All Topics / Overseas Deals / USA – Where to buy?

Viewing 20 posts - 61 through 80 (of 166 total)
  • Profile photo of PortpiratePortpirate
    Member
    @portpirate
    Join Date: 2011
    Post Count: 47

    Jay,
    Not sure what is on offer.  Visited the website but not much information there.  Is it a land purchase and then hold?

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Its what we call path of progess investment.

    Its an opportunity to buy into the partnership that holds the option to purchase on this 110 acre site in Metro Portland Or.

    Upon annexation into the city of Hillsboro this site will be zoned for 700 plus housing units and some retail commerical.

    Its my understanding on this forum that particulars on an investment cannot be shared. Other than in General terms.

    If you want to e mail me privately at the e mail I would be happy to share the fiancial details.

    I will have no problem bringing in Local Portland investors into this deal as this property is just one spectacular peice of dirt and as the google maps shows incredibly located.

    I was just more curious as to if  AU investors would even look at this type of Land Bank investment that will generate no cash flow however cash on cash will give far greater returns than buying any rental property with the same investment capital. And set carrying cost as oppossed to owning rentals where you never know from month to month what your true cost are going to be.

    If there is a demand off shore for these types of investments then I would look at other opportunities. As like the housing market, there is huge upside to buying land that can be developed in the economic rebound.

    The institutional investors, Hedgefunds etc. have been picking off almost all of these properties the last 2 years. And buying exsiting lots. They pay cash and wait on the market. For instance most of the dead subdivisions ( bare lots but shovel ready) in vegas were snapped up by the big money last 18 months, same with Pheniox.

    East of the Rockies or more specifically the Mississippi river Dirt for subdivisions has never had a huge value like we have on the west coast so not as attractive.

    Our development land in the Portland Area ( properties zoned and approved for housing) peaked at 600k + an acre. The values like the rest of the country dropped in Half and have stablized. In our market you have very very tight land supply, that is created by government control. This property is squarely located in the Heart of the Silicon Forest as you can see from the web site. Intel employee's 16 thousand people at the campus's shown, you have Genentech, Fujistu, Google, Nike world headquarters etc etc all within 10 minutes of our site.

    so with this property we optioned it 2 years ago right at the height of the economic crash for a fraction of the 300k an acre and expect to sell in 5 to 7 years for about 10X purchase price.

    So thats it just throwing up a trial balloon and see what's of interest other than single family, But using a real property that we control.

    [email protected]

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    As a follow up to my comments on Vegas and cheap lots. in those markets to put it into perspective. Lots that were 100k plus were sold shovel ready in bulk and I mean 500 to 1000 at a time for under 10k per lot.

    You are already seeing new construction going up on those, and they can compete with the foreclosures because the reset of the land values.

    Its the same here in Portland we building about 2 homes a month in 4 different subdivisons. We can do that because what was a 200k lot we bought from the bank for 80k we lowered the price of our finished product from 475 to 350 and they are selling.

    Portland for 20 years until the crash built 10k to 12k housing units a year. 09 saw less than 1k.  2010 about 1500 and this year looks like close to 3k based on permits applied for. So the rebound is happening, prices are lower, The builders that bought land at the peak are the ones that lost out. Along with their lenders. Most lots in our market are bank owned thats who we have bought them from.

    Profile photo of PortpiratePortpirate
    Member
    @portpirate
    Join Date: 2011
    Post Count: 47

    Jay

    So as a matter of interest, what is the investment level required?

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177
    Portpirate wrote:
    Jay So as a matter of interest, what is the investment level required?

    60k US plus 2400 a year option payment. return in 5 to 7 years 10X plus. My partner and I and my childrens trust will hold 50% of the investment, I have another group here in Portland that just closed on 20%, young guys that have successful local business's.

    My main interest in posting this was to see if there is any interest from OFF shore investors that want to buy and hold strategic properties with huge upside as oppossed to cash flow rentals, which seems to be the only thing talked about on the forum.

    There are many smaller deals  this one is 5.5 mil purchase price, which I consider a mid size deal. but when we roll out in 5 to 7 years at 30 to 50 mil it becomes a sizable transaction.

    My thought is there are smaller deals that the big boys will pass on, Deals that are say 250K to 750K. that present great upside,
     
    so in my brainstorming I am thinking hey if there is appitite for these off shore we could start to pick them off one by one. And to take it further if we built out the product, which we are capable of doing we would make anywhere from 30 to 75k builders profit per house which is what we are enjoying today. Any run up in values and it gets real good real quick.

    Different level of investing for certain, Much higher quality product  and price points.

    Let me know your thoughts.

    Profile photo of mjcantrellmjcantrell
    Member
    @mjcantrell
    Join Date: 2010
    Post Count: 31

    Hi All,

    I have purchased quite a few properties in Kansas City.  There has been a tremendous upside in this market.  Alot of expansion going on and  high rental returns.  Most of the properties have over a 17% ROI.  I only buy properties that are ready to go with a tenant on board.  I found that working with a local firm on the ground there worked better for me.  If you have any thoughts on other areas that can give me the same kind of return, please PM me. 

    Profile photo of HighIncomePropertyHighIncomeProperty
    Member
    @highincomeproperty
    Join Date: 2011
    Post Count: 84

    I have been away from the forum or quite a while, always find it interesting to check in every now and then.
    The scheme Jay is talking about, although I'm not familiar with the particulars (never even been to Oregon, one of the few states I haven't) is something that sophisticated investors might want to look at.

    We've had a decent number of Australians invest with us in residential land lots in planned communities across the country, although when investing with us, the difference (I think) is that you would get individual title to the land, and could sell at will. Lots in some communities across the country are off by as much as 85-90%, those of you on here that follow Lee County, FL will know what I am talking about.

    DetroitDan is right on Detroit, we've put most our investors in there with net yields north of 15%, and I know I sound like a broken record, but NOT all of Detroit is bad. We have done deals on the "fringes" like Warren, Dearborn, Oak Park, Eastpointe, and these are all good areas. We're an asset manager, not a broker, so we LITEARALLY have to invest in these places ourselves, and if we can't sell the property on once we have finished the rehabs, then we will hang on to them. Section 8 in michigan is fantastic as well compared to the rest of the country.

    Kansas City is interesting – we are very big on Indianapolis as well, it's got a very strong rental market, low purchase prices, the "bad" areas are very isloated, consistent yields north of 15% net, and is slowly transforming from a manufacturing/rust belt type of economy to an economy focused on services and Government.

    There are deals everywhere, it's just very important to decide what YOU want – if growth is what you want but no need for income, then either land (long term) or a property in Florida (higher HOA so low yields, but great groeth prospects) or parts of Texas, Cali etc would be good, but if you want cash flow then my vote is still 100% for the Midwest, and our clients seem to second that, but as always – look at what you are buying, and at what price.

    [email protected]

    Profile photo of RickHRickH
    Member
    @rickh
    Join Date: 2007
    Post Count: 137

    High Income,

    I think your post is 100% on the money……… I looked at land inFlorida for under $5k a block (very long term prospect) and the returns in the midwest with very low chance of capital gains in the near future.
    Kansas City is one place under going a transformation and is now more diverse ….not just heavy industry anymore

    Excellent post

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177
    RickH wrote:
    High Income,

    I think your post is 100% on the money……… I looked at land inFlorida for under $5k a block (very long term prospect) and the returns in the midwest with very low chance of capital gains in the near future.
    Kansas City is one place under going a transformation and is now more diverse ….not just heavy industry anymore

    Excellent post

    Florida land were does one start.   Here is a History lesson for some just so you get some perspective of why you have 5k lots in florida and other parts of the country.

    Lehigh acres and coral gables, lets start there, these subdivisons were created in the 50s when florida was swamp infested mosquito ridden place, the state in an effort to bring people and money let land developers go wild, and wild they did, Leheigh has over 750,000 lots of record, coral about 500k  So we all know real estate 101 supply and demand, there is an endless supply there, demand is weak , these lots origianlly sold mainly to snow birds from Mich Wisconsin, Illinois etc. back in the early 50's what was a tidy sum them 2 to 5k , they maybe got up to 10k over the next 40 years. then come the big boom not to be confused with the big bang, Builders moved into these areas because lots were dirt cheap and bulit 1000 of houses. there is sewer and water to some of them and they have more value but the vast majority are on Well and septic. thats a well and septic every 100 ft. So these 1000's of houses were built mid 2004 alittle before up to 2007, prices of lots rocketed all the way to 90k then the crash the 250k house went all the way down to 35k, I know I bought 2. lots plummetted back to 5 to 10. There are still over 500k lots undeveloped these are not what you would consider buying and holding. I was on a state of CA land use steering committee in 1985, subject: what to do with the millions of lots that were platted but really cannot be built out becasue of infrastructure constraints. We flew to fort meyers and had meeting with planning staff etc. These 2 sub's are the poster child in the whole state of developments that can never fully build out because the road systems sewer and water could never handle it.

    If you go out of LA towards Edwards airforce base ( home of the Shuttle) thats riverside and San bernadino counties biggest counties in entire country there are over 2 million lots platted there back in the 20s if you fly over especially in a small plane like I have done 100's of times you will see checker board dirt roads the occasional mobile home. these lots have been trading for tax's and low dollars nearly 100 years. Some profiters will come in and try to flip them off to foriengers one group in San Francisco was selling lots he was buying for 100 to 500 dollars each at tax sale and selling them to unsuspecting chineese for 20 to 30k each. Of course they were cash buyers and the profiter very well orginaized, I was in his office he was Chineese there he is with his Rolls parked infront of his office, and pictures of him with Reagon.

    bottom line there are land plays in the states and then there are land plays that are like florida not worth a crap. These same florida lots create this whole tax deed investing scheme as well since there are a million of them.

    hope the history lesson helps people are flying back into Leheigh to snag those 35 to 60k houses built in 04, I personaly thing if you want to live there or use it as a second home that they are great buys. And there should be some appreciation.

    its cost 75 a foot to build so your 1500 ft house is going to 90k or so to build plus your 10k lot. So its reasonble to think these homes on a case by case basis will go up to 100k and maybe alittle more if some folks want the area and a more custom home. its going to be hard though with virtually every house owned by an Aussie who has put in renters. Buyer of homes by and large will not buy in areas of high rental density

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177
    HighIncomeProperty wrote:
    I have been away from the forum or quite a while, always find it interesting to check in every now and then.
    The scheme Jay is talking about, although I'm not familiar with the particulars (never even been to Oregon, one of the few states I haven't) is something that sophisticated investors might want to look at.

    We've had a decent number of Australians invest with us in residential land lots in planned communities across the country, although when investing with us, the difference (I think) is that you would get individual title to the land, and could sell at will. Lots in some communities across the country are off by as much as 85-90%, those of you on here that follow Lee County, FL will know what I am talking about.

    DetroitDan is right on Detroit, we've put most our investors in there with net yields north of 15%, and I know I sound like a broken record, but NOT all of Detroit is bad. We have done deals on the "fringes" like Warren, Dearborn, Oak Park, Eastpointe, and these are all good areas. We're an asset manager, not a broker, so we LITEARALLY have to invest in these places ourselves, and if we can't sell the property on once we have finished the rehabs, then we will hang on to them. Section 8 in michigan is fantastic as well compared to the rest of the country.

    Kansas City is interesting – we are very big on Indianapolis as well, it's got a very strong rental market, low purchase prices, the "bad" areas are very isloated, consistent yields north of 15% net, and is slowly transforming from a manufacturing/rust belt type of economy to an economy focused on services and Government.

    There are deals everywhere, it's just very important to decide what YOU want – if growth is what you want but no need for income, then either land (long term) or a property in Florida (higher HOA so low yields, but great groeth prospects) or parts of Texas, Cali etc would be good, but if you want cash flow then my vote is still 100% for the Midwest, and our clients seem to second that, but as always – look at what you are buying, and at what price.

    [email protected]

    Highincome;  check out http://www.americanrealestateinvesting.com   Let me know what you think of this bad boy, this is one of the finest sfr development properties in all of oregon. if not the best. I might be a tad bias since I own it. But just look at it. 3 Intel campus with 16k employees within 3 miles. Hillsboro airport were the Intel shuttle runs out of ( Intel has their own airline) Phil Knight of Nike has his hangers there as do other major corps. The commercial dirt around us sells right at 1mil an acre. I have no doubt that in 5 to 7 years we will be sitting on a 40 to 50 mil property. Oregon has this imaginary line around the metro area called the urban growth boundry, if your in it your golden. they then move this boundry by law ever 5 years to accomodate growth, well this movement issue was hotley debaded. ANd Metro then decided 5 years ago to master plan the future and that begat the 2050 plan. they created the urban reserves. these are properties ear marked for development. Then the rural reserves. these are off limits for 50 years. Can touch them they stay age. then thennext thing they did was long range traffic design.

    So as our property sites. it adjacent to the City, it will be the first that comes in 2015 becasue of the location that is clearly evident on the map and areial. Another 2 years of governement hassles and we are in and approved for 700 plus units. Land value 40 to 50 mil easy.

    One need s to know by region where the land use controls are tight like Oregon CA washington.  Where they are loose, Texas
    And most of the mid west cities as they are flat and do not have real envirionmental concerns. Here in Oregon we have to protect Salmon, Steelhead, spotted Owls and all other manner of fuana and flora, same with CA its even worse there.

    Profile photo of HighIncomePropertyHighIncomeProperty
    Member
    @highincomeproperty
    Join Date: 2011
    Post Count: 84

    Jay,
    I will check out the link, however, I don't share your views on the Florida land opportunities. Partially yes, there's a ton of land inland (pretty much any county not on the coast) where land isn't worth anything at all.
    The Cape Coral (I think that's what you meant when you said Coral Gables, which is an area in Miami) area still has very few lots selling for anywhere near $5K. The average sale now in Cape Coral (I'm talking the incorporated city and not including Lehigh Acres, and not including the swamp lands outside it) for a vacant building lot is $51.000, with the average in 2006 being $415.000.

    You're right that if you are working on "the inside" of this business, you can ind SFH in the area, especially in Ft Myers for $20-$30K on occassion, although that'd be the exception and not the rule. We don't do a lot of stuff in FL still as we're focused on the high income properties, but I think for a long term investor, Cape Coral and FL in general present excellent opportunity.

    We only need to look at where people are moving when it comes to retirement, and also now with the cost of homes so low, it'll take a while for land prices to go up, but I think over a 5-10 year period, it'd be hard to not make money.

    Off course, if you buy a property with a 10-15% net income, you'll have been paid back all your initial money after 7-10 years, but a lot of investors prefer the multiple exit strategies and low maintenance that a land investment offers.

    [email protected]

    Profile photo of HighIncomePropertyHighIncomeProperty
    Member
    @highincomeproperty
    Join Date: 2011
    Post Count: 84

    RickH,
    Thanks :-)
    I'm interested in learning more about Kansas City, as I believe it's very similar to other cities we operate in, and it looks to have worked well for you.

    [email protected]

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177
    HighIncomeProperty wrote:
    Jay,
    I will check out the link, however, I don't share your views on the Florida land opportunities. Partially yes, there's a ton of land inland (pretty much any county not on the coast) where land isn't worth anything at all.
    The Cape Coral (I think that's what you meant when you said Coral Gables, which is an area in Miami) area still has very few lots selling for anywhere near $5K. The average sale now in Cape Coral (I'm talking the incorporated city and not including Lehigh Acres, and not including the swamp lands outside it) for a vacant building lot is $51.000, with the average in 2006 being $415.000.

    You're right that if you are working on "the inside" of this business, you can ind SFH in the area, especially in Ft Myers for $20-$30K on occassion, although that'd be the exception and not the rule. We don't do a lot of stuff in FL still as we're focused on the high income properties, but I think for a long term investor, Cape Coral and FL in general present excellent opportunity.

    We only need to look at where people are moving when it comes to retirement, and also now with the cost of homes so low, it'll take a while for land prices to go up, but I think over a 5-10 year period, it'd be hard to not make money.

    Off course, if you buy a property with a 10-15% net income, you'll have been paid back all your initial money after 7-10 years, but a lot of investors prefer the multiple exit strategies and low maintenance that a land investment offers.

    [email protected]

    Your the first one to quote 10 to 15% net returns for cash flow rentals. First time on this forum anyone has come close to what the true cash flow will be over time. All these claims of 15 to 20% NET cash flow are just wishful thinking as in wanting to beleive in the worst way it will be true.  Any US investor with any kind of experince will take gross cash flow and deduct 50% for long term operational expense's before mortgage payment. So if you paying cash for a property. just use 50% of the projected rent as your net income and then figure your net annual return. If you do a little better so be it. but over the long haul this is where it historically has fallen. If you have a nightmare tenant the Net cash flow can be zero or negative. If you are one of the lucky ones that has a tenant move in and stay 5 years and do all their own little repairs, then your return will go up. No property stays full 100% of the time. And no property can be maintained for 20 to 50 a month unless your planning on operating it as a slum lord.

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177
    DetroitDan9 wrote:
    Jay – interesting post! Good luck with your business.

    Detroit Dan what is your opinion of all these agency's selling real property withoud a licnese.

    Not sure whats with in the rule sand whats not.

    Profile photo of USpropertydirectUSpropertydirect
    Member
    @uspropertydirect
    Join Date: 2010
    Post Count: 10

    Deciding where to buy property depends on so many different factors: Just to mention a few: budget, bias to cash flow or capital gain, how long you intend to hold onto your property for, risk profile (very important – no investment is worth losing sleep over), whether you plan to physically visit your property and how often…etc.

    For long term capital growth places like Florida and Las Vegas should be on your radar. The issue with these places is that there are so many foreclosures that it will be some time until any gains are seen. Basic demand and supply! That said, we are seeing a pick up in parts of Miami from foreign investors who are having an impact on the market.

    For income and some stability consider update NY or Kansas City. The issue with Kansas City is you really need to be extra careful about location.

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177
    USpropertydirect wrote:
    Deciding where to buy property depends on so many different factors: Just to mention a few: budget, bias to cash flow or capital gain, how long you intend to hold onto your property for, risk profile (very important – no investment is worth losing sleep over), whether you plan to physically visit your property and how often…etc. For long term capital growth places like Florida and Las Vegas should be on your radar. The issue with these places is that there are so many foreclosures that it will be some time until any gains are seen. Basic demand and supply! That said, we are seeing a pick up in parts of Miami from foreign investors who are having an impact on the market. For income and some stability consider update NY or Kansas City. The issue with Kansas City is you really need to be extra careful about location.

    If it were not for the Foreign investor the US would still be flat on its butt. The off shore investor is impacting the values to the positive, Its the herd mentality, and the exact scenerios that the US investor went through 4 to 6 years ago IE:

    When the average home in CA was 500k plus the CA investor ( which CA has almost 40 million people in this one state) was a market maker, You get enough Californians coming in and you created a market, And they thought hey a rental in Detroit for 80k is a steal it rents for 800 a month. Well now that same house is 25k the rents are the same, the CA investor has been wiped out and its the foreigners coming in. Those houses will never appreciate in our life time.  Its strickly a cash flow play and a rough one as the sociodemographics lean toward very management intensive properties that out of area owners have a very difficult time with.

    WE are all about investing now, now is the time, just need to pick the market and the team to do it with.

    Up state New York is the last place I would invest other than Detroit, Fort Wayne, Toledo, and a most of the rust belt, I digress there have been laws passed in Up state New York to keep Foriengers from buying homes because they just get wiped out loose all their money.

    I agree with Miami, you have a S. American influence, They did totally over build the condo market there so would be careful with those.

    Vegas is a gerneration away, It was  a false market you had so much speculation going on but no real basis for the values same with a large part of florida and Arizona.  that when they crashed they crashed and the values are not coming back anytime soon. The rents crashed as well. So thats a bad combo high vacancy and foreclosures.

    From what I see and based on my experience most markets in the US will support cash flow investments, what they will not support is companies selling properties based on furture Pro formas and not based on actual income data.

    I find it very strange that people will just take the word of companies for what the returns are likely to be or hope to be with no track record.

    A season US investors that buys income property will buy 4 plex or small apartment complex and will run their cash flow analysis bassed on actual operating income for the last 2 years backed up with tax returns. And the fact is a 8 to 10 cap rate is a great rate.

    but no you have all these companies touting 15 to 20% returns on single familys when not one of them actually have a tenant and if they do the tenant by and large has only been there a month or two, This is the hieght of folly, you have really smart people wishing and hoping for returns backed up by what they want to hear not performance data.

    Not to mention the majority of the foreclosures in the states were non owner occuppied properties where the land lord gave up and gave it back to the bank because they got tired of feeding it.

    Did you ever wonder why when your looking at these properties to buy they need extensive reno. Thats because the last tenant trashed the place. And this is whats in store for the AU investor that is just looking for big rate of return, it comes with big risk.

    However I know my views are probably in the minority so you will all have to go through the learning curve. I know I have.

    I made 2 loans in detroit for example back in 08 27k and 30k respecitvlely, rehab was 15k about per house, rehabbed them, then my client defaulted I took them back they were trashed, I then rehabbed them again at the tune of 15 per house only to have them trashed again, and finally let them go for tax's I lost 100k cash on those 2 houses alone, And this story played out in many different markets through out the US…  But hey I made 250 plus loan in detroit probably made a million or more in fees and interest so we wrote it off, but for the individual investor this could be devistating.

    Profile photo of Leonard11Leonard11
    Member
    @leonard11
    Join Date: 2011
    Post Count: 10

    <moderator: delete advertising>

    Profile photo of Top Rental ReturnsTop Rental Returns
    Participant
    @top-rental-returns
    Join Date: 2009
    Post Count: 69

    <moderator: delete advertising>

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177
    Top Rental Returns wrote:
    <moderator:delete advertising>

    Only fly in the ointment with your deals is your grossly underestimating the operating cost and therefor your return on investment numbers are pure fiction. there is no rental in the US that hs NO VANCAY Facotor, and only 300 a year for MAINTAINANCE this is the high of folly and stupidity if someone thinks they can base the returns on these bogus formulas. Anyone can make these look good if you have operational costs at 20% or less of what they really are. For instance I know of one transaction this company sold to an Aussie for 94k  promised 1600 a month in rent. and a 12  .5 net return and 19 gross, who gives <moderator: delete language> about gross returns its all about net. Any way this Aussie closed end of Feb. the rehab was 15k and by looking at the U tube that was probably puffed up by 5 to 7k so contractor made a nice profit there. here we are 5 months later property is still vacant the rehab that We would have done in 2 weeks took them 2 months. So the return on investmetn on this one is probably going to be close to zero for the first year. And thse transactions repeat themselves. Because the Aussie investor wants to beleive who ever will tell them the best story on the highest return. once the property has sold the seller is down the road the Aussie is stuck and wondered what happend to that 12 to 15 % return that they will never see.

    I have owned thousands of these you and your country men are dillisional and will never acheive these returns over any lenght of time maybe year one then they will keep going down and down, and those who bought upper mid west in the Hood and war zones they just through there money away because they were flat being gready thinking they could get some 10 to 20 % return.

    Do YOU GUYS NOT UNDERSTAND that is these returns were real and consistant that the local US investors which there are many more of them then you Aussie would snag them and you would never see them

    The US investor is indeed doing that and the Aussie is buying the crap by and large, and I would venture to guess that fully 50 % of Aussie investors will loose all their money investing in these <moderator: delete language> properties over the next 3 years.

    Do not mean to be so  blunt but it is what it is I know. I have lent to over 1,000 of these , just google my name you will see.

    Profile photo of biggaz13biggaz13
    Participant
    @biggaz13
    Join Date: 2011
    Post Count: 62

    Jayhinrichs has spoken.
    Interesting post.

Viewing 20 posts - 61 through 80 (of 166 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.