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Alternative Investing

Alternate Investments as a Wealth Building Strategy

Why Multifamily Assets Should be a Major Contender By Jennifer Stoops With our current economy being ever changing and uncertain, people have been looking now more than ever at diversifying their retirement, personal and wealth building investment portfolios. The days of relying on a 401K, Roth IRA, stocks and bonds as your retirement portfolio are no more. While these conventional options for building wealth are still beneficial, market trends are creating an environment that is causing more people to look into alternative investments to broaden their investment and wealth building strategies. So, what are alternative investments and why are they becoming more and more prevalent as a part of a wealth building strategy? Alternative investments are financial assets that do not fall into conventional asset categories like stocks, bonds and cash. These types of investments can create compelling opportunities for investors to diversify their portfolio, dampen the impact of market volatility and help to achieve long term financial objectives, even during times of market uncertainty. The Benefits of Alternatives There are some significant benefits to investing in alternatives because they behave differently than traditional equity and bond investments. Adding alternatives to an investment portfolio can help in three major aspects: they can lower volatility, broaden diversification, and enhance returns. Alternative investing can lower volatility because they rely less on broad market trends and more on the strength of each specific investment. Therefore, adding alternatives can reduce the overall risk of the portfolio. With low correlation to traditional asset classes, alternatives can be a beneficial way to also broaden and diversify your portfolio. Alternatives can improve the risk and return of a portfolio and enhance total return through access to a broader macrocosm of investments and strategies. Some examples of alternative investments are private equity, hedge funds, venture capital and real estate, just to name a few. Single family residential assets (SFR) have historically been the “go-to” for real estate investments as a part of portfolio diversification. However, multi-family investing has quickly become a major contender. Why Invest in Multifamily Properties There are plenty of reasons to invest in multifamily properties, which are often apartment complexes of four units or more. Some of the primary benefits of investing in multifamily assets include a reliable cash flow, less risk than other real estate assets, easier access to financing, growing your portfolio takes a lot less time, better cash flows allows for a greater opportunity to hire a professional management company, the creation of passive income, higher potential for appreciation and a higher demand. Investing in multifamily properties can result in a reliable monthly cash flow that an investor can rely on from rental payments. Even as a unit becomes vacant, an investor can still rely on cash flow from other tenants. A vacancy in multifamily is less risky because it continues to generate cash from other occupied units. Financing for multifamily assets is also easier to obtain. Despite multifamily assets being more expensive than its single-family counterpart, securing a loan for multifamily real estate is surprisingly easier than it is for securing financing for single family assets. You’ll also be securing a single loan for multiple units which is more cost effective. Lenders are prone to considering the properties ability to make money rather than a decision based on one buyer’s credit. Because multifamily properties generate strong, steady cash flow, most lenders consider these a lower risk investment. Acquiring multifamily assets is a much faster strategy to build your investment portfolio. By procuring multifamily properties, you will save time, energy, and money, not to mention you will build a significant, income generating real estate portfolio. For many investors, buying multifamily assets is a launchpad to building their own real estate empire. Multifamily investing makes scaling relatively easy. Scalability, shared services and features, multiple units in one location, all add up to reduced expenses. With the extra cash flow, multifamily properties are ideal for hiring professional property management to maintain and protect your assets. And who isn’t interested in creating passive income? Investing in multifamily properties is a great way to create and generate passive income and with the extra cash flow, this would allow for some cash to be put towards your next multifamily asset on the journey to building wealth through a real estate portfolio. There is a much higher ability to create forced appreciation. Forced appreciation occurs when an investor proactively increases cash flow and property value with property improvements such as common area improvements and updates, curb appeal improvements, updating individual units, adding and improving amenities and adding security features. Lastly, demand is high. Multifamily properties are in high demand and this sector is forecasted to grow. What is driving demand? Baby Boomers preparing for or having already retired and looking to be closer to family and with less hassle of maintaining a property, people relocating for jobs, empty nesters looking to downsize and millennials not quite ready to buya home. These trends will likely continue, therefore continuing to create demand for multifamily properties. Hot Multifamily Markets Yardi Matrix recently released its 2023 winter outlook which projects rent growth in 2023 will hit 3.1% at the national level. That is a more than 50% drop from the 6.4% reported in 2022. This year will be one that is considerably more normal, but that still means a great year for the industry.  The factors driving multifamily rent growth in 2023 include a strong economy, low unemployment, and a growing population. Further, the availability of financing options such as fixed-rate loans can help investors take advantage of the current market conditions. Everybody has their own positions and speculations on which markets will be the hottest for multifamily in 2023. Based on the rent growth projections provided by Yardi Matrix, here are three markets every real estate investor should be conducting their own due diligence on. I am not including the usual suspects like New York City and Dallas. San Jose, CA According to Yardi, San Jose’s projected rent growth in

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The Ultimate Alternative Investment

Diversify Your Portfolio with Real Estate Debt Investing By Meredith McGowan Unless you have been ignoring your investments and hoping for the best — which we would not recommend* — you are likely aware that the economy and stock markets have been a bit volatile of late. However, if you are looking for alternatives to traditional stock and equity investments, the aptly named alternative investments can be a great investment opportunity during an economic downturn or recession. What is an Alternative Investment? An alternative investment іѕ аny financial asset thаt іѕ nоt a traditional investment, such as ѕtосks, bonds, оr cash. Althоugh alternative investments have been around for centuries, options such as real estate, hedge funds, commodities, fine arts and antiquities, and venture capital have become more common and popular in recent years. Alternative investments typically have less protections and regulations from the Securities and Exchange Commission (SEC) and may be somewhat illiquid — not necessarily the case with real estate. Real Estate as an Alternative Investment The key benefit with an alternative investment is the potential to generate returns not correlated with the stock market, as alternative investments are often secured by a real asset like property, wine, fine art, precious metals, or farmland. For example, if the stock market is experiencing a downturn, alternative investments such as real estate may hold their value or even appreciate. This is because real estate is a tangible asset that is less susceptible to market fluctuations such as stocks and other securities. While the value of stocks and other securities may drop or gain value rapidly, real estate values tend to be more gradual. In addition, real estate can provide a source of income through rental payments, which can help offset losses in stocks or traditional investments. As a result, real estate and other alternative investments can be a smart way to diversify your portfolio, as well as protect yourself from market volatility. Historically, the average return of the stock market is about 10%. This means that if your grandfather invested $1,000 in stocks a century ago and left you the stocks in his will, the investment may be worth around $10 million today. However, if you analyze the stock market in a time frame shorter than 100 years, you are sure to see quite a bit of erratic price performance. This is why many financial advisors recommend investors leave their money in the stock market for at least five years — enough time to ride out the ups and downs. Real estate, on the other hand, generally offers higher yields in a shorter amount of time. Consider the average sale price of a house sold in the U.S. during Q1 of 2017 was $374,800, vs. $514,100 in Q1 of 2022. Real estate debt investing or crowdfunded real estate investing is a strategy that allows investors to take full advantage of this appreciation. For example, if you invested $120,000 in a rehab loan with a 10% return, you would earn $1,000 passive income per month which could be reinvested in other real estate, stocks, or to treat yourself to a new jet-ski. Real Estate Debt Investing Now, full disclosure, the author is employed by Fund That Flip, a crowdfunded real estate debt investment marketplace, residential rehab and construction lender, and SaaS platform for rehab and construction management. Real estate debt investing, or crowdfunded real estate investing is an alternative investment opportunity growing in popularity since Congress enacted the JOBS Act in 2012. Real estate debt investing involves investing in a mortgage, bridge financing or development loan that is funding a rehab, new construction, investment deal, or general real estate project. Investors essentially fund a portion of the loan for the borrower, and then earn income on the monthly interest payments. This is also known as crowdfunded investing, as usually many investors purchase a fractional share of a loan to collectively fund it. Because real estate encompasses many different types of projects (multi-unit from two to 100 doors, single-family homes, flips, new construction, commercial buildings, etc.), all over the U.S. or world, executed by numerous developers, it can be a great way to diversify your portfolio. The Pros  »         Passive income from monthly payments  »         Higher returns due to appreciation and cost of capital  »         Low minimum investments. The amount will depend on the investment platform and the protections required by the SEC, but the barrier to entry can be inexpensive. For example, Fund That Flip requires just $1,000.  »         Diversification. Real estate happens everywhere.  »         Pre-vetted by underwriters and real estate analysts. If a lender originates and underwrites its loans (like Fund That Flip), they have got skin — and risk — in the game. Their experts are trying to fund the best deals.  »         Exit strategy and fixed maturity date. Lenders want borrowers to know if they are going to sell, rent, etc., and how long it will take them to do this. This gives investors greater certainty for payment. The Cons  »         Not fully secured. Even though real estate is secured by an actual property, like all investments, there is risk involved.  »         Low minimum investments. Yes, it can also be a negative. Consider that the less you put in, the less you will get in return. Some platforms allow minimum investments as low as $10.  »         Illiquid. While real estate offers easier liquidity management, you cannot cash out early if you need or want your funds for something else.  »         Platform fees. Each investment platform has its own way of making money, including charging performance-based or usage fees. For example, Fund That Flip doesn’t charge any fees, but make sure to read the terms before you invest anywhere. Overall, alternative investments and real estate debt investing can be great ways to weather a volatile economy and conventional investments, tying your money to a physical asset that typically appreciates in value. Plus, you have to do very little besides research a platform, talk to your financial advisor*, invest your

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Hybrid Valuation Tools Are Making Remote Appraisals Easier for the BTR Market

Cost Effective Alternatives for the BTR Investor by Kade Clark Historically low interest rates and thin inventory of available homes to buy have pushed up home prices, creating a hurdle for Americans who want more space for working from home, remote learning, and maybe a treadmill to stay in shape. This combination of factors has attracted investors to the single-family rental market and forced some to create their own opportunities in the burgeoning build to rent (BTR) segment of the market. In the third quarter of 2020, construction started on roughly 14,000 rental houses, according to the National Association of Home Builders. That’s up 27% from the 11,000 homes built in the third quarter of the previous year. Accelerating BTR activity has put pressure on obtaining valuations at a time when social distancing requirements make in-person property inspections especially problematic. Fortunately, there are new and compliant alternative valuation tools that are making remote appraisals more efficient and reliable for the BTR market. Using Artificial Intelligence to Evaluate Value The Radian Real Estate Services Inc. suite of digital valuation services available from its Red Bell Real Estate, LLC subsidiary uses artificial intelligence to draw insights from nearly two billion real estate images to more accurately and quickly evaluate the value of residential real estate across the country. BTR investors typically shy away from ordering traditional appraisals due to the expense and turn time. The introduction of hybrid appraisals in the BTR space now fills that gap and provides other valuation alternatives that are cost effective. Through Red Bell, Radian offers interior and exterior Amplified Appraisal Reports (AAR) and Appraiser Reconciled Broker Price Opinions (ARBPO). The difference between the two is that the AAR includes a property inspection completed by a local real estate agent while the ARBPO begins with a Broker Price Opinion (BPO) completed by a local agent. An appraiser then reviews the information and determines the market value using Radian Interactive Value (RIV) which is integrated with the products.  Radian’s subsidiary Red Bell is a member of more than 400 MLSs nationwide, most of which update their feeds every 15 minutes for close to real-time information. The RIV runs the subject property through a similarity index and provides the appraiser with 20 of the closest comparables in terms of property characteristics, distance, etc. for three categories of property—sold, listed and under contract—for a total of 60 comparable properties, if available. The appraiser has the ability to review all photos associated with the comps as well as their listing history and choose those that best align with the subject property. The appraiser can also expand or reduce the market area and enter specific filters in order to narrow the comparable selection. These hybrid appraisals are both Uniform Standards of Professional Appraisal Practice (USPAP) and The Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) compliant and are completed by appraisers who are licensed and/or certified in the state of the subject property’s location. The turn time for hybrid appraisals is similar to that of a regular BPO—about five business days—and priced in line or just slightly above that of a BPO depending on the product. Unique Challenges with BTR Valuations In the BTR space, appraisers are well equipped to handle the valuation for properties that have yet to be built because their rigorous training allows them to identify comparable market alternatives that are similar in quality of construction, design, location and overallcharacteristics. They have the knowledge and ability to review builder floor plans, build-out amenities, and locational influences in order to select the most appropriate comparable sales. In some instances, the client is the sole development in a community and doesn’t market the properties for sale but instead creates a rental market within the community. As a result, identical development market transactions are not available. When that is the case, an appraiser completing the ARBPO and/or AAR can look to adjacent developments in the area for market data. They can locate and utilize sales with similar locational appeal, similar access to retail, commercial development, and recreational activities. Additionally, they can select sales that are comparable to the subject property in characteristic similarities. In most cases, they are able to bracket main features/amenities in a pair-sales analysis approach with positive/negative, and weigh consideration for differences that impact value. With large-scale BTR communities popping up across the country, the challenge for investors and appraisers is in accessing the enormous range of information necessary to make an accurate property valuation. This challenge is compounded by the public health crisis that makes in-person analysis difficult or impossible.  Fortunately, the new digital valuation tools available now can streamline this process and make alternative appraisals accurate and cost effective even when done remotely. 

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Too Much Innovation Can Get You in Trouble

Don’t Get Too Creative with Diversification in 2021 by Bryan Ellis There is a word you should probably get ready to hear a lot in 2021. No, it is not “unprecedented”. That was last year’s word. This year’s word is going to be different. It is already incredibly popular. In fact, some of the world’s best-loved “experts” in investing use this word all the time already. It is a word you will probably find quite familiar: Diversification. It is hard to imagine we might even need to describe the concept of diversification since it has been aggressively shoved down our throats by Wall Street for decades. In fact, we have heard it so many times, many investors accept the need for “portfolio diversification” as gospel truth without analysis or dissent. No matter how good a concept or idea may be, blind acceptance is a problem. In the case of the diversification myth, blind acceptance can be absolutely catastrophic to your long-term returns. So, the concept of diversification is simple: “Don’t put all your eggs in one basket”. This is also something we have all heard time and again, but do not let that tempt you away from analyzing this concept further. There is a grain of truth to the idea that you should not “put all your eggs in one basket” or rely on a single investment to make or break your future financial situation. It is also true, as many proponents of diversification point out, that investors should “change the allocation of capital to match life circumstances”. Absolutely, you need to adjust your investments so that you have an increasing amount of liquidity as you edge closer and closer to retirement. However, this is where the truth of the myth ends, and the “myth” part of the equation begins. Diversification Is Not an Investment Strategy The concept of diversification is usually used to advocate owning a variety of stocks, bonds, and mutual funds. This is, in reality, hardly diversification at all. This “variety” is really just owning different types of the same asset class. This is not diversification. Here is the important thing to remember: Diversification is a hedging strategy, and hedging is designed to prevent loss, not produce gains. This, in and of itself, is not a bad thing. After all, every self-directed investor, retirement investor, and real estate investor out there wants to first protect their existing capital and then grow it. But diversification (hedging) is not the best route to this goal. Let’s take this analysis a little farther. Ask yourself: Is diversification so popular because it is the best investment strategy? The answer is simple: No. Not at all. Diversification is so popular because it is the most legally prudent strategy for Wall Street and for conventional financial professionals. After all, hedging prevents loss, and loss prevention provides shelter from financial culpability in the event that things in your portfolio go south. If you invest in one stock only and that stock takes a dive, it is easy to blame the individual who advised you to buy that stock. On the other hand, if you own 100 stocks and most or all of them tank, it is easy to argue that was a macro-economic event beyond anyone’s responsibility or control. The biggest problem with diversification as an investment strategy is that it guarantees mediocrity. Will your lower-end results be mediocre? Probably so. That may be acceptable when everyone else is experiencing massive financial distress. Will your upper-end results be mediocre? Probably so. You must ask yourself if you are willing to accept that cap on your returns and potential. Don’t Just Take It From Me Interestingly enough, not everybody accepts diversification as an unassailable strategy. I do not. And, in fact, the most successful investor of all time, Warren Buffett, does not either. He famously observed, “Diversification is protection against ignorance. It makes little sense if you know what you’re doing.” Buffett has really lived by that strategy, too. He has tended away from buying pieces of companies, preferring to buy entire companies. Diversification is not a hallmark of Berkshire Hathaway. The question you must ask yourself is, “Do you know what you are doing?” If you do, then you must seriously consider taking the time to truly respect your capital, seek out truly excellent value propositions, and identify potential for real value. If you have the knowledge and ability to do this with your investment capital, then your portfolio deserves nothing less. This year will be full of opportunities for real estate investors with knowledge, expertise, and experience. Leverage your experience toward making this year wildly productive instead of merely mediocre.   

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The Massive Potential and Pitfalls in Notes for Self-Directed Investors

2021 May Be the Best Year Yet for Private Lenders…If They Are Careful by Tom Olson When speaking with self-directed investors who are considering acquiring turnkey rentals in their retirement accounts, I always make sure to tell them that a slightly more “creative” option might better suit their needs. Without losing the benefit of holding a real estate-related asset, they can invest with a far greater tax advantage if they buy or originate well-considered private loans. This is also true for investors looking to diversify their portfolios. Last year was definitely a year for diversification, and many real estate investors, self-directed and otherwise, decided to expand their portfolios to include real estate-secured private loans. There are many reasons to love having this type of loan in your self-directed IRA or 401(k). A few reasons are: They are extremely low maintenance. They are often even more secure and low risk than turnkey rentals. A borrower will almost always prioritize real estate-related debt over other debt obligations, making a private note extremely predictable even when the economy is volatile. Furthermore, when you are using a self-directed retirement account to make these loans, you can be extremely creative with the terms of the loan. This represents nearly unheard-of potential for self-directed investors to buy and sell private notes. However, that creativity has led to some new pitfalls in the asset class as well. Case Study: Why This “Great Note” Might Not (and Maybe Should Not) Sell With more investors, self-directed and otherwise, moving into the private lending space, there are more notes available for purchase and sale. It might surprise you to learn that many investors do not originate their private loans but instead buy them from other investors. As you can imagine, this can be complicated if you are just getting started in the space. Here is a real-life example I recently observed of a note that could have gone really wrong for someone: The “deal” came from a Facebook post wherein the note-seller was attempting to sell an active land contract. The original note balance was $71,500, and the unpaid principal balance was $67,272.27. The note had an interest rate of 9 percent, and the estimated market value of the collateral property was $125,000. The note was “performing,” meaning the payer was paying monthly and on-time. When the seller posted his ad along with the notice that he wanted a full, cash payment for the note and that he wanted to sell at face value ($67,000), the forum erupted with jokes and other commentary. People started “bidding” on the note, starting around $10,000 and nudging the bid upward in increments of a dollar. There was a lot of hilarity, until a local investor quite seriously posted that he wanted to buy the note and did not understand why everyone was laughing at the proposal of paying $67,700 to get 9 percent interest on that loan. At that point, I knew I had to respond before that investor potentially fell right into a pitfall with his hard-earned retirement capital. Here is what I told him: First, most note investors want to earn 10-12 percent a year on their investment, which means most investors probably do not want to pay face value for single-digit yields. Second, there are three things to consider when you are buying a private note if you plan to either keep the note performing or attempt to reinstate it: 1)  Who is the borrower? Vet a potential borrower the same way you would a tenant unless you want the collateral property. Too many investors vet borrowers far less than they would tenants. A good note for sale will have a credit report and other information about why the loan was made. Not all notes will have this information, and you need to decide if you are willing to take the risk on the deal even though you might end up owning the property if the borrower defaults. Once you make this decision, vet the property the same way you would any other real estate deal. 2)  What is the quality of the asset? Sometimes private lenders will take on a risky deal because they are fine with foreclosing and ultimately owning the asset. However, this process can take longer and be more expensive than you might think. Make sure your strategy will accommodate the value of the asset and the potential cost of holding it. Get an appraisal and quotes for repairs if appropriate before makingan offer. 3)  How solid is the paperwork? You can never assume that you are buying a note with good paperwork. Have an attorney review the terms of the note and confirm that it protects the lender’s interests and holds up under the Dodd-Frank Wall Street Reform and Consumer Protection Act that was passed in 2010. If the paperwork is not solid, some investors will buy the note anyway, but they tend to insist on a discounted price because weak paperwork weakens the asset. Ultimately, I do not know for sure if the note-seller ever made a deal or not. However, I did learn several things from that post and subsequent commentary: There are still a lot of opportunities on social media if you can look past the political “garbage.” There are still a lot of people doing real estate deals on Facebook. Creative real estate is still alive and well. The opportunity mindset will make or break investors in 2021. Make sure you are willing to be creative and dedicated to making sure your creativity is optimized to generate returns for your portfolio. 

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Trust Deeds: The Unsung Hero of Alternative Real Estate Investments

The Risks, Rewards, and Strategy Options by Stephanie Fryar Trust Deed investing has been around for decades, offering private investors a myriad of opportunities to invest in real estate development and provides benefits such as diversification, capital preservation, and historically high yield returns. And yet, it still receives little merit and remains one of the most underutilized alternative forms of real estate investing in an IRA.  Private lending, such as through Trust Deeds, is unfortunately marred by dark periods of predatory lending practices, as well as the misconception that they are reserved for borrowers with bad credit and the exceedingly wealthy who can afford the risk to lend to them. There are two important factors that the general public fails to acknowledge. The first is that, because of the housing bubble of 2008, the government cracked down hard on the lending industry. To this day it is one of the most highly regulated industries on both the state and federal level. Second, there are companies, with years of experience, offering opportunities in fractionalized investments like Deeds of Trust. This essentially breaks down the capital barrier and makes them passive investments for their clients. The big picture is that Trust Deed investments are highly regulated, have shorter hold periods, lower investment minimums, offer capital preservation, are generally passive, and deliver a fixed income, making it an ideal investment to deploy for a long-term investment strategy. One may be wondering, what are the risks because every investment has them? For Trust Deeds it is liquidity, which is due to the fact that you are unable to cash out on your investment before the loan matures. You must wait for the borrower to pay it off, and there is the risk of the borrower defaulting on the loan. If the borrower defaults and the property must be taken back through foreclosure and then sold to recoup investor principle, this process can take time. Mitigating Risk Common strategies to mitigate this risk include diversifying Trust Deed investments across multiple borrowers, regions, and property types (commercial and/or residential). Low investment minimums and shorter turn-over time make it easy to maneuver through the real estate market which is essential when you are utilizing retirement funds to invest. In a Self-Directed IRA account, the interest income from Trust Deeds will compound tax-deferred or tax-free (depending on the account), and with enough foresight, their ability to generate a fixed income can also be used to help bridge the income gap during retirement years. The primary problem that many retirees face is how to replace the income they used to earn from their job. Sources of income from pensions, social security, disability, and income properties may still not be enough; and, unfortunately, not a lot of thought is given to creating a strategy on how to effectively use the retirement assets once we reach those latter stages of life. Imagine if you could take $120,000 from a retirement account and generate $1,000 per month of income in perpetuity without spending a dime of the $120,000. Sounds too good to be true, right? Let us look at two scenarios side-by-side. In Scenario One, a couple years before retirement you roll-over $120,000 into a Self-Directed IRA from another qualified account to invest in Trust Deeds; but like many you think it is prudent to pay-off a large chunk of debt, i.e., credit card debt or your home loan, which amounts to $40,000. You find a company that offers annualized returns of 10%. You may run into a default or two down the line, but because of the low investment minimum your portfolio is diversified across multiple Trust Deeds. While the defaults work themselves out, the others are still performing and providing an income. As you get older it is no secret that your expenses may increase for things such as healthcare, which accounts for increased distributions as years pass. In Scenario Two, all factors remain the same except you opt to not pay-off your debts right when you retire so you maintain your full principal amount of $120,000.  Now let us look at how the numbers play out in Scenario One and Scenario Two in the charts below. The difference between the build-up in Scenario Two vs. the draw-down happening in Scenario One is rather shocking! You can see the potential that Trust Deeds present if you have the wherewithall and the ability to maintain (you cannot discount the unexpected) the integrity of your principal amount. Now as you get into your latter years and would like to place your retirement savings in something with a smaller risk profile (ergo a smaller return), then you are that much farther away from completely draining your account. This could be a boon if you are planning to leave a legacy. Performing Due Diligence Finding the right Trust Deed investment company that will suit your retirement portfolio needs is key. As with any investment, proper due diligence and research is essential before making a commitment with any company. When you are performing your research and comparing different companies, there are a few questions that you can ask yourself that could help you narrow down your options: How passive do you want this investment to be? This is important because not all Trust Deed investment companies will provide the same level of service. If you are comfortable with potentially being more hands-on with the investment, then you could consider companies that will just broker the loan and then leave the servicing of the loan entirely up to you or with the help of a third-party servicer. If you are retired or at a point in your life where you do not need the chance of an extra commitment, other companies will provide all services needed for the life of the loan, leaving the investment very passive to the investor. What is your threshold for risk? Trust Deeds can be offered in first, second, third, etc. positions. If your Trust Deed investment is not in

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