CW 684 - Chris Versace - PowerTrend Profits, Thematic Growth at Fabian Wealth Strategies, Fox Business Network, Forbes & TheStreet.com

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Welcome to the Creating wealth show with Jason Hartman. You're about to learn a new slant on investing, some exciting techniques and fresh new approaches to the world's most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multimillionaire who's actually been there and done it. He's a successful investor, lender, developer and entrepreneur who's owned properties in 11 states, had hundreds of tenants, and 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 164 countries worldwide. This is your host, Jason Hartman. Thank you so much for joining me for episode number 684. 684. As we go down that slide toward episode number 700. That's a biggie. That's a biggie. 707 00. And please make sure you're checking out all of my other shows. I know a lot of you like my longevity and biohacking show. I've got a lot of other great shows out there. So whatever podcast platform you use, just go there and type the name Jason Hartman and you'll see all of our great shows. Remember, we have depending on how you count because some are video versions. We have 21 podcast shows. Can you believe it? It's kind of ridiculous. Yeah, somewhere in the neighborhood of 3,000 episodes out there. All said and done. Check those out, make sure you're taking advantage of them. I've spent a large portion of my life interviewing thought leaders and experts and I tell you, it is really an honor and a privilege to be able to talk to these people and learn so much from all of them and hopefully assimilate that information a little bit and feed it back to you in a way that you can make it more useful. And today our guest will be Chris from Powertrend Profits. And this is actually not. It is most definitely not a flashback Friday episode. It's an episode that I actually discovered I recorded a little while ago and we did not publish it yet. So we are going to publish that one today. And I did take a listen to it and felt that everything was still quite applicable and quite interesting. Anyway, I think you'll really enjoy it. And to tie in with our guest, an interesting article. And gosh, this is from the Atlantic. But you know, the problem with saying where an article's from anymore is so many of these articles are just syndicated and they're aggregated and just, just spread all around. So who is it really from? I don't know, but the banner ad at the top of the website says Billions, which by the way, is that great Showtime series. You should definitely check that out. That, where did I watch that? On Amazon Prime. It's fantastic. And on one side you have the hedge fund guy who's, you know, he's ripping everybody off. Like they all do.

Sort of profiles him as the good guy mostly. And then you have the attorney general who's coming after him and just trying.

To nail the guy.

And it's a good show, good series. So check that out. It's on Showtime or Amazon Prime. But this article in the Atlantic is interesting because it's entitled the Hourly wage needed to Rent a two Bedroom Apartment is Rising. Now, as I've mentioned before, look, when it comes to single family homes, there just aren't very good statistics as far as rentals and landlords. Because think about it, most of you listening own income properties. That's why you're listening to my show. And if you don't, you want to become an, you want to get into the investor class and become a landlord and own income properties. So that's great either way. But if you're an owner, you will know that what I'm saying rings true for you. Right? Because there are many companies out there who go and survey large corporate apartment owners and apartment buildings and they find out, you know, what is their vacancy rate, what is their rent escalation rate. And remember, rent escalation is disguised by the way, in my apartment, yes, I am a renter, although I own an awful lot of real estate, I actually prefer to rent. And I've talked many times about the benefits of renting a higher end property and how it's a much better deal for you as the RV ratio gets out of sync as the price climbs and the rent doesn't follow. So it's a very good deal. But regardless of that, I'll tell you, escalations aren't always what they seem. It's similar to the way they hide inflation. And I don't mean the government hiding it through weighting, substitution and hedonic indexing. Of course that's true, and we've talked about that before and how that applies to us as real estate investors. But I'm talking about the companies doing it. Surely you notice this, right? You buy a product in the store and the bag is smaller, there are fewer ounces of those potato chips. Or you go out to dinner and that thing that you have always ordered for every. You know, for many years, it's your favorite dish, maybe your favorite restaurant you go back to. Have you noticed the portions getting a little smaller? Yes. Maybe the price doesn't go up, but the quantity or the quality of goods goes down. So I'll give you an example. These companies. And you know, Jason, I think you're on a little bit of a tangent. I'm just gonna warn you. Okay, okay, okay. It'll only go for a moment, but. So companies survey all of these data and research. Companies survey institutional landlords, institutional apartment owners. They find out, are they escalating rent, if so, by how much, what's their vacancy rate? Are they having to make concessions or not to rent their apartments? What is the absorption rate? How quickly are units being absorbed, et cetera, et cetera, et cetera? There's a million little data points you can gather. But here's the thing. It's not always apparent. And the example is my landlord, okay, I have a big institutional landlord that owns probably tens of thousands of apartment units around the country. And they always have this sort of same model in every city. I notice their apartment buildings, and it's kind of a similar model, for sure. But what they do is they start sticking it to the tenants with all these extra fees. I mean, look, as an apartment renter, I don't think I should have to be paying association fees. Fees. Right, homeowners association fees. But that's essentially what my corporate landlord does. They charge for common area maintenance, common area electric fees. So my fee and the. The building in which I live is. I don't know, I think it's like 140 units here or something. And then they built a second phase that'll be another, I think, 170. That's a little bigger over there. Here I got my last month's bill, and it said I had to pay $18 added onto my bill in common area electrical billing. So I'm sharing the cost of running the entire building. Just like an hoa, Just like a homeowners association. Isn't that funny? Right? So does that show up as a rent escalation? No, it doesn't. That doesn't count. But yet they're passing extra fees through to the tenants. Doesn't really look like an increase. But it is, because I pay More. And the landlord gets their electrical paid for by all of their tenants. Right? So there you go. Okay, so this is interesting. The hourly rate wage needed to rent a two bedroom apartment is rising. A new report maps out how much the average American has to earn to comfortably afford a modest rental in every US state. And this is tragic, I am going to say from a social perspective, from a socioeconomic perspective, from a societal perspective, this is pretty tragic. And there are many causes and I would hearken back to leftist political ideologies to blame the most. Now most people on the left will blame those evil greedy capitalists and hey, there's a lot of those out there for sure. But why is rent so high? Well, rent is high because units, housing units are scarce. Why are housing units scarce? Well, because it's hard to build them because there's a lot of regulations. Why do the raw materials to build houses and apartments cost so much? Well, because there's a ton of regulation. Now, granted. Look, you know, nobody's advocating anarchy here, at least not yours truly. But I will tell you that the government is just, in my opinion, far too intrusive. They regulate too much. If they would loosen up on land use and they would control the country's borders a little better, then, you know, prices would settle in a more reasonable place. All right. Now of course, all those leftist people, the Hillary, Bernie people, they'll say, well, we just need a higher minimum wage. That's the secret. Well, no, it's not because that will just simply create more automation pressures for businesses and they will automate and they will increase unemployment, jobs will reduce. And not only that, inflation will occur because you will have more dollars in the system chasing a limited supply of goods and services. The classic, classic mind you, definition for inflation or cause of inflation. Okay, so let me share with some of this stuff with you. Okay, so if you want to afford a modest little two bedroom apartment in the Socialist Republic of California, it's $28.59 per hour. That's what you need to earn in Arizona, my new home state, not the Socialist Republic of California anymore. $17.18 in Nevada, 1826, a little higher than Arizona. In Washington state, $23.13. I know we got a lot of listeners there. Hi Neil and Elizabeth and all the rest of you, $23.13 in Oregon, $19.38. And Texas, good old Texas, $17.60. Florida, $19.96. Again, this is what you need to earn per hour to comfortably afford this very basic two bedroom house. Based on working a 40 hour week in New York State. Now, of course this really depends because if you're talking about Manhattan, this isn't even close. But New York State, $26.69. And I just want you to notice, just notice for what it's worth, that generally speaking, the more regulated the state, the higher, the more you need to earn per hour to afford this modest two bedroom apartment. Missouri, $14.98. Ohio, where we just had a property tour, $14.13. And let's see, what else. Maybe pick another one. Jason. I don't know, how about Colorado $21.12 per hour. Okay. Georgia, $16.30 per hour. And that's basically what it is. Okay, that's what it is. Now there's another graph. It says, here's a graph showing the states with the biggest gaps between the current hourly wages and housing wages. Again, Hawaii leads the list. Well, Hawaii is very expensive, of course, very, very expensive place. And the gap is huge because for example, in Hawaii the renter wage is $14.53. And the two bedroom housing wage, in other words, what you need to be able to afford this two bedroom is $34.22. Okay, way out of sync. I didn't mention Hawaii before, but on this graph it's the most out of line one. Let's look at California. California, $19.22 is the average wage a renter earns. Right. And again, you need, you need to make to afford this comfortable two bedroom place, $28.59. So that's very out of sync. Not as bad as Hawaii, but very out of sync. Certainly Taxachus. Well, I mean Massachusetts, but that's taxach. Highly regulated, left wing environment. Renter wage 1847 per hour and needed is 2591 per hour. Okay, so hours needed. Now here's another way to look at it. The hours needed at minimum wage to afford a one bedroom unit. A one bedroom unit. How many hours a week do you need to earn if you are the working poor, if you are making minimum wage to afford a one bedroom, not a two bedroom. We were talking about two bedrooms before. This is just one bedroom. A one bedroom unit. Okay. In California, you got to work 89 hours per week. 89 hours per week. Arizona 68 hours per week. Now of course it depends what city, what neighborhood, what area. You know, we all understand that these, this is statewide data. So it's, you know, it is what it is. Okay? There's lots of ways to slice and dice the statistics. Texas, 78 hours per week. Florida, 79 hours per week. Pennsylvania, 81. New York, 101. Boy, New York. I think New York is the highest, isn't it? 100. No, no, no. Hawaii. Sorry, forgot about you over there. Little island to the West. Hawaii, 124 hours per week. Now, there's only 168 hours in a week. So basically every moment you are awake, if you are a minimum wage employee, based on the state's minimum wage. And just so you know, this is based on that state's particular minimum wage. Okay. And the number of hours you need to work. So you have to calculate that in. Right. And the chart, the map does that for you. Hawaii, 124 hours per week. Unbelievable. In Ohio, our property tour, we just got back from only 55 hours a week. So that's semi reasonable at minimum wage. Now the answer again, folks, it is not increasing the minimum wage. The answer is to loosen up on the regulation and let people build some houses. Yes. Stop restricting things artificially. See all of those environmentalists in the Socialist Republic of California. Very environmental state, right? They cause prices to increase because of what. When I had Thomas Sowell on my show, you know, the brilliant Thomas Sowell, I coined the term in the discussion with him. Environmental racism. It's the NIMBY syndrome. Not in my backyard. You know, we gotta build some more houses. Gotta build some more low income houses, but nobody wants it next to them. We gotta have some more oil and some more, more gasoline and more energy to power all our stuff for Barbra Streisand's mansion in Malibu. But Barbra Streisand doesn't want them building any oil wells offshore. Sure, that might hurt her view. That's just not fair. I hope they build an oil well right in front of Barbra Streisand's house. Right next door to it too. Barbara, you know, you got a great voice, but.

You'Re such a hypocrite. Okay, anyway, so that is an interesting look at it.

What do we need to do?

We need to create more housing and control the borders of the country in a reasonable fashion. Have immigration, but have it be controlled. So the demand side will be nipped a little bit in the bud. And the supply side will be also taken care of by loosening up on these horrendous restrictions in housing. That's how you solve the problem. You don't raise the minimum wage and create more unemployment, especially in minority classes. All the people they say they want to help are the people they hurt the most with all this minimum wage stuff. It's not the answer. It simply causes inflation and unemployment. Anyway, that's it for now. Let's get to our guest, but be sure to go to jasonartman.com, look at some great properties there. Thank you all for for those of you who attended our Ohio property tour, definitely check out the website, Jason hartman.com, click on properties and also hartmaneducation.com for our latest and greatest educational courses. We've got them there on a special portal@hartmaneducation.com let's jump over to our guest.

It's my pleasure to welcome Chris Versace to the show.

He is editor of PowerTrend profits and.

Portfolio manager of the Thematic Growth Portfolio at Fabian Wealth Strategies. He's a columnist for fox Business Network. Forbesandthestreet.com Chris, welcome.

How are you?

I'm great, Jason. Thanks for having me.

Good. My pleasure. And I assume, I just kind of assume that you're in New York, is that correct?

No, no, I, as I usually joke with people, I sit about, you know, a couple dozen miles outside of the other sin city. And by that I mean, of course, Washington, D.C. not Las Vegas.

I love that.

No, no, no, no, no. The other sin City.

Right, right, right. Well, I thought you were using New York maybe as number one, but yeah, no, no, no, got it.

Well, hey, let's talk a little bit.

First maybe about politics and what that means to the economy as a whole and investments and so forth. Of course, we recently had an election and quite a change there. Maybe you against Obama. What are your thoughts?

Well, you know, it's interesting, right. You know, you're referring, of course, to the Republicans retaking the Senate. And there seems to be a lot of enthusiasm. You know, maybe the logjam in D.C. will get broken. And, you know, I hope, I hope that actually happens. But you know, when you're planning investments and things like that, you really can't rely on hope. You have to rely on facts, figures.

And doing your detective work. In this case, that means that we need to see real policies put forth that can get the economy back on track. And I say that we're seeing the manufacturing economy do well, but we haven't seen any pronounced wage growth. We've seen, I would argue, lower quality jobs being created. So we really want to get back on track. And the questions there are, can we overhaul the tax code Right. So we can get companies to once again reinvest, maybe repatriate cash, reinvest, build facilities, plants and do things? So that's the first thing, can we actually get an overhaul to the immigration policy? Because that too would be helpful. Maybe we'll get a cohesive and well thought out energy policy. So these are the things that we need to see. And so my answer to you is, while I am hopeful.

I really, really would like to see positive legislation coming and get it passed and get things moving.

The trouble is we have so many entrenched interests. You know, when you talk about the tax code, gosh, I hope you're right. I would love to see the tax code overhauled, but gosh, there are just too many people that stand to gain by keeping things the murky, complicated and special interest oriented way that it is now.

Right?

Yeah. I mean, you know, when you really focus in on it and you can see all sorts of cronyism that's out there. I wrote a piece at Fox Business.

On cronyism in the wind industry, which is not only a highly inefficient industry, but it's one that has outrageous, outrageous production tax credits. And potentially that bill might get upended again. I hope that as people start to take a more comprehensive look that maybe these things that are, you know, call it a drain, call it a waste of taxpayer money, you know, gets.

Repointed, redirected into areas that are far more productive. So again, I'm hopeful, but we need to see some actual, real policy, real things being done.

Right. And when you say wind industry, you mean wind energy, of course. Right. The guillotines in the sky that kill birds.

That's right, yes. Yes, that is correct. Those monstrosities that if, if you're in certain parts of California, just sit there and don't return.

I guess the environmentalists don't see birds as a value to the environment.

Oh no. You know, it's funny, I have actually heard about that. I've never seen it, but I've heard that you could see flocks of birds and other animals obviously that fly just get decimated flying through these things.

The people I've talked to that maintain those things, they all say at the base of all those towers are lots of dead birds. So, Chris, technology is really, really exciting right now. I mean, possibly more exciting than it's ever been in human history. Amazing stuff going on, the Internet of things, longevity sciences, nanotechnology, biotechnology. I mean the list is just endless and amazing. The connected car, the self driving car, take that where you want. But pretty exciting and some pretty exciting impacts on the economy, right?

Oh, absolutely. And for investors, it's a world of opportunity. As well, you touched on one of my favorite investment strategies or themes, actually, what I call the always on, always connected consumer. And when we look at it, my God, you think of the original semiconductor.

Revolution and how chips were in more and more things and now we have connectivity almost anywhere and everywhere. It's not just your mobile phone, it's not just your smartphone or your tablet. We're seeing the connected cars start to happen through the likes of AT&T, Verizon offering those services. We're seeing Apple, Google and others start working on connected appliances. Even Qualcomm at one point had a WI FI enabled coffee pot. So you could actually start brewing your coffee before you left your bed with a flick of a switch. Amazing stuff. But to your point, that's just the tip of the iceberg. We start looking at the Internet of things where companies like General Electric, Starbucks and others can outfit turbines or refrigerators with sensors and wireless connectivity to know how fast you. So those turbines are moving or for Starbucks, how fresh is your milk? So they can save on that savings, Just all sorts of things. But then we dial in a little more to the person. And you had mentioned about life sciences and we're seeing now a new class of devices, not just Nike fuel bands and Fitbits and things like that, but things that are actually connected to your smartphone and it can transmit information to your doctor. So if you've got diabetes or another ailment, you can be monitored. So it's just explosive in terms of opportunity.

It really is. It is amazing. I mean, it is mind boggling to me. Just you mentioned the health part that in all this time we have yet to advance to the point where we monitor our hearts continuously. And of course, with the Apple Watch, that's going to be the new thing. Why is it that we take our pulse at one little snapshot in time and then maybe we don't take it again for another year?

That's not much data.

Well, right. That's right. I mean, you know, you know what they, you know what they say, right? A busted clock is right, you know, twice a day. So your point's right. You know, if we had a prolonged period of monitoring, whether it's, you know, a 24 hour cycle or maybe a week cycle, imagine the insight information that you can.

And not to hijack the conversation, but it's important because when we look at the population, we see the population that is not only getting older, but it's getting heavier. And here's a great factoid that it's getting heavier the people who make test crash dummies have been using.

A 170 pound dummy to assess the image when a car hits. But because of the obesity problem in the US and growing around the world, they've had to add 100 pounds to that test crash dummy. Imagine that. Now, what does that.

Oh, my God.

So, so the dump, the crash test.

Dummy now is £270. That's the new test.

That's right. That is right. That is right. And, and they're working on test crash dummies that can simulate the effects of an old person getting hit in a car wreck. Because, as you know, our population, when we look at the age demographics, is skewing older and older. And you know, these are things that when they're designing cars, they need to think about.

Yeah, no question about it. So when we talk about technology, technology is a, is a deflationary force. It's pretty incredible the amount of money that Starbucks might save on milk, that we can save on energy with the connected Internet of things. And the other big aspect of it, of course, is the sharing economy. I mean, you look at companies like Lyft and Uber, Airbnb that have taken all these unused assets around the planet and put them to work. It's really an amazing, amazing thing. And they've of course, given lots of people opportunities to earn an income that wouldn't otherwise have that income. So the sharing economy is a particularly interesting technology enabled thing to me. What are your thoughts about the future of inflation and deflation from a monetary angle? I mean, I'm saying inflation all the way from a technology angle. I don't know. You know, I kind of, I wonder if technology could save us all from disastrous monetary policy.

Well, you know, to me, there's a couple of ways to look at that. Right.

The first is if you want to look at real inflation, where it's happening today and is going to happen.

At least for a while longer, it's going to be in the protein complex, whether it's beef in particular, but pork to some extent. Chicken prices have been on a tier and they will continue just because of a simple supply imbalance. But also too, because we're seeing rising standard of livings around the world. So what we in the US used to tend to think of, this is our beef. Well, you know what, there are people all across Asia now that have more disposable income and they want beef, they want pork, they want chicken. They're trading up from a rice based diet to a protein based diet. And you know what there's only so much beef to go around. So longer term I think we'll continue to see those prices move higher. So definitely a source of inflation. And if you look at just kind of anecdotally, I bet, I bet you don't go to the grocery store today and walk out with two or three bags without blowing 50 bucks.

Now an interesting part of the food issue is that I read an article recently about how they did actually create artificial food. I don't know where we are on that, but yeah, I think it was an artificial burger. You know, I don't know.

You know, that sounds like something McDonald's might be investigating.

It doesn't sound too good necessarily, but I agree with you. And, and Interestingly you mentioned McDonald's the $15 an hour minimum wage in Seattle, which is just a crazy idea if you ask me. Talk about if you want to create unemployment, just make the minimum wage a lot higher, you'll have a lot more unemployment I think.

You know what, I think you're absolutely right there. And to me it shows how shortsighted the people who are calling for it are. Because to you and me, you know, when you look at a company cost structure, obviously you're going to have wages being a key point in there. So if your wages go up, it means your overall cost structure is going to go up. And remember, public companies, their job is to deliver profits, dividends, earnings to their shareholders. So what are they going to do? They're going to raise their prices or find other ways to cut back to afford paying higher wages. So one way or another, the perceived benefit that we're going to get by raising the minimum wage longer term will not be there.

Oh, of course not. I mean, every theoretically well intentioned leftist policy always becomes a disaster and hurts the people they say they're helping every time. Interestingly though, we didn't talk about robotics and the thing I was going to mention there is that McDonald's is now really, really moving toward the robotic burger flipper that can churn out 360 burgers per hour, never calls in sick, doesn't actually cost that much and is a much better deal than paying employees.

You're absolutely right. And McDonald's has flirted with robots in the past. You know, when you go to the drive thru window, more often than not it's a robotic drink filler that gets your beverage ready. But it's not just McDonald's. You can look at Starwood hotels that has Bottler B O T L R. I saw that.

That Was great. Yeah.

I mean, that's fantastic. You can take a look at the trend toward telemedicine that we're seeing. Even around the house. We're starting to see announcements about robots with Dyson having a robotic vacuum that you can control with your smartphone or tablet. So if you're out traveling or whatever and you, oh geez, forgot to run the vacuum or I'm coming home, I really want the house clean. You can jumpstart your vacuum with your device.

Oh, but is that out yet?

I mean, I know that what's the name of the company with the Roomba and so forth. You know that robotics company.

You're thinking of iRobot, but this one's gonna be by Dyson and that's gonna be out, supposed to be out in 2015.

Amazing. It's an amazing time to be alive. Well, any other thoughts just to wrap it up that you have in general?

Well, the one that we didn't talk about that I think is a huge, huge area of, and unfortunately it's a pain point is cybersecurity. I mean, there is no doubt that we're going to continue to see more and more hacks, more and more identity theft. And I would just as an investor, I would say look out for some great, great cybersecurity stocks. That would be one area that as far as I'm concerned, it is a must own.

So cybersecurity stocks, that's a good play, huh?

Absolutely.

I want to ask you though, just your thoughts of the future. Inflation or deflation or stagnation?

I think it's going to be mixed. As we started to talk about when it comes to the food complex, we will see inflation. On the technology side, which you also mentioned, I think that we're going to continue to see price drops. I mean, if you look at cloud storage, I won't say it's free, but it's certainly getting there fast. If we take a look at the prices of smartphones, they're not moving higher and if anything they're moving further down the curve. So I think that, you know, I don't think we'll see robust inflation. And in my view that's going to give the Fed some wiggle room, particularly with a. What's looking like a slower global economy.

Yeah, very interesting, Chris. Give out your website and tell people where they can find out more.

Sure. The best place to look for my stuff is Chris Versace. That's C h r I s v e R-S-A c e.com but you can find me at Fox Business. You can find me at the street as well.

Chris, fantastic. Thank you for joining us today.

Oh, thank you.

I've never really thought of Jason as subversive, but I just found out that's what Wall street considers him to be.

Really? Now, how is that possible at all?

Simple. Wall street believes that real estate investors are dangerous to their schemes because the dirty truth about income property is that it actually works in real life.

I know. I mean, how many people do you know, not including insiders who created wealth with stocks, bonds and mutual funds? Those options are for people who only want to pretend they're getting ahead.

Stocks and other non direct traded assets are a losing game for most people. The typical scenario is you make a little, you lose a little and spin your wheels for decades.

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This show is produced by the Hartman Media Company. All rights reserved. For distribution or publication rights and media interviews, please visit www.hartmanmedia.com or email mediaartmanmedia.com Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate or business professional for individualized advice. Opinions of guests are their own and the host is acting on behalf of Platinum Properties Investor Network Inc. Exclusively.