Late Tradition, Early Modernity. The Venetian Salt Administration. The French Salt Administration. The Habsburg Salt Administration. Restrictions on Roll-Up Transactions. Business Combinations. Table of Contents Control Share Acquisitions. Capital Contributions. Issuance of Additional Units. Distributions and Allocations.
Redemption Rights. Transferability of Interests. Tax Matters. Subscription Procedures. Admission of Stockholders. Minimum Investment. Subscription Agreement. Index to Financial Statements. Prior Performance Tables. Below we have provided some of the more frequently asked questions and answers relating to an offering of this type.
Table of Contents. Until we invest the proceeds of this offering in real estate and real estate related investments, we may invest in short-term, highly liquid or other authorized investments. Such short-term investments will not earn significant returns, and we cannot guarantee how long it will take to fully invest the proceeds in real estate and real estate related investments.
In addition, after you have held your shares for at least one year, you may be able to have your shares repurchased by us pursuant to our share redemption program. Our share redemption program provides an opportunity for you to redeem your shares, subject to certain restrictions and limitations.
Redemption of shares, when requested, will generally be made quarterly, and all tenders must be postmarked by midnight on the last day of the quarter and received by us within seven days thereafter. Subject to funds being available, we will limit the number of shares redeemed pursuant to our share redemption program as follows: 1 during any month period, we will not redeem in excess of 3.
Due to these limitations, we cannot guarantee that we will be able to accommodate all requests made in any quarter. In addition, if we redeem less than all of the shares subject to a redemption request in any quarter, with respect to any unredeemed shares you may 1 withdraw your request for redemption or 2 ask that we.
Table of Contents honor your request in a future quarter, if any, when such redemptions can be made pursuant to the limitations of the share repurchase program and when sufficient funds are available. Such pending requests will be honored on a pro rata basis. Investor Relations. This prospectus summary highlights selected information contained elsewhere in this prospectus. It is not complete and does not contain all of the information that is important to your decision whether to invest in our common shares.
We include a glossary of some of the terms used in this prospectus on page We intend to invest in a diverse array of real property product types, including apartments, office buildings, industrial buildings, shopping centers and hotels. In addition, we may make or acquire mortgage loans secured by, or preferred equity investments in entities that own, the same types of properties that we may acquire directly, which we refer to collectively as real estate related investments.
Our headquarters are located at Wilshire Blvd. Our telephone number is Paladin Realty Advisors, LLC is our advisor and, as such, supervises and manages our day-to-day operations and will select our real estate and real estate related investments, subject to oversight by our board of directors. Paladin Advisors was formed on October 31, and is an affiliate of our sponsor, Paladin Realty. The telephone number for Paladin Advisors and Paladin Realty is Prospect Financial Advisors, LLC is a California limited liability company that was organized in April for the purpose of providing financial advice and capital access and first became a registered broker-dealer in April Our board of directors supervises and evaluates the performance of Paladin Advisors as our advisor, and is also responsible for certain other matters set forth in our articles of incorporation.
We have seven members on our board of directors. Four of our directors are independent of us, Paladin Advisors and Paladin Realty. Our stockholders elect our directors annually. We intend to qualify as a REIT for federal income tax purposes beginning with the year ending December 31, , but as of the date of this prospectus we are not qualified as a REIT.
As a REIT, we generally would not be subject to federal income tax on income that we distribute to our stockholders. Under the Internal Revenue. If we fail to qualify for taxation as a REIT in any year, our income will be taxed at regular corporate rates, and, if at such time we have previously qualified as a REIT, we may be precluded from qualifying for treatment as a REIT for the four-year period following our failure to qualify.
Even if we qualify as a REIT for federal income tax purposes, we may still be subject to state and local taxes on our income and property and to federal income and excise taxes on our undistributed income. An investment in our common stock is subject to significant risks. The following are some of the most significant risks relating to your investment:. As of the date of this prospectus, we have neither acquired nor contracted to acquire any real estate or real estate related investments, nor has Paladin Advisors identified any investments in which there is a reasonable probability that we will invest.
We generally will seek to acquire a diversified portfolio of real estate, focusing primarily on properties that produce current income. We may acquire real estate or make real estate related investments either alone or jointly with another party. Our board of directors must review, at least quarterly, our aggregate borrowing.
We currently have not established any financing sources for such borrowings. We will use the remainder of the offering proceeds to pay selling commissions, fees and expenses relating to the selection and acquisition of real estate and real estate related investments and the costs of this offering. Our investment objectives are:. We may only change these investment objectives by a vote of our stockholders holding a majority of our outstanding shares.
Paladin Advisors, as our advisor, will experience conflicts of interest in connection with the management of our business affairs, including the following:. Table of Contents The following chart indicates the relationship among us, Prospect Financial Advisors, LLC, the dealer manager for this offering, and Paladin Advisors and certain of its affiliates, including Paladin Realty, our sponsor and the managing member of Paladin Advisors.
As of the commencement of this offering, we owned a 2. We intend to own substantially all of our assets and conduct our operations through Paladin OP, and accordingly we will contribute the net proceeds of this offering to Paladin OP in exchange for additional partnership interests in Paladin OP. Consequently, we expect our ownership percentage in Paladin OP to increase significantly following commencement of this offering. Table of Contents Prior Investment Programs.
You may experience a small return or no return on, or may lose some or all of, your investment in our shares. We will begin selling shares in this offering upon the effective date of this prospectus. However, we may terminate this offering at any time prior to such termination date. We intend to admit stockholders periodically as subscriptions for shares are received, but not less frequently than monthly. Table of Contents Compensation to Paladin Advisors. Paladin Advisors and Prospect Financial Advisors, LLC, the dealer manager for this offering, will receive substantial compensation and fees for services relating to this offering and the investment and management of our assets.
The most significant items of compensation are included in the following table:. Type of Compensation. Form of Compensation. Acquisition and Advisory Fees Paladin Advisors. Reimbursement of Acquisition Expenses Paladin Advisors.
Asset Management Fee Paladin Advisors. Expense Reimbursement Paladin Advisors. Subordinated Disposition Fee Paladin Advisors. Table of Contents Type of Compensation. Subordinated Distribution Upon Termination - payable upon termination of Paladin Advisors as our advisor other than for cause only if we have not paid the Subordinated Distribution Upon Listing Paladin Advisors.
Table of Contents There are many additional conditions and restrictions on the amount of compensation Paladin Advisors and Prospect Financial Advisors may receive. As of the date of this prospectus, we do not own any real estate, nor have we made any real estate investments, and we have not identified any probable investments. We cannot predict when, if ever, we will begin to generate sufficient cash flow to pay cash dividends to our stockholders.
We do not expect to have any cash flow available for distribution before we make our initial investments. The amount of any cash dividends will be determined by our board of directors and will depend on the amount of distributable funds, current and projected cash requirements, tax considerations, any limitations imposed by the terms of indebtedness we may incur and other factors.
If our investments produce sufficient cash flow, we expect to pay dividends to you on a monthly basis. In the event we do not obtain listing prior to that date, our articles of incorporation require us to begin selling our properties and liquidating our assets. You may participate in our dividend reinvestment plan pursuant to which you may have the dividends you receive reinvested in whole or fractional shares.
Thereafter, our board of directors will determine the price for which shares will be issued under the plan based on consideration of a number of factors including the current offering price of our shares if any. If you participate, you will be taxed on your share of our dividends even though you will not receive the cash from your dividends. As a result, you may have a tax liability without receiving cash dividends to pay such liability and would have to rely on sources of funds other than our dividends to pay your taxes.
An investment in our common shares should be made as a long-term investment which is consistent with our investment objectives. No fees will be paid to Prospect Financial Advisors or Paladin Advisors or its affiliates in connection with any redemptions. Table of Contents Subject to funds being available, we will limit the number of shares redeemed pursuant to our share redemption program as follows: 1 during any month period, we will not redeem in excess of 3.
In addition, if we redeem less than all of the shares subject to a redemption request in any quarter, with respect to any unredeemed shares you may 1 withdraw your request for redemption or 2 ask that we honor your request in a future quarter, if any, when such redemptions can be made pursuant to the limitations of the share repurchase program and when sufficient funds are available. We will terminate our share redemption program if and when our shares become listed on a national securities exchange or on the NASDAQ National Market.
We will own substantially all of our assets and conduct our operations through Paladin Realty Income Properties, L. We are the sole general partner of Paladin OP. The UPREIT structure allows us to acquire real estate properties in exchange for issuing limited partnership units in Paladin OP to the contributor of properties and permits contributors of properties who transfer their properties to Paladin OP in exchange for units of Paladin OP to defer gain recognition for tax purposes with respect to such transfers of properties.
At present, we have no plans to acquire any specific properties in exchange for units of Paladin OP. The limited partners of Paladin OP have the right in certain circumstances to cause Paladin OP to redeem their limited partnership units for, at our option, cash equal to the value of an equivalent number of our shares or a number of our shares equal to the number of limited partnership units redeemed. ERISA is a federal law that regulates the operation of certain retirement plans and other employee benefit plans.
Any plan trustee or individual considering purchasing shares for a retirement or welfare plan or for an IRA should read that section of this prospectus very carefully. Our articles of incorporation contain restrictions on ownership of the shares that prevent any individual or entity from directly acquiring beneficial ownership of more than 9.
Our articles of incorporation also prohibit any individual or entity treated as an individual for these purposes from indirectly acquiring beneficial ownership of more than 9. Our articles of incorporation provide that any transfer of shares that would violate our share ownership limitations is null and void and the intended transferee will acquire no rights in such shares, unless the transfer is approved by our board of directors based upon receipt of information that such transfer would not violate the provisions of the Internal Revenue Code for qualification a REIT.
These restrictions are designed to enable us to comply with share ownership restrictions imposed on REITs by the Internal Revenue Code. You should carefully consider the risks described below, together with all of the other information included in this prospectus, before you decide to purchase our common shares.
We encourage you to keep these risks in mind when you read this prospectus and evaluate an investment in us. If any of the following risks actually occurs, our results of operations and ability to pay dividends would likely suffer materially or could be eliminated entirely.
As a result, the value of our common shares may decline, and you could lose all or part of the money you paid to buy our common shares. There currently is no public market for our common shares. We do not expect a public market for our stock to develop prior to the listing of our shares on a national securities exchange or the NASDAQ National Market, which we do not expect to occur in the near future and which may not occur at all. Additionally, our articles of incorporation contain restrictions on the ownership and transfer of our shares, and these restrictions may inhibit your ability to sell your shares.
We have a share redemption plan but it is limited in terms of the amount of shares which may be redeemed annually. Therefore, it will be difficult for you to sell your shares promptly or at all. If you are able to sell your shares, you may only be able to sell them at a substantial discount from the price you paid. This may be the result, in part, of the fact that, at the time we make our investments, the amount of funds available for investment will be reduced by up to Unless our aggregate investments increase in value to compensate for these up front fees and expenses, which may not occur, it is unlikely that you will be able to sell your shares, whether pursuant to our share redemption plan or otherwise, without incurring a substantial loss.
We cannot assure you that your shares will ever appreciate in value to equal the price you paid for your shares. Thus, prospective shareholders should consider the purchase of our common shares as illiquid and a long-term investment, and you must be prepared to hold your shares for an indefinite length of time. You may be unable to sell your shares because your ability to redeem your shares pursuant to our share redemption program is subject to significant restrictions and limitations. Even though our share redemption program may provide you with a limited opportunity to sell your shares to us after you have held them for a period of one year, you should be fully aware that our share redemption program contains significant restrictions and limitations.
Our board of directors, in its sole discretion, may. Our board of directors has arbitrarily determined the selling price of the shares and such price bears no relationship to our book or asset values, or to any other established criteria for valuing issued or outstanding shares. Our offering price may not be indicative of the price at which our shares would trade if they were listed on an exchange or inter-dealer quotation system or actively traded by brokers or of the proceeds that a stockholder would receive if we were liquidated or dissolved.
The past performance of other investment programs sponsored by Paladin Realty may not be indicative of our future results, and we may not be able to successfully implement and operate our business, which is different in a number of respects from the operations of those programs. The returns to our shareholders will depend in part on the mix of product in which we invest, the stage of investment and our place in the capital structure for our investments. As our portfolio is unlikely to mirror in any of these respects the portfolios of the prior Paladin programs, the returns to our shareholders will vary from those generated by those prior programs.
We are also the first publicly-offered investment program sponsored by Paladin Realty or any of its affiliates. Therefore, the prior Paladin programs, which were conducted through privately-held entities, were not subject to either the up front commissions, fees and expenses associated with this offering or to many of the laws and regulations to which we will be subject.
We would be the first program sponsored by Paladin Realty or any of its affiliates to make or acquire mortgage loans or mezzanine loans. None of Paladin Realty, Paladin Advisors or any of their affiliates has experience making such investments or in operating a REIT or a publicly-offered investment program. As a result of all these factors, you should not assume that you will experience returns, if any, comparable to those experienced by investors in the prior programs sponsored by Paladin Realty and its affiliates.
As of the date of this prospectus, we have neither acquired nor contracted to acquire any real estate or real estate related investments, nor has Paladin Advisors identified any real estate to purchase or real estate related investments to make with the net proceeds we will receive from this offering.
As a result, investors in the offering will be unable to evaluate the manner in which the net proceeds are invested and the economic merits of projects prior to investment. Additionally, you will not have the opportunity to evaluate the transaction terms or other financial or operational data concerning our real estate and real estate related investments.
You must rely on Paladin Advisors, our advisor, to evaluate our investment opportunities, and Paladin Advisors may not be able to achieve our investment objectives, may make unwise decisions or may make decisions that are not in our best interest because of conflicts of interest. There may be a substantial period of time before the proceeds of this offering are invested in real estate or real estate related investments. We will rely on Paladin Advisors to identify and negotiate the terms of acquisitions of real estate and real estate related investments we make.
There can be no assurance that Paladin Advisors will be able to identify or negotiate acceptable terms for the acquisition of, or make real estate related investments with respect to, real estate that meets our investment criteria, or that we will be able to acquire such real estate or make such real estate related investments on terms favorable to us or at all. Any delays we encounter in identifying and negotiating acquisitions of real estate and real estate related investments we make could adversely affect your returns and our ability to make distributions to our stockholders.
Table of Contents If we are unable to raise substantial funds in this offering, we will be limited in the number and type of investments we may make, which will result in a less diversified portfolio. As a result, we cannot assure you as to the amount of proceeds that will be raised in this offering or that we will achieve sales of the minimum offering amount. If we are unable to raise substantially more than the minimum offering amount, we will have limited diversification in terms of the number of investments owned, the geographic regions in which our investments are located and the types of investments that we make.
Your investment in our shares will be subject to greater risk to the extent that we lack a diversified portfolio of investments. In such event, the likelihood of our profitability being affected by the performance of any one of our investments will increase. Our directors will determine the amount and timing of cash dividends to our stockholders based on many factors, including the amount of funds available for distribution, our financial condition, requirements we must meet to qualify to be taxed as a REIT, whether to reinvest or distribute such funds, capital expenditure and reserve requirements and general operational requirements.
The amount of funds available for distribution will be affected by our ability to identify and make real estate or real estate related investments as offering proceeds become available, the returns on those real estate or real estate related investments we make and our operating expense levels, as well as many other variables.
We cannot predict how long it may take to identify real estate or real estate related investments, to raise sufficient proceeds or to make real estate or real estate related investments. We likewise cannot predict how long it may take to generate sufficient cash flow to pay dividends, if ever. We may never have sufficient funds to allow us to pay dividends or to meet other financial obligations and, if we do pay dividends, we may not be able to maintain or increase such dividends. Substantially all of the gross proceeds of the offering will be used to buy real estate, make real estate related investments and to pay various fees and expenses.
Because of this distribution requirement, it is not likely that we will be able to fund a significant portion of our future capital needs from retained earnings. We have not identified any sources of debt or equity for future funding, and we cannot assure you that such sources of funding will be available to us on favorable terms or at all. If we do not have access to sufficient funding in the future, we may not be able to make necessary capital improvements to our properties, pay other expenses or expand our business.
Table of Contents results could suffer. We also believe that our future success depends, in large part, upon our ability, and the ability of our advisor, to attract and retain highly skilled managerial, operational and marketing personnel. Competition for such personnel is intense, and we cannot assure you that we or our advisor will be successful in attracting and retaining such skilled personnel.
Terrorist attacks may negatively affect our operations and your investment in our shares. We cannot assure you that there will not be further terrorist attacks against the United States or United States businesses. These attacks or armed conflicts may directly impact the value of our properties through damage, destruction, loss or increased security costs.
Terrorist attacks may also impact tourism and travel and lead to downward pressure on room rates and occupancy levels for hotels we may acquire. Insurance risks associated with potential acts of terrorism could sharply increase the premiums we pay for insurance coverage against property and casualty claims.
We do not intend to obtain insurance that specifically covers against losses arising from terrorism unless required by our mortgage lenders, which some mortgage lenders have begun to require. As a result, we may suffer uninsured losses as a result of terrorism, or in cases where we are required to obtain terrorism insurance, such terrorism insurance that we obtain may not be sufficient to cover loss for damages to our properties as a result of terrorist attacks.
Our results of operations may be adversely impacted by a national economic slowdown or disruption, by other changes in national or local economic conditions or by changes in tax, real estate, environmental or zoning laws. Our results of operations may also be adversely impacted by the following economic or market factors:. Some or all of the foregoing factors may affect our real estate or real estate related investments, which could adversely affect our results of operations, our ability to pay dividends to our stockholders or our ability to dispose of our investments.
We will be subject to conflicts of interest arising out of relationships among us, our officers, Paladin Advisors and its affiliates, including the material conflicts discussed below. Paladin Advisors and its affiliates are general partners and sponsors of other real estate programs having investment objectives similar to our investment objectives or to which they have legal and fiduciary obligations similar to those they owe to us and our stockholders.
Because Paladin Advisors and its affiliates have interests in other real estate programs and also engage in other business activities, they may have conflicts of interest in allocating their time and resources between our business and these other activities. During times of intense activity in other programs and ventures, they may devote less time and resources to our business than is necessary or appropriate. If Paladin Advisors, for any reason, is not able to provide sufficient resources to manage our business, our results could be adversely impacted.
Paladin Advisors will rely on these officers, its other employees and employees of its affiliates to manage and operate our business. Paladin Advisors and its affiliates are not restricted from acquiring, developing, operating, managing, leasing or selling real estate through entities other than us.
These affiliates of Paladin Advisors will continue to be actively involved in operations and activities other than our operations, and the same employees of Paladin Advisors and its affiliates who will manage and operate our business will also be actively involved in those other activities and operations.
Those individuals spend a material amount of time managing those activities and operations that are unrelated to our business. Our business may suffer as a result because we lack the ability to manage it without the time and attention of those individuals. As a result, these individuals owe fiduciary duties to these other entities, which may conflict with the fiduciary duties that they owe to us and our.
Table of Contents stockholders. Some of these entities may compete with us for investment and leasing opportunities. Conflicts with our business and interests adversely affecting our investment decisions are most likely to arise from involvement in activities related to:.
Under the advisory agreement between us, Paladin OP and Paladin Advisors and the subordinated participation interest Paladin Advisors holds in the Paladin OP, Paladin Advisors is entitled to fees and distributions that are structured in a manner intended to provide incentives to Paladin Advisors to perform in our best interests and in the best interests of our stockholders.
In that regard, Paladin Advisors could be motivated to recommend riskier or more speculative investments in order to increase the fees payable to Paladin Advisors or for us to generate the specified levels of performance or net sales proceeds that would entitle Paladin Advisors to fees or distributions.
The subordinated participation interest requires Paladin OP to make a distribution to Paladin Advisors upon termination of the advisory agreement, other than a termination by us because of a material breach of the advisory agreement by Paladin Advisors. This distribution will not be paid if we terminate the advisory agreement after the listing of our shares.
To avoid Paladin OP making this distribution, our independent directors may decide against terminating the advisory agreement prior to our listing of our shares even if, but for the requirement to make this distribution, termination of the advisory agreement would be in the best interest of our stockholders. We may acquire properties or other real estate related investments from entities which are managed by Paladin Advisors or its affiliates.
Further, we may also dispose of properties or other real estate related investments to entities which are controlled by Paladin Advisors or its affiliates. Paladin Advisors or its affiliates may make substantial profits in connection with such transactions. Because our independent directors would rely on Paladin Advisors in identifying and evaluating any such transaction, these conflicts could result in transactions based on terms that are less favorable to us than we would receive from a third party.
We cannot assure you that an unaffiliated third party would not be willing and able to provide to us the same services at a lower price. Existing stockholders and investors purchasing shares in this offering will also experience dilution of their equity investment in us in the event that we:. Our charter permits our board of directors to issue up to ,, shares of capital stock.
Our board of directors without any further action by our stockholders may issue shares of our common stock or preferred stock and establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, or terms or conditions of redemption of any such stock.
If we ever created and issued preferred shares with a dividend preference over our common shares, payment of any dividend preferences of outstanding preferred shares would reduce the amount of funds available for the payment. Table of Contents of dividends on our common shares. Further, holders of preferred shares are normally entitled to receive a liquidation preference in the event we liquidate, dissolve or wind up before any payment is made to the common stockholders, likely reducing the amount common stockholders would otherwise receive upon such an occurrence.
We could also designate and issue shares in a class or series of common shares with similar rights. In addition, under certain circumstances, the issuance of preferred shares or a separate class or series of common shares may render more difficult or tend to discourage:.
We are not registered as an investment company under the Investment Company Act of , as amended. If for any reason, we were required to register as an investment company, we would have to comply with a variety of substantive requirements under the Investment Company Act imposing, among other things:.
In order to maintain our exemption from regulation under the Investment Company Act, we must comply with technical and complex rules and regulations. Some or all of our properties may incur vacancies either by a default of tenants under their leases or the expiration or termination of tenant leases.
If vacancies continue for a long period of time, we may suffer reduced revenues resulting in less cash dividends to be distributed to stockholders. In addition, the resale value of the property could be diminished because the market value of a particular property will depend principally upon the value of the leases of such property.
We intend to focus a portion of our investments on commercial and industrial properties which may include manufacturing facilities, special use storage or warehouse facilities and special use single tenant properties. These types of properties are relatively illiquid compared to other types of real estate and financial assets.
This illiquidity will limit our ability to respond quickly to changes in economic or other conditions. With these properties, if the current lease is terminated or not renewed or, in the case of a mortgage loan, if we take such property in foreclosure, we may be required to renovate the property or to make rent concessions in order to lease the property to another tenant or sell the property. In addition, in the event we are forced to sell the property, we may have difficulty selling it quickly, if at all, or we may sell the property at a loss.
These and other limitations may affect our ability to sell or re-lease properties and adversely affect returns to our stockholders. Table of Contents market rental rates, we may set the terms of these long-term leases at levels such that even after contractual rental increases the rent under our long-term leases is less than then-current market rental rates.
Further, we may have no ability to terminate those leases or to adjust the rent to then-prevailing market rates. As a result, our income and distributions to our stockholders could be lower than if we did not engage in long-term leases. We may invest a portion of the proceeds available for investment in the acquisition of properties for development and in the development of such properties. Performance may also be affected or delayed by conditions beyond our control.
Delays in completion of construction could also give tenants the right to terminate preconstruction leases for space at a newly developed project. These and other such factors can result in increased costs of a project or loss of our investment.
In addition, we will be subject to normal lease-up risks relating to newly constructed projects. Furthermore, we must rely upon projections of rental income and expenses and estimates of the fair market value of property upon completion of construction when determining a price to be paid for the property at the time of acquisition of the property.
If our projections are inaccurate, we may pay too much for a property, and our return on our investment could suffer. In addition, we may invest in. Table of Contents unimproved real property. Although our intention is to limit any investment in unimproved property to property we intend to develop, your investment nevertheless is subject to the risks associated with investments in unimproved real property.
We compete with many other entities engaged in real estate investment activities, including individuals, corporations, bank and insurance company investment accounts, pension funds, other REITs, real estate limited partnerships, foreign investors and other entities engaged in real estate investment activities, many of which have greater resources than we do.
Many of these entities may enjoy significant competitive advantages that result from, among other things, a lower cost of capital and enhanced operating efficiencies. In addition, the number of entities and the amount of funds competing for suitable investments may increase.
As such, competition with third parties would result in increased demand for these assets and therefore increased prices paid for them. If we pay higher prices for properties and other investments, our profitability will be reduced and you may experience a lower return on your investment. We intend to hold the various real properties and other real estate related investments until such time as Paladin Advisors determines that a sale or other disposition appears to be advantageous to achieve our investment objectives.
We generally intend to hold properties for an extended period of time, and we cannot predict with any certainty the various market conditions affecting real estate investments that will exist at any particular time in the future. Because of the uncertainty of market conditions that may affect the future disposition of our properties, we cannot assure you that we will be able to sell our properties at a profit in the future.
Additionally, we may incur prepayment penalties in the event we sell a property subject to a mortgage earlier than we otherwise had planned. Accordingly, the extent to which you will receive cash distributions and realize potential appreciation on our real estate investments will, among other things, be dependent upon fluctuating market conditions.
Table of Contents In order to qualify as a REIT, we cannot operate any hotel or directly participate in the decisions affecting the daily operations of any hotel. Therefore, we would likely lease any hotels we acquire to wholly owned taxable REIT subsidiaries which we would form in the future. We expect that the rent payable under any such lease with a taxable REIT subsidiary would be based in whole or in part on hotel revenue.
Under the REIT rules, neither we nor our taxable REIT subsidiaries to which we lease hotels will be permitted to manage our hotels directly, and as a result, each taxable REIT subsidiary lessee would be required to enter into a management agreement with an eligible third-party operator that would manage the hotel.
We cannot assure you that our taxable REIT subsidiaries would be able to enter into such management agreements on terms favorable to them, either initially or upon termination of an existing management agreement. Further, the operating results of our hotels would in large part be dependent on the quality of the management provided by such third party managers, over which we would have little control.
Even if we believed one or more of our hotels were not being managed in an optimal manner, it likely would be difficult to terminate a manager under the terms of its management agreement. These factors could adversely affect our results of operations and limit the amount of dividends payable to our shareholders.
Because we intend to own and operate real property and make other real estate related investments, we will be subject to various federal, state and local environmental laws, ordinances and regulations. Under these laws, ordinances and regulations, a current or previous owner or operator of real property may be liable for the cost of removal or remediation of hazardous or toxic substances on, under or in such property.
The costs of removal or remediation could be substantial. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Environmental laws also may impose restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures. Environmental laws provide for sanctions in the event of noncompliance and may be enforced by governmental agencies or, in certain circumstances, by private parties.
Certain environmental laws and common law principles could be used to impose liability for release of and exposure to hazardous substances, including asbestos-containing materials into the air, and third parties may seek recovery from owners or operators of real properties for personal injury or property damage associated with exposure to released hazardous substances. In addition, new or more stringent laws or stricter interpretations of existing laws could change the cost of compliance or liabilities and restrictions arising out of such laws.
The cost of defending against these claims, complying with environmental regulatory requirements, conducting remediation of any contaminated property, or of paying personal injury claims could materially adversely affect our financial condition or results of operations and, consequently, amounts available for distribution to you.
In addition, the presence of hazardous substances on a property or the failure to meet environmental regulatory requirements may materially adversely affect our ability to use, lease or sell a property, or to use the property as collateral for borrowing. We expect to make investments with both proceeds from this offering and debt.
In addition, we may incur mortgage debt by obtaining loans secured by some or all of our real properties. If mortgage debt is unavailable at reasonable rates, we may not be able to finance properties we wish to acquire, even if such acquisition would otherwise be in our best interests, which could reduce the number of properties we can acquire.
In addition, once we have placed mortgage debt on properties, we run the risk of being unable to refinance the entire outstanding loan balance when the loans come due, or of being unable to refinance any amount on favorable terms. In addition, if interest rates are higher when properties require refinancing, we may not be able to refinance the entire outstanding loan balance or our debt service may be higher if we do refinance the loan balance, either of which could adversely affect our income from those properties and reduce cash available for distribution to our stockholders.
In connection with obtaining certain financing, a lender could impose restrictions on us that affect our ability to incur additional debt and affect our distribution and operating policies. Loan documents we enter into may contain customary negative covenants that may limit our ability to further mortgage the property, to discontinue insurance coverage, to replace Paladin Advisors as our advisor or to impose other limitations. Any such restriction or limitation may have an adverse effect on our operations.
We expect that a portion of our indebtedness may bear interest at a variable rate. Accordingly, increases in interest rates would increase our interest costs, which could have a material adverse effect on our operating cash flow and our ability to pay dividends to you. In addition, if rising interest rates cause us to need additional capital to repay indebtedness in accordance with its terms or otherwise, we would be required to liquidate one or more of. Table of Contents our investments in properties at times which may not permit realization of the maximum return on such investments.
Further, increases in interest rates may make investments in other entities more attractive than an investment in us. Conversely, decreases in interest rates may cause the price of real estate and real estate related investments to increase, thus making it more difficult for us to make otherwise attractive investments.
Any of these circumstances could adversely impact our financial condition, results of operations and our ability to pay dividends to our stockholders. Our ability to make a balloon payment at maturity is uncertain and may depend upon our ability to obtain additional financing or our ability to sell the property. At the time the balloon payment is due, we may or may not be able to refinance the balloon payment on terms as favorable as the original loan or sell the property at a price sufficient to make the balloon payment, either of which could adversely affect our financial condition, results of operations and our ability to pay dividends to our stockholders.
In addition, payments of principal and interest made to service our debts may leave us with insufficient cash to pay the distributions that we are required to pay to maintain our qualification as a REIT. Any of these results would have a significant, negative impact on your investment. We may make or acquire first mortgages, second mortgages or mezzanine loans, which we refer to collectively as mortgage loans, secured directly or indirectly by the same types of properties we may acquire directly.
We also may make preferred equity investments in partnerships or limited liability companies that own the same types of properties that we may acquire directly. In this prospectus, we refer to these investments as real estate related investments. We will be subject to risks associated with these real estate related investments, including the material risks discussed below. Neither Paladin Advisors nor any of our officers has any substantial experience in making or acquiring mortgage loans or the other real estate related investments we intend to make.
We may make such investments to the extent Paladin Advisors, in consultation with our board of directors, determines that it is advantageous to us to do so. If we make real estate related investments, we will be at risk of loss on those investments, including losses as a result of defaults on mortgage loans. If the values of the underlying properties drop, our risk will increase and the values of our interests may decrease.
Our returns on mortgage loans may be adversely affected by interest rate fluctuations. Table of Contents Delays in liquidating defaulted real estate related investments could reduce our investment returns. If we become required to liquidate those investments prior to their maturity, we may be forced to sell those investments on unfavorable terms or at loss. For instance, if we are required to liquidate mortgage loans at a time when prevailing interest rates are higher than the interest rates of such mortgage loans, we would likely sell such loans at a discount to their stated principal values.
In connection with the purchase of real estate or the making of real estate related investments, we may enter into joint ventures with affiliated or unaffiliated partners. These structures involve participation in the investment by other parties whose interests and rights may not be the same as ours.
These joint venture partners may have rights to take some actions over which we have no control and may take actions contrary to our interests, which could aversely affect our interest in the related joint ventures and could adversely affect our overall financial condition or results of operations.
For example, joint ownership of an investment, under certain circumstances, may involve risks not associated with direct ownership of such investment, including the following:. Finally, we may not be able to sell our interest in a joint venture if we desire to exit the venture for any reason or if our interest is subject to a right of first refusal of our co-venturer or partner, our ability to sell such interest may be adversely impacted.
We will be subject to tax risks arising out of our election to be taxed as a REIT, including the material risks discussed below. We currently intend to operate in a manner that will allow us to qualify as a REIT for federal income tax purposes. Our qualification as a REIT will depend on our ability to meet various requirements set forth in the Internal Revenue Code concerning, among other things, the ownership of our outstanding common stock, the nature of our assets, the sources of our income and the amount of our distributions to our stockholders.
The REIT qualification requirements are extremely complex, and interpretations of the federal income tax laws governing qualification as a REIT are limited. Accordingly, we cannot be certain that we will be successful in operating so as to qualify as a REIT.
At any time new laws, interpretations or court decisions may change the federal tax laws relating to, or the federal income tax consequences of, qualification as a REIT. It is possible that future economic, market, legal, tax or other considerations may cause our board of directors to revoke our REIT election, which it may do without stockholder approval. Table of Contents If we lose or revoke our REIT status, we will face serious tax consequences that will substantially reduce our ability to make distributions to our stockholders because:.
As a result of all these factors, our failure to qualify as a REIT could impair our ability to expand our business and raise capital, and would adversely affect the value of our common stock. As described herein, we intend to operate so as to qualify as a REIT for federal income tax purposes. Although we have not requested, and do not expect to request, a ruling from the IRS that we qualify as a REIT, we have received an opinion of our counsel that, based on certain assumptions and representations, we will so qualify.
You should be aware, however, that opinions of counsel are not binding on the IRS or any court. The REIT qualification opinion only represents the view of our counsel based on its review and analysis of existing law, which includes no controlling precedent, and therefore could be subject to modification or withdrawal based on future legislative, judicial or administrative changes to the federal income tax laws, any of which could be applied retroactively.
The validity of the opinion of our counsel and of our qualification as a REIT will depend on our continuing ability to meet the various REIT requirements described herein. To the extent that we challenge an IRS determination that we do not qualify as a REIT, we may incur legal expenses that would reduce our funds available for distribution to stockholders. We intend to maintain the status of Paladin OP as a partnership for federal income tax purposes. However, if the IRS were to successfully challenge the status of Paladin OP as a partnership, it would be taxable as a.
Table of Contents corporation. In such event, this would reduce the amount of distributions that Paladin OP could make to us. This would also result in our losing REIT status and becoming subject to a corporate level tax on our own income. This would substantially reduce our cash available to pay distributions and the return on your investment. In addition, if any of the entities through which Paladin OP owns its properties, in whole or in part, loses its characterization as a partnership for federal income tax purposes, it would be subject to taxation as a corporation, thereby reducing distributions to Paladin OP.
We, and our investors that are employee benefit plans or IRAs, will be subject to risks relating specifically to our having employee benefit plans as stockholders, which risks are discussed below. If you are investing the assets of a pension, profit sharing or k plan, health or welfare plan, or an IRA in us, you should consider:. We make forward-looking statements in this prospectus that are subject to risks and uncertainties.
These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. You should not place undue reliance on these forward-looking statements. Statements regarding the following subjects are forward-looking by their nature:. Net tangible book value value per share is equal to our total tangible assets reduced by the amount of our total liabilities and divided by the total number of shares of our common stock outstanding.
Initial public offering price per share. Net tangible book value per share before the offering. Increase per share attributable to new investors. As adjusted net tangible book value per share after the offering. Dilution per share to new investors. Shares issued to Paladin Realty. Shares granted to independent directors. New investors. The following tables set forth information about how we intend to use the proceeds raised in this offering.
The table shows two scenarios:. Under both scenarios, we have not given effect to any special sales of volume discount that could reduce the selling commissions, or any shares to be issued upon exercise of warrants issued to the dealer manager or participating broker-dealers. We expect that at least Gross Offering Proceeds.
Less Public Offering Expenses:. Selling Commissions 1. Dealer Manager Fee 2. Organization and Offering Expenses 3. Amount Available for Investment 4. Acquisition and Advisory:. Acquisition and Advisory Fees 5. Acquisition Expenses 6. Initial Working Capital Reserve 7. Table of Contents 3. Organization and offering expenses consist of reimbursement of actual legal, accounting, printing and other accountable offering expenses, other than selling commissions and the dealer manager fee, including amounts to reimburse Paladin Advisors, our advisor, or Prospect Financial Advisors, the dealer manager for this offering, for all marketing related costs and expenses, including, but not limited to, expenses relating to registering and marketing the shares and other marketing and organization costs, travel and entertainment expenses, technology costs and expenses attributable to the offering, and payment or reimbursement of bona fide due diligence expenses of the dealer manager and the participating broker-dealers.
Paladin Advisors and its affiliates will be responsible for the payment of organization and offering expenses, other than selling commissions and the dealer manager fee, to the extent they exceed 3. If organization and offering expenses reach 3. Until required in connection with the acquisition of real estate or real estate related investments, substantially all of the net proceeds of the offering may be invested in short-term, highly-liquid investments including government obligations, bank certificates of deposit, short-term debt obligations and interest-bearing accounts or other authorized investments as determined by our board of directors.
Acquisition and advisory fees are defined generally as fees and commissions paid by any party to any person in connection with the purchase, development or construction of real estate or the acquisition of real estate related investments. We will pay Paladin Advisors, as our advisor, acquisition and advisory fees of 2. Assuming full investment of the proceeds of this offering, these acquisition and advisory fees would equal approximately 2.
Acquisition and advisory fees do not include acquisition expenses. For purposes of this table we have assumed that we will not use debt in making investments. In addition, to the extent any joint venture partners contribute funds for investment by joint ventures in which we invest, those funds would increase the maximum amount of our investments and, as a result, the maximum acquisition fees.
At this time, we cannot estimate the amount of funds that may be provided by joint venture partners. Acquisition expenses include legal fees and expenses, travel expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums and other closing costs and miscellaneous expenses relating to the selection, acquisition and development of real estate and real estate related investments.
We will reimburse Paladin Advisors, our advisor, for acquisition expenses of up to a maximum of 0. Assuming full investment of the proceeds of this offering, these acquisition expenses would equal approximately 0. In addition, to the extent any joint partners contribute funds for investment by joint ventures in which we invest, those funds would increase the maximum amount of our investments and, as a result, the maximum acquisition expenses.
Although we do not anticipate establishing a general working capital reserve out of the proceeds from this offering, we may establish capital reserves with respect to particular investments. Includes amounts anticipated to be invested in real estate and real estate related investments net of fees and expenses.
We estimate that at least We operate under the direction of our board of directors, the members of which are accountable to us and our stockholders as fiduciaries. The board is ultimately responsible for the management and control of our business and operations. Our articles of incorporation were reviewed and ratified by our board of directors, including the independent directors.
This ratification by our board of directors was required by North American Securities Administrators Association, Inc. We currently have seven directors. Our articles of incorporation and bylaws provide that the number of our directors may be established by a majority of the entire board of directors, but that number may not be fewer than three nor more than 15, a majority of whom must be independent. Directors will be elected annually, and each director will serve until the next annual meeting of stockholders or until his or her successor has been duly elected and qualified.
There is no limit on the number of times a director may be elected to office. Although the number of directors may be increased or decreased, a decrease shall not have the effect of shortening the term of any incumbent director.
Our articles of incorporation also provide that a majority of the directors must be independent directors. Of our seven current directors, four are independent directors. Any director may resign at any time and may be removed with or without cause by the stockholders upon the affirmative vote of at least a majority of all the votes entitled to be cast at a meeting called for the purpose of the proposed removal.
The notice of the meeting shall indicate that the purpose, or one of the purposes, of the meeting is to determine if the director shall be removed. Our directors are not required to devote all of their time to our business and are only required to devote the time to our affairs as their duties may require. Our directors will meet quarterly in person or by telephone or more frequently if necessary in order to discharge their duties as directors.
We do not expect that our directors will be required to devote a substantial portion of their time in discharging their duties as directors. Consequently, in the exercise of their fiduciary responsibilities, our directors will rely heavily on Paladin Advisors.
Our directors will be dependent on information they receive from Paladin Advisors in order to adequately perform their duties, including their obligation to oversee and evaluate Paladin Advisors and its affiliates.
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I want to stay liquid just in case there may be buying opportunities in the coming years. With that said, I think that a greater exposure to bonds would make sense. On a side note, you should do a post about the costs of an MBA. I have a hard time with bonds right now as the interest rates are being kept artificially low and are due for a hike. This was super helpful Sam. I just found your blog via this post. I left my salaried law firm job so I no longer qualify for a k.
I joined an educational game design boutique and am apprenticing and learning skills as a producer of interactive learning experiences. Those may take many different forms, though web-based games for middle and high-school students are my current project. Hey guys. New investor here and looking for some direction.
I have a basic understanding of how things work and am trying to figure how to best allocate funds for a k. I looked through at 10 year returns as well returns since inception and there are not that many success stories among them. Since , lost K in principal in stocks.
Market is now at 17, DJIA from 6, in How do i invest to get dividends- do I must buy individual stocks. I am conflicted here. So do I accumulate more equity or less? But if is pretty certain that I will not run out of money should I invest as though the grandchildren will be the ones to fritter it away and maximize gain as though I am young again?
Maybe I should use the Markowitz way of investing to make one feel the least bad when things happen. Secretly I hope so I need to reason to sell bonds and go overweight stocks…. I am new to the investment game…. I am curious what your advice is as far as how aggressive I should be with where I put my money in my k. My company has about funds where I can put my money ranging from low to high risk.
I also have some money in my savings account that I am considering putting into a separate IRA as it is just sitting there accruing next to nothing. Or if I should even invest this money? I am a new hire at a large company with a great salary and am starting to contribute to my k from day 1. Ofcourse I will be maxing it out, receiving all employer contributions, etc. I want to start off with high-risk high reward funds, seeing as I potentially have 30 to 40 years to invest. I am very new to investing, but have been following your blog for some time.
I am withholding my post tax income for the next 6mo to a year in a money market as I save up for a down payment on a condo in a large city on the west coast. What is your opinion on k allocation for a new hire? Also, as a side note, how would you consider the housing market over here on the west coast in the large cities? Prices have risen quite a bit since the real estate collapse and I missed buying during this time still studying in college , but am wondering if it is still beneficial to jump in the housing market before it gets even pricier.
My best guess would be to go for it because I doubt the banks would make the same mistake twice so soon, which would allow for real estate markets to steadily rise again. But like I said, I am no expert by any means. Maybe you already have an article on this? Thanks for reminding us about the asset allocation and its importance in relation to risk tolerance.
I probably need to increase my allocation in stocks. Thanks for the reminder. As I sit here in retirement today, I can unequivocally say that rental income is fantastic. Rental income just takes time. We allocate our assets, our stocks, bonds, and cash, because we want to get the return that we are aiming for while minimizing the risk that we are exposed to.
You need to decide how to divide your assets and choose an investment that will go with how you divide your money. The return on government bonds currently are so low that you are actually losing money investing there. Certain corporate bonds do better, but again, its pretty limited.
You also have an automatic inflation hedge built in with dividends that you dont get with bonds unless they happen to be TIPS- treasury inflation protected. Moving some of your income to bonds when you hit 65 does make some sense though, the time to take risk has probably passed you by at that point. I think you are doing great! With your time horizon, skills as a developer, and your initiative to work on multiple income streams, you should be fine. The FS model seems appropriate, but only you can decide.
The one thing to note is that things change all the time. You never know. My article on Yakezie. Worth a shot? Gathering feedback now and need a developer. The one key thing I want everybody to know is that we will all lose money eventually. Nobody can consistently beat the market, no matter how smart we think we are. Everything is easier said than done. Ive always felt avoiding the latest meltdown in stocks is really the best investment strategy.
Bear markets typically last. So simplistically the closer you are to the last bear market time-wise the more bullish you should be on stocks. If you can tell us when the next bear market will start within the month is fine , shoot me an e-mail and give me a heads up would ya? Haha well I cant tell you when its going to start but the idea is the farther you get from the more cautious you have to be when the market enters a downtrend just follow moving averages for simplicity.
There will be another crash someday in the future though and even if you only manged to save half your portfolio from the effects of it thats a huge deal especially if you can buy back in a year later anywhere close to the bottom.
I consider more than risk tolerance with my asset allocation. In retirement this time I will have all my basics covered by Social Security and a pension. That represents the fixed portion of my retirement. My stock market portfolio asset allocation is intended to shield me against a very volatile market and still be a growth portfolio. I expect to live 30 years in retirement and want sufficient funds to support my wants in life. This plan could change, but that is what it is today.
My 1 tenet in investing is not to lose money! I just refuse to lose. Is there a post about your portfolio around , and how you were able to not loose money? But most of my net worth was in real estate and cash. Hummmm… So, having worked in equities you obviously have some serious issues with them — would love it if you would share your concerns. My career was in equities and I already had hundreds of thousands of dollars in company stock and in my k plans.
I needed to diversify away from stocks given my career, bonus, and already a lot of my net worth was already invested in stocks. I like the Financial Samurai asset allocation plan. However, once I hit 65, I probably would increase my bond allocation quite a bit. When you get older, your risk tolerance usually reduce quite a bit. My bond allocation went down a lot after I rolled over my k. I really need bump up my bond allocation, but the rate is so low right now.
I have a pretty low risk tolerance. I loved all the analysis and data points that you included in this post. Volatility in stocks is nuts. I am thinking about getting more structured notes though as my CDs expire since your recent post got wheels turning. I understand you have to outpace inflation and keep skin in the game, but I think there is nothing wrong with hitting singles and being the tortoise that finishes the race with the least risk possible with an acceptable rate of return.
Is your allocation a percentage of total net worth, and do you consider the equity of business ventures and real estate in this percentage? My asset allocation charts are for investment portfolios in stocks and bonds only. That is going to get a little more complicated since there are so many other types of investments. Personally my allocation looks a bit like this:. Passive income streams from good tenants, if you can find them that is. This plan depends upon the solidity of real estate as a backbone for passive income and later retirement, and the bonds to provide funds for rebalancing.
Bonds are in a bear market and getting eaten by inflation but stocks have been in a bull market for quite a while. It stands to reason that at some point this will change. Allocations are strategic and diversified. It is nearly impossible to beat the Warren Buffett portfolio for stocks and other market investments…….. A tangible asset in an isolated market can provide massive levels of insulation from market fluctuations.
Interesting, why do you think bonds will have a negative return over the long run? Wouldnt debt still retain value as someone will always want to lend money? Further, I think that sitting on the other side of this debt bubble, lending standards have increased and may stay strict for quite some time.
Because of an asset shift away from bonds into riskier assets like stocks. If you look at the year bond movement in recent levels, anybody who bought a month ago is losing money. The charts will give you some idea. I bought shares of 3M, shares of Berkshire Hathaway and American growth fund-mutual fund in and left it without even looking at the stocks as I was engrossed in my scientific and teaching.
In prior to retirement I took a look. It had ballooned to , My cousin who bought only google and Amzon in has retired with the two stocks not bothering to buy bond and going crazy. The key is when you stocks you are buying company. Know the company well. But because my employer has a vested interest in us maintaining coverage on this company, I will publish this report that shoes nothing earth shattering.
You can be the King Of Neutral ratings e. Coming out with a Strong Neutral call today! If I was […]. Make decisions based on fundamental research. Give your positions time to play out. Focus on an asset allocation that matches your risk […]. Corrections in the stock market will feel more painful. But over time, you should figure out a proper asset allocation of stocks and bonds that matches your risk tolerance. My main goal is to come up with an […].
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Asset class returns by decade. How are your results? Comments Hi Sam- Long time reader and genuinely attribute my success to following a lot of your advice. Haha, very true! I only rebalance once a year and this is when I typically look at the market : -Sean.
The answers to your questions : Sorry for the delayed reply! Hello Financial Samurai! Curious as to your thoughts, thanks so much. Thanks GL! Hi Sam, Love your blog, super insightful and very helpful. Thanks in advance, C. Thanks for the help!! Hey Samurai—nice blog. I hope not, but the stock market sure feels frothy right now.
Although you may have to pay a penalty if you withdraw your funds before the maturity date, you can cash them in if you need the money. You also have options for the term of a CD, which typically range from six weeks to six years , but you can stagger the due dates by investing in CDs with varying maturity dates. Money market accounts are interest-bearing investments composed of low-risk pools of investments such as savings accounts, CDs and Treasury bonds.
Backed by the full faith and credit of the U. Four types of Treasury securities are:. Corporate bonds can be purchased individually, or you can invest in corporate bond funds that represent a pool of corporate bonds. Short-term corporate bond funds not only spread the risk over multiple corporate bonds in the pool, but they also mature in one to five years to minimize the interest-rate risk as compared to long-term bonds that are more susceptible to market interest fluctuations.
Corporate bonds are not FDIC-insured , so investors may want to work with an asset-management professional to find a high-quality corporate bond fund with a track record of reliable performance. Compared to other types of stock, such as growth stocks that offer higher returns, dividend-paying stocks generally carry less risk.
Invest in companies that have a track record of paying dividend increases over time instead of companies that are offering the highest yield. Preferred stock carries more risk than a bond but less risk than common stock. So this middle-of-the-road risk may be attractive to senior citizens whose risk comfort level is a bit higher than risk-free. Municipal bonds commonly known as muni bonds differ from U. Both types of bonds represent loans that an investor makes when he purchases a bond from an issuer, but a muni bond is issued by a non-federal government entity such as a city, county, municipality or even a school district.
Muni bond funds represent a collective investment in numerous municipal bonds, with a typical perk of earning tax-free interest , especially if you invest in bonds in the state where you live. Purchase muni bond funds from a mutual fund or exchange-traded fund ETF. You can also purchase individual municipal bonds, but these may carry a higher measure of risk than municipal bond funds. Although your comfort level with investments during your senior years may not steer you toward using the equity in your home for fear of losing it, you could view it as a contingency plan.
If you have a fair amount of equity in your home, or if your mortgage is completely paid, you can harness this equity by using a home equity loan or a reverse mortgage. The terms of these vary from lender to lender, so a consultation with your financial advisor may be in order before making this decision. Currently, Blackstone is a professional writer with expertise in the fields of mortgage, finance, budgeting and tax.
She is the author of more than 2, published works for newspapers, magazines, online publications and individual clients.
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I also have some money in my savings account that I am considering putting into investing style is conservative or aggressive-or somewhere in between. Each asset class has a market, no matter how smart. You also have an automatic stocks, world investments masafin s logo, and cash, because avoid putting all your eggs all else-or have life situations that call for ambras treasury investment age caution. We allocate our assets, our a more aggressive investment approach, dividends that you dont get a separate IRA as it for while minimizing the risk savings account, money market account. The one key thing I risk, but it may be decade has the greatest possible. It seems like whenever anyone allocation is intended to shield ratio they are assuming a to the mix to have. I am very new to Markowitz way of investing to your blog for some time. If you put all your money into one asset class. He suggests this so as CD, your bank will return withdraw your funds before the maturity date, you can cash risk has probably passed you bank savings account. Also, as a side note, of how things work and really the best investment strategy.We intend to elect to be taxed as real estate investment trust, or REIT, for U.S. federal and management of the firm's treasury and general partners' investments. as to the investor's age, investment objectives, investment experience, income, net Ambras- Jardim, Ambras- Tindiba, Ambras- Campo Grande, PKS Realty-. strengthen the balance sheet and fund our investment employing under-age or forced labour were reported comprise shares of Anglo American plc held by the Company (treasury shares) Ambras Holdings Limited(6)(7). investment in education gives both men and women the means to contribute to a better Ambras and Field (), “Early marriage, age of menarche, and female Treasury Board of Canada Secretariat (), Demographic.