Michael Becker discusses what he is seeing in the apartment investing market today. Michael Becker has purchased over 10,000 apartment units between Dallas and Austin Texas. He is a former commercial banker and has a unique perspective of being of a ‘loaner’ and now an “owner” of commercial real estate. Please leave us a 5 STAR RATING on iTunes; if you enjoyed this podcast.

Jerry Seinfeld’s, very successful television show, was based on ‘nothing.’ Today’s podcast will be about ‘nothing’ too; no apartment sales, no new sales contracts, no lending….so…yada- yada- yada. Jakob Andersen, is a top producer at the Newmark- Dallas office. Is there blood-in-the-street, yet? Jakob says “not yet!…but possibly shortly” Jakob gives you an idea on what some Texas apartment operators are doing today to collect rents. To contact Jakob Andersen: [email protected] Please leave us a 5 STAR RATING on iTunes; if you enjoyed this podcast. Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Paul Esajian, with FortuneBuilders, discusses several challenges and opportunities in real estate investing for both single family and multifamily. As one of the founders of FortuneBuilders- Paul has over 15 years of professional experience in the real estate investment and lending industry. Paul and his partners have been involved in over $1 billion of residential and commercial real estate investments during that time frame. FortuneBuilders educates individual real estate investors on how to be successful. To contact Paul Esajian: fortunebuilders.com Please leave us a 5 STAR RATING on iTunes; if you enjoyed this podcast. Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Nick Fluellen, with Marcus & Millichap and Paul Peebles with Old Capital Lending, lead a discussion with some of the experts in apartment investing during these Covid-19 times. John Chang, national director of Research Services with Marcus & Millichap discussed the big picture with the economy and multifamily investing. John Sebree, heads up the National Multifamily Sales Group for Marcus & Millichap. He overseas hundreds of apartment brokers with Marcus & Millichap. He discussed; Is it a ‘buyers or a sellers’ market? Michael Becker, with SPI Advisory, who has purchased over 10,000 apartment units, spoke about today’s challenges with asset management and rental collections during Covid-19. James Eng, with Old Capital Lending, discussed how Fannie and Freddie have changed some of their underwriting guidelines and what you should know. 1400 investors registered for this conference call to listen to these thought leaders. Please leave us a 5 STAR RATING on iTunes; if you enjoyed this podcast. Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Michael Becker discusses what he is seeing in the apartment investing market today. Michael Becker has purchased over 10,000 apartment units between Dallas and Austin Texas. He is a former commercial banker and has a unique perspective of being of a ‘loaner’ and now a “owner” of commercial real estate. Please leave us a 5 STAR RATING on iTunes; if you enjoyed this podcast.

Imagine winning Best Property in the Country Award by the NAA (National Apartment Association) Yes…that National Apartment Association. Their review looks at thousands of apartment properties in the nation. She won the 2019 award for Independent Rental Owner of Year with less than 250 units. She won on a 52 unit property called The Brix in Dallas. Supriya Sriraman tells you how it was done. She was in the high technology business and transitioned into property ownership and asset management. She keeps a close eye on her and her partners investment. She explains how she is managing her properties through the challenges with rental collections and leasing with the Covid 19 backdrop. She is the Queen of Apartments. She earned it. To contact Supriya Sriraman: RedbrixPropertyGroup.com

Gene Trowbridge is a syndication attorney. He helps general partners legally raise money through a Private Placement Memorandums to invest in real estate or other investments. Gene gives you a breakdown on structuring questions what general partners should be discussing with their syndication attorney. What’s your business plan? Where are the raised funds going to be invested in? How are the distributions going to handled? How much authority will the general partner have in this syndication? It is critical to understand your operating agreement documents and what authority the general partners has. You may want to review those documents…and find out if you are obligated as a limited partner to a “capital call” IF the property does not have available cash flow to pay expenses. This is an in-depth interview with a James “The Professor” Eng and Gene Trowbridge during the Covid 19 crisis. To contact Gene Trowbridge: http://crowdfundinglawyers.net To contact James Eng: [email protected]

Greg Willett, Chief Economist with Real Page, discusses the three phases of action that apartment owners have had to immediately implement: 1) safety for employees and tenants. 2) keeping continuity with the business through virtual leasing tours with a smaller staff and the business office shut down 3) assess the damage and how to mitigate. Greg, chats about tenant retention and the challenges of future rental income growth. He reminds us what happen during the last great recession about 10 years ago. Listen to Greg and learn. To learn more on RealPage: RealPage.com Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Old Capital had a conference call with hundreds of our borrowers last Friday. They, like you, wanted to know what is going on within the capital markets. How do you underwrite apartment transactions today? What are the new guidelines on replacement reserves? How are values holding up? Is it time to start buying again? We brought together the representatives from Dougherty Mortgage, a large balance Fannie Mae lender and Sabal Capital, a Small Balance Fannie Mae and Freddie Mac lender. We spoke with their representatives on underwriting, asset management and the future of the capital markets with Fannie and Freddie. Listen to this podcast. To contact Ricardo Hinojosa: [email protected] Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

These are crazy times, huh? The economy went from going 100 miles an hour… to ZERO. Now, our government is trying to get small business owners back to work. The SBA offers the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan Program (“EIDL”). What should you know? What are some of the benefits and challenges for both programs? James “The Professor” Eng shares with us the initial overview of both programs. To watch this video: https://www.youtube.com/watch?v=xPrsYVBCPwM To contact James Eng: [email protected]

Lane Beene is with Pilot Properties and owns almost 700 apartment units. This recently retired Lt. Colonel graduated from the US Air Force Academy and flew combat F16’s for over 28 years. Less than 15 years ago, he started with one single family home and turned that into a large multi-million dollar apartment portfolio…all during the time he was serving in the military. He is direct. He is smart. You need to listen to him if you are new to real estate investing. Lane Beene discusses his insight and vision on what tenants will expect post-Covid 19 pandemic. What can you expect for future rent increases? How will your tenants interact with management, maintenance and other tenants? Ask your tenants, on how they want to be treated. Find out what your tenants expect from their landlord post Covid 19; it will determine how successful you will be on keeping those paying tenants. To contact Lane Beene: [email protected]

Don’t you wish you knew 6 months ago…what you know today? What would you have done different? Would you do recourse commercial loans? Would you do higher leverage transactions? Would you raise more liquidity? James “The Professor” Eng goes into detail on what lessons commercial real estate investors learned on the last major melt down in 1989. This is a very interesting podcast that you will learn a few key lessons. To watch this video: https://www.youtube.com/watch?v=FMN3jJZo6GU To contact James Eng: [email protected]

Who has money to lend on real estate these days? CMBS, Fannie, Freddie, regional banks? When the economy grinds to a halt; who lends money on commercial real estate? Are transactions actually being done? JP Conklin advises commercial real estate investors on the direction of interest rates. His group, Pensford Financial Group helps investors reduce interest rate risk. JP Conklin discusses pressures that many “securitized” lenders are challenged with right now. To contact JP CONKLIN: pensford.com To read JP Conklin’s most current newsletter: https://www.pensford.com/why-flattening-the-curve-is-overrated/ Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Jeremy Roll has been investing in commercial real estate for over 18 years. He is an 100% passive investor and has invested in over a hundred different partnerships. He is a very savvy investor and has a well thought out perspective. (He is as sharp as they come.) In this podcast, James “The Professor” Eng discusses the challenges that commercial real estate investors will face with COVID 19. What will its impact be on real estate valuations and the general economy? You must listen to this podcast! To contact Jeremy Roll: [email protected] To contact James Eng: [email protected] To Watch: https://www.youtube.com/watch?v=elxzcXUXDgk&t=125s

Today, you need direction and confidence to handle the Scary Times ahead in multifamily real estate. James “The Professor” Eng discusses Dan Sullivan’s “Scary Times Success Manual.” James gives you 10 simple tips that you should follow. It can be tempting to focus only on surviving through difficult times, but with these tips in mind, we’re confident you can keep on thriving. Right now, that means providing the leadership you need to navigate successfully through the current global climate and combatting any feelings of fear, anxiety, and uncertainty. To contact James Eng: [email protected] To watch: https://www.youtube.com/watch?v=19e82oh3Ya8

As the situation around COVID-19 continues to evolve, we recognize that these are unprecedented times that most apartment operators have never been through. They don’t know, what they don’t know. James “The Professor” Eng explains what committed operators must do to keep their property cash flowing. This is up to the minute advice that all operators must heed. To contact James Eng: [email protected]

This special edition focuses on what LIMITED PARTNERS and GENERAL PARTNERS can possibly expect with the impact of the coronavirus on apartment investments. You will want to listen to this.

Rowan Multifamily Advisors (RMA) is a full-service real estate brokerage company for the acquisition and disposition of multifamily assets in North Texas. They focus on ‘B & C’ multifamily properties. This family owned company is led by a North Texas apartment industry legend in Mike Burch. RMA was started in 2012 by Mike Burch, his son Coleton Burch and industry veteran Pete Hartnett. Mike has been selling and buying apartments for clients since the early 1980’s. Today, this regional apartment brokerage company has over $400 million in transactions under contract. Listen to their ‘hustle’ attitude for success. To contact Coleton Burch: [email protected] To contact Rowan Burch: [email protected] To contact Lane Beene: [email protected]

Rickey is an underwriter/ gate keeper for a Small Balance Fannie Mae and Freddie Mac lender. He is an expert in providing smaller, non-recourse loans between $1,000,000 - $6,000,000 with the Agencies. Rickey explains what some of the new underwriting rules are for apartment buyers for 2020. Is Fannie Mae better? Is Freddie Mac better? Rickey helps you decide what loan could be a better choice for your current acquisition or future refinance. When deciding on the right type of apartment financing; make sure you understand the benefits (non-recourse, 30-year amortization, higher leverage) and future hard costs (if you want to payoff early) on each loan product. Making the wrong product decision could be painful and costly. Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Michael discusses and answers some of the questions that you asked.

Good apartment property management is critical for your success. In today’s discussion Lane speaks with Michael Walker with Walker Holder Residential Property Management. Michael has been in property management since 1981 and currently manages thousands of apartment units. Where do you start to find a property management company? How do you get a referral to the right group that is going to manage your asset? What are the hiring criteria you must look at? How much involvement should the owner have with the property management company on a daily, weekly, monthly basis? This is important in defining everyone’s roles. What monthly reporting is pushed over to the ownership group? What should you expect? This is a good high-level discussion. To contact Michael Walker: walkerholder.com To contact Lane Beene: [email protected]

In structuring transactions; there are somethings you can do and not do…per the IRS guidelines. Michael discusses some of the in’s and out’s of doing a TENANTS IN COMMON structure.

The core skill of a deal sponsor is 1) finding apartment opportunities to buy 2) find equity from investors to invest in your deal. You can do this by yourself or you can recruit a partner to help you. Michael, discusses on how he and his business partner came together to form SPI Advisory.

No credit, No job, No liquidity is not a great way to start as a deal sponsor. The most challenging could be credit. Michael gives some insight on mitigating credit issues that some apartment deal sponsors have found themselves with in the past.

Joey Tumminello with Marcus & Millichap’s Institutional Property Advisors (IPA) sells large apartment buildings to institutional buyers. Institutional buyers are REITS, insurance companies, large hedge funds and large family offices. Their groups average sales price is over $40 million. Joey chats with Michael and Paul about rookie mistakes some investors make when touring apartment buildings with the listing agent. Joey also gives you a state of the 2020 apartment market for institutional buyers. He also discusses what institutional asset managers are seeking for a yield on their investment in apartments. To contact Joey Tumminello: [email protected] Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Michael gives you an update on what is happening today in the apartment market. He reflects back on 2019 and what to expect in the future when investing in apartments. As you can imagine, finding and purchasing a value added apartment in 2020 will continue to be a challenge.

Spencer Burton helps manage a $45 billion real estate portfolio. This Ivy League graduate is a gate keeper to one of the largest real estate groups in the country. He and his team help determine whether their group should invest in a specific real estate opportunity. As you can imagine, those determinations are done through careful analysis and with lots of responsibility. Do you wish you could see his models? Or…even use his models? Spencer and his business partner, Michael Belasco started the website ADVENTURES IN CRE. This dynamic and always updated website offers investors the same ‘sizing models’ that he uses professionally. Lane and Spencer discuss why having the best financial modeling system will make you look smart to your investors and enhance your skills in making a buying decision. To contact Spencer Burton: adventuresincre.com To contact Lane Beene: [email protected]

Michael discusses future acquisition strategies with an apartment buyer. Michael has concerns about ownership focus and time management when looking to diversify into other markets. Most larger apartment markets have buying opportunities within their markets. Unfortunately, many potential buyers don’t focus on a specific market to get an in-depth relationship with listing agents, local management companies and vendors (HVAC, plumbing, electrical) and tend to bounce from one market to another. That can be challenging for apartment operators that need efficiency.

Lane Beene is with Pilot Properties and owns almost 700 apartment units. This recently retired Lt. Colonel graduated from the US Air Force Academy and flew combat F16’s for over 28 years. Less than 15 years ago, he started with one single family home and turned that into a large multi-million dollar apartment portfolio…all during the time he was serving in the military. He is direct. He is smart. You need to listen to him if you are new to real estate investing. In today’s podcast, Lane looks back on 2019 and discusses some investing lessons he learned this year. He gives you a realistic takeaway on rates of returns that investors should expect when investing in class B & C apartments in north Texas. Lane talks through 2020 and gives you some insight on some economic indicators that you need to recognize before investing. To contact Lane Beene: [email protected]

Are apartments values and prices too high? Michael chats about the direction of the apartment industry today. Do we have enough apartment supply? Too many apartments being built; too little? A lot of the apartment value is based on the expectation of job growth. What geographic areas do you want to invest in- has job growth? Also...follow Michael Becker’s rule #1: Don’t buy in the hood!

Benit Gupta was born in Nepal. He came to America for a better life with only $2000 in his pocket. He put himself through college and got into the rat race. After 10 years…he and his family wanted something different; he wanted to use real estate to build wealth and passive income streams. He did not want to make a costly investing mistake…so he became a member of a national education/mentoring organization. YES… he paid a fee to join and received specific education on apartment investing. In the bigger picture…it was a small fee… relative to a potential very expensive lesson that could have crippled him. Today, using his real estate education, he invested passively in several transactions and has been a general partner on a few of his own. Wow! Not a bad…American success story. Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Darwin German is a PROUD apartment syndicator. He has been investing, operating and brokering commercial real estate for over 30 years. In the past, he has owned or managed over 8000 units. Today, through investor syndication he delivers housing to over 1500 families. He has over 400 individual investors and provides a living wage to his 50 employees. He is filled with great stories in owning and operating apartment buildings. In today’s podcast Darwin gives a quick mental checklist on getting a transaction completed. He shares the purchase of Saginaw Crossing Apartments in a suburb of Fort Worth and its crazy back story.

Occasionally, seller financing is an option to purchase a multifamily property. The seller becomes the lender. A regional bank…or Fannie Mae is not used to finance an apartment building. Michael discusses what he is seeing today in today’s market and why or why not seller financing is used.

James “The Professor” Eng goes through the highlights of the two-day 2019 Old Capital Multifamily Conference at the House of Blues in Dallas. Almost 700 apartment investors attended the annual networking and educational event at the end of October. James gives you a breakdown of the different speakers and topics that were featured. Kim Betancourt, top economist with Fannie Mae, spoke about apartment demand and what you should be looking for today. Michael Becker hosted the top producing apartment listing brokers in Texas. Paul Peebles spoke with the most active apartment bankers and what they are lending on today. Brian O’Boyle Sr. moderated the “Rocking Chair Panel.” These five apartment owners and managers, have been active for over 30 years, gave great advice to the newer apartment investors. Finally, college football icon, Lou Holtz spoke about “doing the right thing” for your investor partners, lenders, and tenants. Wow! This was a wonderful conference; hopefully you will be able to attend next year. Watch this short video: https://www.facebook.com/7917265/videos/10114240630948300/ Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Michael shares his opinion of a syndicator that doesn’t put any of their own funds into a deal, but wants you to invest your money. Some new apartment syndicators or new managing members are under the impression that they do not need to put any of their own money into a deal that they are putting together. Michael, gives a lending war story or two from years ago when he was a banker.

Investors will only invest with you when they know, like and trust you. Perhaps a holiday party would be a good opportunity to build a deeper relationship with your investor. The guys discuss a “relationship building” activity that some investment groups use around the holidays.

Darwin German is a PROUD apartment syndicator. He has been investing, operating and brokering commercial real estate for over 30 years. In the past, he has owned or managed over 8000 units. Today, through investor syndication he delivers housing to over 1500 families. He has over 400 individual investors and provides a living wage to his 50 employees. He is filled with great stories in owning and operating apartment buildings. In the coming podcasts, Darwin, will share some of those lessons he has learned. He is an open book. Today, in the podcast, Darwin will give you his background on how he came into the apartment industry. He provides a few educational pointers to potential apartment owners and operators and then shares a crazy story about his first apartment purchase. To contact Darwin German: [email protected]

Michael discusses another reason to invest in commercial real estate. Bonus depreciation can have a great impact on you. Please chat with your personal financial adviser or tax professional on what investing into a “hard asset” can do for you.

Lane Beene is with Pilot Properties and owns almost 700 apartment units. This recently retired Lt. Colonel graduated from the US Air Force Academy and flew combat F16’s for over 28 years. Less than 15 years ago, he started with one single family home and turned that into a large multi-million dollar apartment portfolio…all during the time he was serving in the military. He is direct. He is smart. You need to listen to him if you are new to real estate investing. In today's podcast, Lane discusses how you can QUANTIFY a good apartment operator. What questions should you ask? How do you determine that a sponsor won’t lose your money? Does this operator know what they are doing? Lane frames his questions through his four pillars of real estate investing 1) strategy, 2) market, 3) team, and 4) property. Lane examines ‘What are personal opinions versus facts’ when apartment syndicators answer your questions. Making an investing decision can be difficult, but Lane gives you some questions that you need to ask…before you hand over your hard-earned money. To contact Lane Beene: [email protected]

Not everyone wants to be the captain of the airplane. Most folks want to be in the back of the airplane enjoying the flight. A passive investor wants to enjoy their equity investment. Today, in the podcast, we chat with Hunter Thompson with Asym Capital. His group ONLY invests into real estate transaction as a passive investor. What could you learn from a passive investor? Why do they invest in a real estate transaction? Do they have a checklist of questions they ask the deal sponsor to get comfortable? Hunter speaks about the 7 stages of being a passive investor. BEFORE you invest… You must complete due diligence on 1) the Sponsor 2) On-site manager 3) Loan Terms 4) Property Proforma & Historical Performance 5) Current Market & Submarket 6) Physical Due Diligence 7) Understanding the PPM and Operating Agreement. Passive Investors will invest in real estate opportunities when they KNOW, LIKE & TRUST the sponsor and the deal. Start asking questions. www.raisingcapitalforrealestate.com is where you will find Hunter Thompson’s new book. Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC

Lane Beene is with Pilot Properties and owns almost 700 apartment units. This recently retired Lt. Colonel graduated from the US Air Force Academy and flew combat F16’s for over 28 years. Less than 15 years ago, he started with one single family home and turned that into a large multi-million dollar apartment portfolio…all during the time he was serving in the military. He is direct. He is smart. You need to listen to him if you are new to real estate investing. Risk. In life we all face some amount of risk. Risk should come with a reward. Too much risk exposure…could have detrimental affect on you and your investment. Risk can be analyzed, calculated and adjusted. In the podcast today, Lane discusses how to correctly understand risk. Longer Time, Lower Leverage, & Having a Cash Cushion can help to reduce risk. To contact Lane Beene: [email protected]

Lane Beene is with Pilot Properties and owns almost 700 apartment units. This recently retired Lt. Colonel graduated from the US Air Force Academy and flew combat F16’s for over 28 years. Less than 15 years ago, he started with one single family home and turned that into a large multi-million dollar apartment portfolio…all during the time he was serving in the military. He is direct. He is smart. You need to listen to him if you are new to real estate investing. Lane is an expert in math- he had to be. As you can imagine, Lane needed math in flying fighter jets. Think of the calculations that Lane used in aviation: How many gallons of fuel did he burn in one hour; what’s the max weight (bombs) could his aircraft hold? How fast could he get to his target? Life comes down to JAMP. Yes, ‘Just A Math Problem.’ The better you are in math, the more successful you will become in real estate. Whether you are flying fighter jets or investing in apartments; you must know some level of math. Lane breaks down five investing equations that are critical to your success. Cash on Cash Yield, Total Return, Cash Flow, Internal Rate of Return and Equity Multiple are discussed. To contact Lane Beene: [email protected]

Investors are counting on your underwriting to make a prudent decision to invest with you. How confident are you in your transaction underwriting and loan sizing? Who is checking your math? Before you submit an LOI…and possibly RISK your earnest money and reputation, make sure you speak with an apartment LENDER to have them check your math.

Lane Beene is with Pilot Properties and owns almost 700 apartment units. This recently retired Lt. Colonel graduated from the US Air Force Academy and flew combat F16’s for over 28 years. Less than 15 years ago, he started with one single family home and turned that into a large multi-million dollar apartment portfolio…all during the time he was serving in the military. He is direct. He is smart. You need to listen to him if you are new to real estate investing. In this podcast Lane shares his personal journey on how he became a millionaire apartment investor. With a full time and demanding job in the military, he started by educating himself on real estate investing first. He read articles online and listened to podcasts that focused on apartment investing. He began with a limited pot of investable dollars. During this time, Lane began aggressively networking with other investors. He went to many MeetUp’s and real estate net working events. He also joined a local real estate mentoring group. Over a period of time he became confident…that he purchased his first small 23 unit apartment building. One building, became a few and now, Lane owns several apartment buildings. Its not a race…its a journey!

Successful investors send back road maps to folks following them. Michael, discusses some steps that you need to follow. How do you go faster? Having the right mentor can significantly reduce the time it takes to go faster. Learn from educators that have real life experience in apartment investing will help you from making bad and costly mistakes.

A fortune cookie once said, “May you live in interesting times!” Today, in the capital markets, we live in interesting times. Your biggest partner in an apartment transaction is the lender. The lender brings to the table about 70-80% of the funds you need to close on your apartment. You want to know what is working and not working for apartment lending. We sit down with the loan officers at Old Capital to discuss all types of lending opportunities. Is Fannie & Freddie still lending? Should you consider a Bridge loan to get higher leverage? Are some syndicators having problems in raising investors money? If rates are going to be low for a while…should you consider an adjustable rate? A great discussion to listen to. To contact James: [email protected] To contact Ricardo: [email protected] To contact John: [email protected] Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.

Michael gives examples on what can go wrong when investing in an apartment transaction.

How Jiu was never supposed to go to America. But in an incredible twist of fate during China’s Civil War in 1928, she set sail for San Francisco from Southern China, never to return to her family again. Only 18 years old and traveling under a false identity, How Jiu had to pass a grueling test before she was allowed to enter the United States. How Jiu married and raised a successful family in Northern California. Her journey changed everything in her life and future generations of her family. Just one step made all the difference. How Jiu’s granddaughter, Heidi Fong Young, tells her story and expands on some of the similarities she has with her grandmother. Taking a prudent risk could provide you a better life. To contact Heidi Young: [email protected] Are you interested in learning more about how Multifamily Syndications work? Please visit www.spiadvisory.com to learn more about Michael Becker’s Real Estate Syndication business with SPI Advisory LLC.