Replies Created | Forums | Alex SC | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 261 through 280 (of 561 total)

« 1 … 10 11 12 13 14 15 16 17 18 … 29 »

Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 28, 2012 - 3:41 pm
Hey All been a way for a few days picked up 9 homes this past week.( jay the prices you mentioned $20k to $23k highest priced ) Guess hands on is hands on. I am now running the rehab for my company fired a couple contractors. My real estate partner is the opening the Loan company up. So out of the office quite a bit.
Jay I agree on Atlanta but I think Florida is a different animal all it self( still love Florida ). I will invest there for my self. Land you know I am buying all I can and holding. Just rebid on 35 Charlotte homes looking at picking 10 -15 of those.Every thing else is set to close. ( Hopefully )
Talk soon
Alex
PS going to Kuwait next ( yup another new partner coming in)
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 26, 2012 - 1:22 pm
kylermrice wrote:
When I go to Florida I am pretending to buy homes. Really go for the fishing and fun in the sun.Cant go wrong for that their.
I'll keep you in mind for my next big trip i set up in Tampa! Three days and nights in some of the best hidden reefs from a good charter. About 300 bucks a person is a steal if u tried to do it in your own boat it would be a fortune. I hear you can get a barrel of Crown Royal for a thousand bucks, man what a time it would be! lol
Kyler let me know about the fishing trip would love to go.
Florida keeps coming up in our conversations with quite a few clients. I am just stuck on being a one stop shop for my local market. Not easy to be set up in two markets and do well. Have to rely on alot of people. I like Charlotte as the good and bad fall with me.
Hope all is well
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 22, 2012 - 12:28 pm
Texas Cash Cow Investments Australia wrote:
Texas tops the list for the 7th straight year
CHICAGO, Jan. 2, 2012 /PRNewswire/ — Texas may be holding on to the Magnet State title, but the Allied Van Lines' 44^th Annual Magnet States Report released today shows California enjoying a position on the inbound list after more than a decade on the outbound.
For the seventh year in a row, Texas eclipsed every other state and took the lead as the No. 1 magnet state in 2011 based on Allied's report, which tracks U.S. migration patterns.
Top 5 Inbound States
1. Texas
2. Florida
3. South Carolina
4. Colorado
5. Oregon

Top 5 Outbound States
1. Illinois
2. Pennsylvania
3. Michigan
4. New Jersey
5. New York
you can read the full article here
http://www.prnewswire.com/news-releases/allied-van-lines-announces-44th-annual-magnet-states-report-136527153.html
Well feeling pretty good seeing both Charlotte NC and the state of SC ( Rock Hill SC thats where I reside and our office is office ) being on the good list. Not one to jump on this type of information. Then again good to read with my first cup of coffee.
Peter hit me with PM …
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 22, 2012 - 12:23 pm
usainvestor wrote:
zmagen wrote:
Have to say I like the owner-financed option as an exit strategy – I'm just wondering how much you could add to the price when selling it, if say the area hasn't gone up at all since you bought? If you add less than 12-15% to your total benefit, wouldn't you have been better off selling it, like Eng says, at no or almost no profit, just so you could free it up to make more money elsewhere? And why would a potential home-owner want to get his finance from you (the owner) at 12-15% if he can get it at say 10% from the bank? The only people open to it, I'd say, would be those who are refused standard channel funding – and then, do you really want to get into a financial bed with them as their last option?
A very fine line there…I'd be interested to see how you'd structure those deals and how successful they turn out to be – please keep us posted.
I had contemplated that vendor finance strategy could be an exit strategy when the market returns to equilibrium.
The problem that I feel would affect the concept is, as you say, the % over standard interest rates and the type of clients that this would attract – the desperate or bad credit rating or both jump to mind. Then more so the fact that the US Re market has a history of boom and bust so by following a vendor financing approach will you actually get out in time or will you be stuck in the market with vendor finance deals whilst the market crashes again.
Regards
We all could be caught with cash flow rentals in all markets down the road ( To be honest that is why I am in this game for long term cash flow ) . This is just a potential avenue to explore for future sales.
Again all what ifs……..
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 22, 2012 - 11:57 am
zmagen wrote:
Have to say I like the owner-financed option as an exit strategy – I'm just wondering how much you could add to the price when selling it, if say the area hasn't gone up at all since you bought? We would be selling on hopefully tomorrow prices. If purchased as investment for say $79k , selling for $129k down the road. If you add less than 12-15% to your total benefit, wouldn't you have been better off selling it, like Eng says, at no or almost no profit, just so you could free it up to make more money elsewhere? And why would a potential home-owner want to get his finance from you (the owner) at 12-15% if he can get it at say 10% from the bank? Most in the USA can not get financing or they would be buying the homes for them selves. That is why we are looking at the option for a back end what if exit product.

The only people open to it, I'd say, would be those who are refused standard channel funding – and then, do you really want to get into a financial bed with them as their last option? These are what we call renters in the USA and alot of good people in the mix.
A very fine line there…I'd be interested to see how you'd structure those deals and how successful they turn out to be – please keep us posted.This is not tried and tested we are just working with a lawyer now to come up with this program.Since it is cash buyers only that will be able to do this. Really depends on how much feed back we get from our cash buyers.
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 22, 2012 - 11:38 am
johnpat wrote:
Hi
Not sure if relevant but have come across a property fund called ROC 11 The first fund closed early 2011.
The Australian manager is Spire Capital and the USA co behind the fund is Bridge Investment group.They have been around 20 yrs and manage over 14,000 USA rental properties.
The first fund have averaged 26.8% net since 2009.Shares are $US1,000,000 each ($350,000,000 fund) and only available to wholesale (sophisticated )investors.I was thinking if I could get 2 or 3 other people interested we could have an accountant draw up a trust deed and buy a share.
They buy directley from USA Gov bodies and aim to sell the buildings on to superfunds , property trusts etc.All info is on their site.
It is a 6yr committment.
Interested in any comments.
cheers John
wall street here we go again …Did they not help create the first mess…
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 22, 2012 - 11:36 am
lawsjs wrote:
I don't know how others feel (Jay and Alex would be interesting) but I would not let a Wall St fund anywhere between my money and real estate. My sister (Emma) has been really successful in subprime stuff because she can outperform, out manage and out deal the bigger operators – she is on the ground doing it. The only reason she is successful is because she can do it better and faster. Same goes for my managing agents – the little guys are always better. Same hold true on the national scale I am a small company who operates in SC and NC . Now in these markets I am one of the bigger companies .Being hands on and on the ground does. Yesterday was eviction turning into ( helping a tenant from a California slum lord) Today I have several homes we purchased need video's and rehab quotes turned in. So yes I still do alot of this my self.
So being hands on always helps besides I love seeing before and after with homes. The point most miss is pride and Real estate can and should go together. As with any thing in life.
Jay partners which means he has skin in the game and Alex buys where he knows the market really well. Lawsjs I am also partnering with jay but only very selective homes in Charlotte. I want a few different options my self.I am not sold on the 5 year return or equity when you walk in. I am sold on the hands off for passive investors who don't want the hassle of rentals.

A glossy Wall ST brochure does not fit in my picture of the down and dirty management that is required, there is too much slippage involved with people who play numbers but wouldn't know the first thing about a tenant application. Nor I would not want to deal with a US company that had 14,000 rentals. Wall street, and Government all both keep their hands out.Years ago I switched to cash only deals.Purchase cash and sell cash. Still working today , as we look for financing. Lawsjs I think if a company has a great system in place they can do well. 14,000 is just way out of control and don't see that happening here in the states . I am already seeing with 132 homes now that we need to split the office for NC rentals and SC rentals teams.
My feelings are you will only be successful in the US if you can do it better and more personally than the next guy. This is where I am bit arrogant. I do feel we are as good, if not better then most teams around. Most of the people around me are lazy and looking for a free ride.My close real friends are also in late 30s and business owners. So it says alot about the company you keep. So doing it better , having passion, loving what you do.Will separate you from most people
   Staying away from direct investment, have a look at Jay's system (truewholesalehomes). Big by my standards, but tiny by fund standards. As I am writing this my attitude is hardening. Great for the investor who does not want to be involved but passive and earn income.
I would not like to buy something from any company that has a sales force that in reality will know nothing about coal face real estate – thats already one (big) wage that needn't be paid…. (That is true my sales staff consist of me and our internet guy)By being the sales staff I get to travel the world and meet lots of people. Getting ready for my 12 day trip to Australia. Heading to Sydney and Perth possible Adelaide . The dates all depend on the closing of the 67 homes package here in the states.
Interesting, but those are my thoughts.. Like you I would be interested in others opinions.
Always love to put in my two cents.
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 22, 2012 - 11:20 am
jayhinrichs wrote:
Owner financing is a huge part of US real estate sales…
Most lease to own and or really low down marginal Owner carry deals are really just glorified renters… Although the theory is they pay the property tax's and maintain the home… Very few will actually be able to finance with a bank and pay a person off again thats a marginal buyer..
I have done a few over the years to folks that needed short term lease option B/C house they lived in another state has not sold yet,, that kind of thing.
Jay I am thinking long term , 10 -12 – 14 years. Lease option is a scam. I am looking to be different and set the people up for a win win situation.
If I was looking at the note side of things.( Which you know since ,I am working with you on the North east side of Charlotte )How will selling these same homes 5 years from now be accomplished. Looking at renting these properties now and selling in 5 years. True the nicer newer homes if market does come back with repairs to bring to retail conditions ( again big difference) Logical thinking says it should and could work.
So I am looking at two things the words walk in equity or lease option. Which to me are both false advertisement. Equity in today's market does not exist but a nice word to use for marketing. What is equity , in today"s market what you pay is what it is worth. The second part who are we going to sell to in 5 years ( note program ). With the same buyers I am looking at owner financing would be the same back end buyers( higher end rentals ) for the homes with notes on them. The cool part about this is we can agree to disagree.
In the USA as you know the word lease option is a scam or used for marketing purposes.Hoping to find a stronger tenant.
With our game plan again I use the word game plan very strongly. The only way to hold the values in the areas would be supported by today's sales. So selling for tomorrows price in today's market. True Owner financing is being the bank , lease option is just that. Lease with option to buy.Again two very different subjects. Cash deals only would work for this type of potential buyer.
Now the amount of people that would actually buy down the road. I don't see this going to be a big number or percentage. The advantage I do have is personally knowing most of our tenants and their financial pictures. Being I own the management company ,and am hands on with all our homes.
We were setting a company goal of 250 purchases this year. Being we pulled out of Atlanta I would be happy with conservative 100 to 125 home purchases this coming year ( not counting the 67 package working on currently)Now our first target audience is going to be the ones who have sub-par credit but good income. Again this is one shot deal to actually buy a house again down the road.
Second Target audience will be the renter who has paid on time for 12 – 24 months with no late payments. This is more of an incentive program again down the road.Reward system for being a good tenant. Again these are just hopeful situations the I am working on.
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 21, 2012 - 6:26 pm
kylermrice wrote:
biggerpockets is still free and i'm not a big fan either. There site is down, there server crashed the other day. I'll have to check out somersoft.
Was looking into being one of speakers at the next main even .instead going to go and be a paid guest.,
No that impressed with them always been a CRE-ONLINE guy
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 21, 2012 - 6:15 pm
kylermrice wrote:
You go to Miami and u won't wanna go back to OZ. If it wasn't for the recession in Florida i would have never left. But, then again i couldn't make the money i make here in Florida
When I go to Florida I am pretending to buy homes. Really go for the fishing and fun in the sun.Cant go wrong for that their.
Talk soon
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 21, 2012 - 5:39 pm
zmagen wrote:
Brilliant thread, thanks for the great information – I'm also finding global real estate to be an exciting, profitable and great niche to be in. ))
Couldn't agree more with Alex – credibility, doing the right thing, knowing your stuff and presenting it clearly are the keys to successfull business, in this field and all others.
Thanks for the compliment , send me PM and some contact information .Stopped over in Japan this past Nov.
Alex
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 21, 2012 - 5:36 pm
lawsjs wrote:
Alex – can you explain why you see little growth inside 10 years? It's not that I don't see any growth, I just feel that everyone is under the impression that anything you buy in the USA will double in value within that time period. I am just afraid too many clients are on being sold on buy now in the USA because of 20 % cash flow returns and huge appreciation down the road.
I cant see the Fed doing anything other than forcing money into the system – sooner or later people will be able to borrow again, if for no other reason than if they don't Detroit will not be selling cars which is politically unpalatable of course. I agree that banks will lend again, but the average American middle class is shrinking at an alarming rate. Not seeing many of them being able to qualify for bank loans, depending on how tight the lending requirements are going to be. Detroit is selling cars ( Ford is coming back strong) still has no affect in the war zones international clients are buying. Stable, nicer areas sure will and can help.
I can easily see a settling in the short term of cap rates down to the 10-12% mark based purely on rent return – surely that would put a floor in the market at some level? Realistically, that is where we are at now. I am afraid that if the economy takes another hit, this to me is the blue collar job market. Rents, in my eyes, should be lowered so we can help keep people in homes. I see it as my duty as an American to help the problem not, continue the problem. So I have a different mentality than an international client looking for cash flow and future appreciation. Hope that is not confusing to anyone.
My thinking on that is if this country has four more years of Obama (not seeing any one run against him) then we have Syria , Iran , oil and gas prices shooting up. Middle America can not afford any more increases. If gas goes to $5 dollars a gallon this could be very hurtful to those struggling to make it. Another war our country is still digging out of the holes we created in both Iraq and Afghanistan. At some point our government is going to have to <moderator: delete language> the check book and just stop printing money.
I get the volume issue, but at its worst the US had only 4% of total inventory in foreclosure, not such a huge number really. Localised, but overall not massive. NYC and certainly LA has seen rises (big in high end in NY)( True, but a lot of these buyers are international or left over wall street crooks) so money is moving – why not in sub prime areas? The lending in these areas like sub prime, I just don't see it coming back in the near future. If you were a bank or mortgage backed security would you enter this area again? I think things will be more regulated this time around. The big key will be international funding for international clients. That should have a huge affect on sales.
Even on population growth logic would suggest with no real building to speak of there will be some demand increase, maybe not huge but certainly some… Thoughts??
Correct; building is slim, foreclosure inventory is high. Sure, there will be supply and demand factor. In general speaking on paper that all makes sense. The problem with everything going on today , from our government (open check book – ridiculous debt) to the wars we keep starting , to the disconnect between our government and our people. So nothing really makes to much sense.
Again, not trying to paint a horrible picture, but a lot of uncertainty in our government and banking system ( it is like going back to 1960 as you said in another post sad but very true by the way ) , and our crooked Wall street. My dad retired from Paine Webber years ago spending over 30 years on Wall street and the last few years he is just embarrassed and amazed on what is going on there.
I know this is not as detailed as you or Jay would have done but again I am a simple person . Grammar and spelling are just horrible at times.
Talk soon
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 21, 2012 - 4:39 pm
people wrote:
given that the US is selling properties by the 100,000 so cheap. what are the potential risk factors of future tax's being place on non domestic realestate holders??? With the USA their really is no telling but I can see them finding ways to tax or look at ways of International property investors. Hell they already do it to Local investors.
Alex
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 17, 2012 - 6:12 pm
emma171 wrote:
Alex – took me forever to find someone – I sent this out when I did. QUOTE We do it very regularly for Australian residents who have property overseas and we have no difficulty with treating it according to Australian taxation regulations. Plus our ATO approved software allows us to easily process the overseas property and incorporate the data into Australian residents tax returns in the manner required by the ATO. UNQUOTE Rose is a property lover and I think it is highly safe to say a “like” mind. I am delighted to finally be able to recommend someone to you. The big thing that I love about Rose is the fact that she understands US based questions are best for US accountants as they know the tax laws better and then Rose integrates that into the Australian side. Rosemarie Chad B. Bus., CPA, MAI.Ex. Accord Accounting Tel: 612 9419-5322 Fax: 612 9412-2237 http://www.easytax.com.au [email protected] Office hours: 9am – 6pm Monday – Friday ? Accord Accounting is a CPA practice. Liability limited by a scheme approved under Professional Standards Legislation
Thanks Emma let me know if you are ever on skype.
Sincerely
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 17, 2012 - 3:36 pm
kylermrice wrote:
hahaha, this forum is the best one i use hands down.   Me too alot of good feed back and activity. You don't get this good of content in the States Their are some good USA forums as well
. I agree a lot with what lawsjs is saying and Jay's type of investment is a good deal. If i could get over the fact that i don't get to hold the note for the property. If I'm wrong on some stuff i say, Jay u will have to cover for me. I read over your investment you offer a while back. The ROI isn't what some people wanna see but the risk to reward is the factor. It's safe and pays great numbers compared to anything else investment wise I like Jay system but as I told Jay and others I am not sold on 5 year return. For any Charlotte deals I commit to jay program I want 8 to 10 year note.
.Especially with the sharing of the appreciation at the end of the investment. The down fall to me if appreciation does not come back you are stuck with note for face value. Easier to sell an note then sell a turnkey property that you will pay more for.The best part of the system is for the investors who wants hands off type of transaction. I feel people who tried the rental game and lost. This could be a safer way to put some money back into the real estate markets with less head aches. Again speculation is what alot of us are doing. I speculate that my renters will pay me 10 months out of the year on our homes. Jay is guaranteeing a payment, which not 100 % to say it will work. Stronger option then playing with rental. As some one else noted why would they want to give 25 % equity up. Again this is for the person who wants to cash in with little to no work involved( complete passive investing ).
Same with Alex, that post he did of a local deal is sharp and looks solid. Both are good investments, but i would take what Alex's is offering cause that's the type of deal i would do myself. 50,000K (rough numbers, i don't wanna go back and reference, ha) with excellent rents and great potential for appreciation to at least be double in 7 to 10 years. I don't think doubling in value will happen. I think all of us here in the USA , have learned a valuable lesson. Over inflated homes values and banks will be smarter this time around. Wall street will always be wall street no telling what product they will help create. Greed will always be a factor in real estate. From the big boys like the banks , wall street and clue less investors.
I defiantly agree on the time frame with Alex, the gov pumps the media to make things look rosey here, lol. I think alot has to do with who is next in office. Then how much trouble wall street and banks get in ( LOL ) that was meant as a joke. Our debt is increasing by the minute and we still invading countries. Some how in there we can solve the debt and hope values rise. Not optimistic as others .So to me cash flow is cash flow..
I am thinking i will have to stop in Charlotte on my way back from Florida sometime and get one of those 67 that you have for sale
Doors always open come on buy. Love to show what we have going here in Charlotte . The 67 house going to another post so I can enlighten every one with the facts on the deal. So every one can see that deal from start to finish. Being the banks is still not releasing and negotiating with me.
talk soon
Alex
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 16, 2012 - 11:19 pm
Thanks all for the leads. Being I am dealing in both markets thought it is best to learn all myself. To many people in this business are willing to just listen to what others have to say. With out truly learning things for them selves.
So my advice for any and every one. Is learn everything you can out their . Information is the key to success in this business.
Thanks
again for the help
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 16, 2012 - 7:26 pm
KnoxOff wrote:
jayhinrichs wrote:
. and that Mate is the best advice I can give you,,,,Go live it up in vegas….
bloody hell jay is starting to talk strine
this forum is starting to rub off
all this talk about going pear shape and calling blokes mate
http://www.upfromaustralia.com/aussieslang.html
Well the word no worries is already my catch phrase but the other words I am learning . This website is a riot and a good laugh ..
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 16, 2012 - 2:15 pm
CL1706 wrote:
Alex SC wrote:
CL1706 wrote:
Like a couple of people here, I am heading to the USA in late March with a view to spending two weeks in a city, and purchasing two or three properties as a starting point. Are there people here who had genuinely done this and made it work, and are willing to talk about it? Please direct message me if you have experiences (positive or negative), or are heading to the USA and would like to form a bit of a 'discussion group' prior to your trip. Please don't contact me if you're trying to spruik your business.
God to love the last line of his post.Sorry had to take a rip at you. Their would be some Legit teams that can actually send you clients that are currently buying from them who are from Australia. No offense but that is not spruiking if it comes from an Australian client that is happy with the team they are dealing. Sorry not sure what you call it in Australia but we call it solid referrals here.
Coolest thing about owning a investment company is that we can pick and choose who we want to do business with as well.It usually takes one email or call to make that choice.
Food for thought, the ship runs both ways my friend ..
Alex
Alex, You've taken my post the wrong way, or maybe you are just trying to protect the business you do there. I'm looking to do this on my own, and was posting, in the hope of hearing from others who feel they can do this without the assistance of teams based in the US. I'm sure you do a great job, for the people who you assist. Not sure exactly what you mean about the 'ship running both ways' in reference to my post. Its just like having a 'No Junk Mail' sign on your letter box. Doesn't mean I don't want to consume – it just means I would like to do it without turning my Inbox into a sales conference.
Met some great people on this forum who are doing exactly what you are asking. They will find you and help out I am sure.
Alex
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 15, 2012 - 11:58 pm
CL1706 wrote:
Like a couple of people here, I am heading to the USA in late March with a view to spending two weeks in a city, and purchasing two or three properties as a starting point. Are there people here who had genuinely done this and made it work, and are willing to talk about it? Please direct message me if you have experiences (positive or negative), or are heading to the USA and would like to form a bit of a 'discussion group' prior to your trip. Please don't contact me if you're trying to spruik your business.
God to love the last line of his post.Sorry had to take a rip at you. Their would be some Legit teams that can actually send you clients that are currently buying from them who are from Australia. No offense but that is not spruiking if it comes from an Australian client that is happy with the team they are dealing. Sorry not sure what you call it in Australia but we call it solid referrals here.
Coolest thing about owning a investment company is that we can pick and choose who we want to do business with as well.It usually takes one email or call to make that choice.
Food for thought, the ship runs both ways my friend ..
Alex
Alex SC
Participant
@alex-sc
Join Date: 2011
Post Count: 585
February 15, 2012 - 11:00 pm
usainvestor wrote:

Lawsjs
but for anyone starting out, I think the way to make this work is NOT buy one – you may be lucky, but you may not. It will take as much effort to run 4-5 as 1, but the averages will make the returns a lot more palatable in the long run.
I couldn't agree more that unless you are prepared to buy multiples and prepared to stay for the long haul (5+ years and possibly more than 10 years) you are likely to waste your time. I also think that unless you are a seasoned Australian property investor you really shouldn't be entering the US market as it's simply a completely different market both, in the attitude of the management companies and also the way that the market behaves in respect to capital gains.
The game of monopoly is my advice if you guys are aware of this.One house does nothing multiple in same area does better. Marketing coming back. To be safe I am saying 8 to 10 years.
I have already commented on the standard American management agreements elsewhere but the bottom line is that they are writen to benefit the management company not the landlord with a financial costs upwards of 1 and 1/2 months of rent for placement of tenant and renewal of lease, respectively. You are alreaady down to just over 10 months rent for the year. The one group who are making a lot of money out of the whole US debacle are the management companies as illustrated by the many new entrants to the field. That's a line of crap sorry.I run a management company and total pain in the ass. I manage now 134 properties. With a staff of 4 people. Which included a full time handyman on staff as well as the three ladies. So yes we do have to pay their salaries.
Trust me when I say any one who opens a property management company is crazy. We did it out of necessity ,as a wholesaler saw the need to control the operation from start to finish for the investors.
Alex
Regards