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Speaker 1: Everyone, Welcome to another episode of the Market Disruptor Show.

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Speaker 1: I am sitting down again with real estate expert Jason Hartman. Um.

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Speaker 1: We've had some great discussions and I have a lot

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Speaker 1: of questions for him. I'm really looking forward to. Uh So, Jason,

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Speaker 1: Welcome to the show. Hey Mark, Thanks, it's good to

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Speaker 1: be back. And uh go boy, we we've got to

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Speaker 1: talk more often. There is so much going on in

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Speaker 1: the world that I've been every time, you know, something

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Speaker 1: is going on, I'm thinking, I want to ask Mark,

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Speaker 1: what would he think of this? You know, yeah, yeah,

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Speaker 1: things are There's a quote I can't remember who says it,

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Speaker 1: but it's something about there's decades, uh that seemed like

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Speaker 1: they I'm butchering the quote now, but there's years go

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Speaker 1: by with nothing, and then sometimes there's days that seemed

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Speaker 1: like years or whatever. Anyway, there's so much stuff going

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Speaker 1: on right now. You know. Another way to say that

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Speaker 1: is in a time of like pandemic COVID and and

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Speaker 1: civil unrest and race riots, you know, it's like a

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Speaker 1: week is like a year. I mean, it's changing so

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Speaker 1: quickly and there's so much to talk about that it's

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Speaker 1: like dog years, right, that's a that's a that's a

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Speaker 1: better way to put it. So, Um, you're the real

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Speaker 1: estate expert, you're an investing expert. You get the whole

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Speaker 1: big picture, which is why I like talking to you. Right,

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Speaker 1: you can't just look at one segment. You have to

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Speaker 1: understand everything. Um, And so you you get that. And

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Speaker 1: there's some questions that I have, and I know my

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Speaker 1: audience has, because I've recently done a series of videos

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Speaker 1: and I've talked about different segments of the market. Um,

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Speaker 1: I've made the case that there's going to be this

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Speaker 1: great migration happening for different reasons. I've made the case

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Speaker 1: that maybe prices are still cheap, but everybody's fixated on

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Speaker 1: one thing, and that is the pandemic. And because fifty

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Speaker 1: million people are out of jobs and maybe a lot

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Speaker 1: of these jobs might not come back, who knows how

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Speaker 1: long it's going to take. Whatever. Because of that, the

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Speaker 1: entire real estate market must crash. People are stuck in

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Speaker 1: that trap. And I don't see it that way. I

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Speaker 1: believe there's nuance in there. But people have this view

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Speaker 1: where because the pandemic, real estate has to crash. What

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Speaker 1: would you say about that? Well, Uh, it's a multilayered discussion.

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Speaker 1: So first of all, UM, you know when you say

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Speaker 1: people say that, I know some people say that because

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Speaker 1: I get the comments on my YouTube videos you get

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Speaker 1: on yours. UM, but they're completely wrong. I'm just here

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Speaker 1: to tell you, okay. I mean business is freaking booming

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Speaker 1: for us. UM. We do not have nearly enough inventory

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Speaker 1: of properties. My company helps investors by properties nationwide, and

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Speaker 1: I mean inventory is super scarce. Things are going like that. Now,

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Speaker 1: that's what we do. But like you were saying, UM,

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Speaker 1: in in some segments of the market and in some

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Speaker 1: geographical areas, it is a completely different picture. If we

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Speaker 1: were offering uh properties in any high density city or

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Speaker 1: you know, urban area. UM, if we were offering expensive properties,

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Speaker 1: I would not be thinking or saying that now. Interestingly, though,

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Speaker 1: some of the expensive properties in low density areas are

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Speaker 1: actually booming because there's still a lot of people in

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Speaker 1: the world with a lot of money, and that money

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Speaker 1: is moving. This is a a migration of people and

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Speaker 1: money that is happening right now. So whenever a crisis hits,

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Speaker 1: and we are definitely in a crisis, I will be

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Speaker 1: the first to agree. Please don't give me any silly

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Speaker 1: comments on this video that oh gosh, this guy's god

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Speaker 1: rose colored glasses. You know. Yeah, no, everything is not okay.

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Speaker 1: It's not okay at all. I mean, we are in

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Speaker 1: a time of crisis, and um, but in a time

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Speaker 1: of crisis, money moves around. People move move around, the

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Speaker 1: the you know, the checkers on the checkerboard move around,

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Speaker 1: and uh, and that's what's happening now and so uh

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Speaker 1: that that reallocation is happening. And you know, I'll share

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Speaker 1: some math when when I share my screen and show

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Speaker 1: you some of this migration that's going on, and show

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Speaker 1: you some of the calculations for the possible migration to come.

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Speaker 1: It's just begun. This is I mean, a damn is breaking,

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Speaker 1: a tsunami is is forming, and uh, if you're an investor,

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Speaker 1: you want to ride this wave and you don't want

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Speaker 1: to be on the wrong side of it to where

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Speaker 1: it breaks on your head because that is definitely happening

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Speaker 1: in some areas. Yeah. Now, um, you last time we talked,

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Speaker 1: you had brought up a statement which I've echoed, and

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Speaker 1: I want to just kind of stay stay one more

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Speaker 1: time for everybody that's listening and say that things you

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Speaker 1: are painting it with rose colored glasses. Is that there

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Speaker 1: is no such thing as the real estate market, thousands

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Speaker 1: of sub markets broken up by area, by price, range,

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Speaker 1: by type, by all different types of things, and finance

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Speaker 1: markets can be complicated, and there's reasons why people want

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Speaker 1: them to be complicated, but really everything breaks down to

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Speaker 1: the most simple, which is supply and demand. And everything

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Speaker 1: is always driven by supply and demand. And so because

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Speaker 1: there's this massive pandemic and there are fifty million people

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Speaker 1: out of work, and there are a lot of jobs

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Speaker 1: that won't come back, there's a lot of things happening.

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Speaker 1: People are gonna be working from home, People want to

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Speaker 1: lose certain areas, and and as you just made the case,

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Speaker 1: people start moving. And it's the moving that creates supply

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Speaker 1: and demand. And so if you can chase those trends,

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Speaker 1: you can find the pockets. I mean, I guess is

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Speaker 1: that is that what you're seeing? Yeah? And I mean

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Speaker 1: better than chasing them, even although you can still make

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Speaker 1: a lot of money chasing them. But is to do

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Speaker 1: what the great Wayne Gretzky said, And you probably know

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Speaker 1: what I'm gonna say, right, I skate to where the

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Speaker 1: puck is going, right, you know, like that's that's the

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Speaker 1: thing you want to do is skate to where the

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Speaker 1: puck is going. And uh so it's definitely going to

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Speaker 1: suburban markets, and it's leaving urban markets. And eight of

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Speaker 1: the population of the United States lives in what the

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Speaker 1: census considers an urban market. Okay, now, let's kind of

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Speaker 1: lay a little groundwork if we can, because you're alluded

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Speaker 1: to it just a second ago. Mark. Um. You know,

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Speaker 1: I've always talked for the last sixteen seventeen years, as

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Speaker 1: I've been educating investors and helping them invest nationwide, I've

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Speaker 1: always talked about three types of markets. Linear markets, cyclical markets,

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Speaker 1: and hybrid markets. Linear markets are the markets we like

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Speaker 1: and invest in, their boring markets. Uh their places like um,

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Speaker 1: you know, Memphis, Tennessee, Little Rock, Arkans Saw, Um, some

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Speaker 1: of the Texas cities, their places like Indianapolis. Um, there's

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Speaker 1: a bunch of them, and you know they're all on

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Speaker 1: my website at Jason Hartman dot com, so you can

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Speaker 1: see what linear markets are. Most of the world is

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Speaker 1: a linear market. It's most of the world is a

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Speaker 1: boring real estate market where prices just chug along. They

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Speaker 1: don't go up much, but they don't go down much

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Speaker 1: either in bad times, and these properties have really good

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Speaker 1: cash flow. And I know you you agree with me

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Speaker 1: on this type of investing. The problem is the news

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Speaker 1: media doesn't pay attention to these markets. But the news

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Speaker 1: media pays attention to is the cyclical markets, the markets that,

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Speaker 1: if you're looking at a graph, look like a roller coaster.

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Speaker 1: They have glorious highs and ugly lows. Those are places

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Speaker 1: like the West coast of the United States, South Florida,

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Speaker 1: just a little bit south of where I live. Um,

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Speaker 1: you know, Miami area, Fort Lauderdale, UM, the expense of

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Speaker 1: Northeastern markets, New York, Washington, d C, Boston, some of

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Speaker 1: the areas of Connecticut, et cetera. Around the world, they

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Speaker 1: are places like Dubai, Paris, London, Hong Kong, a k

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Speaker 1: In these markets, I wouldn't touch them with a ten

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Speaker 1: foot poll Okay. Also, interestingly, the cyclical markets tend to

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Speaker 1: be urban markets that are high density. That are markets

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Speaker 1: that people are fleeing. They have civil unrest, they have

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Speaker 1: a high chance of catching a virus, a place where

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Speaker 1: you can't socially distance, and they're expensive, and most of

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Speaker 1: them are business unfriendly. There they have high taxes, they

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Speaker 1: have intrusive governments. Um. And you know, I think people

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Speaker 1: have just woken up that these they just don't have

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Speaker 1: that much to offer. You know, I have several friends,

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Speaker 1: as I'm sure you do, Mark that live in places

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Speaker 1: like New York City, and one of them, for example,

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Speaker 1: just Um, left New York City, uh, a six hundred

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Speaker 1: square foot apartment that was thirty eight hundred dollars a month,

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Speaker 1: and moved to South Carolina, Okay, And you know it's

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Speaker 1: like you can you can trade in your four thousand

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Speaker 1: dollar a month, six d square foot apartment for a

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Speaker 1: three bedroom, two bath, two car garage fifty a hundred

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Speaker 1: square foot home for one third of the costs. Yeah,

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Speaker 1: in some of these markets that we're in, it's just

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Speaker 1: a much better deal. And now that everybody's telecommuting and

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Speaker 1: you know, working on Zoom and stuff, it doesn't matter

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Speaker 1: where you live. It just it doesn't matter that much.

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Speaker 1: So that's the trend we're seeing. So then I think

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Speaker 1: maybe it could be easy for some people to believe

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Speaker 1: there's this migration happening. Um. Baby boomers want to leave

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Speaker 1: expensive areas and move to sunbelt states. People want to

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Speaker 1: get out of high density areas go to low tax areas.

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Speaker 1: So maybe and and now Twitter and Facebook say you

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Speaker 1: don't have to work at the office anymore. You can

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Speaker 1: live wherever you want for another year than just that

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Speaker 1: was just out today, right, and uh so, so maybe people,

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Speaker 1: maybe people can believe that that great migration is happening. Um,

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Speaker 1: but will the amount of people going out of work

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Speaker 1: be too much to offset that? Yeah, that's a great question.

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Speaker 1: And even let me just broaden your your thesis a

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Speaker 1: little bit there, because that's a great question and it's

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Speaker 1: one that definitely needs to be answered. Look, there is

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Speaker 1: no doubt the economy is in crisis. The question is

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Speaker 1: which trend is bigger? Is the trend of the economy

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Speaker 1: being in crisis or the trend of the mass migration

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Speaker 1: of people and money both of those things, people and money, Um,

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Speaker 1: which trend is bigger? Well, I don't know the answer,

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Speaker 1: and I've tried to figure it out, and it's very

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Speaker 1: hard to figure out. But I don't know if we

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Speaker 1: need to know the answer to that question. All we

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Speaker 1: need to do is play in our little piece of

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Speaker 1: that and we know for sure that there's a migration

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Speaker 1: out of high density areas to low density areas. So

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Speaker 1: people would rather live in Indianapolis, Memphis, Little Rock, Atlanta, Okalla, Florida.

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Speaker 1: That's Florida by the way, Ocala, Jacksonville, any of these

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Speaker 1: markets that we sell properties in, then they would in

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Speaker 1: you know, New York City, downtown Chicago, and um, you

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Speaker 1: know that is happening. So I don't know about the

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Speaker 1: broader economy. I mean, we are certainly in trouble, but

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Speaker 1: I think what what I would say is that you're

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Speaker 1: you're right, Uh, you can't look at the broad economy.

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Speaker 1: So all of that selling, that potential selling, is going

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Speaker 1: to cause an impact. But again back to supply and demand.

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Speaker 1: When people leave one area and mass leave a bunch

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Speaker 1: of areas to go to a few a few areas,

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Speaker 1: the supply and demand is going to offset that. And um, yeah,

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Speaker 1: you have a lot of people losing their jobs, but

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Speaker 1: there's always people gonna need the place to live, and

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Speaker 1: so there's always gonna be segments of the market. Maybe

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Speaker 1: the MC mansions are soft, but maybe the entry level

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Speaker 1: homes are always gonna have high demand because someone's always

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Speaker 1: going to be an entry level home. So you have

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Speaker 1: to look at the areas, you have to look at

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Speaker 1: the property types. You have to really dig into the segments, right, yes,

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Speaker 1: you do. You have to. You have to peel back

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Speaker 1: the onion people that make these silly generalizations about, oh,

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Speaker 1: it's a terrible time to buy real estate. Well, you

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Speaker 1: know what they said that night too. Would you like

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Speaker 1: to own have owned some property that you purchased in

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Speaker 1: ninety or night or two thousand and eight. You'll be

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Speaker 1: doing great right now. Okay. They people always say that

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Speaker 1: stuff because they make silly, sweeping generalizations. Um Mark, Right

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Speaker 1: before we started today, you said something that was very

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Speaker 1: very important. You talked about how people don't uh, they don't.

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Speaker 1: You basically were saying that people don't buy a house

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Speaker 1: based on the price, they buy it based on the

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Speaker 1: payment and because the interest rates are so incredibly insanely low,

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Speaker 1: where they're literally paying us to borrow the money after

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Speaker 1: inflation and taxes. You're getting paid to borrow even if

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Speaker 1: you never write your house out, okay, even if it's vacant,

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Speaker 1: you're getting paid to borrow after inflation and taxes. Okay.

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Speaker 1: So with that said, we're in an era of truly

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Speaker 1: negative interest rates. You get that dead asset with the house,

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Speaker 1: and if you look at the average mortgage payments, or

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Speaker 1: you compare an apples to Apple's property in terms of

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Speaker 1: what it was ten years ago, fifteen years ago. And now, yes,

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Speaker 1: the price is higher, I get it, but the payment

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Speaker 1: is lower, okay. So so real estate for most people

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Speaker 1: has actually gotten cheaper okay, based on a payment. But interestingly,

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Speaker 1: the rent has continued to go up, right even though

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Speaker 1: the payment got lower for the landlord. So um, I

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Speaker 1: want to dig into that a little bit. But um,

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Speaker 1: just for the listeners, um that are that are paying attention.

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Speaker 1: I wanna, I really want to talk about this great migration.

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Speaker 1: And as you said, the great Wayne Gretzky says, skate

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Speaker 1: to where the puck is going to be. You told me,

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Speaker 1: don't chase the money, get in front of it, so

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Speaker 1: you can make a lot of money chasing it too, right,

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Speaker 1: smart money gets in front of it. And so I

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Speaker 1: want you to tell us, uh and maybe show us.

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Speaker 1: You said you have some charts of where what's happening

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Speaker 1: with this great migration? And but before we jump into

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Speaker 1: those lines, let's not. Let's not jumping up yet. So

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Speaker 1: I want to get into I'm just telling the listeners

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Speaker 1: I want to. I want to I want to. I

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Speaker 1: want you to show us some slides and show us

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Speaker 1: this great migration so we can understand where the puck

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Speaker 1: is going to be. But before we do that, UM,

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Speaker 1: I just wanted to dig into what you said real quick.

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Speaker 1: And you said that interest rates are so low that

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Speaker 1: we're basically getting paid to borrow. Now, interest rates are

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Speaker 1: what two and a half percent or whatever? Um, And

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Speaker 1: I understand what you mean, but most people probably don't

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Speaker 1: follow that. So if I'm paying two and a half

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Speaker 1: or three percent, what do you mean I'm actually getting

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Speaker 1: paid to borrow. Let's say you're paying even more. Let's

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Speaker 1: take the example, a real world example of one of

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Speaker 1: our clients who just purchased the property and closed on it.

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Speaker 1: And I had him, I interviewed him on my podcast

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Speaker 1: and I talked about it. He's got a three and

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Speaker 1: a half percent, three decade long mortgage, so literally he

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Speaker 1: will not make the last payment on that mortgage he

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Speaker 1: and his wife until two thousand and fifty. Okay, Like,

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Speaker 1: think about that two thousand and fifty, three decades from now.

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Speaker 1: In three decades, there will be about ninety million more

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Speaker 1: people in the United States. And who thinks with all

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Speaker 1: this money printing and all this quantitative using that we're

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Speaker 1: going to have some inflation somewhere in there. Maybe it

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Speaker 1: won't be right away. I get it, you know, I

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Speaker 1: don't know when it will be, but it's coming eventually.

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Speaker 1: It has to come. Okay, Like Milton Friedman said, and

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Speaker 1: you know, people disagree with us, but he said it's

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Speaker 1: a good quote. He said, inflation is everywhere and always

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Speaker 1: a monetary phenomenon. And what that means is that when

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Speaker 1: the printing press runs, when there's more supply of money

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Speaker 1: chasing a limited supply of goods and services, prices have

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Speaker 1: to go up. You talk about supply and demand a

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Speaker 1: lot mark and you know you're you're a bitcoin investor,

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Speaker 1: and you know that's one of the reasons I think

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Speaker 1: you like it, right because it can't be inflated like

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Speaker 1: dollar can. Right. So um to add to that, um,

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Speaker 1: just real quick, Um, the Fed right there printing money,

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Speaker 1: endless money, trillions and trillions of dollars and they said, uh,

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Speaker 1: just recently, I think it was a week or two ago,

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Speaker 1: they said, quote, they are going to let the inflation

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Speaker 1: run hot. So what happens is typically as they're starting

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Speaker 1: to get close to their two percent target, they start

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Speaker 1: to taper down to slow it down. They said they're

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Speaker 1: gonna run it hot, let it just run pat, which

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Speaker 1: means they're gonna overshoot that too. And and as you said,

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Speaker 1: what Milton Freema said, it's a phenomenon that I don't

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Speaker 1: believe can be controlled. So if they're gonna let it

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Speaker 1: run hot past two percent, it's gonna overshoot the ten

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Speaker 1: percent or something. Who knows, right? So, Um, anyway, but

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Speaker 1: go ahead and finish back with your example. So he

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Speaker 1: pays pain three and a half percent, but because inflation

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Speaker 1: will end up running as high as two and a

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Speaker 1: half or three percent, the goals two percent. Um. Somehow

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Speaker 1: that means that he's getting paid to borrow. Yeah. So, UM,

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Speaker 1: just one comment before that on on your inflation comment.

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Speaker 1: You know, um on shadow stats dot com, which I'm

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Speaker 1: we haven't talked about it, but I'm sure that's a

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Speaker 1: website you've referenced before. Um. John Williams, the founder, was

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Speaker 1: on my show before, and he has a real inflation

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Speaker 1: calculator on shadow stats, and people should go check that

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Speaker 1: out and you will just see how inflation is much

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Speaker 1: higher than we're being told five or six percent at least. Yeah. Yeah,

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Speaker 1: but but that said, you know, the the FED and

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Speaker 1: the government clearly state that their goal is to have

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Speaker 1: two percent inflation. Okay, so let's just take them at

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Speaker 1: their order and say it's two percent for this example. Okay.

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Speaker 1: Mortgage interest is tax deductible. Okay. So if you are

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Speaker 1: paying three percent or three sorry, three and a half

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Speaker 1: percent on the mortgage, depending on your tax bracket, you know,

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Speaker 1: state and federal tax combined, you're gonna have about one

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Speaker 1: point five percent of that be deductible. Okay. I'm assuming

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Speaker 1: there's no income against it. The house is vacant, you

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Speaker 1: never rent it to anybody, which is terrible. Of course

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Speaker 1: you're gonna rent it, okay, but let's say you don't, okay.

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Speaker 1: So uh, and if you have two percent inflation in

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Speaker 1: one point five percent tax deduction, okay, then you're getting

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Speaker 1: the money for free. If you're paying three and a

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Speaker 1: half percent, period, it's free money even if you never

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Speaker 1: ever rent the house out. Now, if you rent the

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Speaker 1: house out, you have got uh. The reason we love

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Speaker 1: real estate investing is because we have what we call

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Speaker 1: self liquidating debt. Okay, lookay, I love debt when I

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Speaker 1: don't have to pay it when I can outsource the

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Speaker 1: repayment obligation to someone called a tenant dead is awesome. Otherwise,

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Speaker 1: I don't like debt at all. I mean, the only

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Speaker 1: supposed debt I have is my car lease, and I

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Speaker 1: do think the car lease is actually a decent deal.

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Speaker 1: So I usually lease my car. Is not always sometimes

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Speaker 1: I just buy them, but uh, sometimes I lease them.

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Speaker 1: So my current car is on a lease and the

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Speaker 1: rate is super cheap. Okay, so I think that's a

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Speaker 1: good deal to lease the car. Um But the only

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Speaker 1: debt I have is mortgage debt. That's it. Other debts

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Speaker 1: are too expensive and they're not self liquidating. They require

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Speaker 1: me to pay it. Now, if you think back to

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Speaker 1: all these famous corporate raiders Ivan bow Ski, Okay t

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Speaker 1: Boon Pickens who you know passed away recently, um Carl Icon,

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Speaker 1: you know all these names we've all heard about, right.

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Speaker 1: What they are sometimes famous for is what's called an

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Speaker 1: l BO leveraged buyout, and that leveraged buyout basically is

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Speaker 1: the technique where they will acquire a company and then

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Speaker 1: the way they pay for the they levered up with debt.

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Speaker 1: They put a lot of debt on the company, but

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Speaker 1: the way they pay the debt back is through the

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Speaker 1: company's own revenue that it generates. So it's a self

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Speaker 1: liquidating debt. It's like it's like, you know, buying a

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Speaker 1: cow and then paying for the cow with the milk

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Speaker 1: the cow produces. Right, you don't pay for it yourself.

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Speaker 1: It's only only half the milk it produces. Yeah, that's

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Speaker 1: even better. That means that's called positive cash flow. Um. Yeah,

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Speaker 1: that's that's a great example. So yeah, I mean there's

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Speaker 1: there's all these things that are happening. Um, there's one

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Speaker 1: more thing that I want to throw out there before

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Speaker 1: we jump into telling you telling us where people are moving,

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Speaker 1: where the puck is going to be. But the other

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Speaker 1: thing that I think people need to keep in mind

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Speaker 1: is that the future is uncertain. We have no idea

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Speaker 1: what's going to happen. Um, I think we we have probabilities.

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Speaker 1: We deal with probabilities, right, we don't. We don't. We

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Speaker 1: don't make predictions. We deal with probabilities. The probability of

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Speaker 1: inflation is extremely high. I mean, they're printing chillions of dollars.

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Speaker 1: They're probably gonna print another tenant chillion before it's over.

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Speaker 1: So the probability of inflation is really high. But there's

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Speaker 1: another probability that people are are completely dismissing and they're

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Speaker 1: automatically assuming that foreclosures are going to rock the entire economy.

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Speaker 1: But there's no reason to really believe that because in

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Speaker 1: two thousand and eight the government held off foreclosures for

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Speaker 1: four years. Yeah, and we're already seen already. We've seen

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Speaker 1: rent forgiveness, mortgage forgiveness, rent uh eviction forbearance, rent payment forbearance.

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Speaker 1: So we've already seen it just in the beginning. To

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Speaker 1: imagine how much more the government could do to just

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Speaker 1: forgive payments or whole full foreclosures or whatever. They've already

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Speaker 1: done it before, Why wouldn't they do it again? Absolutely,

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Speaker 1: you're absolutely right. Look at the government. Um, no government

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Speaker 1: and no central bank wants a bad economy. That's a

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Speaker 1: bad deal for them. One thing we know for sure

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Speaker 1: that they want is inflation, because inflation makes it cheaper

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Speaker 1: for them to pay their debts off. And the US

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Speaker 1: is in a very enviable position having the world's reserve currency.

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Speaker 1: People like Peter Shifts saying, you know, the US is

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Speaker 1: going to lose its reserve currency status. You know, he'll

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Speaker 1: probably be right long after he's gone. Okay, I mean, yes,

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Speaker 1: someday that may happen, sure, But the reality is, at

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Speaker 1: the end of the day, the country that's going to

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Speaker 1: control the reserve currency to the world is the country

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Speaker 1: with the most aircraft carriers and that's the United States. Okay, Um,

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Speaker 1: I mean the ability to wage war and you know,

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Speaker 1: keep us interests are that's gonna win the day. It

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Speaker 1: always as it always boils down to the military at

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Speaker 1: the end of the day. Well, that's a whole separate

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Speaker 1: conversation that we could definitely discuss because I don't know

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Speaker 1: if we see that eye to eye, but um, that's okay.

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Speaker 1: But either way, we agree that the government doesn't want

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Speaker 1: these foreclosures. They've they've held them off before. They can

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Speaker 1: definitely hold them off again. And so a lot of

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Speaker 1: people don't see that. I think they're You're right, they're

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Speaker 1: gonna have They're gonna have every which bailout, every program,

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Speaker 1: every loan modification. You know, they'll they'll do another TARP program,

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Speaker 1: the Troubled Asset Relief program type thing, and they'll they'll

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Speaker 1: push the banks to do loan modifications. They'll push the

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Speaker 1: banks to do short sales and workouts and whatever they

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Speaker 1: need to do. Look there, there will be certainly an

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Speaker 1: increase in foreclosures, but will it be in these little

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Speaker 1: inexpensive bread and butter rental properties. I doubt it, I think,

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Speaker 1: and I think, i'm i'm. I did a video about this,

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Speaker 1: and I'm continuing to grow in my chances of probability

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Speaker 1: this happen. And a lot of big name people Porter

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Speaker 1: Stansbury and others are also saying the same thing. And

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Speaker 1: there's a real chance we see a debt jubilee. Yeah,

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Speaker 1: you can see massive debt forgiveness happening. That's not off

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Speaker 1: the table by any means. So anyway, just keep that

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Speaker 1: in mind. But let's let's talk about um that that aside, right,

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Speaker 1: supply and demand. People are bailing out of a lot

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Speaker 1: of areas creating too much supply, and they're going to

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Speaker 1: other areas that are creating too much demand. You think

424
00:23:28,680 --> 00:23:30,960
Speaker 1: you have some insider or I shouldn't say you think

425
00:23:30,960 --> 00:23:32,639
Speaker 1: you do? You have some insight, you had some charts

426
00:23:32,960 --> 00:23:35,200
Speaker 1: while you fill us in on that. Yeah, yeah, I'll

427
00:23:35,200 --> 00:23:37,159
Speaker 1: share my screen with you. But one comment about that,

428
00:23:37,520 --> 00:23:41,120
Speaker 1: this Standsbury comment, you know, in his his most recent book,

429
00:23:41,280 --> 00:23:45,600
Speaker 1: it's about the debt jubilee. And remember something that the

430
00:23:46,840 --> 00:23:51,119
Speaker 1: whole thing, it's always unequal. Everything is unequal. This pandemic

431
00:23:51,200 --> 00:23:54,600
Speaker 1: is making a very uneven thing. Some people are getting rich, um,

432
00:23:54,640 --> 00:23:57,080
Speaker 1: and some people are getting poorer. And it's really sad.

433
00:23:57,480 --> 00:24:01,600
Speaker 1: It's always unequal. But if there's a debt jubilee, guess

434
00:24:01,640 --> 00:24:04,879
Speaker 1: who benefits the most the people who have the most debt.

435
00:24:05,760 --> 00:24:09,080
Speaker 1: So and and how do you get the highest quality,

436
00:24:09,760 --> 00:24:14,160
Speaker 1: best debt in the highest quantity for most people, Not

437
00:24:14,160 --> 00:24:17,360
Speaker 1: not a corporate rader like Ivan Bowski or whatever. Right, Um,

438
00:24:17,440 --> 00:24:21,119
Speaker 1: you just buy properties because real estate is the most

439
00:24:21,200 --> 00:24:24,760
Speaker 1: debt friendly asset class in the United States. It's the

440
00:24:24,800 --> 00:24:28,280
Speaker 1: most tax favorite asset class in the United States, and

441
00:24:28,320 --> 00:24:30,840
Speaker 1: I think it's the most historically proven asset class in

442
00:24:30,880 --> 00:24:34,960
Speaker 1: the entire world. Um so um, I'll just share a

443
00:24:35,000 --> 00:24:37,800
Speaker 1: couple of the migration trends I see, like Mark asked

444
00:24:37,800 --> 00:24:41,800
Speaker 1: me to and um, what's uh screen, Yeah, that's a

445
00:24:41,800 --> 00:24:44,520
Speaker 1: great point about the about the debt you know. Um.

446
00:24:45,200 --> 00:24:47,840
Speaker 1: The one thing that I think everybody can easily see

447
00:24:47,880 --> 00:24:51,159
Speaker 1: and agree to is that there's a real probability of

448
00:24:51,200 --> 00:24:56,199
Speaker 1: having like a student loan debt forgiven, and uh, you know,

449
00:24:56,320 --> 00:24:58,520
Speaker 1: I just think how unfair is that because how many

450
00:24:58,520 --> 00:25:01,880
Speaker 1: people didn't take on debt the right way. Well, it's

451
00:25:01,880 --> 00:25:04,360
Speaker 1: not fair to them. Now your debt's gonna be forgiven.

452
00:25:04,400 --> 00:25:06,959
Speaker 1: And then okay, well I didn't go to college and

453
00:25:07,000 --> 00:25:09,399
Speaker 1: now I've had to work a low paying job. Should

454
00:25:09,400 --> 00:25:11,520
Speaker 1: you really should you pay me the difference of what

455
00:25:11,600 --> 00:25:13,080
Speaker 1: I would have made if I would have gone, Like,

456
00:25:13,840 --> 00:25:15,840
Speaker 1: it's unfair, but but it is what it is. And

457
00:25:15,880 --> 00:25:17,840
Speaker 1: those who have the college debt are probably gonna get

458
00:25:17,840 --> 00:25:19,640
Speaker 1: it forgiven, and so the same is true those who

459
00:25:19,640 --> 00:25:21,919
Speaker 1: have mortgage debt. Maybe we'll get it forgiven. I know.

460
00:25:22,160 --> 00:25:24,840
Speaker 1: That's why it's uneven. So if you want to if

461
00:25:24,840 --> 00:25:26,800
Speaker 1: you want to get the benefit of the coming debt

462
00:25:26,920 --> 00:25:29,639
Speaker 1: you believe, you believe there's gonna be one, then you

463
00:25:29,680 --> 00:25:35,040
Speaker 1: should stock up on exceptionally low cost, high quality, investment

464
00:25:35,080 --> 00:25:38,000
Speaker 1: grade debt that's attached to good income properties. That's the

465
00:25:38,040 --> 00:25:41,720
Speaker 1: way to do that. So, yeah, it's totally unfair. You know,

466
00:25:41,760 --> 00:25:44,080
Speaker 1: if there's a student loan forgiveness and you don't have

467
00:25:44,119 --> 00:25:45,640
Speaker 1: a student loan, what are you going to get out

468
00:25:45,640 --> 00:25:48,480
Speaker 1: of it? Nothing? Right, nothing, So anyway you can see

469
00:25:48,520 --> 00:25:51,919
Speaker 1: my screen, right, okay. Good. So here we've got a

470
00:25:51,960 --> 00:25:55,040
Speaker 1: tidal wave of the tsunami and that's what's happening. So

471
00:25:55,400 --> 00:25:59,320
Speaker 1: I think there are six megatrends mark that are really

472
00:25:59,400 --> 00:26:02,679
Speaker 1: adding to this, uh, that are going to be very

473
00:26:02,720 --> 00:26:09,320
Speaker 1: Oh my gosh, it's so frustrating. I'm sorry. Here just

474
00:26:09,400 --> 00:26:19,719
Speaker 1: a moment, no problem, we gonna edit this out. Just

475
00:26:20,119 --> 00:26:23,040
Speaker 1: you know what what happened is as soon as I

476
00:26:23,040 --> 00:26:25,760
Speaker 1: shared the screen, it clicked off and I couldn't see

477
00:26:25,800 --> 00:26:36,040
Speaker 1: you anymore. So you don't worry what ed it it up? Yeah, okay,

478
00:26:36,200 --> 00:26:39,280
Speaker 1: I'm okay. I may not be able to see you, Okay,

479
00:26:39,359 --> 00:26:42,920
Speaker 1: So I'll just talk through this and and I gotta

480
00:26:43,119 --> 00:26:45,240
Speaker 1: I gotta wrap it up in ten minutes for sure.

481
00:26:45,320 --> 00:26:46,840
Speaker 1: And that's why I've been trying to kind of rush

482
00:26:46,840 --> 00:26:49,959
Speaker 1: through it. No no problem at all, Okay, okay, so

483
00:26:50,000 --> 00:27:05,840
Speaker 1: here we go. Oh wait, okay, so you can see

484
00:27:05,840 --> 00:27:12,160
Speaker 1: my screen now, okay. So here are the six megatrends. Okay.

485
00:27:12,440 --> 00:27:15,280
Speaker 1: And one of them is roommates. Okay. And this is

486
00:27:15,320 --> 00:27:19,560
Speaker 1: one that really nobody's talking about, but about thirty plus

487
00:27:19,600 --> 00:27:24,359
Speaker 1: percent of the United States housing market is roommates. It's

488
00:27:24,400 --> 00:27:30,800
Speaker 1: it's people cohabitating in non romantic relationships. Okay, and most

489
00:27:30,880 --> 00:27:34,080
Speaker 1: of these roommates are in urban areas that have expensive

490
00:27:34,080 --> 00:27:36,320
Speaker 1: real estate. These also happened to be as I talked

491
00:27:36,320 --> 00:27:40,600
Speaker 1: about earlier, these are mostly cyclical markets. Okay, So think

492
00:27:40,640 --> 00:27:43,199
Speaker 1: about this conversation, Mark, I mean, we can all you know,

493
00:27:43,240 --> 00:27:46,320
Speaker 1: maybe we've all had a roommate at sometime. And you know,

494
00:27:46,400 --> 00:27:48,880
Speaker 1: you've got a couple of young professionals living together. They've

495
00:27:48,880 --> 00:27:53,120
Speaker 1: got a two bedroom house and now they're working at home.

496
00:27:53,320 --> 00:27:55,440
Speaker 1: They used to never see each other except to come

497
00:27:55,480 --> 00:27:57,520
Speaker 1: home to sleep and say hi or by in the

498
00:27:57,560 --> 00:28:00,720
Speaker 1: morning or evening. Right and they they go to work

499
00:28:00,760 --> 00:28:03,800
Speaker 1: all day. They've come home, they'd run out and they'd socialize.

500
00:28:03,800 --> 00:28:06,399
Speaker 1: If they're maybe single, Uh, they do that, or they

501
00:28:06,440 --> 00:28:09,480
Speaker 1: go to the gym and um and and they hardly

502
00:28:09,520 --> 00:28:12,720
Speaker 1: ever saw each other. But now they're both at home

503
00:28:13,200 --> 00:28:16,320
Speaker 1: and they're both working at home, and one since the other, hey,

504
00:28:16,359 --> 00:28:19,080
Speaker 1: you know, now that I'm working at home, I really

505
00:28:19,080 --> 00:28:22,199
Speaker 1: need that bedroom as a home office. And then the

506
00:28:22,200 --> 00:28:24,320
Speaker 1: other one says, you know, I was thinking the same thing,

507
00:28:25,040 --> 00:28:29,080
Speaker 1: so they split up. Okay, that's thirty percent of the

508
00:28:29,119 --> 00:28:34,080
Speaker 1: housing market that has literally doubled the demand. It's a

509
00:28:34,240 --> 00:28:40,000
Speaker 1: one hundred increase in housing demand, it's from two, or

510
00:28:40,040 --> 00:28:43,280
Speaker 1: it's from one to two. Okay. The same is true

511
00:28:43,440 --> 00:28:46,440
Speaker 1: of the possibility. Okay. And this is a little sad

512
00:28:46,880 --> 00:28:49,320
Speaker 1: of a divorce boom. Okay. I'm not gonna be able

513
00:28:49,320 --> 00:28:50,880
Speaker 1: to go through all this in the interest of time.

514
00:28:51,120 --> 00:28:53,600
Speaker 1: But some have talked about the COVID baby boom. If

515
00:28:53,640 --> 00:28:56,480
Speaker 1: that's happening, then it you know, because people are together

516
00:28:56,640 --> 00:28:59,440
Speaker 1: all with cabin fever, right, so they're gonna do what

517
00:28:59,480 --> 00:29:02,120
Speaker 1: comes naturally. So if the COVID baby boom is happening,

518
00:29:02,320 --> 00:29:05,160
Speaker 1: then that increases demand for housing. If the if the

519
00:29:05,240 --> 00:29:09,360
Speaker 1: COVID COVID divorce boom is happening, then that increases demand

520
00:29:09,360 --> 00:29:11,840
Speaker 1: for housing it too. And by the way, this is

521
00:29:11,880 --> 00:29:15,800
Speaker 1: not a theory because it actually is happening in Wuhan, China. Well,

522
00:29:15,840 --> 00:29:18,959
Speaker 1: and we know the number one reason for divorces is finances.

523
00:29:19,120 --> 00:29:21,920
Speaker 1: So people lost their job, they get stressed out. And

524
00:29:21,920 --> 00:29:23,880
Speaker 1: if I lead a divorce, we know that. And if

525
00:29:23,880 --> 00:29:26,000
Speaker 1: they're on top of each other all day long they

526
00:29:26,120 --> 00:29:29,040
Speaker 1: can't get an escape, that might even make it worse.

527
00:29:29,080 --> 00:29:32,080
Speaker 1: So so there's lots of articles about the baby boom,

528
00:29:32,120 --> 00:29:36,920
Speaker 1: the divorce boom due to these lockdowns. Okay. Um, we

529
00:29:36,920 --> 00:29:40,800
Speaker 1: should realize that percent of the United States lives in

530
00:29:40,840 --> 00:29:44,680
Speaker 1: what is considered to be an urban area. Okay, and

531
00:29:45,120 --> 00:29:50,200
Speaker 1: that is a population of only two three people per

532
00:29:50,240 --> 00:29:54,000
Speaker 1: square mile, whereas in New York City, just as a comparison,

533
00:29:54,040 --> 00:29:57,240
Speaker 1: it's like twenty eight thousand people per square mile. Wow. Okay,

534
00:29:57,600 --> 00:30:00,560
Speaker 1: So just think about the density. The two biggest zones

535
00:30:00,800 --> 00:30:05,120
Speaker 1: are elevators and mass Transit impossible to socially distance in

536
00:30:05,120 --> 00:30:09,040
Speaker 1: those places. So I see this mass migration from high

537
00:30:09,120 --> 00:30:13,440
Speaker 1: density to low density suburban living. Okay. And you know,

538
00:30:13,480 --> 00:30:15,360
Speaker 1: there's a lot of other data here. I'm just gonna

539
00:30:15,360 --> 00:30:17,560
Speaker 1: pass this, but these are the types of markets. These

540
00:30:17,600 --> 00:30:20,480
Speaker 1: are linear markets. This is from our website, uh, and

541
00:30:20,520 --> 00:30:24,000
Speaker 1: these are markets that we're in. Okay. Um. So look

542
00:30:24,040 --> 00:30:27,000
Speaker 1: at the increase in the number of households nineteen sixty

543
00:30:27,040 --> 00:30:30,120
Speaker 1: to two thousand nineteen, and it just shows you how

544
00:30:30,160 --> 00:30:33,680
Speaker 1: big this market is. Let's look at the urban dwellers. Okay.

545
00:30:33,680 --> 00:30:36,560
Speaker 1: This is two d and sixty eight million people. Okay.

546
00:30:36,640 --> 00:30:38,600
Speaker 1: And by the way, this is back of the Napkin math.

547
00:30:38,840 --> 00:30:42,880
Speaker 1: So that's why the screen is literally a napkin. It's

548
00:30:42,920 --> 00:30:45,719
Speaker 1: this is by no means meant to be completely scientific.

549
00:30:45,760 --> 00:30:49,680
Speaker 1: It's rough math, okay, so please don't write the comments

550
00:30:49,680 --> 00:30:52,920
Speaker 1: down below. Oh this math is not accurate. It's it's

551
00:30:52,920 --> 00:30:57,440
Speaker 1: a concept. Okay. Uh So anyway, Um, these people cannot

552
00:30:57,440 --> 00:31:02,120
Speaker 1: socially distance. Let's say only aten percent of them decide

553
00:31:02,440 --> 00:31:06,080
Speaker 1: that they want to move to a safer environment. And

554
00:31:06,120 --> 00:31:08,680
Speaker 1: by the way, I put all this here, before there

555
00:31:08,720 --> 00:31:12,080
Speaker 1: was any civil unrest, this was just lockdown oriented, socially

556
00:31:12,080 --> 00:31:16,960
Speaker 1: distancing oriented. Now these same places have riots in the streets,

557
00:31:17,000 --> 00:31:20,760
Speaker 1: many of them, okay, most of them actually. So, Um,

558
00:31:21,280 --> 00:31:27,200
Speaker 1: if you have this fifteen percent, okay, these forty million people, okay, Um,

559
00:31:27,240 --> 00:31:33,160
Speaker 1: that's twenty million suburban units needed. Okay. And if you

560
00:31:33,280 --> 00:31:37,400
Speaker 1: spread that out, okay into uh what did I do

561
00:31:37,640 --> 00:31:41,200
Speaker 1: as another calculation? Hang on, there's another napkin coming, okay. Um,

562
00:31:41,600 --> 00:31:45,440
Speaker 1: So let me just tell you about apartments for a moment. Okay, Um.

563
00:31:45,480 --> 00:31:49,440
Speaker 1: There are three classifications of apartments. Okay. There's low rise

564
00:31:49,680 --> 00:31:53,840
Speaker 1: or garden style apartments, and those are up to four stories.

565
00:31:54,480 --> 00:31:58,240
Speaker 1: There's mid rise, which is five to twelve stories, and

566
00:31:58,240 --> 00:32:02,080
Speaker 1: then there's high rise, which is twelve stories and above Okay.

567
00:32:02,120 --> 00:32:05,719
Speaker 1: So anytime you're really over three four stories, people are

568
00:32:05,800 --> 00:32:10,640
Speaker 1: using an elevator, okay, and um for mid rise and

569
00:32:10,760 --> 00:32:16,000
Speaker 1: high rise, this is just rental units. It doesn't include condos. Okay.

570
00:32:16,040 --> 00:32:19,200
Speaker 1: There If you combine those two, they're about two point

571
00:32:19,240 --> 00:32:23,680
Speaker 1: three million of those in the United States. Okay. So

572
00:32:24,360 --> 00:32:28,200
Speaker 1: if we only count fifteen percent of those as potential

573
00:32:28,320 --> 00:32:31,760
Speaker 1: movers only, and I say, the number is going to

574
00:32:31,800 --> 00:32:34,400
Speaker 1: be a lot higher than that, but let's just be conservative.

575
00:32:35,320 --> 00:32:40,440
Speaker 1: That's three forty thousand homes needed. If you divide that

576
00:32:40,520 --> 00:32:46,080
Speaker 1: into fifty suburban markets, that's basically seven thousand additional homes

577
00:32:46,120 --> 00:32:50,080
Speaker 1: needed in each of those suburban markets where long before

578
00:32:50,240 --> 00:32:54,200
Speaker 1: anyone ever heard the words services sickness, as our friend

579
00:32:54,280 --> 00:32:58,720
Speaker 1: likes to say, okay, um, there was a housing shortage

580
00:32:58,720 --> 00:33:03,120
Speaker 1: in all these markets. All okay, So that's seven thousand

581
00:33:03,240 --> 00:33:06,520
Speaker 1: is a big number. And remember this is only renters.

582
00:33:06,600 --> 00:33:11,080
Speaker 1: It doesn't include condoms. Okay, this is only rental units. Um.

583
00:33:11,200 --> 00:33:13,440
Speaker 1: Combine that with a few other trends. And by the way,

584
00:33:13,480 --> 00:33:16,280
Speaker 1: that's from the Yardy matrix. Look at what happened as

585
00:33:16,320 --> 00:33:19,600
Speaker 1: the pandemic broke. This is the Google search term work

586
00:33:19,680 --> 00:33:25,560
Speaker 1: from home. Look at how it's skyrocketed right as as

587
00:33:25,600 --> 00:33:30,920
Speaker 1: the people started socially distancing. Okay, carl Icon, big corporate radar.

588
00:33:30,960 --> 00:33:35,000
Speaker 1: I talked about shorting commercial real estate. Um, and there's

589
00:33:35,000 --> 00:33:38,880
Speaker 1: the remote workers. Demand for office space has totally fallen

590
00:33:38,920 --> 00:33:43,680
Speaker 1: off a cliff. Uh, here's the roommate discussion again. There's

591
00:33:43,720 --> 00:33:47,680
Speaker 1: then the family discussion. Okay, think of your typical family

592
00:33:47,840 --> 00:33:52,240
Speaker 1: for two adults to kids. Now, both adults are working

593
00:33:52,280 --> 00:33:56,240
Speaker 1: at home and the kids are home from school because

594
00:33:56,280 --> 00:33:59,320
Speaker 1: school has been canceled, so the kids have got to

595
00:33:59,400 --> 00:34:02,720
Speaker 1: study from home. If they lived in a in a

596
00:34:03,000 --> 00:34:06,640
Speaker 1: in a two or three bedroom house, four, think of it.

597
00:34:06,880 --> 00:34:12,439
Speaker 1: They need several extra bedrooms now, assuming they don't even

598
00:34:12,480 --> 00:34:15,719
Speaker 1: have a room for a home gym or anything else. Right,

599
00:34:16,520 --> 00:34:20,560
Speaker 1: So there's a lot of additional demand for typical suburban housing.

600
00:34:20,719 --> 00:34:23,680
Speaker 1: The gyms have clothes, and you know it's not just

601
00:34:23,760 --> 00:34:26,359
Speaker 1: remote work, but I say it's remote working out. This

602
00:34:26,440 --> 00:34:29,040
Speaker 1: is a serious deal. I mean, you know, millions and

603
00:34:29,040 --> 00:34:31,719
Speaker 1: millions of people go to gyms as a normal course

604
00:34:31,760 --> 00:34:34,960
Speaker 1: of their life and they basically can't do it anymore.

605
00:34:35,440 --> 00:34:38,439
Speaker 1: So a lot of trends there. Um. And the last

606
00:34:38,520 --> 00:34:42,680
Speaker 1: one I'll say is multigenerational living. Okay, there in the

607
00:34:42,760 --> 00:34:47,919
Speaker 1: US there are twenty eight million people over seventy years old.

608
00:34:48,160 --> 00:34:50,680
Speaker 1: This is the graying of America trend that has been

609
00:34:50,719 --> 00:34:55,120
Speaker 1: talked about for decades. And um, those people, it's not

610
00:34:55,280 --> 00:34:58,160
Speaker 1: safe to have them in a nursing home anymore or

611
00:34:58,200 --> 00:35:02,680
Speaker 1: an assisted living facility, and so uh they they're going

612
00:35:02,719 --> 00:35:05,360
Speaker 1: to be living at home more and more often in

613
00:35:05,400 --> 00:35:10,200
Speaker 1: the same housing unit or near to their children. This

614
00:35:10,280 --> 00:35:14,359
Speaker 1: is the sandwich generation where you know, the person who's

615
00:35:14,400 --> 00:35:17,160
Speaker 1: in the middle age of their life has children of

616
00:35:17,160 --> 00:35:20,120
Speaker 1: their own plus But does that does that compress the

617
00:35:20,160 --> 00:35:23,000
Speaker 1: housing instead of expanding it. So, for example, that older

618
00:35:23,040 --> 00:35:25,799
Speaker 1: person who would typically move out of that house and

619
00:35:26,239 --> 00:35:28,719
Speaker 1: go to assisted living home, now they're staying in their home.

620
00:35:28,719 --> 00:35:30,719
Speaker 1: And now maybe the families moving in with them, So

621
00:35:30,760 --> 00:35:33,959
Speaker 1: maybe they're compressing their homes instead of expanding. They might

622
00:35:34,080 --> 00:35:38,040
Speaker 1: be that that's certainly possible, but most of the time,

623
00:35:38,840 --> 00:35:42,759
Speaker 1: neither party has a house that's big enough for everybody.

624
00:35:43,239 --> 00:35:46,160
Speaker 1: And look at this is not a common thing in

625
00:35:46,200 --> 00:35:49,720
Speaker 1: the United States, but it's totally common around the world.

626
00:35:50,400 --> 00:35:54,239
Speaker 1: Go to Europe and Asia, South America, people live with

627
00:35:54,280 --> 00:35:58,239
Speaker 1: their parents. This is not unusual at all. Okay, it's

628
00:35:58,280 --> 00:36:01,319
Speaker 1: just the US that's, you know, and so prosperous for

629
00:36:01,360 --> 00:36:05,239
Speaker 1: so long that people haven't had to do multigenerational living here.

630
00:36:05,600 --> 00:36:08,360
Speaker 1: But you know this, I think this trend adds to

631
00:36:08,520 --> 00:36:13,960
Speaker 1: demand for larger suburban homes Okay, and it moves people

632
00:36:14,000 --> 00:36:17,440
Speaker 1: out of the cities even more so. Okay, So that

633
00:36:17,480 --> 00:36:19,239
Speaker 1: pretty much wraps up most of the trends. I know

634
00:36:19,280 --> 00:36:20,879
Speaker 1: there's a lot more to it. I haven't had time

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00:36:20,880 --> 00:36:23,600
Speaker 1: to discuss, but I just thought i'd touch on it. Yeah,

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00:36:23,640 --> 00:36:25,560
Speaker 1: and we could keep digging in and digging in, but

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00:36:25,600 --> 00:36:27,640
Speaker 1: I know your time is short and I appreciate everything

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00:36:27,680 --> 00:36:30,080
Speaker 1: that you've been able to give to us so far. Um,

639
00:36:30,520 --> 00:36:33,279
Speaker 1: so you know we can we can keep digging in.

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00:36:33,320 --> 00:36:35,120
Speaker 1: We'll have to have another conversation about it. Of course.

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00:36:35,200 --> 00:36:37,399
Speaker 1: If anybody likes these topics and wants to know more,

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00:36:37,440 --> 00:36:40,360
Speaker 1: they should go follow Jason. I think your YouTube channel

643
00:36:40,400 --> 00:36:42,200
Speaker 1: is Jason Hartman. What's the best way for people to

644
00:36:42,239 --> 00:36:45,280
Speaker 1: follow you? Yeah, you can my YouTube channel. It's nothing

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00:36:45,320 --> 00:36:47,520
Speaker 1: compared to yours. But I'm trying to catch up to you.

646
00:36:47,960 --> 00:36:52,160
Speaker 1: I'm chasing your success and uh and so I'm on YouTube.

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00:36:52,160 --> 00:36:54,560
Speaker 1: Just look up Jason Hartman and you'll find it and

648
00:36:54,680 --> 00:36:56,760
Speaker 1: uh and then I've got a podcast called The Creating

649
00:36:56,760 --> 00:36:58,960
Speaker 1: Wealth Show that is very popular. That's one of the

650
00:36:59,000 --> 00:37:02,759
Speaker 1: oldest real stayed investing podcast I've been running down for

651
00:37:02,760 --> 00:37:06,799
Speaker 1: about fifteen years now. And my website Jason Hartman dot com.

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00:37:06,880 --> 00:37:10,120
Speaker 1: Yeah cool. Well, so much good information. I hope that

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00:37:10,200 --> 00:37:13,000
Speaker 1: everybody realizes that this is a much bigger thing than

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00:37:13,080 --> 00:37:15,120
Speaker 1: what you maybe kind of just focus on, and that

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00:37:15,239 --> 00:37:17,560
Speaker 1: that's really the point um and you need to learn

656
00:37:17,560 --> 00:37:19,439
Speaker 1: to look at things from a bunch of different angles.

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00:37:19,440 --> 00:37:21,640
Speaker 1: So hopefully that makes sense. And that's it. That's what

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00:37:21,680 --> 00:37:25,000
Speaker 1: we got for you guys today. So to your success. Hey,

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00:37:25,040 --> 00:37:28,040
Speaker 1: thanks so much. Happy investing everybody, and be safe and

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00:37:28,080 --> 00:37:29,359
Speaker 1: stay well. Thanks Mark