INVEST R R E V I E W A Think Real ty Publ icat ion SPONSORED CONTENT
Hot Market: Dallas Rob Barney
MICHAEL L. HOFFMAN Longhorn III Investments, LLC
PAUL JACKSON Residential Capital Partners
Keeping promises and building partnerships with DHLC Investments
LEE ROGERS Real Protect
MARCO SANTARELLI Norada Real Estate Investments
thinkrealty . com | 1
DHLC Investments R ob Barney, President of DHLC Investments, Inc. and owner
of DHLC Mortgage, LLC, has been involved with real estate and real estate financing since 1998 when he bought his first investment property. Since then Barney has become a Realtor, rehabber, land- lord, speaker, mentor and a direct hard money lender. When asked about DHLC’s focus, Barney stated, “Our focus is two- fold. 1.) Helping our 1st Deed of Trust Mortgage Investors build a low-risk passive income by earn- ing an 8-10% ROI with non-owner occupied fix-n-flip loans; and, 2.) Helping real estate investors (bor- rowers) fund and profitably rehab their fix-n-flip projects.” Barney does not view the busi- ness as transaction based, but rather a partnership between DHLC and its borrowers. “We really like to work with our borrowers to make sure they are making the right decisions for the right reasons. I personally guarantee every loan to my investors. So if a loan goes bad, I am the one that has to take it over and solve the problem,” says Bar- ney. “If the property doesn’t sell at foreclosure, then I may have rehab the property myself and sell it.” Barney has made every effort to instill these values in his team at DHLC. “I have a dedicated and reliable team that helps me look at every property as if it could be our own,” says Barney, who adds that this business approach has brought DHLC many new and long-time investors and borrowers. “They simply trust that we will do what we promise to do, it’s that simple,” says Barney. Whether flipping homes or
to expand this project to areas outside of the Dallas market in the very near future. Barney is also a frequent guest lecturer at Collin County Commu- nity College and Champions School of Real Estate. Rob is also a pub- lished author of several real estate investing articles in various print periodicals and online publications. For more information on Rob Barney and DHLC Investments, Inc., please visit: www.dhlc.com or contact us at contactus@dhlc.com. We may also be reached directly at 214-501-5151. •
lending money, both have the opportunity to change lives. Barney says it’s gratifying to give borrow- ers access to funds and investors a profitable opportunity that gives them the ability to reach their goals and dreams. Barney spends his personal time working on the 501(c)3 he founded in 2016 to provide no-cost contractor services to individuals and families in times of crisis with housing needs. “Giving back in this business is essential and starting a charity has been a long-term vision of mine,” states Barney. He hopes
INVESTOR REVIEW :: 3
Dallas Real Estate Market 2020: Home Prices, Trends, and Investment Opportunities
by Marco Santarelli
R eal estate can be a worthy investment opportunity, if you know the right market. In this arti- cle, our focus will be on the Dallas, Texas, real estate market trends and investment opportunities in 2020. Despite some fluctuations in the market, demand and sales have continued to climb at a feverish pace for more than two years and show no signs of stopping. The Dallas real estate market offers some great profit-generating opportunities to all types of real estate investors. Whether you’re buying your first income proper- ty or just adding another one to your portfolio, the Dallas housing market is a great place to do so as it doesn’t get any more “location” than this. Dallas has a strong economy
and a constant population growth, but is Dallas going to be one of the hottest real estate markets for investors in 2020?
• Three-year appreciation fore- cast of 11.4 percent
DALLAS REAL ESTATE MARKET FORECAST 2020 The Dallas housing market is shap- ing up to continue the trend of the last few years as one of the strongest markets in the United States. According to Zillow.com, the median home value in Dallas is $213,400. Dallas home values have risen by 8.1 percent over the past year and the market forecast is that the prices will continue to rise by 4.5 percent within the next year. This Dallas real estate price appreciation graph by Zillow shows the current home price appreci- ation forecast of 4.5 percent until September 2020.
TOP REASONS TO INVEST IN DALLAS REAL ESTATE
• Population Expected to DOU- BLE in Next 15 Years
• Dallas is one of the leaders in the U.S. for employment and population growth
• 52.9 percent of Dallas rents vs. 33 percent nationally
• Newly remodeled REOs (2004 or newer)
4
SEP 2020
Dallas $233k
CURRENT FORECAST
$185k
$135k
$85k
2015
2016
2017
2018
2019
2020
SOURCE: ZILLOW.COM
The median list price per square foot in Dallas is $206, while the me- dian rent price in Dallas is $1,750.
single-family rent price changes nationally and among 20 metropol- itan areas, it shows a national rent increase of three percent in April 2019, as compared to 2.8 percent in April 2018. With a population of more than seven million in the Dallas-Fort Worth area, and a tremendous amount of real estate development to support this growth over the past 65 years, Dallas is among those U.S. cities where renting is more reasonable than buying. One of the many reasons Dallas has been growing over the years is because young people have moved there and continue to do so, and most prefer starting out with renting before buying their own home. The demand for rental units has in- creased 14 percent over the last year,
so it’s a viable investment market. As per the real estate company called Neigborhoodscout.com, the median house price in Dallas, TX is $186,760, which indicates that home prices in Dallas are around the national average for all cities and towns in the United States. Large apartment complexes are the single most common housing type in Dallas, accounting for 45.26 percent of the city’s housing units. One- or two-bedroom apartments are the most common housing units in Dallas. Other types of housing that are prevalent in Dallas include sin- gle-family detached, duplexes, homes converted to apartments and a few row houses. Dallas has a mixture of owner-occupied and renter-occupied housing.
DALLAS SINGLE & MULTI- FAMILY HOMES STATISTICS Following the real estate market decline in 2007, single-family rental homes became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent their property means cashflow is almost immediate. Single-family rental properties have grown up to 30 per- cent within the last three years. U.S. single-family rental market has seen steady rent increases between 2010 and 2019. According to CoreLogic’s latest Single-Family Rent Index (SFRI), which analyzes
INVESTOR REVIEW :: 5
In 2018, the total number of homeowner households hit an all-time high of 76.2 million. 36.6 percent of households rent their homes and 64.4 percent buy their homes (2018 U.S. Census Bureau). As of this writing, there are 3,143 single family homes for sale in Dallas, TX on Zillow. Additionally, there are 691 single-family homes for rent in Dallas, TX. Under potential listings, there are about 62 foreclosed and 147 pre-foreclosure homes. These are the properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
DALLAS FORECLOSURES AND BANK-OWNED HOMES As per the Dallas foreclosure data by Zillow, 0.2 homes per 10,000 are in foreclosure. The percent of delinquent mortgages in Dallas is 1.3 percent, which is higher than the national value of 1.1 percent. Many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Dallas homeowners underwater on their mortgage is 5.7 percent. In October 2019, the number of properties that received a foreclo- sure filing in Dallas was six percent
higher than the previous month and two percent higher than the same time last year.
DALLAS HOME PRICES AND REAL ESTATE APPRECIATION At the start of 2019, the median home price in Dallas was around $201,000, a gain of more than 13 percent from a year earlier, according to Zillow. The Dallas housing market predictions for 2020 are pointing to a steady rise in home values. In fact, the Dallas real estate market is expected to outperform
DALLAS
DALLAS
TEXAS
NATIONAL
0.05
0.04
0.03
0.02
0.01
0.00
DALLAS
DALLAS
TEXAS
NATIONAL
SOURCE: ZILLOW.COM
6
the nation in the next year, in terms of annual home value appreciation. Dallas real estate appreciated 59.88 percent over the last decade, which is an average annual home appreciation rate of 4.8 percent, putting Dallas in the top 10 percent nationally for real estate appreciation, according to NeighborhoodScout’s data.
fundamental levels for a sustained period, according to a report by Florida Atlantic University associ- ate dean Ken Johnson. Home prices in Dallas are still appreciating but at a decreasing rate, suggesting that the current upward pattern in property appre- ciation is nearing an end.
DALLAS HOME PRICES TRENDS
Dallas home prices have been on the rise in the last 10 years. In fact, over the last six years, three- bed- room homes in Dallas have appre- ciated by 45 percent. Strong economy has buoyed home prices in Dallas beyond their
MEDIAN PRICE TRENDS - DALLAS, TX
SOURCE: ALTOS RESEARCH
MEDIAN PRICE FOR DALLAS, TEXAS Updated 3/17/19
$539k
$525k
$511k
$497k
$484k
$470k
5/1/18
7/1/18
9/1/18
11/1/18
1/1/19
3/1/19
A bubble is not likely but a signifi- cant slowdown in home price increas- es is most likely, according to James Gaines, chief economist with the Real Estate Center at Texas A&M Univer- sity. He said that the things may slow down in Dallas, but it would take a major economic event to do that. The university study isn’t the first to warn of a home price correc- tion in the Dallas area. But other reports by CoreLogic and Fitch Rat-
ings have said North Texas home prices are overheated. As the home prices in Dallas con- tinue to rise faster than the national average, however, there is clearly a cooling trend taking place. But if the inventory continues to grow in the Dallas real estate market, it will likely lead to smaller home price gains in Dallas in the future. And that’s probably a good thing. When home prices rise at a much
faster pace than local wages and income, it can create affordability problems. So, a cooling trend could actually be beneficial at this point. While you still want to get the most for your money, if you are looking to make a profit, you don’t want to buy the most expensive property on the Dallas real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, a turnkey
INVESTOR REVIEW :: 7
property in Dallas that you might move into or sell at retirement in the future! Either way, knowing your profit potential and purpose is the first thing to consider. Let’s take a look at the number of positive things going on in the Dallas real estate market that can help investors who are keen to buy an investment property in this city. 1. Huge Tenant Pool Dallas has a very diverse econ- omy, so there is a niche for people of every income level. It is esti- mated that 340 people move to Dallas-Fort Worth every day. Dallas has the lowest home ownership rate in the country, with renting more affordable than buying. 2. Low Annual Vacancy Rates The annual vacancy rate of rental properties in Dallas is very low as compared to other cities, which is another good reason of investing in the Dallas real estate market. 3. Flourishing Tourism Tourism is on the rise in Dallas, Texas, which promotes job growth to towns and neighborhoods within the area. Some of the common points of attraction are the AT&T Stadium, Reunion Tower, and Book Deposi- tory. Dallas is becoming a hub for start-ups and IT companies, which has led to an increase in investing in the Dallas real estate market. 4. Suitable Climate The climate in Dallas is character- istic of a southern plains state, with many great areas to locate the invest- ment property you are looking for. 5. Strong Job Market Dallas’s local economy is a mix of aerospace, computer chips, telecom- munications, transport, energy, and healthcare sectors as well as finance
should be low. The neighborhoods must be safe, have a low crime rate, be close to basic amenities, public services, and shopping malls. There should be a natural and upcoming high demand for rental properties and a low supply of income properties. There are 111 neighborhoods in Dal- las. Some of the best neighborhoods are Lake Highlands, Cedar Crest, Knox Henderson, Sunnyvale, Far North Dallas, White Rock, Valley Ranch, Casa Linda-Casa View, Oak Lawn, Lower Greenville, Las Colinas, Preston Hol- low, North Dallas, Park Cities, Kessler Park, Uptown and University Park. University Park has a median listing price of $1.6M, making it the most expensive neighborhood. Pleasant Grove is the most afford- able neighborhood in Dallas, with a median listing price of $149,900. YOUR NEXT MOVE Buying or selling real estate, for most investors, is one of the most important decisions they will make. Choosing a real estate profession- al/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your spe- cific market area, such as chang- es in market conditions, market forecasts, consumer attitudes, best locations, timing and interest rates. NORADA REAL ESTATE INVEST- MENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability. For our full report on the Dallas market, visit http://www. noradarealestate.com/blog/dal- las-real-estate-market/. •
and business services. These sectors are all providers of good wages, which allows for a strong market for Dallas investment properties. Additionally, since 2014, 15 major tech companies have moved to Dallas, bringing ad- vancement and job growth in industrial and professional areas. These factors contribute to the immense growth of the Dallas real estate market, espe- cially for investment properties. colleges in the country. And with the instrumental position held by the University of Texas, Dallas and Northwestern State University, all students and eventual graduates are going to be in the rental market at some point. 7. High Population Growth Propels Real Estate Dallas’s population has grown at twice the national rate for years now and this pushes the prices of investment properties higher due to builders not being able to keep up. Dallas’s housing prices have increased 29 percent over the last three years; yet, even with these increases in home prices, they are still competitive for investment properties and you can expect fur- ther increases over the years. The three most important factors when buying real estate anywhere are location, location, and location. Location creates desirability. Desir- ability brings demand. Demand would raise the price of your Dallas real estate and you should be able flip it for a lump sum profit. When looking to invest in Dallas real estate, you need to find places where the expected property appreciation forecast is positive. The running costs for owning and managing Dallas investment property 6. Big Student Market Texas has some of the best
8
Your Premier Source for Turnkey Cash-Flow Investment Property
We provide the knowledge, resources, and properties YOU need to achieve financial freedom!
Norada Real Estate Investments saves you time by providing you some of the best real estate investments in the best real estate markets.
PODCAST
Request a FREE Strategy Session with our knowledgeable Investment Counselors today!
www.NoradaRealEstate.com (800) 611-3060
Rehab to Rental Take It Down... Bridge The Gap Build Wealth No Bait and Switch, No Teaser Rates, No Catch.
Need a No-Money Down Fix-And-Flip Funding Solution? Need time to season your flip to lock-in the a long-term rate? Are you trying to build wealth through your rental portfolio?
LET US HELP!
%
• 100% Funding Up to 70% ARV • 10% Interest • 3 Points Rolled In • 9-Month Term • 100% Funding Up to 70% ARV • 9% Interest • 2 Points Rolled In • 12-Month Term TAKE IT DOWN BRIDGE THE GAP
BUILD WEALTH
• Up to 85% LTV • Rates Starting @ 6.25% • 1.0x DSCR • 5/1 ARM to 30-Year Fixed • 2 Points Paid At Closing
Your business is building wealth through real estate. Our business is providing efficient capital to help fund your rental portfolio. We can help you take it down, bridge the gap and build long-term wealth in your rental portfolio! Contact us today!
APPLY NOW: (866) 441-0223
rental@rescappartners.com www.rescappartners.com
RESIDENTIAL CAPITAL PARTNERS
Change Agents in the City W oodall Rogers was con- ceived in 1952 and com- pleted (initially) in 1983. Thirty-one Rogers. 2003: Nasher Sculpture Center brings more firepower to the burgeoning Arts District. 2009: Winspear Opera House follows suit
or as long in the making as Wood- all Rogers Freeway, but make no mistake, the change agent in your zip code will produce results for you and your investment business that may just impact your ability to make money for the next four decades. Could it be a rezone of an old and outdated use of property? Could it be a city initiative such as a new park or a new street? Could it be something as simple as one or two houses on one or two blocks in your zip code getting a face lift that causes the street, the next street and the neighborhood to be lifted by such an agent of change? If you are a single-family rehab and rental investor in Dallas, you would be wise to look at the agents of change in your city and in your neighborhood as you go about your investment business. •
years in the making. Thirty-six years in existence. The road that would connect I-75 and Stemmons Freeway to provide a complete loop around downtown Dallas for the workers and traffic coming into the City is perhaps the greatest agent of change in the history of Dallas. The road that would connect Down- town to a to-be developed Uptown has generated almost four decades of development value while bring- ing Dallas into elite city status. Consider the developments that have followed Woodall Rog- ers. 1984: Dallas Museum of Art moves to its new home to 1717 North Harwood opening its doors onto Woodall Rogers. 1986: The Crescent opens with over a mil- lion square feet of office space, hotel space and retail space. 1989: Meyerson Symphony Center opens its doors on the east end of Woodall Rogers. 2001: American Airlines Center is completed as an initial step to the development of the northwest corridor of Woodall
completing an entire boulevard of arts and entertainment along Woodall Rogers southern border. 2012: Klyde Warren Park official- ly connects the north and south borders of Woodall Rogers while spurring vast commercial develop- ments on both sides of the free- way including multi-family, office, condominium and retail uses. 2014: Perot Museum & Science Center opens its doors and proves that the Arts District can leapfrog the free- way and spur development in and around the corridor once again. All of this inside the 75201 Zip Code of Dallas. What’s your zip code in Dallas? What’s the agent of change in your zip code? Have you seen it? Have you driven by it? Has it gone unnoticed as you go about the daily grind of your investment business? Are you looking for it? Are you studying your market or just doing deals? The change agent in your zip code might not be as substantial
Residential Capital Partners, headquartered in Dallas, TX, is a leading private lender with a national scope and a local presence in each market it serves. Residential Capital Partners helps its clients fund their rehabs and rentals better, faster and smarter.
INVESTOR REVIEW :: 11
Insurance for the Real Estate Investor
Why realprotect?
What We Do:
Property & Liability Insurance Lender Compliant Coverage Online Portfolio Management Instant Proof of Coverage Pro-Rata Coverage - Only pay for coverage for the days you need it! Coverage For: Buy & Hold Fix & Flip 1-4 Family Homes Apartments Tenant Insurance Programs Commercial Properties Business Insurance
As the nation's premier real estate insurance broker, realprotect is the expert in insuring real estate investors. We understand the real estate business and what investors like you look for and need in a comprehensive insurance program. You've built a business out of owning and investing in real estate. Let us help you protect it. We start with an understanding of your properties and design an insurance program that helps you meet your coverage and pricing objectives. We promise that we will work diligently to find the best coverage at the best price for you. Give our process a try and find out why many leading SFR lenders and firms trust realprotect with their insurance and risk management needs.
Ask about customized solutions for: Lenders, Property Managers, Market Places, Investor Groups, and Turnkey Providers!
800.579.0652 ⋅ www.realprotect.com
California License #0J05796 Norton Agency Insurance, LLC D/B/A Norton Network Insurance Agency LLC in the State of California; Agency License # 0J13180
Why Recent Events Should Have You Assessing Your Risk & Insurance B y now, you’ve likely seen the images and heard the stories
covered unless it is specifi- cally excluded. Please note that flood and earthquake are typical exclusions. • Loss Settlement. Replacement cost versus actual cash value – if you have replacement cost, there is no depreciation with- held when you settle your loss. • Do you have a coinsurance clause? It is important to under- stand how coinsurance works in a property insurance policy as you can face significant penalty for being underinsured. • The amount of coverage in place. Is the amount of coverage you have in place adequate to repair or rebuild your dwelling? • Loss of Rental Income. Many investors also suffer a loss of income in the event of a claim. Do you have sufficient loss of rental income coverage in place in the event you have a covered insurance loss? Most insur- ers will cover you for up to 12 months of lost rental income while your dwelling is being repaired or replaced. ings and/or invest in multiple markets, then it is important to understand what types of disaster events can impact your proper- ty(ies). Common occurrences are hurricanes, tornados, hailstorms, wildfire, mudslides and floods.
The Dallas/Ft. Worth area has experienced wind and hail events over the last several years. Many insurers have begun limiting or excluding coverage on roofs for hail losses based on the age of roof, and many real estate inves- tors have experienced first-hand the effects of having insurance coverage that doesn’t match their expectations. As evidenced from the destruction caused by Hurricane Harvey and other rain-based events, flooding can be widespread and extremely damaging. As we now know, most of the properties that have been affected by flood events in Houston were not covered by flood insur- ance. It is important to note that many houses that did experience flood damage were not in what is considered a Special Flood Haz- ard Area (SFHA), which is an area where a mortgage lender would require flood coverage. To achieve your real estate invest- ment goals and maximize yield, it is important to understand the risks you face, how those risks can be controlled or managed, and what your exposure is in the event that you have a loss that may be uncov- ered by insurance. The Nation’s leading insurer of residential real estate property, Real Protect, can review and analyze your insurance coverage and provide strategies to reduce your direct and indirect cost of risk and insurance. Please visit www.realprotect.com or call 1-800- 579-0652 for more information. •
from recent natural disasters such as hurricanes, floods and wildfires. Millions of people have been dis- placed temporarily or permanently due to these events, which have caused billions of dollars of prop- erty damage – much of it uncovered by insurance. As a real estate investor, you are not averse to taking risk. Howev- er, there are ways to mitigate and think about your risk and insurance that are important BEFORE the next big natural disaster occurs. 1. Understand your coverage. When putting your insurance in place, it is important to know what is – and isn’t – covered by your policy. There are many nuances in how your agent insures your property that can lead to expen- sive lessons at the time of a claim. Be sure to check: • Deductible. Can you afford the out-of-pocket expense if you have a covered claim? Does your deductible apply per property or per occurrence? In the event of a widespread loss event like a hurricane, can you afford one deductible per property? • What perils are covered? Special or “All Risk” is recommended. However, many policies cover you under a Broad or Basic
2. Understand your geographic risk. If you own multiple dwell-
coverage form. These per- ils limit what types of losses are covered. Under a Special or “All Risk” form, you are
INVESTOR REVIEW :: 13
The Longhorn Story I t all started in 2008 when Long- horn III Investments was formed from humble beginnings. I was an attorney closing loans through our fee office title company when a client
inquired about my ability to assist him with financing a flip. My mother and I became the original investors in the first funded loan and what be- gan as a one-off, quickly blossomed. From our initial client, word began to spread and more opportunities came our way. I recognized the need in the real estate investment space for a reliable, professional hard money lender. Longhorn became my focus and I dedicated myself to develop- ing a company that provided real estate investors with the best overall experience any hard money lender could offer. Investors responded and demand grew quickly. We formed a team that would help Longhorn shift from a small syndicator to one of the largest direct hard money lend- ers in Texas. Our fund was formed
in 2011 to accommodate the need for additional capital. In addition to providing fund participants with consistent returns, we were able to remain nimble to ensure that our reputation for speed and efficiency remained intact. Expansion was a natural evolution for Longhorn as we started in Dallas and quickly moved into all major markets in Texas and eventually into other states. To date, we have originated
over $430MM in loan volume and close to 4000 units. At Longhorn III Investments, each borrower and every loan is treated like our first. We appreciate the op- portunity to partner with real estate investors to help them achieve their goals. We work hard to build long lasting relationships by earning our clients’ trust, which is achieved through our transparent and straightforward lending process. While there is no
shortage of capital options for today’s real estate investor, we simply believe that Longhorn III Investments is a cut above the rest. If you want reliability, professionalism, and ultimately a superior lending experience, let us take a look at your next deal. We look forward to introduc- ing you to the next level in real estate investment lending.
Program Highlights • Funding up to 75% of ARV • Funding up to 100% of cost • Minimize out of pocket and increase ROI • Close in 3 – 5 business days • No W2s, tax returns, or experience required • Lending throughout DFW
MICHAEL L. HOFFMAN Principal and Founder of Longhorn III Investments, LLC
14
CLIENT TESTIMONIALS
These guys are in a league of their own! Everything is spelled out on theirwebsite and it all works just like they say! They are quick to close, and their draw system is second to none! My Draw request went in onWednesday, an inspector contacted me on Thursday andwas available to meet that day. My drawwas approved and released before the close of business day Friday. Longhorn is a class act and we will do a lot of deals together! - J Abner The team at Longhorn Investments are at the top of their game. I have used them personally to purchase investment properties and have done renovations for many of their clients. They are quick, knowledgeable and very easy to use. The process from start to finish is simple and they offer extremely competitive terms. I will continue to recommend them to family and friends that are looking to finance any flip or rental! Thank you Longhorn for a jobwell done! - S Sefton
Longhorn is in a class all by themselves. After calling about 12 lenders, I received a call back from Longhorn Investments. These guys were ready to close in less than 5 days. The closing was smooth. I paid no upfront fees. They had the lowest closing cost and did I mention that I had spoken to about 12 lenders before Longhorn. This was my first deal and finally I found a lender that cared about giving a new investor a start. Thank you Longhorn! I will be referring you to many others. - MWilson
INVESTOR REVIEW :: 15
The power of premium.
$10/month for everything a real estate investor needs to succeed.
Complimentary entry to Think Realty events • Think Realty Magazine delivered monthly • Think Realty Housing News Report online • Discounts from major suppliers • Articles, webinars, videos and podcasts from top experts on REI education and emerging trends • Lender, wholesaler, and REI Group lists • And more
Sign up today at ThinkRealty.com/join. First month free with code TRACCESS.
16 | think realty magazine :: january / february 2020
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16Made with FlippingBook Online newsletter