1753: Shrink-flation, Goldman Sachs Report, Housing Inventory Solution, Birthday Contest Winners

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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's a successful investor, lender, developer and entrepreneur who's owned properties in 11 states, had hundreds of tenants and 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 1753. 1753. Well, inflation is getting out of control. We're noticing shrinkflation, meaning paying the same or more, but getting less. Everywhere gas prices are through the roof. I went to fill up my car the other day and I remember when I purchased that car, not to mention that Trump was president, the tank only took $35 to fill it up and this weekend it took $62 and I got the exact same thing for it. I simply paid more, right? No difference. But it doesn't matter to me who does that really hurt? It hurts the lower middle, the middle and certainly the poor. That's who it hurts the most. For me it's like no big deal, right? Who cares? But it's just something I notice about, complain about, report about on the show. But can you imagine the workers that are doing landscape work, construction work, housekeeping work, all kinds of work like this, who are commuting into expensive real estate markets from low cost real estate markets where they live, where the only place they can afford to live. Can you imagine how the price of gas impacts them so, so severely? And this is what you have. You have these idiots in government who say they want to help the poor and the lower middle class and even the middle class. Yet the complete opposite happens every single time. It's just, just look at the history, folks. It's everywhere you look. We talk about inflation induced debt destruction, but what about Shortage induced inflation. That is extremely significant. Yes. It's not just significant because of the way these cargo ships are sitting, just wasting time and fuel and productivity out in the ocean on the west coast. And Governor Rick DeSantis here in Florida has welcomed the cargo ships with open arms and is doing all kinds of things to attract shipping to build the economy of Florida. Yet in California, it's a very anti business climate, obviously. So we see these shortages, but they're not just in products, it's not just in widgets, it's in services. And look at what is happening that is so tragic. I mean, Southwest Airlines affected by weather that affected no other airline, just Southwest, wink, wink. They, they tried to make it seem like it was a weather issue when it was really a pilot issue. And look at the medical world, how these medical professionals are striking and doing walkouts and just abandoning their jobs, quitting that. We're in the middle of the great resignation, folks, because some people don't want the government to control their bodies. Now, regardless of which side you fall in this debate, it's just a simple issue, right? You know, some people are really, really opposed to the government forcing them to put things in their body. Right? They just are opposed to. It doesn't matter what we think. You know, it's not. Doesn't matter what I think what you think. The fact is a lot of people think this and they are willing to leave their career or at least go on strike and do walkouts to protest these kinds of mandates. And they're happening everywhere. So they're inducing further shortages. I mean, I have read a few articles now and I'm sure there's a lot more news on this, but we have to just assume it's being suppressed by the thought police. And these articles talk about how people couldn't get proper medical attention when needed. Not for the current sickness, just for other medical issues, accidents, heart problems, whatever. Right? Because they are simply so understaffed because many people are just involved in this great resignation over these mandates. So service induced shortages, very disconcerting. Definitely. Okay, we're going to get to the birthday contest results and announce some winners here in just a moment. And by the way, all of you, I just want to say thank you for the wonderful videos. We featured them on the live stream yesterday, Ashley and I did, and they were just wonderful. Everybody did a great job. So even if you didn't win, or even if you didn't win the big prizes, you know, everybody did a great job. So we just wanted to say thank you for entering. We'll announce those winners here in just a moment. And we've got some education from those birthday contest entries. Okay, but first, I think I mentioned this last week, but we didn't go into much detail on it. And that is the Goldman Sachs report that talks about how home prices will rise another 16%. Yes, 1 6% next year in 2022. And they're already up so high according to some people who don't know how to measure things because they're not using the Hartman comparison index. They are only comparing housing prices to one thing, the dollar. And that is a huge, huge mistake. Giant mistake. So this report, I'm looking at an article about it, right. Investment bank doesn't foresee big boost in inventory anytime soon. Now when I read some of this to you, I'm just going to read you a few excerpts from this article. We all have to interpret this data with this filter. And the filter is they're talking broadly about the real estate market. And of course the real estate market includes low priced properties, which low price ain't what it used to be. Right. And it includes very high priced properties and every segment in between. It also of course includes different product types, condos, houses, et cetera. It includes different geographies, obviously. High density cities, suburban markets, rural markets. Right, all of the above. So when we interpret this, we have to understand that in the market we are looking for as investors, the market where we're looking to buy properties, everything you hear and read in the marketplace is pretty much not concentrating on how acute, how, how much more acute the issue is with these good rental properties in linear markets, these good solid properties that make sense the day you buy them. Imagine that where you don't have to be a speculator, you are getting good rent to value ratios from day one. Okay? Now understanding that everything they say is more acute and more pronounced in these entry level home markets or we will benefit more from that. But we've got to understand when we're shopping and trying to buy, we feel like we're suffering. But after we own, we're benefiting. Like I always say, every deal looks good in the rear view mirror. And when I say that, of course it's a figure of speech. I'm sure. You know, you can make a bad deal occasionally everybody will. If you have an investing career that spans any length of time, you're going to make a bad deal. Folks, not every deal will be great. There will be a problem child house in your life. So get ready. Hey, if you have five kids you're probably going to have a problem child too. So, same idea, right? You just play the odds and you diversify and it evens out with the law of large numbers. All right, let's talk about this report. So according to the article, this is by Brooklyn Hahn, home prices are currently up 20% year over year. But according to a new Goldman Sachs market forecast, they may not have reached their peak yet. Yet, not even close. Goldman Sachs economists predict that home prices will grow by another 16% by the end of 2022. The rapid increase in home prices over the past year is due to a number of colliding factors. And folks, we were talking about this a year ago February. Wow, it's, it's amazing that it took all those super smart economists at Goldman Sachs to come out with this 18 months after the fact. But if you were listening to this show, you heard all this 18 months ago. Maybe a little more actually. Hey, it's already mid October, so you heard this even, even more than 18 months ago. Alright, so the colliding factors, ooh, I guess this took a rocket scientist to figure this out. Including low interest rates, tight housing inventory, pandemic induced migration patterns, and an increase in millennials entering the home buying market. Oh wow. Really? Do you need all these brilliant researchers at Goldman to tell you that? You know, we were talking about that not 18 months ago. Probably 19, maybe even 20 months ago. So coming up on two years here, okay? Quote, the supply demand picture that has been the basis for call for a multi year boom in home prices remains intact, unquote, wrote Goldman Sachs team of economists led by J. Hatzius in a recent note. According to Yahoo. News which first reported the story, quote, housing inventories remain historically tight and surveys of home buying intentions remain at healthy levels, unquote. Although inventory has slowly been increasing over the past few months. Now here, here ladies and gentlemen, is that acute part, right? Okay. Inventory has been increasing a little bit. But what kind of inventory? Remember the home builders, they ain't building entry level housing anymore because there's no profit margin in it for them. Or at least not enough profit margin. I mean, if you're a home builder, why make 8 to $10,000 a house when you can make $70,000 a house? Building a higher end home where there's more margin. Okay, I mean there's an old saying, right? Serve the masses, dine with the classes. And that's true, you know, especially in the old days if you owned a bunch of McDonald's franchises. Not as true anymore, but that's the idea, right? But housing inventory has so many constraints and really challenging factors for home builders. So they're not going to bother building this low priced rental type property that fits into our model of rental property. They're building more expensive stuff. And in fact, when you go shopping for new homes, if you've done that, you'll notice it's really deceiving. I'm very surprised that home builders aren't being sued for really misrepresenting their prices. Because if you look on their website or if you look on any of the aggregator websites like New Home Source or any of these websites, right, they've all got these prices which seem so competitive. It'll say, you know, new homes starting from $400,000. But then when you go to the sales office or call the sales office, you find that there is no house you can buy for $400,000. Just doesn't exist. Because the first thing you'll have to pay is a lot premium. And so the lot premiums will start at maybe $40,000. So now you're up to $440,000. And a lot of them will have pre plotted upgrades, meaning the builder has already chosen that they will pre plot 50, 70, $100,000 worth of upgrades on this home and you don't have a choice. So let's say it's $70,000 worth of upgrades pre plotted, you're up to $510,000 now. And then by the time you add a few things you want, if there's any choices left that aren't pre plotted, you're going to add another 20, $30,000 minimum. So here you are, you're up to what, $540,000 for a home that was advertised at $400,000. That's the way it is. And even if they didn't pre plot them, I mean, I've done many of these in my life because I've purchased tons of new homes, I mean just a lot of them in my many years of doing this. And in doing that, you'll easily to get a house you want, you'll easily add 80 to $150,000 to the price. Even on a low priced house, a $400,000 house, $500,000 house, if it's a more expensive house, you'll add way more than that because the builder of course charges just a huge premium for these upgrades. Of course you could buy them outside, you know, and do it yourself after you close for a lot less money than the builder charges. But you can't add them to your loan. You can't finance them in. You got to pay cash at that point. And that's rarely done. Most people just do it through the builder and pay a huge premium. So it's very deceiving when you see these new home prices because you just can't really buy the house at the price advertised. And I think that's very wrong and that needs to change about the industry. But regardless, it is what it is. It's the way it is. Right. The article goes on to say, although inventory has been slowly increasing over the past few months. Okay, we talked about that. Right. It is still below pre pandemic levels. And the home building industry has not been able to fill the void due to material and labor shortages. So we've discussed material shortages ad nauseam on the show. You all know about that. The labor shortage is less so. But just when I was talking about the shortage of services earlier in today's episode, there you go. And it's a giant, giant problem. And by the way, if you're listening to this and you think, well, Jason, this is all going to be disrupted and it's all going to be fixed by 3D printed homes. Oh, that's so funny. Be sure you listen to my episode or watch the video on my YouTube channel about the myth of 3D printed homes completely misrepresented. Much more so than what new home builders are doing. In the price example I just gave you, the 3D printed homes are just completely misrepresented. Now look, maybe someday there will be some disruption, but it's not happening anytime soon. Folks, remember when one of my guests was on the show and this interview was, I want to say maybe a year and a half ago, he said something great. Chris Porter said this. He said the biggest innovation in home building technology in the past hundred years has been the nail gun. Just think about that for a moment. The nail gun. Now, you know, that was sort of a snarky comment. It's not exactly true. Of course there have been other advances, but really it's a very low tech world and you just don't have the kind of multiplier style disruption you have in other areas of life and other industries. Okay. The article construction employment is still 201,000 jobs below its February 2020 level according to the U.S. bureau of Labor Statistics. All right, let's go on here and then we'll get to the birthday contest and we're going to announce the winners. So you're all going to make some money. So you're not Just making money by listening to the Creating wealth show and getting such great advice, you're making money directly instantly from our great contest. Alright. The article goes on to say a possible solution to the tight housing inventory and escalating home prices offered by Goldman Sachs economists. Is you ready for this? This is one I've been saying for 10 years as if this is some big revelation. You ready for the big revelation from the Goldman Sachs Economist? Here you go. You ready for it? You've been hearing it here for easily 10 years, right? A possible solution to the tight housing inventory and escalating home prices offered by Goldman Sachs Economist is. The relaxing of zoning laws. Oh, well, you heard that a decade ago from me. All right. Wow. Yes. This is why we pay all these super bright people. All right. Quote, economic research shows that relaxing zoning rules and other regulatory constraints have impeded home building for decades and would boost supply and lower prices and rents. But in practice, this has been difficult politically. The Economist wrote. Well, duh. I mean, it's amazing how the media presents this as though it's some brilliant statement. Yes, brilliant statement. When we've been talking about this since the show started. Really. I mean, you know, we've been talking about this for 17 years, folks. One state attempting. And now this is new, by the way. And this is kind of interesting once. And you know, you know what state it's going to be because it's the state that everybody's always talking about because they're always doing this crazy stuff. Okay. And I'm not totally saying this is crazy, but man, I don't know, whatever it is, what it is, I don't have a super strong opinion on this yet. I can, I can see both sides of the argument, but one state attempting to use zoning to ameliorate housing issues is California which recently banned single family zoning throughout the state. Banned it. So a zoning department at a given municipality can no longer say that this is zoned only for single family homes. Wow, talk about a heavy handed government. I mean, if someone wants to build a single family home, I guess that's gonna become illegal in the socialist republic of California, but it will ease the housing problem. I admit that I do agree with that. Okay. Opening the door for more multifamily residences to be built. However, Goldman Sachs economists don't believe that such changes will be widespread across the country while demand remains high, which could potentially bring prices to levels predicted by Goldman Sachs. Things are certainly cooling off in some markets such as Manchester, New Hampshire, which was red hot over the summer, according to local agents. Many home buyers are becoming discouraged by ever increasing home prices, causing homes to sit on the market for a longer period of time, suggesting that further price increases may cause demand to drop off. And that has happened in higher priced areas and higher price segments of the market. Even, you know, it doesn't. I mean, look, there are areas that are higher priced than there are price segments within that market. And certainly when you go above that entry level, which has been ever increasing that entry level housing number, you definitely see inventory starting to increase a bit. It's not hugely significant, but it is increasing. And you're seeing a little bit of a breather where the buyers are starting to reject the prices, but really those prices aren't actually that high. Look at the Hartman comparison Index and you can see. Just compare it to other things and compare it to history. So many people going through life do not have a sense of history and do not ask the proper question, which is always compared to what. So sense of history. Yes, you can get it analytically by learning about the Hartman comparison index on prior episodes and my YouTube channel. But you can also get a sense of it just by watching old movies, watching old TV shows, reading old books, and listening to old music. And you get a sense of how life was back in the day. That really does give you a sense of history. And that's why I always suggest that people do it. Okay, contest winners. Now, Ashley has created a great video and we're going to play the audio portion of it for you with some of the entries. And it's a mashup. It is edited down so it'll go faster for you. And we're going to play that here for you in just a moment. But let me first announce the winners. Okay? So in no particular order, Akshay, you are one of the winners. Christopher Nawang, Craig Curtis, Bob Sebastian. Sebastian, the young. The young kid, which was awesome. And R Pad. Okay, so those are the winners. Okay, so all of them will get one of the gadget prizes. So they can have an Amazon Alexa, a Kindle, a ring doorbell. Okay, so you all get that. But two of you doubled your prizes because you closed on a property through our network this year, and that is Craig and Kurt. Both of you double your prizes. Okay? And on those, you get two of the gadget prizes. Two of the gadget prizes. Now, the cash winners. We were just gonna pick two, but really three. There were three that were so good we had to pick three. So it's. This contest is gonna cost us extra money. We're not diluting your prize. This is not socialism here. We're just going to pay out another 500 bucks in our contest. And those first prize winners are Bob, Sebastian and Arpad. And your videos were in first place. So all of you won the $500 cash prize. And none of you, from what we can tell, closed this year on a property. I know. Bob, you purchased a bunch through our network and Sebastian, your parents may have. I'm not sure. I know you didn't because you're not old enough yet, but you will be soon and you've got big plans. And I just love the video. That was great. I love how Bob showed all of his properties. Like if you go to the YouTube channel and you see it, he just went through them and that was, that was just awesome. And rpad, your stuff was really, really informational and educational. So all of you did a great job. So thank you for entering. Ashley did this mashup and let's listen to that right now. Oh, prize winners though, reach out to us through jason hartman.com. maybe just go back to the contest page jason hartman.com contest and say you won to claim your prize. Our team will try and reach out to you as well. And we'll get your prizes. Craig and Kurt, you've got double prizes, so double gadgets. And Bob, Sebastian and Arpad, you've got the $500 cash. So congratulation to everybody. Thank you for entering. The next time we have a contest, folks, be sure to enter if you didn't enter because your odds are quite good of winning. Okay? They really are. All right, here is the mashup video and you're going to learn a lot from this because all of these people are teaching and sharing their client case study experiences. Here we go.

Hi, my name is Sebastian Ziglioli and my real estate plans are. So what I'm gonna do first is save enough money to buy a, like a multi family or a normal sized house. And then I'm gonna wait until somebody like rents it out. They're gonna like pay me rent until I can pay off the entire house and then I'll move on to the next house and then I'll do five houses and then I'm gonna start trying to save up for an apartment building which will bring in a lot of income from lots of people that will be staying in the apartments either permanently or for some time. And then eventually I'll work my way up into trying to start a company or something like that. And a couple of other things I'll help my mom pay off some of the debt of all of her houses. And also I'm trying to get like my dream house and like a bunch of other cool stuff that I would like and that's kind of like all my investment plans.

Hey everybody, it's Bob Pellegrini coming to you on a sunny day here in Littleton, Colorado. So this is my house. So what's the big deal about that? Well, this is a house that allowed me to purchase a portfolio of rental properties through the Jason Hartman Network. So this house we bought in 2006 and at the time my wife and I were aggressively trying to pay it down. Well, what happened was in 2008 when we had the real estate crash, that the price of houses started going down. So by 2010 we're sitting on a lot of equity that's not going to work. So I had to figure out what am I going to do to fix that problem. Well, what I decided to do was take advantage of the depressed real estate prices and I wanted to get some rental houses. After tornado hit this house in 2016 and got it repaired, I tend, I did a 1031 exchange which I learned through Jason Hartman's network and I turned that into this house, this house, this house, this house. So that's four houses that I did throughout 1031 exchange was just one house. I'm always looking to improve so I'm looking to even take this property and turn it into this property here currently. So my thoughts about the network in total is that if you're looking for control of your destiny and you're looking for self direction and guidance that won't do any better than Jason Hartman's network.

Hi Jason, this is Arpad and I would like to wish you a happy birthday. And I'm with this video, I'm entering your contest, your birthday contest. So thank you very much for all the lessons that you share, the knowledge that you share on your, on your channel. It has been really invaluable to me and many others. I knew a lot about inflation early on because I was born in communist Romania, then grew up in the 90s. During the 90s hyperinflation Romania and I knew about real estate and its functions during inflation or even hyperinflation just by observing my parents. However, I like the new terminologies and the perspectives that you give to your viewers and it's so refreshing to learn from you because I think you really have all that fundamental knowledge not just from, not just from the economy, but also from real Estate investing and also the tips and tricks, and you put all that together. So I love watching your content. And you know, one thing that I really liked and I, it was, it blew my mind, which was already there and knew about it, but I didn't have the term for it. So you provided that term for me and that kind of opened new gates for me, which was packaged commodities investment. However, if you think about it from a mortgage standpoint, right, you can leverage commodities investing by buying packaged commodities at house. Right. So that, that kind of blew my mind because learning is really tied to language and having the terms to describe things opens the possibility to explore that thing further. So coming from hyperinflation Romania and investing in our, my parents trying to figure out what to store their purchasing power in during high inflation. Those were very different times. And now inside the US Especially having the opportunities to have mortgages or leverage to invest and the cost of leverage and knowing the cost of leverage and knowing the cost of inflation. And just by comparing those two, you introduce the concept of free money, which is very true. You're actually doing interest rate arbitrage. Right. Which was again, something that as a concept many people may know about, but you giving these specific names for it opens completely new opportunities to think about things. So thank you very much for teaching people how to invest and teaching these very fine and intricate concepts that you talk about. It really helps your viewers in my point of view.

Hey, Jason. My name is Chris Hazeltine. Happy birthday month. I'm submitting this for your birthday contest. So you asked what we or you know, what your listeners have learned and you've asked what our plan is. Well, I've been listening to you for about two years and I've been getting my fiance on board so we can, you know, go forward and do this, this real estate and this life together. We actually invested in Bitcoin when it was three, like $3,000.

Right.

When Covid hit in 2020, it's obviously up to like 50,000 now. We have sold and we're getting ready to make some initial purchases through your network. We paid off some debt and got our credit rating up so we could, we could get the lowest interest rates. So that's our plan is full force, full bore ahead towards real estate investing. Some things that I've learned, basically everything I wasn't raised to know anything about real estate or investing. Anything like that just wasn't taught to me. So practically everything I've learned is been through your site. You know, the 1031 exchange and the multi dimensions three dimensions of real estate investing. So you know we're really excited and you know whether we when you're conscious or not. Happy birthday and we thank you for what we've learned through your website. So cheers.

Hello Jason, Greetings from sunny Northport. I'm out on Long island in New York and we are just having a gorgeous day here sharing it with you, wishing you a happy birthday. Also want to say thanks to you and your team, especially Sarah Liske for helping me and my wife find properties in late 2020 and we found a couple more in 2021. We closed on all five of them this year. There were a few little hurdles to get over. I guess that might always be the case but so far they seem really great. We've got renters in all five and we should start to cash flow soon. That was the objective was to get some cash flow addition a little additional income as our kids got older would help pay some bills and not to be so dependent upon a 9 to 5 job. And everything's worked out. The proformas read well and the rents for the most part beat the performas. We did have one house in Memphis that did do so great. We think it might be a property management question but we will switch over to different property management and then we'll see how it works out next year. But the other four seem to be solid and we just want to say thanks. Thanks to you, thanks to Sarah and your whole team and wishing you a happy birthday many more and we look forward to finding some more properties. All right, take care.

Hello Jason and Ashley. I saw a video of how to profit from Renter Nation is really good and also previous few videos on YouTube. Bigger the middle class of a country the better it is for the country and I definitely agree with that and also a lot of good information which I gonna put to use. There is my mindset full time power investor and that's from Zig Ziglar stairway to success. I'm going to transition from a real I would say more of an active income into passive income in a short time and definitely the real estate income probably is going to refinance my business in the long term. It's definitely going to be more of freedom of time than more of making money work for me than other way around which I really like and thanks to you Jason and happy birthday in advance to freedom and hopefully George Gavin and Robert Barnes they end the Fed which they're fighting for.

So this is Curtis Muller doing my submission for the most recent video contest around Jason's birthday. Happy birthday, by the way, sir. Here we are, 2021, end of September. I'm 40 years old now. I have four houses, three through the heart of the network. And I did one house hack on my own. Real briefly. A house hack is when you buy a house as your primary residence, and you legally have to live there for a year, but after that year, you can turn it into a rental property. And the sweet thing about that is when you buy a house as a primary residence, you have the option of putting less money down as a down payment, and you get a better interest rate because it's going to be a primary home. But here's the thing, and this is one of the things I've learned from Jason, the power of compounding. It's not his idea. It's not an original idea with him, but it's something he talks about, something his guests talk about on the podcast and on the YouTube. And so with four houses, four more in the next year, even though it seems like a stretch, once I bought this fourth house and I saw the cash flow coming in, and I got renters in there. You know those compound interest graphs where they start off going along, almost seems like a flat line, and then they slowly start to rise, and then at some point, it hits that curve. And that curve, after just a little while, almost goes straight up. And with my fourth house, I feel like I'm at the bottom of that curve. I can really tell things are changing big time in my financial life. Real estate, passive income, expands your options, creates new options. And that's one thing I learned from Jason. I mean, heck, I'm doing a video from Guatemala right now, which is last year I lived in Puerto Rico. The year before, I lived in Tennessee, where I went to study the Memphis market. Look, once I lived in Puerto Rico, I fell in love with Latin culture, Latin food, the Latin people, women. But I like it here. I like the fact that if I get pulled over for a speeding ticket, I can bribe a cop. You know, it's not such a bad deal. When's the last time you did that in the United States? So it's sweet. Turnkey properties are sweet. It's awesome. It's not effortless, but, man, I'd rather watch paint dry on a wall than go research an S&P 500 company to find out if it's worthy of my investments or not. So it works. It works. So go out there and do it.

So George Gammon, Jason Hartman, and I have. We've created a high level Mastermind group called the Collective. The goal of the Collective is for you to learn from the three of us as well as of course the other members on how to build and more importantly, how to maintain your wealth. In this video we're going to go into detail about what the Collective is and what it can do for you. Enjoy. So I'm Ken McElroy. I've been in real estate for over 30 years. Started with a two bedroom, two bath, using my own money and now I own over a billion dollars worth of real estate that I bought over the years. Built a big company, we have a construction company, a development company, a property management company, and of course an investment company. And typically now we syndicate and work with large, both private and public institutions for the equity and the debt. And so what I bring to the Collective is how to scale, how to grow. Starting with one really small property with no experience at all and growing it into an organization which I've been able to do that basically runs almost without me. So that's what I'm going to bring to the Collective. We decided to start the Collective because one I met George Gammon and George brings a very interesting perspective about the economy and the Fed and the way money works and Bitcoin and alternative types of investments, which quite honestly, I was super focused on real estate almost the entire time and even I want to be a little bit more diverse. So when I talk to George and to Jason, they're always doing very, very different things. On the investment side, Jason specifically is more focused on the single family housing and what's going on in that market so that we could collaborate and have different viewpoints on different things. And so that's why I thought the Collective would be good because I think everybody's kind of searching for the same kinds of answers. So the Collective means to me basically the collective group, the whole. And I've always been a big believer of team and collaboration. So for me it really means collaboration of everyone kind of coming into a room and learning from each other based on their individual highs and their individual lows and to be very, very respectful of all their independent views on things and to be more open minded, transparent and authentic. So I cannot wait for the group to get together each and every quarter because we all have very different walks of life that we're going through. And so it's very, very cool to get into one room with like minded people. I think the right person for the Collective is somebody who's into personal development, somebody who's trying to be a better individual, somebody who's trying to have that work life balance, trying to figure out good decision making on the investment side, specifically good decision making on the personal side, perhaps certainly on their health and on their wealth. The members that have already signed up are people typically that have businesses that they're growing, businesses that they've started or businesses that they've sold. So typically they're higher net worth and they're trying to figure out what to do with their money. They're probably a little bit afraid of inflation, they're probably a little bit concerned about where to invest. And they're obviously looking at real estate as one component. Somebody that's trying to do the right things both on the personal side and on the financial side. So some of the experiences that members can expect to get out of the Collective are certainly the network. And I think that's always super powerful. I've been involved in groups like this before like EO and ypo, the Entrepreneurs Organization and ypo, which is Young Presidents Organization, which is kind of a peer to peer network. And that's what I envisioned and I think people are going to certainly get that out of there. They're going to have lifelong friends for sure from this, and they're going to meet people at every single event. But also we're going to have fun. So as an example, things like race car driving and doing all kinds of really cool things and meeting celebrities and things like that and fashion shows are going to be part of it. So it's kind of a how do we have fun and learn together? And we're going to have that at each and every event. So thanks for watching. If you guys are interested, there's a link below you can click on. It'll take you right to the website, which has a load of information on exactly what the Collective is, where the next events are, and what exactly you'll be getting if you become a member. Thanks for watching.

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