1914 FBF: Millennial Rents, Value of Networking & Who Gets the Bailouts

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.

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Welcome to the Creating wealth show with Jason Hartman. You're about to learn a new story 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 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 listeners from around the world in 165 countries. This is your host, Jason Hartman, and I'm going to make a big claim here Today on episode 1058. Episode 1000 2058. Now, this claim, I just want to warn you, may not be accurate. Okay, I have my brother here. That's another claim. You'll, you'll meet him in a moment. And no, I don't really have a brother, but I have sort of a surrogate brother and he's here with me. So we'll introduce him in a moment. He is the world's best networker and he's tangentially in the real estate world as well. But here's my big claim. You ready for this? Let's see if anyone disputes this. I am going to make the claim today, dear listeners, that I am the most experienced person in my field. Yes, I'm going to make that claim because just five days ago was my anniversary in real estate. And I have been in real estate now for, let me just see here. I'm looking at the cool little app on the Internet here that calculates all this. I have been in real estate for 1722 weeks. I have been in real estate for 17,364,960 minutes. Okay? I have been in real estate for 289,416 hours. And you know what, folks? I say experience matters and I think I'm the most experienced person in my field. I was Doing a little back of the napkin math. Do not expect this to be accurate, because it's not accurate. I'm saying that in advance, but I am now approaching being involved in 10,000 real estate deals. I'm getting pretty close to the 10,000 number. Try and beat that. Let's see if anyone, if I know a lot of my competitors listen to the show and listen, I could be wrong about this, but I. I'm gonna make the claim and throw it out there. And, you know, that's kind of the way you do it. Throw it out to the marketplace. And my competitors would have a very vested interest in saying, no. J, that's not true. And if it's not true, I will tell you it's not true. I'll tell you if I hear from them. So come forward, people. Come forward and tell me I'm not the most experienced person in this business. Yes, yes, yes, yes. I'm the most experienced person in this business. So 12,059 days. Yeah. That's a long, long time. And you know what? Interestingly, out of the 17 million minutes I've been in, 17 million plus minutes I've been in the real estate business, I bet there's scarcely a minute that I haven't thought about real estate. So there you go. You are listening to the most experienced person in the business. And I hope you'll join me in Hawaii where we will do a lot of networking and a lot of learning from each other. And with that in mind, let me introduce my surrogate brother, Dan Kalis. Dan, how are you?

I'm doing fantastic. It's great to be hanging out with you here, live in person.

Live and in person. And we are in a co op office space here in South Florida. And it's pretty cool. Thank you for introducing me to it. You know, I've wanted to try one of these co op offices with all the techy, cool young folks that are maybe going to change the world, but I haven't done it yet. How long you been doing it?

Well, about two months.

Two months. And you are just moving from Colorado to Florida, right?

From Chicago. We live in Colorado now. We're here in West Palm Beach.

Yes. Yeah. So what is getting you interested in this move? Why. Why are you leaving Colorado? Because tomorrow I'm going to Colorado.

Interestingly, I love Colorado. A lot about it, but not a really big fan of dry weather. We wanted to go see are we. Are we mountain people? You know, my wife and daughter and I, it turns out we like looking at the mountains. We don't really like doing a lot in the mountains. We like palm trees and beaches better.

Good stuff. Hey, so tell the audience before we talk, a little bit about real estate and the fact that you are potentially the best networker I have ever met. Well, I guess didn't meet you directly because we're brothers. Why are we brothers?

We're quasi brothers. Because we just. You and me and my brother Joe, we have a good time when we go hang out, you know, and we compliment each other.

I guess you are really good at networking and you just know everybody, kind of. I thought I knew everybody, but you really know everybody. And it is amazing the connections that you help bring. Tell us a little bit about the value of networking and what your thoughts are on it, because what we notice is that at every one of our live events, one of the most valuable things is not yours truly speaking from the stage. Although, hey, I think it's pretty valuable, especially considering that I've been doing this more than 17 million minutes, the most experienced person in the field, and the clock is ticking. But it's the networking. The networking our audience has with each other and the connections they develop. And people are always commenting after every event. They're always saying, gosh, I met so many great people at your events. They were so giving. They were so willing to share their advice, their experiences with their rental properties and building their investment portfolios. Tell us a little bit about your thoughts on networking.

Yeah, you know, it's really interesting you're saying these kind words about me, but the interesting thing is when I first discovered who you were, which was, man, two years ago. Now, the cool thing is that when I first knew who you were, and I thought, this is a really, really connected guy. Look at some of the people that.

Are on his podcast.

I mean, he's interviewed Ron Paul, he's interviewed Robert Kiyosaki. I mean, all the big guys. And I thought, okay, you know, somebody like me who's relatively new to the entrepreneur world and all that, how do I get on somebody's radar? Like Jason, if you remember? I won't. The full story. It's a kind of a cool story, but basically I said, what can I do for this guy? And I noticed we were friends on Facebook. We hadn't ever chatted. What I'm going to talk about here is leverage. It's a form of leverage. Like in real estate, there's leverage, right? And you're a big fan of leverage, the refi till you die and all that. But there's many forms of leverage. And I think you have other people's money, you have other people's time, you have other people's networks, you have other people's knowledge, and those are the types of leverage that we're talking about. So when you can leverage. So you already have the 17 million minutes or whatever that you have, and because I know you and because we're friends and brothers in a certain way, I have access to that much time. I can leverage that. But when I first wanted to meet you, I said, this guy probably has it all, like, what could I do for him? But you were in Dubai. I happen to have a friend in Dubai who is running. He was one of the top executives at the Atlantis in Dubai and said, you know what? Maybe I can have this as an opportunity for my friend Ryan to meet Jason, give him a VIP treatment. And I made the introduction, and it made me stand out.

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.

Right. I didn't have. There's nothing else I could have offered you, and it all began from there. So I think when you're thinking about, what can I give in a relationship? And that's what, like, my brother and I, when we go to a lot of different networking events and masterminds, we try to be personable and we try to be likable, and that comes natural. I don't. I mean, I'm certainly not the most networked guy in the world, but for being an entrepreneur for three, four years, we've certainly made a lot of connections. And I've come to really believe that your network is your net worth.

It's a great saying, and we hear that a lot. The network is very valuable, and what you said is leveraging other people's time. It's funny you said that, because you probably did not listen to the last episode of my podcast where I talked about ope other people's efforts. And I'm going to share a statistic today when I was talking about the rent. So I'll get to that in a moment. Millennials, 45% of their income goes to rent. So we'll talk about that in a moment because that's ope to the max with real estate.

Yes, regretfully, I have not listened to that episode yet, but I would say, I always say opt time and effort is basically the same type of leverage. And you mentioned events and so, like, I mean, we've gone to a lot of events. We're part of some of the top masterminds. And, you know, sometimes I find myself not even in the event, in the learning part of it, but sitting outside and meeting the people, because you can get recordings and all that. And, yeah, I mean, you're always going to go through ups and downs in any kind of business. Right. I mean, no matter how successful you are. And so it's almost like an insurance policy when you give to people and you make them. You deposit relational credits and you try to do what you can do, even if you don't think you can do anything for them. There's always something. There's always some connection that they're not thinking about that. Oh, yeah, I do know that person, but I didn't think about them then. What happens is when you really need it the most, you find that these people have your back, especially if you're part of a group of good people. And the leader in the group really fosters that, which I'm sure you do in every environment and every event that you have to encourage that and say, look, we're here for each other. So I can't overestimate the power of that.

Absolutely. Those are very good points. And I know we've got a lot of our Venture alliance members, Venture Alliance Mastermind members listening, and I want to just say that Dan was the guy who set us up when we were all in Dubai a couple of years ago. He was the one who set us up with the manager, the general manager of Atlantis in Dubai. And we got that private tour and it was just because I posted something on Facebook or something, maybe a picture of us in Dubai. That was our first international Venture alliance trip. Now we've done a few of them. And you said, oh, my friend manages Atlantis there. And he took us on such a great VIP tour. He took us to the. Those rooms. They're like the undersea rooms.

I've never been there, but I think they were undersea. Yeah, you could see the. The fish in there. The caverns. Yeah, yeah.

They're literally hotel suites that rent for. I don't remember the number, but they were insane. They rent for like $12,000 a night. And he took us into, I think, two of the rooms where it's like you're in an aquarium. The windows are deep inside an aquarium. It's pretty darn awesome. By the way, listeners, if you hear a little bit of construction noise in the background, I apologize. They're refacing the Building we're in right now, so might hear a little bit of noise. That was a pretty awesome tour. And that was exactly the point you really gave that you made the introduction. I think you introduced us possibly on Facebook with a private message. And he invited all of us with Adventure alliance down, and we got that awesome tour. So thank you for that.

I want to make another point about that. You know, and this has been the case for other types of relationships, but, you know, it's also kind of always being conscious of the other person, little subtle things. For example, some people love texting, Some people hate texting. Some people love talking on the phone, talking on Voxer, talking on email, whatever the case may be. And you just need to be cognizant of what that is. Because if somebody hates email and you're gonna. You want to email them, they're gonna be less likely. If somebody loves Voxer and you're the only one, then that might be.

Are you talking about me?

Well, I don't want to necessarily reveal anybody's preferred methods of communication, but you just need to know what that is, right? So I happen to love Voxer. And so people want to talk to me. I try to get them on Voxer. Or here's another example. Here's another example.

This show is not sponsored by them, by the way.

I wish I had an affiliate account with them. No. One other thing, too, is that, like, in this day and age, we have friends all over the world and all over the country, different time zones. And so sometimes just a matter of coordinating schedules and being conscious and saying, like, let's talk at, you know, noon mountain time. Because I know you're on mountain time. And being very clear about that, I think when people know, it sees little things, right? You can't necessarily buy for somebody who's super successful something that they couldn't get. But you can do these little things that show that you're thinking of them. So that would just be another little tip, is always like, give times in people's time zones that make them realize, oh, he knows where I live. He remembers that I'm in California.

Right? Yeah, that's a good point. And definitely making the communication easy, I think, is important because every relationship consists of communication and shared experiences, which is one of the reasons we hold these live conferences. And of course, the Venture alliance is the ultimate shared experience platform. So shared experiences are the same stock and trade of friendship and relationship, aren't they?

Well, for sure. And with that, you know, I think one other tip, just for attending events and getting the most out of them. And I this baffles me because in certain environments you see it all the time and some you don't. But like, especially if you're in a little bit of a smaller environment and there's a speaker there that's very well connected or very successful and they're accessible, go talk to them because you're never going to have that opportunity again if you're at an event and Ron Paul's there or whoever. You know, like sometimes I've been at events and there's this multimillionaire or this guy guru or whatever it is, and they get off the stage and they're just sitting there by themselves. And I'm thinking you don't see that if you were to go to say, like an MLM conference, there's people that are chasing down people making $3,000 a month and then the millionaires, they almost have to be like, you know, fenced off. But if you're in a like a traditional business type thing or a political thing and you have the opportunity to go do that, you know, be respectful, don't sit there and pick their brain for an hour. But like if they're there, ask them questions, tell them what you think about them and maybe say something that's memorable that they're going to remember you next time.

Yeah, yeah, good points, good points. That's all very important. So folks, I think this hearkens right back to our events coming up in Hawaii. I hope you'll join us there. Go to Jason hartman.com and check those out. We've got a new video on that page as well and some links to airfares. There's an airfare war to Hawaii right now. So airfare is really inexpensive and it's great. You talked, Dan, just a moment ago about other people's time and other people's efforts. Right. Ope or optimism, other people's time using that leverage to help you achieve your goals faster. Right. And that's a great thing about relationships and so forth. But it's also an interesting thing about the dynamic of owning investment property. And I talked about this on the last episode and literally right after I recorded Monday's episode, I saw this article. It's a Rent Cafe article and listen to this, folks. Okay, so I talked about the idea of employing people and comparing it to employing people. So if you have a business, and of course a lot of our listeners are business owners, then when you employ someone, you want them to earn at least three times what they cost. That's sort of the basic formula of entrepreneurship. Hopefully it's a lot better than that, but at least minimum of three times, depending on your capital structure and your overhead and so forth, and your industry. Okay, so take a look at this. What if you could have people giving you literally every month, 33 to 40% of their income, and that's typically what a renter gives you. Okay, but wait, there's more, because this article I saw, I saw just after recording Monday's episode says that millennials spend 45% of their income on rent. 45% of their income is spent on rent. Think about this, folks. I'll just say it because it's almost kind of snarky funny, but it's not funny either. I understand it's not funny. Slavery has been outlawed a long time ago. Thankfully, right now there's a lot of slavery, sadly, going on around the world, which, you know, on my holistic survival show, I did a show about that. And it's really just disgusting and appalling what happens in that. But that's a whole nother subject. But in the US there's just the kind of slavery that Jeff Bezos engages in. And I think he's really a slave master because at Amazon.com, he doesn't pay people very much, and they literally, at least in one case, work themselves to death. One person committed suicide and left a big note, right. About Amazon and so forth. You remember that in the news. Forgive me if I'm misquoting any of this story, by the way. I don't want Jeff to sue me. He's a pretty rich guy, obviously brilliant businessman, but. But there is a lot of claim that he does not pay people well. Right? And here he is the richest person on the planet. Right? Or at least in and out of the richest person vying for number one. So when you own income property, you literally have like half a slave. I know this is not funny. I get it, I get it. But if someone is renting from you and they're paying 33%, then you have a third of a slave, right? Or 40% or 45%. You have almost half of their income paying you every month, paying your mortgage, paying your positive cash flow. If this isn't the ultimate example of ope other people's efforts, I don't know what is. What do you think, Dan?

Why immediately I kind of see a comparison to, you know, taxation in the sense that.

Good comparison. Modern slavery.

No, yeah, I know. I'm not going to get any argument out of you on that one. But it's like if you look at the. And I'm going to, you know, go down some rabbit hole here, but basically once you're born, there's a certain amount of average money that the creditors to the United States or the governments of the United States are going to get in the form of taxation. And you could say whatever, that's 20%.

30% or 45% if you live in the Socialist Republic of California or New York. Yes.

Plus the 13% state income tax, but.

Also the other types of taxes, car registration, sales tax, gas tax, a million other taxes that you don't even see. But go ahead.

Right. So you look at the. Presumably the richest like okay, so yeah, Jeff Bezos might be the richest person on paper, but there's probably people that are richer, that are kind of like behind the scenes that really.

Vladimir Putin, the Rothschild family, etc.

Exactly.

Evil dictators of third world countries, etc.

So I'm sure that many listeners here are not opposed to going down that rabbit hole. But I won't go down too far. But yes, I would say you basically, yeah, it's people's number one expense for their livelihood is shelter. I mean that's their number one expense. They'll have that before they have a car. That and food basically. So unless you owned commodities of food, then leveraging opt and ope kind of sounds funny. Say it like that.

Other people's time. Other people's.

Yeah, it's funny. I mean 45%. I mean like would you rent to somebody that had that high of a debt to income ratio? That seems pretty excessive.

Yeah, hopefully you're not renting to someone with that high of a rent to income ratio. But the point is they're working half the month for you, dear listener. They are working half the month to pay your mortgage, to pay your positive cash flow, to pay your property upkeep and to pay for your inflation induced debt destruction.

More than half the month. Because that's based on gross income, isn't it?

Good point. Yeah, you're right. After taxes, that's actually a really good point.

So that's why I guess they don't really get to do anything fun with their money afterwards.

It's not a very good deal for them, but it's a very good deal for you. And look at people pass through stages, right. They're hopefully not going to be in this position all their lives, but you know, initially, especially when they're young and they're, you know, struggling to get ahead and Everybody needs to go through that. It's character building. I certainly went through it, have been back a couple times and gone through it a couple times, you know, during my adult life occasionally too. And you know, hopefully they're not going to stay in that position. It's like an entry level job. Same idea. So what's so interesting about this is that if you look at the baby boom generation, their income over an eight year period, ages 22 to 30, and I'm assuming I have to make the assumption this is all properly adjusted for inflation and I do not know that it does not say that, at least not that I've noticed. But they earned over that eight year period $196,000 and they paid in rent $71,000 versus Gen X. My generation, probably yours too.

I'm at the youngest end of Gen X. Yes.

Okay. Gen Xer earned $202,000 over that eight year period from ages 22 to 30 and they paid $82,000 in rent. Now tell us about the millennials we just talked about.

Well, they earned only marginally more over that period of time. 206,000. So 207. But they paid out 92,700, 600. Almost 10,000 more than Gen Xers.

Yeah. So the proportion, the percentage of income going to rent is quite significant. And when you look at Gen X, their income difference was $4,500, but the rent difference was 10,400 and the baby boomers, 10,900 versus 21,600. So the point being that people are paying a much higher percentage of income in rent. No question about it. So what has to give when the percentage of income dedicated toward rent is higher than before? Well, lifestyle has to give. People are living in smaller places. One of our investment counselors, Sarah, posted an article in our Venture alliance group the other day that talked about San Francisco. He would not believe this. Where people are living, 31 people are living in houses there, 31 millennials living in houses in San Francisco. It's just insane. Insane. What's going on?

Startup founders.

Yeah, they're, they're renting bunk beds out. It's absolutely nuts. So the quality of life has to give. That's what gives. Times they are changing. No question about it. Inflation is very, very real. And you know, another thing about that that's interesting, I went to Panera yesterday. Okay. You know, this is another aspect of inflation that a lot of people don't notice. And I've talked about it before, but it's maybe the price of something didn't go up or didn't go up that much. But there's a lot more self service involved now. I mean, we have to serve ourselves. Buying airline tickets online, we have to serve ourselves doing almost everything. At Panera, they used to bring the food to your table. Now you go up and a person used to take your order and now you go up to a kiosk and you punch your order into a touchscreen and then you take a number and then you have to go pick up your food yourself. Now maybe the price didn't go up, but the service declined. It's like the bag of potato chips is getting smaller and smaller, but the price is the same. Inflation can work either way. You get less or you pay more, or a blend of both.

Maybe they raise their minimum wage across the board. Maybe we don't know about that. There's all this talk about the $15 minimum wage. Maybe that's what's happening internally. And they're saying, okay, well we can't have you out there doing that. Or maybe you don't even know. Little subtleties. You don't even know when taxes go up, sometimes incrementally. You just, you wouldn't notice on your receipt you'd say, my coffee, my bagel cost the same amount of money. You'll find that kick out of this. But we were looking at vrbo, which is like an Airbnb, you know, competitor, and the taxes on those things alone, we're looking at the tax rates in South Florida here for VRBOs versus in Southern California, which we're going to maybe go try to see in the winter. You know, the differences in tax rates of short term rentals here, it's about 5.9% of the total. Just the, the daily rates not including anything else. You know what it is in California?

No, I don't.

13%.

Wow. So it's literally double in the socialist Republic of California. Florida is a very business friendly state. That's why there's a lot of money down here, because it all comes from the Northeast and you know, some of it comes from the west coast too. But yeah, no question about that. So you have all these little hits, all these little things nipping at you. And we, of course, as real estate investors, we know how to make inflation work for us using one of my techniques, inflation induced debt destruction. Definitely. And speaking of which, you know, one thing we haven't talked about on the show. I'd love to get your input on this, Dan. The financial crisis. A lot of people market by the Collapse of Lehman Brothers, which was just 10 years ago last week. 10 years ago last week. And I got this email newsletter and I just want to share with you the advice and then I want to tell you how wrong this advice is. It's. It's conventional wisd, but it's not good wisdom. Okay, it's conventional. Right? And yeah, air quotes. Conventional wisdom. Okay, so it just talks about how, you know, Lehman Brothers collapsed 10 years ago and the three points were, look, be careful of over leveraging. Keep a low loan to value ratio. Terrible idea. Okay, I'll get there in a minute as to why. Number two, make sure you have plenty of reserves in place in case there are vacancies in a downturn. That's a fair idea. I mean, of course, you know, but plenty is in is a subjective number. You know, we say you should have at least 4% of the value of your real estate portfolio in the bank in reserves that you do not touch. That's emergency fund money for make readies, vacancies, surprises. You're gonna have surprises, folks. It's just the nature of the beast. You can't plan for everything. That's Murphy's law and life itself. Okay? Number three, avoid short term loans with balloon payments as there may not be enough capital to refinance when you need it. Okay? So that's all fine as conventional wisdom. However, look at the California wildfires. Look at the devastating hurricane we just had on the east coast. Whenever these natural disasters happen, and isn't a recession, especially a great recession like we had 10 years ago, a natural disaster? In a sense, yes, it is. Okay? Whenever that happens, the people that get the relief are the people who have the high loan balances, the people who have the most debt. It's counterintuitive. I know, and we've talked about this a million and one times over the years. But if you have a low loan balance, like the first point says, be careful of over leveraging, right? You are going to be a target for a foreclosure if you have to default on your payments, you're going to have no negotiating power. If you have lots of equity, if you have very little equity, as we've talked about many, many times, the lender is going to attempt to work things out with you. So it's counterintuitive. You've got to understand that that is counterintuitive the way that works, okay? And so, yeah, leverage needs to be used responsibly. But by and large, if you look at any downturn in the economy, Ever, especially the last one. And then the one that, hey, since I've been doing this 12,059 days. In the 90s, the people who got the bailouts, the people who got the help were the people with the highest loan balances. In the natural disasters. They put a moratorium on mortgage payments. And they say, look, you don't have to make any mortgage payments. If you own that house free and clear or had a very low loan balance, what do you think you'd get? Would fema, Federal Emergency Management Agency come to you and say, hey, we know you own your house free and clear. So instead of waiving payments like we did for everybody else, we, you know, or giving you low interest financing, or the attorney generals of six states during Katrina telling the mortgagers that they had to put a moratorium on mortgage payments, no, they're not going to pay you. The only people getting the relief are the people with the high loan balances and the debt. So it is counterintuitive. There's a little more to it than that. But generally speaking, that's one thing I wanted to mention.

I have another point in that I'm not a real estate expert or a prolific investor to degree that you are. But one thing that I do know, and I about your strategy for basically refiing out, you know, the cash while you can, deferring the taxes on that, is that if you, you know, they say that the most money, the most wealth is created during downturns because people have the cash to be able to buy assets at low prices.

I'm glad you mentioned that. And you know what? If you want to have the cash, don't have it all sunk into the property.

So, yeah, if it's illiquid sitting in high equity property and the downturn happens, guess what? You're not going to get your refi at that time. You're going to get the refi one time are good and you're going to be able to pull that cash out and that's what you can use to buy up those assets when the market goes down.

Exactly. Look, I'm a lender. I have about $2 million of my own money. I mean, through various entities I own one way or another. It's complicated, like the relationship status on Facebook, but it's complicated. But I have about $2 million of my own money loaned out right now. Okay. And let me tell you something. When someone has a higher leverage deal with me on a hard money loan or a private loan, and they come and they say, hey, you know the property, I haven't been able to do the rehab fast enough or there's been a cost overrun or we need some help. I listen, I'm willing to work with them and I've done it before. But if they have a lot of equity in that deal, I'm going to say, hey, pay me, man. You know, you got tons of equity, they've got lots of skin in the game. So think of it that way. You want to use the bank's money, the opm, as much as you can. Definitely. Good advice there. Okay. Hey, we got to wrap it up. Any last words?

Yeah, I was just going to say just to tie it real back real quick. Talking about leverage, other people's time, other people's networks. When these downturns happen, that's one of the times that those relationships are going to really come in play. Not only because of people being able to give you advice or give you the connections that you need to pull out of it, but also when you're friends with really, really smart people. Like I am with Jason, like Jason is with me.

Thank you very much.

But anything like that, you know what I mean? Like the average person, if they're about to face a recession, they don't have anybody super smart that they can talk to that's going to help them guide through or anybody that's been through a time like 2008. And so when you have those guides in your life, that type of leverage, that type of those relationships will be invaluable.

Very good point. So come to Profits in Paradise and join us in Hawaii and join us also for the Venture Alliance Mastermind event. We had another person sign up for both of those yesterday. There is, for the first time ever, a deal on the Venture Alliance Mastermind in beautiful Kauai, right after our two day conference in Hawaii on Waikiki Beach. Okay, so that is. Let me see what else I want to tell you before I go. Make sure you you enable our Alexa skill to hear my real estate update on Alexa every single day. And then also be sure you are a subscriber to our newest podcast, the Property Cast. Jason Hartman's Property Cast, where you can get property performance delivered to your computer or mobile device as they become available. It's like a property hot sheet. Thank you for helping me create a great career. 12,059 days and counting. Wow, that is 17 million plus minutes, 289,000 plus hours and 1722 weeks and five days. Thank you again for helping me make a great career and I appreciate you joining me today and happy investing. We'll talk to you in a couple days on the next episode.

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