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Speaker 1: It's that time time, time, time, Luck and Load.

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Speaker 2: The Michael Varie Show is on the air.

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Speaker 3: An article appeared in the Houston Chronicle saying that Galveston

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Speaker 3: may be the Houston region's biggest buyer's market as a

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Speaker 3: wave of Airbnb's floods listings. The average Galveston home now

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Speaker 3: sits on the market for over five months, as the

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Speaker 3: beach town shifts into what may be the biggest virus

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Speaker 3: market in the Houston region. I am somewhat fascinated by Galveston.

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Speaker 3: I must say I love Galveston. I love the people.

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Speaker 3: Even though it's only an hour south of Houston.

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Speaker 2: I find the.

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Speaker 3: People to be different. They're sort of like a Houstonian

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Speaker 3: and a New Orleanian had a child, so they're a

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Speaker 3: little more responsible and less partying than a New Orleanian,

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Speaker 3: but not by much. And I like that because anywhere

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Speaker 3: else you go, if you get outside of Houston, even

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Speaker 3: up to a few hours, you don't get the feel

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Speaker 3: that you're on vacation. And I can go to Galveston

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Speaker 3: and when I drive across that Causeway, I can't tell

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Speaker 3: you how many times we've taken our kids down there,

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Speaker 3: and when we would get to the causeway, the windows

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Speaker 3: would go down, and the smell of the water. And

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Speaker 3: now I understand there's a certain percentage of you who

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Speaker 3: are just ick ick icking that you don't have to

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Speaker 3: like what I like. Okay, I go to Florida. I

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Speaker 3: know the beach. The sand is white, and the water

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Speaker 3: is pretty, and it's not down there. How often you

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Speaker 3: go to Florida. Florida toots once a year, because we

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Speaker 3: were going every weekend for a while. So you go

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Speaker 3: to Florida, you go and have tsa put their finger

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Speaker 3: up your ass, and then you get there early, and

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Speaker 3: then you fly there and you get stuck on the foot.

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Speaker 3: All that is great. Florida is still there for me.

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Speaker 3: But I'm not going to Florida every weekend. I can

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Speaker 3: go to and by the way, I don't care about

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Speaker 3: the water and I don't care about the beach because

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Speaker 3: I hate beaches, always have, always will. I don't like sand,

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Speaker 3: and I don't care if anybody thinks I'm a Wills

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Speaker 3: for it. I don't like sand. It gets everywhere, it's nasty.

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Speaker 3: I think it's vile. I'll drive along the sea wall

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Speaker 3: and I see these families down there, They're day trippers

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Speaker 3: and they come down and they're just full of it,

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Speaker 3: and those kids are having a blast. And you know what,

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Speaker 3: some of those kids are kind of poor and working

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Speaker 3: class kids like we were. And that was the idea

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Speaker 3: of a good time was to go to the beach

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Speaker 3: and roll around in the sand. My mother would sit

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Speaker 3: out there drinking her tab in her little lawn chair

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Speaker 3: that she brought with her, and we had a hell

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Speaker 3: of a time and didn't cost anything. And I think

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Speaker 3: that's cool, right, Well, we did Crystal Beach because Galveston

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Speaker 3: was kind of fool for us. But we'd ride the

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Speaker 3: ferry over sometimes and get to go to the fancy beach.

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Speaker 3: So that's my opinion of Galveston.

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Speaker 4: I love it.

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Speaker 3: I love the restaurants, I love the people. Have a

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Speaker 3: lot of friends that live down there and a lot

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Speaker 3: of friends that go down there that we see. So

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Speaker 3: I really enjoy Galveston. If you don't, that's your business.

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Speaker 3: But if you love Galveston, I'm not pooping on Galveston.

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Speaker 3: We're talking about a real problem and you can't deny it.

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Speaker 3: This is like the Catholic church pedophile problem, and frankly,

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Speaker 3: some other churches have had some problems as well. This

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Speaker 3: is like a lot, it's like run or a number

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Speaker 3: of other things. Just because you got a wark, you

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Speaker 3: can't pretend it away. You got to bite into her over. Well,

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Speaker 3: what are you doing, Philip? Let's bring Philip back. Okay,

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Speaker 3: So you're on the East End, you're at S and

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Speaker 3: thirty five.

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Speaker 4: Yeah, that neighborhood rut there?

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Speaker 2: Are you gay?

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Speaker 4: The same things that Brannan was talking about.

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Speaker 3: No, well, a lot of it's okay, a lot of

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Speaker 3: that area is gay, and thank god for him. If

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Speaker 3: it hadn't been for the gays redoing those houses, it

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Speaker 3: wouldn't be any good.

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Speaker 5: I don't know how many locals are left.

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Speaker 2: How many of your neighbors are gay?

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Speaker 4: Oh?

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Speaker 2: I don't know.

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Speaker 4: Are you think that many of my current ones?

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Speaker 2: Are you the one whose wife they live all around

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Speaker 2: the airbnb? No? I mean I had a fellow who

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Speaker 2: would call in.

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Speaker 3: He's a massage therapist and I think he's a personal

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Speaker 3: trainer too. I think he does both. He does both

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Speaker 3: of them. And she ran she ran a bed and

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Speaker 3: breakfast there right around where you are.

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Speaker 4: There's there were several there's one across the street from

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Speaker 4: me for sale right now? What do you do for earlier?

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Speaker 4: And there's I can see. I have two businesses that

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Speaker 4: support civil infrastructure projects here in Texas, like what I

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Speaker 4: have one that is an installation firm and dewatering specifically

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Speaker 4: groundwater removal for heavy sewer, all the underground things, anything

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Speaker 4: that goes in the ground. Here it's wet, we come in,

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Speaker 4: we pull the water out and make it easy for

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Speaker 4: the gas to work on the ground and a work

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Speaker 4: at the dry condition.

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Speaker 2: You ever come across called the other company called Griffin

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Speaker 2: de Watering.

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Speaker 5: Oh yeah, we compete.

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Speaker 2: So the owner of Griffin d Watering here in my

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Speaker 2: backyard right now working. Okay.

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Speaker 3: He's an Irani guy who was at the time when

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Speaker 3: I had a real estate firm in the late nineties.

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Speaker 3: We did some real estate work for him. All right,

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Speaker 3: So you've got a dewatering firm. What's the name of

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Speaker 3: your dewatering firm, TeX's well Point company okay.

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Speaker 2: And then what's your other firm?

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Speaker 4: The other company supports my competition with materials and supplies

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Speaker 4: for dewatering.

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Speaker 2: Okay, a lot of folks do that.

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Speaker 4: And what's that based out of here as well? Golf

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Speaker 4: dewatering Solutions.

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Speaker 3: It's interesting how many industries have. I know a lot

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Speaker 3: of people who do that. So they are a service

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Speaker 3: provider in the field, but then they also own a

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Speaker 3: a supply house and support firm that's for the whole industry.

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Speaker 3: But they had to separate them out or people would

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Speaker 3: wouldn't buy from them. I find that so interesting. So

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Speaker 3: tell me what's going on with the short term rentals there?

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Speaker 3: How bad is it? Is it a big problem? I'm

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Speaker 3: assuming you don't do it because you live there.

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Speaker 4: But yeah, my parents did it with our house for

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Speaker 4: about fifteen years and up until about I fell. I'm sorry.

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Speaker 4: Up until COVID, it was really easy. It worked well.

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Speaker 4: They made a little bit of money every year, nothing crazy.

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Speaker 4: And then the COVID market happened and everybody wanted a house,

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Speaker 4: so home prices climbed, and then year after year tax

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Speaker 4: values climbed. Some storms came in, nothing bad. Well, all

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Speaker 4: of a sudden, you got houses down here that ten

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Speaker 4: years ago were let's say two hundred k at best.

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Speaker 4: The insurance wasn't crazy yet, the taxes weren't.

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Speaker 6: Well.

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Speaker 4: Now that's all doubled and tripled out, and there's so

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Speaker 4: many that it saturated the market to where you can't

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Speaker 4: possibly rent it often enough at the rate to make

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Speaker 4: it survive. So there's a whole pile of people that

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Speaker 4: are spending five and six grand a month on a

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Speaker 4: house that they're only making thirty eight hundred and forty two. Right,

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Speaker 4: it's the money ten Phi. Look, they got it dumped it.

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Speaker 2: I'm hearing this.

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Speaker 3: Oh listen, the real estate property taxes have gotten so bad.

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Speaker 3: And let me tell you something. The House and Senate

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Speaker 3: in Austin, they're doing nothing about it. Abbot's not talking

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Speaker 3: about it. They'll occasionally bring it up as a little

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Speaker 3: they're not.

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Speaker 4: For my guy down here just sold us down the river.

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Speaker 4: Oh yeah, it is a guy down here just sold

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Speaker 4: us down.

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Speaker 2: This is the number one issue I hear about.

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Speaker 3: And people are furious, and they're doing nothing about it

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Speaker 3: because they love having all that money.

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Speaker 4: Well, they lie to your face down here. They tell

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Speaker 4: you they're going to do something about it, and they

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Speaker 4: go sign a deal.

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Speaker 2: Who lied to you? Who do you feel?

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Speaker 6: What are we.

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Speaker 2: Supposed to do?

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Speaker 4: My state rep down here that's working in Austin, which

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Speaker 4: is who I can't remember his name, it's not in

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Speaker 4: day's middle. And at another guy the Chronicle.

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Speaker 3: Hold on can you stop from Mimo? So I got

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Speaker 3: a message from Justin Van Sant. I've known Justin originally

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Speaker 3: as a singer. I don't know he had a day

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Speaker 3: job at the time, but he's one of these guys

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Speaker 3: like Josh Fuller, just doing whatever it takes to keep

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Speaker 3: the rent paid and the lights on and the family

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Speaker 3: happy to to make music. And then eventually enough kids

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Speaker 3: and a wife says you got to go get a

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Speaker 3: real job. So Justin worked for us as a GM

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Speaker 3: at the RCC for a while, and which was funny

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Speaker 3: because people would come and they thought, oh, you playing tonight.

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Speaker 2: No, I'm running the show right now. Anyway.

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Speaker 3: Uh, he was a frequent performer at the RCC. He's

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Speaker 3: a good friend. He now works with some other friends

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Speaker 3: of mine who the father of the young man who

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Speaker 3: the race that almost killed me with my hamstring toward

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Speaker 3: Chris Spears, if I knows Chris Spears from Beaumont and anyway,

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Speaker 3: So Justin doesn't make as much music as he used

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Speaker 3: to does a great Neon Moon, but he sent me

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Speaker 3: a song and he said, I'm just putting this here

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Speaker 3: with you like to get your feedback on it, and

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Speaker 3: it really I love this I'm gonna play it and

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Speaker 3: then we'll get back to the calls. It's a song

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Speaker 3: about a guy who dreamed of being up on stage

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Speaker 3: like Keith Whitley and came to realize that my dream

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Speaker 3: is having a wife and kids in a stable home,

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Speaker 3: and the Keith Whitley's never had that, so we perceive

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Speaker 3: that that is the pinnacle, is to be Keith Whitley

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Speaker 3: dying in a hotel room overdosed, and the real dream

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Speaker 3: is to be able to make it out alive and

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Speaker 3: play some songs for your friends and anyway, that's what

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Speaker 3: the song's about.

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Speaker 2: I don't want to run it, and he started.

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Speaker 1: Every thought I was put on insert please guitar.

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Speaker 6: Everyone is faith.

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Speaker 2: Never wanted to take it away.

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Speaker 1: You far only wanted to be good man to a

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Speaker 1: good war, raised a couple of good kids. So I

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Speaker 1: some say, still to this day, I quit all.

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Speaker 4: On my dream. They don't know every dream I have.

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Speaker 1: It's right here and next to me, the ball game, balady,

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Speaker 1: mom and dad getaways. I came to believe how blessed die

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Speaker 1: and these days.

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Speaker 2: How want to be my kind of legacy.

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Speaker 1: I want to fall over my heart and my guys.

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Speaker 1: I didn't want those around me to be proud of

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Speaker 1: the man I'm trying me.

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Speaker 2: I will every ride his song or sing like with me.

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Speaker 4: So I just happen. Long kind of legacy.

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Speaker 7: Long kind of legacy.

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Speaker 2: That's it, That's all I got.

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Speaker 3: I love that, Philip. Let's go back to you real quick.

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Speaker 3: What percentage of homes around you if I was to

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Speaker 3: go seven homes each direction? Are in the show? Or

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Speaker 3: term rental pool, Phillip, we lost, Philip. Go to Larry

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Speaker 3: Larry on The Michael Berry Show.

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Speaker 6: Go ahead, Hello, Michael, Yeah, I can. I can speak

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Speaker 6: to just about all of this stuff. We bought a

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Speaker 6: house in the Historic District I don't know, over a

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Speaker 6: decade or so ago as a weekend place and been

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Speaker 6: a few years ago. When we decided to bail out

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Speaker 6: of fullsher we bought a bigger house over in in

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Speaker 6: Midtown and we loved it over in the Historic District.

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Speaker 6: It's great. And I can speak to one thing. The

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Speaker 6: gay guys or the gay folks have the best landscape

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Speaker 6: yards in the place.

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Speaker 2: Of course.

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Speaker 3: That's why when you see neighborhood regentrification, inner city regentrification

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Speaker 3: in the major cities in the country, it was. The

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Speaker 3: schools are always bad. You have these areas that are predominantly,

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Speaker 3: almost exclusively black, crime.

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Speaker 2: Rate is high.

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Speaker 3: You've got the old folks like boys in the hood,

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Speaker 3: the old folks who own the old homes, and they're

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Speaker 3: trying to keep this neighborhood together, trying to get some

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Speaker 3: community support.

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Speaker 2: But then you've got.

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Speaker 3: Young thugs that are ruining it, and the homes aren't

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Speaker 3: being maintained. The older folks can't afford to. Grandma's taking

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Speaker 3: in her grandson. She's trying to help him out. Maybe

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Speaker 3: he's in trouble, maybe he's not, but a few of

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Speaker 3: them on the street are. You've got gang activity, you've

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Speaker 3: got drug activity, and the schools are going to be horrible.

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Speaker 3: So the way those neighborhoods begin to gentrify, clean up,

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Speaker 3: however you want become a neighborhood at a grocery store

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Speaker 3: would want to be in because that's what people want.

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Speaker 3: Is you'll have a gay couple moving, and then another,

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Speaker 3: and then another, and then because they don't care, at

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Speaker 3: least used to, they didn't care about the schools. Now

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Speaker 3: some of them do. And then following them would be

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Speaker 3: two young folks with double income, no kids, they would

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Speaker 3: follow in and then you might get a guy that's

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Speaker 3: going through divorce but he's got some money. And that's

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Speaker 3: how you would see neighborhoods like Midtown on parts of

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Speaker 3: Third Ward, some of the East End. You'd see those

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Speaker 3: neighborhoods make a big comeback. So, anyway, where are you located?

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Speaker 4: Oh?

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Speaker 6: Yeah, well, our historic house is over off of the

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Speaker 6: seventeenth Street. We're just a few blocks from downtown and

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Speaker 6: walking distance, Winny, we're Cady Caddy cornered from King Vider's

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Speaker 6: house where the statue of the Ten Men from Wizard

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Speaker 6: of Oz is.

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Speaker 2: As after whom Vouder, Texas is named through story.

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Speaker 3: Yeah right, So how intense is the str activity there

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Speaker 3: and how much of a problem is it.

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Speaker 6: Well, for us, it's not been a problem. But here's

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Speaker 6: part of the thing. We were a mom and pop

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Speaker 6: air We put our place on Airbnb mainly just to

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Speaker 6: try to cover the dead young taxes and the insurance

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Speaker 6: on the place. And it's not bad over there. And

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Speaker 6: my wife is a beast at vetting people, believe or not.

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Speaker 6: Some of the best people we've had that are rented

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Speaker 6: ours or people during the Lone Star rally the bikers.

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Speaker 6: We've we've got some people that they after one year,

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Speaker 6: they've rented for the next year and they they're awesome.

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Speaker 6: And we've we've our experience has been real good. But

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Speaker 6: like I said, we're a mom and pop.

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Speaker 4: Now.

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Speaker 6: My understanding, and I don't know that this is a

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Speaker 6: fact or not, is that a lot of the airbnbs

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Speaker 6: now have been bought up by corporations. They haven't heard

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Speaker 6: that's some hedge fund bought a bunch of them, and

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Speaker 6: so you know, they just rent to whoever. But the

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Speaker 6: mom and pop air and be airbnbs evidently is not

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Speaker 6: nearly what it used to be. And so we're then

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Speaker 6: we have this house over in Midtown. I mean I

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Speaker 6: can see the Sant Louis from my front porch, and

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Speaker 6: we put it on the market a while back, and

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Speaker 6: it's been on the market for a long time. What's

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Speaker 6: the address of the one in midtown? We're Crockett and fiftieth.

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Speaker 7: He just missed an opportunity to tell I just saw

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Speaker 7: the video. Saudi Arabia's Prince brought in a mobile McDonald's

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Speaker 7: for President Trump for his visit. It's basically a tractor

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Speaker 7: trailer container on the back of an eighteen wheeler that

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Speaker 7: has the big M on it. They made McDonald's, I

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Speaker 7: mean McDonald's runs it, and they brought it for his

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Speaker 7: visit just in this morning.

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Speaker 2: Came out a little over an hour ago.

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Speaker 3: The inflation rate for April, we don't get that, of course,

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Speaker 3: until halfway through May, far below expectations. For the third

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Speaker 3: straight month, less inflation than predicted. Grocery prices saw their

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Speaker 3: largest decline in nearly five years. That's the entirety of

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Speaker 3: the Biden presidency. Gas prices fell for the third month

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Speaker 3: in a row. Well, let's see, we're in May. Let's

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Speaker 3: go back. This is the April number. That's March, April,

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Speaker 3: March February. President Trump took over with ten days left

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Speaker 3: in January. I understand people are scared. I understand people

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Speaker 3: don't know what's going to happen. But I also understand

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Speaker 3: that the panic and fear and chaos in uncertainty and

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Speaker 3: confusion is being stoked by the media. See what happened

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Speaker 3: to the stock market yesterday. People don't know how to

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Speaker 3: negotiate that. Let's start there. When Trump says I'm gonna

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Speaker 3: I'm gonna put a tarif on Channel so much, I'll

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Speaker 3: put them out of business.

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Speaker 2: I'll bankrupt the country.

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Speaker 3: Oh my god, everybody's gonna die. We're wrong, gonna die.

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Speaker 3: Wall Street Journal, Oh my god, we're wrong, gonna die.

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Speaker 3: Calm in the pocket there, happy feet. And then the

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Speaker 3: next weekend they signed a deal to pause for ninety days.

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Speaker 3: Oh everything's great. Look at that stop Mark's booming? Are

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Speaker 3: people this week? Apparently we're talking about the short term

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Speaker 3: rental market on Galveston Island. Let's go next to uh Willie.

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Speaker 3: Now you spelled that W I L L I E.

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Speaker 3: I understand someone that will be a female Willie if

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Speaker 3: you spelled the eye instead of y.

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Speaker 5: Oh no, no, sir, yes it is.

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Speaker 2: You don't know anything about short criminals?

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Speaker 5: Go ahead, well, actually you with you saw mine that

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Speaker 5: I had a hed It was beautiful. Yeah, yeah, sold it.

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Speaker 5: And I think the right time. I think what people

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Speaker 5: are understanding is Galveston is You know, it's a historical town.

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Speaker 5: There's lots of great old houses, and over the years,

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Speaker 5: through the seventies, eighties and oil crash and the different

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Speaker 5: things that happened, these houses fell by the wayside, but

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Speaker 5: they all had great bones and COVID and the whole

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Speaker 5: housing thing that happened during that time really spurred a

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Speaker 5: rejuvenation of all these neighborhoods that I mean, let's face it,

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Speaker 5: some of these houses are painted like blue with sea

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Speaker 5: sales on the front porch. But it's better than having

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Speaker 5: the cars that were parked up, you know, on the

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Speaker 5: front yard and a house that was falling apart. Now,

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Speaker 5: the mistake of a lot of people that came in

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Speaker 5: from out of town made I think was just a

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Speaker 5: perching seeing these properties that were five and six blocks

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Speaker 5: away from the beach, because you know, anything one and

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Speaker 5: two blocks from the beach is going to hold its values.

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Speaker 5: Like you always talk about location, location, and by the way,

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Speaker 5: way you nailed the culture of the Galvestonian perfectly.

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Speaker 3: Well, it's true. I mean, you would fit in with that.

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Speaker 3: You're a musician. But listen to this, a woman named Laurie.

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Speaker 3: I'm a drummer, You're still a musician and a lead singer,

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Speaker 3: so that makes you a full blow musician. So Laurie writes,

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Speaker 3: and this is what I'm hearing from, folks, And this

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Speaker 3: is what isn't being talked about. The problem with why

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Speaker 3: there are so many airbnbs is one of economics. I

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Speaker 3: think she means to say one of necessity. We have

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Speaker 3: a rental in Crystal Beach, and we also have a

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Speaker 3: lake house that we do not rent out. The cost

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Speaker 3: of property taxes and insurance is driving people to rent

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Speaker 3: their homes if they don't live there full time in

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Speaker 3: order to be able to hold on to them and

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Speaker 3: afford them. One solution is for the state to allow

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Speaker 3: you to homestead two properties that you do not rent out,

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Speaker 3: and that would lower property taxes.

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Speaker 2: There are over.

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Speaker 3: Three hundred houses on the Peninsula that are for sale

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Speaker 3: because people can't afford them and the rentals are not

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Speaker 3: covering the cost of the homes. I agree that there

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Speaker 3: should be regulations on airbit so they don't disrupt the

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Speaker 3: neighborhood environment. We've had bad experiences at the Lake with

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Speaker 3: airbnbs being disruptive, leaving trash it everywhere and just making

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Speaker 3: the residents feel unsafe. Now she says, we've got to

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Speaker 3: do this second home that is a homestead. Now here

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Speaker 3: is what people are missing out of all this. Okay,

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Speaker 3: you can find more exemptions for taxes. You can say

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Speaker 3: old people don't have to pay property tax. You can

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Speaker 3: say veterans don't have to be paid property tax. Disabled

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Speaker 3: people don't have to pay property tax. You can keep

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Speaker 3: exempting everybody until you exempt everybody, and then what happens

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Speaker 3: what no one sees. Okay, if you say, well, what

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Speaker 3: we really just need to do is give a second

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Speaker 3: home tax exemption, all right, I'm fine with that. It

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Speaker 3: would encourage the purchase of second homes. Fine, that would

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Speaker 3: drive up the market. But that's okay. Why would we

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Speaker 3: give a second homestead tax exemption because the taxes are crippling? Right, Well,

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Speaker 3: you still have the same need for taxes, because what

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Speaker 3: nobody seems to see is for all this talk in

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Speaker 3: voting from Republicans in Austin about how, yeah, property taxes

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Speaker 3: are bad, we're gonna go to this tax if you

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Speaker 3: don't reduce the spending, you're just moving the ball around.

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Speaker 3: You're still gonna have to drain the people, soak the

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Speaker 3: people for all of this money.

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Speaker 2: And you can say what we ought to do. Y'all

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Speaker 2: don't like property taxes, do you No?

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Speaker 3: Well, what you really don't like is having to fund

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Speaker 3: a government that's out of control. And by the way,

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Speaker 3: it's all Republican and it's still out of control. Abbot's

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Speaker 3: doing nothing about that.

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Speaker 2: School vouchers.

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Speaker 3: Great, what did school vouchers do? The public schools bitched

403
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Speaker 3: and moaned that they didn't want school vouchers. They didn't

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Speaker 3: want school choice. Why because it would take money from

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Speaker 3: the public schools. So what does Abbot do. Go, No, no, no, worry.

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Speaker 3: You're still gonna be bloated. You're still gonna get all

407
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Speaker 3: that money you've been getting in bitching the whole time

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Speaker 3: that you're underfunded.

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Speaker 2: Oh, you're underfunded. The schools are underfunded.

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Speaker 3: And if you don't agree that the schools are underfunded,

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Speaker 3: you can't run for public office because the teacher are

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Speaker 3: support and the schools are support and they're falling down

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Speaker 3: and it's the end of the world. And well, wait

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Speaker 3: a second, it's been that way for how long? And

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Speaker 3: you're still giving raises to your administrators. Okay, but the

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Speaker 3: schools are supporting, oh my god, and the schools and

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Speaker 3: you don't care about the kids. And I'm a proud

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Speaker 3: public school grant. I got people from Orange that I

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Speaker 3: know that I grew up with. I'm from a public school,

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Speaker 3: and I want to protect the public school. All these

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Speaker 3: people that I know that went to public I did.

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Speaker 3: We got to care about the public school kids.

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Speaker 2: We got to take care of the public.

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Speaker 3: Well, don't worry, we're still gonna throw all that cash

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Speaker 3: at the public schools for one hundred million dollar sport state.

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Speaker 3: We're gonna do all of that, y'all. Don't worry. We're

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Speaker 3: gonna give you every bit you've been given because we're

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Speaker 3: never ever gonna take away from the schools. We're just

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Speaker 3: gonna keep increasing what we give you, plus let you

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Speaker 3: float bonds. It's out of control. The people are furious

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Speaker 3: in your neighborhoods. But that's okay. Because your poor school.

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Speaker 2: Was falling down. God help you out. Did the kids survive?

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Speaker 2: So all the school for.

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Speaker 3: The public, all the money for the public schools that

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Speaker 3: they've always had, but a new pool of money for

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Speaker 3: the school vouchers. So we didn't really offer you the

437
00:24:06,480 --> 00:24:09,840
Speaker 3: opportunity to take the money that you were paying to

438
00:24:09,880 --> 00:24:12,359
Speaker 3: the public schools because you don't use them and go

439
00:24:12,440 --> 00:24:14,800
Speaker 3: to a private school. Oh no, no, no, we gave you

440
00:24:14,880 --> 00:24:17,440
Speaker 3: a whole new pool of money. Well guess what that

441
00:24:17,520 --> 00:24:22,760
Speaker 3: effectively does. That just increased your taxes. That's not a

442
00:24:22,800 --> 00:24:26,880
Speaker 3: win for school vouchers. You didn't give people an opportunity

443
00:24:26,920 --> 00:24:29,080
Speaker 3: to take money from the public schools and say, you

444
00:24:29,160 --> 00:24:31,280
Speaker 3: guys are going to have to compete with private schools.

445
00:24:31,320 --> 00:24:33,720
Speaker 2: You said, you stay just as bloated as you want.

446
00:24:33,880 --> 00:24:35,679
Speaker 2: We're going to give a whole new pool of money.

447
00:24:35,760 --> 00:24:37,840
Speaker 2: So you're never going to get out of this problem.

448
00:24:37,920 --> 00:24:40,240
Speaker 2: Even the Republicans are raising your taxes.

449
00:24:42,040 --> 00:24:47,600
Speaker 1: You're listening to Michael Berry's show.

450
00:24:49,200 --> 00:24:57,040
Speaker 3: The insurance costs increases in Galveston. People giving me numbers

451
00:24:57,080 --> 00:25:02,920
Speaker 3: that blur my eyes. If you owned a modest home

452
00:25:02,920 --> 00:25:06,800
Speaker 3: in Galveston that was your weekend get away. It's particularly

453
00:25:06,840 --> 00:25:10,320
Speaker 3: truef it's a second home, but primary home hits just

454
00:25:10,359 --> 00:25:13,800
Speaker 3: as hard. But you had a weekend home down there

455
00:25:14,240 --> 00:25:17,600
Speaker 3: you enjoyed. Maybe it's been in the family for multiple generations.

456
00:25:18,160 --> 00:25:20,760
Speaker 3: And then all of a sudden, the cost of home

457
00:25:20,800 --> 00:25:26,879
Speaker 3: ownership goes through the roof because of the storms, and

458
00:25:26,920 --> 00:25:33,440
Speaker 3: then the insurance claims. Insurance itself is out of control,

459
00:25:33,960 --> 00:25:37,080
Speaker 3: absolutely out of control, and there are a number of

460
00:25:37,160 --> 00:25:40,120
Speaker 3: reasons for that. I mean, look, these things come in cycles,

461
00:25:40,119 --> 00:25:42,160
Speaker 3: but we've had some bad storms on the Gulf Coast.

462
00:25:42,160 --> 00:25:42,879
Speaker 2: There's nowhere around that.

463
00:25:43,840 --> 00:25:47,120
Speaker 3: The people of Orange, the people of Calkashuote Parish, Lake

464
00:25:47,200 --> 00:25:50,760
Speaker 3: Charles area. God bless them. They have been through hell.

465
00:25:51,240 --> 00:25:56,200
Speaker 3: I mean just hell, just hit time after time after time.

466
00:25:56,280 --> 00:25:58,879
Speaker 3: Every time we thought we were going to get in Houston, Nope,

467
00:25:59,000 --> 00:26:02,760
Speaker 3: it stays east and just wallops Lake Charles. You think

468
00:26:02,760 --> 00:26:07,880
Speaker 3: about how debilitating Harvey was for us. You've had floods

469
00:26:07,960 --> 00:26:13,480
Speaker 3: like that in Calcashue Parish multiple over the last twenty years.

470
00:26:13,880 --> 00:26:18,120
Speaker 3: And that's a community that wasn't ready for it. I mean,

471
00:26:18,160 --> 00:26:19,879
Speaker 3: they didn't have much more in a couple of chemical

472
00:26:19,920 --> 00:26:22,640
Speaker 3: plants and steamboat bills, and then thank god Tilman put

473
00:26:22,640 --> 00:26:27,520
Speaker 3: the casino there. They didn't have a lot to rely

474
00:26:27,600 --> 00:26:30,480
Speaker 3: on already. I know people. I know a lot of

475
00:26:30,480 --> 00:26:33,520
Speaker 3: people that work at Tilman's Casino of the Golden Nugget

476
00:26:33,560 --> 00:26:36,200
Speaker 3: Lake Charles and live in Orange because there's nothing to

477
00:26:36,240 --> 00:26:38,040
Speaker 3: do in Lake Charles. They live in Orange and drive

478
00:26:38,080 --> 00:26:40,320
Speaker 3: back and forth because they all email.

479
00:26:40,040 --> 00:26:41,600
Speaker 2: Me, Hey where should I go?

480
00:26:41,680 --> 00:26:41,920
Speaker 4: Eat?

481
00:26:41,960 --> 00:26:42,160
Speaker 6: Hey?

482
00:26:42,280 --> 00:26:42,880
Speaker 2: What should I.

483
00:26:43,720 --> 00:26:47,119
Speaker 3: Yeah, it's interesting. We're gonna have a guy coming up

484
00:26:47,240 --> 00:26:50,800
Speaker 3: just a moment to talk about ibagain. And I first

485
00:26:50,800 --> 00:26:54,520
Speaker 3: heard about ibagain several years ago from veterans who were

486
00:26:54,600 --> 00:26:57,920
Speaker 3: taking this experimental treatment because they were having good results,

487
00:26:58,600 --> 00:27:02,560
Speaker 3: and my thought is anything that can give results to

488
00:27:02,640 --> 00:27:05,760
Speaker 3: our veterans with PTSD, I'm for it. And this treatment

489
00:27:05,840 --> 00:27:09,119
Speaker 3: is being touted. I've always hesitant to make medical claims

490
00:27:09,240 --> 00:27:12,640
Speaker 3: or financial return gain claims because I'm not the one

491
00:27:12,680 --> 00:27:14,560
Speaker 3: providing it. I don't know the fundamentals, I don't know

492
00:27:14,600 --> 00:27:19,560
Speaker 3: the recipe. But it's being touted, it's having amazing, amazing results,

493
00:27:20,640 --> 00:27:25,119
Speaker 3: and I hope that's true. Dakota Meyer was speaking before

494
00:27:25,760 --> 00:27:27,680
Speaker 3: the house about it. We'll get to that in just

495
00:27:27,720 --> 00:27:29,200
Speaker 3: a moment. But our guest coming up the next time

496
00:27:29,359 --> 00:27:31,000
Speaker 3: is going to talk about that. Let's try to get

497
00:27:31,000 --> 00:27:33,439
Speaker 3: these folks in here. Did we do, Willie? Because you've

498
00:27:33,440 --> 00:27:35,560
Speaker 3: misspelled Willy's name? How about Frank?

499
00:27:35,920 --> 00:27:36,160
Speaker 4: Frank?

500
00:27:36,200 --> 00:27:36,760
Speaker 2: What you got?

501
00:27:39,640 --> 00:27:39,960
Speaker 4: Hey?

502
00:27:40,040 --> 00:27:46,600
Speaker 8: Good morning, Michael, Yes, sir, I've got two Airbnb rentals.

503
00:27:46,800 --> 00:27:47,600
Speaker 6: One I've had.

504
00:27:47,680 --> 00:27:52,000
Speaker 8: Crystal Beach for about sixteen years. The other one I

505
00:27:52,040 --> 00:27:54,040
Speaker 8: have in Canyon Lake and I've had that one about

506
00:27:54,040 --> 00:27:58,280
Speaker 8: seven years, Okay, and money was money was good until

507
00:27:58,920 --> 00:28:03,160
Speaker 8: last year. I'd say I lost about seventy five percent

508
00:28:03,240 --> 00:28:05,679
Speaker 8: revenue online and about ninety percent revenue on.

509
00:28:05,720 --> 00:28:06,400
Speaker 6: The second one.

510
00:28:08,040 --> 00:28:10,719
Speaker 8: There's just a lot of Airbnb homes all of a sudden,

511
00:28:10,840 --> 00:28:13,320
Speaker 8: and its flooded the market.

512
00:28:14,080 --> 00:28:16,040
Speaker 3: Okay, hold on for me, hold on for me, Frank,

513
00:28:16,080 --> 00:28:18,560
Speaker 3: I want to I want to drill down this. We're

514
00:28:18,600 --> 00:28:21,440
Speaker 3: not talking about net revenues. We're talking about gross revenues.

515
00:28:21,480 --> 00:28:24,679
Speaker 3: You lost ninety percent of your overall sales at the

516
00:28:24,760 --> 00:28:27,000
Speaker 3: at the Crystal Beach or at the Canyon Lake.

517
00:28:28,440 --> 00:28:30,200
Speaker 5: The Canyon late was worse.

518
00:28:29,800 --> 00:28:32,960
Speaker 2: Okay, and that's because a competition.

519
00:28:35,840 --> 00:28:39,680
Speaker 8: I was attributing a little bit towards economy maybe, but

520
00:28:39,840 --> 00:28:43,040
Speaker 8: I honestly do believe is the market is saturated with

521
00:28:43,120 --> 00:28:44,600
Speaker 8: airbnb homes.

522
00:28:44,880 --> 00:28:48,840
Speaker 3: You know, there's something else that I believe is happening,

523
00:28:50,040 --> 00:28:54,800
Speaker 3: and that is we had an artificial market during COVID,

524
00:28:55,200 --> 00:28:58,360
Speaker 3: And what happened was you couldn't travel, or people didn't

525
00:28:58,400 --> 00:29:01,920
Speaker 3: want to travel, and so they didn't want to leave

526
00:29:01,960 --> 00:29:06,000
Speaker 3: the country, so they turned inward. We saw this in Aspen, Colorado,

527
00:29:06,080 --> 00:29:08,560
Speaker 3: we saw it in Fredericksburg, we saw it at Canyon Lake,

528
00:29:08,920 --> 00:29:13,360
Speaker 3: we saw it in Galveston, and so it created an

529
00:29:13,600 --> 00:29:16,600
Speaker 3: uptick in the market. It created a whole new market

530
00:29:16,800 --> 00:29:20,440
Speaker 3: because it created a massive new demand both for short

531
00:29:20,520 --> 00:29:24,880
Speaker 3: term rentals, long term rentals, and actual purchases. Interest rates

532
00:29:24,920 --> 00:29:26,800
Speaker 3: were good, so you could afford to do it, and

533
00:29:26,880 --> 00:29:29,360
Speaker 3: a lot of people looked at it as well, we'll

534
00:29:29,400 --> 00:29:33,480
Speaker 3: just relocate there. So these were in parts of Colorado.

535
00:29:33,680 --> 00:29:37,480
Speaker 3: It's people that would have flown to Japan or Hawaii

536
00:29:37,880 --> 00:29:41,240
Speaker 3: or a European vacation, and instead they went to Colorado.

537
00:29:41,840 --> 00:29:43,600
Speaker 2: A lot of these people that went.

538
00:29:43,440 --> 00:29:47,720
Speaker 3: To Galveston and bought down there are Cabo people, and

539
00:29:48,480 --> 00:29:52,000
Speaker 3: they're Applied Del Carmen people, and they're people who would

540
00:29:52,080 --> 00:29:55,200
Speaker 3: normally go to Mexico and spend a fair amount of

541
00:29:55,240 --> 00:29:58,960
Speaker 3: money there and the high end resorts, Cozamel and all that,

542
00:29:59,320 --> 00:30:01,280
Speaker 3: and instead they I said, well, I don't want to

543
00:30:01,280 --> 00:30:02,520
Speaker 3: get stuck down there in.

544
00:30:02,480 --> 00:30:05,480
Speaker 2: Covid so we'll just go down to Galveston.

545
00:30:06,080 --> 00:30:09,760
Speaker 3: And guess what they could afford a place in Galveston,

546
00:30:09,800 --> 00:30:10,760
Speaker 3: whether to rent.

547
00:30:10,600 --> 00:30:11,240
Speaker 2: Or to purchase.

548
00:30:11,560 --> 00:30:15,000
Speaker 3: And so all of this activity drove the prices up,

549
00:30:15,120 --> 00:30:19,000
Speaker 3: and it drove the rentals up, and that stayed the case.

550
00:30:19,040 --> 00:30:25,720
Speaker 3: People found that they enjoyed Colorado or Fredericksburg or Galveston,

551
00:30:26,360 --> 00:30:30,280
Speaker 3: and that continued twenty twenty through twenty twenty one, twenty

552
00:30:30,040 --> 00:30:33,880
Speaker 3: twenty two, twenty twenty three, and then as the COVID

553
00:30:34,200 --> 00:30:39,000
Speaker 3: hoax began to tamp down, people go, you know, we

554
00:30:39,040 --> 00:30:41,320
Speaker 3: hadn't been to Europe in a while. You know, last

555
00:30:41,320 --> 00:30:43,200
Speaker 3: time we were in Europe, the kids were in sixth grade,

556
00:30:43,240 --> 00:30:45,800
Speaker 3: and now they're sophomores and juniors. I'd like to get

557
00:30:45,800 --> 00:30:48,680
Speaker 3: one family trip in before they graduate. So now those

558
00:30:48,720 --> 00:30:52,080
Speaker 3: people that were going to those places before are now

559
00:30:52,120 --> 00:30:56,600
Speaker 3: going back slowly to their old behaviors. And it's not

560
00:30:56,640 --> 00:30:59,400
Speaker 3: that you lose one hundred percent of the market of

561
00:30:59,560 --> 00:31:02,800
Speaker 3: buyers or renters in these places. It's that you lose

562
00:31:02,840 --> 00:31:05,720
Speaker 3: a marginal amount, but you find out, like in the

563
00:31:05,760 --> 00:31:09,880
Speaker 3: grocery business, if a grocery business loses five percent of sales,

564
00:31:09,960 --> 00:31:13,320
Speaker 3: they go out of business because the marginal is so

565
00:31:13,960 --> 00:31:17,360
Speaker 3: much and you're on the margins to start with. I

566
00:31:17,400 --> 00:31:19,800
Speaker 3: also think that a lot of people during that time

567
00:31:19,960 --> 00:31:26,240
Speaker 3: converted their properties to Airbnb and competitor properties, and so

568
00:31:26,320 --> 00:31:29,280
Speaker 3: that meant there was a much bigger supply at the

569
00:31:29,520 --> 00:31:32,680
Speaker 3: you know, you plot this, you see a decrease in

570
00:31:32,720 --> 00:31:38,120
Speaker 3: supply and a I mean sorry, increase in supply and

571
00:31:38,200 --> 00:31:41,760
Speaker 3: a decrease in demand. And where you are at that

572
00:31:41,880 --> 00:31:46,000
Speaker 3: intersection is a lower price point. It may just be

573
00:31:46,160 --> 00:31:49,880
Speaker 3: the case that it's going to require lowering the price

574
00:31:50,480 --> 00:31:53,240
Speaker 3: to rent these places out, but nobody wants to do that.

575
00:31:54,320 --> 00:31:58,640
Speaker 3: I have watched in Colorado a number of people who

576
00:31:59,120 --> 00:32:03,920
Speaker 3: the market and Colorado went so crazy during COVID and

577
00:32:04,160 --> 00:32:08,680
Speaker 3: it shot properties up in value, and then that began

578
00:32:08,760 --> 00:32:11,640
Speaker 3: to change. And there are people who still think they're

579
00:32:11,680 --> 00:32:14,360
Speaker 3: going to get that amount, and they're still waiting around

580
00:32:14,560 --> 00:32:16,600
Speaker 3: and their property has been on the market for eighteen months.

581
00:32:17,640 --> 00:32:21,479
Speaker 3: Somebody's gonna wear that hickey. Somebody's gonna eat that loss.

582
00:32:22,120 --> 00:32:25,240
Speaker 3: You bought a place for eight hundred thousand that used

583
00:32:25,240 --> 00:32:27,600
Speaker 3: to be worth three point fifty. Now the market's come

584
00:32:27,640 --> 00:32:31,840
Speaker 3: back down. Eventually, you either walk that property or you

585
00:32:31,960 --> 00:32:34,360
Speaker 3: sell it for what. But the real problem is if

586
00:32:34,360 --> 00:32:36,040
Speaker 3: you were a cash buyer, that's one thing. You got

587
00:32:36,080 --> 00:32:39,000
Speaker 3: people that are upside down on these things. They got

588
00:32:39,080 --> 00:32:45,680
Speaker 3: low interest rate, low down payment homes, and now they

589
00:32:45,720 --> 00:32:47,720
Speaker 3: all owe all that money and the market's just not

590
00:32:47,800 --> 00:32:49,840
Speaker 3: there for that home and they've kind of moved on.

591
00:32:50,360 --> 00:32:51,600
Speaker 2: There's gonna be a reckoning.

592
00:32:51,640 --> 00:32:56,000
Speaker 3: It's not gonna be a it's not gonna be pretty