1761 FBF: Donald Trump's The Art of the Deal, Og Mandino's Mission Success, Nationwide Pricing Trends, & Gen-Y Housing with Jeff Meyers

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That Jason has hand picked to help.

You today in the present and propel you into the future. Enjoy.

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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 the Creating Wealth show, episode number 916. 916. Thank you so much for joining me today. This is Jason Hartman and today I want to talk to you about a book I found. Yes, I found a book. Well, I found a few books. And how did I happen to find these books? Well, I was over at mom's house at my mom's southern mansion for Thanksgiving. She has some of my old books there that I found on her bookshelves and one of them was really interesting to see this book. Why is that? Well, because I originally read this book on a Caribbean cruise when I was 24 years old. When I was a very successful RE MAX realtor at age 24. Again, you know, of course got into real estate at age 19, bought my first rental property at age 20, moved out of the house at I guess I was 22 years old and had very successful career, career in the traditional real estate business. But you know what always was the most interesting thing to me was not being a real estate broker, it was being a real estate investor. So what book would someone who's 24 years old naturally want to read about real estate investing? Well, you can probably think of a lot of great books on that topic, right? But there is one person who really made a name for himself in the world of real estate investing. In fact, he is potentially the most well known real estate investor in the world. Not because he's the biggest deal or he's the most fantastic real Estate investor, but he's just a very well publicized real estate investor. Could that be Donald Bren, the owner of the Irvine Company? Could it be Donald Sterling, who owns a lot of properties as well? Could it be. Gosh, why am I blanking here on the name I was just about to mention to you? But, oh, well, there's. Look, the point is there's a lot of big time real estate investors out there, but this one wrote a book and this book came out and a few years later at age 24, I read it and it is called the Art of the Deal by our now president. Yes, our now president Donald Trump. Of course, whatever you think of Donald, love him, hate him, whatever, or just think he's a kind of a goofball, which, you know, would be a fair statement. I think of that all the time. He acts many times like a high school girl. You know, it's just a, he's a, he's an odd bird. Whatever the case you think about Trump, it's interesting because looking back on this book and how it influenced me and it really did influence me. I was on Carnival cruise in the Caribbean and you know, having a great time, meeting lots of ladies there and having, having fun. Went to a couple different islands and I don't remember where we went, but we were drinking some booze and having a good time and anyway, it was fun, right? But during the serious parts, I was really engrossed in this book, the Art of the Deal by Donald Trump. You know, I happened to find that book on my mom's bookshelf and I pulled it out and I looked at it and the pages were kind of yellow and old looking. It's just really interesting to have come across that. Another great book that I came across on my mom's bookshelves on Thanksgiving weekend was one of my favorites. Really. Not the entire book that I'm about to mention, but a short. Maybe if you read it straight through, five minute. I guess I want to say poem in this book, Mission Success by Og Mandino, by the late, great Og Mandino. I usually talk about my major mentors in life as being the big four, right? Zig Ziglar, Dennis Whateley, Earl Nightingale and Jim Rohn. But you know, Og Mandino was a pretty big time mentor to me as well. Mission Success, which is an old book that last time I checked is out of print, was a huge influence on me. He is a poem that I've shared with you before and will probably share with you again if you want to Find it. Just go to jasonhartman.com and type seeds of Success. Seeds of Success. I used to drive around in my Volkswagen Jetta and then later my Mercedes 300E, I guess it was. Yeah, they still have 300E's. That was my car after my Volkswagen Jetta. I bought my $42,000 Mercedes. When did I get that? I was, I must have been about, well, 23 years old maybe. I walked into the Mercedes dealership in Newport Beach, California, Jim Slemons Mercedes, which is now Fletcher Jones Mercedes. I walked in there and I couldn't get a salesperson to pay attention to me because they thought, what is this kid doing here? We don't have time for him. And, you know, I, I just wanted to buy my first Mercedes. So there I did. Anyway. I used to listen to the cassette tape of OG Mandino's Mission Success over and over and over again. But especially just the part called the Seeds of Success, which is fantastic. Excellent, excellent thing. One of the things I discovered, why did I want to tell you about these two books? I discovered, well, it's because I then downloaded the audiobook on audible.com of Donald Trump's the Art of the Deal. I didn't want to suffer through reading the thing again, but on the plane I listened to some of it and been listening to the audiobook and just recalling this book that really did have a big influence on my real estate career. And he talks in there about his deal. And I remember reading this when I was on the deck of that Carnival cruise ship many years ago reading the Art of the Deal. He talks about Walter Hoving. Now, Walter Hoving was a Swedish born American businessman and writer and he was chairman of Tiffany & Co. For many years from 1955 to 1980. Okay. And I looked up Walter Hoving and I remember Donald Trump many years ago talking about what an honorable person Walter Hoving is. And it reminded me of one of my favorite quotes. And I have shared this one with you before, but here it is again. A gentleman is someone who has the advantage, but doesn't take it. Welcome to this week's edition of Flashback Friday. Your opportunity to get some good review by listening to episodes from the.

Past that Jason has hand picked to.

Help you today in the present and propel you into the future. Enjoy. A gentleman is someone who has the advantage but doesn't take it. How incredibly rare is that in the world we live in today, this sometimes pathetic, disgusting, transient, transactional, unethical world in which we live, you know, everybody, it feels like, well, not everybody, obviously that's a figure of speech. But, you know, is out there to just take advantage of you, you know, and, and look at the short term. And, and I think this is a symptom of how transient our society is and the idea that, you know, there's always more people rather than just looking at the long term. View and say in any business, building a customer base of loyal, raving fans that you take good care of so you won't have to go out and find new customers again, you know, it's a, it's a lot of work to find new customers. Just take care of the ones you have. Right. Good business policy. At least that's what I think. But it's not what a lot of people think, unfortunately. Well, Walter Hoving, as I looked him up, I discovered, and I did not know this about him before, but he has some great little writings about capitalism, about education, about employment, about free enterprise, about inflation.

About inflation. Well, I will share with you the one about inflation later, but right now I wanted to share one that was printed on a Tiffany and company. I don't know, a little, maybe handout or a bookmark or something like that, but it's really cool. And by the way, our guest today will be my old friend, Jeff Myers. At the beginning of this episode, we were both kind of talking about how long have we known each other And I think the answer is 27 years. I met Jeff when I was very young with his wife Marnie at the time. And I remember I became his Realtor later and soldier, I think, five of his properties in Orange county initially and had done a lot of business with him over the years. I always enjoyed Jeff, who is, by the way, the founder of Myers Research, a real estate market research company. I always enjoyed Jeff's incredible insight, his business acumen. He's just a very, very sharp guy. And he will also be speaking at our upcoming Meet the Masters of Income Property. Yes, my old friend and client, Jeff Myers. Our guest today will be speaking at Meet the Masters of Income Property in January. John Burns, who is also speaking there, actually used to work for Jeff Myers. Between the two of these guys we have speaking at Meet the Masters, we have the two probably leading players in the field of real estate market research. And you'll meet them both, especially if you have VIP or elite tickets. You will get to hang out with them in the green room and chat and take pictures and have photo ops, of course, with Ron Paul and all the other great speakers we have as well. But you'll certainly get to see them both speak there, even with a general admission of ticket, of course. But Donald Trump, back to Donald Trump. He was talking about Walter Hoving and how he he was doing this deal and Walter could have taken advantage of him, but he didn't. And I always remember that story in reading the book. And then I just heard it again on the audio version yesterday, actually. So I looked up Walter Hoving and I just want to share this little missive from Walter Hoving about capitalism, which is quite interesting. Now, I have been to 81 countries, many of them former communist countries and one current communist country, and that would be Cuba. I was In Cuba maybe 12, 14 years ago, something like that. Cuba certainly is still communist, and it was back then. And then I've, you know, been to Russia twice and Eastern Europe many, many times, just quite fascinated with these different economic systems. But Walter Hoving said it best. He talked about how socialism and communism and fascism are not economic systems. So here's what he said. Without further ado, let me just read it and then we'll get to Jeff Myers and we'll talk about what's going on in the real estate market. Okay, so the Truth About Capitalism is the title of this. He says some people think there are many economic systems, namely socialism, communism, fascism or capitalism. This, however, is not true. Socialism, communism and fascism are not economic systems. They are political systems. There is only one economic system, and that is capitalism. Russia, China, America, and all others operate under capitalistic systems, no matter what they call it. The difference is that in some countries, the capital is owned by the government and in others by private individuals or groups of private individuals. Now, when governments own, interfere or over regulate private ownership of capital, they inevitably destroy the initiative of people and eventually get into trouble. The only capitalism that has produced prosperity in the long run is the one that promotes freedom of its citizens. It is hoped that the world will someday wake up to this important truth. Tiffany and company.

Now, when I read that originally, I thought back to a tour I was on with a really interesting tour guide in Romania many years ago. And I thought back to all of my discussions and conversations when I visited Russia and Eastern Europe and even Cuba and talked to many, many people in all walks of life about what it was like to live under communism. And they talked to me about waiting in line for 1820 hours, 36 hours to get a pair of shoes, to get food, to get any rations that the government was willing to provide to people. And I just thought how incredibly inefficient is this system, it's absurd, it's terrible. Obviously it's terrible. Yet lots of idiots in Western countries today want to try it again. And they're crazy, of course, but they think what a lot of investors sometimes think. This time it's different, folks. It's not different. This time it won't be different. It'll be the same. What I was thinking of when I originally read that short thing from Tiffany & Co. From Walter Hoving was that capitalism is always taking place behind the scenes. It's the most natural human behavior. We are all capitalist regardless of whether we live in North Korea or Burma, Myanmar or Cuba or the United States or Russia or Ukraine or wherever we live, right? We are all ultimately capitalist because when the people waited in line for shoes, she said, this was the tour guide in Romania talking to me. Well, you'd wait in line that long and, and then she says, yeah, and when you'd finally get your turn to go in and get some shoes, they didn't have them in your size. And I said, well, what did you do then? Well, of course you got together with other people and you traded them so you could get your size. Communism and socialism do a terrible job of allocating resources. Capitalism isn't perfect either. But it's the best thing going, obviously, right? It's the best thing going. It's the best system of price discovery and resource allocation that has ever. Well, I don't even know if I want to say, been invented by mankind. It's the best system ever. However you want to say it, it is by far the best system. So anyway, just thought I would share that with you. I've got another really interesting thing about rent control to share with you from Trump's book. Right now we gotta get to our guest, Jeff Myers. But before we do, don't forget your five year plan contest. We are getting some entries rolling in and it is so exciting to see them. Thank you to those of you who have entered the contest so far. You're doing awesome. Keep up the good work. Let's get some more. Make your video for your five year plan go to jasonhartman.com contest Jason hartman.com contest incredible prizes. Also Jason hartman.com masters to get or upgrade your tickets for Meet the Masters. Oh but wait, there's more. I forgot to tell you. We are having a little Black Friday, Cyber Monday, whatever you want to call it, sale. Brittany, just put this together. So if you go to jasonhartman.com masters and you want to either buy or upgrade your tickets to vip or elite level tickets. This is the best, best, biggest promotion we will ever have. And here it is. You ready? You use the promo code black, B, L, A, C, K, all lowercase. I don't know, probably type it uppercase if you want. Might work, might not. Brittany says lowercase the word black, and that's for Black Friday. And you will get $200 off either the VIP or elite level ticket. That is the best sale we will ever have. It is the best deal we will ever have for Meet the Masters upgrade tickets. That is available for people who bought general admission tickets and would like to upgrade as well. So just thought I'd let you know about that. Jasonhartman.com masters promo code black. And for the VIP or elite level tickets, you get $200 off. And remember, the VIP includes access to the green room, photo ops with the speakers, private meeting time with the speakers, and then all the other things. And then the elite tickets include the dinner with Ron Paul. And that dinner has very, very limited space. So this will take place Friday evening at Meet the Masters, the very exclusive elite dinner with Ron Paul. Go ahead and take advantage of that. Okay, without further ado, let's get to Jeff Myers.

It's my pleasure to welcome an old friend of mine, and that is Mr. Jeff Myers. He is the founder of Myers Research, and he has a fantastic software application he developed that he'll probably tell you a little bit about. He is one of the leaders in the field when it comes to real estate market research for home builders, and he's been doing it for a long, long time. I originally met Jeff when he lived in the same neighborhood I did in west park in Irvine, California, a neighborhood called West Park. And he had his home up for sale by owner. And I came over and I talked him into listing it with me, and. And then I sold, like, five more of his houses in rapid succession. So, Jeff, we. We've known each other a long, long time.

Haven'T we? That's right. It's probably been 30 years, so. A long time.

For sure. Yeah. I'm going with 25 years because I think.

That was.

That's fine. Yeah, I think. No, it was actually probably about 27 years. Yeah. Oh, you might be more right than me. It's been a.

Long time.

No problem. Long time. Long time. It's good to talk to you and it's great to have you on the show. What's going on in the market nowadays? What. What's the outlook at.

Myers Research? Yeah, definitely. We've seen really strong market across the country. Some of the things that we're seeing this year over last year is obviously prices have continued to increase in a lot of the main markets or core markets across the US Kind of the smile states. But now what we're seeing is some of the secondary markets are starting to take off as Millennials and first time buyers start to show up at the sales offices. Obviously, rents have continued to increase consistently over the last five years, and I think people are getting tired of paying more in rent and starting to look.

At homeownership. So the Millennials really are entering the housing market, huh? I mean, this represents what they talk about is shadow demand. You know, during the Great Recession, we talked a lot about shadow inventory. In other words, the bank owned properties that hadn't been released to the marketplace yet. But now we have all these Gen Y people that have been living at home much longer than maybe any other modern demographic cohort. They're really coming out to buy. Or are they just too saddled with student loan debt to do it in a major way? Or, you know, like, what's your take.

On that? Yeah, it's, it's interesting. And you know, when you look at the millennials, it's an 80 million in number. So it's, it's a big number. They obviously have student debt on average about 30,000, which is more than any other generation. However, one of the things that we really try to see and track is life stage. That really is what determines when people change their housing preferences. So, for example, first I think the millennial buys a dog and maybe they have a girlfriend that becomes a wife. And then lo and behold, they have a child. And now they're starting to look at schools. And since a lot of the core trophy assets in the apartment world are close in urban locations with a lot of great amenities and really premier properties, that's great. But when you have a child, you got to look at schools. And if you look at most the urban environments, schools are usually not very strong. And so now they've got to go out and look at, gee, we might want to be in a single family home. And we also want to be in a neighborhood where schools are strong. So that lends itself to, again, once that life change starts to happen, obviously this group has taken longer to get married, longer to leave the primary house and so forth. So that's why we're seeing it kind of, of trickling out. But we're, we're starting to see more and more the big, large home builders target this audience with.

Some Success. So the millennials, what type of like mentality or what type of buyer are they? They really want a single family home or they just fine living in high density condo.

Type developments? Well, I think that they'll accept density, which, which is a good thing because that's what they need to accept, especially in a lot of markets to afford. We don't see a lot of them heading out to the third tier markets, you know, where it's an hour, hour and a half commute each way. They clearly want to stay closer in. So we're seeing a lot of product types that the builders are designing that really solve two things. One, they'll have, you know, bedroom count. That's reasonable. You're seeing, you know, contemporary and soft contemporary designs which appeal to this buyer type. And then you're, you know, again, really higher density, closer in locations. But again, it depends on their life stage and where.

They'Re at. Good stuff. So what is the general outlook on the market? I mean, are you bullish or is it bear in.

Our future? We're cautiously bullish on the market. I mean, we think it's been a long economic recovery. However, housing hasn't led this recovery. So when you look at, you know, new home sales activity nationally, we're at about the 50 year average, you know, 600,000 plus or minus. And because of that, you know, we feel like there's still some Runway on the marketplace. That being said, prices in some of the core markets have gone up significantly. You know, on average we see prices in the 20 to 40% above previous peak. And a lot of the coastal close in markets to employment have really seen some relatively high increases. That being said, also though, the suburban markets, we see some Runway. They have not kept up and that's where a lot of the demand is starting to take off. I think there's still some upside in.

The market. Yeah, yeah. And when you say that you're profiling a lot of areas around the country, tell us about the areas that you cover in your research. Because some of the like midwestern areas, you don't really do work there. Right. Or.

Do you? We do. Our footprint covers about 75% of all new housing. Our footprint is the top markets across the US So we do cover the majority of the new.

Home market. So one of the things we like to do is segment the markets by the sort of character of them and we'll say linear markets, cyclical markets and hybrid markets. Maybe you can help us distinguish this a little bit when you, you talk about what's Going on overall in the market. The cyclical markets are the high flying markets, the West Coast, South Florida, the expensive northeastern markets. And the linear markets are almost everything else, except for the ones that are in between that are hybrid like Austin, Phoenix, Dallas, or not Dallas. Well, maybe now Dallas is a hybrid market. Atlanta sort of turned hybrid, Denver certainly. And so, you know, the linear markets just chug along and kind of do their thing. No big news either way. The cyclical markets are more like a roller coaster. They have glorious highs, they have ugly lows. You mentioned suburbia, that there was a fairly long Runway in terms of home prices because they haven't kept up. Is that what you meant.

To say? Yes, absolutely. What you saw was, you know, in the, this is a downturn like none other, right? I mean, we have never seen house prices, for example, in Las Vegas go down as much as 70%. But that's a once in a lifetime experience that the US has never happened. And a lot of that was driven obviously by the mortgage that were faulty. So if you look at the recovery, it's quite different because you had foreclosure rates, you know, at extremely high levels. And so just the recovery is not like any other that we've seen. So when you look at that and you look at how the markets have come back, you know, your core markets close to proximity to employment and coastal and so forth, sort of smile areas, what we've seen is prices have come back more rapidly and they also did not have the high, as high a foreclosure rate. So because of that, they've acted a little more similar to a normal type recovery. When you get to the inland markets where there's complete disruption and high levels of foreclosure, those recoveries have been like never before because again, price, double digit price declines has really not happened before. So because of that, the recovery has been much, much longer. The disparity between coastal prices, again close in prices versus first and second tier markets, that disparity in price is huge, as much as 50, in some cases 100%. And so the idea of drive to qualify is something that we've talked about in the past. But this cycle that price disparity has been massive. And we finally are seeing a recovery, for example, in markets like Southern California and the Inland Empire, in the outlying markets of Phoenix and Las Vegas, we're starting to see, see those lower price markets where foreclosures were really prevalent start to recovery. And the liquidity in that market allows people to move. Because if you're, you know, 50, 60% underwater in your house, you really have no liquidity or you can't do anything.

Right. Exactly. Right, yeah. Yeah, absolutely. So, you know, a lot of people I have on the show, Jeff, talk about the length of the recovery. Then they layer on the business cycle and they think, well, isn't it about time for a pullback? Isn't it about time for a recession? And when we were talking off air before, you were mentioning that this is a pretty long recovery we've had and I agree with you. Only thing I want to propose and just see what you think of this idea is that since we are, quote, unquote, recovering from such a historical low, the worst economy in seven decades during the Great Recession, you know, is it fair to use the beginning of that turn in the market as the start of the recovery? If you're using that as a timeline and going forward, you know, seven years and saying, well, isn't it about time for a recession? Or is it more accurate to say, hey, the, the real recovery started in maybe 2012. What do you think.

About that? You still have to look at the length of recovery from that time frame. But I want to twist it a little differently because what I think when you say the high flying markets cycle hard, I want to sort of take that out of the equation. Let me tell you why. If you look at house prices, you know, over 50 or 75 years, this is the first time in US history where we've had one single year a double digit decline. So if you look at some of these high flying markets, let's take California for example, house prices have almost doubled every decade and they've never gone down in a single year double digits. So let's say we have an economic slowdown and we have a 2/4 of consecutive GDP loss and you know, we're in a technical recession, I don't believe house prices will decline more than 1 or 2%. So even in the high flying markets where you can say, because you have to remember what caused this recession was a direct hit from the.

Mortgage market. Couldn't.

Agree more. Total distress. So that won't repeat. And so you've got to look at prior economic recessions and what did they do to housing, right. And the prior recessions, we never saw 10, 20% house price declines ever. Right? So again, you got to look at what caused it. If we can sit here in real estate and say, oh my goodness, there could be economic recession down the road and what a disaster, we better hold on tight here. But it's not going to happen. I mean, housing is not going to cause the recession. And so because of that, I don't think you're going to see anywhere near the kind of price declines that we've ever seen in.

This downturn. You know, that is a really good point. I mean, the banks have been pretty darn conservative this time around. I mean, to say that, you know, we're going to have this big giant crash and everybody's going to start walking away from their properties. I can't imagine that happening this time. You know, the famous like words of every investor. This time it's different. But it really is different. I mean, look, the loans they were making in 2000, 2002, 2003, you know, up to 2005 were absurd. I mean, you know, with like one day out of prison, a bankruptcy last month, you know, foreclosure yesterday, you could still get a really good loan. I mean, it was absurd what was going on. And, and that just isn't happening. I mean these banks are tough now. You know, they are.

Underwriting loans. Yeah, this is the lowest default rate on record. You know, the average FICO score for the approved mortgage today is 720, even though they can underwrite them at 680. So I mean, good friend of our company worked at HUD and I remember him staying at one of our conferences. We're basically writing no default loans. You know, the only people getting mortgages, they, you know, don't need them. And that's really what's happening. And so because the mortgage history, the regulations are so tough after Dodd Frank and the changes that mandated it's really the underwriting is extremely difficult. And so because of that we've got a situation where the debt behind these homes is so solid that that's really all that can really cause a tremendous impact to price other than obviously demand could slow. So these high flying markets that we talk about like in California and even Dallas today has had significant price increases as has Denver again, as long as, even if demand weakened, I don't see house prices incoming, close to double digit declines. I think we're on safe ground there and the recovery will continue. But I just don't see real estate really getting hugely impacted.

By this. What do you think about the self driving car, the autonomous car that is coming more rapidly than many have thought. I've often said, Jeff, it's going to be a game changer for real estate. And here's why I say that. Because you know, the three primary value drivers of real estate since virtually the beginning of Time have always been location, location and location. And I'm not saying location will not be important. I'm just saying that one of the things I would constantly say is geography is less meaningful than it's ever been in human history. It still matters, of course, I mean, you know, we don't live in cyberspace, we live in, in geographical areas. I'm just saying it's less meaningful than it's ever been. And so I can see, and you know, feel free to disagree with this idea, but my hypothesis is that we're going to see downward pressure on really prime location real estate and upward pressure on lesser prime location real estate, like a resurgence of the suburbs. Because if you can just summon a car and there's no burden to driving anymore, you know, if you can sleep in the car on your commute to work, if you can do work, if you can, I don't know, you could do yoga in.

The car. Right.

Right, right. Yeah. What are.

Your thoughts? The self driving car changes everything. And let me back up a minute because I think, you know, just seeing the impacts of Amazon and their distribution mechanism and what it's done to the retail industry. The reason I want to highlight that is because we had a seminar recently by Westfield, one of the largest mall owners in the country and how retail has changed, you know, because of the impact of Amazon, for example in their parking garages now they're growing 10 foot clearance height because they know those parking garages could become.

Residential.

Units. Wow. Offices. So they're pre planning today when they build parking garages on the clearance site so they can reuse those garages for something else. So that does a couple things, right? Because these malls, the only retail malls that are surviving are the A plus.

Trophy.

Locations. Right? Because a lot of retailers, you know, is Shutting down. Over 150 million square feet of retail will shut down in the U.S. you know, over the next few years given what Amazon's impacts have been. So because of that you've got reuse opportunities. So I think, you know, for number one, I think retail has changed forever and I think because of that the suburbs again can be strong. But beyond suburbs like those tertiary markets, really, really the demand will not be there so much in this cycle because there's so many reuse opportunities close in. So the self driving car has an impact on a number of things. One, it changes how we park rental spaces. Yep, I agree, you don't need it anymore. So all those parking garages become reuse opportunities either for housing or office or other utilities. So that's huge. It also changes the design of the house obviously because garage is a big component and it drives everything. When you design a new home today, it's all about do I have a one car garage? A two car garage is 20ft and that footprint, everything else wraps around it. So when all of a sudden you don't have that piece of the equation, boy, it opens up huge opportunities. But don't forget, you know, with the number of households sitting on the ground in the us what a great reuse opportunity for everyone's two car garage that's sitting.

Out there. Yeah, everybody's going to get an extra bedroom or.

Extra.

Office. Exactly. Yeah. I would predict that that's going to become a whole cottage industry.

Remodeling.

Garages.

Totally. Yeah. Yeah. I mean there's so many things you can do with it. So I, I think it gets really, really exciting. It changes land planning, you know, the driveway cuts and all.

These things. Oh yeah.

It'S huge. It's very.

Very exciting. Yeah, yeah. We do need to distinguish though, just for a minute is we need to distinguish the on call self driving car concept, the Lyft Uber rideshare kind of concept from one owning their own self driving car. I mean some people, people will still own a car. It's not like everybody's going to give up their cars in the next day. But, but yeah, there will be less demand for cars. I mean it couldn't agree more. Very interesting stuff. Jeff, just kind of wrap it up for us with any closing thoughts you have and give out.

Your website. There's just a lot of changes and I think the home building industry as a whole and housing in general is one of the last industries to be disrupted by technology. I think clearly the self driving car is one of those. But we see a lot of change happening in the industry with respect to how you transact real estate as far as disruption in construction. And will there be a 3D printer that builds houses or panelized construction? As we see a lot of the Japanese now are starting to bring their technologies into our industry. We just think there's a lot of home technology that impacts kind of the data collected within the homes. As you know the auto industry now, they feel that the data that comes out of the car is more valuable than the.

Car.

Itself. Right. And that's why you've seen Apple and everyone starting to put technologies in cars, but also in.

The.

Home. Yeah. So I think there's just a lot of disruption to take place and we're kind of keeping our Eyes open to say who's going to be the Elon Musk of.

Home.

Building. Right. I think there's a, there's a lot of opportunity in an industry that just, you know, we're still building houses with hammer and nails and it just doesn't.

Make.

Sense. Yeah. As labor is extremely tight and costs have only gone up and there's got to be a more efficient way to put.

Houses together. Yeah. So the building technology is another very, very interesting topic. We had Ali Wolf, your chief economist, or an economist, maybe not chief with Myers Research and she was on before and that was a great interview. Gosh, we'd love to have someone from your group back on, maybe you, if we're lucky to talk about building technology and how that's going to change the industry. That's a fascinating subject in and of itself, itself. Jeff, give out.

Your website. Myers research.com. we have a product named Zonda, which is a iPad native iOS app that we developed that really looks at every single variable that impacts housing, puts it in a large data warehouse, and allows you to analyze a market with a lot.

Of sophistication. Yeah. Zonda is truly an amazing tool that, I mean, when I've looked at that, I've just been so impressed. It's like a really high end version of Zillow. So, yeah.

Great stuff.

Thank you. Yeah, good job there. All right, Jeff Myers, thank you for.

Joining us.

My pleasure.

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