Jason Hartman and guest Evan Moffic look back on “the best decade in human history”. They discuss the transformation of the real estate through the decade and talk about the mindset of investors that went in during the Great Recession.
Jason Hartman 0:00
Once we did encounter some challenges because we were part of your network and because I
Investor Testimony 0:03
have an investment counselor, I always felt like I had somewhere to go for an answer. I always felt like I had somebody with more experienced than me that I could lean on and Sarah didn’t know the answer, she got the answer.
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 multi millionaire 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.
Jason Hartman 1:07
Welcome to Episode 1358 1358. As I always say, it is an amazing time to be alive. And you know, a lot of people agree with that. In fact, my co host here today with me, Rabbi Evan moffet Rabbi, how are you?
Evan Moffic 1:24
I’m great, Jason it’s an amazing time to be alive.
Jason Hartman 1:27
It is it is. So do people call you Rabbi or Evan or, you know, how do they refer to you?
Evan Moffic 1:34
The only person that I required to call me Rabbi as my mom. But But truthfully, no people call me Evan a rabbi Evan, you know, I always felt it a little strange when people 70 or 80 years old called me rabbi, but I let people call me what they want.
Jason Hartman 1:52
And you mean that because you’re a young guy, and this didn’t seem right in the seniority chain right? Got Exactly. Well, hey, it has been a truly amazing decade. Today is New Year’s Eve. And we are about to close out another year, but also at the same time another decade. And we are entering the 2000 20s. Tomorrow. Our theme for meet the Masters is 2020 vision. And we will announce our meet the Masters date and location real soon here. So stay tuned for that. But you know, you posted an article in our content group from the spectator. It said, we’ve just had the best decade in human history. Seriously. Little of this made the news. But good news is no news. And you know, that’s so true of the bias of the media. Bad news sells if it bleeds, it leads. You rarely hear the good news in the media. What were some of the justifications for saying we just finished The best decade in human history, really, with all this bad stuff going on with all the problems we’ve got wasn’t really the best decade.
Evan Moffic 3:08
Well, life expectancies up, infant mortality is down. Poverty, extreme poverty has declined so substantially, I think this isn’t the decade but I think since the mid 1980s, when you had you know, we are the world for starving children, Ethiopia, extreme poverty is down 90% since then, and a lot of that has happened over the last 10 years, the kind of technology and the kinds of innovations in farming and in medicine, it’s just extraordinary. Yes, you know, you look at our politics, you look at the anger, it doesn’t seem that way. But beneath the surface, I think people are going to look back at this period and say what an extraordinary advance in human technology and in human quality of life, and even you know, we talk a lot about one of your missions is to help save the middle class. To help the middle class, but in many ways, there is a shrinking middle class, but a lot of people have gotten a lot richer.
Jason Hartman 4:06
Well, if I may, on that point, that is a really interesting point. I think you’re probably referencing that reason magazine john stossel interview, I recently posted I think you saw that right? Yes. I think that was the editor of reason magazine, if I’m not mistaken. Maybe we’ll play a clip from that on a future episode. But she says, Well, the reason the middle class is shrinking is because people are moving up, they’re moving out of the middle class. Now, of course, this is a macro view. From that perspective, they’re probably talking about the nation. So they’re not talking about any particular state or city or there’s different income classes you can divide and you know, peel that onion a lot of ways right. But that is true and that is interesting. The middle class is disappearing, sadly, but much of it is because people are moving up into the upper classes, although some are certain Left Behind, too. So, you know, it’s a complicated, complicated discussion. But overall, I do agree with that. And that is a very interesting point. Go ahead.
Evan Moffic 5:09
Yeah, all of that. I really think part of it is the technology. I mean, I was just thinking back 20 years ago, you remember the whole scare about the year 2000 was going to happen to k. And you know, that was a pretty optimistic time. Even though people were scared about y2k, there was just this, you know, it was the roaring 90s. I mean, the tech bubble had burst yet. There’s a lot of optimism then. And then we go to 2010 10 years ago, and there was a lot of pessimism for us more than anybody how, after the real estate market, you know, crash and so much foreclosure, people uncertain. And now, I kind of think we’re clearly more optimistic, but actually, we’re probably more in the middle of the optimism of 2000. And kind of the pessimism of 2010 right now, but I think we have a lot of reason to be optimistic.
Jason Hartman 5:57
Well, you know, you mentioned the year 2010 And so that was 10 years ago now. And it was immediately post financial crisis in the still in, in in the Great Recession essentially. And it was very hard for people to convince themselves to buy properties back then. But boy, the clients we had, who bought properties in 2010. They are sitting very pretty right now. So many of them are probably listening. And you have become very rich from those property purchases. So, congratulations,
Evan Moffic 6:34
you were working with them. Jason. Yeah. What’s the take? What was it a certain character trait? Was it just a willingness to take a risk? What kind of qualities Did you see in the people that were willing to sort of take that leap then,
Jason Hartman 6:44
you know, on the face? Oh, that’s a great question, Evan. On the face of it, you’d have to say, well, you had to be very courageous. You had to have a lot of guts to buck the trend in kind of ignore the negativity and move forward. Real estate deals, you had to be that contrarian thinker. But if you just approached it back then in the thick of all this terrible news, I mean, certainly true in 2009 and 2008. Also right? in the thick of all that terrible news that was out there in the marketplace, every, every newspaper, you’d pick up every TV broadcast everything on the radio, many podcasts, same thing, right? It was all negative, negative, negative, negative. And, you know, when you really dissect it, all you had to do is simply look at it from a commandment number five perspective, which is Thou shalt not gamble. In other words, the property must make sense the day you buy it, or you don’t buy it. And the properties made a lot of sense then, from a cash flow perspective, from a cash on cash return perspective. Now granted, people were scared that another shoe was going to drop in there was, you know what’s going to be the next thing and forgive me because I don’t have the timing down on the chronology of how these things panned out. I’d have to look it up and do some research on it. But remember what was going on? Of course, Lehman Brothers collapse. And lots of mortgage companies collapsed foreclosures, were going through the roof, as much as a country can declare bankruptcy, which they can’t in the same way, I guess. But Iceland essentially declare bankruptcy, right a country believes, you know, there was a lot of stuff out there about, you know, this is an over, it’s only going to get worse, blah, blah, blah. But if you just simply looked at it as though, you know, this is the projected rent on our property, and this is the cost of owning it, and the cost is pretty much fixed. And all you got to do is get that rent, or even if you couldn’t get that rent and and maybe it was less than you expect. You still did pretty well, you had a big buffer there. And I kept saying to people, you know, if your property value continues to decline, if it gets cut in half, if the property is only worth half as much as it is the day you buy it one year later if it goes down 50%, which is virtually impossible, right? But if that happened, you’d still have a great investment here. Because you’re not beholden to the idea of selling it. You’re not a capital appreciation investor, you’re a yield investor, you’re a cash flow investor, and you’re going to be okay. And by golly, they were and guess what also happened, the properties went up in value, they went up significantly in value. But again, that’s just the icing on the cake.
Evan Moffic 9:50
That’s so great. I guess you didn’t mention this because this would have taken a kind of different mindset. I mean, what you just said was so clear, and it didn’t rely on someone being able to predict the future. But if someone could have predicted the future, they probably could have thought, hey, there’s a lot of foreclosures, people still need a place to live. So there’s going to be more renters and rents will eventually go up. And I think that’s one of the things we’ve seen over this last decade. Right. The number of renters Oh,
Jason Hartman 10:14
it is totally skyrocketed. In fact, some say there are now over 100 million renters in the country in a country of 320 million people 100 million are renting, which I think is great. I don’t think that is anything bad. I think that’s as it should be. I’ve said many times I think the homeownership rate is way too high. That’s just fine with me. You know, renting is is great. There’s nothing wrong with renting. And I’m glad the stigma has left from that concept. Now, just because you rent the home in which you live, doesn’t mean you shouldn’t own lots of properties, you rent other people. Okay, owning rental property is a fantastic deal as well. You know, right now, this time of year, Evan, everybody’s out with a year in review. decade in review. And they’re also out with predictions of what’s going to happen next year. And to that end, I’d like to just maybe switch gears for a moment. And let’s listen to a couple clips from someone we’ve had on the show many years ago. And that’s the chief economist for the National Association of Realtors, Lawrence Yun, who was interviewed recently at the NAR the realtors Expo, he said a few interesting things, you know, a lot of people will accuse him of, you know, just being a bull all the time on housing, which, you know, that’s kind of his mission and his job. So, you know, just understand that anything you get is a little bit skewed that way and that’s okay with me. I don’t you know, just know where it’s coming from. Always consider the source, but let’s dive in and listen to it a little bit. Okay.
Evan Moffic 11:49
Evan Moffic 11:52
Well, thanks for inviting the 2819 residential real estate market. The first half of the year was between slow, but we are really making up for it in the second half second half much lower mortgage rates that is reviving buyer interest. first time buyers are beginning to enter the market. So the second half of the year, measurably higher sales activity compared to the year before. So what are the major trends? The major trend is that overall sale as a euro as a whole is about same as last year, when prices are still rising for seven consecutive years rising, I would say a little faster than the historical average faster than people’s income growth. And that’s because we just don’t have enough inventory. Lack of supply is pushing up prices little too fast.
Jason Hartman 12:44
By the way, one of the comments on someone that was on our YouTube channel was commenting and talking with me about one of the videos and how we talked about how home price appreciation has dramatically outpaced incomes. Basically for the greater part of four decades, and from 1977 to 2017, that for that huge multi decade period in real dollars, in other words, adjusted for inflation in real dollars, constant dollars, Americans mostly haven’t had a raise, their income has not increased. But here’s the problem. And what Lawrence Yun just mentioned. They talk about home price appreciation, outpacing incomes, but what they don’t talk about his home mortgage payments in relation to income, because very few people buy with cash, who cares what the price of the house is. I care about the payment on the house. That’s what I’m buying in. So that example the I commonly give it our live conferences about, you know, buying the house in 1972. And the median price was about $18,000. But the interest rate in the middle of 1972 was 7.37%. Okay, 7.37%. And it’s been much lower lately. So the income versus mortgage payment ratio, although I don’t have a chart in front of me on that, we should get back to you on that one. I wish we had a whole research department, you know, that would be so great. Our show would be so awesome if we had a research department to chase all this stuff down. Right. So yeah, yeah, absolutely. But that ratio is not bad out of whack. It’s not as bad. It’s not nearly as bad as the price to income ratio, which is very out of whack. Okay.
Evan Moffic 14:59
You think Now at least from what I’ve been reading, wages are finally going up. In fact, I think that’s something in the Wall Street Journal that wages for blue collar workers actually rose at a higher percentage of this year and white collar. So I think then that that might portend an increase in interest rates, because one of the things that allowed people who weren’t getting raises to still buy homes is interest rates kept getting lower, maybe now, there can be a natural increase
Jason Hartman 15:24
you not yet I don’t think the Fed is ready to tighten yet. There are some signs in the global economy that are not looking very positive. Of course, we’ve got the trade negotiation going on. That is hugely significant. But you know, I was just watching a YouTube video this morning about one of the wonderful effects of global warming. Okay and that is that the Northwest Passage for shipping has opened up because the ice is melted. And that is a huge deal that is going to reduce prices of can consumer goods, even more so than they are now. Because now shipping doesn’t all have to go through the Panama Canal, which is very expensive. So that’s another benefit. There’s all the all of these things going on very, very significant things. A lot of them we never hear about, we don’t even realize
Evan Moffic 16:18
isn’t that the beauty of capitalism? Because not one person can control all these different factors, the crowd ultimately
Jason Hartman 16:24
decides, and you’re talking about the actions of literally billions of people. And that’s what makes economics what they call the dismal science, because they say that economics was invented to make astrology look very accurate. So yeah, it’s interesting. But anyway, the the mortgage payment to income ratio, not nearly as bad as the house price to income ratio. Let’s continue with a few more comments here on this interview.
Evan Moffic 16:55
So there’s been a lot of activity on the National Front we had a trade war, the fat Lords Interest rates, as you mentioned, ballooning deficit overall, you know, the federal government has had a lot of actions that has they’ve affected the real estate market. How so? The one has to always expect some external factors influencing real estate. And the trade war discussion has really harmed business confidence, not consumer confidence. Consumers are just looking at their pocketbook. And they’re saying, well, job creation, wages are rising. So I’m going to go out and spend, but the businesses need to plan out for the future years, and they’re essentially war. We’re afraid of it. And they have held back some, but now it looks like there could be a trade agreement rather than a trade war with major cut.
Jason Hartman 17:41
Stop calling it a war. It’s a negotiation. Okay.
Evan Moffic 17:45
He needs to listen to the podcast.
Jason Hartman 17:46
Yeah, yeah, it’s a trade negotiation. They only want to say trade war, because they want to make Trump look like a war monger. And that’s what the media does. And interestingly, we haven’t entered any wars. You know, so Peace time. They’re all Twitter wars. They’re pretty harmless
Evan Moffic 18:04
revived business spending. So we’ll see how it plays out. So what needs to happen from an economic policy perspective to make sure that we have a healthy real estate market? I think we need to assure first, that consumers are healthy, let the consumers do what they need to do. And the business side less uncertainty is better. And the government side, there is a room for continuing low interest rate policy because of low inflation. But the rising budget deficit that could become worrying in the future, but so far, market is not responding negatively to very high budget deficit, and that’s a good thing. So what should we expect for 2020 2020? I expect that
Jason Hartman 18:48
homebuilders, here comes the predictions. Fasten your seat belt,
Evan Moffic 18:53
building more, we are in a housing shortage. Usually entrepreneurs respond to market incentives with means that more inventory, more inventory maze tamer home price appreciation does for potential buyers. And as buyers come in, we got to get increased and unit sales. So bottom line on the residential is unit sales to rise roughly three to 5% in 2020. Home prices, I hope it grows only around 3%.
Jason Hartman 19:23
Okay, so he’s predicting moderate home price growth in more inventory. But of course, what he doesn’t tell you is what geographies and what price segments that’s the key and to home builders have come out and formally said they are going to finally start focusing on the more affordable market in the homes that they build. But even the last 10 years has been really tough for new home construction, not just the new homes that have been built over the last decade. More expensive building to a higher price market, they just can’t, or at least so far haven’t been able to make the numbers work on building inexpensive starter homes, entry level homes. There’s just hasn’t been enough, enough profit margin and
Evan Moffic 20:20
maybe the decline in regulations. I mean, that’s been one of President Trump’s sort of big economic contributions is churches, so many regulations, maybe that will allow home builders to build houses with less cost. And, you know, hopefully they’ll pass that on to the consumer.
Jason Hartman 20:35
And that may be true in the head of HUD, Ben Carson, who has been on the podcast here, he was a presidential candidate and Trump appointed him to head up HUD housing and urban development, and he was on the show a few years ago. He really believes in kind of a free market approach. Where is it’s a complete 180 degree turn from the way the Obama administration looked at it. What they wanted to do is make government programs that, you know, forced building in certain segments and so forth. And what the Trump administration wants to do is just loosen up the regulations so that naturally developers will build more. And that’ll solve the shortage. And like I’ve said many times, Trump is our first real estate president, love them, hate them, whatever I get it. He says really crazy stuff. And it makes us all pause. But as far as just the economy goes, just the economy, his administration has been pretty damn good for the economy. You just can’t argue with it. Nobody can argue with that empirically.
Evan Moffic 21:41
Do you think that with the salt tax, you know, with capping the home mortgage interest deduction at 750 with doubling the standard deduction with you know, making it so you can’t deduct more than 10,000 and property taxes
Jason Hartman 21:54
and assault means that’s the acronym for state and local taxes. Go ahead.
Evan Moffic 21:58
Do you think that home homeownership inexpensive markets like California, New York, even where I am in Chicago. Do you think that fewer people will buy homes in these expensive markets? Will it hurt homeownership or real estate values in these kinds of places? Or is that just going to be a wash?
Jason Hartman 22:16
Deal with it? First of all, Chicago is not that expensive, but LA, New York, Boston, Miami, San Francisco, Seattle, on and on and on, you know, the others, Washington, DC, whatever, right? A whole bunch of them. Those markets are already seeing in Exodus. Yeah, and arguably, you can say it’s the salt issue. I think that’s part of it. But it’s also just part of the fact that they’re just overburdening and over taxing people. And people are voting with their feet as they should. It’s just a much better quality of life. To live in Florida vs. New York. It’s just not even a contest. You know, I love to visit New York going to the city. It is great, you know, going to get a drink and paying $22 for it, it just feels wonderful. It’ll keep you from drinking very much, you know, it’s an expensive evening. But you know those places you can visit them, but you don’t have to live in them. You can live in a state where there’s no income taxes whatsoever, where the weather is nicer. It’s not so crowded. It’s not so hard to get by. And you won’t lose that state and local tax issue, because you won’t spend more than $10,000 on it. And if you get a $750,000 mortgage, in any of those places that are just more linear or hybrid markets versus the cyclical markets, you can get a really nice home with a $750,000 mortgage versus in New York. You can only get a closet.
Evan Moffic 23:53
Well where I am in fact, I think you’re you said Chicago is not that expensive. That’s true. where I am. It’s the property taxes are crazy. And, you know, not having the 10,000 10,000 limit. And but
Jason Hartman 24:04
I mean, the overall house price. Oh, for sure.
Evan Moffic 24:06
A member of my congregation just recently moved to Milwaukee and was able to get the house like three times as large as here. So a few years ago, you did an amazing interview with Meredith Whitney.
Jason Hartman 24:19
She was great. So looking
Evan Moffic 24:21
to the next decade. Do you think that thesis of people moving to cheaper states, do you think that’s just going to continue to play out? I mean, she’s saying this 10 years ago or five years ago, do you think that thesis remains true for the next decade?
Jason Hartman 24:34
I think it remains more true. I think it’s going to accelerate, as technology allows people to be more portable, more mobile, and work remotely. Like I’ve said many times, geography is less meaningful than it’s ever been in all human history. It still means something. Geography means something. It’s just less meaningful than it’s ever been at a Anytime ever in all human history, okay, that’s that’s all it’s less and less meaningful. And that means people are going to vote with their feet. And they’re going to go to the places that have a lower cost of living and a lower government burden, whether it be just regulation of any type, or specifically taxation. Now, my home state of California, which I’m going to hearken back to Reagan’s quote, when he switched years ago, from the Democratic Party, he was, you know, he was a lifelong Democrat. He was Ronald Reagan was president of sag the Screen Actors Guild, and you know, he was liberal. And he said, I did not leave the Democratic Party, the Democratic Party left me, and that’s what I say about California. I didn’t leave California, California left me. Okay. And what I mean by that, is that over time, the regulatory burden and the tax tax burden just got so significant that, you know, millions of people in these types of places around the world just ask themselves, is this worth it, they’re just doing the math in their head. And eventually they get to the point where it’s just not worth it. And so they leave. And then that pace is only going to accelerate in the 2020s, we are going to see that pace, accelerate even more. And so to our listeners, I would say be on the right side of that trend, not only with your own investments of where people are moving to when they vote with their feet, catch them when they get there with by providing housing for them, but also for yourself. Maybe you can’t move out of one of these places. Now, maybe you think, well, that’s not even in the cards for me, but you’d be surprised you start planning and working toward it in three, five or seven years. It might be in the cards for you. Okay, so just keep it in Your mind. Okay, think about that.
Evan Moffic 27:01
Do you have any other big macro predictions for the next decade? Jason? I mean, we talked about this still the state of the states. I mean, we’ve talked, you’ve talked so much about self driving cars and those kind of technologies, but any other big sort of macro things for us to think about?
Jason Hartman 27:15
Yeah, I’m going to have a lot of those. And, you know, honestly, I have been so busy, I haven’t had time to really sort of consolidate my thoughts on predictions. So I don’t want to call this a predictions podcast. Because I’m not ready. But I do have, of course, quite a few thoughts on all these things. I think the economy is going to continue pretty strong for a while longer. Now, of course, we’re in moving into an election year. So a lot is up for grabs there depending on how things go. Of course, we’ve got this impeachment thing hanging out there. I don’t think that really matters. I don’t think anything’s gonna come of it. But hey, I could be wrong. Okay. You never know. You never know. So a lot of things but technology Algae is just amazing all of us. And we are going to continue to benefit from that. economically. I cannot believe how much inflation there is and how much deflation there is at the same time. Yeah, it’s really startling. I’ll give you one example. And then I want to play a little more of this and then we’ll wrap it up. I have a ski trip coming up. I was asked to speak at a group in Aspen in late January. And I thought, you know, I haven’t been skiing for a few years. Maybe I need some new garb. Maybe I need some new ski clothing, right. So what do I do? I spent a fortune ski clothing is always very expensive. I spent a fortune on this stuff over the years. Well, I go online, and I start looking at some gloves, maybe some new ski pants, maybe a new parka. It is so cheap. I cannot believe how cheap this stuff is. Now you Know, I used to easily spend 120 or $170 for a quality pair of ski gloves. Now, at least by the reviews and that specs, you can get great gloves for 25 bucks. Okay, ski pants $37 used to be hundreds of dollars. And and you know, here’s the here’s another part of that that I want to share. This is not necessarily a deflationary trend. It’s a competitive marketplace trends, and it’s what I’m calling the collapse of brands. You know, when my mom was here for Christmas, she needed a new pair of shoes. So we went to the mall on Christmas Eve, and it wasn’t very busy at all, by the way, because people aren’t shopping at the mall so much anymore. We went to the mall on Christmas Eve, and I go to the Apple Store to grab a new iPad, and she goes to Saks Fifth Avenue to look at shoes, so finished first I come into Saks. And there she is buying a pair of $700 shoes. And I am protesting, you know,
Evan Moffic 30:11
just income property.
Jason Hartman 30:13
Yeah. Oh, look, she can afford it. It’s no problem for her to afford it. But I’m just telling her that you don’t need to spend money on designer stuff like this anymore. This has all become so flattening the world of brands. It just ain’t what it used to be. You don’t need the brand anymore. You used to need the brand to get quality and I won’t deny that there is some difference in the brand, but the difference is nowhere near the amount of money charge. Okay, her Manolo Blahnik. I just threw the shoe box away. I was thinking I should have kept it. It was when I threw it in the trash the other day, her Manolo Blahnik shoes for $700 you can go online to Zappos And get really good high quality shoes now for a lot less money. And of course, she was arguing with me profusely and I said, Mom, you’re using emotion to make a decision and you’re trying to be rational and justifying your decision. But yeah. So one prediction is the continuing collapse of brands, the continued and accelerated migration into better cost of living states. Okay, let’s get another clip from this and then we’ll wrap it up. Okay.
Evan Moffic 31:31
So we’re going to switch shift a little bit to commercial. One of the things one of the big topics discussed at the commercial economic issues and trends form was micro apartments, what aren’t they and why is interesting
Jason Hartman 31:43
to talk about that? Oh, well, a porn visualize what a one bedroom apartment looks like. What chop it into three pieces. And then you have a micro unit. And it’s not for every city but in a very expensive city like San Francisco, new York City, maybe Boston and Washington DC, that there is a real housing affordability issue, people desire privacy, but trying to get that one bedroom is just too expensive. So to have a micro unit will make it easier for people to have that privacy, and R. So the interest. It’s just ridiculous that anyone should have to do this in the first place. Have you seen Evan, these micro apartments? I mean, I can’t imagine. Yeah, it’s cool that it’s really efficient. And of course, we saw that many years ago in Tokyo. That’s where I think that trend kind of started. And you’ve got them in Hong Kong as well, too. Now, I think any place where there’s just super high real estate costs, but why should you have to sacrifice and live like that? It’s just not that important to live in these super high cost of living places anymore. It used to be critical that you live there when you didn’t have the communication technologies we do nowadays, but technology has disrupted that, here’s a little more on this
Evan Moffic 33:02
living. So the option is either live in the basement with mom or one can have their own more affordable options. Nice. So what are some of the trends that you saw?
Jason Hartman 33:14
anyway? We’ll wrap that up for today. But, Evan, any thoughts as we wrap it up?
Evan Moffic 33:19
I think one of the themes that I think I’ve learned from you, and that I think is probably a good quality and income property investors is a sense of optimism, that we have to be able to get through the difficult times, but you have in a sense to believe in capitalism, you have to be optimistic The future is going to get better. And I think one of the things we look back over this past decade and the optimist of one, I mean, if you started off, there was so much pessimism. But if you were optimistic, if you said we can get through this, and you were willing to act, you’re doing great right now, optimism as a rabbi, I mean, this is not really the focus of the show. But I think optimism as a human quality is extraordinarily important, and it helps us get through difficult times. So I would just Hope that as we go into this next decade, we kind of reaffirm that optimism. It’s American. It’s sort of part of the American culture, that we’ve lost some of that, but let’s, let’s embrace it again, let’s be optimistic about our future as both income property investors and as human beings.
Jason Hartman 34:15
Yeah, absolutely. It is an amazing time to be alive. It’s an amazing time to be a real estate investor. And even if you think a recession is around the corner, and hate or recession is coming, I just don’t know exactly when nobody does. But it will be here eventually. Just buy properties that makes sense the day you buy them, follow commandment number five, and you’ll be in good shape. Just property must make sense the day you buy it, and that will help you weather any storm. And ultimately, income property investing is always a game of staying power. So if you can stay in the game, and the way you can do that is by buying correctly buying properties that makes sense from day one. You’ll be in good And then talking about those people 10 years from now, when we do another last decade show 10 years will be like Episode 10,000 on the eve of 2030. Yeah. Right, right. Absolutely. Well, hey, Happy New Year, everybody. Thanks for listening. It’s been another great year on the show. Thank you for your support in your business. And we just love all our listeners and our clients. Go to Jason hartman.com for more, and Evan, thanks for helping me conclude and wrap up the year with this episode today. Appreciate it.
Evan Moffic 35:35
Jason Hartman 35:38
Thank you so much for listening. Please be sure to subscribe so that you don’t miss any episodes. Be sure to check out the show’s specific website and our general website heart and Mediacom 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
Evan Moffic 36:19
any episodes. We look forward to seeing you on the next
Jason Hartman 36:21