1319: Controlling Investments, Personality vs Character & 3rd World States

Thanks for your support, Jason. I appreciate yours and Carrie's support and your whole network. It's really been very beneficial to me and a whole lot of others. I encourage everyone to use your resources that you have. But thank you. Thanks, Jason.

Welcome to the Creating wealth show with Jason Hartman. You're about to learn a new slant on investing, some exciting techniques and fresh new approaches to the world's most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine, self made multi, multimillionaire who's actually been there and done it. He's a successful investor, lender, developer and entrepreneur who's owned properties in 11 states, had hundreds of tenants, and been involved in thousands of real estate transactions. This program will help you follow in Jason's footsteps on the road to your financial Independence Day. You really can do it. And now here's your host, Jason Hartman with the complete solution for real estate investors.

Welcome to episode number 1319. 1319. Has California my home state for the vast majority of my life? Has California become America's first third world state? We're going to talk about that in a moment. But that is not the subject of today's episode. That's just a starter. It's just an appetizer for you. Just a little hors d' oeuvre, or a horse d' oeuvre as it is spelled, if you don't speak French. All right, so we'll talk about that in a moment. I'm here in Sarasota still. I'm at this mastermind group and I have to tell you, I sat down with a gentleman, a very nice guy who does syndications, syndicates, real estate deals, apartments specifically. And it made me think of a few things. You know, I talk a lot about commandment number three. Thou shalt maintain control. Don't leave yourself susceptible to getting ripped off by a crook by getting ripped off. Not ripped off intentionally, but just through their own incompetence by an idiot or getting ripped off by someone who is charging a huge management fee for managing the deal. And I want to tell you, it's amazing to me how these investors just get themselves into these deals that are highly overrated. They're just not good deals. Now, granted, the promoter, the sponsor of any kind of a syndication deal, they have different connections, they have different talents. Some are good, some are bad, some, some have a lot of connections, some have no connections, some have good deal flow and good acquisitions, people that are able to source good deals and some don't. And do you know, when you get into it, how that all works? No, you don't. Do you know how well they manage the property? No, you don't. You leave yourself susceptible to a whole bunch of risk that is far beyond your control. I'm just going to talk to you about one component of any sort of a fund or syndication today. Now, this deal wasn't too great. Let me tell you what this guy was offering. Okay? Basically, they said they will pay a 6% preferred return. Now, many sponsors will pay 7 or 8% or sometimes even more preferred return. That just means that the investors get paid before they get paid. But in practice, that's not usually really true because they might own the management company. Or even if they don't own the management company because they're the syndicator or the sponsor of the deal, they'll just take a management fee for themselves even if they're not formally managing the property. And they might take an acquisition fee when the syndication buys the property. They might take a disposition fee when the syndication sells the property. And then here's where it gets really ugly, folks. I'm about to tell you right now how you're going to lose your money. Maybe you won't lose your money, maybe you'll make money. But compared to what? The Jason Hartman question is always compared to what? And it's always reminding you that you can't hear the dogs that don't bark because how much more money should you or would you have made if this deal didn't suck? Okay, so here's an example. On this deal that he was telling me about, they pay a 6% preferred return. And then I didn't quite understand this other part on the return, but they pay like a bonus in five years. Now, for them to pay that bonus, everything would have to go well for the five years. But let's assume it does and they can pay a little bonus. So it'll ultimately add up to more than 6% pref or 6% preferred return. But I asked him, I said, how much equity do you take as the sponsor? And it kind of felt like he was ignoring the question, like he didn't know what I was asking. And I said, as the sponsor, how much do you take? And he says, well, we take 50%. And I thought they take 50% of the deal for putting in no money. That is really rich now. Hey, more power to them if they can get it. Look, I'm a capitalist. I don't fault anybody for making as much money as they can. As they can. But that doesn't mean you should invest in their deal either. Okay? I want you to be smarter than the average bear. I want you to be more educated so you don't leave yourself susceptible to these crappy deals. Because, look, hey, maybe you won't invest in them at all. But say you do one and then you're going to come telling me about it later and you're going to say, jason, I should have listened to you. I should have listened to you. How many times have I heard that? Jason, you were right. I should have listened. I lost money, et cetera, et cetera. And usually people don't know they lost money if they made money. Ooh, what do I mean by that? That sounds like a contradiction in terms. No, it's not a contradiction in terms, because compared to what? How much should you have made? If they paid an 8% preferred return and they weren't the management company getting some extra profits there, and they didn't take 50% of the equity, but instead they took 20 or 30%, which is much more normal for a sponsor, then how much more money would you have made? See, that's the problem. It's the way our mind works. Our minds just have really defective thinking on a lot of things they have a bias for. You know, okay, so I made some money, so I'm happy. No, you shouldn't be happy just because you made some money. You should be happy when you make as much money as you are entitled to. And you are entitled to more than 50% of the pie when the sponsor is not putting up any cash. Now, understand this. The sponsor could also invest in their own deal with cash. I don't think they do this very often, but again, there's no central repository of data for this kind of thing. So every deal is individual. And I just don't know. Nobody knows. You don't know either, do you? If you do know, go to jasonhartman.com ask and tell me what you know or tell me what you think or ask me a question. Jason hartman.com ask. We love to hear from our listeners. So that's the thing. This deal stinks, all right? And lots of people invest with them. They got, I think he said, over $100 million of properties in their portfolio now. So there's no shortage of people who want to take much lower returns than they could get if they paid more attention and if they followed commandment number three and only invested directly as a direct investor and not in these syndications and these bad deals. Now, if I ever recommend a fund or a syndication, believe me, it will be a much better deal than this. But I gotta tell you, in my 1031 exchange efforts, the 1031 exchange that I'm going through right now, I've talked to quite a few operators recently, and, you know, I have over the many years I've been in business, of course, but more recently, I've been really talking to a lot of them because I was thinking of going in on one of their deals alongside their fund or syndication. As you know, I just sold that apartment complex that one of my entities owned with one of our clients entities. So we sold this one. We got $5 million for it. And I need to reinvest, right? So I'm looking at deals and. And I'm learning kind of from the other side of it how some of these syndicators and fund managers, both fund and syndication, are different. Obviously, syndication is deal specific, and a fund is more general where they might invest in lots of deals of different shapes and sizes and flavors. Okay. You know, some of these seem like pretty good operators. So, hey, there might be a day when you hear me actually recommending one of their deals. But for now, no. And, you know, one of the other things you've got to remember is what I've talked about over the years that Stephen Covey, the late, great Stephen Covey, author of 7 Habits of Highly Effective People and many other great books, he talks about. And this is very important. Remember the personality ethic versus the character ethic. The personality ethic versus the character ethic. Read the 7 Habits of Highly Effective People and learn about it. Because, boy, let me tell you, this one causes people to lose a lot in life. Not just money, but relationships, all sorts of things. And so the character ethic versus the personality ethic, here's the crux of it. And it reminds me of this former friend of mine many years ago in Orange County, California, who was the nicest guy, just popular, schmoozer, just had that natural gift, you know, the one that I don't have, probably the one you don't have either, because not many people have this gift. Everybody has it to a degree. There are, you know, shades there right along the spectrum. But this guy had it like en masse, where he was just a super likable guy. Super, super likable guy. But he just really did not have good character at all. He was always talking about people behind their back, you know, gossiping and jabbing them and bringing them down behind their back. And ultimately he kind of Screwed me over on a business deal. So I decided this was not the kind of friends I want to have in life and go through life with. But, you know, I will be honest, very charismatic person. I miss him sometimes, you know, he's a good friend for a while, so. But, you know, you gotta judge things more on character than personality, okay? Because at the end of the day, character matters. Personality, it's nice to have, for sure. I guess it's like an investment deal where you have appreciation or speculation. Appreciation versus cash flow and income. Right? I'd call cash flow and income the character. Right? Those are the steady, stable things under the surface that, you know, that really work okay and work consistently. But appreciation, you know, it's like personality, it's kind of fickle and it's shallow, right? It's a shallow thing. It's great when it happens. I'll take it. Let's profit from it when we have that appreciation. But it's not very reliable. So that's the thing. And these are the. Look at. These are the things we're always weighing in life and every interaction and every deal. I'll just remind you that people who have great personalities remember the movie Catch Me if youf Can Remember the. The character in that movie. I actually saw the real Frank Abagnale speak. He spoke Y E O when I was a member of YEO years ago, they hired him to speak at the Nixon Library in Yorba Linda, California and boy, he delivered a great speech. You know, he was the real criminal behind the movie where Leonardo DiCaprio, the environmental hypocrite that he is, you know, who thinks we should all drive little Volkswagen bugs and he's got his 412 foot yacht and he's preaching about global warming, but yet he's doing nothing about it. Anyway, that's a tangent. Tangent alert. Anyway, that wasn't the point. Frank Abagnale, also full of crap. I mean, not anymore, but he certainly was for a period of his life. And he paid his debt to society, went to prison for years. And that movie was really fascinating, right? You were almost rooting for the bad guy, you know, to see how he would get away with all of these con jobs. And that is the personality ethic, okay? Remember, a great personality is the stock and trade of a con artist, all right? So be careful of that. If it's like too much on the personality ethic, you got to be a little careful. I mean, hey, listen, we all want to be around likable people and have friends, but, you know, just read between the lines. That's the important thing, right? And that doesn't mean I know some of you are listening. There's a very small percentage of the population that has that super great charismatic personality. It does not mean you're a con artist. So I don't mean to offend you. If you're listening and you have a great personality, you might be okay, but, you know, you might not. Right? Bernie Madoff, he was super likable. Everybody liked him. He was involved in everything. Heck, his resume was fantastic. He was president of nasdaq and he was on all sorts of committees and commissions about ethics and in the financial markets. And look at who he turned out to be. Right? He made off with about 60 billion. That's with a B. $60 billion, right. Just notice the personality ethic versus the character ethic. And another good concept that Stephen Covey talks about in the 7 Habits of Highly Effective People. Awesome book. I highly recommend is he talks about production versus production capacity. Very important in all parts of life, but also in investing. And you know what? I'll talk about that on a future episode. I'll talk about that one on a future episode. Okay, so let's go to this little California segment. I'm going to play a clip from some very famous LA talk show host, John and Ken, you've probably heard of them, no matter where you are in the world, because, hey, you can get their stuff on iHeartRadio and such. John and Ken, these guys have been around forever. They're on the biggest radio station in Los Angeles. We used to advertise on their station years ago. They are interviewing a professor who is talking about what is going on in some areas of California. And I know what you're thinking. I know what you're thinking. You're thinking, jason, I live in California and I live in Newport coast, where you used to live. Or I live in Irvine, where you also used to live. And it's really beautiful where I am, and I agree because I used to live there, and it's gorgeous. Those are great areas, for sure. But remember, this kind of thing has a creep. And even if you live in a great area, okay. If you live in your little bubble, okay, I mean, I'll just remember the Realtors in Newport Beach, California, have this kind of sort of snobby air to them. I know some of you are listening. No offense, but hey, you know, let's just call it as we see it. We're not even sure if they believe there's land beyond the 405 Freeway on the other side of the 405 Freeway. They just think that's like the rest of the world. And this is Newport Beach. So I'm sure the people in Beverly Hills or, you know, any posh hoity toity area think that. Right. You know, you might live in your bubble, but remember, you are paying taxes to the same taxing authority that has to carry the weight of all of this third world. And eventually bubbles always compress. And then after they compress enough, what do they do? They pop. They pop, right? The bubble pops. And your beautiful bubble area is eventually infiltrated by all of these same things that are going on in the other areas. I remember on my holistic survival show I interviewed Joel Skousen. And you know, he's probably a little out there, but that doesn't mean he's wrong. Okay? He is right. You know, he talked on my show as I was interviewing him. He's a survival architect and he would build houses and structures for survival, you know, when there's civil unrest and all these crazy things that have happened and might happen again. And he cites Los Angeles as one of the riskiest areas in the country because Los Angeles has a whole bunch of people living on the dole and a lot of problems, a lot of problems in la. Okay? My hometown, by the way, I grew up in Los Angeles. He wanted his house, where he lived in Utah to be further away from Los Angeles than one tank of gas. So you would have to refill your tank to get to Joel's house. He had to be that far away from la. That's really how much a guy like that thinks about it. These problems are not isolated. And, you know, you might live in a bubble now, but it may not stay that way forever. So let's just listen into a clip from this interview on KFI AM Talk Radio.

John and Ken show Davis Hanson with another great column.

One of our favorite writers, he is a professor at Stanford University's Hoover Institution. He's an expert in the classics and military history. He's a columnist. He also is a farmer. And he's got one foot in the academic world at Stanford, one foot in the real world as a farmer in the Fresno area. And I got to see him speak about six weeks ago in downtown Los Angeles. And if you ever get a chance to see him, you must go and buy his books and read his articles. He writes a lot for various publications. Dr. Hanson, welcome.

Thank you for having me.

It's good to have you on again, this article, America's First Third World state, California. Why don't you tell people first what a third world country or third world state is? What's the definition of one?

Well, you know, in the Cold War, it was any country in Asia, Latin America or Africa that was not aligned with the Soviet or American bloc. And then it began. Most of them were poor. Now it's any nation that's failed in the sense that it doesn't have a very good infrastructure, it's corrupt, it's got severe public health challenges, infectious disease doesn't have good infrastructure. And the people are more tribal. They're not a unified body politic. And it's, you know, you have more allegiance to your first cousin maybe than to the state. There's a lot of definitions, but generalized impoverishment and insecurity and people demoralize and want to leave.

And there's a huge separation between the very wealthy and the poor and not much middle class.

I think that's one of the things I tried to say in the column, that you have a small pyramidal elite on top and then you have a huge peasant class on the bottom. And the middle class is despised by both sides. They lack the romance of the poor for the elite. And they're considered, you know, grasping or bourgeois or something by the poor and the elite.

Isn't that interesting? His definition, he just nailed it. He did not call it what I always call it. And I think sadly, my home state of California and certainly my hometown of Los Angeles has become a banana republic. No, it's not the store, which, by the way, I shop there, I like Banana republic pretty well, but I certainly don't want to live in one. And the banana republic is where you've got the elite rich and you've got the peasants. And that's what California, sadly, is turning into, or has turned into really. I think we can say that in the past tense. It's already there. You know, the elite can't stay in their bubble forever.

Nobody looks out for their interest here in California. In other words, they pay the majority of the taxes, at least a lot of the taxes, and they don't get very much in return for having the highest basket of sales, income and gas. If you look at national rankings of influence.

And so he's talking about the middle class now that has most of the burden because, of course, the rich have all their tax schemes and the poor don't pay any tax. They get government transfers, they get the.

Government benefits, structure, roads, school test scores, et cetera. And I don't think I, you know, I'm 65 and I was born here. I never imagined that we'd have returns of things like tuberculosis, typhus, typhoid, hepatitis A, where we have 140,000 people on our major city's highway, sidewalks and streets that are urinating, defecating, eating in the same place where there's trash and lice and rats, fleas. It's just incomprehensible. And what I'm looking at right now on my farm, I see, you know, once farmhouses of family farms now with 30, 40 people in them from Mexico and South America or Latin America. There's no billing codes, there's no zoning codes, there's no licensing, no dog. It's just kind of like the Wild west out in rural central California. When you superimpose that matrix on all of these disturbing statistics such as, you know, we have one third of all the welfare recipients United States, a fifth of the population is at the poverty line. Another fifth is at near poverty. We have a fourth to a fifth of all homeless people in the United States. It gets pretty depressing. One of the most depressing statistics is one out of every three Californians that's admitted to a hospital for any cause is found upon admittance to have diabetes or pre diabetes. And when you drive down the 99, if you ever get off these little, into these little communities, you'd be surprised how many dialysis clinics there are. So there's all of these, I don't know what we would call them. They're sort of medieval challenges to the population. Yet Facebook and Google have $3 trillion in Apple @ market.

Capitalization. So there you have the super rich elites at Facebook and Google, etc. Etc. In Silicon Valley, and then you have the rest of the peasants, if you will. And you may be thinking, well, I don't live in California, what do I care? You know, you might live in one of the 189 other countries that listens to this podcast. You need to care about this. Why? Because you should really consider California like a country. It is such a big state with almost 40 million people, and its economy is maybe, I don't know, the sixth largest in the world. If it were a country. It's a giant player. Not because it's well managed, it's a disaster, okay? But when you have 40 million people, something's going to happen, okay? There's going to be some economic activity and you're also going to have, you have the state riding on a reputation that it earned many years ago, you know, with Hollywood and you know, the 60s and the beach Boys and I mean, you know, California was a great place. That's why it's so sad to see this happening to the state. But it does matter. It matters in the world economy. It's that big of a player. So even if you don't think you, you know, you care about California because you don't live there or you don't have properties there, or you don't do business there, think again. It matters. It's a big player on the world.

Stage. And so the people. What I'm saying is. Go ahead. I'm.

Sorry. No, no, I'm.

Sorry.

How. What.

Was. When did everything turn since you 65. You were here during the golden age in.

California. Yeah, I was. I mean, it was a beautiful place to grow up. And I think it started around the defeat. I mean, Prop 187 that said no more pebble benefits unless you were legally here, won by 60% of the population. Three days later, a federal judge invalidated it even though it fueled Pete Wilson's reelection. And then suddenly in the next quarter century, we had almost 10 million people come, the majority of them illegally or unlawfully from south of the border. And then we had about 4 or 5 million middle class people said, you know what, given the taxes I pay and the crime and poor schools and poor infrastructures I received, I'm leaving to Idaho or Florida or Nevada where there's no state income tax. And then we have these, I don't know, a very small number of people, well, very lot of money that moved into the Bay Area and this tech revolution basically said, we have so much money that we're not worried about taxes or the consequences of our own progressive utopian views. Because you know what, we're going to put all of our kids in prison prep schools and we're going to hang out in Bay Area really nice places like Atherton and Pacific Heights. We have the money and power just to sort of virtue signal everybody else and then live a life exactly opposite of what we advocate for the rest of you. And you put all together and that's what we ended up.

With. Yeah, that's part of the paragraph in here that.

Really. That's Barbara Streisand in Malibu and all the.

Rest. I think the whole piece is excellent, Victor. But a polarity of importing massive poverty. Because you're right. What caused this lunacy? A polarity of importing massive poverty from south of the border while pandering to those who control unprecedented wealth in Silicon Valley, Hollywood, the tourism Industry and the marquee universities, massive green regulations, boutique zoning, soaring taxes, increasing crime, identity politics and tribalism and radical one party progressive government were force multipliers. I just think that sentence summarizes everything you've been talking about for the.

Last. He nailed it. That is.

That. That sums it up.

Because John asked the question, how did this happen? When did this happen? And all these things have come together, as you said, in the last 25 years to create this third world state that we exist in today. It's clear from all that it.

Is. And then you gotta remember that we inherited from our grandparents a state that had one of the best systems of local and state governance. And we had a. We used to have the best highway system in the world. We invented the cloverleaf and we had wonderful airports. We had a brilliant California water project of water redistribution. And it was pretty much a harmonious population. We were very diverse. But everybody's first loyalty was to the United States and to the idea of assimilating them. Their ethnic identification was incidental. It wasn't essential to their character. And in place of all that, we've got this sort of Yugoslavian, Rwanda tribalism going on where each group vies with another victim status. And then we're all hyphenated names and we're all looking for an Elizabeth Warren type of victimization for a cachet or something. And I just was in the DMV at the Department of Vehicles here near Hanford, and it's just not working. Trying to get a real license because, you know, the federal government saying if you're in a state that gives driver's license to illegal aliens, you're going to have to provide a lot more documentation if you plan on flying in the future. And the state's not equipped for the rush of applications. I was in there two hours and it looked like something out of Dante's Inferno. I mean, it was.

Just. That's going to get.

Worse. It was scary. I mean, nobody who was in charge knew really. They were very nice people, but they didn't know quite what to do. They were unintended children. There was very few people speaking English. Very few people had the necessary documentation. I thought, what's going to happen when these people all want to fly next year and they don't have this special license, so we just don't let them do it anyway, or what? And the same thing about the 99 Freeway. Just driving south of Vice Philly.

I guess he's talking about flying on a commercial plane is what he's Referring to, you know, you need to have identification. That sort of. He sort of didn't make that completely.

Clear. And I was in i5 two weeks ago, you know, near Gilroy and, excuse me, 101 near Gilroy and i5 near Kalinga. And they're dysfunctional now. They haven't changed at all since the time when we had 17 million people. Now we've got 40. And it's very fragile. You know, we're right on the cusp because there's only 150,000 of 40 million residents that pay half the income tax. That's amazing now that you can't write off your federal and state income tax. And that's a lot in California over $10,000. And so the reaction to that should have been to lower taxes. Instead, Gavin Newsom and the legislature are talking about a restaurant tax. They just imposed an Internet sales tax. And now we're hearing. I couldn't believe it. After a half century, they want to reimpose an inheritance tax that hits everybody at $3 million. That could be a small house in the Bay Area. It's like we're unhinged from.

Reality. Well, Victor, we appreciate talking to you again. We have the article from National Review posted on our website. It's a great read. We thank you for coming on.

Again. Thank you very.

Much. Thank you for having.

Me. Dr. Victor Davis Hansen. And of course, we've had him on many times before. Professor, former writer. He chronicles California and it's a good read because it's all in there. And it's like we were just talking about a moment ago. While the state is focused on things like tribalism and racial and gender identity, it's falling apart. The roads are falling apart. The DMV doesn't work. There's homeless people on all the corners. I mean, this is the reality that they don't care.

About. The scariest thing Is he said 4 to 5 million middle class people have moved out of the state, replaced by 10 million poor.

Immigrants. Well, that's not going to work. That's. That's unsustainable both financially and society.

Wise. You just walk down the block, you could see that we're.

Imploding. Well, I hope that didn't depress you too much. But it really is a pretty sad story with what's going on. And, you know, most of our listeners and clients are in California probably or, well, I don't know, I can't say most, but a lot. Remember, none of you listening probably see a lot of this stuff because you Live in the nicer areas. But it's just important to be aware of what's happening. It reminded me when they were talking about how, you know, the politicians are all focusing on like all these identity politics and all these, what should be secondary issues to the real problem. You know, it's like Rome is burning, right? And remember, one of the lessons we can learn from ancient Rome is the concept of bread and circuses, right? They want to distract and entertain the population. Well, Rome is burning if you, you know that. But also because they can do what they want behind the scenes, because they distract everybody. That's that old Democrat, Republican thing. You know, this two party system. It's like just divide and conquer. Distract everybody with this sort of fake wrestling match that goes on between the sides. And the real abuses to our freedom and economic liberty are being taken away while we're distracted with this, you know, fight over, oh, should we have Bernie or Elizabeth or Trump? You know, I don't know, they're all to some extent the flavor of the same thing. Right? Okay, one more thing and then we will wrap it up for today. And that is the concept of noise. Noise, noise, noise, noise. So what do I mean by noise? Well, I don't mean loud music. See, if it's music you like, it's not noise, it's melody. It's good, right? But if it's bad music, then it's just cacophony and it's terrible. It's noise, right? Or what if it's those leaf blowers? I hate those leaf blowers. Leaf blowers are tragic. They need to go away. Leaf blowers need to go away forever. But I'm talking about noise that clouds are thinking in the investment market, no matter what it is, once we decide on a plan, to some extent, I mean, you need to be aware of what's going on, obviously, but to an extent, we need to put our head down and follow our plan and not get distracted with the noise that is out there in the investment market. Because there's a lot of noise. There are a lot of things that can distract us and make us get off of our plan and really mess up our goals. When it comes to being great investors, we want to focus on our plan. If you've decided your plan is what I've outlined here over the last, you know, 15 years or so, then your plan should be buy good, solid cash flow properties, be a direct Investor, follow my Ten Commandments. Now, we really actually have 21 commandments, but, you know, we'll probably have 22 and 23 and 24 soon. But there's core Ten Commandments and then those additional ones that I added on. Remember, Moses did drop a couple of those clay tablets when he was coming down from the mountain, so there really were probably 20 commandments at least, right? So following that plan, keeping our head down and not being distracted by the noise, there's always a buddy of yours that's going to approach you and say, hey, I'm doing this, I'm doing that. There's a hot stock, there's a whatever. And you know in your heart and your head that those deals very seldom work out, right? So stay focused. Don't be distracted by the noise. Put your head up now and then so you know what's going on. But being informed and actually putting your money into something are two different things. Focus on your plan. This plan that we've outlined, it works. It's the most historically proven plan in the entire world. The most historically proven asset in the entire world. The most tax favored asset class in America. And we're here to help you with it. Go to jasonhartman.com for more. Until tomorrow. Happy investing.

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