Operating multifamily properties like a business can yield incredible results. In this episode, Ashley Wilson provides valuable insights into operating multifamily properties like a business rather than just as real estate assets. Her focus on controlling operations, renovating units quickly, and analyzing marketing strategies demonstrates how a business mindset can maximize returns.Ashley Wilson is the founder and CEO of Bar Down Investments, co-founder of Apartment Addicts, and co-founder of HouseItLook. She is a bestselling author, a regular contributor to Rent Magazine, and has been involved in over $210 million in multifamily transactions managing over 1,500 units.Here are some power takeaways from today’s conversation:[03:09] Ashley’s introduction to real estate[05:22] Why multifamily is the star of the show[08:47] Maximizing success through controlled factors[15:08] The importance of time and internal rate of return in investments[19:07] Why renovate as many units as possible[26:53] Unveiling the power of business fundamentals for success[31:41] The problem with rate caps and strike ratesEpisode Highlights:[05:22] The Resilience and Benefits of Multifamily Real EstateWhen it comes to real estate investing, multifamily properties undoubtedly take the spotlight. Not only because of their solid fundamentals, they’re also found to be the most recession-resistant asset class within the industry. Time and again, historical data have demonstrated their remarkable performance. The ability to exercise control over these assets is a key advantage that sets them apart. Additionally, they offer attractive tax benefits, which were previously a concern in the single-family space. Multifamily properties have consistently proven their resilience and have become a reliable investment option for the future. With their strong track record, advantageous fundamentals, and tax incentives, they shine as the true stars of the real estate market.[08:47] Maximizing Success through Controlled FactorsIn order to increase the likelihood of success, it is essential to have control over various aspects. While external factors like interest rates and cap rates may be beyond our control, there are numerous elements that we can influence. For instance, we can dictate the day-to-day operations of a property, manage our marketing efforts, maintain adequate reserves, allocate project spending, and determine the return on investment based on chosen renovations. However, achieving success in these areas requires meticulous attention to detail and the dedication of hardworking individuals. Effective communication and streamlined process flows are key components that fall within our realm of control. By focusing on these controllable factors, we can optimize our chances of achieving favorable outcomes.[26:53] Unveiling the Power of Business Fundamentals for SuccessThis is because the fundamentals of the business remain consistent across different sectors. By focusing on these core principles, you will be astounded by the impact you can make. Keep honing those fundamental skills and watch your success soar.This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting.Resources Mentioned:Bar Down InvestmentsApartment AddictsHouseItLookConnect with Ashley Wilson on LinkedInInstagram: @badashinvestorPodcast Recommendation:Drunk Real Estate Podcast

Thomas Castelli, tax strategist for real estate investors, discusses tax strategies for passive real estate investors. Topics include passive losses offsetting earned and passive income, cost segregation studies for larger tax losses, bonus depreciation for rapid depreciation, and the Lazy 1031 strategy for passive investors.

Want to make informed investment decisions? Join us as we unpack the secrets behind risk-adjusted returns with Paul Shannon. He talks about real estate investing in today's uncertain market, how he vets sponsors, looks for risk-adjusted returns, and the benefits of both active and passive investing.Paul Shannon is the principal of Red Hawk Real Estate and fund manager of InvestWise Collective, a partnership between Red Hawk Real Estate and Left Field Investors. Since transitioning to real estate investing full-time in 2019, Paul has acquired over 200 residential units by recycling his equity and through joint ventures. A licensed realtor, Paul has experience in acquisitions, raising capital, and property management. Here are some power takeaways from today’s conversation:[02:00] Why Paul slowed down in investing [11:10] Emerging Trends in Multifamily Financing: Longer Holds, Lower Returns[18:00] How active investing makes you a better passive investor[21:00] Understanding risk-adjusted returns[26:45] About InvestWise Collective[30:50] Tips for vetting sponsors and investors[41:50] Being selective with higher quality deals Episode Highlights:[11:10] Emerging Trends in Multifamily Financing: Longer Holds, Lower ReturnsMultifamily operators are shifting towards agency debt or fixed-rate products with stepped-down prepay penalties to avoid costly fees when selling before maturity. This change means longer hold periods, lower leverage, and loan-to-value ratios in the 50s to 60s. Lenders require properties to generate income 1.2 to 1.3 times higher than the debt service, leading to decreased loan proceeds and reduced returns. Despite this, there are still attractive investment opportunities, but investors must consider more than just high IRRs and cash-on-cash returns.[21:00] Understanding Risk-Adjusted Returns: Maximizing Returns While Managing Risk in Investments‘Risk-adjusted returns’ refer to the amount of return an investment generates relative to the amount of risk involved in producing that return. An investment with a higher risk-adjusted return means it generates more return for the amount of risk taken. Paul explains risk-adjusted returns by comparing potential returns from real estate investments to risk-free alternatives like high-yield savings accounts. The returns from real estate deals involve more risk due to factors like rising interest rates, cap rate compression, and reliance on sponsor pro formas. However, they must offer a high enough return to justify that additional risk compared to the guaranteed return from a savings account. Paul looks at variables like yield on cost, IRR, and cash flow to determine if a deal offers a sufficient risk-adjusted return for his investors.[30:50] Tips for Vetting Sponsors and InvestorsPaul places the most emphasis on trust, ensuring the sponsor will act as a fiduciary for investors' capital. He examines the sponsor's track record but notes that a longer track record does not necessarily mean better, focusing more on how the sponsor navigated past downturns. Paul analyzes the sponsor's financial spreadsheets in depth to understand their assumptions and whether they are conservative or aggressive. Rather than just looking at headline returns, he focuses on yield on cost, IRR partitioning and cash flows to determine the deal's risk level. Finally, Paul looks at the debt terms the sponsor is using to ensure it matches their business plan and exit strategy to minimize prepayment penalties.This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting.Resources Mentioned:Redhawk Real EstateInvestWise CollectiveEmail: paulshannon@investwisecollective.com   Podcast Recommendation:Old Capital Podcast

In this episode, Joe Williams, co-founder of Keller Williams, shares how KW became the largest real estate company in the U.S by flipping the traditional brokerage model to become agent-focused. Joe offers valuable lessons from his successful career, including timing the market and planning for success. He also discusses his current focus on land funds as an investment vehicle, leveraging Keller Williams' network to source deals. This episode provides a wealth of insights that can be applied beyond the real estate industry.About Joe WilliamsAlthough he is best known as the co-founder of Keller Williams Realty, Joe Williams was licensed at 19 and sold homes throughout his college years. Joe received his BBA in 1976 from the University of Texas in Real Estate, which at the time was a new degree program. He has over 43 years experience working with the local community and realtors. Joe, along with his team, has extensive experience in Residential & Commercial Brokerage, as well as Building & Residential Development.Here are some power takeaways from today’s conversation:[03:10] Starting his real estate career at age 19 and working his way up[11:28] The importance of having the right partners[13:28] Becoming agent-focused with their mission statement and profit share program[23:07] VDPR: The key elements for achieving success[27:35] Real estate is learnable[37:00] Lessons in real estate investing and the importance of timing the market[53:24] Joe’s current focus on land funds and future plansEpisode Highlights:[23:07] VDPR: The Key Elements for Achieving SuccessVDPR stands for Vision, Discipline, Planning, and Results. The concept is that in order to achieve any goal, you must first have a clear vision of what you want to attain, and then acquire the discipline necessary to work towards that goal. This requires planning and organization, such as making lists and setting clear markers for progress. Ultimately, the results will follow as a direct outcome of the effort put in. Clarity of purpose and a focused mindset are key to achieving success, as Earl Nightingale famously said, "you will become what you think about."[27:35] Real Estate is LearnableReal estate values are primarily driven by public data such as supply and demand, job availability, city policies, growth patterns, schools, hospitals, and utility locations, which can all be researched and analyzed. This is what makes real estate an attractive investment vehicle - it's something that can be learned and understood. However, having an expert on your side who can interpret these variables is invaluable. Real estate professionals deal with these factors daily and are equipped to predict future value. In comparison to stocks, real estate is much easier to evaluate.[29:14] The Importance of TimingTiming is essential in real estate, outweighing even the significance of location. Market cycles, which are rarely linear due to human behavior, greatly impact supply and demand for multi-family properties. Joe states that there is no such thing as a bad market, only buyer's or seller's markets. Understanding your place in the cycle is crucial since waiting for the top can lead to missed opportunities. A wise investor once said, "I've always sold too soon," emphasizing the importance of being proactive.This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting.Resources Mentioned:https://www.joewilliams.land/Email: joe@joewilliams.land Royal Legal Solutionswww.spartan-investors.com 

Just saving money and putting it in your 401k is not enough anymore. There has to be something else. That's why we have this community. Today, joining us is Clint Harris from Nomad Capital. Clint believes that passive real estate is the key to retirement, as saving alone is no longer sufficient. Clint also stresses the importance of financial independence combined with location and time independence, for a purpose-driven life. The more cash flow you have, the more days off you’re buying, and this hastens retirement or getting out of a W-2 job!About Clint HarrisClint Harris, Investor Relations & Capital Raising at Nomad, has 15 years of experience in medical device sales. He's a business innovator who owns a successful property management company and multifamily real estate portfolio. Clint believes that financial independence, combined with location and time independence, leads to independence of purpose. He joined Nomad to share this vision with investors.Here are some power takeaways from today’s conversation:[09:32] Achieving financial independence through investing in real estate[11:28] The value of asset class conversion[16:34] Increasing value through asset class conversion[19:12] Diversifying investments to reduce risk[24:55] “Buying days off” through syndication deals [32:39] Tips for vetting sponsors as an LP[35:00] What to look for in sponsors[39:12] Nomad Capital’s aim to double investors' money within 5 yearsEpisode Highlights:[22:52] “Buying Days Off” Through Syndication DealsSyndication allows investors, limited partners, and general partners to put their capital to work while others use their time and expertise. Investing in a deal means buying days off from working for the rest of your life and getting closer to achieving financial freedom. This asset class provides real value beyond just a five-year investment, and our goal is to build up assets that we can hold onto with a select group of investors and eventually reclaim our time.[29:48] Location, Time, and Financial Independence: The Key to a Purpose-Driven LifeAchieving financial independence alone is simply not enough. You need all three elements: location independence, time independence, and financial independence. With these combined, you can lead a purpose-driven life and do whatever your heart desires, whether it's charity work, attending church, skiing, building, traveling, or raising your kids. However, if you're only financially independent but stuck in one location, you'll be forced to spend most of your time in front of a screen every day, which isn't the nomadic lifestyle you desire. At Nomad, we value this core belief and aim to keep it as a vital part of our culture, just as you have developed an amazing culture with Left Field Investors. Our goal is to always prioritize this value above everything else.[36:48] Tips for Vetting Sponsors as an LPClear communication is essential in meeting your investors' needs as a real estate investor. Ideally, you should receive monthly updates that include examples of both positive and negative news and how they were presented. It's important to stay informed at all times. With insider knowledge of the industry, you may also want to know if the company is vertically integrated, handling everything from property sourcing to capital raising in-house. This information can help you make more informed investment decisions.This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting.Resources Mentioned:Email Clint: clint@nomadcapital.usWebsite: Nomad CapitalPodcast Recommendation:BiggerPockets PodcastAJ Osborne's Self Storage Income Podcast

This trailer is for The LFI Spotlight - a podcast dedicated to empowering a vibrant community of investors who are passionate about acquiring real assets that generate reliable cash flow through passive investing. Our host, Chad Ackerman, brings his extensive banking background and expertise in data analytics to the world of real estate investing.The LFI Spotlight has moved to it's own podcast feed!  Please be sure to Subscribe to the podcast so you don't miss an episode! This link will take you to the email we sent out which has the links to the different podcast players.Podcast reviews in Apple (or any other player) are extremely helpful, so please give The LFI Spotlight a 5 star review - and while you are there, if you haven't reviewed Passive Investing from Left Field please review that as well!

Adopt a cashflow passive income mentality and invest in assets that generate regular, predictable cash flow. In this episode, we sit down with cash flow expert Chris Miles as he discusses the value of asset-backed investments and the importance of holding cash for strategic investment decisions. After transitioning from financial advising to real estate investing, Chris got to retire at 28. About Chris MilesChris Miles is a cash flow expert and the “anti-financial” advisor. Through his company Money Ripples, he works with clients to become financially independent and significantly increase their cash flow. Chris is also the host of the Money Ripples podcast.Here are some power takeaways from today’s conversation:[01:50] Growing with a scarcity mindset[04:16] How he got into financial advising[06:59] How Chris retired at 28 because of real estate investing[10:16] The accumulation theory and financial institutions[12:30] The FIRE Movement vs. the cashflow passive income mentality[15:42] The value in asset-backed investment[18:47] Why you shouldn’t bank on values going up[21:12] What you need to know when investing in oil[24:25] The value of holding cash today[31:35] When investing in insurance makes sense[35:33] Tips for finding quality operatorsEpisode Highlights:[12:30] The FIRE Movement vs. The Cashflow Passive Income MentalityThe FIRE (Financial Independence, Retire Early) movement has gained significant popularity in recent years, focusing on accumulating a certain amount of wealth and living off a small percentage of it each year. However, this model has been debunked by various simulations that suggest a withdrawal rate of 3% or less, rather than the commonly suggested 4%. Living on 3% of a million-dollar portfolio amounts to a lifestyle below the poverty line, which is not what individuals envision when they think about financial independence. On the other hand, a cashflow passive income mentality focuses on investing in assets that generate regular, stable, and predictable cash flow. By investing in turnkey rentals, apartment syndications, and oil and gas royalties, for example, individuals can create a steady stream of passive income that can significantly improve their quality of life. [15:42] The Value in Asset-Backed InvestmentAsset-backed investments like real estate classes are less volatile than stocks. The S&P 500's yield average over the last 30 years is lower than expected at around 7.7%. Diversification in the stock market can be illusory due to a few dominant players causing fluctuations. Real estate investments offer lower risks and higher returns, making them a promising alternative investment with long-term growth potential.[20:25] The Value of Holding Cash TodayIn 2022, there was a prevalent belief that holding cash was a poor financial decision due to the risk of inflation. However, when the masses say one thing, it is often wise to do the opposite. While real estate and stock markets may be subject to fluctuations, cash can provide stability in uncertain times. If banks tighten their lending practices and quantitative tightening occurs, those who have cash on hand may have an advantage. While other investors may have their capital locked up in assets, cash holders have more flexibility and freedom to invest in opportunities as they arise. Thus, holding cash can be a strategic decision, particularly when other forms of investment are perceived to be high-risk or overpriced. In short, cash is still king or queen in uncertain times.This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting.Resources Mentioned:Money RipplesMoney Ripples podcastLearn more about Rise48 Equity's multifamily investments and schedule a call with their CEO Zach Haptonstall at rise48equity.com/invest. Podcast Recommendation: https://www.edmylett.com/podcast 

Real estate investing can be a profitable and exciting venture, but it can also be complex and daunting for those who are new to the industry. In this episode, Joe Berko, CEO of Astor Realty Capital, shares his journey into the world of finance and commercial real estate. Managing assets like hotels, Joe shares his thoughts on the current state of the real estate market and where he sees it heading in the future. He also delves into how he evaluates potential operating partners and what traits he looks for in them. Find out some investment strategies he is pursuing in the current market. Joe BerkoJoe Berko is a nationally recognized, inspirational entrepreneur with over 25 years of success predicated on profitable investments, ethics, and generosity. A great believer in giving back, Joe serves on the board of several non-profit organizations and has been invited to speak at professional conferences.Here are some power takeaways from today’s conversation:[02:57] How Jim got interested in finance and real estate[06:40] Building Berko & Associates[09:08] Your name goes a long way.[12:03] What to look for  in an operator: Looking at the market and asset classes[15:56] Resilient markets: The case of Scottsdale, Arizona[22:28] The triple C’s in finding an operating partner[25:06] How to evaluate an operating partnerEpisode Highlights:[22:28] The Three Cs of Decision Making: Collateral, Credit, and Character Collateral. This refers to the love and understanding of real estate, including its location and dynamics. Analyze to ensure you’re comfortable with all aspects of the investment. Credit. While you work with many experienced individuals, not all of them have the financial resources to support the investment. Look for partners who have the ability to bring in financing, including the right banks, to ensure that you can move forward with confidence. Prioritize working with partners who are willing to invest their own money in the deal, as this demonstrates a strong commitment to its success. Character. Real estate deals can be derailed by human error. It’s crucial to work with partners who have integrity, honesty, and a strong work ethic. There is no formula or spreadsheet for character, but it is essential for long-term success in any venture. [25:06] How to Evaluate an Operating PartnerWhen it comes to finding the right operating partner, there are some key factors to consider. First and foremost, you need to feel comfortable with your partner. It's not just about their years of experience or the size of their team. You need to look for someone with strong character, who is committed to the success of the venture.One way to evaluate a potential partner is to pay attention to their behavior when things start to go wrong. This is when the true character of a person is revealed. Look for someone who can stay calm under pressure, who is willing to take responsibility for their mistakes, and who is proactive in finding solutions. Intuition is also an important factor to consider. Trust your gut when making decisions about who to work with. Pay close attention to details, listen carefully, and be sensitive to any red flags that may arise. Ultimately, the goal is to find an operating partner who shares your values and is committed to your success. With the right partner by your side, you can achieve great things together.This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting.Resources Mentioned:Astor Realty Capital (Contact their Investor Relations Manager at laura@astorrealtycapital.com)Download Aspen Funds' free economic report at https://aspenfunds.us/lfi 

Join us for part two of our podcast interview with renowned economist Dr. Peter Linneman, principal of Linneman Associates. Get ready for more valuable insights on topics like the under-supply of single-family housing and its impact on the market, the relationship between high prices, profits, and supply, and what the Federal Reserve is doing about inflation. If you missed part one, be sure to check it out for even more great insights from Peter. Let's dive in!About Dr. Peter Linneman Dr. Peter Linneman holds both master's and doctorate degrees in economics from the University of Chicago. He is the principal of Linneman Associates. For nearly four decades, he has provided strategic and financial advice to leading corporations through Linneman Associates. He provides M&A, analysis, market studies, feasibility analysis to many leading US international companies. In addition, he serves as an advisor to and a board member of several public and private companies. Peter was a professor of real estate at the Wharton School of Business at the University of Pennsylvania, from 1979 until his retirement in 2011. He's an accomplished author having written books, articles, and of course, The Linneman Letter, a quarterly letter for commercial real estate investors.Here are some power takeaways from today’s conversation:[02:52] Why the economy is not overheated[04:07] The relationship between high prices, profits, and supply[05:52] How the pandemic skewered the numbers[10:18] How much are rents going up for apartments?[15:26] What’s the Fed going to do about inflation?[17:05] The importance of gradual interest rate increases[19:44] The Impact of Bank Failures[29:45] Why the market for [39:55] The importance of asking for helpEpisode Highlights:[04:07] The Relationship Between High Prices, Profits, and SupplyPeter explains that high prices encourage suppliers to increase production, which was demonstrated in 2021-2022 when record profits led to more supply and lower prices. Despite this, the Federal Reserve has chosen to suppress demand even though it is below trend, rather than allowing it to increase and spurring more supply. This decision's long-term implications remain unknown. Instead of reducing demand, the solution to an underperforming economy is to increase supply.[17:05] The Importance of Gradual Interest Rate IncreasesIn December 2020, it was clear that interest rates needed to be raised from zero, according to Peter. However, the key was to do so slowly and without rushing. Unfortunately, it took another year and a quarter for the Federal Reserve to initiate the rate increases.Peter argues that if the Fed had started raising rates gradually earlier, both the markets and the banks could have adjusted accordingly. It is comparable to adjusting to a typhoon versus the same amount of rain spread out over a two-year period. Gradual rate increases would have allowed for a smoother adjustment period instead of sudden shocks to the economic system.[31:14] The Under Supply of Single Family Housing and Its Impact on the MarketThere's a significant three and a half percent under-supply of single-family housing, which becomes significant when considering the high demand for this type of housing. The shortfall is comparable to a shortage of Toyotas in an economy where only two types of cars exist. This creates an opportunity for multifamily properties to benefit. However, due to NIMBYISM and pent-up demand, this shortfall is unlikely to disappear soon. Therefore, it's important to address the housing under-supply with innovative solutions to meet market demands.This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting.Resources Mentioned:Linneman Associates

Let’s dive into the world of economics and real estate with Dr. Peter Linneman, an accomplished economist and advisor to leading corporations. He shares his insights on finding great mentors, learning as a skill, and navigating the current state of the US economy. With years of experience in providing M&A, analysis, market studies, and feasibility analyses to various companies, Dr. Linneman is highly regarded in the industry and has been serving as an adviser and board member of several public and private companies. Get ready to learn from his wealth of knowledge and expertise in this exciting episode.About Dr. Peter Linneman Dr. Peter Linneman holds both master's and doctorate degrees in economics from the University of Chicago. He is the principal of Linneman Associates. For nearly four decades, he has provided strategic and financial advice to leading corporations through Linneman Associates. He provides M&A, analysis, market studies, feasibility analysis to many leading US international companies. In addition, he serves as an advisor to and a board member of several public and private companies. Peter was a professor of real estate at the Wharton School of Business at the University of Pennsylvania, from 1979 until his retirement in 2011. He's an accomplished author having written books, articles, and of course, The Linneman Letter, a quarterly letter for commercial real estate investors.Here are some power takeaways from today’s conversation:[02:17] Introduction of Peter Linneman[04:07] Early beginnings from a blue-collar background to the real estate industry[05:31] Opportunities that arose from networking and doing good work[12:13] Importance of being a good student and knowing how to learn [16:58] The current state of the economy[21:44] The worst thing facing the economy[23:50] The Fed’s crazy approach to the economyEpisode Highlights:[10:07] How to Find Great MentorsStart by identifying people who have skills and experience that you can learn from. Look for individuals who are willing to share their knowledge and expertise with you. Once you've identified potential mentors, show them that you are serious and committed to learning by demonstrating your work ethic and willingness to put in the effort. Don't be afraid to ask for their guidance and advice. Remember, learning is a skill that requires curiosity and a willingness to seek out new information. Build a relationship with your mentor by communicating regularly and showing appreciation for their time and expertise. [17:48] The Current State of the EconomyCurrently, the US economy is in a state of recovery from the pandemic. Real GDP is at about 2.5% of pre-pandemic levels, indicating that we have grown over the last three years, which is a positive sign. However, employment is still below pre-pandemic levels, and the Fed's attempt to get rid of employment is misguided. On the bright side, around two-thirds of homeowners have mortgages with an interest rate that is two to three percentage points lower than the historic norm, giving them more financial freedom. The travel and tourism industry is almost back to pre-pandemic levels, but there is still room for growth in areas such as automobile consumption. Despite concerns about the amount of debt rolling over, only 25% of corporate and real estate debt rolls over in the next three years, giving businesses some cushion and margin. Overall, there are good things happening in the economy, such as the normalization of supply chains. [21:44] The Worst Thing Facing the EconomyThe biggest challenge facing the economy is the Fed's belief that their job is to create a recession. This approach is dangerous, and they tend to overreact and be late in their responses. While we have weathered the shutdown of the economy for a year and a half, the current challenge posed by the Fed is something we can overcome.This show is for entertainment purposes only. Nothing said on the show should be considered financial advice. Before making any decisions, consult a professional. This show is copyrighted by Passive Investing from Left Field and Left Field Investors. Written permissions must be granted before syndication or rebroadcasting.Resources Mentioned:Linneman Associates