
granted, remember, you'regetting homes that are 100 years
plus, so they come with theirown set of you know costs
incorporated with them.
Um, but the very first housethat I bought in St Joseph,
missouri, 45 minutes North ofKansas city, missouri, was
$25,000.
Speaker 1 (06:35):
Wow, I put $20,000 of
rehab into it for that where I
live.
Speaker 2 (06:40):
So you can't rent a
parking spot out here.
Speaker 1 (06:43):
Yeah yeah, there are
a hundred thousand dollars to
buy a parking spot in the cityhere, so it's crazy.
Speaker 2 (06:48):
It's, it's insane.
Right now have I had to do some, you know, upkeep and replace
the furnace, but the house iswithstood a hundred years.
It's not falling down anytimesoon.
Yeah, yeah, and you know, youjust have to keep in mind the
level of tenant that you'regoing to get when you're
charging that price point andeverything, and just you know,
be mindful of that.
But again, it's all aboutrunning your numbers to kind of
(07:08):
take and mitigate any riskassociated.
But you know, our sweet spot isanywhere now from, you know,
$90,000 to about $200,000 perhouse.
Speaker 1 (07:17):
Now, in terms of
scaling that portfolio, since
you are fairly dispersed, likehow did you come to choose those
markets?
Like, did you just find otherreal estate investors in those
areas realtors and then just interms of managing them and stuff
like that, do you just have?
Your local property managersare, like, can you talk a little
bit more about like how all ofthat came together?
Speaker 2 (07:35):
Yeah, yeah, great,
great question.
So I ended up in St JosephMissouri because, exactly like
you said, I found another realestate mentor and coach and
that's where he was and he wasjust very gracious to say I'll
introduce you to my team there.
And that was great because itallowed me to see who you need
as your team and what they do.
And then what I've been able todo is find other markets and
(07:58):
again it's sort of been somebodyin my mastermind group is in
Enid Oklahoma and it soundsgreat.
I have family in Colorado, Iwant to be able to write off my
trips there and then I build ateam right.
I build a team in each of thoselocations, starting with a rock
star real estate agent, findingone that's investor savvy and
then asking them to help mebuild out my team.
(08:19):
And there's been markets I'vewanted to go into but because I
couldn't find that great realestate partner, real estate
agent partner, I didn't go intothem.
Speaker 1 (08:26):
Yeah, yeah.
Speaker 2 (08:28):
You know, if you
can't find the right team, you
shouldn't force it, in myopinion.
Yeah, and then your questionabout management.
So I started off havingproperty management and for
those ones that I mentioned, youknow, a lower price point.
Maybe tenants that need alittle more hands on, maybe a
little bit if I'm going to havean eviction, that's where it's
going to happen.
I do have a property managerthere.
As I've grown to be morecomfortable, I've hired a full
(08:50):
time virtual assistant.
So between her and my husbandand just systems you can put in
place, we self-manage themajority elsewhere.
Speaker 1 (08:58):
Okay, nice.
Yeah, I was just curious to seeexactly how that was.
Now, when you look at just youroverall portfolio, is there
anything that you would look atas something you're most proud
of or you feel like is yourbiggest success?
Speaker 2 (09:11):
I would just say,
having been able to diversify
and in different markets,because when I first got started
I had people kind of justgiving me a really hard time
like you're, you're, you're notfocused.
This is totally not the rightway to do it.
You should just drill down inone market.
You know, I remember one guythat I thought was a really
great mentor.
He's, you know, older, you knowhad had done this for years and
(09:34):
I thought, you know, this iswhat makes me comfortable.
It's important to me todiversify, not only in assets
but markets, and to be able tohave done that successfully,
against what, you know, all theexperienced investors were
telling me, I think makes memost proud.
Speaker 1 (09:49):
Just going with my
gut, I think that makes perfect
sense.
Like even when I've talked topeople about different
opportunities and stuff likethat and say even they married,
I'm like just diversify as muchas you possibly can, because
there could be things like theeconomy impacting a place, there
could be jobs coming or going,there could be catastrophic
weather events and stuff likethat.
So if you have your wholeportfolio in one place, like
that can literally go up insmoke if something big happens
(10:11):
right.
So as much as maybe it could bea little bit more complex and
more of like a spider web andand maybe people aren't
comfortable with that I justthink it's the safest way to
protect your assets.
Speaker 2 (10:20):
It absolutely to your
point.
It can literally go up in smokeyour entire portfolio if you
have it all in one area.
Speaker 1 (10:25):
Yeah, no for sure.
Now, in terms of growing yourportfolio, would you say?
There's anything that standsout to you as one of the biggest
obstacles that you faced?
Speaker 2 (10:38):
You know, sometimes
being a woman could be a big
obstacle and it was as muchexternal as was internal and me
feeling like I didn't have aright to have a seat at the
table.
And sometimes you know we'reall learning right and it can
show when we're learning.
But we've all been there and Ithink an obstacle sometimes
being a female speaking with acontractor who knew I didn't
totally know what you know theprocess of drywalling was maybe
(11:02):
made me a little bit moresusceptible to higher bids or
other shenanigans.
But it's all stuff that youknow comes with time and you
learn and you put the rightprocesses in place and you can
mitigate that?
Speaker 1 (11:14):
Yeah, no, that makes
perfect sense.
Would you say?
There's anything that standsout to you as one of the biggest
lessons?
And, with regards to that, ifyou could go back and do
anything differently, like wouldyou have shifted anything now,
knowing what you know?
Speaker 2 (11:28):
So I think one of the
biggest things twofold and
again sort of dealing withcontractors and being a female
is, um, I'd stop saying I'msorry for things that weren't my
fault, because I think that'sdefinitely something we tend to
do as females and especiallywhen we're new in a space.
Um, you know, don't want tofeel like we're impeding on
(11:49):
somebody.
And just remembering I have theright to be here and using that
confident language on the phoneand in emails, not just oh, I'm
just calling to check in it's,I'm checking in, I'm paying you
to do this, what's going on?
And having that confidence andsecond learning, to put
everything Handshakes are great,but still have it in writing.
Speaker 1 (12:09):
Have it in a contract
, have it in an email, right no?
Speaker 2 (12:11):
matter how great this
contractor be, you know, have
all communication changeswritten and documented, because
you're going to need to go backto it eventually.
Speaker 1 (12:20):
Yeah, no, I couldn't
agree more.
I actually ran my own businessfor 18 years and it was one of
those things like we had clientsthat'd be like, do I really
have to sign this?
Or I'm traveling, or I'm busy,and it's like you know.
There was obviously lessonslearned along the way and our
agreements evolved as thingsthat you never expected to
happen happen.
Right, but at the end of theday, as long as you have that
commitment and that signature,that is your recourse if
(12:40):
anything ever happens.
right, so couldn't agree exactlybut, on that note, we're just
going to take a really briefbreak for a word from our
sponsors and we'll be right back.
The multifamily conference isback may 24th to 26th at the
Metro Toronto Convention Centre.
Get your tickets atmultifamilyconferenceca, thank
you.
Thanks again for followingalong with this episode of
(13:22):
Inspired to Invest.
In addition to real estateinvesting and running my own
(14:08):
brand experience agency for 18years, I also published a book
called the AccidentalEntrepreneur in October of 2021.
This is my story and itchronicles how I turned tragedy
into triumph to embrace mydestiny in entrepreneurship.
If you're interested in pickingup a copy, you can find the
link at serenahomesrealtorcomand you can also find my link
(14:30):
tree with all of the retailersin the details below.
Thanks again for your support.
Inspired to Invest is proud tosupport the Beyond Success
program.
In today's complex world, it'sabsolutely crucial for our youth
to learn how to take charge oftheir financial future.
We believe that every youngperson deserves access to
accurate, practical financialinformation.
(14:52):
Designed to bridge the gap, theBeyond Success program
leverages a comprehensiveeducational boot camp to equip
young minds with essentialfinancial literacy skills.
At Beyond Success, it's notjust about teaching financial
literacy.
It's also about fostering afoundation for a prosperous and
empowered future.
Join us Together we can build abrighter financial future for
(15:14):
the next generations.
Join us Together we can build abrighter financial future for
the next generations.
Join us Together, we can builda brighter financial future for
the next generations.
Hey everybody, welcome back tothe Inspired to Invest podcast.
I have Lindsay Lovell herejoining us from San Francisco,
and she's sharing how she scaledher portfolio to a significant
number of long-term andshort-term rentals, as well as a
(15:35):
syndication with a couple ofmobile park homes, and she's
also launched a capital wealthcompany.
So we're talking about how shemanaged to do this and all the
nitty gritty details in terms ofwhere her portfolio is.
So I guess one of my nextquestions are what would you say
is the craziest thing that'shappened to you so far as a real
estate investor?
Speaker 2 (15:54):
I would say the
craziest thing is I bought my
third house from a wholesalerand I did not realize that when
you're, I bought my first housefrom a wholesaler and it was
great, all good, I didn'trealize that when you buy from a
wholesaler, you are literallygetting the house and everything
(16:14):
as is, and it was a hoarderhouse.
Speaker 1 (16:17):
So you know, I've
seen it in the pictures.
I don't know why.
Speaker 2 (16:20):
I assumed it was just
you know going to be taken when
the tenants let you know theowners left and all this stuff.
Yeah, exactly Right.
And so I had my crew ready togo over there and they call me
and they're like Lindsay, wecan't even like, get in the
basement door.
It's, it's stacked so high.
What do you, what do you wantme to do?
And I think just seeing how,how people live and how
(16:41):
businesses is done verydifferently here in this world
sometimes was probably one ofone of my biggest wake up calls
and and crazy experiences.
To get me started.
Speaker 1 (16:52):
Yeah, it really is
amazing just to see kind of how
some people choose to live Like.
It's just something like youcan't rationalize sometimes but
you just have to deal with it.
Now you obviously alluded tosome of the real estate mentors
that you've had in differenteducation platforms.
Can you talk a bit about whatthose were like and maybe some
of the best advice that you weregiven along the way?
Speaker 2 (17:13):
Yeah.
So I think, definitely findinga community because you don't
know what you don't know.
And even as I've gone along,there were some masterminds that
I joined.
So I definitely say, if you'renot going to work with a coach
or a mentor, masterminds are agreat, very financially
reasonable way to get connectedwas more advanced.
(17:33):
In the first mastermind that Iwas in for a long time.
It was so fascinating to me thatthe beginner still had
questions or brought up thingsthat I was like I didn't know
that.
I mean, I've been, I've beenfine doing it all along this way
without this resource, but thatis really great to know.
And so you're always learning,no matter how experienced you
are, and you're going to teachyour mentor things.
(17:53):
So just have confidence thatyou're going to get to that
point.
You know, and the best piece ofadvice that I got from my
mentor was to triangulate, andthat was always get three
opinions, three bids.
You know something, because youneed that many data points.
Real estate is really about thedata and the numbers and it's
(18:15):
simple, it's not calculus, butyou do want to make sure you
have all the variables and I'vebeen shocked.
Actually, I just got a callfrom one of our COOs saying
remember how we got two quotessaying to fix the heater it's
going to be several thousanddollars.
We just got that third quoteand the guy's like, no, it's
just the board, it's going to be$780.
Speaker 1 (18:40):
Wow, $380.
Wow, now, if I hadn't gottenthat third data point
triangulated, you would havespent.
That would have been a big hit.
Yeah, yeah, yeah, it's amazingjust how different things can be
.
One of the offices that I hadfor a while we had a few
contractors coming in to doquotes and they range from
25,000 to 65,000.
And I was like like I kind ofbenchmark what the leasehold
improvement budget was in termsof like what made sense, but it
was amazing to be just like avery wide span for the exact
thing right.
It was just taking down somedrywall and drywalling a couple
(19:02):
spaces in the back and I wasjust floored by all of that.
But we had to have a licensedcontractor and we had no choice
but to go that route and I waslike my husband could have done
this for like 10 grand maybe no,but you gotta do what you gotta
do, right.
Obviously, you've built up avery big portfolio in just kind
of a short period of time.
What's next for you, like,where do you see that growing to
(19:23):
, and is there a particularfinancial freedom number that
you have in mind that will makeyou feel like you've made it or
you've arrived?
Speaker 2 (19:37):
I'm going to start
there, because that really was
one I struggled with a lot whenI first started, because being
very, again like I said, allabout the numbers, trying to
figure out what you're going toneed, you know, 5, 10, 15 years
from now, really gave me a lotof anxiety because I'm like,
does it need to be this number,does it need to be that number?
And I had a great mentor thatsaid you know, for some people
it's about the cash flow.
And for me being able to replace.
I had my number of what youknow.
(19:58):
I had my spreadsheet and saidif my husband and I could live
the dream lifestyle, take thesevacations, have these you know
car payments, blah, blah, blah,our monthly cashflow is this
number.
And when we hit that number Iwas able to say I am, I'm,
financially free.
I feel you know so.
For me it was more, not overallworth, but what I was bringing
(20:19):
in and could cover each month ifboth of our jobs disappeared.
Yeah, and then.
So everybody that's you know alittle bit different, but I
would say it's your W-2 plusmaybe half of your W-2 and then
some yeah.
And then your next question.
Now I'm going to totally forgetabout.
Speaker 1 (20:37):
That's okay, just in
terms of what's next.
So I've looked up a lot Like doyou?
Think that you have an idea toget to a certain number of doors
or maybe to go into a differentasset class, like what would be
hard for you next.
Speaker 2 (20:48):
So the latest venture
that we've gotten into are
pivoting, some of our homesbeing in short-term rentals.
We've seen some of the marketsshift where we can no longer.
We're not permitted, and so,instead of selling them off,
we've been turning them intogroup sober living homes.
So we recently opened eight ofthose.
They're a lot of work, so I donot recommend just diving in,
(21:11):
thinking it's passive, likelong-term or anything, but it's
a great way to give back to thecommunity.
There's definitely the need,but it's running a little mini
business and community andalmost hospitality in each house
, but that's definitely one thatwe have a passion for that.
I've been really excited tostart taking our portfolio in
that direction.
Speaker 1 (21:31):
Yeah, that's.
That's interesting.
I mean the same thing here thatI know some people that have
shifted from short-term rentalsto midterm rentals.
So there'll be in markets wherethere's a high volume of
medical, you know, liketraveling nurses or construction
and stuff like that.
So they'll do anywhere from 30days to six month leases.
So they're getting that premiumrent, maybe not as lucrative as
a short-term rental, but a lotless complexity and work in
(21:52):
terms of getting it fulfilled.
So I've seen people pivotinginto those strategies kind of
closer to home as well.
Speaker 2 (21:58):
So smart yeah.
Speaker 1 (21:59):
You just got to be
careful to make sure that the
you're not using like a regularlease agreement and you know
just all those things.
But yeah, it's just stuff thatyou wouldn't have thought of
maybe once upon a time.
Speaker 2 (22:09):
Yeah, and to that
point, insurance, because we
didn't have the right insuranceon a short-term rental.
Having switched it, a pipebroke and none of that furniture
was covered.
So to your point, you know,whenever you're switching, make
sure you think about all aspects.
Speaker 1 (22:24):
Yeah, no, absolutely.
So you obviously talked aboutjust what you want in terms of
cashflow and financial freedomand stuff like that, but can you
speak to how real estateinvesting has changed your life
as a whole, like in terms ofwork-life balance and your
lifestyle, and maybe your justfeelings about the future?
Speaker 2 (22:40):
Yeah, I had a lot of
like I mentioned I had a lot of
anxiety about the future before.
What is my job going to looklike?
Is it going to be?
Am I going to have to go backto being inside of a cubicle all
week?
And real estate investing hasshowed me that there's lots of
different types of wealth, andfor me, I've realized my happy
wealth is freedom andflexibility, and now I have the
(23:03):
choice on how to spend my days.
I have the choice of you knowwhat kind of job, if at all.
I want to work in corporate.
I can go hiking in the middleof the day, I can go travel and
still be making money andmanaging a team.
And so for me, I think thatwealth of freedom and
flexibility and it's 100%changed my life, not only in the
(23:25):
financial aspect, but it'sgiven me more confidence.
I've met so many more greatpeople I never would have, so
it's really kind of rounded outmy life too in just all aspects.
Speaker 1 (23:35):
Yeah, yeah, no, I
couldn't agree more.
I mean, I'm part of amastermind as well, and a couple
of other communities, and it'sjust nice to spend time around
people that have that samemindset and the same objectives,
and it's just differentconversations that you're going
to have in those kinds of rooms,right?
Obviously, the name of thispodcast is inspired to invest,
so I like to ask my guests whattheir most inspirational or
motivational quote is and howthat kind of impacts them.
Speaker 2 (23:59):
Yeah.
So my, I think, biggest onethat we often, sometimes need
came from a book called thepsychology of money and it's
more recent, but it's one of thehardest skills in life is to
remember not to move thegoalpost, because I think we
sometimes forget to celebratewhat we've accomplished.
(24:22):
And it's so easy, to your point, we're in these communities and
we see everybody having thismany doors and do it, and
there's always going to besomebody with more.
But if we stop moving thegoalpost or remember ourselves
three years ago being impressedat what we've accomplished and
that it's a huge accomplishment,I think it just brings so much
more fulfillment to life andhelps you appreciate everything
(24:44):
that you've had and to realizeyou are accomplishing something
more often than you realize.
Speaker 1 (24:48):
Yeah, yeah, no.
I think that that's reallyimportant Now in terms of how
people can find you.
What's the easiest and quickestway that they can get ahold of
you if they want to learn aboutyour Millionaire's March or your
capital company or anythinglike that?
Speaker 2 (25:01):
Yep, so you're going
to put it in the notes.
You can go tomillionairesmarchfreestrategy
sessioncom.
Schedule 30 minutes with me.
Speaker 1 (25:09):
Love to chat Awesome.
So, like you said, it'll be inthe show notes below.
And, of course, thank you somuch for your time here today
and for anyone that is tuning in.
And, of course, thank you somuch for your time here today
and for anyone that is tuning in.
Please make sure that you like,comment and subscribe, and make
sure that you're followed alongon social at Inspired to Invest
Podcast and, above all else,remember, when you invest in
yourself, the sky's the limit.
Thanks again.
Thank you to the MultifamilyConference for bringing you this
(25:31):
episode of Inspired to Invest.
The views represented on thispodcast are for general
information only and does notconstitute investment or other
professional advice or anoffering of securities.
The host and guests featured onInspired to Invest make no
representations as to theperformance of any particular
investment.
(25:51):
Should you decide to make aninvestment, you are responsible
for conducting your own reviewand analysis.
It is recommended that youobtain independent legal
accounting and tax advice fromlicensed professionals.