In this episode, Jason Hartman talks about his 5th commandment – Thou shalt not gamble. He mentions that the property must make sense when you buy it or you shouldn’t buy it at all. Then, Jason interviews Sharran Srivatsaa from Teles Properties. He shares the history behind Teles Properties and explains how their company has changed the game in the upscale market by building their own in-house software platform that fits the needs of their specific market. Sharran also describes their corporate culture of “do what you do best” and how they raise capital for their real estate investments.

Announcer 0:00
This show is produced by the Hartman media company. For more information and links to all our great podcasts, visit Hartman media.com.

Announcer 0:13
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 1:03
Welcome to the creating wealth Show Episode Number 637 637. Thank you so much for joining me today. This is your host, Jason Hartman. And I am so grateful to be talking to all of you listeners from 164 countries worldwide. Thank you so much for sharing the show, reviewing the show, and continuing to listen to the show. Today we will have an interesting perspective on real estate investing from a gentleman very successful gentleman, who is the head of a high end, Southern California real estate company. In fact, I guess you could say that this company was right in my marketplace back in the days when I was in traditional real estate. They are in that business now a very successful company. And it’s interesting to hear what they are looking at nationwide and this is an indicator of the good indicator in fact, of how a California style investor thinks, how a cyclical market real estate investor thinks and what looks good to them what is acceptable to them, and what is unacceptable to them. I didn’t go deep into this topic with her guests today, but you you know, if you’ve been listening to the show for any length of time, you’ll pick it up. Okay? you’ll you’ll you will read between the lines so to speak, there are definitely some good hints here. And it just it’s amazing to me, you know, how I used to think many years ago in terms of what was an acceptable or really a great real estate investment, versus what today I now think is unacceptable, or really just pretty lame. You know, we are spoiled as cash flow investors, because we follow commandment number five of my 10 commandments of successful in vesting. And what you ask is commandment number five. It is Thou shalt not gamble, Thou shalt not gamble. The rule being the property must make sense the day you buy it, or you don’t buy it, because you are a conservative, prudent, wise investor who does not get taken with the sexy siren song of appreciation of capital gains, you invest for cash flow, you invest in properties that makes sense the day you buy them, or you don’t buy them, and you know what, appreciation and capital gains they tend to come along too. I was just looking at one of my properties and I have decided to put it on the market because it has appreciated quite a bit that property by the way is in Houston, Texas. The property went up for lease and the tenant moved out i’m i’ve been self managing that property. So I contacted the agent to handle just the lease up and started looking into the value. And I was so pleasantly surprised. You know, this is the nice thing about income property too, when you have a nicely diversified portfolio of sensible properties that follow my 10 commandments of successful investing.

Jason Hartman 4:17
You know, after a while, sometimes you just don’t pay real close attention to what they are in terms of value, because you are not investing for appreciation. That is simply the icing on the cake, the frosting on the cake, you know, it’s a treat, it’s a nice surprise if it happens, but you certainly don’t depend on it. Because as some of our venture Alliance members recently showed me and that’s Jeff and Shannon. Hi, Jeff and Shannon, I’m sure you’re listening. It was great hanging out with you guys in Dubai. You know, they they started investing with us just over a year ago. And Jeff recently sent me a spreadsheet with his portfolio. I think he was showing about a 22% or Maybe slightly better than 22% annual return on investment. Now, if you’re getting 22% annually, which by the way is about double what scam artists who modeled his scam off the United States Social Security system, you know, I’m gonna say Bernie Madoff who made off with billions and billions and billions of dollars of people’s money in his Ponzi scheme. It’s about double what he was promising and investing in stocks. He was before the scam was uncovered. He was thought of to be this genius, right if he could deliver between nine and 12% annually on a consistent basis. He was he was killing it. Okay, he was killing it. Oh, of course, it was a fraud. It was a big scam. People later discovered and by the way, one of our venture Alliance members recommended a and that’s Pat. Hi Pat. He recommended a fantastic documentary. And I started watching it. I got about halfway through. It’s called chasing made off. Fascinating. And hopefully you’ve all seen The Big Short. And by the way chasing made off is on Netflix. You know, Netflix is great for documentaries. So go and watch some of the financial documentaries in there. I recently watched one on there. I think it was just entitled Goldman Sachs might have had a subtitle, but it’s a it’s a blue cover, and it just says goldman sachs and that might have been on Apple TV. I don’t it might have been on amazon prime. Sorry, listeners, I can’t remember. But check out the Goldman Sachs documentary. There are many of them. It’s amazing. These, this criminal cartel called Wall Street, it’s just mind boggling what they do. But anyway, you know, if you’re getting 22%, like Jeff and Shannon are, you know, how much appreciation do you actually need? You are doing pretty darn well as a conservative prudent cash flow investor. And that’s what we do. That’s what we invest for.

If the appreciation comes, hey, frosting on the cake, so my Houston properties, one of them, I discovered here, it’s up to like $220,000. I was just about to lease it for about 1700. And I thought, you know what, I can sell that Houston property, just like I did last year with one of my North Carolina properties. I sold it, and I can buy two properties in a market like Memphis. And I can generously buy to you know, if I wanted to squeeze it, maybe throw in, you know, a few extra bucks. I could buy three properties in Memphis, you know, but I’ll probably just go with two and get the higher end for Memphis rental properties. And my cash flow will dramatically improve. I’ll probably be getting 20 $200 per month, maybe even a little better. So you know, this is this is the great thing and of course on a 1031 tax deferred exchange. One of the other tax benefits, we never realize how good it is until we actually sell a property. We can trade our properties all around our portfolio for our entire lives and defer the capital gains tax. It is a beautiful thing. No wonder it’s the most historically proven asset class in all of world history as our buddy Jason Hartman. Oh, wait, that’s me, as Jason Hartman would say, right. So that is great. Okay, a couple things here. I’ve been meaning to share with you, you know, when we were on our venture Alliance mastermind trip in Dubai, you know, of course, I was staying in hotels. That’s the probably the only time actual actually read a physical newspaper. Usually it’s all digital content. But here I’ve got Yep, that’s it here. That’s the Wall Street Journal. And on the front page, here, what is the date for this one? Where do they put the date on this thing? Ah, February 2, okay. So it’s As a crisis era mortgage makes a comeback. A crisis era mortgage makes a comeback. And this remember, folks, you know, it’s funny how Americans and the world in general has a really short memory. And I think that really goes to the reason you have some of these, like really popular left wing ideas coming out in the political spectrum all the time, because people have a really short memory, you know, they either they either just forgot about history or they didn’t study it in the first place. And, and they didn’t remember about all the terrible things that have happened with big left socialist government. You know, remember, the Nazis were the National Socialist Party. They weren’t conservative. They weren’t libertarian. They weren’t anything like a Republican. They would they were, they were to the left. They were the Socialist Party. And so when we look at history, there are so many others Examples of the terrible horrors of these big government ideas yet people are still willing to entertain them, you know, because the new guy or gal will be different. You know, they’ll do it. Well, they’ll do it properly even though every example in history has been an epic disaster. Unless your goal is to reduce the number of humans on the planet maybe for an environmental reason. That is another subject entirely that we have touched on and probably will touch on again.

Okay. Pardon my political commentaries. You know, it isn’t election year we got to talk about this stuff. Okay. So a crisis era mortgage makes a comeback. Wall Street wants to bring back the low doc loan. These mortgages which are given to borrowers that can’t fully document their income helped fuel a tidal wave of defaults during the housing crisis, and subsequently fell out of favor. Now big money managers including Neuberger Berman, Pacific investment management company. an affiliate of Blackstone Group Limited Partnership are lobbying lenders to make more of these alt a all day loans or even buying loan origination companies to control more of the supply themselves. According to people familiar with the matter, years of easy money policies by central banks, and ultra low interest rates are pushing investors to seek out riskier assets with higher yields. See, this is part of the big global monetary conspiracy. This is financial repression. Okay, this is another example of it. See, when you have this extremely low or really negative interest rate environment, which by the way is real estate investors is a phenomenal opportunity for us. It’s great for us, but most people are getting very hurt by it. And the My heart goes out, especially to older people who’ve done the right thing all their lives, you know, they delayed gratification, they were very conservative with their money. You know, they didn’t buy that that swanky new house, or that swanky new car, or take that swanky big vacation, you know, or buy all that nice clothing, they were conservative with their money, they delayed gratification, and they did the right thing they saved for their future. The you know, they didn’t ask for a handout from government, they didn’t expect government to be there for them, you know, they just saved money and delayed gratification. And now you see these, these older people who should be able to invest very conservatively, they should literally be able to put their money in a CD, conservative bond funds, etc. Or, you know, of course, income properties, the most conservative, most reliable, most historically proven asset class in the world. But you know, I’m talking about mainstream events. testers who don’t think of this stuff, you know, they, they heard the one horror story of the bad tenant experience. And that blew it for them, you know it, it stupidly determined their whole investing life. Or maybe they have that experience themselves. And they thought, this isn’t for me, maybe they didn’t know how to do the math because they didn’t attend jQ Jason Hartman University, which by the way is coming up in Salt Lake City on March 12, we’re gonna have a great event.

And by the way, we have a hotel room block, great deal on a beautiful downtown hotel that we have $129 per night. If you’ve already registered for this, you should have received an email with the booking link and phone number for the hotel. But if not, just be in touch with your investment counselor, you know, that you’re already talking to and of course through the website, Jason Hartman comm where you can also register for the event and you can get the hotel information and the room block information there. Okay, so What was I saying? Was that another tangent? Yeah, I think it was. So you have all these people, these older people, especially older people who have saved money done the right thing. And now what are they pushed into? They can’t ladder CDs, they can’t do simple things like this because we have a we have a zero to negative interest rate environment. So they’re pushed in to more speculative investments. Now, this happens with the individual, as I just pointed out, but it also happens with the institution. Okay, and so here you have an example. They want to bring back these all day low doc and you know, it’s a slippery slope, it will ultimately lead to no dock or what they call liar’s loans. Okay? Because they’re chasing higher yields because they can’t get yields from the traditional sources. Okay. Anyway, it talks about that, but let me just go to the follow on page 10. And I will turn to here and the caption even says it there’s a little illustration Heron Wall Street Journal again, it says Who you calling a liar dubbed liar loans. Now I just said that right, dubbed liar loans after they were abused during the housing crisis all day mortgages are making a comeback at the behest of money managers. So just like the individuals I just talked about, the money managers, they’re chasing yield too. So conventional conforming loan, average FICO score, get this amazing 745 Wow, okay, all pay typical credit score 700, and subprime 660 and below 660 and below. So again, they can charge more for these loans. So that’s the push and that’s why they want to get into this riskier environment again, already. It’s amazing.

And by the way, well, you know, we don’t have a lot of time to talk about this, but another wall street journal article Really interesting. You know, we talk about how it’s amazing that we have these low rates still, that the US is in this very very enviable position unique in all the world. The Federal Reserve and the US government are in this very and the US economy in general in US citizens and or people that just live in the US in a very enviable position, because with the reserve currency status, we are able to defy gravity and have low inflation at the same time that we have massive, massive debt, and we can still have low interest rates. It’s a very odd combo. It shouldn’t be this way. It’s illogical. We’ve talked about this on many prior episodes, but it is what it is because the game is rigged in favor of the country with the reserve currency. So this article says it says Egypt Hit by dollar shortage. And and the article goes on to say Egypt. So Egypt is hit by dollar shortage. So what does that mean? See dollars, just like any other thing just like coffee beans or you know pork bellies or oranges, or, you know, precious metals, they’re a commodity, right dollars are a commodity, just like any other commodity. So Egypt has this dollar shortage they have a shortage of the commodity called the US dollar. Visitors aren’t showing up as before to Egypt’s beaches and pyramids, political unrest and a string of terror attacks have given investors pause. Okay, so people aren’t coming there and guess what they’re not bringing, they’re not bringing their dollars. So the whole country is reacting with ways to try and bring in dollars. Well, why why is this so important to Egypt and every other country for that matter? Because dollar is the reserve currency of the world. And as such, if they want to buy anything on international markets, they have the US dollars. And if they don’t have enough dollars, they can’t buy enough stuff, right? Just a really simplistic view of things. So, you know, the almighty dollar is unfair, as illogical, as ridiculous as it is, this is the way the world is.

Jason Hartman 18:26
And you and I are not going to do much to change it. We can complain about it, write your congressman, it’s not gonna matter. These entities are so powerful. They’re the most powerful entities that have ever existed in human history. Governments central banks, okay. So my philosophy as you regular listeners, well now, align your interest with these entities. And that is exactly how we invest in income property. We take the most Historically proven asset class, we structure the deals when we when we buy and finance these properties in a way that aligns our interest with the most powerful entities ever known in human history, while the other people are out there thinking, Oh, well, you know, this is just so illogical and so wrong. It can’t be it cannot be whine, whine, whine, complain, complain, complain, you know, they’re they’re digging survival ditches and buying gold. And they’re getting killed. Because they don’t they don’t get it. They don’t get that this is not just about math. It’s about so much more than math. It’s about the dynamics of monetary policy, fiscal policy, international trade and the geopolitical situation around the world. And so I don’t need to go into that a lot. You regular listeners already get it. If you’re new to the show. Go back and listen to 636 episodes. You’ll pick it up. Okay. Anyway, hey, Go to Jason hartman.com register for our March 12. Jason Hartman University event, it’s going to be awesome. I can’t wait to see all of you there. And of course, provencher, Alliance members, that event is free.

Let me just tell you real quickly a little bit about Jason Hartman University. This is only our second time, we have made that event a lot more challenging. You know, we kind of felt like some of the math was a little too easy when we talked about market analysis of different real estate markets, about property analysis about property acquisition, about managing your manager versus self management, and about planning and building an entire real estate portfolio. So we made this quite a bit more challenging. We’re still doing a little tweaks to it, as we’ve got time for March 12, but we’re really excited about it. So I hope you’ll join us in Salt Lake City, Utah. We have never had an event here. It’s gonna be great. So go to Jason hartman.com. Click on events and register and I look forward to seeing you there. Let’s get to our guests. We’ve got a great guest today. This is a lively discussion. I think you’ll enjoy it.

It’s my pleasure to welcome Sharran Srivatsaa to the show. He is the President and Chief Innovation Officer of Teles Properties. And Teles Properties is a very successful traditional real estate brokerage firm. Located in the high end Southern California areas, I believe, from Beverly Hills to Orange County. This used to be my world 10 years ago where my company, platinum properties international would compete in the upscale market in areas like Newport Beach, Newport coast, Laguna, etc. in Irvine. He also has an investment fund, and they look for opportunistic properties for development and also income properties for long term hold. In fact, they have a 25 year charter, so I’m anxious to dive in and hear more about it. Sharran, welcome. How are you?

Sharran Srivatsaa 21:56
Jason, thank you for having me. Your your shows fantastic. Inspiration and I was listening to several episodes the other day. And when I when I heard that you hit over the over 600 mark, I think your listeners need to believe that you’ve done just a phenomenal job of providing great content for everybody. So I’m honored to be here. And thank you for having me.

Jason Hartman 22:14
Well, it’s great to have you and thank you for the compliment. Yeah, we’ve got over 600 on one of the shows the creating wealth show. But overall, we’ve got over 3000 episodes out there now. And people constantly say, where do you find the time to do these interviews? Well, you know, we’ve been doing this 10 years. Okay, so it didn’t happen overnight. Also, my record, just so you know, is 11 interviews in one day. And that’s too many. I don’t want to I don’t want to do that. Again. It’s just too many. But yeah, I just I love learning from people like yourself, and, you know, it’s a pleasure to be able to talk to so many different people from all over the world on the show and, you know, get their firsthand insights, you know, it’s really been a great honor. So, you know, tell us is a tremendously successful company. You’ve got 19 offices, 400 agents, and you really In the upscale, very, very Uber competitive upscale real estate market in Southern California. And I know how competitive that is. I mean, those advertising budgets that the competitors have in that market are ginormous. You know, first of all, tell us a little bit about your entrepreneurial story so we can get a little bit of a background. You’re a young guy, how did you happen to start this company and grow it so quickly? And then let’s talk about investing in your fund and so forth.

Sharran Srivatsaa 23:29
Sure. So, it I actually didn’t start to some. So I’ll give you a very quick history. I was a, I went to business school, I was fortunate to be in the technology world out of college, so built and sold a company along with a few others. Then I took about five to seven years off building tennis programs and different resorts around the world. And then I said, hey, it’s time to go back and do something. Get back in the business world. So my, the one thing that I’ve always kind of been interested in is how the ultra Find out worth how people invested while and the only way to get there was to go to business schools. I went to business school Vanderbilt, and went to Wall Street. So I was on the investment management side at Goldman Sachs and then at Credit Suisse. And one of my clients, actually, who was, who’d been who is my mentor for the last 15 years, had invested in this little company called TELUS out in California. And he said, Hey, sure, on the next time you’re out here, I’d love for you to meet the principals because they might need a little guidance on how to how to grow. So when I came out, I visited with the principals and said, Wow, there’s such a great opportunity here. And Bill was so so I made a recommendation to the team on how the farm can grow. There was clearly I think, that created a fracture and how the what their existing business plan was, so I actually had the opportunity to come in, put, put the money on the line by a couple of partners and get come in as a principal and turn the company around. So when I started There were 45 agents that tell us with about with three offices and today we have, you know, over 400 what 19 offices and what what year was that when, when you started about five years ago, so this was in around 2010 2011.

Jason Hartman 25:15
Okay, so the markets just, you know, coming back by then. And it’s starting to its turn around phase. Okay. And so you bought out a couple partners put some capital in, I’m assuming you don’t want to share how much but feel free to, I mean, our listeners would love to hear it, if you’d like and, and then just talk about the growth plan after that.

Sharran Srivatsaa 25:33
Yeah. So I’ll it was less about the capital and more about and more about the strategy. And so and so I’ll, I’ll tell you, you know, I’ll tell you how that that is structured. So essentially, when I came, I had no real estate experience I’ve spent all this time just, you know, being an investor and advising investors. And when I had the opportunity to see what the agents were doing a TELUS and the Southern California, as you said in the Southern California, a really competitive marketplace. I wanted to get to the essence of what everybody does. And I said, Wow, agents want to do three things, essentially, they get into business to do three things. One, they’re outgoing. So they’re like, wow, I’m outgoing, I can sell real estate. Number two, they feel like they’re problem solvers. So they can negotiate put deals together. And three, they want flexibility in their schedules. But what was happening was, those three things were the least amount of time being spent on doing those and time being spent on doing everything else, which is what we call the non revenue generating activity. So I tell our agents, hey, you should be doing only one of three things you should either be prospecting, because your outgoing, you should be either negotiating and putting deals together or you should be chilling out. And those are the only three things you should be doing and everything else you should not be doing because it’s non revenue generating. So we built a platform, or so we call it our agent service platform. We built a platform that takes away every single non revenue generating activity that an agent does. So right from the time they get a listing to the time it goes into escrow to all the marketing, we’ve confirmed. pletely automate for the agents, we completely do it in house so that they out they go out and they can do what they do to be productive. And that Jason has you know, is it when you get the right model matches we call when you get the right DNA, it really starts to impact agents. And we realized that when you do that, you can actually have a good process that can drive good results. So for the last five years running, in every single marketplace that we’re in, we have the highest sales price to list price ratio, and the lowest days on market in every single marketplace. Which is, which is pretty amazing for just a 400 person firm.

Jason Hartman 27:34
Did you build a software platform from scratch? Or did you adopt another platform that was out there? I mean, certainly, there’s a lot of I mean, there’s almost no shortage of real estate automation platforms out there nowadays for the traditional real estate world and cloud based systems and so forth. What What did you do exactly?

Sharran Srivatsaa 27:51
Yeah, great question. We actually built it in house and we realized that there were, there were three components that were really important to how this worked. off the shelf stuff is really hard because they’re generally not built with the, with the actual mechanics of an agent in mind. So we call it the people process platform theory. So you need to have good people, you need the right people in the right seats, because agents like talking to people. So when you’re when you’re marketing a $5 million home, and agent wants to talk to a marketing person, so you can’t completely automate the process. But the second is, if you have good process, it actually, you know, stuffs, make sure they’re fewer errors. So we have good processor on everything, and then a platform to support that. So it’s we built the platform in house. It is, it’s actually, you know, it’s it’s cloud based, of course, but our entire firm runs on it. And I it’s interesting, I recently, you know, we’ve been so focused on building this platform that we I didn’t really step back to see what else existed. And we shared it with our friend at the California Association of Realtors, who, who you know, run the zip logics platform etc. And they actually just honored us as the brokerage of the future a few months ago because they’d never seen a platform like this and I think it’s the only way that lets us turn on offices turn on agents just help us automate so many things. And it gives us the backbone of everything that we do. So we it’s something that we built in house, and we’re very fortunate to have it have it worked pretty well.

Jason Hartman 29:14
Okay. And that gives our listeners I mean, that had to be a tremendous I mean, software is a bear. I just bought a software company, actually. And you know, software is a, you know, it’s it’s not as simple as you’d think. Sometimes you think it’s easier than having like a physical building, right. But it’s, it’s complicated. What did you spend to build this platform? I mean, I’m sure you’re constantly spending money resigning, tweaking and fixing it. But what kind of capital investment are you talking about?

Sharran Srivatsaa 29:41
Yeah, good question. So I’ll give you I’ll give you a hard numbers. But I want to actually share the process. Every x every year, we actually have a new major release to to the software as well. And I and Jason, I’ll tell you this, our software, our basically our platform launch meetings are kind of mimic the Apple Apple product launches and so we actually get more people to come to our platform launch meetings than we do to our, you know, holiday parties. Right? That’s so

Jason Hartman 30:11
What do you what do you get you get outside agents, you probably use that as a recruiting event too, right?

Sharran Srivatsaa 30:15
It ends up being a very good recruiting tool. industry partners comm we, a lot of times, we always invite broker partner brokers from Northern California, Seattle, New York, etc, to come and join us because we, you know, they want to see what we’re doing as well. But it’s a last year we did it at one of these art like cinema theaters. And we had, you know, standing room only one room on the aisles, but we do it every year. In the fall, we launch a new a new release, building on the old one. So I’m actually in the process working with a team right now building our next release coming up in August. And I’d say every release, every release is roughly around a quarter of a million dollars.

Jason Hartman 30:54
Wow. Wow. So you’ve spent, you know, about 1.3 million on it so far. Is what Is that what you’re saying?

Sharran Srivatsaa 31:00
Yeah, something some something like something like that began in that doesn’t also involve I mean, that’s just, you know, that’s the checks that we write doesn’t involve just, you know, my time and our teams and all of them kind of putting the intrinsic cost as well, right. But it’s a, it’s from a culture perspective, there’s three things that we always talk about, hey, we need to build stuff that increases sales performance, we need to build stuff that provides decision support, meaning, hey, should I farm? Should I not farm? Do I contact this line? Do I not contact this line? And the third one, we’re calling it culture and the cloud? Most of our agents, you know, barely come into our offices, I mean, the amount of money we spend on I mean, we have several hundred thousand square feet of space, Class A space in our locations. And you know, agents are in and out of the offices and we think it’s really important to build culture. And now that they’re don’t come in you got to have culture in the cloud. And so that $250,000 is an opportunity for me to say, hey, how can I How can I build and tie into the culture and keep the culture together and you got to put culture in The cloud. And so that’s why we think that investment is focused and with the whole, and Jason, you’ve seen this with the whole print and digital advertising kind of struggle and everyone trying to play the print wars. We are not we’re not, we’re not a very print focused firm. We are very digital, very social in our experiences, and that drives significant results. And that’s the agents we attract. And, but that’s been a that’s been a that’s been a very fortunate thing for us to build and grow with.

Jason Hartman 32:27
Yeah, yeah, definitely. Okay, so let’s switch gears and let’s talk about investing. So, I want to maybe have a debate with you on this. I have a feeling it’s gonna be a bit of a debate you were talking about your buy and hold stuff. I know that you have an opportunistic fund where you do development and that’s so complicated that it’s kind of hard to talk about, but let’s just talk about investing. And one of the questions I asked you off air before we started, was I said Sharran, how can you make a you know, an income quote, income unquote property in California work. You know they’re so expensive. And you were saying. Tell us about that.

Sharran Srivatsaa 33:05
Yeah. So So, you know, I think that I saw focus or we we did we do three things. And I want to kind of say, why would you three things because it allows you to take a little bit of risk on two incomes. Right? Right. So number one, we do things that are that our opportunity, which is development, or investment and stuff, that’s number one. Number two, we do a lot of market cycles, specific stuff. So, you know, during our crisis, we bought a lot of single family and trust plus deeds. After a crisis, we bought a lot of entitlements during recovery, we did a lot of fix and flip. Now we’re buying a lot of income because when you have stable prices, low rates and high rents, you’re able to really capture the spread significantly, but our income specifically on our income plays in the the LA income plays are very interesting because you can buy la Yeah, it was in Los Angeles. interplays are interesting, because you’re not going to be able to buy anything that is, you know, a duplex, for example is not if you wanted in a in a, in an area where you think you can have high managed rent while you’re talking a minute, you know, 800 to one to 800,000 to 1.2 million at least. And, but you need a portfolio of those to actually manage the income around, but people in Los Angeles right now are willing to pay the higher rents. They’re willing, you could you could push the envelope on the higher rents right now.

Jason Hartman 34:31
And oh, yeah, I know. Yeah. I know. He had said, you know, the LA market’s been crazy. And I grew up in Los Angeles. So give us an example. Tell us you know, what you buy something for what you rent it for and how it all works, what and maybe you know what kind of property it is just so we have some perspective on on what you get for what price?

Sharran Srivatsaa 34:47
Yeah, so I’ll tell you, I’ll actually tell you stuff that you know, we’re actively looking at right now. So we and stuff that we’ve bought and before we’re actively looking at a community a retirement community in San Diego You can buy stuff for 350,000 which is which is well below I mean from a value

Jason Hartman 35:05
That’s super cheap for you and for two more can you rent it for it? So you buy it for 360? Is that a single family home or a condo?

Sharran Srivatsaa 35:11
It’s a condo and you can rent it, you can rent it based on based on the based on how it’s the, the condition, you can rent it for somewhere, you know, between 1800 and 2100.

Jason Hartman 35:25
Okay, so $350,000 condo will rent for 18 to 2100. That sounds about right with my metrics. You were talking about, I think marvista where I used to live on Caswell Avenue many years ago when marvista was a bad area. Now it’s sort of become gentrified, and kind of nice. I hear I’ve been back there lately, but tell us about that deal. You know, what are you buying? And

Sharran Srivatsaa 35:47
yeah, so we currently have a duplex right now. We bought two duplexes that are zoned for triplexes. And there we are in the process of actually going through the you know, they’re they’re rented and then They’re an income play, but they’re, they’re breakeven and completed this time because we’re, we’re waiting for

Jason Hartman 36:06
Don’t go with breakeven, just tell us the price and the rent.

Sharran Srivatsaa 36:08
So so we bought them, we bought them for we went for like, 675 just just shy of 700. And, and we rent them for you know, 2900 we rent each each of the duplexes are 2900 total.

Jason Hartman 36:20
Okay, so about a little less than half a percent of the value per month, but you’re gonna add a unit to each of those right and make it a triplex.

Sharran Srivatsaa 36:29
Correct.

Jason Hartman 36:30
Okay, and how much will it cost you to add a unit?

Sharran Srivatsaa 36:32
It will roughly cost us it’s between, you know, like $600,000

Jason Hartman 36:38
What was that calculation? You just did $300 per square foot?

Sharran Srivatsaa 36:41
We’re gonna work yeah, we’re gonna do we’re gonna, you know, kind of trash the whole thing down and rebuild. Yeah.

Jason Hartman 36:47
All right. And what’s what’s your building cost? I found that interesting. So I want you to share that with the listeners.

Sharran Srivatsaa 36:51
Yeah. So so in that market. We we were the two flexes that we were quoted and we’re working with our crews on are roughly in the office. $300 a foot cost.

Jason Hartman 37:02
Not including land.

Sharran Srivatsaa 37:03
Correct?

Jason Hartman 37:04
Wow, that is expensive. I mean, yeah. Or tell us about the spec? Or I mean, are these nice? That’s a lot of money. $300 per square foot.

Sharran Srivatsaa 37:13
Um, you’re also including it’s not only construction costs, you’re also including entitlements kind of the planted permits process and the architectural process and all of that with it.

Jason Hartman 37:23
Right. Okay. Okay. But, you know, that’s part of building any new home. So you know, that, you know, it’s just like building rebuilding a new home. So you’re gonna pay $300 per square foot? And what will be the total cost of that project upon completion? Yeah, I mean, of course, it’s an estimate. So, you know, things vary. But, you know, just approximately,

Sharran Srivatsaa 37:42
Yeah, so, I mean, those those will, you know, I think each of those triplexes will probably will sell, you know, we’ll sell for 1.8 each.

Jason Hartman 37:51
1.8 million? Yeah. Okay. And, but you’re not going to sell them, you’re going to keep them as income plays. So your income on those will that be be about the same ratio about 9000 per month on each one. And once you get them finished Yeah, so but with the with a newer finished product, you could command a much higher, you can rent it for much higher. Right? I know. No, I definitely know that. So I think you said you were getting like 2700 a month now, for each one and they’re duplexes. But what about when it becomes a triplex and it’s all nice and new? Do you think you’ll get the same ratio which would put you at about 8500 to 9000 per month on each each triplex? Is that about what you’ll get? or?

Sharran Srivatsaa 38:33
Yeah, I think so. I think so. So we that that would be with with that level of construction, you know, it being in kind of the Playa Vista corridor with all the tech companies coming in it easily command something like that.

Jason Hartman 38:44
Yeah. You know, I’d be interested to know your perspective, having been a wall street guy. And now you live in California, you basically lived in two socialist states the Socialist Republic of New York and the Socialist Republic. California. And I love to tease California and I can because it’s my home state lived here for the vast majority of my life. And I live in San Diego. Now. What do you think about the overall economy? I mean, you know, there are certainly forces for growth and, you know, there there there are businesses that is still there to start up in California, but there’s a lot leaving at the same time. Like, what’s your forecast? And are you at all concerned about the fact that you know, your eggs are all in this high end California basket, you know, and and that can change now you came into it upon recovery in 2010. And to give some perspective, the people you bought out in Teles properties, when did they start the company was that started in like, Oh, 03 05 or before that?

Sharran Srivatsaa 39:50
No, they started right at the crisis right at the at the tail end of 2007, early 2008.

Jason Hartman 39:56
Oh, wow. Okay, okay. So they’ve always been kind of in recovery mode, where it Sort of couldn’t get much worse. Right. Right. They’ve always been on the upswing. You know, what do you think about that question, though, about being, you know, concentrated in this high end, Southern California basket?

Sharran Srivatsaa 40:13
So. Jason, you ask a good question, I think, which is why we are actually dividing. We don’t want a lot of concentration risk in our portfolio. So we think about it two ways. We think about, you know, geographical diversification as well as kind of, you know, category diversification, right? That’s why we have the different plays. They’d be income more opportunistic or market cycle stuff. But my partner actually lives up in Carmel in the Carmel Monterey area. And that market actually works very differently than the Southern California market. So we have a significant number of investments up there. So we like the we’d like to be up and down the coast in northern and the Southern California market. But over the years, if you look at Jason, there’s been these markets recover much faster. In a much more healthy way than then most of the markets in the US in the US and gets given the fact that we have on the boots on the ground, the ability to have agents in each of these marketplaces GIVE US intelligence and clients in each of these marketplaces where we actually own and operate the business. That intelligence is super specific for us. Because I’d say, without actually having the access to the Teles agents across all our marketplaces, we don’t have we might not have the edge to do things and take the concentration risk that we actually need to take. That’s from our side. But broadly speaking, you know, this, there’s still there’s that there’s the Silicon Valley market is is very strong, the LA market I mean, D as far as organic demand goes, anything that comes on the market today in the 700 to 700 thousand to 2.2 million range gets gets gobbled up so fast. So there’s significant demand. And we’re seeing that happen in San Diego. We just launched our San Diego present six months ago, and it is my personal focus to build and grow San Diego this year and we there is going to be more and more push toward San Diego. I think over the next five to 10 years, San Diego is going to become a very, very strong player in the California marketplace. And given the fact that it’s it’s, you know, it’s been the stepchild for a long time, and it’s San Diego’s time now, but I think we are very fortunate to play in some of the strongest real estate markets in our country where people want to live where the weather is great. They’re actually looking past the you know, the tax advantages or or you know, structural descent, you know, integrity issues, if you will, but when at the end of the day when you walk outside and you can you know, you can have your kid ride a bike around the cul de sac and you can be coming you know, you know that up or down markets, your home devalue, your home will recover. It’s a pretty powerful thing knowing that you know that you’re living a pretty structurally integrity oriented marketplace.

Jason Hartman 42:58
Okay, so Sharran, I think you ought to be in vesting with my company because we get you, we can get you double the cash flow. And interestingly, you know, when we look at these different markets around the country, you know, I was 10 years ago, well, 12 years ago, I was just like you in the sense that I thought California was the Holy Grail. Okay. And I thought that all the way all the time before that to what I’ve learned, it’s just interesting. You know, when you say this market recovers Well, well, I agree with you, but it also has bigger downturns. Because it’s a cyclical, it’s a very cyclical market. And the swings are very big. Whereas if you look at some of these boring linear markets that we like to recommend, you know, where you can get 1% per month rather than point four to half a percent per month in income from the property and you can totally avoid condos which I’m not a condo fan at all, because I just don’t like having another third party. And they’re called an HOA, and the HOA gets into lawsuits and then the lenders don’t want to lend in the complex and oh, my God, that’s a complex hard to control element.

Sharran Srivatsaa 44:12
Hey, you know, we, I run a brokerage firm. I go to that every day.

Jason Hartman 44:15
You know how it works. Yeah, I remember when I was in traditional real estate, and I admit and agree with you that the California the high end more I don’t want to say California, I should say the high end, market recovery has been pretty astounding, whether it be in New York, you know, in Manhattan, especially, or in South Florida, or in any of the northeastern markets like Washington DC, the, you know, the city of government handouts and bailouts. You can tell I’m not a socialist, I’m sure

Sharran Srivatsaa 44:50
Hey man, I’m a libertarian. I appreciate it.

Jason Hartman 44:52
I’m right there with you. I’m libertarian do and and you know, Boston in all of these markets have had pretty you know, in the hot In segments of those markets, they’ve had pretty incredible recoveries really in my eyes. But that’s because the concentration of wealth has become so significant. I’m sure you saw this floating around in the media last week, you know, like that 62 people now have literally half of the planets wealth, they have as much wealth is 3.6 billion people. I mean, that is, that is insane. It really is insane. And just a few years ago, that number was like three or 400 people had the same as, so it’s even getting more insanely concentrated. You know, and, and I don’t mind that. I mean, I’m, you know, in a way, in a way, on one hand, I think it’s great. I mean, I’m all for people becoming successful. But the fact is, they’re not really doing it through capitalism. And you know, that because you work on Wall Street, and that’s not exactly capitalism, that’s cronyism. But you know, like, maybe that concentration of wealth won’t stay that way. And that’s really what’s fueling all these high end markets. I mean, I’m sure you saw the movie The Big Short, probably by now. And it was That was awesome. By the way, I want all my listeners to see it. It’s a great movie. You know, I just I read this article in Business Insider today. And it talked about how so many of these characters from The Big Short the real live people live in this one building, you know, on Central Park, and one of them is, you know, the the movie star. What’s his name? I’m gonna tell you in a second. But you know, he pays 125 grand a month rent. Okay? And, and you’d think he’s not too Oh, Robert De Niro. Sorry. So Robert De Niro pays 125 grand a month to live in this building? And is now listed by a company called street easy for $55 million dollars.

Jason Hartman 46:54
Are you kidding me? That’s insane. And it’s a condo nonetheless. So I mean, the high end market has been insane. I mean, the money flowing into that. And all of these, you know, I’ve interviewed some Manhattan brokers and they say the money flowing in from like the Ukraine and Russia all the rich mobsters. I’m sure they’re not all mobsters. But you know, a lot of them are, you know, they’re just looking for a safe haven wealthy Chinese people are looking for America’s the safe haven, the Brinks truck, and so that’s fueled this, but will it stay that way? It’s I don’t know, you know, I mean, eventually, you know, the, the have nots, they get, you know, they get upset about this, you know, we have the Occupy movements and, you know, I don’t know if the Uber rich can stay that way.

Sharran Srivatsaa 47:43
Well, Jason, I think you’re right on and I also think is going to be some geographical distribution, right? So we talk about it. On the fund level, we say hey, let’s not make Let’s not make future decisions based on our present mindset, right. And so that’s why we have the 25 year charter because You’re giving yourself that that time period relaxation associated with it. So I’ll tell you that there are three or four markets around the country that we’re extremely excited about that we’re doing a significant amount of research and are going to deploy some cash in. I love I am

Jason Hartman 48:14
before before you before you say that, I’ll bet you none of these markets are these like linear boring markets like Atlanta, Memphis, Indianapolis.

Sharran Srivatsaa 48:24
So let me run through this. So again, let me give you my favorite, my three top favorite take number one. I love a Rochester Minnesota. I absolutely love Rochester, Minnesota

Jason Hartman 48:34
is lefty though.

Sharran Srivatsaa 48:37
The State of Minnesota has made a commitment that over the next 10 years, they’re going to try to get Rochester to look very similar to Minneapolis, St. Paul, you’ve got the Mayo Clinic you’ve got IDM you’ve got I mean that that market has seen there. We talk about demand supply imbalances there I mean that market is we I love that market. The second market that I absolutely love is Huntsville, Alabama. I love

Jason Hartman 49:00
Oh Yeah, we’d like to Huntsville. Yeah.

Sharran Srivatsaa 49:02
And and from a from a from a just a structural integrity, the ability to just generate cash flows you know, simple boring stuff hospital is amazing especially given all the government contractors aerospace contractors in that in that marketplace. Raleigh Durham is fantastic. I’ve been looking a lot into the

Jason Hartman 49:19
The tech triangle? Sure.

Sharran Srivatsaa 49:20
Yeah. And then you know, it’s you’re still getting the pop from the tack, but you’re not you still it’s still you know, it’s still this out and it’s the it’s the boring, you know, going to grow and climb in a steady pace environment. And a couple of the upcoming markets I I like kind of the outskirts of Dallas, people are starting to move away from the hub of Dallas Fort Worth. And there’s a lot of what we call micro market imbalances that we’re trying to take advantage of those four markets we’re actively looking at right now.

Jason Hartman 49:46
Dallas has gotten a little bit expensive. I mean, we’ve done hundreds of transactions in Dallas and Houston and Austin and a little less than San Antonio. So, you know, we’ve been in all those cities and they’ve been great Houston. We stopped recommending because of the oil prices. It’s interesting. Okay, so you’re in touch with some of the more boring markets now the ones you picked, though, aren’t those aren’t super cheap you know those are those all are a bit Well, I don’t know about all of them, but they’re a bit on the more hybrid side between like, we like the true linear and will dabble in the cyclical or not cyclical, sorry, the hybrid markets, but you like the the cyclical and and the hybrids, we like the linear in the hybrid. So we kind of meet in the middle there.

Sharran Srivatsaa 50:34
Right. Yeah, we should we should add some linear to our portfolio. So I’d love to talk to you more about it.

Jason Hartman 50:37
Yeah, definitely. Okay. Good. See, listeners, we’ll maybe we’ll pick up a client during this interview. Hey, I’m curious. How do you raise your money for your fund? I mean, is that all Wall Street type stuff? Or is it just, you know, you go to your clients with tell us your wealthy clients and say, Hey, you know, we’ve got a private placement memorandum or what do you do?

Sharran Srivatsaa 50:55
Yeah. So we are fortunate to the for now. It’s been From for now, it’s, I’d say about close to 80% of what we’re done as private capital, just ours. But how we raise it, as we said, we just we do standard GP LP syndications. So when we find a deal, it’s a 25 to 30% to the GP, and then we syndicate the rest of the LP out, and we manage the GP LP process. And the folks that we raised from are typically ultra high net worth and family offices. And I’d say we have a we have kind of a Rolodex, if you will, that we spend and generally, I did a last deal that we put together like I said in marvista, we had it we had it funded and oversubscribed in 24 hours so it’s a the capital raises is very fortunately never been a problem just because of you know, we’ve put just a personal track record into it, but it’s ultra high net worth family offices are our kind of go to.

Jason Hartman 51:52
Yeah, right. Right. This family office thing is become a really big deal. What’s your minimum on your investments usually for your fund and Tell us how it works. I mean, what’s the cut for the general partner and then for the other limited partners.

Sharran Srivatsaa 52:05
So generally, most of the time we found we do $100,000 slugs, so the limited for the for the limited

Jason Hartman 52:13
As a. As a minimum

Sharran Srivatsaa 52:14
Right. A hundred thousand. You know, a lot of times if they have been a consecutive investor, you’ve invested in several of our deals, we’ve all if they want to share we might let them share a slog, but 100,000 is generally the minimum and based on the deal and how we put it together. The we do all the work as we we do all the you know, legal work the dock the entities, everything associated with the service, generally a 75 to the LPS 25 to the GP. And normally there’s always a preferred return of say six to 8% in there. So six to 8% preferred with. You know with what with with the rest with 25% of the GPS,

Jason Hartman 52:53
Good stuff, give out your website and just share anything else you want to know as we wrap up.

Sharran Srivatsaa 52:57
Well, thank you for having us at our website is Teles properties dot com. So te le s properties calm we have 19 offices as far north as Carmel, as far south as Coronado. And our goal is to just be good advisors to our clients. So regardless of whether you work with us or not, we if we can be helpful in any way we’d love to do, you can reach out to me directly my my all my cell phone and all the information is on the website and but just want to make sure that everyone knows that what Jason does is so powerful, because it’s not easy to find the right folks to talk to have the tough questions, provide great content every single time and over 3000 episodes is a lot. So Jason, I want to thank you for what you do and the content that you put out there.

Jason Hartman 53:40
Hey, my pleasure. And thank you so much for coming on. And I just wish you continued success.

Sharran Srivatsaa 53:44
Thank you, Jason.

Announcer 53:46
I’ve never really thought of Jason as subversive, but I just found out that’s what Wall Street considers him to be. Really now How is that possible at all? Simple. Wall Street believes that real estate investors are dangerous to their schemes. Because the dirty truth about income property is that it actually works in real life. I know I mean, how many people do you know not including insiders who created wealth with stocks, bonds and mutual funds? those options are for people who only want to pretend they’re getting ahead. Stocks and other non direct traded assets are a losing game for most people. The typical scenario is you make a little you lose a little and spin your wheels for decades. That’s because the corporate crooks running the stock and bond investing game will always see to it that they win. This means unless you’re one of them, you will not win. And unluckily for Wallstreet Jason has a unique ability to make the everyday person understand investing the way it should be. He shows them a world where anything less than a 26% annual return is disappointing. Yep. And that’s why Jason offers a one book set on creating wealth that comes with 20 digital download. Load audios. He shows us how we can be excited about these scary times and exploit the incredible opportunities this present economy has afforded us. We can pick local markets untouched by the economic downturn, exploited packaged commodities investing, and achieve exceptional returns safely and securely. I like how he teaches you how to protect the equity in your home before it disappears and how to outsource your debt obligations to the government. And this set of advanced strategies for wealth creation is being offered foIn this episode, Jason Hartman talks about his 5th commandment – Thou shalt not gamble. He mentions that the property must make sense when you buy it or you shouldn’t buy it at all. Then, Jason interviews Sharran Srivatsaa from Teles Properties. He shares the history behind Teles Properties and explains how their company has changed the game in the upscale market by building their own in-house software platform that fits the needs of their specific market. Sharran also describes their corporate culture of “do what you do best” and how they raise capital for their real estate investments.

Announcer 0:00
This show is produced by the Hartman media company. For more information and links to all our great podcasts, visit Hartman media.com.

Jason Hartman 30:11
What do you what do you get you get outside agents, you probably use that as a recruiting event too, right?

Jason Hartman 30:54
Wow. Wow. So you’ve spent, you know, about 1.3 million on it so far. Is what Is that what you’re saying?

Jason Hartman 35:05
That’s super cheap for you and for two more can you rent it for it? So you buy it for 360? Is that a single family home or a condo?

Jason Hartman 36:06
Don’t go with breakeven, just tell us the price and the rent.

Sharran Srivatsaa 36:08
So so we bought them, we bought them for we went for like, 675 just just shy of 700. And, and we rent them for you know, 2900 we rent each each of the duplexes are 2900 total.

Jason Hartman 36:20
Okay, so about a little less than half a percent of the value per month, but you’re gonna add a unit to each of those right and make it a triplex.

Sharran Srivatsaa 36:29
Correct.

Jason Hartman 36:30
Okay, and how much will it cost you to add a unit?

Sharran Srivatsaa 36:32
It will roughly cost us it’s between, you know, like $600,000

Jason Hartman 36:38
What was that calculation? You just did $300 per square foot?

Sharran Srivatsaa 36:41
We’re gonna work yeah, we’re gonna do we’re gonna, you know, kind of trash the whole thing down and rebuild. Yeah.

Jason Hartman 36:47
All right. And what’s what’s your building cost? I found that interesting. So I want you to share that with the listeners.

Sharran Srivatsaa 36:51
Yeah. So so in that market. We we were the two flexes that we were quoted and we’re working with our crews on are roughly in the office. $300 a foot cost.

Jason Hartman 37:02
Not including land.

Sharran Srivatsaa 37:03
Correct?

Jason Hartman 37:04
Wow, that is expensive. I mean, yeah. Or tell us about the spec? Or I mean, are these nice? That’s a lot of money. $300 per square foot.

Sharran Srivatsaa 37:42
Yeah, so, I mean, those those will, you know, I think each of those triplexes will probably will sell, you know, we’ll sell for 1.8 each.

Sharran Srivatsaa 39:50
No, they started right at the crisis right at the at the tail end of 2007, early 2008.

Sharran Srivatsaa 44:12
Hey, you know, we, I run a brokerage firm. I go to that every day.

Sharran Srivatsaa 44:50
Hey man, I’m a libertarian. I appreciate it.

Jason Hartman 48:14
before before you before you say that, I’ll bet you none of these markets are these like linear boring markets like Atlanta, Memphis, Indianapolis.

Sharran Srivatsaa 48:24
So let me run through this. So again, let me give you my favorite, my three top favorite take number one. I love a Rochester Minnesota. I absolutely love Rochester, Minnesota

Jason Hartman 48:34
is lefty though.

Jason Hartman 49:00
Oh Yeah, we’d like to Huntsville. Yeah.

Jason Hartman 49:19
The tech triangle? Sure.

Sharran Srivatsaa 50:34
Right. Yeah, we should we should add some linear to our portfolio. So I’d love to talk to you more about it.

Sharran Srivatsaa 52:05
So generally, most of the time we found we do $100,000 slugs, so the limited for the for the limited

Jason Hartman 52:13
As a. As a minimum

Jason Hartman 52:53
Good stuff, give out your website and just share anything else you want to know as we wrap up.

Jason Hartman 53:40
Hey, my pleasure. And thank you so much for coming on. And I just wish you continued success.

Sharran Srivatsaa 53:44
Thank you, Jason.

Announcer 53:46
I’ve never really thought of Jason as subversive, but I just found out that’s what Wall Street considers him to be. Really now How is that possible at all? Simple. Wall Street believes that real estate investors are dangerous to their schemes. Because the dirty truth about income property is that it actually works in real life. I know I mean, how many people do you know not including insiders who created wealth with stocks, bonds and mutual funds? those options are for people who only want to pretend they’re getting ahead. Stocks and other non direct traded assets are a losing game for most people. The typical scenario is you make a little you lose a little and spin your wheels for decades. That’s because the corporate crooks running the stock and bond investing game will always see to it that they win. This means unless you’re one of them, you will not win. And unluckily for Wallstreet Jason has a unique ability to make the everyday person understand investing the way it should be. He shows them a world where anything less than a 26% annual return is disappointing. Yep. And that’s why Jason offers a one book set on creating wealth that comes with 20 digital download. Load audios. He shows us how we can be excited about these scary times and exploit the incredible opportunities this present economy has afforded us. We can pick local markets untouched by the economic downturn, exploited packaged commodities investing, and achieve exceptional returns safely and securely. I like how he teaches you how to protect the equity in your home before it disappears and how to outsource your debt obligations to the government. And this set of advanced strategies for wealth creation is being offered for only $197 to get your creating wealth encyclopedia book one complete with over 20 hours of audio, go to Jason hartman.com forward slash store. If you want to be able to sit back and collect checks every month, just like a banker. Jason’s creating wealth encyclopedia series is for you.

This show is produced by the Hartman media company All rights reserved for distribution or publication rights and media interviews, please visit www dot Hartman media.com or email media at Hartman media.com. Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax legal real estate or business professional for individualized advice. opinions of guests are their own and the host is acting on behalf of Empowered Investor network, Inc. exclusively.r only $197 to get your creating wealth encyclopedia book one complete with over 20 hours of audio, go to Jason hartman.com forward slash store. If you want to be able to sit back and collect checks every month, just like a banker. Jason’s creating wealth encyclopedia series is for you.

Upscale Properties Speculation vs Cash Flow Income Properties

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