Apr 12

Independent Professional Reviewers (Sholander): “The TurnKey Investor’s ‘Subject-To’ Mortgage Handbook”

Read the review by Independent Professional Reviewers (Sholander) of “The TurnKey Investor’s ‘Subject-To’ Mortgage Handbook”.

 

Take an investment property subject that’s potentially challenging to grasp, get an expert investor to explain it, and what do you have? Matthew S. Chan’s simple-to-understand book, The Turnkey Investor’s “Subject To” Mortgage Handbook. The author does a superb job of explaining what “subject to” means, how and when it applies, and how it can benefit both buyer and seller. Risks and advantages are explained in great detail – nothing’s left out. Chan even cautions against misusing this method. Only ethical, honest investors and sellers need apply!

What is “subject to?” To get the full picture, you’ll have to read the book, of course, but in short, it’s a form of seller-financing. It’s a specific technique for buying and financing property subject to the terms of the existing loan. It’s a way for experienced investors to build their portfolio of properties much faster and, in most cases, more cost-effectively.

Right from the start, Chan emphasizes that this book is written for the experienced, not beginning, investor. It’s easy to see why. The “subject to” technique is not for everyone. In significant ways, it differs from a typical real estate transaction, requiring greater knowledge of real estate and mortgage laws, sound business sense, strong ethics, and the ability to negotiate fair terms for everyone involved. So if you’re a beginning investor, this book isn’t for you.

But if you’re an experienced property investor, then you’ll find the technique outlined in The Turnkey Investor’s “Subject To” Mortgage Handbook intriguing and very possibly appealing. Chan guides you step by step through the ins and outs of “subject to.” The writing is so lucid that even someone without a financial or real estate background can understand the concept. Because it’s a fairly advanced method, though, try it only if you’re an advanced investor.

Chan carefully explains cases when “subject to” provides a win-win situation for buyer and seller alike. For a seller who faces foreclosure, for example, a “subject to” transaction can be a lifesaver. For a serious investor looking to purchase properties at a faster pace, “subject to” can be a very attractive option.

Among the important points covered are:

Finding and working closely with a reputable real estate attorney
Locating sellers who want to do business with you
The dynamics of the negotiation
Associated costs and expenses
Benefits to the buyer, seller, and lender
Investment returns and profitability
Closing documents needed
When to invest and when not to

With editorial contributions by Wes Weaver, real estate investor, real estate agent, and property manager, this book is well-rounded and thorough. It accomplishes what the author and contributor set out to do – it offers the mature investor a clear, concise, easy-to-read, and definitive guide to buying property using the “subject to” mortgage technique.

Chan has conducted a great deal of personal research and has spoken with many attorneys and lending institutions to ensure that “subject to” is both legal and ethical. Having completed his research and having found success with this technique, he’s now created a clear manual to help other investors interested in this type of transaction.

The Turnkey Investor’s “Subject To” Mortgage Handbook can easily stand alone, or it can be paired with the accompanying CD audio program, The Turnkey Investor’s “Subject To” Mortgage Success Secrets for a comprehensive package. Matthew Chan’s handbook is an intriguing must-read for the advanced property investor.

Review by Graciela Sholander

Apr 12

Independent Professional Reviewers: “The TurnKey Investor’s ‘Subject-To’ Mortgage Success Secrets”

Read the review by Independent Professional Reviewers of “The TurnKey Investor’s ‘Subject-To’ Mortgage Success Secrets” Audio Program.

 

Matthew Chan’s audio program, The TurnKey Investor’s “Subject-To” Mortgage Success Secrets is an informative CD on the success secrets every individual interested in “subject to” mortgages should know.  I had already gone through the Handbook so I was familiar with what was covered on the CD and found it to be an excellent tool by which to review the material or to specifically consider the most important details to gain success.

Chan points out that subject to mortgages are a special niche rather than a mainstream topic in property management.  In order to become successful, an individual needs to do and practice the activity.  Hopefully, the Success Secrets will be both an aid to beginners and a review of experiences for professionals.  I recommend that if you definitely want to enter into this technique, that you purchase the Handbook.  The CD program is a good follow-up to keep material fresh. It could also be a good introduction as individuals actually consider whether they want to try this type of property acquisition.

To get started, Chan points out the benefits:

Get property without qualifying for financing.
Allows for very fast closings (within days if all things move right).
No additional loan costs.
No impact on borrowing power.
No impact on property manager’s credit report.
Can be profitable even if property has little or no equity.
Gives improved sales credit reports.
Often saves banks and sellers from foreclosure.

Sharing their success secrets is not surprising.  Anyone familiar with Chan’s books will find that he willingly shares experience and knowledge in order to save others from “reinventing the wheel.”  This is a personal philosophy that I highly endorse; I commend Chan for his continued efforts in this regard.  So now let’s consider the “secrets.”

A very important process is ensuring “Deal Flow.”  Chan’s group does a lot of marketing.  They advertise, “I buy houses.”  Striving to continuously get the word out and keep them visible, they advertise non-stop whether or not they are picking up this type of mortgage.

They work with “urgent” sellers.  Yes, it is unconventional, not ideal, but when a seller is motivated, they are willing to consider this type of mortgage.  If you find someone who will trust you, then they are prospective clients.  Turnkey Investing works to ensure high credibility in their professional field!

Complete consideration and evaluation of the possible deal is necessary.  Pointing out that there are lots of bad deals available, Chan ensures each important point is weighted:

Can we meet payments for this property?
Is there any equity?
What is the potential for appreciation?
How much repair/renovation would be needed?
Why are you considering this property? (If it is just to “make the deal,” don’t do it!)

Due Diligence for “subject to” mortgages is specific to this technique.  Highlighting each issue, Chan verifies that the property manager must be very clear about exactly what they are getting into!

Chan speaks out against “kitchen table closings,” and instead insists that a formal closing with an attorney or title company leads to a satisfactorily successful closing.

It seems logical that individuals in this professional field would realize that financial backup is a necessity.  However, success mandates a stronger statement.  If you can’t do it (borrow to ensure coverage of financial contingency issues), don’t enter into the deal!

How many times have we seen small companies fail because of poor administrative or financial management?  Chan points out that with “subject to” mortgages, this may be even more important because you are now acting on behalf of the seller who has entrusted you with their property.

Chan speaks frankly and openly about ethics as well as attention to managerial issues.  Once again, his words are there, ready for you to use in developing a successful career.  Experienced property managers—this is an excellent overview of success issues!!!  Keep it in your car for easy listening as you travel through your day!

G. A. Bixler

 

 

Apr 12

Independent Professional Reviewers: “The TurnKey Investor’s Rental Property Repossession”

Read the review by Independent Professional Reviewers of “The TurnKey Investor’s Rental Property Repossession”.

 

If you have deadbeat tenants who aren’t paying the rent on time or perhaps driving you out of your mind with lease violations, The TurnKey Investor’s Rental Property Repossession by Matthew S. Chan is exactly what you need.  My husband and I, as landlords, have experienced some very strange happenings with our tenants: one tried to grow marijuana on the property and another kept an alligator in the basement.  Evicting tenants via the court system can be a lengthy and costly procedure—one most property managers and landlords would like to avoid; however, many of them have been brainwashed into believing that eviction is their only option. Matthew Chan, a real estate investor and property manager, personally convinced me in this audio program that there are other legal, as well as quicker, ways to get tenants to move out.  Listen with an open mind and learn from this excellent teacher.

Although Mr. Chan specializes in lease options, his intent is to keep many properties without losing money because of non-paying tenants.  As a teen he gained much expertise in regard to leases, agreements, and business letters since his mother owned rental property.  This gave him a head start when he began building his own investment portfolio in 2000.  With the help of a partner, he continued to expand his business, and today, he is recognized as an expert in the field of real estate investing.

This audio program came into being because Mr. Chan saw a definite need for property managers and landlords to have information on “unconventional” ways to deal with deadbeat tenants—stressing that sometimes diplomacy is easier and less expensive than the bureaucracy of the legal system.  When posting to a real estate message board on this subject, he had some very negative reactions.  One responder said the author was presenting a theory as opposed to fact.  However, the individual was wrong as Mr. Chan based his information on personal experience and an astounding decrease in his eviction rate by 80 percent.  With proven results, this is fact and not theory!

Admittedly, there are times that an eviction may prove to be the only way to go; however, this should not be the first course of action.  The author lists the many glitches that property managers and landlords encounter with the eviction system—glitches that result in loss of money and time.  He also acknowledges to landlords that there are benefits to evicting, such as having the power of the law and state government on their side.  It is obvious that a decision has to be made, and Mr. Chan provides common-sense advice on how to determine whether or not to evict.  He also reminds students that they must know landlord/tenant laws in their state.

The author stresses that if tenants are respectful, cooperative, and communicative, it is best not to evict.  In talking with tenants, he strives for a personal talk and not a personal attack, using negotiating skills with firmness and a clear approach.  In most cases he believes that tenants aren’t trying to steal but simply can’t budget their money or control their lives.

Mr. Chan lists three alternatives to eviction:  classifying property as abandoned, paying off or bribing tenants, and getting a signed release.  Although he has classified property as being abandoned, he has never paid a tenant off to vacate property even though, in some situations, he suggests it might be financially advisable.  However, he personally believes in serving the greater good via eviction as opposed to rewarding bad behavior.

Matthew Chan likes to recommend the “Signed Release System,” calling this a clean process that has the cooperation of tenants.  He lists the requirements for being willing to accept a signed release as well as the terms and rights of the agreement.   Mr. Chan points out the importance of not stressing collections while trying to get an agreement, reminding listeners that plans for scheduled payments will be made down the line.  One aspect of this agreement that tenants will find favorable is that they will have no eviction record to haunt them when trying to find housing in the future.  There is a four-step policy for release that, when carried out successfully, will save property managers and landlords much time and expense.   It bears repeating that by obtaining signed releases, the author has eliminated 80% of his evictions.  That is money in the bank!

It is worthwhile to note that the author presents case study experiences to demonstrate some of the procedures he outlines in this audio program. He is forthright in sharing mistakes that he has made as well as success stories.  Matthew Chan is real, honest, wise and a great instructor.

At the end of the CD, there is a bonus section in which the author discusses when and how to use collection agencies to collect lost rents and bad debts. Again, he backs up his words with statistics from personal experiences.

This audio program provides much valuable data that is long overdue.  Perhaps property owners and landlords will rethink their position on routine evictions and opt for a system that results in less frustration and faster results.

I recommend The TurnKey Investor’s Rental Property Repossession as a “must-own resource,” not only as a long-time publisher and nationally published author, but as a landlord who intends to follow Matthew Chan’s advice in the future.

Bettie Corbin Tucker

 

Apr 12

Independent Professional Reviewers: “The TurnKey Investor’s Essential Lease-Option Lessons”

Read the review by Independent Professional Reviewers of “The TurnKey Investor’s Essential Lease-Option Lessons”.

 

Matthew Chan is a businessman who has found a work niche that he undoubtedly loves. He has many interests and one of them is sharing knowledge.  The TurnKey Investor’s Essential Lease-Options Lessons is an important contribution to this activity.  Property managers will be very interested in reading these “real-life investment stories and case studies from the field!”

TurnKey Investing with Lease-Options: How to Simply & Safely Create 12% Returns With Investment Property http://www.bookreviewers.org/turnkey_investing_with_lease_options.htm provided a more generic overview of the entire process, the business, and information on how to invest. Chan’s followup book provides an interesting depth for those who face property management issues each day. *

How best to start talking about investment properties than to provide pictures and details for review.  The first two chapters cover Alabama and Georgia properties.  After each picture and description, the acquisition information is provided and then followed by the Lease-Option terms.  It is quite easy to see what is happening and it appears that there is a major difference in the two costs.  However, property managers must quickly learn to think that lease-option means the future. Planning for the future’s “current market” is a major part of that planning.

Most of us who have any background with real estate can probably come up with a war story or two.  A recent memory for me was when tenants in my best friends’ house left and took most of the furniture!  It is hard to accept when it happens, but it teaches a hard lesson quickly.  As property manager, you might say that Chan has “seen it all.”  For the book, he even divides the lessons down into easy and hard lessons!

One of the easy lessons that I thought very important was the story that people will buy two- bedroom houses.  The underlying lesson to be learned here is that individuals who are going to go into business should not assume that the “conventional wisdom” they hear about their areas is indeed factual.  Chan urges to research and verify what is being said, then make your decisions.

The hard lessons, of course, were more costly and frustrating—but they are the more important ones.  One of the harder ones for Chan was that he couldn’t understand why a nicer property was just not selling.  The reason?  The individuals who had been hired to “bring the property back to standards” had not performed!  Double trouble: the tenants had treated the property badly; the contractors had not done their jobs!  It is indeed an unfortunate lesson that we must all learn—never assume that tenants will treat your property like you would and never assume that employees are doing the job for you.  It’s the world we live in today!  Again Chan explains: Plan to visit or stop by your properties.  Provide specifics to your contractors and ensure completion of satisfactory work before payment.

When you read these types of stories, somehow they seem funny at that time.  Indeed you may one day look back at some of your war stories and smile in remembrance.  These events, however, are not the least bit funny when they occur.  What Chan has done in admitting and sharing these problems is give you, as a new inexperienced property manager, an opportunity to learn in advance.  For those property managers who have some experience, this book will bring back some of your own horror stories and may remind you that you have yet to set into practice activities that will ensure that an experience will not happen again.

No matter what lessons have been learned—good or bad, it will routinely lead to some type of business change or procedure for Chan.  It could mean that there is a need to hire staff.  Here, too, Chan shares his stories about decisions in hiring his office manager.

Throughout this book, there are little nuggets to be mined; for instance, Chan’s group never takes cash.  Payment by check or money order is required.  Why?  For protection of both his company and the tenants.  They copy every transaction as documentation of payment.  Now, that seems like a lot of extra time and effort, but when your realize that there is a potential for legal action at any time, it becomes a sound business decision.

This book is definitely a specialized book for those who are in the property management business or are thinking of becoming involved.  It is an excellent source of detailed information and could easily be a training tool for new employees.  Let Essential Lease-Option Lessons work for you—learn these lessons the easy way, not through going through your own horror story! 

*A quick reminder is important: details contained in these books cover properties managed by Chan and his associates.  Readers must be able to digest and correctly correlate the detailed information to the specific locale in which they work.

G. A. Bixler
For IP Book Reviewers

 

 

Apr 12

Independent Professional Reviewers: “TurnKey Investing with Lease-Options”

Read the review by Independent Professional Reviewers of “TurnKey Investing with Lease-Options”.

 

If I were still working, I would be reading TurnKey Investing with Lease-Options as I would an excellent novel!  Indeed, I was not only impressed with this book; I was amazed!  The main reason for my careful review of this book was that I read it wearing two former hats.  One was as the experienced lease manager for a land-grant university but, more importantly, the other as a young single professional woman who had entered into a lease-purchase arrangement when I decided to buy a condo many years ago.

Even though I was already managing leased space for the university, when I decided to purchase a condo, I was not prepared for the trauma of having to face a major financial burden with no support.  My mother was living with me at the time, but I knew the little money she provided would not continue through the life of the mortgage.  Additionally, although I had been promoted on an ongoing basis, and expected another promotion in the near future, I had no savings or verification that I would be able to meet mortgage payments. Fortunately, my landlord wanted to get the last unit sold in this complex and offered to allow all rent payments to go toward an ultimate down payment on the actual purchase price.

If you are in a similar situation—buy this book.  It is not necessarily intended for the potential new property owner; however, it provides a lot of essential information you need to know as you consider this option.  For instance, for years, I sat in my new condo with nothing on my walls, no pictures, and no decorations—because my landlord had told me this wasn’t permitted.  Such a little thing, but I grew to hate those bare walls and, finally, even though feeling guilty, pounded the first nail toward making that house a home!  With this book, I would have been in a position to question and negotiate what I could have done in this place I intended to make my long-term home!  Indeed, the acquisition of a home via lease option is based upon accepting a home, essentially as-is with the ability to improve and upgrade the building as if it were already owned.

At the same time, even though this book is written for a specific geographical area, the philosophy, the management direction, and the presentation itself all provide an excellent learning tool for an individual who has been given any type of property management responsibility, no matter where that property is located.  In addition to thoroughly describing lease-options, the book covers how to research the market, purchasing, preparing, marketing and finding the right tenants.  The excellent ideas used herein can be easily translated for use in any type of real estate transactions.

And, finally, if I were a potential real estate investor, not having already committed to my retirement plan, I would be in contact with Mr. Chan immediately!  Why?  This book shows exactly what I as an investor need to know to make the decision to consider real estate as an investment.  And, what’s more, he proves his claims with sufficient facts and figures that you can believe. That’s a major accomplishment for those who are reticent to invest in anything that has some risk.

Mr. Chan’s book is perhaps one of the best written books of its type.  Using the traditional training method, he first gives an outline of what he is going to explain and teach and then he repeats each item, both times providing specific details, but also anticipating any questions that might evolve based upon his presentation.  You can tell immediately that the author speaks with authority, based upon knowledge and experience, readily confessing to trial-and-error issues.

Mr. Chan opens his book with recommendations from those who are involved in considering investment options.  By the time you finish the book, you will have gained a certain trust for the company and its team.  However, assuming you are not in a position to invest directly with TurnKey Investing, this book provides sufficient details for you to learn about real estate investments.  Specifically, the use of conventional financing through a bank, versus private financing, versus seller financing is explained.  The author is open and quick to point out that the best financial gain is through the use of cash/private financing.  However, the use of bank financing is also explained and the returns of each are explored thoroughly.  For a potential real estate investor, Turnkey Investing is worth every penny of its purchase price.

I think the real value of the book, however, is for those who are interested in getting into the real estate business using lease-options.  Turnkey Investing defines a market and stays with it—specifically to serve the thousands, if not millions, of people across the United States who wish to own a home but are not able to gain financial backing through the normal process, especially in the early years of their adult lives. Lease-option is an important contribution in today’s world of turmoil and insecurity.  It provides a no-lose option to those who are now renting without any future return on those funds.  At the same time, it provides an opportunity for houses to move faster on the market and a way by which a landlord or property manager can respond in a cost-effective as well as profitable manner.

Finally, as a long-time planner and manager, I was most impressed with this company’s use of Kaisen.  This Japanese concept is the belief in making small, ongoing improvements to a business system.  A review of their online activities which allows practically everything to be done online to apply for a home, the use of a hot-line as a means of dispensing valuable information and basic management decisions to expedite efficient use of their teams’ time is a delight to see in practice!  Even if you have absolutely no interest in real estate, if you are a planner or manager, study the book to absorb what can be learned from this efficient and effective team!

The TurnKey Investor’s Essential Lease-Option Lessons as well as CD audio programs and a Documents Collection supplement this book.  However, this first book, TurnKey Investing with Lease-Options, easily stands alone as a major real estate manual.  It’s a Must Read for property managers, landlords interested in upgrading their activities, as well as real estate agents, lease managers and others who are interested in this major and profitable business!

G. A. Bixler
IP Book Reviewer

Apr 12

Midwest Book Review: “The TurnKey Investor’s ‘Subject-To’ Mortgage Handbook”

Read the review by Midwest Book Review of “The TurnKey Investor’s ‘Subject-To’ Mortgage Handbook”.

 

The TurnKey Investor’s “Subject-To” Mortgage Handbook is a guide written especially for the independent-minded investor who is seeking a more economical way to buy investment property than to make a large down payment and then qualify for a mortgage. A lesser-known seller-financing technique called the “subject to” mortgage – in which the buyer safely and legally takes over and manages an existing mortgage offered by the seller – allows investors greater freedom and flexibility. The TurnKey Investor’s “Subject To” Mortgage Handbook offers guidelines for getting qualified sellers to call the reader and offer a “subject to” mortgage, tips on how to guard against common pitfalls, and much more. A “must-read” for experienced investors frustrated by bank mortgage demands.

 

I thank Midwest Book Review for taking the time to review my book.

Apr 12

Midwest Book Review: “TurnKey Investing with Lease-Options”

Read the review by Midwest Book Review of “TurnKey Investing with Lease-Options”.

 

With contributions by Wes Weaver, professional real estate investor and property manager Matthew S. Chan has creative “TurnKey Investing with Lease-Options: How To Simply & Safely create 12% Returns With Investment Property!” a comprehensive, “reader friendly”, instructive introduction on creating, investing, and managing a profitable real estate portfolio utilizing Lease-Option. Readers will learn how Lease-Options work to simply and safely build an investment portfolio; how to generate steady, spendable cash flow through Lease-Options; finding the right real estate market to safely invest in for a reliable return; profitably manage properties while avoiding ongoing maintenance expenses eating into the bottom line; recruiting the right management team to build and guard a real estate based investment portfolio; even how to invest in a Lease Option investment strategy without the necessity of owning property. Superbly organized, informed and informative, Matthew Chan’s “TurnKey Investing with Lease-Options” should be considered a mandatory study and on-going reference guide by anyone aspiring to make money consistently and reliably in today’s volatile and competitive real estate market through the utilization of Lease-Option strategies.

 

I thank Midwest Book Review for taking the time to review my book.

 

Apr 11

The TurnKey Investor’s “Subject-To Mortgage” Success Secrets: What the “Subject-To” Mortgage Pros Know That Beginners Do Not!

“Learn The 8 Success Secrets Every ‘Subject To’ Mortgage Pro Knows!”

Every successful “Subject To” Mortgage Investor has crucial success areas they must focus on to make their investment portfolio perform profitably. They know focusing of the right things lead to ongoing and profitable property acquisitions. They know focusing on the wrong things ultimately leads to disastrous results

Whether you are an active or passive “Subject To” Mortgage Investor, you must know the key success areas to learn and master. Beginning investors often learn these difficult lessons the hard way.

Don’t Learn the Hard Way!

This 45-minute Audio Program will give you a jump-start to “Subject To” Mortgage Success by explaining the 8 Success Areas every “Subject To” Mortgage Investor must learn and master.

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CD Audio Program
(45-minutes)
ISBN 0-9713947-3-3

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Apr 11

The TurnKey Investor’s Inside Secrets of a Profitable Real Estate Partnership & Alliance: The Secrets of Our Real Estate Business Partnership & Alliance We Don’t Publicly Discuss!

 

“LEARN THE INSIDE SECRETS OF A REAL ESTATE BUSINESS PARTNERSHIP & ALLIANCE”

People often say, “Don’t ever get a business partner. You will only have problems.” That is like saying, “Don’t ever get married. You might get divorced.” This limiting advice often comes from inexperienced people who have not successfully partnered or allied with others in business. Some see forming business partnerships and alliances as a weakness. Others see it as a tremendous asset and source of great strength and hidden power.

Every successful real estate business will grow. You can always hire employees. However, even the best employees are not a substitute for a dedicated principal owner in the business. Great business partners care just as much, if not more, about your business as you do.

In this special unscripted and unrehearsed program, Matthew and Wes share the secrets and inner workings of their successful real estate partnership and alliance. They discuss how they met, their first deal, their philosophy, and their tag-team approach to growing and managing their real estate business that most single-owners cannot easily match.

Most importantly, they frankly discuss why and how their business partnership and alliance will still be a great success even if they one day have a business “divorce”.

If you want to learn more about the inner workings of a successful real estate partnership and alliance and discover new ideas and insights, this program is for you.

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CD Audio Program
(73-minutes)
ISBN 1-933723-14-9


View CD Insert & Audio Track Listing

Apr 11

The TurnKey Investor’s Real Estate Portfolio Success Secrets: What Professional Real Estate Investment Portfolio Builders Know That Beginners Do Not!

 “LEARN THE 10 SECRETS EVERY REAL ESTATE INVESTMENT PORTFOLIO BUILDER KNOWS”

Every successful Real Estate Investment Porfolio Builder has crucial success areas they must focus on to make their investment portfolio grow consistently and profitably. They know that focusing on the right things leads to continuous and extraordinary capital growth and returns. They know that focusing on the wrong things ultimately leads to disastrous financial results.

Whether you are an active or passive Investor, you must know the key success areas all Professional Real Estate Investment Portfolio Builders must learn and master.

Beginning investors are often “deal-focused” and go from deal to deal with no clear vision looking for the next big payday. Experienced and wealth-minded investors are “portfolio-focused” and think with a longer-term view. Every deal builds on the ones done before working towards a clear vision creating a compound growth effect. Beginning investors very often never learn these simple lessons letting valuable years slip away.

“DON’T WASTE YEARS TO LEARN THESE SIMPLE LESSONS!”

This 62-minute Audio Program will give you a jump-start to Real Estate Investment Portfolio Building Success by explaining the 10 Success Areas every Real Estate Investment Portfolio Builder must learn and master.

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CD Audio Program
(62-minutes)
ISBN 1-933723-03-3


View CD Insert & Audio Track Listing

 

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