In this episode, Jason Hartman stresses the importance of going back to the fundamentals. He explains that in real estate, standardizing data is vital. Jason also breaks down the pro forma on his website and explains the concepts behind it.
Announcer 0:02
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multimillionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11, states had hundreds of tenants and been involved in 1000s 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 0:52
Welcome to Episode 1694 1694. And thank you for joining me today. I don’t know if this is an urban legend. Or if it’s something that actually happened, I kind of think it’s true. But you’ve probably all heard the story of the famous football coach Vince Lombardi, right. And he would start off every season’s training, with standing up in front of the team holding that pigskin and saying, gentlemen, this is a football. And point of that, at least as I’ve heard it explained, the point of it is that Lombardi was stressing the fundamentals. how important the basics are the basic fundamentals. So when it comes to real estate investing, I say one of the most basic fundamentals is not a lot of the stuff that you hear out there from various gurus on infomercials. It’s simply evaluating deals, that is probably the most basic fundamental thing, right, just understanding the math, the numbers, and also applying them consistently. Well, first of all, measuring them consistently. So I was just on Ken McElroy, his podcast and YouTube channel. This is not posted yet, but we recorded it today. And I talked about the new index that we launched the H c II, the Hartman comparison index, and you’ll hear a lot more about that in upcoming episodes. But its most fundamental, conceptual state. It’s about comparison, it’s about measuring sticks, and which measuring stick you use to evaluate the value of real estate of an investment deal. And so that takes it into the realm of comparing it to other assets. But what about comparing multiple assets that are the same? So you’ve got rental property a that you’re considering and rental property B that you’re considering? And rental properties? See? How do you know which one’s the better deal? Well, you’ve got to analyze the numbers, the fundamentals. Gentlemen, this is a football. And you’ve got to do that consistently, by using the same exact performer standards every time benchmark and standardize standard standardized data. As I have said many times over the years, maybe not recently, probably not recently. So new listeners, you haven’t heard me say this. But over the years, I’ve said it a lot. And that is one of the best decisions I made back in 2004. was figuring out how to standardize the data. And I was the first person that did that. I mean, I’m really kind of the one of the maybe two originals in this business. Whoever might be out there saying they’re an original, they don’t have a podcast. So they’re lying. Okay? They were not there a long time ago, like I was. So anyway, standardize the data. Back in 2004, I figured out the best way to do this, the best system to do this, the best format to do this in. And that’s what I want to share with you today, the fundamentals. Now for those of you been listening a long time, you’ve heard some of this stuff before for sure. But we updated my in depth dive into the fundamentals, analyzing the numbers, how to analyze a deal, and that’s what we’re going to do today. So we will dive into that in a moment. But I want to mention to you that tomorrow night, with Ken McElroy, and George gammon we are doing a another highly requested happy hour, yes, we’re going to have a stiff drink. And we’re going to livestream tomorrow at five o’clock Pacific, and eight o’clock eastern. And by the way, depending on when you’re listening to this, tomorrow is Thursday, that’s June 3, that we will be live streaming our happy hour and you can participate, you can ask questions. And you’ve got three great investing minds, the Trinity, all of us right together. And we’ll be doing that live stream happy hour tomorrow. I don’t know, maybe you’re listening to this the day we’re doing it. So I don’t know when you’re listening. I can’t tell. But it’s Thursday, 5pm, Pacific, 8pm. Eastern. And it’s going to be a lot of fun. So be sure you join us. It’ll be on YouTube. And it’ll be on my channel on Ken’s channel and on George’s channel. So be sure to join us on YouTube.
Okay, without further ado, let’s take a deep dive into how to analyze a deal. About 17 years ago, I made a very good decision and I want to share it with you. It was one of my better decisions for sure. And that was when I became a nationwide real estate investor. I had always invested in real estate purchase my first rental property when I was 20 years old, I was still going to college part time. And I did that and I invested in Southern California area. But I was not much of an investor back then I thought I was I definitely made some money. But what I realized after a while after I got older and more experienced and had some ups and downs and so forth, that I what I realized is that I was really a speculator an investor is someone who buys properties that actually create income. And that’s part of my 10 commandments of successful investing. And that’s commandment number five, Thou shalt not gamble, the property must make sense the day you buy it, or you don’t buy it. Well, how do you know? How do you know if it makes sense? How do you really evaluate that empirically? So let me share a couple of things with you. And then let’s get into looking at every single number on a property performance that you should evaluate before you make a buying decision. And this actually works not just on your investment properties, but it can also work if you’re considering a home for yourself. So either way, can work on small properties, large commercial properties, single family homes, whatever, as you may know, you know, I’ve invested in apartment complexes, big ones, small ones, my biggest was 139 units. I’ve invested in syndication deals that are even hundreds of units and bigger than that. But I like being a direct investor. And I like being in control of the investments. That’s really where I do the best. But as you know, with all of that experience in the hundreds of tenants I’ve had over the years, I like the good old fashioned, single family home, the best of all of them. So let’s just kind of dig into a couple things that I think are really important here. First of all, if you have any questions, comments, or need assistance, we are here for you reach out to us, you can go to the website reach out there, we’re happy to help you. And of course, check out the terms of service and privacy policy. You know, I have been interviewing people on my podcast for the last 15 years or so before that it was a radio show. So maybe 16 years, and I have interviewed 1000s of fantastic guests. And I have learned so much from them over the years, whether it be the technical aspect of real estate investing, or the very, you know, macro aspect, looking at the macro economy and so forth. And I’ve also learned a lot from you, from our clients, our software users. You know, this is a picture taken at one of our live events in Newport Beach, California. So we learn a lot from you and all the stuff you teach us about investing based on the questions you ask the experiences you have. And after doing this for so many years and having 1000s of great clients, we learn a lot from those clients and the users of our software. So one of the great decisions I made many, many years ago is this standardized data, you must standardize your data. In other words, whenever you’re looking at a property and you’re thinking about buying a property, you don’t want to have to be a detective. It’s too easy to make mistakes when you are a detective. It’s too easy to miss an important number. An important metric, it’s too easy for the seller of that property. To pull the wool over your eyes. And really, it’s just too easy to make a mistake.
So that great decision I made that I told you about at the beginning was that I decided way back in 2004. to standardize my data, I want to have standardized data. And that comes from this one document that you’re going to see in this video that I’m going to teach you how to read this Performa document. It is a projection of one year of performance for a property. And so you know, what does that look like? What do the empirical non emotional numbers look like, when you are evaluating a property? Just to blow this up a little bit, this is how it looks, it goes through all of these numbers. It’s not everything you need to know. But it is a fantastic start, there are still factors that aren’t shown on the performance, right? There are still other things that you need to think about when purchasing a property. But starting with the numbers, and mastering those numbers, is a very, very important thing. Now this is all generated from the property tracker software, it’s very easy to do this performer, you know, maybe the first time you do it, it’ll take you 15 minutes to put in the numbers. But the second time you do it, it’ll take you five minutes. And the third time you do it, you could do it in three minutes. And it gives you this objective view of the very important numbers on that property, and what you should be considering so that it’s all in the same place, you learn how to this one performer. And you will really be on your way to being a master of real estate investing, there’s a lot to know there’s a lot to know always there are a lot of experts out there. There’s my podcast, there’s my YouTube channel, etc, all of our courses and content that we have available to you. But the beginning is the foundational piece is standardize your data and learn how to master this one page performance. So let’s dive in. And let’s take a look. And let’s review every number on this sheet. So the first thing you want to do is go to Jason hartman.com and click on the Properties page. But also, here’s another option for you if you would like properties delivered to you in PDF visual format, delivered via podcast feed. I pioneered this whole idea and everybody said it couldn’t be done, you can actually subscribe to a podcast that is not an audio or video podcast. It is a PDF podcast that sends you PDF files, right when they are uploaded with property performance. So they can get delivered right into whatever podcast application you’re using. Just go to wherever you get your podcast and search Jason Hartman property cast, or just search Jason Hartman, you’ll see all our podcasts. But pick the one that says property cast, go ahead and subscribe to it. And these performers like the one we’re about to review, and you’re going to become an expert on here in just the next few minutes will be delivered to you whenever new properties become available. Or of course, you can check them at the website by again, just going to Jason hartman.com and clicking on the properties section.
And then you can go into picking any market and then any particular property. And let’s look at a specific performer as an example. And let’s go through analyzing every number on that performer. Again, this is so important to you as a good income property investor, because you are standardizing your data so that you don’t need to be a detective. Or every time you look at an investment, you can you can look learn how to read this one page and easily become an expert on it. And you will know your numbers. So the likelihood of ever making a mistake in terms of analyzing the deal from a numbers perspective is extremely low. And again, these are static performance that we’re looking at here. And if you want to actually manipulate the data, make changes, create new assumptions, new if then scenarios, you can simply subscribe to the property tracker software, which is very inexpensive. And you can go ahead and you can create your own performance and you can manipulate all of the data to your liking. Also, property tracker helps you track and manage your properties too. It’s just a fantastic software we’ve been using and recommending it at the time of this recording for about 15 or even 16 years now. So it’s a really great tool. Okay, let’s look at the performer. And let’s take you through all the numbers. So as we’re going through the performer, here, we see that this property is a nice looking home. And it’s 1400 square feet, Memphis home built in 1980. And some little information, their initial market value is $82,000. And purchase price is $82,000. Now, one of the tricks I’ve seen a lot of promoters and a lot of groups play, when they’re looking at these performers, sometimes they use the same software we do, mostly they don’t. One of the big things I want to caution investors for and one of the first things I did years ago, when I really got into nationwide investing, is I standardized the data. I’m a huge believer in data standardization. Because then once you learn how to read this one page, Performa that we’re going to learn right now, you don’t have to be a detective, you can find all of the basic information you need about at least the numbers side, the quantitative side of the property, right here on this performance. So data standardization is absolutely critical. Now one of the things I see a lot of promoters and groups doing that I think is really wrong, is they will set the initial market value different from the purchase price. And that will make your return look astronomical. And even though some of our properties, I believe, are actually below market properties, I will not allow any of our local market specialists to represent the properties that way, because I think it sets false expectations. And besides, in our business, we’re really in the business of cash flow, investing, buying properties that make sense from day one, from the day you buy them. So it’s not about appreciation for us if appreciation happens, hey, that’s great. It’s icing on the cake, I’ll take it, but I’m certainly not depending on it as a good conservative investor.
So speaking of which, before I even finished going through this top part, let me scroll down here. And let’s look at assumptions. Assumptions is critically important. Because it drives a lot of the numbers on here. And you’ll see we have the appreciation rate, the vacancy rate, the management fees, because all of these properties are including property manager fees, so you never get the midnight call, you know, the metaphorical midnight call that by the way, on my self managed properties has never happened to me in over 20 years, I just must mention that. But you’ll never get that because your property manager is managing the property for you and the tenants don’t even know who you are. And then maintenance percentage, showing that we’ve got maintenance. So here are the assumptions that this performer is using to drive some of its stats. And we’ll get back to that in a moment. But I just want to mention it. Now we’ll get back to why the assumptions are the way they are in a moment. So we’ve got the down payment. Now. Here is the mortgage info section you see over here, whoops, you see the mortgage info section. And this is of course subject to qualifying for the loan. But in this Performa, we’re assuming 20% down 80% loan to value. So that would mean that you would need about 16,400 down, then you have some closing costs. And I want you to note that closing cost will vary depending on your lender and the type of loan program you choose. So those vary, and those also have some impact on your interest rate, where it’s really a game where the borrower can make the decision between you know, do they want a lower rate or a higher rate, and that will affect the closing cost? Talk to your lender for details on that. And of course we have lender referrals available for you as well. Now if the property wasn’t rent ready, if it wasn’t a turnkey property, you see where it says other closing cost and fix up cost. Here it says zero because this is a turnkey property. So it’s ready to rent the day you close on it. And some of our properties are even pre rented where there’s a tenant already in them, but some are not. And so that varies. But this one, no fix up cost occasionally, not often. But we have properties where the buyer does their rehab on the property the investor does that after they close on the property. So in that case, it might show that $10,000 in rehab or fix up cost here. Okay, so total initial cash invested here is projected at just over $20,000. And that’s based on qualifying for this loan. And the cost per square foot on this property, I always want you to look at cost per square foot, because that’s a really neat thing, you know that I talk a lot about something I call regression to replacement costs. I in my risk evaluator, I talk about buying at or below the cost of construction, and why that’s important and basically getting free land in the deal. So that you can minimize your risk. I don’t like high land value markets at all, those markets have proven historically to be very risky. And if at all possible, I want to buy below the cost of actual construction, we can see here that this property is only $58 per square foot. And I would venture to guess that you cannot build the property for that price for $58 per square foot, it will probably cost you at a minimum. And this, of course varies by area and construction quality, and the builder and so forth. But at a minimum, you’re probably looking at about $70 per square foot, plus the cost of the land. So I like cheap or free land. And I like all of my costs to be in the improvement or the house sitting on the property, because that dramatically lowers my risk.
For more on that, listen to the podcasts that I’ve done at Jason hartman.com or iTunes or Stitcher Radio, where I talk about how to minimize risk when investing took me 19 years to discover that. And it is truly new thinking in terms of investing. And I think it’s, it’s very, very helpful. So monthly rent per square foot, that’s kind of interesting. This one’s projected at $16. However, we don’t pay a ton of attention to that one. As we look down here, we can see that the projected rent on the property is 975 per month. Now the annualized numbers are here. But in commercial real estate, most investors talk about annualized numbers. And for some reason, in residential, they mostly talk about monthly numbers, it all boils down to the same thing at the at the end of the day. And you can see the vacancy losses here that’s driven by the vacancy rate down here that we require our local market specialists to put in at least one month, per year or about 8%. So you see how we have vacancy losses, then we have operating income. Moving down the sheet, we have property taxes. And again, these are estimates by the local market specialists, we make them put in all the data so that they’re representing it, no one knows the market better than they do. But again, things can vary a little bit. So you know, we always recommend that investors ask a lot of questions, check things out, we teach a whole program on like due diligence and all of that stuff. That’s not what this one is about. We’re talking about how to read the performance. So I’m going to try and stick to that and focus on it. Insurance is performance at $37 per month management fees. Now management fee is driven by the assumption here, which in this case is 8%. So 8% of your rent every month of this 975 totals $71. Do you see how that works. And then leasing and advertising fees and association fees, those are both zero in this case with this property maintenance is driven by the assumption down here of 3% per month. So 3% of your rent every month, adds up to about $29 in maintenance feet, operating expenses total right there to 47. Going down, we’ve got our net operating income 649 per month, we’ve got our mortgage payment. How is that calculated right here, it shows the type of loan that we’re talking about on this property. And then we’ve got our cash flow here is positive cash flow projected at 296 per month, or almost 30 $600 per year, pretty darn good. principal reduction. See our tenant is paying off our mortgage for us every month. That’s a beautiful thing. $80 per month paid by our lovely tenants or almost $1,000 annually. And our first year appreciation here for 10 is driven by the real estate appreciation rate assumption at 6% annually.
Now, if you look at appreciation rates historically, you’ll see that over many many years 6% is a bad The commonly considered average, of course, you can slice and dice this about 1000 ways, because it depends on the market, that’s a national number. It depends on the exact period because it’s an average. So if you average just the last few years, well, if you start at the financial crisis, that would have been devastating because real estate depreciated in some places a lot more than others. And then it started appreciating about, I don’t know, about three years ago or so at the time of this recording. And it’s had some fantastic appreciation since then. And then, you know, it depends if you look at new homes or resale homes, and all kinds of different things. But generally speaking, the accepted number is about 6% annually. And look, keep in mind, we don’t event invest for appreciation anyway, we invest for cash flow, we want yield, it is all driven by yield in our mind. Because being the conservative investor, you invest for cash flow, if you’re a gambler, you invest for appreciation. Okay, so there, we’ve got some additional numbers. Now, none of these, we don’t pay too much attention to gross equity income, we’re not going to address tax savings at all in this performance discussion today, because that’s a fairly complicated issue. We have addressed it on many of the podcasts on the creating wealth show at Jason hartman.com. So let’s go over here, we talked about the loan assumptions, one thing I do want you to know is that interest rates for investment properties are a little bit higher than they are for owner occupied properties. And we always try to get our local market specialists to be a little bit conservative on this number, in other words, estimate a little higher than it’s probably going to be, but the interest rate varies based on the closing costs you pay and the type of loan you choose, and your credit score, your ability to qualify, etc. But just know that for investment properties, the rate is a little bit higher. Financial indicators, this is a very important section, I really want you to pay attention to this particular section quite a bit. So the first one is debt coverage ratio, with the debt coverage ratio, that’s the number that had a lot of investors paid attention to it, the financial crisis, or at least the mortgage meltdown crisis, may have never actually happened. But investors weren’t really investors, they weren’t gamblers, and they were doing a lot of silly things. They weren’t paying attention to debt, they weren’t paying attention to income on the property, they were just investing based on the greater fool theory. And the greater fool theory goes like this, no matter what I pay for the property, some greater fool will come along and pay even more, that is not investing my friends that is gambling, that is speculating. And it’s stupid.
Okay, so don’t do that. Let’s invest, let’s invest conservatively. Let’s invest for cash flow, cash flow, pretty darn reliable appreciation, very unreliable, very, very fickle. So here, you see the debt coverage ratio on this property is excellent. It’s 1.84, meaning you have positive cash flow here of about $300 per month almost, or almost 30 $600 per year, based on this performance. And so that devere debt coverage ratio is excellent, you’re very unlikely to get into any trouble with this property, you would have to have a lot of vacancy problems, collection problems, repair problems, just, you know, be a bad landlord, have a bad property manager, you’d have to have a whole host of problems to mess this one up. So this property looks pretty darn good. Gross rent multiplier, both monthly and annual, we don’t pay too much attention to that not really that meaningful, it is kind of a nice rule of thumb. But if you want to have a rule of thumb number, the one I would rather have you use is the RV ratio that I talked about a lot or the rent to value ratio. So here, I always say that a good rent to value ratio is about 1% per month. So here we’ve got an $82,000 property, and the rent is projected at 975 per month. That’s more than 1% per month, right? Because if it was 1% per month, in $82,000 property would rent for only 820 per month. In here. You’re in pretty darn good shape. So I like this property quite well. 1% is ideal. Sometimes you even do little better, rent to value ratios are getting worse as properties appreciate, because remember, prices go up a lot faster than rents go up, historically speaking. So great property here, I really like this one. Now, capitalization rate or cap rate, as it’s known, is commonly used with commercial real estate investors. I think it is a relatively flawed metric, because it doesn’t take into account a couple very important factors. Number one, it doesn’t take into account appreciation. And number two, it doesn’t take into account leverage. Remember what that acronym real estate is ideal. While the L in the word ideal stands for leverage. And the A stands for appreciation, cap rate completely leaves those two very important metrics out. Now the reason you might be asking Why is it such a big deal in commercial real estate? Why does everybody say, you know, it’s an eight cap, or it’s a six cap or a four cap or whatever the cap rate is, when they’re talking about commercial real estate? Well, the reason I believe they say that his number one real estate for in the commercial category does not appreciate as well as residential real estate. Why is that? Well, because it’s based mostly on income. And I’ve leased many commercial properties over the years for my companies. And the typical commercial lease will include rent increases, based on the consumer price index, the CPI.
And as you know, I believe and many other people agree with me on this, that the CPI is understated intentionally by the government. Two major reasons for that, number one, all the government spending in the government in title mint programs, and the government employee wages and salaries are indexed, typically, to the CPI, the consumer price index. So if that is understated, than the government can save some money. Number two main reason there are others, but big reason is that they want to keep the populace happy. They want to keep the electorate happy. And if we believe inflation is really high, we’re not likely to vote the incumbents back into office and let them keep their jobs. So they want to fool us into believing inflation is lower than it is. And they do this in many ways that I’ve talked about weighting substitution, hedonic indexing, etc. Lots of information on that on the podcast and by live seminars. Okay, so the cap rate on this property is 9.5%. That is an excellent cap rate on a commercial property, you typically wouldn’t see that higher cap rate, occasionally you will, but 9.5%, excellent cap rate, even though I don’t really like the cap rate metric. And I don’t really pay a whole bunch of attention to it. It’s okay, but it’s limiting. One that I actually like better is this next one, cash on cash return, cash on cash return is better, because what it says is that, as long as you maintain the same income and expense ratio on the property, the property could go to zero in value, it could be cut in half in value, this $82,000 property could be worth only $41,000, just half that amount, a few years from now. But as long as you receive 975 per month, you maintain the same expense ratio, you are going to earn 18% annually on your property that is phenomenal. Now, as I always say, even if it only goes half as well as projected. In this case, you’re still going to get 9%. That’s pretty darn good. The total return on investment. This is the metric that considers everything. And it’s kind of debatable that it it doesn’t even consider inflation induced debt destruction, which is another subject I’ve talked about in detail on the podcast. But this overall or total return on investment includes everything on the performance end. Here. You can see it’s projected at 46% annually. Now you may be thinking, Wow, really, this is too good to be true. Well, the reason that is possible, and the reason that income property, especially residential income property, has created millions of wealthy people and made lots and lots of money for decades and decades. Historically, for People is that it is a multi dimensional asset class. And because it’s a multi dimensional asset class, unlike gold and silver, that’s just one dimensional you buy it and hope it appreciates in value, or stocks, most of which are one dimensional, buy low, sell high, dividend paying stocks, two dimensional, buy low, sell high, but also get some dividends in between income property is multi dimensional in all of those ideal ways. Okay? income depreciation as a tax benefit, I mean depreciation, assuming you qualify for it, appreciation, equity, and leverage. So all of these great benefits are offered in a multi dimensional asset class. That’s why the returns can be 46%. Annually, they can be 20%, annually, 25% annually. And even if it only goes half as well, in this example, 23% annually, which I think would make most investors pretty darn happy.
Anyway, a lot more information at Jason hartman.com. And on the podcast available, Jason hartman.com, or on iTunes or Stitcher Radio. So happy investing to you. And thanks for listening. I hope you agree with me now that’s internalizing your data is so critically important. You’ve got to standardize the data. So you can know what you’re looking at when you’re looking at a property. And it’s so easy to master this one page document, you can input these numbers yourself on a property when you use the property truck tracker software. Now, my real estate company, we have all these performers in a static fashion displayed on our website. So you can shop for properties on our platform in our marketplace, and look at them. But if you want to put the numbers in yourself and adjust them and learn to play with them, you need the property tracker software. It’s super inexpensive, very available, very easy to use. And again, I’ve been using it for a long, long time. And it’s really how I became a much better investor. Because I would start to see the relationships when I change the vacancy rate assumption when I change the appreciation assumption, what if I bought a property below market? How does that affect the numbers? How does it affect the overall return on investment when I do this, that or the other thing, and so really, really important to master this stuff. So go check out the software at property tracker.com. Here’s a quick little video orientation. I think it’s just like a minute or so, and it will tell you what the software can do for you.
Announcer 38:01
This is Dave. Dave has climbed the real estate property ladder to financial success. Rent checks are flowing in every month. And Dave has achieved financial independence. Maybe he’ll go to Maui for some hard earned rest and relaxation. Oh, man, we will have to wait because Dave doesn’t have the time. He has to manage his portfolio. He has expenses to track documents to organize tax schedules to create property managers to manage rental leases to track and much much more. This is Janet. Janet has all the time in the world. She has climbed the same property ladder as Dave and achieved financial independence. Cash is flowing in every month. But Janet can travel wherever she wants whenever she wants. Janet is living the life. Although they are at the same place in their investment careers, Janet has a set of tools that allow her to live life to the fullest. Janet uses a powerful multi platform software suite to manage her portfolio. Janet uses real estate tools designed specifically for real estate investors. Real Estate tools is a software suite that includes property evaluator, property tracker and property fixer. Simply plug your numbers into property tracker and watch it optimize your portfolio’s performance. You’ll know which properties to buy, when to refinance and even when to sell. No need to dread tax season anymore. Property tracker has already created your schedule II and depreciation reports. Simply email them to your accountant and you’re done. need a place to keep all of your documents organized, upload them to the cloud where they will stay safe and secure. Now Dave can easily and effortlessly manage his portfolio from anywhere. Yes, even from on that beach in Maui, and he has the time to do what he wants to do. Dave may even use this extra time and energy to continue investing, watch him fly straight up that property ladder, Dave is headed to the top real estate tools, the ultimate portfolio management solution.
Jason Hartman 40:21
So I just want to wish all of you the very best I want to say Happy investing income property is the most historically proven asset class in the entire world. So take advantage of it. Build a great portfolio for yourself. Happy investing. If you need us, reach out, our whole team is here for you. And we’re always happy to help happy investing to all. 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 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.