1699: New Mastermind, Housing Inventory, Transitory vs Permanent Inflation

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 multimillionaire who's actually been there and done it. He, 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 1699. 1699. Thank you for joining me today. And you know what this means. Our next episode on Wednesday will be a 10th episode show and as such we will have a topic of general interest. But our guest is a pretty big name guest, a two time presidential candidate, former congressman, quite possibly my favorite Democrat. And hey, I guess that's kind of easy because mostly I'm not in agreement with Democrats. But this is Dennis Kucinich, you all know his name and he was really great guest we recorded last week with him. So I think you'll enjoy episode 1700 on Wednesday. But today, since we want to be on the topic of investing, of making your money grow of income property, the most historically proven asset class in the entire world. Let's go get to it. Let's take a look at what's going on. I want to talk about housing inventory. If I get time. I want to talk about this new IRS leak which could affect you in a big way. Are your audit chances increasing? Well, quite possibly they are and we should talk about that. We'll try to do that if we get time today. But I definitely want to get into this housing inventory. However, before we do that, I just want to talk about the last weekend. So I just returned home from Miami, that's about an hour and a half south of me and I was speaking, speaking this weekend at the Rebel Capitalist Live event put on by George Gammon. We just had a very, very busy weekend. So I'll give you a little backstory on this. About, oh, three or four, maybe four weeks ago, George and Ken McElroy, who you know from Rich dad fame and his great books, we were all out, we went to an event and then after the event we went back to Ken's Hotel in West Palm beach and we were having a Dr. At his hotel. And Ken just kind of like hits me on the arm and says, you know what, Jason? We should start a mastermind group. And I thought, oh, I don't know about this. And George was kind of thinking, well, that's interesting. You know, just kind of listening. And I said, you know, I had a mastermind group before I put it on pause due to Covid, of course, the venture alliance. It's a lot of work. It's a lot of planning, because you are really planning events and entertaining people, and you're planning speakers and educating people, and I love doing all that stuff, but it takes time. You know, it's. I mean, I love it. I really do love it. It's. It's a great thing to do, but it's a. It's a commitment for sure. And so Ken says, you know, we really gotta do this. We gotta start a mastermind group. So after listening to Ken kind of with his idea and so forth, and really talk about it, you know, I've been in maybe a dozen or more mastermind group groups, and they've been one of the most valuable things I've ever done, really. I've learned so much. I've made so many new connections, been able to expand my. My reach, my influence. And Metcalfe's law, you know, the network effect, right? Very, very powerful thing. And basically what that says is that the value of each node on the network. Use the telephone, for example, the good old telephone. Remember the telephone before the Internet? Yes, you do remember the telephone, right? One telephone in the whole world has virtually no value. Two telephones in the entire world has significantly more value because at least two people can call each other, right? But when there's three telephones and four telephones and then 100,000 telephones and a million telephones and billions of telephones, the value of each node on the network, or each phone, if you will, increases exponentially because of that effect of having all those other telephones or nodes on the network available. And that's one of the big powers of a mastermind group, no question about it. But there are other big benefits to it. So anyway, we decided to start this mastermind group, and we launched it on Saturday. It's now Monday. I'll just tell you how it went. It's called the collective. That is not after anything that you might think it's named after. Maybe, you know, maybe. You know where I'm going with that. It came from Ayn Rand, and. Ayn Rand, of course, the fantastic author. She. She passed away in the 80s, she did just an abundance of incredible work, including a life changing book called Atlas Shrugged. Many of you may have read it. It's about 1200 pages long. I read it years ago. It's a life changer, it really is. And the book I most recommend to people, which is much smaller, just a collection of essays. And the title has nothing to do with the content. But she says she gave it this title because she knew it would bother people. And the title is the Virtue of Selfishness. And I read that one years ago and it's fantastic. If you want to pick that up. Easy, but very compelling read. It's very short. It's not like taking on Atlas Shrugged or the Fountainhead, her other great book. But read the essay in the Virtue of Selfishness entitled the Monument Builders. That just blew my mind when I read that. Really, really incredible. But anyway, Ayn Rand escaped Russia, hated communism and moved to New York City. And when she first saw New York City, she described it as an incredible and amazing thing that the people could build such a thing that would, would just be man made. It was absolutely amazing to her that that was even possible to do, to build all those skyscrapers and all the incredible stuff of New York City. And so she was friends. Get this, you may not know this. She was good friends with Alan Greenspan. Yes. Our former Federal Reserve chair. And Greenspan. And Nathaniel Brandon and Leonard Peacock. And I met and hung out both with Nathaniel Brandon and Leonard Peacock. Leonard Peacock was the sole heir to Ayn Rand's estate. Nathaniel Brandon, she and him, they had huge influence on each other. You know, he wrote many books. And I actually sat next to him at the premiere of the first Atlas Shrugged movie in Westwood Village. And my friend Judd organized a bunch of people to go to that premiere because he worked on the movie. I actually drove Nathaniel Brandon home that evening after the premiere. So I got to hang with him a bit. And you know, he's. He's passed away too. Really just an incredible story. Anyway, these folks, these big thinkers of their day and other people had a meeting and they used to meet in Ayn Rand's apartment in New York City. And their little group was snarkily called the Collective. And it was really kind of a funny name because Ayn Randall hated collectivism, she hated communism. It was just anathema to human nature, right? She, she said that many times. So they had their little club called the Collective. And so we named the mastermind group the Collective. And we announced it on Saturday afternoon at the event from the stage, There were about 700 people in the audience. A bunch of people signed up and we had a VIP reception last night. And, and you can tell I lost my voice a bit from all the talking I've been doing all weekend. We had Robert Kiyosaki, Kim Kiyos were there and just a really fun time. So great event we had. I believe we had 14 members sign up right out of the gate right away and they paid $40,000 a piece to join the Mastermind group. So we'll see what this turns into. I hope it really turns into something great. I think it will. And our first event is in. Well, I guess our first event was really last night, but that was just sort of a VIP reception for the new members. Our first full weekend event is in Scottsdale, Arizona, the first weekend of November. So if you're interested, check in with me and I can tell you more about it. But just wanted to tell you that's what we did. And my speech, I spoke for an hour other than the Mastermind announcement. Later after my speech. I did a one hour speech on Saturday afternoon following Lyn Alden and right before Ken McElroy. And I talked about the HCI, my new index. I'm very excited about this index. It really seems to resonate with people. And that is the Hartman Comparison Index, the hci. I added a whole bunch of things to that just last Thursday. So we've expanded it. And with the help of Thomas the economist that works with us, that you've heard on the show before, we really keep expanding it and improving the methodology. The index, this is a new venture for us, but real, real exciting and I think it can really help people understand the value of real estate, the value of income property compared to other asset classes. So I spoke about that. I talked a little bit about inflation induced debt destruction. You know, I don't know how much of this was schmoozing me, but everybody came up to me afterwards. I was just like mobbed the whole time after the speech, especially with questions and praise. I was really glad to hear those praises because people said that it really changed their thinking about valuation, about understanding the value of these properties in the market we're in. And they said that it just had a huge, huge impact on them in terms of under understanding that. Dozens and dozens and dozens of people said that I was the best, most entertaining speaker at the entire event. So I'll take it. Hey, I'll take it. I must have had, you know, close to 200 people take selfie pictures with me that everybody wanted a picture. So I guess that's easier than the old days when you did autographs, right? So that was really fun and I just really enjoyed all the people that I met there. So I know a lot of you listening were at the event. Thank you for coming out. Thank you for your participation and your kind words. And really just diving into this education, you know, it's just so valuable, the kind of stuff we talk about. It changes people's lives. And I heard that all weekend. I mean, you know, many people that were there told me that they've been listening to the show for, you know, five, eight, 10 years, 15 years even. I heard from one person. Many of our clients were there and listeners, and it was just great to see all of you. So thanks again. Thanks again for coming up and saying hello to me and all that stuff and really, really enjoyed the event. Now, let's get into some housing inventory stuff, because I did not talk about that this weekend. And there is more to valuation than the hci, or actually, let me say that a little differently. I don't know that there's a lot more to valuation than the Hartman comparison index. That's pretty good at valuation. And there are other ways to value besides comparison. That only does it by comparison. Remember, when appraisers look to do valuations on properties, they do comparison. That's the way residential properties most often value almost exclusively. But the other approach is the cost or the replacement approach. How much would it cost to rebuild the property, to replace the property? And then of course, there's the income approach, which is almost never used for residential valuation except by us, by us investors. Right? We do look at the income approach, but by and large, that's reserved for commercial properties, not the residential market. But of course, on the show and on the video, the free video that you definitely should go and get. And if you've watched it once and more than three months have passed since you watched it, you need to go watch it again. Go to Jason Hartman dot com. It's right on the front page of the website. Just sign in there. Takes a minute and boom. A free video on how to analyze a real estate deal goes over every number. Very, very important. And by the way, we just redid that video maybe a few months ago. So it is new. If you saw it six months ago. This, this is a, an upgraded version of that, the video. So we kind of modernized it a bit. So be sure to check that out. It's totally free and it got a little longer by the way, it's about 32 minutes now. I think it was 27 minutes before, but you'll love it. So just take advantage of that video. Okay, but we didn't talk a lot this weekend at the event about inventory, housing inventory levels. And of course, that's very important. Now, we always want to ask the Jason Hartman question. And that question is compared to what? Compared to what? That is the question. That is the question that determines almost everything in life. You've got to always ask yourself, compared to what? Boom. The question to ask. Well, let's compare some housing inventory levels over time, and let's go back six years or so. Okay. Now, I'm looking at a chart from Altos. We've talked about them on the show before. They put together a lot of this data, and it's great stuff. So if you look at housing inventory, the first spot on the chart where they actually give an actual exact number of 1,042,729 homes on the market is right about July of 2016. Okay? So just over a million homes on the market, July of 2016. Now, remember, you know, we're. We're right in the political cycle, the Trump era. Right. We're right here on this. And then we go another year and inventory declines further, and it's down to 963,000 homes. I'll round off here 963,000 homes. And then we go about another year and inventory declines again to 899,000 homes on the market. And then we go another year and inventory goes up a little bit. July 2019, approximately 950,000 homes, but still lower than it was back in 2016. But then, wow, wow, wow, wow. We slide into the era of COVID 1984. And the next number they cite is showing much lower housing inventory. So we're about maybe April or May of 2020, right? Lockdown Central. Now, the funny thing is that during that time, there were different things happening, right? One group of people thought, well, we're definitely not putting our house on the market because we don't want people coming through and bringing germs. And they also thought, well, if we put our house on the market, where are we going to move to? Because, you know, you just can't go out and look right now. Everything's locked down. And then there were others that thought, oh, boy, this is going to lead to an economic collapse. We better sell and sell quickly. And so you've got all these sort of conflicting ideas and psychologies in the marketplace, but that number when inventory Starts to really fall off a Cliff is only 706,000 homes for sale, a very low inventory number. And now guess what we have. We have only about 342,000 homes for sale. So let's go back to the beginning. The first number I mentioned was 1,043,000, rounding 1,043,000 homes on the market. And today we only have 342,000 homes. So a little less than a third. Well, no, about a third. Right, about a third. The inventory is down by about 2/3, and that's the market we're in. And the question is, what's coming next? Where is this going? What is it going to lead to? And are we going to see inventory increase at all? As I've told you many times before, if the inventory tripled, our sales would triple. We would love to see more inventory. It would be great for business. But doesn't sound like it's too likely.

Listen to this call that the, this inventory level is really a new normal for the real estate market in that it will take several years of significantly higher mortgage rates and probably vastly improve new construction rates to get us anywhere near the old normal of, say, a million homes active on the market. So expected, we're stuck in this new normal, three to 400,000 homes, for a long time.

So the normal should be about a million homes for sale. And he's saying we're going to be stuck in this new normal of just 300,000 to 400,000 homes again, about a third of what we should have for the next several years. And to change that, to increase that inventory to normal levels, we would have to see massively increased new home construction. And we're, we're far from what we need there. We've talked about that many times. And we would also have to see much, much higher interest rates. If you're waiting for things to change in any significant way and waiting for the decline, well, you know, one of those two things has to happen, right? So if you get much higher interest rates, that's not going to be good. Because remember, 1% in interest rate equals about 10% in price. So what would happen? Maybe interest rates would go up by 2% or 3%, which means they pretty much double what they are now. Remember, 3% is not 3%. 3% is 100%. You know, if you're looking at a 3% rate today and you go to 6, it doubled. It went up 100%, not 3%. Make sure you're thinking of that correctly. Very, very, very, very, very important to Think of that correctly. So that doubling of interest rates, that 3% would mean you'd have to have a 30% reduction in price to have the same effect, the same payment. So this psychology of trying to time the market. And again, none of this may ever happen, by the way, but if it does, you know, you gotta be just right on the timing and you're gonna pay a much higher cost of money. So again, it's all connected. And the market timers just never seem to win. Right. I talked to you before about how single family rents hosted their largest increase in four years. The rents are ticking up for sure. That's great news for landlords, but they're still lagging behind quite dramatically. But at least we see the rent pressure there and that will certainly, certainly continue. You know, it feels like we live in a world of everything shortage right now. A lot of these supply chain issues are starting to work their way out. That's good. But a lot of them are still here from COVID effects. And one that we have not talked about on the show before, we talked about the microchip shortage, but we didn't talk really about how it affects automobiles and automobile sales have been really difficult. I mentioned to you that I got a new car a few months back and. Well, I guess it's really several months back now. Time flies when you're having fun, folks. It was just, I just didn't have any good choices. I didn't get what I wanted. I didn't get the car I wanted, I didn't get the brand I wanted. I didn't get the color scheme I wanted. Yeah, it's just take what you can get. You know, you want a car, this is what we got. And the selection is minimal. But these cars nowadays are so modern, they're basically computers on wheels. So the microchip industry really, really affects automobile production. So I'm looking at a chart that says automotive industry hungry for microchips. Revenue of global automotive semiconductor production in billions of US dollars in 2020, it was down from 2019 and 2018. So about 42 billion in 2018. Just over 41 billion in 19 and only 33 billion in 2020. And this shortage, I mean, look, you can't sell what you don't have. This is the problem we have at my company right now. Right? You can't sell what you don't have. When the production is short and the inventory is short, you can't have more sales. So revenue is going to get hit. Right. But look at this 1. The US car model's worst hit by the microchip shortage. Estimated number of vehicles taken out of production due to microchip Shortages as of May 2021. The Ford F Series, well, that's the number one selling truck in America, right? 109,000. Okay, 109,000 units. Jeep Cherokee, 98,000 units. Chevy Equinox, 82,000 units. Chevy Malibu, 57,000 units. Ford Explorer, 47,000 units. Jeep Compass, 42,000 units. Ford Edge, 38,000 units. And Ford Escape, 36,000 units. Wow. These ripple effects going through the economy are just absolutely, absolutely massive. And they do lead to inflation. And the other thing leading to inflation, which is, I think, totally by design, folks, totally by design, is this whole thing that has really been. Well, the Biden administration loves it because they have jumped on it. It's keeping people away from work. When you keep people away from work by incentivizing them not to work and scaring them not to work, then what happens? Well, the smaller number of people in the labor market who are willing to work, who aren't content with receiving their enhanced benefits at home or their fake disability payments. They're not all fake, but many of them are fake disabilities and their enhanced unemployment benefits and such. It's a smaller labor pool, so you have more demand, less supply. That means employers have to pay people more. Right? And we've seen tremendous wage growth. Well, wage growth equals inflation. More dollars being paid to people, meaning people spend more. And if you don't increase the pool of goods and services, you naturally get inflation. So here's a Wall Street Journal piece about what your breakfast will tell you about inflation. Let's listen in.

Your breakfast may be getting more expensive. Across the board, Americans are paying more for food. Since last year, the cost of bacon has gone up over 10%, 6.2% for fresh fruit and 0.2% for cereal. It may not seem like a lot, but all these little increases add up. And it's not just food. It's goods and services across the economy. After years of low inflation that hovered around 2%, the consumer price Index, the benchmark measure of inflation in the US jumped 4.2% in April from the year before. These increases are often felt at the grocery store, which is why it's affecting the price of your breakfast. This created a lot of concern over whether higher prices are a temporary blip or here to stay.

During this time of reopening, we are likely to see some upward pressure on prices.

So here's why. You're paying more for your breakfast and Whether the current price jumps are a bellwether of another inflation to come. A major factor for increased food prices is corn, which has soared roughly 50% in 2021. Even if you don't have corn flakes for breakfast, many foods have ingredients derived from the grain or come from animals who eat it. Corn makes up over 96% of all animal feed grain production in the US and around 1/5 of the US crop is exported to other countries like China. Right now, the country is on a corn buying binge. Farmers are racing to fatten millions of hogs to replace the pigs it had to kill during the 20 outbreak of African swine fever. It's expected to import about four times more corn in 2021, mostly from U.S. farmers. On top of that, drought in corn producing regions in South America have led to disappointing crop yields and logistical problems. In Argentina, multiple years of drought have made the Parana river too shallow for boats fully loaded with grain to pass from the country's interior to Atlantic shipping lanes. Simply put, the higher demand for feed corn from China and smaller supply from South America means more expensive, expensive sausage and bacon. But that's not all that corn is doing to raise the price for your breakfast. It's also making it more expensive to ship food across the country. About 10% of the gasoline consumed in the United States is ethanol, which is made from corn. So the rise in price for the grain has contributed to higher gas prices. But also finding truck drivers to move the food has been difficult. Shipping demand for truck freight has risen as the economy has emerged from lockdown.

So, as you're listening to this, I want you to think, I want you to judge what in here is, as our rich uncle Jerome Powell, our Federal Reserve chair, likes to say, and the others in power like to say, what in here is transitory, meaning temporary. And what is permanent? One thing you know for sure is that prices are sticky. Let me repeat that prices are sticky. Think about it. If you have a business, and many of you do, and you raise your prices due to shortages or some symptom, something going on in the economy, like Covid 1984, and then the supply chain eases up. What is the likelihood that even if you are paying a lower price in the future for that product, but, well, first of all, what's the likelihood that'll even happen? Because prices with your suppliers are also sticky, just like they are for you. So here's what. I'll finish that, and then you'll put the two together, right? So what is the likelihood that you are going to just lower your prices because hey, things are different now. Let's just lower the prices. Very unlikely. Prices are sticky and the only reason anybody ever lowers their prices is free market competition or government fiat. But they wouldn't do it for any other reason. So that competition takes some time to kick in, doesn't it? You know, merchant A sits there and they, they're selling their widgets at X price even though the supply chain has loosened up. But hey, they're suppliers. You know, all those people back in the supply chain, the prices are sticky for them too. They don't want to give it up even if their supply chain got better. You know, it's not like one day everybody agrees, oh yeah, this was just all transitory like Jerome Powell was telling us and like Biden was telling us. And now we're all going to lower our prices one day. No, that doesn't happen, folks. Prices are sticky at the top. They're sticky and the only thing again that ever lowers them is competition or government fiat. And that's one side of the equation. But what allows the prices to be lowered is innovation through technology and efficiencies it creates. And then of course, just people are in fear of losing business to competitors. Right? That's what lowers the prices. So what that you were listening to in this clip from the Wall Street Journal, what do you think is transitory and what do you think is permanent? Keep listening.

Attributed to it raising prices. And those shipping problems haven't stopped at the water's edge. Ocean freight has made it more expensive to ship sugar whose price has risen over 3%. The global supply chain slowdown last year as well as the closing of the Suez Canal in March have backed up shipping for months. But economists say food prices are not the best indicator for tracking inflation across the entire economy. There are a few reasons for that. According to senior Wall Street Journal economics writer John Hilsenrath, it's a very goods.

Oriented sector of the economy as opposed to a labor oriented sector of the economy, like a service sector where labor costs really drive the cost of the product.

A more telling indicator for broader inflation might be what you're paying for that same breakfast at a restaurant.

While overall food, which by the way, I have to tell you something. You know, I haven't been home for several days. I've been at a hotel in Miami. I got back and realized, hey, there's, I really need some food in the fridge. So I didn't go to, you know, a better store. Trader Joe's or even Costco, which You know, is a much better deal. Obviously, I went to Publix. Publix is so overpriced. It's a nice store. No question about it. Nice and clean, friendly people, well staffed, etc. But Publix is outrageously expensive. If you live in the south and you go to Publix, you probably agree with me. It's just outrageous. Anyway, I picked up a bag of avocados, and, you know, there's usually four avocados in those bags, right? Or, you know, if you go to Costco, they're big, giant avocados. And there are maybe, I don't know, six or seven in a bag, right? And those, you know, mesh bags that you get the avocados in, I pick what I thought was one bag up, and the price said $4.09. And these were small avocados. They weren't very big at all. And when I got to the checkout counter, I realized it was two bags. They were kind of mangled together. And I didn't realize I had two bags. And there were only two avocados in each bag. And they were tiny, small avocados. She rang them up, and I thought, this is $4.09 for two measly tiny avocados. I mean, you can't believe how small these things are. They were tiny. There are other avocados that are three times the size. Those normal hass avocados that are, you know, the good big ones. I just couldn't believe it. I got four little avocados for $8.18. Oh, but there's no inflation. Yeah, right.

Food Prices have jumped 2.4% from a year ago. Restaurant meals have gone up 3.8%. One reason is restaurants just have more expenses. For example, takeout trays became more costly after a February winter storm knocked out plastics production in Texas. And another reason is the increased cost of labor. Rising vaccination rates, easing lockdowns, and federal stimulus aid have boosted consumer spending. Yet employers, including restaurant owners, are struggling to find workers as the economy has rebounded. So have wages.

But by the way, notice how they talk about all these problems we've had, right? Oh, the Suez Canal blockage, which wasn't for very long. Okay? And then the Texas storm and this, that and the other thing right outside of the pandemic. Right, Just these other factors. But, folks, we've got to all realize those kinds of things always go on. There are always issues. There's always weather, you know? Yes, there's not always a pandemic, but issues happen. All the time. They happen, you know, last year, the year before, the year before that, the decade before that. This is not a new thing. They're trying to justify this inflation. That's the narrative in the media, right, where they're trying to justify this inflation by saying, oh, you know, we had all these problems that sound like Bill Clinton complaining. I'm not doing a very good imitation in mine, but you know what I mean? Okay.

Participation in the labor force has flattened.

You know, some people moved out of dense cities that were seen as being unsafe because of the pandemic. And so as restaurants reopen, it might be a geographic problem that there just might not be people in the place. And then we also have to think about the policy effects. So the government has thrown a lot of money at supporting workers who were affected by the pandemic. And some workers at this point might just be saying, while they're still getting these unemployment benefits, might be saying, you know what, I don't have to rush back to work.

Fast food restaurants have started to offer perks like signing bonuses and free college tuition in a bid to lower hourly workers. All this adds up to pricier meals for diners.

Can you believe this? Fast food restaurants offering signing bonuses and saying they'll pay for college. Oh yeah, so that price will just be passed right through to the customers and we then have permanent inflation, not transitory inflation, because what do you think after this ends, all of those employers are just going to say, you know, give us back your signing bonus. And you know what, I know we said we'd pay for your college. Their rip off college. No, we're not going to pay for it anymore. You know, and they're going to face all these lawsuits or something. Right? This is not transitory.

I think most people would agree that we want to see wages rising when, particularly for lower skill, low income workers, when wages are rising, that means they're better off. That means they're bringing home bigger paychecks. What we don't want to see is wage increases paired together with inflation increases that start feeding on each other and leave workers actually worse off and not better off.

This effect, known as a wage price spiral, contributed to the high inflation of the 1970s. But will history repeat itself? The Federal Reserve, for its part, has said prices will correct as supply and demand forces even out these one time.

Increases in prices are likely to have only transitory effects on it. There's Jerry Powell speaking the narrative. He doesn't even believe himself, but he's, you know, he's, he's got to do his job, right?

Inflation for now, indicators that measure expectations of inflation, like treasury bond yields, remain low, suggesting people expect inflation to be modest, at least in the near term. So for now, consumers will have to adjust to some rising prices for their breakfast, whether at home or at the diner. Just don't forget to include the tip.

And I don't know why they made it about breakfast. It's about everything. But I guess that's just cutesy marketing, right? So, yeah, interesting stuff, ladies and gentlemen. All right. Well, let's wrap it up for today. Oh, by the way, while I was doing this broadcast, as the sound was playing, I just got a Note from Ken McElroy and he says we got the hotel we wanted in Paradise Valley in Scottsdale, and that was our number one choice. We're gonna hold a fashion show at this event. In addition to Kim and Robert Kiyosaki speaking at that event, we got Mark Victor Hansen, who did all the co authored all the Chicken Soup books with Jack Canfield, Chicken Soup for the Soul books. He's working on getting Doug Ducey, the governor of Arizona, to speak. And he says Jason can work on getting Carrie Lake and she's candidate for governor of Arizona, a really good one, by the way. And he said he's also working on Danica Patrick. Yes. The race car driver. So this is going to be fun, this little mastermind group we started. So I'm very excited about it. If you want more information, it will be forthcoming on future episodes. But also, you know, feel free to reach out to us. Best way to reach out with any comments or questions or whatever is go to jason hartman.com ask. That's jason hartman.com Ask. And if you haven't done so already, be sure to get I offered that to the audience this weekend and everybody just grabbed it like right after my speech was over, they went and checked this out. Be sure to go to pandemicinvesting.com and get a copy of my free mini book there. Sort of just a mini book, a quick read which takes some of the ideas I've been talking about for the past 18 or 19 years, sort of customizes them for the times we're living in. And you can get that totally 100% free@ pandemicinvesting.com so don't miss out on that. We will talk to you on Wednesday when we have our 10th episode episode show with Dennis Kucinich. Talk to you then. Hey, I wanted to just remind you that our monthly empowered Investor call is tomorrow night and that is a zoom meeting. We have these about once a month and tomorrow we will be discussing tax, sales tax liens, tax deeds, and how you can potentially buy properties for pennies on the dollar. We had our guest Julia speak at the Venture Alliance Mastermind in Savannah, Georgia a couple of years ago and she is going to be on our Empowered Investor Zoom meeting. So join us. Go to empoweredinvestor.com if you're not already a member and if you are a member you know how to access it. But empoweredinvestor.com great opportunity to get a whole bunch of benefits, a social network of other like minded investors, self management tips and enhancement. It includes your property tracker software and a whole bunch of other things. So check that out. Empoweredinvestor.com and we'll look forward to seeing you Tuesday evening. And if you do not make it in real time, you have access to the recordings so they're always there for you for your reference as well as all of the prior monthly meetings. Thank you so much for listening. Please be sure to subscribe so that you don't miss any episodes. Be sure to check out the show's specific website and our general website, hartmanmedia.com for appropriate disclaimers and terms of service. Remember that guest opinions are their own and if you require specific legal or tax advice or advice in any other specialized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you're using and write a review for the show. We would very much appreciate that and be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.