2279: Trump Tariffs and Housing Inventory Trends: Decoding the Data for Real Estate Investors

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

Jason's an incredible human. He actually, Jason spoken at our, one of our previous Black Card summits, actually came out to Utah, spoke it and just wowed the entire audience. People have still talked to me about like, man, remember when Jason came out and spoke there? A lot of you guys know my dad, big time fund manager, now retired. For years and years and years he's been like, Bridger, you got to go listen to Jason Hartman. This guy is one of the sharpest people. And this is coming from my dad, who's a multibillion dollar fund manager. Yeah, and Jason Hartman is one of the sharpest people I listen to. He's like, I religiously listened to this guy.

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. 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.

How's your Bentley? Window cracked.

I don't care nothing about that.

Look, how do you not care about a Bentley, man?

I don't care about this car, man. It's just a car. Those of you that care too much about cars, man, you ain't making enough money. You make enough money, you won't care about material things.

How much you pay for the Bentley?

It's about a quarter million.

You pay for it in cash?

No, I didn't pay cash. I wired money to the bank.

What do you do that you can afford a $250,000 wire?

I specialize in getting debt.

What does that mean?

When you go into a lot of debt, man, you use the bank's money to make money. Most people are using their time to make money. Using your time to make money, man, you always got to use your time to make money. But when you use the bank's money to make money, let's say I could go buy an asset building. Let's look at this building right here. Let's Say I go buy this thing here, man, and let's say they pay me $5 million or $3 million a year to lease it out from me and I can go borrow the money from the bank to buy this. And I got to pay the bank two and a half million dollars a year out of the 3 million. I just borrowed the money from the bank and made a half a million off borrowing the money from the bank. But people are conditioned to think that paying off debt will make you wealthy. Man, that's the dumbest ever. They didn't ever learn how to use debt because they come from a scarcity family with a scarcity mindset that thinks debt is bad. So you know what they do the.

Rest of their life?

They work for somebody that has debt.

Greetings, empowered investors, and welcome to episode 2279. I am in Santiago, Chile, and this is a sleeper city. I tell you, I was here many years ago and it is great to be back. What a nice city. It's just beautiful here now. It probably helps. The weather is perfect, but I'm trying not to be too terribly influenced by that. It really is a nice city. Very nice. And I'd recommend that you come. This is not a common tourist destination, at least not for those of us so far away. But it really is nice being down here at the other end of the world. In a few days, I will head over to the most remote place on Earth, as they say, and that is Easter Island. Always wanted to go there ever since I saw Chariots of the Gods as a kid. I was fascinated by Easter island, by pyramids, by all of these possible ancient technologies, who knows? So, really looking forward to that. Now, I know some of you are probably thinking, well, isn't Antarctica the most remote place on Earth? I don't know. That's what they say Easter island is. So you be the judge. But I kind of thought the same thing when I. When I heard and read that. Okay, so today we've got many things to cover, many things to get into, but first, I want to just share a little personal story with you that is a lesson. This may not be the biggest aha moment. I'm just going to warn you, it's not that profound, but it is something I have realized in a painful, painful way. And when I say painful, I'm talking physically painful. Some of you know that I injured both of my shoulders when I chartered the yacht in Croatia last August and had a little mastermind meeting on that yacht, you know, doing water sports, was on a raft and the raft flipped over and it didn't hurt terribly bad at the time. But, wow, about a week or two later I was in serious pain. And I really have been in serious pain for the last, what is that, seven months, six months? It's pretty darn bad. Here's the lesson. I have not been able to work out because of the shoulder pain. And the lesson here applies to real estate investing. The lesson is, you know, I was in pretty good shape when the accident happened, but had I been in better shape, I would have had more reserves, if you will, right? Reserves of fitness, of muscle. And now the fact that I haven't been able to work out. And I guess I have valued my travel and my excursions over getting consistent, good physical therapy, which probably would have helped a lot. I did have a session in Lima, Peru last week. I've had a couple sessions in different locations. But, you know, it's probably value judgment. It would be much better being at home in one place, going to the same physical therapist two or three times a week. I probably would be all recovered now. But that's beside the point. The point is, if you have an accident, whether it be in your investing business, if you will, or whether it be in your physical life, it's better to have more reserves. It's better to have more than you need, right? Had I been in better shape when the accident happened, right, maybe it wouldn't have been as bad because my ligaments, my tendons would have been stronger. Maybe that would have prevented the injury to some extent. Or at least having not been able to work out all this time, I'd be in much better shape now and I'd feel better if I had more reserves. So what is the lesson there? Well, when it comes to our financial life, a lot of us, you know, we're just sort of getting by, right? We're thinking, okay, well, you know, I'm going to plan for my future. I'm going to invest in income property, the most historically proven asset class in the entire world. But, you know, I'm not going to go for it. I'm not going to go hard. I'm just going to, you know, buy a couple of houses, right? And I'm going to have a couple of rental properties. But if tragedy strikes, right, if you have that unexpected problem in your life, if you lose that job, if you lose that business, if you have a medical emergency, whatever, anything can happen. And life is extremely delicate. It's very tender. So we want to have more reserves. Now, little tangent to this. I have Always said because. And people have asked me over the years, many times, you know, how much cash should I have in reserve? Well, the answer is and always has been 4% of the value of your real estate portfolio. Are there any exceptions to that? Maybe, sure, yeah. If you have a giant portfolio, right? If you have a hundred million dollar portfolio of real estate, do you need $4 million set aside? I don't know, it depends on the type of properties and so forth. Probably not. Why? Because the law of large numbers is working in your favor. Think about it. Think about the casino game roulette. I don't gamble. Well, I guess I gamble a little bit in business and life, but I don't gamble in Las Vegas, right? Just doesn'. Me. But think about the game roulette, right? You've got red and black and most of the time one of those is going to win. And those are just one to one odds, right? But there's the zero and the double zero. And just with those two positions out of all the other positions that are either red or black or odd or even on the table, right? That's how the casino wins. It wins because of the law of large numbers. So the other lesson there have a larger portfolio of investments because the likelihood of them all going bad at the same time is extremely low. We all know that, right? So if you have, you know the old saying, right? If you have one property and it's vacant, you have a 100% vacancy rate. If you have a hundred properties and only one is vacant, well, you only have a 1% vacancy rate. The law of large numbers. I know that's not an exact example, but you know, write in the comments below if you're watching this on video, what your thoughts are on that. And if you're listening on the podcast audio only, you can always go to jason hartman.com ask and any comments and questions are always welcome there. Okay, several things I want to cover with you today. Number one, rent continues to increase with lower supply and increased demand for 2025. Recovery continues for the real estate market. Now when they say that, what does that actually mean? Does that mean recovery of prices, recovery of rents? Does it mean multifamily? Does it mean single family? Does it mean office space, which an absolute disaster. We all know that, right? Recovery from which angle? Right? If inventory increases and there's more supply of housing on the market, whether it be rental or for sale housing, and you are a buyer or a renter, you would consider that a recovery. You would consider that great news and a lot of the housing pundits, by the way, view it that way. They think a recovery or a positive sign on the market is more inventory. And I actually agree with them because I just don't think it's good for society to have an extremely tight housing shortage the way we do. However, if you're an investor now, my comment there was definitely not self serving because if you're an investor and you already own properties, you love a shortage, right? From your angle, you think a recovery is lower supply and a tighter, tighter market. So it always depends on your point of view, right? And the point of view from which the article is being written or the story is being reported. Significant changes from increased interest rates and supply chain disruptions over the recent years are still unraveling. Both commercial and residential investors are expecting positive trend for 2025 with multifamily rents projected to increase by 2 to 2.5%. Now, the multifamily market. We know apartment complexes have been in trouble lately because they had so many deliveries of new units. There was such a construction backlog. Well, when I say backlog, I mean there was a lot of construction hitting the market, a lot of finished units hitting the market, and that was a real problem. Now, this didn't happen in single family homes. There's been pretty much an extreme shortage all the way along. Except, and really I would say that's the last 10 years. I was talking to a friend about this today, she owns a real estate software company. And I was saying, you know, it's always been us complaining about not enough inventory. For a decade, 10 years since 2015, that's pretty much been the mantra. However, there are obviously local differences, right? If you look at Austin, Texas, for example, or even a couple of Florida markets, inventory is definitely increasing in those markets. And we're going to look at something on that in just a moment. But I want to remind you, get your tickets for Empowered Investor Live coming up just about a month from now. Go to empoweredinvestorlive.com, come and join me. Come and join our great investment counselors. We're going to make a big focus of this event on lease options and rent to own deals that are a fantastic strategy where you can multiply your security deposits dramatically, you can delegate repair and maintenance responsibilities to your tenant buyers, and you can really have a dramatically increased return on investment. You can see Mike Maloney, the foremost expert on monetary history. He is a fascinating guy. First time speaker at Empowered Investor Live, of course, Sharon Lechter will be back with us. As well. Her resume is so long and so big. She's the co author of Rich Dad, Poor Dad. She's fantastic. And Tom Wheelwright, all star Rockstar CPA will be with us. Those are some of our keynote speakers and we have many other speakers as well. By the way, I want to mention we negotiated a fantastic room rate. I mean we've got a gorgeous venue, a freshly remodeled hotel. We've held many events at this hotel over the years. It is a resort hotel and we've got rooms for only 199 per night. That was a fantastic deal we were able to negotiate by the way. I'll just tell you how these events work. A lot of event promoters and event hosts, they basically pay for their food and catering budget and their ballroom budget and their audio visual budget by increasing room rates. Okay. When you negotiate a hotel contract you get to choose that. We don't do that. We try to get the lowest rate for you. And 199 tonight is a great, great deal for this beautiful property. So come join us for that. Also you get a free ticket to Rebel Capitalist Live. That's about a month later or maybe a month and a half later with George Gammon. We basically did a deal where we're trading any Rebel Capitalist Live ticket buyer gets a free ticket to our event and our buyers get a free ticket to their event. So we did a nice co promotion with George Gammon on that one for Rebel Capitalist Live. So if you buy any of our tickets, you get a free ticket for that event as well. Have you ever wondered how the top real estate investors consistently find the best deals before anybody else? Well, listen up because this can transform how you invest. I'm excited to share something that's revolutionizing the real estate game. It's called Connected Investors. This is a really cool platform that gives you access to all of the property records nationwide. Truly amazing. It's not just a platform though, it's a secret weapon. It does a whole bunch of things besides the property data. It's a social network as well. It's built by successful real estate investors. For real estate investors, find off market deals instantly, access accurate ownership contact info, make smart data driven decisions and secure funding for your deals from a vast network of of private and hard money lenders. Whether you're a beginner or a pro, Connected Investors is your go to tool for smarter, faster and more efficient Investing. Try a seven day free trial@JasonHartman.com Connected Again that's JasonHartman.com Connected and let us know how much you love this software.

Okay, so let's take look a, take a look at some inventory stats for just a moment. Now, this is interesting because it depends where you get the data. And this is Redfin data, and it shows that there are currently almost 1.8 million active listings. Now, this is seasonally adjusted, okay? So it will kind of smooth out there a little bit. But that's not the number we use. We go with the Altos data, okay? And Redfin, similar to NAR data, but it doesn't matter what, what data you use. It matters that you compare it historically to the same data. That is what is important. So with the Consumer Price Index, for example, this is a good comparison. The cpi, or the CPY as I call it, they had some big changes to the Consumer Price index. Right around 1980, they made some big, big changes. And that's why inflation reporting seems much more desirable than it used to be. That was most likely a response to the high inflation of the 1970s, and they changed it, and they have been lying to us ever since. Remember, three major ways they manipulate the inflation data. Weighting, substitution, and hedonic indexing. I've talked about that on many other prior episodes. So you can always go to Jason hartman.com you can click on our little chat bot, or you can go directly to it by going to jasonhartman.comai for artificial intelligence. And you can talk to my AI clone, where I have become immortal. Well, I guess immortal. As long as we're paying the bill for the clone, right? As soon as the bill stops paying, the clone will die. Okay. Or it stops being paid. And you can ask it any question, but you can find the episodes because it footnotes and references my material that it's been trained on almost 2,000 podcast episodes. So a lot of content there, a lot of good stuff there for you. So 635,000 is the inventory number of active listings according to the Altos data, which I prefer, and I don't prefer it because it's a lower number. I prefer it because it's a more consistent and more accurate number. It does not include pending sales. It does not include contingent sales like this other data does. But again, as long as you make the apples to apples comparison, that's okay, because what do we have here? If we look at the Redfin data, We had almost 3 million active listings, according to what they call active in 2012. Right. Coming out of the Great Recession in 2012. And now we've got 1.795 million active listings. Okay, so million 800,000 almost versus the 600,000 just depends what you call active and whether or not it's seasonally adjusted. Okay, that's another important thing. All right, so here is yet another metric. Now this is from realtor.com and I want you to see the difference here. Here. Now, the Altos data tells us we have about 635,000 listings. And the realtor.com data tells us 847,000. It doesn't tell us what the Redfin Data says. That's 1.8 million. So do you see how confusing this can be? Just compare apples to apples. That's really all you need to do most of the time. And here, if we look at these different years, right, we see that in 2017. Okay, where's the 2017 line? We had a much higher inventory. Almost. Well, not quite double, but. Yeah, like 180% of the inventory we have today, I guess would be about the accurate number. And back in 2022, in the COVID era, the number was less than half, and it got down even lower than that. Again, if you're using the consistent ALTO stats, about 240,000 homes is all we had for sale back then during the COVID era. Okay, so let's look at some more stuff here. Now, this is the Florida supply, okay? And it says, Florida housing supply hits record high. But this is very misleading. Why is it so misleading? So if we go back, this chart goes back to 2012, okay? So it goes back 13 years, and we see that the inventory is higher now than it was 13 years ago, but it's up about the same as it was in the pre pandemic level. In fact, it's like exactly the same as it was in 2019. Okay, so what does that mean? Well, this is extremely misleading because the Florida population has increased quite dramatically. And it's not only population that counts, it's number of households. So you would be very wrong to compare this chart and say, oh, the Florida housing market is terrible because 13 years ago, inventory was lower than it is today. Well, the whole state was smaller than it is today. The population was much smaller than it is today. The number of households were much smaller than they are today. The number of jobs available in Florida were much smaller than they were today. The number of retiring baby boomers that moved from the northeastern states with the terrible climates after they retired was much smaller than it is today. So again, you got to just peel back the layers of these onions, folks, and really understand the truth of the matter. And that is the truth of the matter. Now, this is another interesting thing, and it is average home prices versus inflation. And it shows you the, the buying power. Because the buying power in 1963, right? 1963, that's where they have parity, where the home price and inflation start. And the house there is $18,217. By 2009, the house price was $215,000, but the buying power was only $185,000. So this is where you see, there's this, this big separation between buying power and home price. And now you see, it is terrible. 2023 is where it's at $425,000. The home price versus inflation went down a little bit, vis a vis inflation only. But the buying power remains dramatically, dramatically lower than the house price even when it's adjusted for inflation. So what does this mean thing? What does it tell you? It tells you that landlords are going to be very happy that it is a renting market, right? Well, let me say that correctly. It is not a renter's market, although a lot of renters will be renting because they can't afford to buy. It is a landlord's market. And that's why you want to own more property in this landlord's market, because that appears to be to only be getting more and more significant that divergence between buying power and house prices. And I have a little more data for you here. Now, this one starts in 1985, and you can see how income does not keep up with rent. Not even close, right? The percentage change in rent versus the percentage change in income is dramatically different. Okay, 1985 started at parity. 1995, it was pretty darn close. Like it was affordable to rent a house, but now the rent is just dramatically higher than the income. Now, what would be misleading about this? Always ask yourself that. What is the chart not telling us? Well, what it's not telling us is the house itself got better. The house we were willing to accept in 1985 had inferior finishes. It was smaller in size, and it was not as good a house as today's house. Okay, today's house is a better house, except for one thing. The lot size got smaller, the land shrunk, but the house got better. Right? So we see, you know, the average lot size versus the average house. The house keeps getting bigger, but the lot size keeps getting smaller. So there are many factors here. And I just want you to always realize all of those factors. Tariffs, Trump tariffs are a big, big deal, obviously. And you see that Trump is definitely shaking up the world. He's actually demanding that Ukraine pay the US Back, right, For the massive support it got in its war effort. And why is that considered unreasonable? I mean, that's just reasonable. Hey, look, it's like we were the lender of last resort and we lent money and weapons, right? High tech, great, fantastic weapons. And Ukraine has to pay us back for that. Imagine that. Well, what else is Trump doing to piss everybody off? Okay, well, he's only pissing off less than half the people, but, you know, whatever. Let's look at housing stocks here. So Dr. Horton, largest home builder in America, housing, their stock price way down, okay, with all this, this news of tariffs, Lennar, same thing. These builders are, are really, really concerned about the tariffs. And I'm sure they are in full lobbying mode to lobby the administration to not do tariffs. But Trump actually being the very smart guy that he is, I know some of you are thinking, oh, he's an idiot, you know, whatever, you're wrong. But, oh, well, he's pretty darn smart. Or at least he has smart advisors. I don't know, whatever the results is pretty smart. What he's doing now is opening up whole new channels for harvesting timber, just like he did with oil. That's going to hopefully offset the tariff problem. But think about what happens. Here's the genius mix of that, right? You tariff the imports. The government raises money from those tariffs, which means the External Revenue Service rather than the Internal Revenue Service is now bringing in extra funding for the government, lessening the burden on all of us taxpayers. Okay? So that's one effect. The other thing that happens is Americans now think, well, maybe I ought to get into manufacturing all those things that are normally imported, or these Chinese companies or whatever country companies, they set up shop in the United States, they employ more people here, higher paying American jobs, which mean more people worth more money to grow the economy and stimulate the economy and create more tax revenue. And at the same time, Trump says, we've got all of these crops we can harvest. Trees are just a crop. They're just like corn. Listen, I love trees. When I went to New Zealand with my girlfriend Hillary years ago, I decided I was a closet tree hugger. Okay? I love trees. They're beautiful. Absolutely love them. I'm here in Santiago. Tree lined streets everywhere. It's just gorgeous. I love vegetables, too. And vegetables are just a crop. That's what trees are. They're just a crop that takes longer to grow, okay? So it's fine to harvest them as long as you replant them. All right, just like any crop, it's fine to harvest corn as long as you replant it. Okay. But for those of you not watching on video, I'm showing a chart of the import reliance for home building inputs in 2024. Builders heavily rely on Chinese import for appliances. Small appliances, nearly 80% major household appliances, nearly 50% hardware, nearly 50% sawmill wood products. Okay? And that's what Trump is lessening the price pressure on now by allowing more tree harvesting inside the U.S. okay? And that is about 30%. Plumbing fixtures and trim, that's about 25%. And glass products about about 20%. So the mix is what's important. If builders can buy American made or American harvested materials here without those price increases of the tariffs, that's great. They pay higher prices for some things for a time until the American manufacturing catches up or the foreign companies come and set up shop here and create higher paying American jobs. But all of this has one thing in common. The net result is inflation. Inflation. Inflation. And you as a real estate investor benefit from that dramatically. Inflation induced debt destruction, higher housing costs. The greatest hedge against inflation ever is income, property, higher rents and higher affordability from more American workers who either get less taxed because we have the External Revenue Service that, that makes us rely less on the Internal Revenue Service and they have just higher paying jobs. So the net result of that, more money to spend into the economy, more dollars, limited supply of goods and services, inflation, classic definition. So on the tariffs, there are so much news on this, there's no way we could possibly cover it. But just a little bit of an example here, this is from one of my newsletters. It says, as the Trump administration weighs new tariffs on China, Apple has announced plans to invest $500 billion in the United States over the next four years, including the addition of 20,000 new hires to its workforce. So how many employees does Apple have? I think they have like 80,000 employees or something like that. Right? It's an incredible number. So they're going to increase their workforce by 25% in the United States and invest half a trillion dollars in the U.S. right. They wouldn't have done this if it wasn't for Trump. If it wasn't for the tariff threats, this would have never happened. They would have just continued with their cheap overseas manufacturing. Apple will open a 250,000 square foot server facility in Houston, slated to begin operations next year with plans to expand to other states and hire thousands more people. New jobs will mostly focus on research and development. Silicon engineering, AI and machine learning, the company said. What do you think those jobs pay? I think those jobs pay pretty well. That means those people really, really contribute to the economy. Apple said the investment will also boost its chip manufacturing efforts in the United States, as well as skills development programs for students and workers. The move came shortly after CEO Tim Cook met with President Trump, who recently imposed a 10% tariff on goods imported from China. It wow, you want to make the country stronger, you want to bring the manufacturing here, you want to make the hiring happen here, and it's so much better. Why it matters. Questions remain about Apple's motivations in announcing the investment, whether to shield itself from tariffs or to signal an America first stance to the Trump administration. Other tech companies are also investing billions in the US including OpenAI, Microsoft, SoftBank, Oracle, through the 500 billion dollar Stargate project. Folks, this is genius. These tariffs are going to work. They are going to work beautifully. And I know some of you have your doubts, but just wait. You know there's that old biblical principle of being equally yoked, right? In a marriage, you need to be equally yoked. In a business deal, both partners, both sides need to be equally yoked. They have to have equal amount of burden and obligation on them and the tariffs level the playing field. So it's going to be wonderful. Now, want to know another genius move? Oh, wow. Just came out last week. Trump's new Gold card program. This is brilliant. It is brilliant. Do you know the massive amount of stimulation this will do for the US Economy? It will be nothing short of incredible. So what is that program? Him. He wants to offer a five million dollar essentially golden visa to wealthy foreigners to come to the us have residency in the us, have a path to citizenship in the US and all of those people are going to bring their talent, their brains, their capital. The amount of what used to be called foreign direct investment wouldn't even be considered FDI or foreign direct investment. It would just be investment because these people would, would live in the us they would hire people, they would stimulate the economy, they would spend into the economy. And it's just beautiful. It's incredible. It's an amazing time to be alive. We are witnessing incredible things going on and you just give it a little time to play out. It's going to be phenomenal. Okay, I reported on this before. Well, this is Marco Santarelli. Another one of these reviews came up. I thought this was done, but apparently this investment fund, which that people say is a scam, I don't know, I don't have any information myself, I'm just reading the reviews and hearing what I hear through the industry. But this one is from Re Wealth Creator and it's a one star review. It says, stop stealing investor money. Yes, Marco, don't promote your investment opportunities and lie about its performance to investors. You've lost hundreds of investors money to the listener. You're listening to a scam artist or Bernie Madoff type. Marco isn't to be trusted. He'll steal what he can from you. He should be in jail. Now, a whole bunch of these reviews like this came in on itunes or I should say Apple podcasts now several months ago and we did report on it, but this one just came in the other day. So it's really awful to see this kind of thing because you want to remember commandment number three, thou shalt maintain control. When you relinquish control to another party. And you know, look, in reality we all have to relinquish some control to somebody, right? We can't be in control of everything. At least the economy is in some control in the marketplace, right? But you leave yourself susceptible to three major problems. Number one, you might be investing with a crook. Okay, Bernie Madoff, right? Enron, Global Crossing, you know, all of the scams on Wall street that you've all heard about, all of the real estate syndicators, all of the fund managers that have scammed people. And I guarantee you there are many of those out there right now in today's market who seem to be great, who seem to be making money for their investors and everybody loves them and they're doing great. And you know what, they opened up a bunch of philanthropy arm to hide their misdeeds. They're doing all this stuff, right? And you just wait a few years and you'll see that a lot of these people, people have been scamming people. So we say, be a direct investor. Maintain control. Thou shalt maintain control. Number two problem, assuming you invest with someone who's honest, the number two problem is you might be investing with an idiot, right? You lose money just because of their sheer incompetence. So assuming they're honest and competent, the third problem is they take a giant management fee off the top for managing the deal. And you don't want to be subject to that, right? You want the money to flow to you as the investor. You don't want to give it to some CEO, some fund manager, some investment banker. You know, you just want to be direct as much as possible with your investments. Commandment number three, don't let this kind of thing happen to you. Okay, this is from the Wall Street Journal, by the way. Interest in second homes and rentals continues to rise among the wealthy. The latest survey from the Wall Street Journal Intelligence recorded an uptick in real estate investing while other passion assets, from jewelry to art, declined. Real estate is the thing and everybody wants it. Now imagine you combine this with Trump's golden Visa program, right, for a measly. And by the way, that is a measly $5 million. That's nothing. There are so many super wealthy people around the world. World. $5 million to have U.S. residency and a path to U.S. citizenship and have all the opportunities to access the U.S. market, to access U.S. banks, to access U.S. lenders. That's so worth $5 million. I mean, when you would pay a million dollars to get an EU citizenship, 5 million for us is dramatically better than a million for EU okay, that's the way any wealthy person would do the calculus on this. Can you imagine when these people come here and have access to our markets and can just readily buy all these properties just like any American? Can you imagine how that will massively increase demand? Yeah, it will. And here is another survey. This is from Housing Wire. It says real estate investors say they'll expand portfolios and make home improvements this year. Data shows that nearly 60% of U.S. investors plan to acquire new properties this year. This is a rent ready survey. We had rent ready on the show because before, by the way, what are your plans for your real estate portfolio in 2025? The large landlords, 51% of them said they plan to buy and acquire more new properties. And on that 22% of them, they say they're going to do a mix of buying and selling and rejiggering their portfolios. And 7% say no plans to change. All investors overall, 54%. So an astounding majority there, right. Say they plan to expand their portfolios. 13% say they're going to rejigger and mix them and buy and sell. And 31% say they don't have any plans yet. Okay. And small investors, 54% of those say they're going to buy and increase the size of their portfolio. And the medium investors say that's the highest number. 55% of them say they are going to expand their portfolio size this year. Now, if that is where the smart money is going to, maybe you should be there too. Anyway, thank you for listening today. Be sure to get your tickets for Empowered Investor Live and come and see us in person. Meet other investors network. Have a great time, dance the night away with our band and meet some great speakers and get some good information. Make some new friends. Empowered Investor Live.com is the website empowered investorlive.com we will look forward to seeing you there and until next time, happy investing.

Thank you so much for listening. Please be sure to subscribe so that you don't miss any episodes. Be sure to check out this show's specific website and Our General Website HartmanMedia.com for appropriate disclaimers and terms of service. Remember that guest opinions are their own and if you require specific legal or tax advice or advice in any other specialized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to itunes or Stitcher Radio or whatever platform you're using and write a review for the show. We would very much appreciate that and be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.