Jason Hartman and Investment Counselor Doug talk about FICO scores across different generations. While the average FICO score is not something that Americans can be proud of, it provides some serious advantages to real estate investors. Jason and Doug discuss several Florida new constitution properties that are able to cash flow. Florida is becoming very popular with those running away from high tax states, thus driving their real estate up.
Investor 0:00
Jason This is Patrick Anderson just wanted to say congrats on 1000 episodes and wanted to let you know how much I appreciate all the education you’ve given. Me personally, it’s helped a lot. I just want to reach out and say thank you for everything you’ve done and appreciate all your help and real estate investing. Have a great day.
Announcer 0:22
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 1:12
Welcome to Episode 1332 1332. And there are some things you need to know as always, and today will be no exception. And one of the things I love about income property is as long as you have the knowledge and the information, no matter what the market does, you can play it to win. There’s an old saying an old quote that I like a lot. It’s about sailing, tis the set of the sales and not the Gaels that determine the direction of the ship. And as investors. That’s what we know if we’re knowledgeable investors. We know that we can just set our sales for any kind of economy, any kind of market any kind of way. or any kind of gales, if you will, and we can still get where we want to go. So I’ve got Doug here with me. Of course, Doug is one of our investment counselors. He’s been on the show many times, and you’ve seen him speak at many of our events over the years. And first, Doug, let’s talk about credit scores for different demographic groups.
Doug 2:21
I was actually really surprised when you sent me this article, because what it was saying is that Gen Z actually has better FICO scores than millennials,
Jason Hartman 2:31
which in my generation Gen X.
Doug 2:34
And with technically my generation, I’m at the very, very, very tail end of Gen X.
Jason Hartman 2:39
So basically, they’re saying Generation Z, the youngest who are being counted right now younger than millennials. They have the best credit scores. I don’t know they didn’t compare them to baby boomers, but they compared them to millennials in my generation Gen X. Yeah, and our credit scores aren’t as good as Gen Z. what they what we’re saying here, right?
Doug 3:02
Now, there’s actually a story within a story here. But the numbers reported in the article where the Gen Z meaning, you know, people who were born after 1995 had an average FICO score of 637. Whereas I think the all age average is 630. For the Gen X average FICO score is 632. And then the millennial average Piko score is 629. So the headline is that Gen Z has a better FIFO score. But to me the story within the story is that a general FICO scores really aren’t that high cuz 630 is not a great Ficus. No,
Jason Hartman 3:41
I’m actually surprised that they’re that low for any of the cohorts. I mean, if mine was that low, I would be depressed. Yeah,
Doug 3:49
yeah, exactly. Yeah. So the real story to me is that one people have bad credit just across the board, right. And then number two is that there’s actually not that much dispersion across generations, I would have expected that It’d be more of a difference and there really isn’t. Just generally speaking, FICO scores are low.
Jason Hartman 4:04
Yeah, that’s interesting. Okay, so you’re a couple interesting times number one, a couple of years ago, you know, I want to say maybe two, three years ago, we reported on this show that credit scores were the highest they’ve ever been. And that was for every demographic cohort. It wasn’t just for any specific Gen Z millennial, you know, Gen Xers, baby boomers, it was just overall and it was saying that us credit scores were the highest they’ve ever been, and they were like 700 and something I don’t remember the exact number number two point. Remember, there are many types of FICO scores a FICO is not a FICO. And a credit bureau is only one of the big three credit bureaus. So again, like everything, it’s complicated. So there are many FICO scoring models, some that are credit card companies use some that car dealerships use for auto financing, some that mortgage lenders use. And you’ll have a different FICO score and each one of these Plus you’ll have a different FICO score in each credit bureau. Okay? So just know that but yes, you’re right, this is amazing that the credit scores are that low. Now, I am going to do a new thing with this because I’m going to defend the millennials. And I’m going to defend my own people I’m going to represent here on the Gen Xers, too. And I’m going to say that I don’t think you can give Gen Z that much credit for this. You know, and here’s why. Look at when we go through life. I mean, just look at our bodies as a metaphor for this. You know, we’re going to get some injuries, right? Just living life. We’re going to fall out of a tree and break a bone when we’re a kid. You know, when we come out, maybe we’re perfect, but we’re going to get some bruises and we’re going to get dinged up and this is the same thing. What happens to our car and our body? And that’s why a new car is perfect and to use cards got a few things, right? Same is true with credit scores in look, you know, I have heard so many people say things like, Well, my credit scores 850, which I think is the highest it can be, right? Well, you know what that means? If your credit score is that high, clearly you are not doing anything in life. Okay. You know, it’s, it’s like saying, I’ve never failed at anything well, and you’ve also never actually done anything. You know, it’s just kind of, you know, Gen Z is too young. They haven’t had any bruises yet. They haven’t gone through a recession. You know, in fact, their credit score is way lower than it should be. When I was 18 years old. My credit was perfect because I was new. Come on, I’m gonna defend the millennials. Give me some credit. I’m defending you.
Doug 6:58
I would imagine the reason why I’m leaving Always have a budget where people in general have a gentleman low credit scores just because of high debt burdens. It’s not debt to income because oddly enough your income doesn’t really play into your FICO score, but I think it’s just the general level of indebtedness does play in and for a lot of people it’s high
Jason Hartman 7:17
and that shows you the fact that income does not play in the FICO score how epically stupid the FICO scoring system is, I mean, that is just silly. Okay, like, I have literally been denied credit, because the income I put on the application, which was an honest number made them suspicious. Well, I mean, I’m only speculating okay, but it’s like your incomes too high. We you know, we don’t understand. I mean, like that, that just can’t be it doesn’t fit into the model.
Doug 7:52
Exactly as a mistake. Oh, no. Your incomes too high. You must be involved in white powder or something.
Jason Hartman 7:56
Right, right. You’re You’re clearly an international arms dealer. You know? Yeah, exactly, exactly. You’re doing something that can’t be legal
Doug 8:04
Miss doing something illicit.
Jason Hartman 8:07
Yeah, exactly, exactly. So anyway, you know, look, let’s let Gen Z get 10 years older and we’ll see what their credit score is like, you know, the jury’s out? I’d say, I don’t know, this is kind of interesting. But like everything taken with
Doug 8:19
one thing that is interesting to think about, because again, generally speaking, I try not to read too much into how articles editorialize because most journalists just back fit a narrative to whatever the topic of their story is. But Gen Z, or say if you’re born in like, say, 1998, you were about 10 years old when the great recession hit. Yeah. So chances are, you know, you’ve seen right up front, what happens if you don’t plan out what you’re doing. You saw what
Jason Hartman 8:45
happened to your parents, is what you’re saying. Yeah,
Doug 8:48
yeah, exactly. So yeah, because they saw what happened to their parents. So again, like you said, let’s give it 10 more years to see how it plays out. But yeah, it’s just very interesting kind of things to see
Jason Hartman 8:58
you guys. Definitely Is it definitely as Okay, so let’s talk about the next topic. And that is what we have been chronicling on the show here, which is people staying in place. And then my prediction about people staying in place, you know, I’m looking at one article here, Doug, entitled, Americans are staying put in record numbers, comma, worsening the housing shortage, the population share of movers falls to a record low. So what does this mean? Why is this happening? Well, one reason is that maybe people are tapped out, and they can’t afford to buy like the next move up in housing. Another reason might be that, hey, they’ve got such a good mortgage, that they don’t want to give up that great mortgage. And another reason might be that, hey, they just bought a house, you know, two years ago, it’s not time to move yet they haven’t outgrown it and anything like that. Another reason could be that they’re just happy and contented with their lives, which is
Doug 10:04
great. What do you think one thing he said that I think is really important there is that?
Jason Hartman 10:12
isn’t everything I say really important, but no, it’s actually not.
Doug 10:19
Time to clap for Adam.
Jason Hartman 10:21
There are many throwaway comments and what I say but go ahead.
Doug 10:26
What one thing I just thought you said that was especially pointing is that maybe somebody bought their house in the last couple of years. Because what most people forget about when it comes to real property and real estate is that it’s going to cost you usually about 8% of the total sales price and transaction costs. Now, if you’re like us and you have a holding period of between 20 years and forever, that’s not really a big consideration. But if you just bought a house for Say $300,000, you know about a year or two ago, and you decide you want to sell it and it hasn’t gone up over 10%, then you’re actually going to need to write a check in order well, or you’re going to won’t necessarily need to write a check, but you’re going to get less from the sale than you put into it in the form of a down payment. Right.
Jason Hartman 11:20
It’s like exiting your cars early, you know? Exactly. Yeah,
Doug 11:24
exactly. And so I think that what’s happened to what was happening was that there’s been really high volume and houses, but you know, and that was based on the assumption that the prices will keep going up. And they did, but at some point, right, prices don’t go up fast forever. And some point when they sort of start topping out, then it gets a little tougher to be able to move without needing to take a hit to your equity. And you know, like this is one of the things that we found out and during the Great Recession also was that a lot of people were really reluctant to list a property that they knew had gone down in value and they were upside down on you know, eventually they got over that. decided to do short sales. But there was a whole bunch of inventory that was just off the market because people were waiting for prices to come back up to where they could at least break even. And I think that’s a little bit of what we’re seeing now. But I think this, the side impact of that is just that the transactional volume is going down a lot more just because you don’t see as many people, like you said, shifting houses, a lot of times it’s either in migration, out migration. And if it’s in migration, you’ll see a lot of new homes being built. And if you’re seeing out migration, you’ll see you know, a lot of properties going vacant, potentially being sold or potentially being rented out.
Jason Hartman 12:36
It’s quite interesting what’s going on this stain put idea and we’re going to take a little break here and play one of our blog cast just to kind of split the show up a little bit, and then come back and talk about millennials renting and as we talked about that homeownership, I want to remind everybody, I agree with I think it was Newsweek magazine. We talked about the article at the time, it was Maybe I want to say about nine years ago, that that rather profound article came out in, I think it was Newsweek magazine might have been time. And it was on the cover, you know, was a big article throughout the magazine that talked about how this myth of homeownership being good for society, because that’s what the Bush administration kind of baked into us, which I think was wrong, it sounds good on its face that, you know, everybody should own a home, that should be the goal. And it talked about how that makes the economy stagnant. And in areas with the highest homeownership rates, the economy is actually were more stagnant, there was less velocity of money. And the You and I have both said for, I don’t know, a decade now that the best thing you can have on a resume is mobility, the ability to move to where the jobs are. And so this stain putting this is the really a good thing, but I think it’s going to actually increase and, and when we talked a few days ago about when Evan Evans actually your client who was on he was on the show, I don’t know if you heard that one with him. He’s just such a sharp guy. He’s a clever dude. He’s a great guy, Rabbi Evan morphic. He was on we were talking about assisted living facilities and the fallacy of investing in them and how all this technology is making it possible for people to age in place. And so there’s just a lot of different things that are happening. You know, I hate to say the famous last words This time, it’s different, but some things are different. No, they really are.
Doug 14:44
I think definitely and down. It was funny that you mentioned the assisted living facility because in the property tour, it just made me think about the property tour. We recently went on in Ocala, Florida, which is right next to the villages one of the Florida’s biggest assisted living communities. And we actually also have a lot of new inventory that’s come in, in the Florida area, also, you know, in the central and actually, I think I’m looking at a property right now that came up in Tampa and election looks, it said new construction looks really, really good.
Jason Hartman 15:13
We’ve got some decent new construction properties, you know, what we did folks to solve the inventory shortages as much as we can, is we started a new division to really focus on getting new construction product which I know all of you want. Now, you know, you have to give something to get something in that world and if you’re paying a premium for these properties, but overall long term, if you like the Class A tenants and the Class A properties, this is the stuff for you. We still got the lower price properties with the higher yields. We’ve got a good mix of properties at Jason Hartman calm and in through your investment counselor. Tell us about this one, Doug. And by the way, this is in the state of Florida and here My saying Florida is the new Texas.
Doug 16:05
So this property it’s located in the Tampa area. It’s actually in a city called Riverview, Florida but it’s listed for $200,000 and that’s submitted a generated gross rent of about 1500 and $50 per month. Now of course, you have to factor in vacancy and then factor and all the other costs. This one is a part of a neighborhood within Association. But the advantage of that association is that there’s a 24 by seven gym, right basketball, tennis, you know, very close to the school community pools trails. So what that means is you have the opportunity to appeal to a very broad variety of potential tenants and you have a lot of those amenities that will really attract your class a type of people because I think that you know, the thing that never really comes through in a standard pro forma Is that right? You know, there’s whenever you standardize something, so you standardize IT pro forma with certain amount of vacancy, certain amount of maintenance, certain amount of whatever Well, what that means that what you usually do is you standardized for the middle. So that means say, if you’re sourcing a property that’s a class a brand new, you’re going to have probably quite a bit lower maintenance, you will probably have very low long term vacancy. But you don’t necessarily want to build your pro forma with those lower assumptions. Because otherwise you might set up you know, artificially high expectations. Similarly, if you’re looking at, say, a Class C property, you might actually have higher vacancy and higher maintenance that you need to budget in. But again, you know, you want to be careful with how much you fiddle with the numbers just because otherwise it gets really hard to compare things across different providers,
Jason Hartman 17:38
right. And that’s why we standardize appreciation rate vacancy rate, it’s pretty much the management fee and the maintenance not exactly on those because there are circumstances that change them a little bit. But folks be aware of all the hokey sleazy people out there promoting properties where they don’t even account for a vacancy fee out all they don’t work for any maintenance and they say management is free for the first year. And so these performers look way better than reality. So do not fall victim to these sleazy shady operators. There’s many of them out there.
Doug 18:11
And also that real estate is a completely passive investment. Oh god, no, no involvement on your part whatsoever. Yeah,
Jason Hartman 18:17
yeah. Total myth, total myth, if anyone out there and by the way, these shady operators do have podcast, so let the buyer beware. Yes, exactly.
Doug 18:26
Exactly. So, but yeah, this property in Tampa, you know, it’s brand new. It’s significantly below the overall median because I think the one of the articles we looked at last time we were talking was how there’s just an overall national shortage and houses that are less than Twitter and 50,000. So this one, right, you’re talking about a brand new three bedroom house $200,000. That is exceptional affordability. And you know, because one of the things to think about is you’re going to have a whole bunch of people who are up on the East Coast that you know, a lot of them have owned have owned properties in places like say New York, Massachusetts.
Jason Hartman 19:00
Connecticut, their life gets so much better when they move. It can’t even leave it. They make comments to me like, why didn’t I do this sooner? What was I doing living in New York City paying a fortune when I could live in Florida and have no state income taxes, the houses are much less expensive, and it’s the Sunshine State, you know, so yeah, absolutely. Hey, Doug, let’s take a quick break. And let’s go to the blog cast just to give our listeners a little variety. And we’ll be back to Yak more in a moment. But I’m going to challenge you to a duel. And I’m going to share a property on the other side of the state of Florida, in Jacksonville. So we’ll be right back in just a moment. And here’s our blogcast. Thank you, Jason. It seems counterintuitive, and the idea that debt is great for the real estate investor is one of the hardest ideas to communicate to property investors who show up on our doorstep eager to learn the right way to invest in real estate. There are plenty of wrong ways. paying off your mortgage quickly is one of the worst ways. Please believe us when we say this, it’s much better to put in as little of your own money into the property as possible and try to stretch that note out to 30 years or longer if you can. This is how you make your banker take the majority of the risk. But exactly how does correctly structured debt get paid down by inflation? First you should understand the idea of real value versus nominal value. Nominal means that a $100 bill from 1950 and a $100 bill from 2009 are essentially the same, there might be a few minor cosmetic changes, but in the absence of inflation, you could theoretically go to sleep in 1950 with your hundred dollar bill then wake up 59 years later and the buying power would be the same you could buy the same amount of stuff now is that but inflation rears its ugly head and D values your money so that your 2009 spending spree with that Benjamin Franklin comes to a screeching stop very darn fast. Take that idea and spin it around. While inflation is bad for you. If you Hold cash, it actually works in your favor when you’re a borrower in nominal terms, your loan balance is the same in 10 years as it is now. But in real terms, inflation has devalued the balance to the detriment of the banker and the benefit of you rest now. We’ll talk more about this later. For more visit Jason Hartman calm for the creating wealth blog cast. I’m Will weeks thanks for listening to this audio blog and please see disclaimers and important information at the website. So I hope you enjoyed that little educational blog cast and that is available as in Al e x a skill I can’t say the word because she will wake up here. But if you have one of those devices, you can go to amazon.com and enable the Jason Hartman Real Estate update as a free al e x a skill. Okay. Got it. Anyway, Doug, you talked about that property in the greater Tampa metro area. This one is across The state on the east coast of Florida in Jacksonville brand new construction 191,900 projected rent 1525 projected cash flow of 190 bucks a month. That’s phenomenal on a brand new single family home.
Doug 22:20
I mean, really not bad. It is not bad. It’s
Jason Hartman 22:23
quite good. Actually, it’s quite fantastic. The total overall projected return on investment is 27% annually. And like I always say, even if it only works out half as good as that these are projections, they are performance. You know, real life is different than the brochure. Okay? But even if it only works out half as well as that, and your overall return on investment is half of 27%. Hey, you’re not going to be complaining, right, Doug? Exactly, overall return on investment on the property you were talking about.
Doug 22:58
The one that I was looking at actually has a 40 1% projected ROI. And the main reason for that is because this platform is built with an 80% loan to value ratio, whereas the majority of our performance is filled with a 75%. Right
Jason Hartman 23:11
valuation. And so what that means is, the more leverage you get, the higher your overall return, of course, your cash flow will be a little lower, but the overall return because of the benefits of leverage in part of this multi dimensional asset class we love called income property. It amps up your return a bit
Doug 23:30
so Exactly. And there’s actually an idea that you were talking about just a minute ago that I wanted to expand on just the slightest bit more was the net migration of people into Florida because it actually pins on a prior conversation topic, which is people having kind of homeownership and how that’s playing out. Well. I think that there’s a lot of people especially in like the baby boomers and coming up in the Generation X, who their home equity is their principal retirement savings. And so like, for example, people moving out of New York, they basically need to cash out their home. And then what they do is they move down to Florida, and they can actually buy a place that’s nicer, brand new, still have quite a bit of capital left over and be able to enjoy just a more fulfilling lifestyle because it’s less expensive. So I think there’s two things that are important about that. Number one is we want to buy our properties in that path of progress. So we can benefit from that. But then number two is that, you know, I think that there’s going to be this long term migration, that’s going to have an impact on a lot of the respective housing markets, you know, your ownership is going to shift and places like the East Coast like New York, from people who have owned the property for, say, 30 or 40 years. I mean, I would assume that it has to shift to somebody younger, or you need to get some investment group that buys it up. Now, I don’t know what the answer that’s going to be, but I think it’s going to be something really interesting to watch.
Jason Hartman 24:52
Yeah. So when you said path of progress that was interesting because mostly that term relates to the development in the investors that use that term a lot our land buyers, right, where they will buy vacant land, they call it land banking. Land is, you know, not a very good investment usually because it’s very speculative. It doesn’t have the multi dimensional characteristics we love. But that path of progress term means that you, you know, you buy your vacant land, you sit there, you wait a couple decades or a decade, and some developer comes along and wants to build something and you make a good appreciation rate on that. But when you say path of progress, it’s also about this tidal wave of money that is flowing out of the high tax business, unfriendly states, the states that were successful decades ago, like New York and California that are riding on a very old reputation. They’re not the new thing. That’s not where the action is anymore. Those are states that, you know, it’s kind of like some of these businesses you know, there. There are some Old companies that we all deal with it, you know, really, they’re not that great. But they’ve got a reputation that they earned over many, many years. And I sometimes think about these companies when I’m a customer, and they’re just so bad or mediocre at best. And I think, gosh, you know, this company, I think they went out of business 20 years ago, and they’ve just got so much capital that like no one told them yet you’re you’re actually out of business, but you’re still operating. That’s like California, New York. But yeah.
Doug 26:34
Another thing that I keep thinking about too, is that the way that real estate markets generally tend to work and this is I think, in aggregate and at the individual market level is that they tend to expand and contract from the top. So what that means is that when there’s a lot of in migration, the place where you see prices start amping up the fastest is at the high end of the market. And when markets start softening, the place where you start seeing reductions is at the high end of the month. market. So what that means is, if you’re following our strategy where you’re buying in that median range, or potentially even a little below mobile, you’re
Jason Hartman 27:07
buying below the median,
Doug 27:08
hopefully you’re buying below the median, then what that means is that, you know, you’re not going to amp up as fast as the stuff to the top, but you’re also not going to experience as much price compression, because it’s always compared to what, and as long as you own the most affordable options, you’re probably not going to see too much in the way of disruptions just because people still need a place to live. And if you’re the best deal out there, you’re not going to be short on customers.
Jason Hartman 27:33
Yep, absolutely. And you can catch the customers, meaning the renters or the buyers if you want to exit and sell that property, moving up the economic ladder or moving down the economic ladder, so it’s a good place to be. If you’re at either end, you could be left out, but if you’re in that nice bread and butter, middle ground, it’s well below middle ground. It’s really quite, quite safe. He dug we had a couple With more things to talk about, like the millennials that want to rent forever, we’ll get to that on a future episode because we are out of time, wrap it up with a final comment, and then we’ll leave it until tomorrow.
Doug 28:11
So I think the last comment or the last thing that I’m thinking based on our conversation today is that I think number one, don’t be fooled into thinking that everybody else hasn’t made because it’s like we saw nobody has good credit.
Jason Hartman 28:23
Nobody you figure of speech, but we do. Okay.
Doug 28:26
Yes, I got Yes. On average, nobody has could cry.
Jason Hartman 28:30
We’re talking about our references at the start of the show with those six interlinear.
Doug 28:35
Six 630 credit scores mean that is not
Doug 28:38
so so yeah, that’s the thing. Yeah. And so then number two, yes. Before you feel too sorry about yourself, just make sure that you’re not reading people’s Facebook posts, and you’re, you know, you’re looking at things more objectively, because it is still a great time to be alive. And there’s a lot of opportunities out there. You just have to make sure you look for him and make sure that you don’t get suckered into some kind of shyster scheme.
Jason Hartman 28:58
Absolutely good. points. And Doug, that was kind of a pep talk. I don’t know that anybody feels bad about their life, but if they do, yeah.
Doug 29:09
Well, one of the things I do is that, you know, I’ve made a point of telling a lot of my friends that if you post something on Facebook, just assume I won’t read it because I’ve, I’ve intentionally reduce my Facebook exposure. Because I’ve noticed a lot of people on Facebook, basically what they do is they just do non stop post trying to make their life look perfect. And I’m like, nobody’s life is perfect.
Jason Hartman 29:28
Nobody’s happy. So social media is a disease of its own. And you know, the scary thing about the world we live in, whether it be social media, or just all these devices in general. I mean, every movie and TV show I see is so inaccurate about real life. Because anytime I watch these actors, having a dialogue or engaging with each other in some way, I think real life is nothing like this anymore. In real life. Everybody’s just looking at their phone. No, they’re not interacting at all.
Doug 30:02
So there’s a me myself one time you said, you know, you thought the zombie apocalypse it looked like this. I saw the zombies and then the other side is but it actually looks like this. It shows a bunch of teenagers leaning against the wall looking at their phones. I
Jason Hartman 30:14
know I know. And we both saw that meme on Facebook while we were looking at our phones. It’s an irony, folks. It’s an irony. irony yet. Yeah, exactly. We it’s the matrix all over again. We all think we’re free, but we’re just voluntary slaves. We are slaves in a dystopian world. And it’s the world that Orwell predicted, but also, gosh, I can’t think of his name. Now. You know who I’m talking about the other book. That was the other dystopia about being lulled into apathy. But I can’t think of it. Okay, listeners go to Jason hartman.com. Slash this hate this show is real man. I can’t think of it. I had a senior moment here and I’ll think of it the minute we end this, but go to Jason hartman.com slash ask and tell me what I can’t think of okay. You’ll win the prize.
Doug 31:01
Yes. Hello, Jason worries wrong. Yeah, yeah,
Jason Hartman 31:03
whatever. I’ll be back tomorrow. And I’ll tell you, I just can’t think of right now. Okay. Go to Jason Hartman calm, you can reach out to Doug and all of our other great investment counselors on our investment counseling team there. And we are here to help you build wealth with income property, the most historically proven asset class in the entire world, the most tax favored asset class in America. And that’s what we’re here to help you with that for the last 15 years. This is what I’ve dedicated my life to. So we’re happy to help you with it. Just go to Jason Hartman calm for more, and we will talk to you tomorrow. 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 and write a review for the show we would very much appreciate that. And be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.