Categories
Real Estate

6 Challenges Multifamily Property Investors Face

A multifamily property is any residential property with more than one housing unit. Duplexes, townhouses, condominiums, and apartment complexes are all multifamily properties.

Investing in a multifamily property is one of the best ways to dip your toes in real estate and property management. That’s because multifamily properties offer many benefits, such as steady cash flow, lowered risk, passive income, tax benefits, and valuation potential.

Multifamily-Apartment

 

That said, like any other investment channel, it has its pitfalls. These are some of the challenges facing the real estate industry in 2021:

1. Management intensity

You do have the option of outsourcing management for a multifamily property. However, looking after such property is so intensive that it occasionally requires your personal intervention.

For instance, you will deal with multiple tenants, leases, maintenance jobs, tax issues, and even different payment options. Each tenant has a unique way of handling their lease and communicates differently.

Some tenants will treat the property with respect, while others will tear up the place, leaving you with hefty repair bills. You can avoid this by screening potential clients to ensure you lease the property to a responsible tenant.

Also, if one thing goes wrong in one unit, it will likely go wrong for other units as well. Such a situation translates to higher maintenance and repair bills.

Compare this to if you were dealing with a single-tenant leasing a 15,000 sq. ft. office space. Despite the size, it’s still just one tenant. Unlike residential properties, maintenance costs and obligations fall to the tenant and not the owner, making management less intensive.

On the flip side, dealing with a multifamily unit has its perks compared to managing separate single-family units. It is easy to hire one on- or off-site manager to oversee the complex with a multifamily property. Whereas with multiple rentals, you’d need several managers to do the same job.

2. Cost

It is an understatement to say the price for a multifamily property is hefty. In fact, this is one of the main challenges of property development. This causes many real estate investors to shy away from investing in this property type.

Investing in a multifamily property is also challenging for first-time investors who may not have the required amounts to make the down payment.

For example, a two-unit apartment in New York or San Francisco costs more than one million dollars. As an investor, banks will require you to raise at least 20% for a down payment. This amount translates to $200,000, which is an amount a new investor may not have.

The scenario is more challenging in a bull market because new investors compete against seasoned investors for the same property.

An advantage to this is that you are more likely to get approval for a multifamily unit loan rather than a single-family home. That’s because banks view multifamily properties as low risk.

If you are a first-time investor, you can qualify for an FHA loan if you opt to live in one unit within the multifamily property, as you rent out the rest. FHA loans require a small down payment compared to other loans.

If the rental income from the multifamily loan is enough to pay for the mortgage that means you will live rent-free. However, you might need to live at the property for at least one year for this to apply.

3. Competition

As mentioned, multifamily properties attract seasoned investors. The result is serious market competition, which shuts out budding investors.

Experienced investors have an advantage over the others as they can pay for these properties in cash. Moreover, they have the industry connections to effortlessly secure funding.

These investors are also more than willing to waive purchase contingencies like financing contingencies or paying for inspections. Combined, these factors make seasoned investors more appealing to sellers than new and inexperienced ones.

New investors should partner with experienced investors when they start investing in multifamily homes to stand a greater chance. The partnership offers an opportunity for a new investor to learn the ropes.

4. Regulations

Landlords for single-family units already deal with strict regulations, but they are worse for multifamily properties. Breaking any codes results in hefty fines and penalties.

Because of real estate issues during COVID, the federal government made some rules and regulations you must enforce, including social distancing rules to stop the pandemic.

Further, there are mandatory design standards, utility cost computation rules, and the federal government has regulations governing multifamily communities.

To avoid falling foul of these rules and regulations, ensure you research the federal and state laws and abide by them religiously.

5. Vacancies

It is not uncommon for multifamily properties to have vacancies for weeks or months at a time. If you are still paying a mortgage on the property, you will have to cover that cost on your own.

Renting out both sides of the complex ensures that you still have a rent collection of about 90%. With a single-family unit, months-long vacancies are costly and offer a collection rate of about 80%. If this continues for a couple of months, it will affect your overall profits.

6. Frequent Turnover

Generally, tenants in such properties are more temporary than other real estate types. Multifamily property tenants are typically first-time renters, and with time, they’ll want to move onto more family-friendly properties.

With an enlarged family, they’ll need a bigger space, a yard for their kids and dogs to play in, and a garage for their multiple cars.

Because of that, the average length for tenancy in a multifamily home is one-third of what you’d expect at a single-family property. So, if you’re looking for tenants to stay a little longer, a multifamily property is not the right fit for you.

You can also avoid having too many vacancies by offering a generally pleasant living experience.

Final word

You may be wondering if multifamily properties are the right real estate investment to try out. Like any other real estate investment, this type of property investment is lucrative. That said, it comes with its own set of cons, like any other type of real estate.

The most prevalent real estate challenges of 2021 you will face include hefty initial investment, high maintenance requirements, and frequent tenant turnover, forcing you to search for new tenants frequently.

That said, it’s up to you to decide whether to invest in them. When you address most of the challenges listed above, the multifamily property is one of the best investments.

Categories
Podcast

How Time Is More Valuable Than Money And How To Use It To Negotiate With Dr. Gurpreet Padda

So the big tax question is this: how do wealthy people keep their money working for them when selling their business, real estate, or other highly-appreciated assets, without paying hundreds of thousands to millions of dollars in tax? What if we, as business and real estate owners who have poured blood, sweat, and tears to growing our wealth, and who didn’t hire expensive tax attorneys and CPAs to map out an exit strategy, knew their secrets? Instead of recreating the wheel, why can’t we just model the way they deferred 30 to 50% in tax, paid off debt, funded their next business stream, and most importantly, leave a financial legacy to give to the causes we believe in most? What if their secrets weren’t complicated at all, and you just need a guide who is a few steps ahead of you? That is the question, and this podcast will give you the answers. My name is Brett Swarts, and welcome to “Capital Gains Tax Solutions.” Welcome to the “Capital Gains Tax Solutions Podcast,” where we believe most high net worth individuals and those who help them, they struggle with capital gains tax deferral options, not having a clear plan is the enemy and using a proven tax deferral strategy, such as the deferred sales trust, or cost segregation, or 1031 exchange when it makes sense is the best way for you to grow your wealth. Hey, I’m your host Brett Swarts. In each episode, I am joined by some of the best real estate minds, financial minds and wealth minds in the world where they share their ideas, deal stories and inspiration. So together we can make complex tax deferral strategies simple and passive income plans achievable. I’m excited about our next guest, he’s a physician by trade, but he’s had real estate in his bones, in his blood since a young age of 14, he’s gonna share that part of his story, and he wants to… He’s on a mission to help create and preserve wealth for himself and his family and his partners, and also help people to understand real estate as a whole.

Love the show? Subscribe, rate, review, and share!

Here’s How »

Join the Capital Gains Tax Solutions Community today:

capitalgainstaxsolutions.com Capital Gains Tax Solutions Facebook Capital Gains Tax Solutions Twitter

Categories
Podcast

Discovering Multifamily- Passive Investing As A Full-Time MD With Gurpreet Padda

On this episode of Discovering Multifamily, Gupreet Padda joins us as the Founder of Red Pill Kapital and also a full-time physician. We discuss his experience all aspects of real estate investing, starting his remodeling company when he was just 14 years old and now how he helps his fellow doctors attain financial independence and practice medicine on their own terms.

Podcast Links:

ITunes: https://podcasts.apple.com/us/podcast/discovering-multifamily/id1506820688

Website: www.redknightproperties.com/media

YouTube: https://youtu.be/_eUjDlRNC68

Spotify: https://lnkd.in/gfcVc3p

Links/Shout-Outs Mentioned:

www.redknightproperties.com – Red Knight Properties Website

https://www.linkedin.com/in/gurpreet-padda – Gurpreet Padda LinkedIn

https://redpillkapital.com – Red Pill Kapital

Categories
Real Estate

CallumConnects Podcast – Gurpreet Padda

Gurpreet Padda – My biggest hurdle as an entrepreneur.

Welcome to “CallumConnects.” Five-minute entrepreneurial inspiration for your day. Joining us today on “CallumConnects” micro-podcast is Gurpreet Padda. Dr. Padda is a serial entrepreneur who started rehabbing houses and repairing diesel engines while in high school, before entering medical school at the age of 17. His secret power is his ADD and curiosity about how things work.

– A hurdle I’ve faced as an entrepreneur is also my greatest strength. I have horrendous ADD and I have shiny object syndrome, and I’ve had that ever since I can remember. I started a company when I was probably 14 years old while I was in high school. And I loved science but I loved taking things apart and I loved construction as well. So I ended up doing a construction company and then starting a company that fixed diesel engines, and I did this all while I was in high school. But I was so curious about anatomy and physiology that I went to medical school. I got into medical school when I was 17 and then I ended up graduating when I was, it was a six-year program, so I graduated when I was 22 or 23 years old. I’ve got an incredible curiosity about how things work and that often leads to a lot of nonsensical learning or appearingly nonsensical learning. So I end up getting curious about something and doing a deep dive and learning everything that there is to know about it and then I get distracted by my ADD, which says, hey, this is something interesting over here. And what that does is it allows me to learn and deep dive on things that appear non-related and then my ADD interrupts me and I end up jumping to another topic eventually. And often I’m able to reconnect a variety of different topics. So what I ended up learning from this is essentially use that superhero strength of ADD to learn and to move from topic to topic, but then use the overarching entrepreneurial mindset to give it application, to come up with a cohesive theory and a business model of how to get things done. One of the coolest books that I’ve ever read is “Who Not How.” And so I’ve been able to use some of those concepts more and more, which is not necessarily doing a deep dive into every single aspect of every single thing, but finding experts that already know that and engaging them, learning from them. And that way I’m not spending forever learning about a topic that I had no interest in. I ended up starting an entire restaurant company because I was curious about the food production system. I ended up with five restaurants before I knew it. And I was interested in fermentation and ended up starting a brewery. So this can really get out of control. And I’ve found that in order to channel that correctly and do it the right way, I have to be able to bring other people on board who will keep me in check. I have an amazing business partner that helps keep me in check. And I think that the ability to rely on others to kind of self-monitor our own behavior, that you trust these others, is really valuable. The ADD permits rapid reiteration of concepts. And it also allows you to abandon concepts that are less than ideal, but only within the context of getting assistance from other people. I don’t think that if I had other great people around me, I would be as successful.

– If you have enjoyed today’s show or got any value from today or previous episodes of “CallumConnects,” do please subscribe and leave a review. It means the world to our guests to be able to see what they’re sharing has led to your learning.

Categories
Real Estate

Dr. Gurpreet Padda: Creating Wealth with Real Estate for Healthcare Professionals

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast speaks with Dr. Gurpreet Padda, MD, MBA and entrepreneur. Dr. Padda is an avid real estate investor. He shares the lessons he has learned as an early entrepreneur and also provides tips for healthcare professionals interested in creating wealth through real estate investment.

EPISODE HIGHLIGHTS:

Dr. Padda grew up in India during war and uncertainty. He moved to the US when he was 8 and started his first business at the age of 10 selling cards door-to-door. At 16, he had a team of 30-year-old men working for him. He states – I was an entrepreneur before I went into medicine. Dr. Padda made it through medical school by hustling, which he did through real estate auctions. During his first year of residency, Dr. Padda rehabbed an eight-unit building in Chicago. After his residency, he went into pediatric anesthesiology for heart, liver and lung transplants. His medical path also included addiction and interventional pain management. Dr. Padda’s practice has 7 locations and he provides $1.5 million in free care. “Option” is when you purchase a sale contract with an option to buy. You have three months to decide if you want to buy and the price is held at the same level. If you decide not to buy, you’re usually only out $100. Dr. Padda uses option contracts, where he’s looking at zoning and municipal plans. He researches what’s being planned for development in the area. Option contracts are low risk and offer a high reward. There are two types of wholesaling. “Ugly” includes houses below $80k requiring a lot of work. “Pretty” is when someone wants to sell and is having a hard time finding a buyer. This option provides great margins and it’s the one Dr. Padda recommends physicians to use. Dr. Padda also recommends going big with real estate vs buying single units. Cap rate is the net operating income divided by the price. Become a passive investor with somebody first, watch and learn from their mistakes, and then become an active investor. To get started in real estate investing, talk with people you know. Work referrals through friends and contacts. Don’t blindly trust people on the internet.

3 KEY POINTS:

The most valuable resource on earth is not money but time. You have to look at both active and passive methods of gaining wealth. Passive income is what people pay you while you’re sleeping. The biggest impediments to becoming wealthy are ourselves and our taxes. The number one impediment is our personal wealth operating system and how we think about money.

TWEETABLE QUOTES:

“Time is like a water hose and you’re watering a particular concept or project. The more water and fertilizer you apply to it, the better it grows.” – Dr. Gurpreet Padda

“I think entrepreneurship is the ability to ask questions of yourself, realizing you don’t know, and then trying to figure out the answer.” – Dr. Gurpreet Padda

“Leverage what you know.” – Dr. Gurpreet Padda

RESOURCES:

Red Pill Kapital: https://redpillkapital.com/

Dr. Gurpreet Padda’s LinkedIn: https://www.linkedin.com/in/gurpreet-padda

Michael Blank podcast: https://themichaelblank.com/podcasts/

Adam Adams podcast: https://podcasts.apple.com/us/podcast/creative-real-estate-podcast/id1285094279

Categories
Real Estate

Business Secrets About Money That Most Physicians Were Never Taught

 

As doctors, we were never taught anything about money in medical school. We have been purposely kept in the dark, while all of the people around us are working less and becoming more wealthy.

Most doctors make a decent living, but that doesn’t mean they are wealthy. Physician salaries and income may be high, but their expenses are also high. If you stopped working today, how many months would you have, before you ran out of money?

Just because we are doctors, doesn’t mean we can’t get seriously injured or sick.

If you suddenly couldn’t work due to an accident:

  •  How many months would you have, before you had to move to a cheaper house?
  • How many months would you have, before you started to deplete your savings?
  • Did you know that disability insurance doesn’t cover your full income, and unreimbursed medical expenses bankrupt the families of most physicians?
  • Have you anticipated an additional $285, 000 in medical expenses?
  • Have you anticipated spending $128, 000 a year for the next 10 to 20 years if you have to go into a nursing home facility?

If any of those questions scare you…

Consider this your wake-up call, your chance to take control of your own future.

Physicians today face huge challenges in a rapidly changing healthcare environment:

  • Declining
  • Regulation and compliance
  • Evermore patient demands and never enough time to help

It’s no wonder the burnout rate is so high.

How are we supposed to help our patients when we are struggling with our own financial well-being?

Do something about it!

As a physician, the last thing I thought I would have to worry about was money.

I don’t know why, but I really thought having a 401K and investing in the stock market would let me retire wealthy. I was seriously mistaken. Blindly trusting my money to stockbrokers, promising an 8-10% return, does not actually lead to financial freedom.

As physicians, we assumed that if we simply took care of our patients, we would make more than enough money and that we would never have to worry about money. That eventually when we retired, we would retire with freedom and the resources to enjoy it.

  • We assumed that by doing good for others, we ourselves would be rewarded.
  • We assumed that because we have a high salary, we would never run out of money.
  • Most of us grew up thinking that even talking about money was a bad thing.
  • Most of us grew up thinking that even talking about money was a bad thing.
  • Unfortunately, we have ignored our financial education, to our peril.

We trusted in our financial advisers, to guide us in saving for our eventual retirement goals, but in reality, we are putting money into their pockets and they really have nothing to lose. They charge us a fee, whether they make money or not, and if we lose everything, they lose nothing.

Our hospital administrators, our governmental officials, our financial advisers, even our gas station and dry cleaner owners have more wealth and time freedom than we do.

The system is rigged against us. We get taxed at the highest levels and have nothing left to show for it.

At the end of the day, most physicians end up dying broke and broken.

Did you know about 10,000 people retire each day in the U.S.?

That’s about 300,000 people per month.

Almost 40 million households have no retirement savings at all, according to the National Institute on Retirement Security.

Close to two-thirds of seniors cite finances as the primary reason why they remain at work, according to a recent poll by Provision Living, a provider of senior living communities.

The problem is that:

  • One year of nursing home care, in a semiprivate room is projected to be $128,100 in
  • A 65-year-old couple retiring in 2019 can expect to spend $285,000 on healthcare costs in retirement
  • But working seniors only had an average of $133,108 saved for

But what does this really have to do with physicians???

I just happened to be making post-anesthesia rounds in the psych ward of an urban university hospital, on a trauma patient that one of my residents had managed to break a tooth on… Not the usual place I would want to find myself at 9 pm after a busy day, but the show must go on.

A patient in a wheelchair motioned me over. He seemed to know who I was, but I had no idea why this disheveled “patient” wanted to talk to me.

It turns out, he had been the head of General Surgery at that very hospital, three years previously, about a year before I had started.

 

In the OR’s the nurses had regaled me with battle stories about him, stories about life-saving heroics, but I hadn’t met him until that day.

For that day and the next few days when I could steal away a little time, we talked. He needed to pass on what he had learned, what had happened. What had gone right, what had gone wrong, what he wished he had done differently.

He had worked nearly a hundred hours a week for his entire adult life. He was a doctor’s doctor.

He was extremely skilled. He had sacrificed his personal goals to help his patients.

He had made all kinds of money, but he wasn’t in it for the money.

He let his stockbroker manage it. The market would have its ups and downs, but he knew that it would always recover. Because of the stock market crash of 2008, the broker had lost nearly everything. His broker had been actively trading the account as the physician was getting closer to retirement and the overall return wasn’t going to be quite high enough to retire.

Unfortunately, the stock market crash came unexpectedly about 3 months before he got diagnosed with metastatic prostate cancer.

By the time he got through treatment and got his head above water, the market was decimated.

He ran out of disability money, he ran out of savings, and eventually, he ran out of hope.

He didn’t die from cancer, he died from desperation and fatigue.

I had met him in the last few days of his life. I had met him too late.

Nearly every week, I hear of yet another physician who’s burned out.

  • A physician who has to close their practice or sell to the hospital and then gets pushed out of their
  • A physician who seemingly is on top of the world, but in reality is cutting corners to make ends
  • A physician who can’t get off the treadmill of work, or he will lose

 

The vast majority of physicians realized they were running out of money… but after they had retired.

If you want to live off even half of your final salary in retirement, you need to save at least 40% of your income over the next 30 years.

This assumes a historical return of 8-10%. Unfortunately, the projected stock market return is 6% and the Fed inflation target is 2.5%, so the real rate of return is closer to 3%.

Olivia S. Mitchell, professor of insurance/risk management and business economics & public policy, and executive director of Wharton’s Pension Research Council at the University of Pennsylvania.

The reality is that although physicians make a lot of money, they also have huge bills. At the end of the day, they will run out of money just like everybody else, but faster…

Let me share a few business secrets about money, that most physicians were never taught.

Are you looking to enhance your financial well-being, and truly live the life that you deserve?

Are you looking for a way to pay less in taxes and keep more of your money?

If you’d like to find out more, Join our physician investors club,

where you can schedule a phone call with me, and I will send you a free book “Financial Freedom for Physicians.”

What breaks my heart.

A fifty-three-year-old female physician colleague reached out to me because she needed a loan.

She had been getting bank loans because she couldn’t make ends meet, despite the fact she made a good living. She had some taxes she had to catch up on, she had college

for her kids she was paying on, she had car payments, and she had gotten behind on a mortgage.

She hadn’t been able to save anything, let alone save enough to retire. As soon as she wasn’t feeding her financial advisers with investment cash, they had stopped returning her calls.

When the bank stopped lending to her, she went to private money loans through loan brokers, who charged her a hefty fee, that she thought she could just pay off with her next few paychecks.

She had been struggling financially, and only turned to me because she had heard that I had helped another physician avoid financial catastrophe when he became disabled from a bad car accident, and I had helped him.

She assumed that I had given that physician a loan until he got back on his feet. I hadn’t given him a loan; I had given him something far more valuable.

I had given him the information and guidance to get off the paycheck treadmill, to no longer be a wage slave.

I had given him the tools to invest money passively, so whether he worked or not, he would still make money.

I gave him the tools to reduce how much tax he was paying, over 40% of his paycheck.

I had shared with him why the stock market was a veneer of truth, covering all manner of unspeakable financial rot.

I had shared with him what true wealth was, the freedom of being a physician, helping patients, and not worrying about if there was going to be enough money to pay for his daughter’s wedding.

Physicians need true financial education and specific tools to understand these complexities, so we stop getting taken advantage of.

So what are we supposed to do?

So my fifty-three-year-old physician colleague got her financial house in order. She changed her relationship with money and managed it like you would manage a ventilator in the ICU. She had been on life support, but now that she knew how to make a change, she could wean herself off of life support.

She paid off her highest interest loans, she stopped spending as a distraction, she set up a reserve bank account for investment, and eventually rolled over her non-performing

retirement accounts into performing assets that not only generated monthly cash flow but also gained in value. Assets that didn’t fluctuate minute to minute, hour to hour, day to day. Tangible assets that would help her retire, and that her kids could eventually inherit.

Financial education is not something physicians are taught in medical school.

We sacrifice the majority of our adult lives to help patients, to help save their lives. We’ve spent so much of our brainpower caring for our patients, we ignore our own financial future.

The financial information we get is filtered through the lens of our financial advisers who tell us to invest for the long-term, in a diversified portfolio of stocks, bonds, and mutual funds.

This couldn’t be farther from the real truth. We are being bamboozled by paper asset managers; we have been blinded to the truth.

At Red Pill Kapital, we are physicians just like you. We recognize your time is valuable, and are here to help simplify and streamline the process for you.

Our mission is to empower you, as a physician investor, by providing you with a clear and concise map to navigate real investments:

  • That help you reduce your taxes
  • That keep pace with inflation
  • Those are passive so you can focus on your true passion to help patients

Red Pill Kapital is a physician-owned commercial real estate investment and education company. We specialize in tax-advantaged commercial real estate assets that produce real results.

How to learn more.

I look for opportunities where I can generate an asymmetric return, a return where the benefit is far greater than the risk. When you invest in the stock market and you have special knowledge that no one else does, you are breaking the law. But when I invest in real estate assets and I have special knowledge, it’s just considered being smart.

I was once working on an interesting spinal cord implant technology that I knew would make a fortune, but because I had special secret knowledge, I couldn’t tell anybody else and I couldn’t invest in it.

In my real estate investing world, I found out about a pending zoning change that would create a huge windfall for a specific area. Before the newspapers made it public knowledge, I tied up the properties with purchase options. That special knowledge still gives me an extra $5,000 of cash flow every month.

As physicians, we never learned much about money in medical school.

  • It’s no wonder that physicians are considered such easy prey for financial
  • It’s no wonder that physicians have such a high burnout
  • It’s no wonder that a lot of them die

Don’t let this be you. Make a decision to take your financial future in a new direction, where you can achieve true wealth, a future where you can make money even while you aren’t working.

True wealth is not having to work.

Are you looking to enhance your financial well-being, and truly live the life that you deserve?

If you’d like to find out more, join our physician investors club, where you can schedule a phone call with me, and I will send you a free book “Financial Freedom for Physicians.”

Copyright Notices

 Version 1. Copyright © 2020. ALL RIGHTS RESERVED

No part of this publication may be reproduced or transmitted in any form or by any means, mechanical or electronic, including photocopying and recording, or by any information storage and retrieval system, without permission in writing from Gurpreet Padda. Requests for permission or further information should be addressed to Redpillkapital investments, LLC. Website: Redpillkapital.com

Legal Notices

 While all attempts have been made to verify the information provided in this publication, the author and publisher make no representations or warranties with respect to the accuracy or completeness of the contents of this publication. Neither the author nor the publisher assumes any responsibility for errors, omissions, or contrary interpretation of the subject matter herein.

This publication is intended as a reference volume only. It is not intended for use as a source of legal or accounting advice. All forms of financial investment pose some inherent risks. The author is not engaged in rendering professional services, and you should consult a professional where appropriate. Neither the publisher nor author shall be liable in any way for any profit or loss or any other commercial damages, including, but not limited to special, incidental, consequential, or other damages you may incur as a result of reading this publication. The publisher wants to stress that the information contained herein may be subject to varying state and/or local laws or regulations. All users are advised to retain competent counsel to determine what state and/or local laws or regulations may apply to the user’s particular business.

The purchaser or reader of this publication assumes responsibility for the use of these materials and information. Adherence to all applicable laws and regulations, both federal and state and local, governing professional licensing, business practices, advertising, and all other aspects of doing business in the United States or any other jurisdiction is the sole responsibility of the purchaser or reader. The Author and Publisher assume no responsibility or liability whatsoever on the behalf of any purchaser or reader of these materials.

Mention of specific companies, organizations, or authorities in this publication does not necessarily imply endorsement by the publisher and/or the author, nor does mention of specific companies, organizations, or authorities necessarily imply that they endorse this publication, the author, or the publisher.

All of Gurpreet Padda’s materials are protected under federal and state copyright laws. You may not make copies of any of the books, forms, CDs, audio files, e-books, legal forms, video, or audio CDs, except for your own personal use. All materials you buy or received are licensed to End Users and not sold, notwithstanding the use of the terms “sell,” “purchase,” “order,” or “buy” in any promotional materials, written or spoken. Your license is nonexclusive, nontransferable, non-sublicensable, limited and for use only for you, the end-user, and you ONLY. That means YOU CANNOT SELL, TRADE, COPY, ASSIGN, LEASE or LICENSE YOUR RIGHTS IN THESE MATERIALS.

Any perceived slight of specific people or organizations is unintentional. Internet addresses and other contact information given in this publication were deemed accurate at the time it went to press.