FOR IMMEDIATE RELEASE
Contact: Chris Kramer
(949) 788-2970
CKramer@TheEntrustGroup.com
ENTRUST WELCOMES CHRIS KRAMER, NEW ORANGE COUNTY BUSINESS DEVELOPMENT MANAGER
Irvine, Calif., March 16, 2010 — Entrust Administration, Inc. is proud to announce and welcome
Chris Kramer as the new Business Development Manager for their
Orange County office.
Before joining Entrust, Kramer was President and CEO of Assets & Liabilities Advisors, Inc., a professional financial planning firm. He spent 15 years as a well-known financial planner in Southern California, helping his retiree and pre-retiree clients efficiently plan their financial futures. “I am excited to join such a reputable firm,” says Kramer. “I look forward to forging new relationships, as well as serving our existing relationships with the same quality of service that Entrust is known for.”
Since joining Entrust, Chris has helped professionals, such as CPAs, CFPs and realtors understand the benefits of helping their clients take advantage of
self-directed retirement plans and the numerous investment options that can be used. Chris regularly provides educational seminars and continuing education courses for such professionals. In addition, he helps educate individuals and business owners on self-directing their retirement plans, through
educational seminars and webinars.
Entrust is the premier provider of account administration services for self-directed retirement plans. For more than 28 years, they have been an acknowledged authority in the field of self-directed retirement accounts. Entrust is committed to the goal of financial independence, especially during retirement. They are the leader in self-directed plans, custodial services, and educational curriculum to build wealth with investments that clients know, understand and control.
For more information, please visit
www.entrustcalifornia.com/oc/###
The real estate investing climate is constantly changing. To help investors, Entrust California recently sponsored the sold-out IRA investing seminar, Real Estate from the Trenches. Joining Entrust’s CEO, Hubert Bromma, was Bruce Norris from The Norris Group. Bruce, a well-known futurist, spoke about what to look out for in real estate and lending in 2010. Bruce’s presentation generated many questions regarding how to invest in California in this market.
Hugh, an IRA expert with 30 years in the industry, spoke about the new Roth conversion rules for 2010 and how conversion might not be applicable to all. The audience learned about tax-deferred and tax-free strategies to compound wealth by using their individual retirement plans to invest in real estate and other real estate–related assets.
Learn more about Entrust California’s advanced IRA seminars, and stay tuned for our next event in May in Northern California.
By Lisa Bromma, Marketing Advisor for The Entrust Group
If you drive through neighborhoods in Southern California, you notice a repetitive theme: vacant houses! In Riverside County, where I live, you can barely find a street without at least one house that is vacant or boarded up.
The backlog of bank-owned properties is enormous. Many properties sit vacant and deteriorate while the banks decide how to best deal with all the volume and increased government demands.
Real estate investors are willing and capable of taking on this “as is” inventory. As redevelopment specialists, they obtain deep discounts on these homes that need extensive repairs and fix and sell them immediately, or fix and hold them in their real estate portfolio.
Conventional lending institutions like FHA and Bank of America limit financing to investors if they do not intend to live in the property. These investors are capable of buying, repairing, and owning many more properties than the current lending rules allow. This important lending niche is being filled by loan brokers, like The Norris Group, that fund these loan requests with private money every day.
At the upcoming meeting with Entrust, I look forward to speaking to you about the current state of California real estate, the need for more “redevelopment specialists,” and the important role that private money plays in helping real estate investors solve the current real estate mess.
You’ll learn about usury laws and how working with a broker can save you time and money by prescreening investors and potential deals. Most importantly, you’ll learn how you become an important part of the solution that helps create jobs, turns around blighted neighborhoods, and gets our market back on track.
By Bruce Norris, The Norris Group
Who is the best person to take care of your real estate investments?
YOU!
So, how do out-of-state investors ensure that their properties are being taking care of properly? Follow these seven easy techniques and you will become a PROACTIVE property manager, just like the real estate masters we feature in Realty411 Magazine.
1. Choose the Best Local Manager, Even If It Costs More
Some apartment building owners choose a property manager based on its fee. They will choose the cheapest company to save money. Many different spiritual doctrines teach us that our true reality is often times the opposite of what it might actually appear to be.
This is also the case in the area of business. Sometimes by paying more now, we actually save money in the long run. Good property managers are worth their fee, plus some! They have a difficult job, one that is filled with constant stress. Imagine, they have to hear it from the tenants and the owners. Tenants want new appliances, new carpet, and they don’t want their rent to increase. And owners hate to spend money. They want income to surpass expenses, and they want their rents to keep up and surpass the rate of inflation.
Great property managers are worth every penny they charge. Great property managers need to be treated with respect and should be admired and rewarded.
2. Communicate Effectively and Often
Many times, investors are hesitant to purchase long distance because they have an issue with trust. The gift of trust (it’s truly a blessing to be able to let go) is a quality that can be earned through effective communication. Don’t be afraid of asking questions.
Don’t be afraid to call and check up on things. It’s perfectly acceptable and recommended to call up every so often and check on how things are going. Just remember to be courteous enough not to call the first few days of every month because this is usually the period when everyone is being worn thin.
I also like to get to know the staff. Often the bookkeeper, assistant, or receptionist can give you a quick update without even having to check in with your property manager.
An out-of-state property manager is a trusted adviser who has a fiduciary duty to serve you, just like your attorney, your financial planner, or your accountant. You therefore must feel comfortable enough to trust their judgment. If you don’t have this level of confidence that I'm speaking of, perhaps you have not found the right property manager for you.
3. Have a Team or Network in Place
Make it a point to meet people when you visit your targeted investment location, initially and thereafter. When I know that one of my buildings needs some work, I schedule it when I visit so that I can meet my handymen in person. I also like to get numerous bids and meet as many locals as possible.
I enjoy socializing when I visit my targeted investment areas—I’m not one to stay holed up in my hotel room and order room service. The more people you meet, the better handle you can have on your property. If you can, I encourage people to try to attend a local real estate investing club to meet other investors. Other local investors make wonderful acquaintances because they understand the challenges and benefits of landlording.
I like to be able to know a few independent people who can visit my properties within short notice and email me photographs when needed. Great people to have in your network are realtors or brokers, inspectors, appraisers, insurance agents, and loan officers who live in the area. Local service professionals are excellent team sources. An investor should become friendly with them.
4. Audit Your Property Regularly
I feel it is important to visit your property as often as possible. Once a year is great. Remember: It’s a tax-deductible vacation!
Perhaps your investment is not in a resort location, but the money you make out of it could very well fund your true fantasy get-a-way in the near future. I know that people who work 9-to-5 jobs might not have the extra time to audit their property. That is why I think www.CashFlowCows.com is growing so rapidly, because we take regular trips to visit our own investments as well as those of our clients.
5. Emphasize Curb Appeal
Make sure that your properties are kept clean. If you are going to spend any money on your properties, a portion of it should be allocated to spruce up its curb appeal. This can really make a positive difference, not only in the value of the property, but it will also attract more desirable tenants.
Clean and tidy people gravitate toward well-kept properties. You will have a lot less deferred maintenance if you keep up the quality level of your buildings because it will automatically attract a different level of renter than a property that has trash spread about the yard or displays graffiti that has not been bothered to be painted over.
6. Take Action Now, Don’t Wait for Tomorrow
It’s important for those interested in owning real estate to realize that they themselves must take personal responsibility for their investments. For a person to thrive in life and in business, you must be proactive. You can’t wait around for things to happen to you. You must make things happen.
If you have a vacancy, don’t just wait around for it to get rented—take action. I have actually found tenants for my out-of-state properties by using the online Craigslist. The real estate portal of www.craigslist.org offers great resources for investors. Many of my investor and real estate colleagues have also located outstanding deals on this website.
The fastest way to find a tenant is through word of mouth. If your tenants are happy, they will alert their friends or family members when a unit nearby becomes available. This is why it’s important to have a well-kept property. I also recommend having someone post a For Lease sign as soon as you know a unit will become vacant.
Another proactive way to assisting your manager in procuring a tenant is to place an ad in the local paper. The Web has really revolutionized real estate investing. You can find local newspapers online in virtually any corner of the globe (www.newspapers.com) and quickly place an advertisement online.
When it’s more challenging to fill a vacancy quickly, I resort to “specials.” My manager in Arizona recommended a 1/2 Month’s Rent off Special, which worked very well.
I also like the Low Move-in Deposit Special and the Pets OK Apartment Special. Here is my proactive property management formula:
Sign + Advertisement + Craigslist + Specials = 100% Occupancy
Having all of your units fully occupied is the name of the game in the landlording business.
7. Have a Backup Plan
The scientific theory of entropy states that the natural order of our universe is chaos—that everything left unattended will begin to fall apart. Whatever we focus our attention on will grow; whatever we neglect will begin to demise. This theory can be seen in our every day life.
If you don’t pay attention to your finances, what happens? You begin to shop needlessly or overspend compulsively. If you don’t pay attention to your apartment buildings, what can happen? Tenants might not pay the rent, the building will have a lot of deferred maintenance, or perhaps even worse can happen.
It’s important to always have backup property managers, even if you are currently happy with the team you have, just in case. By utilizing these tips, investors can feel more confident when they are ready to expand their real estate portfolio by investing outside the comfort of their own backyard.
Remember: Opportunities for real estate riches can be found around the nation. In fact, around the world.
By Linda Pliagas, California sales agent, investor, and founder of Realty411 Magazine
The real estate entrepreneur is unique when it comes to estate planning. Few professionals know how to structure assets for optimal transfer to heirs or seek to determine exactly what would be best for heirs. The purpose of estate planning is to preserve as much of your wealth as possible for the intended beneficiaries. Your first thought, rightly so, is to minimize state and federal estate taxes. But there is also probate, attorney, and accountant expenses, among other issues that need consideration. And do your heirs have the ability to deal with the real property? Would it be better to leave them cash or an annuity instead?
Wills and trusts are two basic instruments used in estate planning. However, they have different purposes and can lead to very different outcomes. Wills must be “probated” by a court. This simply means that the court reviews the will to assure the assets go to those intended to get them. If there is no will, the state has a plan of its own that you probably won’t like.
A will can be challenged, which can lead to a lengthy and costly legal battle. Contested wills often can drain the majority of an estate in legal and other costs before settled. The trust is often touted as a substitute for a will to avoid probate. However, it is smart to use both a trust and a will. Since the trust exists and is operated by you during your life, its terms for distribution to heirs avoid the risk of a long, drawn out and expensive legal battle in most cases. The trust also provides for incapacity should you be laid up in the hospital even before your death. In that case, a co-trustee, such as your spouse, simple takes over and continues to operate the trust. No legal wrangles getting guardianship or issues over a durable power of attorney. Other common documents you should have are a Living Will and a Healthcare Power of Attorney.
To help reduce the size of your estate, you might also consider annual and lifetime gifts while you are alive. Charitable gift contributions in some cases can take advantage of immediate tax savings as well as future tax savings. One approach if your heirs have no interest in dealing with real estate is to form a Charitable Remainder Trust (CRT). You can remain trustee on this trust during your lifetime.
Appreciated property can be contributed to the CRT, providing you with an immediate tax deduction based on the appreciated value. The amount of tax saved can be used to purchase a single-pay life insurance policy to pay your heirs after you pass away. The amount of the insurance can often approach the projected value of the property. During your lifetime, property can be bought or sold in the CRT and the transactions are not taxable. In addition, you also receive an annual distribution from the CRT, often in the 5% range.
As a real estate investor, you should consider these issues and strategies as well as others. Other strategies that can be used are the Intentionally Defective Grantor Trust, the Pre-Inheritance Trust, Family Limited Partnership, and Family Limited Liability Company. These strategies and others can be very beneficial for the real estate investor in estate planning when properly used.
If you want to learn about these topics and others, attend the 16th Annual Advanced Strategies Conference, this year featuring Estate Planning for Real Estate Investors, January 30 & 31, 2010. More information can be found at www.Assets101.com.
By Dyches Boddiford, www.Assets101.com
The rags-to-riches story of Luis Garg: builder, investor, wealth coach and Entrust client.
His mother didn't like it at all. The oldest of her six children wasn't content with being poor and humble. Luis was definitely not going to go to Heaven with this kind of an attitude.
"Mama, quiero ir a los Estados Unidos para ser rico," he was saying. "My son, what nonsense!" she interrupted. "You can't even speak English! How can you even think of going there, and besides, getting rich will take you straight to the Devil!" she exclaimed vehemently, and then added, "Leaving your Mama, and all of your brothers and sisters...nothing good will come of this!"
But 23-year old Luis was determined. He had already packed all of his belongings into his VW bug, fixed himself some tacos for the three-day drive, and borrowed a map showing him how to get from Mexico City to Los Angeles.
Luis had a goal: to get an MBA in the USA. There were just a few obstacles to be overcome. He needed to learn English, he needed a scholarship, and he needed a university to accept him, which the elite schools had refused to do, so far. UCLA was willing to take him under the two conditions: he had to learn English, and he had to pay his own tuition and room and board.
Having arrived in L.A., no one would give Luis a real job, so he started as a valet parker at the Trader Vic’s restaurant in the Beverly Hills Hilton Hotel. No salary, but he got to have dinner in the fancy restaurant after it closed. He was one of several valet parkers, and they would generally get about $1 per car.
Studying English during the day and working at night, he was making progress. But making just $10 or $20 per day was not enough to pay living expenses, send money home to Mexico, and afford the tuition for UCLA's MBA program. Then he noticed something. Once in a while he would catch the name of a restaurant patron in conversation with someone. When the guest came to ask for his car, and Luis addressed him or her by name, the tip would be $2 instead of $1. Luis quickly realized the importance of this fact.
He started a system to learn the name and car owned by every guest whose car he had the opportunity to park. He created a table in a little notebook that he carried in his pocket while at work. When he would first receive the car, he would check the glove compartment for the car insurance papers and write down the name of the owner in his table. Then he would add a description of the person and a description of their car. Whenever he had a free moment during the day, he would study his table and memorize the entries.
After a while, every guest who came out of the restaurant to have his car delivered would be greeted by Luis in a friendly, enthusiastic tone: "Oh yes, Mr. Watson! I'll have your gorgeous silver Mercedes out for you in just a minute!" After a few weeks of implementing the system, Luis started receiving tips of $5s, $10s, and $20s regularly, especially from return restaurant clients who enjoyed his personal service every time.
But it got better than that!
Guests who remembered him would start insisting on having him park or return their cars, choosing to wait for him rather than use one of the other available valets. On some days, there would be a long line of cars waiting for Luis at the restaurant entrance, while the other valets stood there idle!
Luis was happy, now making over $4,000 a month parking gorgeous, fancy cars and having luxurious dinners every night. Having learned English in several months of daily study, he now also started UCLA's MBA program. But the other valets were not happy. Although they had some idea of how much more money he was making, they were definitely making less than they had before! At some point, they complained to him. "We don't like this at all Luis. You are monopolizing the customers. This is not fair!"
Luis was creative, and he had an idea. He created another system.
"Listen, amigos. I have a proposal. I won't park cars any more. I will just speak to the guests as a kind of valet parking host and have you guys do the parking. I'll collect the tips and pay you $2 per car." The other valets were stunned: "Wow! That sounds great! We're in!" They got busy again, making twice what they had before. But Luis was the best off. He could take care of guests twice as fast now. While he made less money per car, he could now make more than $20 in the time he had previously made $5.
With almost $8,000 per month in income back in 1972, trading the VW for his first Porsche (used) and a year of UCLA under his belt, he was a very happy camper!
To his surprise, at around this time, his family in Mexico received a letter from Harvard in the mail, inviting him to join the MBA program because they needed to cover their minority quotas, but telling him that no scholarship would be available. Luis smiled. He didn't need a scholarship any more, did he?
After graduating from Harvard, Luis continued his fascinating journey of building systems in every aspect of his work. Every system created more wealth. And his mom, dad, siblings, and later, his nephews and nieces all got to enjoy the fruits of his labor. He takes the whole extended family on a Caribbean cruise once a year —all expenses paid!
Luis Garg is the presenter of our
November 19th webinar. If you'd like to learn from him and be entertained by his fascinating life stories in the process, sign up for the webinar now!
By Anushka Drescher, Your KaChing Marketing
Entrust Administration, Inc. offers second educational seminar on January 22, 2010 with focus on current real estate market
10.29.2009 – Oakland, CA.–Entrust Administration Inc., the leader in custodial services for self-directed retirement accounts, has opened registration for its upcoming educational seminar “Real Estate Lessons from the Trenches” to be held on January 22, 2010 at the Embassy Suites LAX in Los Angeles, CA.
“The feedback from our October 9 workshop has been remarkable,” says marketing consultant Lisa Bromma. “We expect this workshop to be equally successful! We have top-notch real estate and alternative investment professionals scheduled to provide attendees the education and information they demand.”
This workshop will address a variety of topics, including:
- Advanced strategies for the real estate investor in the current market
- Real estate in California this year and beyond.
- Buying real estate, creating paper, and making private loans without getting burned
- 2010 Roth IRA conversions—learn what you can and cannot do with your IRA
To register for the seminar, visit www.entrustcalifornia.com/investor-workshop or contact Entrust at (510) 587-0950 x254 or bizdev@theentrustgroup.com.
About Entrust Administration, Inc.
Entrust Administration, Inc. is the premier provider of account administration services for self-directed retirement plans. For more than 28 years, Entrust has been an acknowledged authority in the field of self-directed retirement accounts. As securing retirement becomes increasingly challenging, investors want to learn about and take advantage of a wider range of investment opportunities to attain their goals.
###
For more information, contact:
Yvonne Garcia, Business Development Coordinator
800-392-9653 x246
YGarcia@TheEntrustGroup.com.
http://info.entrustcalifornia.com/home
This workshop is targeted toward investors and financial professionals who want to learn how to take self-direction of IRAs and 401(k) accounts to the next level.
09.30.2009 – Orange County, CA.,–Entrust Administration Inc., the leader in custodial services for self-directed retirement accounts, has extended the registration deadline for the
Advanced IRA Investor Workshop due to overwhelming response from investors and industry professionals. The workshop is being held at the Doubletree Club Hotel in Santa Ana, CA on October 9, 2009.
“The interest in our workshop has been remarkable,” explains marketing consultant Lisa Bromma. “To accommodate the enthusiastic response, we have added seating and extended the registration deadline. What is clear is that investors want q
, tools, and resources to take control of their finances and build wealth. We at Entrust are there to help them achieve that goal.”
This workshop is targeted toward investors and financial professionals who want to learn how to take self-direction of IRAs and 401(k) accounts to the next level. It will provide in-depth analysis of
self-directed IRAs,
IRS rules and regulations, and allowed and
prohibited transactions—all through case studies and examples.
The workshop is an opportunity for entrepreneurs, financial professionals, CPAs, CFPs, attorneys, and real estate broker and agents who want to grow their business through self-directed retirement plans to gain an understanding of the potential of self-direction for their clients. In addition, professionals can receive 8 hours of continuing education credits.
Hubert Bromma, founder and CEO of The Entrust Group, will be conducting the workshop, sharing his decades of knowledge of this growing industry. Also presenting will be Dyches Boddiford, an expert in the IRA LLC and a professional real estate investor for over 20 years.
About Entrust Administration, Inc.
Entrust Administration, Inc. is the premier provider of account administration services for self-directed retirement plans. For more than 28 years, Entrust has been an acknowledged authority in the field of self-directed retirement accounts. As securing retirement becomes increasingly challenging, investors want to learn about and take advantage of a wider range of investment opportunities to attain their goals.
###
For more information, contact:
Yvonne Garcia, Business Development Coordinator
800-392-9653
YGarcia@TheEntrustGroup.com
http://www.entrustcalifornia.com