2133 FBF: Foreign Money in US Real Estate, a Historic Housing Shortage, & Why Regulation Helps Big Companies

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. This show is produced by the Hartman Media Company. For more information and links to all our great podcasts, visit hartmanmedia.com.

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. This is your host, Jason hartman with episode number 979. 979. Thank you so much for joining me today. As I have talked about so many times over the years, the most highly desirable real estate market in the world is in the good old US Of A. Yes, the United States boasts the most attractive real estate investment market. Now this may not always be true, but I certainly think it is still true. It has been true for many, many years. Of course, there are many reasons for this. The fact that data is much more transparent here than it is in many countries around the world. The bureaucracy and transaction costs are so much lower. I know we complain about bureaucracy and cost in the U.S. but the question is, compared to what? Compared to what? It's a lot better here than it is in many, many other places. And when you look around for the safe place to keep your money, the safe place to keep your money if you are a wealthy or even a middle or upper middle class foreign national, look around the world and you think, boy, the US Of A has some very attractive options. It's always been known as the Brinks truck. And that's why foreign direct investment in the US has been just phenomenal for many, many years now. This even happens in the face of a strong dollar. Of course, a strong dollar means that our real estate is more expensive to foreign investors, right? So they like to see it when their currency is strong and ours. And of course, this is something that is always played out in the import export game. And we have a lot of stuff in the news now about trade wars, about tariffs and about the Trumpster. And you know, we'll see what Trump does, but so far he's looking pretty protectionist. As you know, he is very much in favor of tariffs and charging an admission fee for people to trade in the US Market to sell their widgets here. And of course, this is a two edged sword because what it means is it means more American jobs, higher paying jobs, and we're going to talk about that in a moment and what that means to the housing market. But it also means that we will see higher prices. And I've talked about this extensively and why I think this moderately, moderately, only moderately protectionist policy is actually the best deal for Americans. Right? It's has all kinds of impacts and ramifications and intended as well as unintended consequences around the world. But it is really the best deal for, for Americans. So we'll see how it all plays out. Obviously, the pendulum swings every four to eight years depending on the administration and we'll see what happens with it. But when we talk about foreign buyers buying U.S. real estate, the statistics are pretty darn astounding. Let me share some of them with you from the national association of Realtors here. This is last year. This is 2017. What it says here in this little infographic I'm looking at rising home prices and a stronger US Dollar were no match, no match for increased demand that fueled a surge in foreign purchases of U.S. real estate. In other words, foreign people and companies purchasing more and more US Real estate. And again, I've talked extensively about this. I've been to 81 countries around the world. Hey, I'm just about to go. Well, I've already been to this one, so it won't increase my country count. But I'm about to go back to Sweden for our Ice Hotel trip here in just a while. What are we, about nine days away? Very exciting. By the way, Ice Hotel Adventure alliance people, we have an app for you for the ice hotel trip. We will be sending you a link to the app very shortly soon. So take advantage of that. The event app, which will give you all of the information on the event, just like we did for Meet the Masters, although it won't have as much content in it, of course. But that app will be coming out for Ice Hotel people here just momentarily. So stay tuned for that. So I've traveled to all these countries around the world, many of them many times. 81 countries total unique country visits. And I'll tell you something, the US Is the place to invest. And apparently I'm certainly not alone. Billions and billions of dollars support my opinion. The top five countries of foreign buyers buying U.S. real estate, check this out. A total of $153 billion in sales. Now, when you talk about the price of housing or real estate in general, you know, that number sounds big, but it's not that big, I guess, in the overall scheme of things. Because hey, you know, $100,000 property or a $400,000 property or a million dollar property, you know, it adds up pretty quick. But hey, it's still a lot of money. I'll take it. $153 billion. It's a lot. But here's the amazing thing. Remember how I always tell you it's not the amount that matters.

Relationship that matters. No, I'm not talking about some mushy people relationship thing. I'm talking about the relationship to the prior number. The compared to what Question. The Jason Hartman question of compared to what? That's what matters. Well, here's your compared to what? 49%. Whoa. Astonishing. That is astonishing. It's an astonishing number. A 49% year over year increase. 49%. Whoa. With a stronger dollar and rising home prices. So see you. You folks in the US listening, that's most of our listeners. But of course we have listeners from 165 countries, but most of you are in the US that are investing with us. You know, that's the bulk of our clientele and a lot of Canadians up there in the Great White north where, where so many good things come from. By the way, the most talented band in world history came from Canada. Yes. 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 Rush. So you folks are most of our buyers and listeners. But, but hey, we've got a lot around the world, right? And we got rising, massively increased real estate prices and a stronger dollar, which means the foreign, foreign nationals are paying. They're getting double whammied. I mean, folks in the US Think the price of real estate is getting too high. Imagine if your currency is also devalued compared to the currency in which you have to buy the property, it gets even more expensive. So for example, if you saw a 10% increase in prices, but the currency exchange could have made it a 20% increase or even more, Even dramatically more. That's just an example. But for these foreign nationals, they're still buying up our US real estate like it's going out of style. So China spent $31 billion. Well, I'll round off $32 billion. Rounding Canada. 19 billion in the UK in the surveillance. Politically correct. Scary. Big Brother is watching you. United Kingdom. Scary, scary. What's going on over there, folks in the uk I tell you, you gotta get your government under control over there. I thought ours was bad. Yours is really outta control. Okay? Hey, you're our friends over there. We love the uk, but man, your government is just getting out of control. Kicking people out of the country for expressing their opinions. Whoa. Cameras everywhere, surveillance everywhere. The uk.

It'S becoming pretty scary in the uk. Well, yeah, maybe you want to get your dollars out of there and get it to a safer place where it's maybe, maybe, I'm not sure, a little harder to seize your assets. $9.5 billion from you, from Mexico, obviously a scary country where the government is. You never had much in the way of rights over there. At least the UK pretends to have rights. 9.3 billion from Mexico in democratic India. Where? India. You know, you have a lot of rights over in India, but hey, India has got its own share of problems because democracy has its inherent inefficiencies. And that's why you can't develop as fast as Communist China. Because, hey, if you want to build a new highway or a new building or a whole new city in China, you can just kick everybody out and tell them if they don't move, they'll just be arrested. It's very efficient Communism. Yes, very efficient. So India, you invested 7.8 billion. So where did all this foreign money, this hundred and fifty three billion dollars go? Right, where did it go? In which states were these foreign nationals buying the most property, the most real estate? Well, Florida, number one. Texas, California, New Jersey and Arizona. Okay, those are kind of the likely suspects. So, you know, the Europeans, they will buy a lot of stuff in Florida. The South Americans and the Mexicans will buy a lot of stuff in Florida. Well, California, too. Texas too. And, you know, it's just spread around the Canadians, the Snowbirds are buying Arizona like crazy. So pretty darn interesting what that says about the US market. Very, very attractive market. Okay, so Ice Hotel guests, look for your app. Coming soon. Very excited about that. Once in a lifetime Now. Sold out. We sold out the Ice Hotel. I'm so excited. They have no more icy rooms there. So that's coming up in just nine days here. So the Wall Street Journal, you know, I played this little clip for you, this horribly sounding clip on the episode last week about the next housing crisis. Yes, the next housing crisis. The Wall Street Journal again, I'm looking at the article here reporting that there is a historic shortage. A historic shortage, actually. Is that proper grammar? Oddly, it sounds right, but I think the way you're supposed to say that is an historic shortage. Any grammar nazis out there, let me know@jasonhartman.com Ask is the wall Street Journal wrong? Well, they say there is a historic shortage in new homes. Fewer new houses are being built in America than at almost any time before. It's a good time. Well, in this article takes place in Grand Rapids. They're reporting. And by the way, that's one of our markets. We don't talk about it too much because, hey, we've hardly got any inventory in Grand Rapids. We did just recently have a few notes available and we haven't had much inventory in this either. You know those land contract deals? Yeah. A lot of you like those. Many of you have purchased them. Heck, our client Damon just, I believe, just purchased one of mine that I sold. Yes, I'm wheeling and dealing for my own account here when I can too. Not just for clients, but mostly for clients. Obviously there is a housing shortage. A housing shortage. So they've been keeping track of this new home construction for six decades, for 60 years of record keeping, according to the Federal Reserve bank in Kansas City. And they say that there is a historic shortage of housing. So that means to those of you who've been buying properties through our network for the past several years, maybe the past 10, 15 years, you've been buying properties nationwide. Maybe you bought them from me. Hopefully you did because you probably got yourself a better deal and you certainly got better support and better advice. I know that for sure. Pat on the back. Do you hear that? Pat on the back. So if you did that, you are in the catbird seat. You are in a very enviable position. You know you are. You know you are because millennials are moving into the housing market. Millennials are in the renter market. Hey, look at the millennials. Right? So NAR just said that millennials are now the largest share of the home buying market. Now remember several years ago I quoted that investors, investors were the largest share of the home buying market. Now millennials buying vast. Most of them are owner occupied buyers, 36% of the market. But, but wait, there's more because that is just based on their sheerly huge numbers. The largest demographic cohort in American history, 80 million strong. Big. The baby boomers. They now make up 36% of the home buying market. However, the question is, what's the question? The question is compared to what? Compared to the fact that there are 80 million of them, a lot of them are still renting and a lot of them will be forced to rent for much longer than they actually want to rent. Why? Of course, we've explained that many times before. Huge student loan debt, they got a mortgage without a house. And things are really different for that generation. The more portable generation, the sharing economy generation. A whole different mindset, a whole different view of so many things in life. The millennials are truly a shift in thinking in so many ways. And hey, why wouldn't they be? Look, their whole worldview is very, very different than my generation, than the Gen X generation, certainly different from their parents, the baby boomers generation. Very different worldview. Now 60 now, of the 36% of millennials that make up the home buying market, 65% of them, of that 36% are first time buyers buying their first home. It is a different world for sure. No question about that. Let's take a break from housing for just a moment here and talk about something that I think is vitally important. And I promise I'm not going to get off on a big tangent here. I'm just going to tell you, I'm going to let you hear it. You've heard it in the news. It's all over the news media the past, oh, what, 10 days or so maybe, right? And it is Facebook, the second scariest company on earth. Facebook, Facebook, Facebook, Facebook. They are in trouble. Yes, as they should be. Shame on Facebook, but shame on Google. And you know, it's so interesting because many of us read the book or are familiar with the book 1984 that was written, what, in the forties or fifties by George Orwell. This Orwellian future that many of us were right, rightfully so concerned about and rightfully should be so concerned about. The interesting thing is it didn't quite happen the way Orwell predicted it, but it certainly happened. Now if you're in, you know, if you live in London, it's definitely happened that way. The government is your big brother over there. The most cameraed, surveilled, scary city possibly on earth. London. Right, right. I mean, because the thing that's scary about it is it's a wolf in sheep's clothing. It purports to Be a democratic place, right? But there are all these really, really shocking, scary things going on with our friends in the uk So I hope you get your government under control over there. We got our own problems over here with our government being out of control. You know, remember the new idea of government, you know, in the past 230 years, ish, give or take, is that the government should be of the people, by the people, and for the people, and let that idea not perish from the face of the earth. We got to take back control once in a while and expose them for what they are. So the creator of the World Wide Web. Well, yeah, I know some of you actually think that is Al Gore. It is not the disgusting hypocrite known as Al Gore. No, it is not the disgusting, greedy hypocrite Al Gore. It is not Mark Zuckerberg. It is not Sergey Brin and Larry Page, okay, At the scary company known as Google. Right? It's not Netscape, okay? It's Tim Berners Lee. Right? Tim Berners Lee was the guy that actually created. Well, not the Internet even, because the Internet and the World Wide Web, there is a distinction between those two. Right? But, you know, he was there in the beginning, right, and didn't make a fortune from it either, sadly, because, boy, that has turned into quite a big deal. Quite a big deal. Thank you for coming up with this. You know, back to UCLA in 1969 and. And so many of these great things come out of the military industrial complex. You know, as much as we can hate the military industrial complex, which is a fair thing to hate, right? A lot of great stuff comes out of it, because necessity is the mother of invention. Well, Facebook, you know, Cambridge Analytica, blah, blah, blah. You've all heard the story, sharing our data. And now here's the interesting thing. You know, I always talk to you about these Wall street firms and the banks and the corporatocracy in general, you know, big business, right? So a little quick tangent here, but, you know, I'm always, always reading stuff, listening to audiobooks and so forth. Lately I've been reading the Food Babe, and Vani Hari is her name, Vani Hari. She's great. She's got some great material exposing all the disgusting toxins in our food and how these highly, well, sort of highly regulated companies. And this is my segue from the Facebook thing. And then we'll talk about the fears about the upcoming recession and we'll close with that. The interesting thing is, is Facebook says they know that they're going to Be regulated. Right. And Google secretly would love to be more regulated. Right? Because this is what happens with the food companies, the pharmaceutical companies, Wall street, the bankers. They all secretly pray for more regulation. Why do they do that? It's counterintuitive. They do it because they know that more regulation and regulatory compliance burden can be afforded by them. They can afford it, right? They can afford it, no problem. Yet the new player that wants to come in and be the next Facebook or Google or the next Goldman Sachs or the next Merrill lynch, they can't afford the cost of compliance, so they are kept out. So Facebook gets to put a huge wall. Yeah, just like the wall Trump wants to build at the border. Oh, God forbid a country has the right to protect its border. Listen, I'm no Trump fan, you know that, okay? But I mean, seriously, this is just logical. Don't countries get to protect their borders? Other countries do, but not the U.S. that's evil. That's evil. You can't do it. So here we've got Zuckerberg and Sheryl Sandberg saying, well, you know, we, we know that we're going to face some regulations. Well, your companies, you know, you either got it. And listen, as a libertarian, I can't believe I'm saying this sometime, but either these companies, these big giant tech companies need to be split up under antitrust violations or they need to be regulated like boring public utilities. It's one or the other. I don't see another solution because they are abusing us left and right. Google, scariest company on earth. Facebook, second scariest company. I don't know, maybe I should flip flop the ranking there. We certainly love their products. We all use them probably. I, I sure do. And I love the innovation, but I'm telling you, these companies scare the crap out of me. Okay, so the food babe. I thought of this quote the other day and I put it on my Facebook. Got a lot of response from it. The quote for the day is. And really think about this, think about it, but don't let it happen to you, okay? Because it's happening to all of us. Try and limit the damage. Here it is. Our bodies are being used as toxic waste dumps for food and pharmaceutical companies. Our bodies are being used as toxic waste dumps for food and pharmaceutical companies. We are their guinea pigs. And hey, lest we forget, alcohol and tobacco companies also doing the same thing. So don't let it happen. Try and limit what these disgusting companies can do. They're killing us. This is genocide. It is murderous. The stuff that these companies are putting into our food and try to avoid pharmaceutical drugs. Just get away from that stuff is toxic. I mean, yes, I understand there are people that have to take pharmaceuticals. Okay. And you know, if you go through surgery and you got to take some drugs, you know, I get it. Okay. You know, you have to do it sometimes. Right. But just try and limit your exposure to this stuff, okay? These things are toxic. Our bodies do not know how to handle them. They don't know how to deal with them. We are being murdered. Don't let these companies do it to us. Don't let the companies like Facebook and Google take advantage of us. Hold them accountable. What do you do? I don't know. Write your congressman. That's probably a waste of time, but you get the idea. Just awareness. That's all I'm saying. At least have some awareness about this stuff because it is scary. Read the Food Babes book. I'm gonna try and get her on the show. Her stuff's great. Love it. The Food Babe way is the name of it. Okay, so let me wrap it up here with an article I saw recently. This was in Investopedia. It's by Milton Israti. And I thought he wrote a really good piece about the fears of another recession and how they are unfounded. Now, you know, I kind of go both ways on this. Look at. I know there's a business cycle. Of course there is. But you've heard me talk about it before. I don't think we're nearly as far into the business cycle as many people think we are. Only because of the benchmark that was set during the Great Recession. That was an artificially low bar or a low trough. So you can't take it from the bottom and then say, okay, well in five to seven years we're going to have another recession. That's just myopic thinking. Okay? There's just way more to it than that. Okay, so in this article, it's pretty interesting. I'll just give you a couple highlights real quick before we wrap it up. He talks about how the economy shows no such signs of pre recessionary excesses in terms of spending and the debt levels compared to wage growth. And finally, love him or hate him, but under Trump, we are seeing for the first time in decades legitimate inflation adjusted wage growth. Whoa. It's about time. Americans haven't had a raise in decades in real dollar terms. Finally we're getting that. So if you're a Democrat, if you're for the little guy, if you're for the underdog, Then, hey, maybe even if you hate Trump, which you have reason to, by the way, I get it, okay? You know, he's, he's problematic. But even if you do, maybe you should write him a thank you note. You know, say thanks for your wages going up. All right, I know you're not going to do that. I'm just. I'm just bugging you. I'm just teasing you, right? The article says, certainly American households, more than two thirds of the economy, show nothing worrisome. Past recessions have often erupted because people had outspent their incomes, incurred excessive debts, and had to cut back. So they cut back. Then the spending stops and the business goes down, the stocks go down and the recession. There you go. There's the spiral right there. Right? Okay. So so far in this recovery, people have shown none of this behavior. On the contrary, they have shown remarkable prudence. They have kept their spending in line with income. And though the level of debt has grown, it remains manageable relative to income and household assets. Indeed, if anything, the data suggests that during this slow recovery, households have put themselves on firmer economic and financial footings than before. Okay, he talks about that now. He says, and I'm skipping ahead here. Meanwhile, the composition of income shows improved economic and financial health. By the way, I want to throw in something here. While I throw in a lot. I hope you can tell when I'm reading and when I'm just on a tangent. Here's one of those little diversions. FICO scores. Remember we talked about that on a prior episode, that FICO scores are at the highest level they've been in many, many years. The average FICO score now is phenomenal. Right? Okay. So that's another component of it. Because credit, the ability to borrow, is an asset. And by the way, if your FICO score is too high, you are making a mistake because you're not using enough of your ability to borrow and secure more assets with that borrowing power. Okay? If you don't use it, you lose the benefit. If you use it or lose it. Right, you lose the benefit of it. So go buy some more properties. Okay? Buy some more properties and leverage them. All right? Meanwhile, the composition of income shows improved economic and financial health. Wages and salaries have outpaced other sources of income, growing more than 3.5% a year. During this time, wages and salaries in the private sector have done even better, growing at 3.8% per year. @ the same time, reliance on government income support programs have lost significance.

I'm clapping. Yes. Thank you. The welfare state is getting reined in a little bit because we don't have Obama the food stamp president. Right. Okay, so income flows from unemployment insurance, for instance, have fallen almost 60%. 60%. What else does he say? Go to the next page here. Household finances have improved according. Have improved accordingly, for sure. Federal Reserve data shows that almost 6.5% growth in household debt during the last three years to a level of 15.2 trillion long ago passing previous highs. Okay, so hang on a second. Remember, you always got to adjust for inflation. Don't forget that. Don't forget that. Okay? Never forget that. By the way, in. In Al Gore's Inconvenient Truth movie, the Inconvenient lie that he doesn't tell you, one of the many is he doesn't adjust for inflation. How convenient. He doesn't adjust for inflation. Okay, when he talks about the amount of damage due to crazy weather and hurricanes and stuff like that, no inflation adjustments. How convenient. Al Gore, you left that out. But incomes have grown much faster than the annual overall income in this country has risen actually from 103% of outstanding debt in 2014 to about 108% at last count. More telling are the figures of the relative burden of debt service. Now, that's interesting. Why is that different? Think about it. When you buy a car or you buy a house, is it the price of the property or the price of the car that you are concerned with? Or is it the amount of the monthly debt service?

Right, it's the payment. It's the debt service that matters, not the overall amount of the debt. Well, the overall amount of the debt does matter. It just doesn't matter as much. It doesn't matter from a budgeting perspective, like the overall amount of the debt. When does the overall amount of the debt start to matter? Well, when you want to sell the asset, then you've got that $100,000 mortgage and you've got that property that's worth $150,000. But if the mortgage was only $80,000, you'd have more equity. Right? But I want to just propose this idea to you, especially when it comes to real estate. The amount of the debt on real estate actually determines to some extent prices and price appreciation. That's a Hartmanism. Just think about that. I don't know if I've ever said it before, but I've certainly noticed it. When I was in traditional real estate and I would go over and list a home that a seller wanted to sell, they would always make the decision on whether or not they could even sell and what price they were willing to sell for based on the amount of debt they had on the property. So do you see when debt is high in many ways it actually decreases inventory. Yeah, this is something we should smoke out more. I don't know if I've totally smoked that out for you here. Let me just noodle on that one a little bit. By the way, if you have any feedback for me, any questions you want to ask. And by the way, I got a bunch of listener questions. We've got to get to Jason hartman.com ask Jason hartman.com ask. And while I'm sending you to Jason hartman.com be sure to register for our upcoming Creating wealth seminar in the Northeastern United States. Our first time there, we've got a whole bunch of tickets sold and we don't even have a hotel announcement. Actually, I think we do. We got a gorgeous hotel in Philadelphia. I think that contract may be signed. I'll announce it soon. But anyway, yeah, that's going to be in May, I think. What is the date like May 19th. It's the weekend before Memorial Day weekend. And we're having our Venture Alliance Mastermind retreat in New York City on Memorial Day weekend. So we're going to do those and I'm going to stay back east for the week in between the two. And that's just going to be an awesome time. Can't wait. So join us for that@jasonartman.com ask your questions@jasonartman.com Ask okay, let me finish this up and we will adjourn for today. More telling are the figures on the relative burden of debt service. At last measure the Federal Reserve. As they calculated, households dedicate some 10% of their after tax income to interest and principal payments on all debts, down slightly from about 10.5% that was registered five years ago, but nowhere near the 13% recorded just before the financial crisis. So do you see that even though the aggregate debt amount is slightly higher and I think we had Richard Duncan on the show recently, he was talking about that the overall household debt, doom and gloom, it's the end of the world, blah blah, blah, but the amount of debt service, the payments on that debt is lower and a lot of that debt is fixed interest. So even as rates spike up, you're not going to have to worry about it. Okay. So yeah, you know, I have to agree with the author. I'm not super concerned about any big recession coming. There will be a recession. The economy, the whole global economy is built on smoke and mirrors. It's a house of cards. Don't get me wrong, I have no Pollyanna view of that whatsoever. I will just say, compared to what? Right, The US Economy compared to what? You know, overall the banks in terms of mortgages have been pretty darn conservative this time around. There's a massive housing shortage. We talked about that earlier. The rental market is booming. I mean it's, it's phenomenal. Rents are going up, up, up, up, up. Yes, they're a little bit softened in some of the institutional apartments because they've overbuilt a little bit, but that'll equalize. The supply is getting absorbed and they're not that soft. It's a small softening in some of these major cities where you've seen cranes everywhere and the building apartments like crazy, but not true in the single family homes at all. The rental market is booming. I think we got some good sunshine to come for quite a while here. But you know, hey, rates are going up a bit. We will see some slowing. And like I said, I, I'd welcome a bit of a slowdown. I just hope I don't regret saying that I said a bit, not too much. I just want a little slowdown. Just a little. Okay? So you can have a little more inventory of investment properties to buy. Go take a look at our properties@jason hartman.com Click on the properties section and talk to one of our investment counselors and let them help you. And by the way, if you're out there listening and you have any problems or challenges with your portfolio, reach out to us. We're here to help for life. Okay? If you bought a property from us five years ago, eight years ago, and you're having some trouble with your property manager, your local market specialist, reach out to us. That's what we are here for. You have an investment counselor that will help you. They will help you with rental coordination. They'll help you with anything you need. So reach out to us. Go to jasonartment.com ask for questions and feedback and we will talk to you on the next episode. Episode. Thank you so much for listening today and happy investing.

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