finance

Tenants, Stimulus, and Inflation

One of the worries landlords have these days, is that due to the Covid-19 situation, some tenants who may lose their job, will be unable to pay rents.

We have already addressed this (banks also allow leeway in mortgage payments etc.). However one point to consider is the following.

Unemployment benefits have been beefed up aggressively by the government. Once people who are unemployed or partially employed start getting their unemployment benefits (hopefully any minute now), and due to the enhanced payments, many people will earn about as much as they did while they were employed. Especially in the median income territory, where a lot of our tenants live.

This is something to consider, as the fears may have been over-blown. The unemployment payments are slated to be serious, and make a big difference. The idea behind them is that unemployed or partially employed people, could pay rent, buy food and gas etc.

On the issue of the government stimulus overall, the US government has just come out with a stimulus of over 2 trillion dollars. The Fed is also injecting liquidity into the financial markets, to the tune what appears to be 4 trillion dollars. The Government is already seeking a second stimulus (possibly having to do with massive infrastructure once people can be out and work), also seemingly to be about 2 trillion dollars.

With all these trillions of dollars essentially just being “printed by the government”, any economist will tell you that it will very likely create inflation. Possibly a strong one, once things are recovered.

At the same time, interest rates are close to being the lowest in history.

Once again, you can buy a single family home now, with a 30-year fixed rate loan at maybe the lowest rate ever. Then the home price is likely to go quite a bit higher just due to inflation (not even counting real appreciation). The mortgage does NOT go up with inflation, of course. Thus, as I always say, the 30-year loan gets eroded by inflation, and your equity gets built up faster thanks to inflation. Hard assets benefits during inflationary times, and are usually the safe havens investors go to. Single family homes are not only a hard asset , but an undeniable necessity (as opposed to office buildings, for example, since people can work from home. From HOME! Yes they need a home). Also, they are the asset class on which the fixed rate loan, which never changes with inflation for as long as 30 years, can be obtained.

When inflation hits hard, you will likely feel pretty smart having bought single family home investments, with fixed rate loans.

Will COVID-19 Cause A Recession?

As we all observe and fear the Coronavirus, we see many cities under “shelter-at-home” restrictions, and many “non-essential” businesses closing. Then on the other hand, the Fed lowered rates almost to zero, and mortgage rates, after a short spike, are starting to settle down near the lowest point ever. Some people fear a recession is likely to follow, and if we remember the recession of 2008, I think it’s quite possible. That depends, of course, on the length of the lock-down.

If a recession does occur, let’s point out some of the differences between the recession of 2008 and the next recession, if it hits.

Before the 2008 recession happened, there was a major boom in many states. Home prices in states like Arizona, Nevada and Florida went through the roof. The media was shouting “It’s a bubble! It has to burst!” Prices of homes in Phoenix, for example, nearly doubled from the beginning of 2004 till the middle of 2006. Not all states participated in the party, for example, Texas and Oklahoma have not gone up very much during that time.

When the 2008 recession hit, the markets that went down precipitously were, of course, the exact markets that had participated in the 2004-2006 boom. Places in Arizona, Nevada, Florida, and other states. Prices tanked and crashed quite a bit. However not across the board, states like Texas and Oklahoma did not go down very much during the recession of 2008.

By contrast, at the present time, especially in affordable markets like Oklahoma City, Tulsa, Baton Rouge, Central Florida, parts of Atlanta, Raleigh and others, there are currently no price bubbles. No major boom has happened, Thus the likelihood of a major price crash in such markets is much slimmer than the markets which crashed in the 2008 recession. There are very high priced markets now, the expensive markets in San Francisco, for example (which has already started going down in price last year). In such markets, there may be a stronger effect on prices. Also, when you invest in a brand new home in a good area in Oklahoma and pay $170,000. You are buying the home not much over the basic construction and land cost. Again, the probability of an “intrinsic value” home like this going down much is small. By contrast, a $2M home in San Francisco, which cost $900K to build, has a lot of “air” in the price, with a higher likelihood of prices going down in San Francisco.

The recession of 2008 was created by housing. Lenders released all limits, and loans were made to virtually anyone that was human, almost regardless of credit or ability to pay. Some loans were up to 125% of the value of the house. This bad debt, called “sub-prime”, was then packaged among other debt, and amazingly, the credit agency gave these packages high ratings, as if it was a quality debt product. Then these faulty packages sold on Wall Street, and financial wizards found way to leverage them enormously. Once defaults on the bad loans started to hit, the entire structure unraveled.

By contrast, at the present  we are still under the Dodd-Frank Act, which was drafted after the 2008 recession. Borrowing is now much harder and lengthier than it was before the 2008 recession. Even borrowers with great credit are finding the current loan processes frustrating. The amount of sub-prime loans is minuscule relative the period preceding the 2008 recession, and steps were taken to make the abuses with rating agencies be much harder to repeat. Thus the next recession is likely not to be caused by bad loans. It is clear that if another recession comes, its effects on rental home investing will be quite different than the recession of 2008.

I believe that the best way to invest in real estate is to buy brand new homes, in affordable large metropolitan areas, where the rent numbers match well with prices. Then finance the homes with a fixed-rate loan. To the best of my knowledge long term fixed rate loans like we get here in the US don’t exist elsewhere. The monthly payment and the mortgage balance never change with the cost of living, while everything else does. That means inflation constantly erodes the true buying buyer of your debt, making your debt ever smaller in real dollars.

For these kinds of homes, purchased anywhere from $150K to $250K, I believe the effects of the next recession will be minimal. Rates are very low, however, so fixed rate loans will retain these great rates forever.

The act of buying good rental homes in large metro areas and holding them as rental for the long term, where  the loan erodes, is a future-changer. It does not change your future instantly or even within a short time, but over the long term, this strategy is a powerful future changer. I have seen people retire well, send kids to college, and look much stronger financially thanks to these simple yet powerful investments.

Since these investments show their power over the long term, and since the interest rates are so favorable now, and since a possible impending recession is unlikely to have effects on prices like the 2008 recession, I believe this would be a good time to invest.

As an extra “bonus”, the virus fear creates more flexibility with sellers, including builders, and the ability to negotiate better prices.

I would be happy to discuss it with anyone who may wish to inquire further.

Coronavirus and Single-Family Home Investing

As we read, daily, about the spread of the Coronavirus (now also called Covid-19, but I will use Corona throughout), we are all concerned about the spread, mortality rates, means to protect ourselves and so on.

The stock market has taken a massive plunge over the past few days, on Coronavirus fears and how they may affect the economy.

Certain industries are already affected, the Olympics may be cancelled, and vacation spots are suffering due to flight and vacation cancellations.

As the stock market goes down, people who own stock feel less wealthy. However, it is reported in many sources that heavy stock concentrations in one’s portfolio occur in the upper quarter of income in the US.

Due to the virus fears, people become less mobile, fly less and stay put more.

The lure of the safety of one’s home gets more into focus.

In the affordable markets in which we invest, the type of homes we buy as investments are the type of homes purchased by homeowners who are squarely in the middle of the pack in terms of income, and even below. It is quite possible that a good segment of this population may not feel less wealthy. Their desire for a home will likely not diminish, and that means the demand for the type of homes we invest in is likely to stay strong.

The Fed is Already hinting that they are considering lowering interest rates to help the economy in the aftermath of the Coronavirus economic effects. That is at a time when interest rates are already some of the lowest in history. If rates go further down, the homes will become yet more affordable, with a potential for even greater demand, and even price appreciation. It is also possible that demand may be increased as some people move out of stocks and seek an alternative investment.

The organic need for families to have a place to live is not likely to diminish in the face of the Coronavirus. If people buy these affordable homes, especially with lowered rates, it bodes well for us investors. If people rent them, it also bodes well for us, as our vacancy rates go down.

There may well be adverse effects such as a dearth of workers due to tighter border controls and less travel, a dearth of building materials which usually arrive freely from all over, including the far east, and other shortages. Ironically, even these adverse effects are likely to increase prices, as supply may struggle to keep up with the usual demand.

This is a good lesson for us about the risk of investing in “vacation rentals”. Many younger investors may not be aware, or have forgotten, the devastating effect of the last recession on vacation rentals. I constantly talk to investor wondering why they shouldn’t buy vacation rentals. Just as in a recession, vacations are a luxury, and this luxury is one of the first to get dropped when circumstances are difficult. Even Airbnb’s may experience pain during a recession, as well as, possibly, in the face of the virus scare.

Investing in single family homes in good areas in large metropolitan areas in the Sun Belt states for affordable prices, looks even more solid in the face of difficult circumstances, relative to vacation rentals. That is one of the reasons this is what we focus on.

One of the reasons I have been so steadfast about investing in single family homes is their vast future benefits, in addition to their great relative safety.

Morgan Stanley just released, on February 28th, a 3-scenario report as to how the virus spread may affect the economy. Currently they are estimating what they call “Scenario 2”, in which the recovery we now experience is stunted in a relatively minor way before means are attained to stop the spread of the virus, as the most likely senario. The 3rd and worse scenario may lead to a recession (albeit after all the checks and balances congress installed after the major 2008 recession, I believe a future recession to be quite a bit milder than the last one, especially since one of the reasons for the severity of the 2008 recession was the massive amount of sub-prime loans, a phenomenon that has been greatly reduced by congress since, and is not nearly as prominent currently.

We have seen prices of homes in many markets drop sharply during the recession, but we also know that simply holding on to the homes, while the 30-year fixed rate loan continues to be eroded by inflation, gets us out of that cycle and into the correction. I myself have already experienced it several times in my investing career.

New Homes Begin to Dominate Investor Purchases

Investors who have been buying older homes from bank foreclosures during the recession are now realizing some of the benefits of buying new homes built this year, in 2015 direct from developers (or minimally a massive renovation – like new). The lower future incidence of repairs, the warranties, the potential developer giveaways–possible only in new home purchases (a builder can give the buyer a covered patio which may be a $6,000 option, but only costs the builder $2,000 to build) and the modern amenities and floor plans are starting to attract more investors.

Since buying homes is in its core a long term investment, starting with new homes is a great send-off with many extra years of performance available. Getting loans on new homes is usually one of the easiest procedures, and with today’s low rates, locking in a 30-year fixed rate loan on a brand-new home is an excellent “stake in the ground” for anyone’s future. Of course, investors should not just blindly buy brand-new homes. The locations have to have the numbers – the right rents for the right prices.

There are some excellent markets providing very good numbers and cash flows in good areas.

For more information, you are invited to attend our quarterly ICG Real Estate 1-Day Expo this Saturday. You will not only meet teams from the most relevant markets and see the possibilities for yourself, but there will be expert speakers on important topics such as the new twists in Asset Protection (you must know about this), buying real estate from your Self-Directed IRA, and getting real estate financing for purchases from within your IRA.

There will be information for new investors and established investors on how to move forward powerfully. There will also be lenders to update us as to the ever-improving loan possibilities for investors (domestic and foreign), and lots of great Q&A and networking. The event is near the San Francisco Airport this Saturday, March 7th, from 10 AM to 6:30 PM. You may also register by emailing us at info@icgre.com or call us at 415-927-7504.

Housing Starts Up Sharply

In a Wall Street Journal article from August 19th by Josh Mitchell, it is reported that housing starts are sharply up for the year and have seen a strong uptick in July. Housing starts bode well for a general housing recovery. We have already begun to go back to our old buying style of buying new homes from developers in Oklahoma City.
I am relatively sure in the coming months we will be seeing more attractive opportunities in buying brand new products in other markets as well. It took a long time for the builders to be able to put out a competitive product for real estate investors, as they played a serious “second fiddle” to existing homes, which were priced well below what they could offer.
We are pleased to see the trend as it was always our opinion that a prudent and safe real estate investment certainly includes brand-new homes with a builder’s warranty, with a fixed-rate 30-year loan paid off by the tenant and eroded steadily by inflation (as it is not pegged to the cost of living). This mode of real estate investment serves as the foundation of building a solid financial future and achieving long-term life goals of a solid retirement and sending our kids to college.
Builders have the ability to offer the buyers many “goodies” at a cost to them- that is much lower than the retail cost (an example might be a covered patio which costs $6K but only costs the builder $2K to build). This can create an attractive package for the investor.
We will have builders and new properties available at our upcoming 1-Day Real Estate Expo near SFO on Saturday, September 13th. I am looking forward to seeing you.
I am enclosing the full WSJ article for convenience:
U.S. Housing Starts Up Sharply in July – Renewed Strength in Housing Market Could Boost Economy
By Josh Mitchell
Updated Aug. 19, 2014 11:03 a.m. ET
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WASHINGTON—Home construction surged in July, a sign that renewed strength in the housing market could boost the economy in coming months.

Housing starts climbed almost 16% last month to an annual rate of 1.093 million units, the Commerce Department said Tuesday. That marked the highest level of construction since November, driven by a pronounced rise in new apartments.

Home construction rose 22% in the year through July, and a rise in applications for building permits last month suggests further gains this year. That could ease concerns at the Federal Reserve of a weak housing sector weighing on economic growth this year.

”With housing starts up 22% over the last year, the Fed’s concern about a ‘slow’ recovery in the housing market looks misplaced to us,” Economist John Ryding of RDQ Economics said in a note to clients. But details within Tuesday’s report raised questions about whether the construction gains will be sustained. Last month’s rise appeared to be due partly to a rebound in construction in the South after rainy weather caused delays earlier this summer.
Such rebounds are typically temporary. Also, the bulk of the increase was due to surging apartment construction, a volatile category that can mask underlying strength in the market. And it’s unclear whether the housing market will be able to maintain momentum if mortgages rates rise, as many economists expect them to as the Federal Reserve moves toward raising its benchmark short-term interest rates from near zero.
Amid the prospect of higher costs and weak income growth, Fannie Mae’s economics group downgraded its forecast for home sales and construction on Monday. It now expects construction of 1.43 million single-family units this year and next combined, down from an earlier forecast of 1.61 million units.
A measure of affordability, which takes into account interest rates, home prices and median household income, hit its lowest level in six years in June. That reflects a run-up in home prices.
Interest rates have fallen back to year-ago levels in recent weeks after rising late last year. The average rate on a conventional 30-year mortgage stood at 4.12% last week, down from 4.53% in the first week of the year, according to Freddie Mac.
But overall the report boosted hopes of a stronger housing recovery. In July, applications for building permits, a construction bellwether, climbed 8.1% to a 1.052 million rate. That suggests construction could pick up further in coming months. Sales of previously owned homes have picked up in recent months, buoyed by historically low interest rates, mild weather, and stronger job growth in the U.S. But sales of new homes have moved sideways. The latest pickup in home construction could signal builders are gaining confidence that overall sales will rise as the broader economy gains momentum.
From a year ago, home construction was up 21.7%. The home-construction market has steadily recovered from the depths of the recession but has yet to regain its strength from the levels that preceded the boom years in the 2000s.
At the height of the housing boom in 2005, just over 2 million homes were built. After the crash, housing starts fell to 554,000 in 2009, during the recession. Tuesday’s report showed that starts on single-family homes, which reflects the bulk of the market, climbed 8.3% in July from June.
Construction of multifamily units—mostly condominiums and apartments–rose 33% to a pace of 423,000 units, the highest level since January 2006. That category is more volatile. Other recent signs point to a strengthening housing sector.
A measure of home builder optimism rose two points to a reading of 55 this month, the National Association of Home Builders said Monday. Existing-home sales rose in June to the highest level since October, the National Association of Realtors said last month. The trade group is expected to release July’s data Thursday.
Write to Josh Mitchell at joshua.mitchell@wsj.com

Decline In Short Sales Reduces House Inventory, Boon For Investors?

In a recent article in the Wall Street Journal by Joe Light, it talks about the decline in house inventory created due to the drop in short sales inventory. There are references in the article to the inventory shortage being negative for some markets. Needless to say for the real estate investor, having lower inventory usually translates to appreciation. As sellers are more and more on the sidelines and the overall inventory goes down, the old supply-demand equation rears its (pretty) head resulting in price appreciation. This of course is a two-edged sword. It’s great for the properties you had already purchased, but it is not so great for the ones you eye buying in the future. The very drop in short sales itself has to do with appreciation. As houses get closer to parity with their loans, short sales don’t make sense anymore.
Another reason, of course, is the expiration (in December) of the Mortgage Forgiveness Debt Relief Act (passed by congress in 2007). With the expiration of the Act, sellers are now liable for taxes on the forgiven portion of their loans during short sales, naturally creating reluctance on the part of sellers to go that route. In the meantime we are seeing financing improving for investors and even some initial programs here and there for the foreign buyers. Stay tuned. We will be discussing the state of the market on short sales at our next Real Estate 1 Day Expo, on September 13th. You can register here.
Below, for convenience, is the entire WSJ article:
Drop in Short Sales Trims House Inventory
By Joe Light
June 20, 2014 9:43 p.m. ET
Short sales of underwater homes have fallen sharply amid the expiration of a key tax break, a situation that could slow the housing recovery and further limits an already thin supply of houses for sale. Such sales, where owners sell their homes for a price below the balance on the mortgage, reduce the number of houses that end up in foreclosure. In most cases for the sale to proceed, lenders must approve the purchase and agree to forgive the unpaid portion of the mortgage owed by the homeowner.
Short sales had been especially common in recent years in hard-hit states like Florida, Michigan and Nevada, where most homes remain valued at prices that are substantially lower than during the housing boom. In March, about 5% of home purchases nationwide—some 18,258—were short sales, according to mortgage-technology-and-services firm Black Knight Financial Services. That was down from 6.4% in February and off sharply from the 19.7%, or 51,909, that were short sales in January 2012.
This year’s drop can be traced in part to the December expiration of the Mortgage Forgiveness Debt Relief Act, which Congress originally passed in 2007. Before the act, when a home was sold through a short sale and the lender forgave a portion of the mortgage debt, the seller would typically be required to pay income taxes on the amount forgiven. The act made the forgiven debt tax-free, which paved the way for short sales and helped speed the housing recovery.
“It’s a big concern,” said Veronica Malolos, a real-estate broker in Kissimmee, Fla. Ms. Malolos said some underwater sellers delisted their properties in January and February after learning that the tax provision wouldn’t be extended. Ms. Malolos’s clients Javier and Mayra Gonzalez in Kissimmee said they tried to sell their home last summer after Mr. Gonzalez found a new job but took it off the market in the new year. The couple received offers of about $145,000 on the home, on which they owe about $206,000, including debt from a home-equity line of credit, but their bank wouldn’t accept them. Because the mortgage act wasn’t extended, the couple estimate they would owe about $15,000 in additional income taxes based on the $61,000 difference, something they say they couldn’t afford.
This year, the couple’s bank began foreclosure proceedings on their home, but they said they are working things out with the bank and are staying put, even though Mr. Gonzalez now has a commute of about an hour and 40 minutes each way to his new job in Vero Beach. Short sales also have tumbled because of rising home prices, which pushed many homes back above water or closer to it. The median existing-home price nationwide was $201,700 in April, 5.2% higher than in April 2013, according to the National Association of Realtors. In the first quarter, about 19% of homes were worth less than their mortgage, according to the real-estate-information website Zillow, down from 31% a year ago.
With would-be short sellers on the sidelines, the housing market may take longer to work through remaining underwater homes, restricting the already tight home inventory on the market. If some potential short sellers decide to go through a foreclosure instead, that could cause higher losses for mortgage-bond investors, or companies that guarantee payment of mortgages, which tend to recover less in a foreclosure because of the costs of carrying a home.
The Senate Finance Committee in April passed a bill to extend the forgiveness provision, along with many other tax breaks that had expired. But the bill stalled in May after Senate Majority Leader Harry Reid and Republicans couldn’t agree on how to amend the measure. Now some analysts don’t expect Congress to move on a bill until December, after the midterm elections. Any extension would likely come as part of a wider package of tax-break extensions. “This is trapped, and there’s little hope of prying it loose,” said Jaret Seiberg, financial-policy analyst for Guggenheim Securities LLC.
In the meantime, real-estate agents say sellers are loath to consider short sales on homes, even when facing foreclosure as the alternative. That is a problem not just for troubled homeowners, but also for banks and mortgage giants Fannie Mae and Freddie Mac, which typically lose more money when homes are sold through a foreclosure than through a short sale. In the first quarter, for example, Freddie Mac said that in short sales, it recovered 68.4 cents for every dollar of unpaid principal. In foreclosures, Freddie recovered 64.4 cents for every dollar. “There are still millions of homes underwater, but short sales have fallen off considerably,” said Mark Zandi, chief economist at Moody’s Analytics. “It’s gumming up the system” and could be limiting home-buyer activity.
Write to Joe Light at joe.light@wsj.com

New Markets Join the Fray as Pricing Changes

Up until the beginning of 2012 there were some states that lead the way as far as investor interest: California, Nevada, Arizona and Florida. That interest on the part of investors was justified, as these four states were the most clearly noticeable examples of recession housing prices. These four states were the “poster children” for extreme housing price collapse.

During 2012 and 2013 all four states exhibited strong housing price appreciation. Phoenix led everyone with a 70% jump. Las Vegas wasn’t far behind and California process improved rapidly. Florida prices went up but the uptick was tempered by far slower judicial foreclosure processes in Florida, as opposed to the quick and efficient trustee sale in the other three states.

Now, in the middle of 2014, Florida prices have improved quite a bit and yet, due to the slow foreclosure process, which creates a steady trickle of supply into the marketplace, Florida is still a place where investors look to buy. However buying in Arizona, Nevada and California has slowed significantly for now.Other states, which have not experienced such extreme price swings, are now becoming attractive investor destinations.

A prime example is Oklahoma City, with low unemployment and the benefit of the oil & gas industries. Rents are high and property taxes are low. Similarly, other “middle of the country” markets in states like Kansas and Missouri are starting to attract more buyers, as is the state of Texas (with a strong economy, high rents, but also very high property taxes and insurance rates) and states like Ohio.Overall it is possible that soon the effects of the recession will no longer be dominant and marketplace demand by investor will revert to parameters before 2008.

Some of these new markets will be present at our Real Estate 1-Day Expo this Saturday near the San Francisco Airport (see details at www.icgre.com). Call us (415-927-7504) or email us (info@icgre.com) and mention this blog entry and receive my book, for free, with registration at www.icgre.com.

Two Mini Real Estate Investment Expos in Seattle, Wednesday February 5th & Thursday 6th!

We are excited! ICG Real Estate Investments (International Capital Group) are going up to Seattle to put on a mini-version of our quarterly Real Estate 1-Day Expo that is usually held near SFO in South San Francisco. As most of you know, we have been doing these expos for 20 years and there is always so much information. I personally return home more knowledgeable every time, as everything in real estate and real estate investing changes weekly, if not daily it seems. I am putting information about his event in a blog, as I want to share it with many new people as possible, and I know I will be connecting with many new folks on LinkedIn as well.

I have not spoken in the area for about six years, and it is going to be great to re-connect with so many that I used to connect with on a continual basis. Building relationships is what we are about and the excitement is mounting! It will be like a family reunion. (Hopefully, that is a pleasant thought to most of you!) Based on demand we are looking forward to two evenings, which will allow folks to attend twice or pick a day that works best for their schedule.

These two evenings will not be easily forgotten, and we are available to talk before or after and even during the events, as well as meeting over the phone, well after the event. The Mini Real Estate Expo (s) is a great way to start out the new year with hard-hitting information you can use to be a better investor. This action-packed event will be held from 6-9:30 pm on two nights, Wednesday, February 5th and Thursday, February 6th. This way, busy Seattleites have two options to work the event into their schedule. Many of you requested that I have the event in two different locations for added convenience, so we have provided that. You can also come to both nights if you desire!

Patricia Wangsness and Adiel Gorel will be the expert presenters, and you will hear from expert loan sources and learn from market teams across the country that will be flying in to tell you about the hottest markets and the proven methods to use for success. Here is a taste of what you can expect:

  • How to identify the best markets for investments
  • How to invest when you are “too busy to invest” (step-by-step)
  • Learn how your properties can be rented and managed well from afar
  • Pay for your children’s college education using real estate (or for your own education)
  • Secure a powerful retirement using real estate
  • How to benefit from recession prices in 2014, and where to do it
  • Learn how to acquire loans you did not know you could get
  • How to benefit from special market situations few people know about and how to use it to your advantage
  • There are ways to successfully own multiple properties and manage them–we will show you how

There will be extensive Q & A time. There will also be teams there in person to meet with you one-on-one; they will also be speaking about the hottest markets in the U.S.

This will be one of the premier networking events in 2014 so far!

Date and location of the mini expos:

Click here to register! If you have any questions prior to the event, please call Adiel Gorel at (800) 324-3983 or (415) 927-7504.

Any additional questions about the venues or if you have trouble on the day of the event, please call our public relations pro, Lynette Hoy on her cell (415) 694-3004 or at her office in the Seattle area (206) 455-9366. Lynette will be at both events, so please call her cell phone between 4-9: 30 pm on those nights if you need assistance.

Look forward to seeing you there. I can’t wait!