Financial Repression & Tax Refugees With Kerry Lutz

Financial Repression & Tax Refugees With Kerry Lutz

On this Flash Back Friday, Jason Hartman talks with Financial Survival Network’ founder Kerry Lutz. They discuss the very important concept of financial repression. It can be very lucrative for people who have invested in real estate property in their younger years. They also talk about immigration and states becoming tax refugees.

Announcer 0:00
Welcome to this week’s edition of flashback Friday, your opportunity to get some good review by listening to episodes

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from the past that Jason is hand picked to help you today in the present,

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and propel you into the future. Enjoy.

Announcer 0:15
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 on now. Here’s your host Jason Hartman with the complete solution for real estate investors.

Jason Hartman 1:05
Welcome Brogan real estate listeners. This is your host Jason Hartman with Episode 1009 1009. Thank you so much for joining me today. As I am talking to you from Palm Beach County, Florida and sunny and rather hot and humid Florida, this place is full of life. There is so much life here. It is a challenge to walk the dog who thinks she is a brave Hunter. So, yeah, that’s something else. She has constant distractions. And you know, it gets like that for some of us sometimes, right? We have lots of distractions, lots of noise. There’s, you know, in today’s environment, there’s more noise than at any time in human history. We’ve got noise galore, right. And it keeps us from our plan. You know, we let the whole world distract us and lead us down this path and that path just go online and you know, suddenly you got to watch this video. That video read That article, and hey, you know, half hour later or an hour later you were actually going to get something done. But the world’s agenda took over and, and that’s what happens to us. So we got to keep our eye on the prize is in the investment world in the financial world, we have lots of noise and things vying for our attention looking to distract us. You know, there’s an old saying that if we don’t follow our own plan, we will fit into somebody else’s plan. And in the distraction world, that is really quite the case. That is exactly the case. So, speaking of random news, this one’s kind of funny. I thought I’d share it with you. So Trump will likely deserve a Nobel Peace Prize, if he pulls off this, I guess, should I call it a treaty with North Korea, maybe, you know, and it gets them to stop doing their nuclear program. But this talk of an upcoming summit that is potentially right around the corner, just not days away from the date of this recording, there is a new snag. Guess what, you know, everything in life comes down to these little details, doesn’t it? And you know what, it always comes down to the real estate. Yeah, it’s all about the real estate. So the glitch in the summit meeting right at the moment that is slated to be in Singapore. Now, Singapore is a very expensive real estate market. I’ve been there twice now. The last time I was there, I just had to spring for that ridiculous, but amazing architectural Marvel, the Marina Bay Sands, you know, the one, the one that’s got the pool on the top spanning three buildings. And there was I think, was a discovery channel episode about that, where these buildings basically sink into the earth. Every day at different rates. They sink slightly in the pool gets off tilt, you know, the pools like a level right? And so it’s off tilt. So there there’s a whole array of options. Hundred Jack’s literally just little Jack’s like a car jack that you do with your hand, you know, under that pool, that stainless steel pool and every day they go underneath the pool and they adjust the jack so the pool stays level. Isn’t that amazing? Yeah, but you didn’t know that. Okay, so the Fullerton Hotel in Singapore is where the summit is slated. And you know, it’s not cheap to stay there. The presidential suite at the Fullerton Hotel near near the Singapore River goes for $6,000 a night and North Korea because communism works so well. Don’t you know, is strapped for cash. And you may not know this. I didn’t know it either. But at the Olympic Games, guess who paid for all the athletes from North Korea to come and stay there for all their travel and accommodations? Well, South Korea paid for them and the International Olympic Committee paid for them. And now North Korea’s got its hand out I guess they’re on welfare. They want the Trump administration to pay for the hotel. Because Kim Jong Hoon needs a place to stay. I guess he’s not going to sleep in the car. So he needs a hotel room and it’s like six grand a night. And, you know, North Korea can even foot the bill for that. Isn’t that just sad? That’s amazing. I know. It’s just amazing. But it always comes back to the real estate. You know, if you want to stay somewhere, if you want to, you know, put up a sell side, you want to do anything. It’s all about the real estate folks. It’s an incredibly durable asset. One of our clients sent me a voxer message just earlier today, and said, You know, I’m thinking of buying this property, and the age doesn’t really bug me that much. Get this the property is 110 years old, 110 years old, incredibly durable asset class we deal in, isn’t it? And you get to depreciate it over 27.5 Oddly, but he said, you know, should I do this or not? And I said, Yeah, I would feel okay, doing the deal. You know, we’ve had clients buy properties like that, but just make sure you get a home inspection. never buy a property without a home inspection. And after you do that home inspection, read it carefully read it carefully, and become familiar a little bit. You know, it’s nice that you’ll learn so much when you’re doing this, you know, you don’t just get a property you don’t get just get an investment, you get an education, right? You get an education, and that’s a big part of it. And so learn about as you read those reports, you’ll learn about what they call all these things, all these components of a house, you’ll learn about construction. It’ll just naturally happen as you go along as you move along. So amazing asset class. And you know, lately we’ve been talking a lot about self management, and we are going to talk about running your real estate portfolio. Thank you to arc then Sure Alliance member who brought this topic up at our last venture Alliance meeting Gary Pinkerton has been on the show before. He and his wife, Sue have about 20 properties or so now. They want to start running their portfolio like a mini family office. Remember that episode I did on family offices A while back? Yeah, this is how the wealthy people that Uber wealthy people manage their investment portfolios. And they want to start running their real estate portfolio, like a family office, getting a virtual assistant to work several hours a month, and just manage their properties and maybe self manage their property. So we’re talking a lot about that. And there’s some exciting stuff there. But hey, since I’m here at the Southern Command, in the carry let’s offices or recording studios, I should say, I thought I’d invite him back onto the show. He’s sitting here patiently saying, Jason, when you gonna let me talk, Gary, how you doing over there?

Kerry Lutz 7:57
I thought you never asked Jason. Yeah, that’s right.

Jason Hartman 8:00
Hi, I have never been accused of being short winded.

Kerry Lutz 8:03
So no one could make that claim. But I’m all for everybody getting to say their piece and all good. And it’s the FSN Southern Command here. There you go. There you go. Hey, Carrie.

Jason Hartman 8:14
So I wanted to ask you, you know, you interview a lot of people on your show, and you talk about all these interesting concepts. And I told you, before we started recording here that I wanted to ask you about financial repression. And you said, Jason, that’s kind of old news. Why do you want to talk about financial repression? And I’ll tell you why. Because this is an important thing to understand. When someone is thinking about their overall macro investment strategy. I talk a lot about inflation, deflation and stagnation, the three basic economic maladies. And we have been oddly in amazingly, for the last several years in a time of moderate inflation. It’s been a You know, if you read the official numbers, there’s been almost very little inflation, right? But the real numbers, the inflation rate is obviously higher. We’ve both interviewed john Williams, the founder of shadow stats calm. He’s an interesting guest. Great website talking about the real numbers, not the fake numbers that the government would have us believe, but carry financial repression tee this up for us. What is financial repression?

Kerry Lutz 9:24
I’m glad you asked according to the Financial Times that the British Wall Street Journal, if you will, from their lexicon, financial repression is a term used to describe measures, sometimes used by governments to boost their coffers and or reduce debt. These measures include the deliberate attempt to hold down interest rates to below inflation, representing a tax on savers and a transfer of benefits from lenders to borrowers timeout

Jason Hartman 9:53
and a huge opportunity for real estate investors Go ahead.

Kerry Lutz 9:57
And financial repression is all also used to describe measures to facilitate a domestic market for government debt, and the imposition of capital controls. The combined effect of these measures means funds are channeled to the government that would otherwise flow elsewhere. The so called crowding out effect,

Jason Hartman 10:18
crowding out just what Starbucks does to all of the other coffee shop choices, so you have to drink their poison and eat their poison. But last I digress. Go ahead. So So financial repression. That’s what it says in the Financial Times lexicon and I had Gillian tett on the show from financial times in the past, you probably interviewed or two, that’s interesting, but let’s talk about what it really means to people. So it means that old usually older people that should be able to survive quite nicely, they save money, they did the right thing. They were conservative, they didn’t blow all their money during their working years. And by the time they get to retirement They’re in this environment where because of financial repression, they are basically forced forced carry into investing in things that are way more risky than they should be investing in. Right? So they’re forced to take all these risk. And is that going to end? Well,

Kerry Lutz 11:17
Bill Teatro told me a story about a friend of his great by the way. Yeah. And he said the guy because he couldn’t get any return, he was selling Vic’s contracts. Because of course, there wasn’t any volatility in the stock market for years. Yeah, right. And he was selling them at nine, and the Vics pop to 51. It’s now around 15. But he managed to lose 80% of his investments, and you could argue is because of financial repression. Now, another thing that happens as a result of first First, make sure everybody knows VIX, of course is the index for volatility and the Z is Google VIX vi x and you can look at a chart of it. It was under 10 It was nine at one point. And then it like a couple months ago, when they thought the end of the world was coming. It skyrocketed to 51 in two days. Charles nanner made that call. It was a brilliant call, I have to say, anyways, so the other net effect of financial repression is that a lot of these senior citizens who plan to retire because they can’t get a decent return on their money and they not willing to take these huge risks, looking to create other sources of income. They go and become a greeter at Walmart, or a cashier at a gas station Mart, you name it, all of these jobs that people really don’t want to be doing. They’re doing to make their money last longer because of the load lowered returns.

Jason Hartman 12:45
Right? Right. So financial repression is a thing. Look at. Remember, our philosophy is that what hurts most people, if we align our interest properly with the powers that be it can Help us dramatically. So this is a common theme that I’ve talked about very, very often over the years. And financial repression. It’s terrible for most people, but for the person who does income property, right, it’s a phenomenal opportunity. One of many, you know, you have real interest rates below the rate of real inflation. So amazing, you know, you have these inverted interest rates, you know, where you’re basically negative interest rate environment where you’re basically paid to borrow money. And if you don’t pay the debt yourself, if you outsource it to a tenant, then it gets even better. So this is why income properties the most historically proven wealth creator in the world, of course, it’s multi dimensional asset class. And it’s great in many ways like that. Let’s talk about the Socialist Republic of California for just a moment my home my former home, you know, there’s an interesting article in our content group carry. It talks about the California Exodus. This has been much talked about For many, many years, and you know, hanging out with you a little bit here at the Southern Command, you just have like every population number, you’re like the book of list. You know, talk a little bit about Florida in the past in California in the past and those growth numbers, you share that with me a while back.

Kerry Lutz 14:17
Well, Florida took off like in 1967 68, at 16 million people in California were talking about had the same population as New York 16 million. And New York is now 20 million, California is 38 million. But interestingly enough, Florida in 1960, had under 4 million people, and now there’s probably up to about 21 million people. So the population has grown massively. Same with Texas during that time. Texas is now the second most populous state. I’m not sure what the population numbers are on it, but we’ll check them out for you. But it’s grown and it’s growing continues to grow well, people are fighting California and New York and all of these high tech states. They said, study said by I don’t remember who it was, but some some free market. economists think tank, the 800,000 higher income taxpayers were going to leave New York and California alone over the next couple of years. To which the leftist oriented economist said That’s ridiculous. People don’t leave states because of taxes. Oh my god, are you kidding me? people vote with their feet all the time, except a vote with their feet for taxes, but also, General worldview and belief systems. You know, the political polarization has become so hostile that people just don’t want to live around people that don’t sort of share their worldview a lot of times anymore. And you know, rightfully so. I mean, the left is so intolerant. You know, you see these violent things and colleges, they’re shouting people down. It’s just unbelief. Well, you know, Berkeley the the bastion of free speech Yeah, right. Free Speech Movement. Yeah.

Jason Hartman 16:04
Hey, so this is interesting. So where are the coastal California is moving See, the tricky thing about California is that the population really hasn’t declined as much as it should. It’s the complexion of the population is changing. And so you have a lot more immigration. You know, you have immigration from Mexico, you have immigration from China, from India, from the Middle East, from all over the world. And a lot of these people have a lot of money. They’re very educated, but a lot of them don’t. So it’s a really mixed bag. But I was quoted in a article recently, and it was about the migration of Californians to now my former other home, Las Vegas, and I called them tax refugees. And so if you look at where the coastal Californians are moving, this is an interesting chart and looking at the Point 1% to Seattle 3.2% to Portland. Now Washington State Seattle is backward as Seattle is in so many ways. It’s also pretty progressive. And thankfully the state of Washington has no state income taxes. So even though Seattle is its own little fiefdom, in many ways, you know, the state is a no income tax state, at least still, right? But Las Vegas 8.1%. So bigger number, Phoenix, 7%, Denver, 2.7%, Dallas, 5.5%, Houston, 3%. These are just kind of the bigger ones, Chicago 2.9%. That’s kind of surprising. But you know, Chicago is a world class city as much as it’s got a zillion problems in New York and other world class city with a zillion problems. 7.3% Atlanta 3.2%. So that’s where the coastal people are moving. And you know, what’s interesting about these migration patterns, is that you get this sort of real stratification. I mean, California is a good Study, because, you know, you have the ultra rich, who have so many entities and so much tax planning and so forth, that they’re not terribly affected by high taxes in a locality, right? Because they do offshore, they do all kinds of crazy stuff, really creative stuff. Sometimes it lands them in trouble do. And so you’ve got that. And some of them just don’t care, right? They’ve got enough money that they just don’t care, right, but the middle class, they don’t have the tax planning. They don’t have the creative offshore stuff. And they care because they really see the bite out of their paycheck. And you know, they’re the biggest numbers, and that’s who’s leaving. That’s who’s leaving these high tax environments, not just California, by the way, New York, same story. So you know, just let that be a lesson and look out for that and how it affects real estate. Because I’d say it’s a pretty serious thing. And it’s also not a coincidence that most of these states were where people are fleeing from are also landlord unfriendly jurisdictions with bad rent to value ratios. So they got a lot going against them, no question about it. Another article here that’s pretty interesting is that, you know, we talked about the ultra rich, right and we talked about California. So I interviewed the I think it was the founder of the real deal. It’s like a newsletter that profiles all this interesting sort of real estate scooping. Right, and it says, The subtitle I’ll redo first it says buyers are quickly scooping up high end eight figure estates in Los Angeles. And hey, we’ve got a lot of clients in LA my that’s where I grew up. I grew up in Los Angeles, and it says the actual title of the article is 40 million is the new 4 million in LA is luxury residential market. And it just talks about how you know so far this year at least 12 Ultra luxurious states have sold for get this. You’re ready a come Behind 630 $2 million, and half of those half of those in Los Angeles topped $40 million for a house 40 million bucks, even in a town where a $10 million listing hardly turns heads,

Kerry Lutz 20:17
so it’s just crazy. I mean, that’s insanity. Isn’t it? just crazy. I guess it just shows everyone wants to live like a movie star in LA, right?

Jason Hartman 20:28
Well, not everyone. There’s only a few that can pull it off. But it certainly is interesting. You know, today I took a drive. I didn’t even tell you this yet. I took a drive up the Florida coast again. But I went somewhere new today. I went to Gulf Stream Florida. Yes. Yeah, I know. You’re thinking of Gulfstream jets. And I tell you it probably everybody that lives in Gulf Stream, Florida can afford a Gulfstream jet. What has amazed me about this place? The State of Florida is that gobs of money here. I mean There are some mega mansions here. And yeah, they’re a little cheaper than in California. But you know, on Palm Beach, not much. I mean, listen, I own three homes in Newport coast, California. And that’s like one of the most expensive zip codes in the country, or at least it was at the time. It’s beautiful area master plan, and so on and so forth. Irvine company development. And, you know, I mean, these fiza states along the coastline here are just in credible comments on that there’s just gobs of money in Florida. I mean, I knew there were beautiful homes here and such, but there were just so many of them. I’m amazed Palm Beach, West Palm Beach, Gulf Stream, Florida, you know, all up and down the coastline.

Kerry Lutz 21:47
It says there’s 716 people in Gulf Stream Florida Center, located in Palm Beach County, ranked as the 11th highest income place in the United States.

Jason Hartman 21:57
Wow. Let’s see that’s deceiving. Even that stat is deceiving. 11th highest income place. Like, okay, but that’s not a net worth, you know, a lot of those people are retired, maybe their incomes actually aren’t as high as they used to be right when they own companies that they sold or big real estate portfolios that maybe they sold, but it’s just pure net worth. I mean, those houses are just beyond the beyond. I couldn’t believe it. I was

Kerry Lutz 22:23
so impressed. It’s a oppressive place. I didn’t really think of it as a separate place because it’s so tiny. It’s barely even its own little town. It’s more like sucked into the towns around it, but they carved out a little enclave for themselves. You know, it’s like down in Miami, Key Biscayne, Florida. Or, you know, there’s all these little islands over there. This is on on the barrier reef Well, you used to live in Jupiter that’s pretty ritzy place. Really, you know, it’s got all kinds chapter. It’s not a golden ghetto by any stretch.

Kerry Lutz 23:00
You know, this place is a golden ghetto.

Jason Hartman 23:02
Talk to us a little bit about some of the people you’ve interviewed recently. Let’s kind of just touch on what they’re thinking of the economy. I mean, people are hearing everybody I interview. But But you know, like, I think you had john Rubino on lately, recently. What are what are they saying? What

Kerry Lutz 23:19
are they? What’s their outlook A lot of people have called Ada to the last two recessions. You know, they’re kind of perma bear types. Yeah.

Jason Hartman 23:26
So the gold bugs, you interview a lot of those goals,

Kerry Lutz 23:29
not just gold bugs, but as people who are negative about the future prospects of the economic system, and don’t believe that Amazon is going to take over the world. They’ve never made a whole heck of a lot of money. They’ve just bid up the stock so much that the stock is like currency. You’re talking about Amazon? Yeah, Amazon. Yeah. So they don’t believe in the future viability of Amazon Kindle. Why is that a permanent I mean, that’s not there. But that’s the stock market. Now. Is it Amazon one of the things yeah, Amazon are taking Okay, Amazon’s got more than anything. beezus become nearly the most wealthy guy in the country in the world. And, you know, so they’re pessimistic about ultimate outcomes. The guy who I think is a really good cycle guy, Nick Santiago, believes we’re not going to have any major disruptions or crashes till 2021, which just happens to be the year after Trump gets reelected.

Jason Hartman 24:32
To what No, that’s Oh, yeah. 2021 Yeah, you met. Yeah. I thought you were talking about the midterms for a minute. Hey, so let’s just speculate for a moment on the next cycle, the next recessionary cycle in the economy. What will bring it on this time? I certainly don’t think it’s going to be like liberal real estate lending, that’s for sure. I mean, is it going to be student loan debt is that enough of the model? Choose your poison,

Kerry Lutz 24:56
student loan debt, auto loans, General household debt, yeah, credit cards, trillion dollar bubble, the US deficit, you know, the inability of politicians to control spending, there could be a lot of things that bring it on, who knows, it could be a bank collapse, like Deutsche Bank is teetering once again. So now the German government’s gonna have to bail it out yet again. And I thought six months ago that they fixed everything wrong with Deutsche Bank.

Jason Hartman 25:25
Well, Europe has certainly got problems. I mean, Europe is a mess. You know,

Kerry Lutz 25:30
your bank is a big bank in the US as far as derivatives trading goes. And, you know, asset backed securities. Deutsche Bank is one of the biggest because they bought Bankers Trust, many years ago that had a big proprietary trading up. So the fact is, there’s any number of things that could bring it on. But for right now, least, as far as I can see, the economy is headed on a mild upslope, and it’ll probably continue on that way. At least through the next election presidential election.

Jason Hartman 26:02
You’ve been pretty bullish on what Trump is doing. It seems like I don’t know. Am I reading that? Right? Well, I mean, it’s interesting because you’re a New York Jewish guy. I’d think you’d be a lefty.

Kerry Lutz 26:14
Yeah, well, not quite. Yeah. Okay. Don’t stereotype. any of that, you know, I wouldn’t say I’m totally bullish about what he’s done. I’m more bullish about what he’s not doing.

Jason Hartman 26:24
Right. That’s it. I love that. That’s, you know, folks, you can’t hear the dogs that don’t bark. And I mean, what politician ever sort of runs on a platform of look, we’re going to do less, we’re gonna do fewer laws. We’re gonna repeal laws. You know, that’s great. I love that.

Kerry Lutz 26:40
Yeah. Yeah. I mean, all of the regulations that have been revoked and that he’s working on now. This is the beauty of the mainstream media, and their inability lamestream media or the legacy media. And you know, they’re really so yesterday that, you know, they’re not groovy at all. So the point is, While the lamestream media is navel gazing, and Trump is Hitler and all this, they can only concentrate on one or two things per day per news cycle. And there’s a whole host now that Trump’s team is much more ensconced, there is a whole host of initiatives taking place by Trump to disassemble and largely irrelevant. large chunks of the US government. And it’s totally being missed by the press by most of the press. But originally he ran on it didn’t executive order Jason said, we will repeal to old regulation remember that for every new one? Well, he hasn’t quite done that. He’s done six or seven, depending who you talk. So in other words, he’s doing better than promised. He under promised and he over delivered. And then you know, you’ve got

Jason Hartman 27:51
I wish I could find a property manager that did that.

Kerry Lutz 27:55
Yeah, well, if you could do it,

Jason Hartman 27:57
have I told you lately folks about self management, okay. Go ahead.

Kerry Lutz 28:01
If you could do it, man, I’ll hire you. But look, you know, it’s just people. Once they start out real good when it’s one or two guys, then they get big, and then they blow you off because they’re making so much money. They don’t need you. And then they decline. It’s just the way it works human nature. Yeah. So Trump, the tax bill, well, less than perfect, still hit a couple of good chords, and its effects are still being felt. But you know, we still have escalating debt. Now, one good thing is 23,000 less federal employees. Have you noticed any of them missing? No. Did the IRS answer their phone any slower than they normally do? Because those 23,000 are gone. And then the elimination of the mandate. So look, you’re not going to get everything you want. There’s a limit to how much revolution any system in place can take. But he’s given him a lot more than he’s gotten. And look He’s just proof, Jason, to me. And to all of you out there, that anything you want to do in life short of trying to ride a bicycle to Mars, anything realistic that has a possibility of succeeding, if you put your mind to it, and you stick to it, and you don’t listen to the naysayers who said, he’ll never be president Haha, Nancy Pelosi. And there were dozens of them that said it. I kind of said from the beginning he was gonna make it. But that’s neither here nor there. But what it made me realize is, there is no limit to what you can accomplish. If you don’t take no for an

Jason Hartman 29:35
answer, in fairness to both sides of the aisle. I mean, it’s really pretty amazing. You know, that I mean, Clinton, Obama became president because, you know, I mean, here Clinton’s this governor of a small state, right, he’s really not on the national scene. Obama came out of nowhere, you know, I mean, that’s good. Love them or hate them, many of them. You know, I’m just pointing it out. It’s kind of amazing. Right, it shows you the mobility of the American system. There was a ton of mobility but more so than that,

Kerry Lutz 30:07
like, Look, our presidents have been selected for us for a long time. And they were part of the system as much as it gets part of the establishment part of the elite.

Jason Hartman 30:17
And no, and we should do a show like we were talking about recently, sometime and talk about the Trilateral Commission and the Council on Foreign Relations a little more. We We both interviewed G. Edward Griffin. And of course, he spoke at our meet the Masters the year before last So, so that’s good.

Kerry Lutz 30:32
Yeah, yeah. So there’s really no limit to what you can accomplish. And don’t let the economy dictate your future. Do what others aren’t doing, and you’ll be okay. And that’s the biggest lesson from me for the Trump presidency. You know whether he succeeds or fails from this point onward. Nobody knows. Nobody can tell. But the fact that he got there, and he got there, he did it his way just like blew it. Yeah, he did it his way. And there’s all sorts of YouTube’s, which we’re going to link to. I’ll tell you like, you just watch them Jason and it’s great.

Jason Hartman 31:10
Yeah, yeah. Yeah. No, it’s it’s pretty interesting. It sure is definitely a maverick presidency. So Wilkinson, continue to see how this, this unfolds. It’s amazing. But hey, the question is in 2020, who’s going to run against them? Is it going to be Oprah Winfrey? George Clooney? You know, Elizabeth Warren, I don’t know who would Michelle Obama.

Kerry Lutz 31:30
I heard that the lives are going to form a new party Jason called The Weinstein party. So it’s just going to be molesters and rapists. And but they’ve got all the money.

Jason Hartman 31:42
Oh, you got to stop it with this. We’re getting to partisan air. People are going to actually think I’m a Trump fan.

Kerry Lutz 31:48
They we don’t want them to think that no, guys, that

Jason Hartman 31:50
would be I they’d ride me out of town. If they thought that that’d be awful.

Kerry Lutz 31:54
But it’s okay. You can believe what you want. It doesn’t matter. In the long run. It’s believing in yourself. That’s the important thing, no

Jason Hartman 32:01
question about it. That’s a good point to wrap it up on. So very good stuff. He go check out Jason Hartman, calm slash properties and check out our properties for sale. We redesigned that page. And by the way, thank you, to those of you who gave us feedback on that page, we appreciate it. We’ve been kind of fiddling around. And you know, we’re not done yet. But wanted to make it a little easier to find properties, because inventory is in short supply. And make sure you’re working with our investment counselors to really make sure they’re feeding you the best properties when they come on the market. And you’re on the email list. So you’re getting the hot sheet of the newest investment properties and stuff in all these different markets around the country. So we’ve got these additional markets that are on that page. And then we’ve got some of the more featured markets and the only difference there folks, by the way, it’s not that we like one market better than the other in the way they’re displayed on the page. It’s just the feature of markets have more inventory. The additional markets have less inventory. So you gotta hunt a little bit more in those, but you can see them all at Jason Hartman calm and the property section. And by the way don’t plan any tropical vacations because we are on the verge of announcing one that you can join us in in November. So get ready for that it’s coming up on the next show. Until then happy investing, and we’ll talk to you on Wednesday. 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 Hartman 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 and 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. You can 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.